Trigyn Technologies - Limited Review for the quarter ended Sep 30, 2007

Trigyn Technologies 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. Attention is invited to Note 2 of the statement with regard to the financial statement having been prepared on a going concern basis for the reason stated in the aforesaid note.

2. Investment in two subsidiaries are being carried at its carrying value of Rs 479.37 million and no further provision for diminution in value of investment in considered necessary by the management. In Auditors opinion, the extent of the erosion in the net worth of the two subsidiaries is significant. However, the Auditors are unable to comment on the amount of shortfall in the provision for further diminution in the value of the aforesaid investment.

3. Accounting Standard (AS)-l5 on Employee Benefits (revised 2005) has become effective from the accounting periods commencing on or after December 07, 2006. The Company has accounted for retirement benefits for the quarter ended September 30, 2007 on an arithmetical basis. The Auditors are unable to comment on the impact on the results of the quarter ended September 30, 2007, had the Company accounted for the employee benefits in accordance with the provisions of revised AS 15.