Oudh Sugar Mills Ltd has informed that in the limited review report of the Company for the quarter ended September 30, 2007, the Auditors of the Company have made the following observations:
1. No adjustment has been made in respect of certain realizations in earlier years aggregating to Rs 165.51 lacs and interest payable thereon, if any, in case of refund of such realizations, since the matters thereof are under adjudication and the impact of such non adjustment on the Companys loss is presently not ascertainable.
2. The Company has recognized Deterred Tax Asset (net) of Rs 945.94 lacs (including Rs 764.38 lacs for the quarter) in terms of Accounting Standard 22 and MAT Credit Entitlement of Rs 721.50 lacs upto September 30, 2007 based on the future profitability projections made by the management. However, the Auditors are unable to express any opinion on the above projections and their consequent impact, if any, on such recognition of Deferred Tax Asset and MAT Credit Entitlement.
Had such impact been considered, there would be a loss of Rs 3159.30 lacs as against the reported loss of Rs 1491.86 lacs for the quarter.
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