Shimoga Technologies 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. Non-obtaining of confirmation of balances in the accounts of advances, deposits, some debtors, creditors and bank accounts.
2. The accounts being prepared on the assumption of a going concern and no adjustments having been made in the accounts if the managements business plans do not materialize.
3. The need for reconciliation of the fixed asset register with the book records.
4. No provision having been made for penalty proposed by the sales tax authorities amounting to Rs 27775/-.
Saturday, September 8, 2007
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