Tainwala Chemicals & Plastics India 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 adjustment in respect of revised Accounting Standard (AS) 15 (revised 2005) Employee benefits applicable to the Company with effect from April 01, 2006 which, as mentioned in note 4 of financial results, would be given effect at the year end. The impact whereof on the attached financial results, as explained by the management, would not be significant.
2. The following qualification was mentioned in the Audit Report dated June 28, 2007 on the audited financial statements for the year ended March 31, 2007 and also continues to apply to this quarterly financial results:
The Auditors are unable to express an opinion as to when & what extent long outstanding receivables aggregating to Rs 7,823,588 due from a company in which relatives of directors are interested, without having any stipulation for its repayment, would be recovered. In the opinion of the management, in view of substantial improvement in the operations of that company, the aforesaid amount is likely to be recovered in due course and, therefore, in their opinion, no provisioning at this stage.
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