Intercorp Industries 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 :
No provision has been made in the accompanied unaudited financial results for -
(a) Interest of Rs 76.82 Lacs (Rs 230.46 Lacs for period ended December 31, 2007) on Term Loan (as per the estimate by the management) from financial Institution. (Cumulative amount of Interest not provided for Rs 1850.15 Lacs)
(b) Non provision of demurrage charges on capital equipment lying in Bonded Go-down (Amount unascertained).
(c) Basic & diluted earning per share (EPS) for the period ended December 31, 2007 shown in the accompanying statement is subject to Auditors above observations.
Without considering (b) & (c) above the effect of which could not be determined, had the observation made by the Auditors in (a) above been considered, the loss for the three months period ended December 31, 2007 should be Rs 76.86 Lacs (as against the reputed figure of Rs 0.04 Lacs) and Rs 230.66 Lacs for period ended December 31, 2007 (as against the reported figure of Rs 0.20 Lacs).
No provision has been made in the accompanied unaudited financial results for -
(a) Interest of Rs 76.82 Lacs (Rs 230.46 Lacs for period ended December 31, 2007) on Term Loan (as per the estimate by the management) from financial Institution. (Cumulative amount of Interest not provided for Rs 1850.15 Lacs)
(b) Non provision of demurrage charges on capital equipment lying in Bonded Go-down (Amount unascertained).
(c) Basic & diluted earning per share (EPS) for the period ended December 31, 2007 shown in the accompanying statement is subject to Auditors above observations.
Without considering (b) & (c) above the effect of which could not be determined, had the observation made by the Auditors in (a) above been considered, the loss for the three months period ended December 31, 2007 should be Rs 76.86 Lacs (as against the reputed figure of Rs 0.04 Lacs) and Rs 230.66 Lacs for period ended December 31, 2007 (as against the reported figure of Rs 0.20 Lacs).
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