Ushdev International 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:
The accompanying statement of unaudited financial results prepared in accordance with Accounting Standards and other recognized accounting practices and policies has disclosed deferred tax liability aggregating to Rs 5.32 lakhs as a deferred tax asset of Rs 16.50 lakhs resulting in overstatement of net profit of Rs 21.82 lakhs. Further the Company has not disclosed details of non-promoter shareholding as required.
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