Bombay Paints - Limited Review for the quarter ended Sep 30, 2007

Bombay Paints 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:

Note No 3 regarding non-provision of interest and Note No 4 regarding non-provision for any additional liability if any on the application of Accounting Standard 15 (Revised) on Employee benefits.

The Company was declared a Sick Industrial Company by the Board of Industrial and Financial Reconstruction (BIFR) on May 19, 2003. Pending finalization / approval of the scheme of rehabilitation by BIFR, the accounts of the Company are prepared on going concern basis.