Logix Microsystems 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. Sundry debtors includes Rs 194.77 lacs of long outstanding balances. Further receivables from an overseas subsidiary includes overdues (including Rs 1474.48 lacs in excess of twelve months). Provisioning for Doubtful Debts in respect of possible non-recovery of long outstanding balances in sundry debtors has not been carried out as in the view of the management the same are recoverable in full.
2. No provision has been made towards gratuity and leave encashment, and loss of foreign exchange fluctuation. Depreciation has not been provided on a provisional basis.
3. Attention is invited to the Note as regards Segment Capital employed, Segment Assets / Liabilities forming part of the Segment Information.
4. Diluted Earnings Per Share (ES) has not been disclosed.
5. The auditors qualifications having a material impact on the profits for the year in the Auditors Report for the year ended March 31, 2007 and explanation as to how the same have been addressed in the un-audited financial results have not been disclosed.
1. Sundry debtors includes Rs 194.77 lacs of long outstanding balances. Further receivables from an overseas subsidiary includes overdues (including Rs 1474.48 lacs in excess of twelve months). Provisioning for Doubtful Debts in respect of possible non-recovery of long outstanding balances in sundry debtors has not been carried out as in the view of the management the same are recoverable in full.
2. No provision has been made towards gratuity and leave encashment, and loss of foreign exchange fluctuation. Depreciation has not been provided on a provisional basis.
3. Attention is invited to the Note as regards Segment Capital employed, Segment Assets / Liabilities forming part of the Segment Information.
4. Diluted Earnings Per Share (ES) has not been disclosed.
5. The auditors qualifications having a material impact on the profits for the year in the Auditors Report for the year ended March 31, 2007 and explanation as to how the same have been addressed in the un-audited financial results have not been disclosed.
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