Sudal 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. The Company has not made any adjustments in respect of Revised Accounting standard 15 Employee Benefits applicable to the Company with effect from April 01, 2007 which would be given effect to at the year end, the impact whereof on the attached financial results, as explained by the management, would not be significant.
2. The following qualifications were mentioned in Audit Report dated May 28, 2007 on the financial statements for the year ended March 31, 2007:
(a) (iv) certain long overdue Sundry Debtors and advances aggregating to Rs 26,92,997 which have been classified by the management as Considered Good are, in Auditors opinion, doubtful of recovery and require to be provided for;
(b) (v) Auditors are unable to express an opinion as to when and to what extent, certain overdue Sundry Debtors aggregating to Rs 19,28,191 would be recovered. In the opinion of the Management, in view of concerted efforts being made, the aforesaid amount is likely to be recovered in due course and, therefore, no provisioning is required at this stage;
3. In respect of the unaudited results for the quarter ended June 30, 2007:
(a) With regard to the amount specified in Para 2(a) above, there is no change in the overdue debts on realization / provision for doubtful debts except increase of Rs 1,49,551.
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