Oswal Agro Mills 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. The Company has not disclosed how the qualification by the Auditors on the Audited Accounts of the previous accounting year have been addressed.
2. The status of matters that were subject matter of auditors qualifications on the financial statements for the year ended March 31, 2007 is as under :
(i). Non-translation of interest free export advance received (net) of USD 52,37,796.80 at the year end exchange rate, which is contrary to Accounting Standard 11 and further non-provision of interest accrued on the amount receivable Rs 383.86 lacs due to the pending execution of Decree orders passed by the High Court on May 09, 1989.
Current status: There is no change in the status and the matter still continues to be a subject matter of qualification.
(ii). Non-confirmation / non-reconciliation of certain debit / credit balances, the overall impact of these could not determined.
Current status: The work of reconciliation and confirmation of balances are in progress
(iii). Non-accounting of interest income on loans given to certain enterprises outstanding as on March 31, 2007
Current status: There is no change in the status and the matter still continues to be a subject matter of qualification
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