Orient Ceramics & Industries Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the Auditors of the Company have made the following observations:
1. Adjustment, if any, would be made at the year end that may arise with regard to Revised Accounting Standard-15 Employee Benefits issued by Institute of Chartered Accountants of India.
2. Current tax and deferred tax provision for the quarter-ended June 30, 2007 should have been Rs 125 lacs and Rs (20 lacs) instead of Rs 100 lacs and Rs 10 lacs respectively.
3. The net profit after tax for the quarter-ended June 30, 2007 should have been Rs 192 lacs (except for the adjustment, if any for the point no (1) above, as the impact is unascertainable) instead of Rs 187 lacs.
4. EPS (both basic and diluted) for the quarter-ended June 30, 2007 should have been read as Rs 1.82 (except for the adjustment, if any for the point no (1) above, as the impact is unascertainable) instead of Rs 1.78.
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