Coromandel Fertilisers Ltd has informed that in the limited review report of the Company for the quarter ended December 31, 2007, the Auditors of the Company have made the following observations:
1. Pending announcement of the final rates of subsidy by the Government of India for the quarter ended December 31, 2007, the Company has accrued subsidy income based on management estimates, which has resulted in subsidy income being lower by Rs 114.52 crores (as compared to the base rates). Such accrual is subject to adjustments on finalisation, the impact of which is presently not ascertainable.
1. Pending announcement of the final rates of subsidy by the Government of India for the quarter ended December 31, 2007, the Company has accrued subsidy income based on management estimates, which has resulted in subsidy income being lower by Rs 114.52 crores (as compared to the base rates). Such accrual is subject to adjustments on finalisation, the impact of which is presently not ascertainable.
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