Simbhaoli Sugars 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, arising on account of continuance or otherwise of the levy obligations in respect of conversion of unlifted levy sugar of earlier seasons aggregating 14169 MT into non-levy sugar, pursuant to Notification No.5- 5(Maha) / 99-SC-II dated June 18, 2002 issued by Ministry of Consumer Affairs, Food and Distribution, Government of India, could not be estimated and made if required, for want of necessary clarifications in the matter.
2. Deferred tax assets (net) amounting to Rs 1324.30 lacs have been recognized on the basis of future projections taken on record by the Board of Directors confirming that sufficient future taxable income will be available against which these assets would be realized. The Auditors are unable to express any view at this stage in the matter.
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