Mawana Sugars 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. The Auditors observations in their audit report dated May 31, 2007 on the accounts of the Company for the year ended March 31, 2007, although not disclosed in the accompanying statement (refer note 5 of the statement) have been summarized in paragraphs (i) and (ii) below:
(i) In respect of pending export obligation aggregating US $ 4.31 crores as at December 31, 2007, consequent to import of plant and machinery in previous years, possible liability that would devolve on the Company due to the pending export obligation has not been determined and provided for in the results by the Company. The Auditors are unable to express an opinion in the matter; and
(ii) Various matters arisen / arising out of the reorganization arrangement of DCM Ltd will be settled and accounted for as and when the liabilities / benefits are finally determined. The effect of these on the results has not been determined by the Company.
2. Attention is invited to note 7 which sets out the position relating to State Advised Price (SAP) announced by the Uttar Pradesh Government for the sugar season 2007-08. Pending final determination of revised SAP for this sugar season, the effect thereof on these results can not be determined at this stage.
1. The Auditors observations in their audit report dated May 31, 2007 on the accounts of the Company for the year ended March 31, 2007, although not disclosed in the accompanying statement (refer note 5 of the statement) have been summarized in paragraphs (i) and (ii) below:
(i) In respect of pending export obligation aggregating US $ 4.31 crores as at December 31, 2007, consequent to import of plant and machinery in previous years, possible liability that would devolve on the Company due to the pending export obligation has not been determined and provided for in the results by the Company. The Auditors are unable to express an opinion in the matter; and
(ii) Various matters arisen / arising out of the reorganization arrangement of DCM Ltd will be settled and accounted for as and when the liabilities / benefits are finally determined. The effect of these on the results has not been determined by the Company.
2. Attention is invited to note 7 which sets out the position relating to State Advised Price (SAP) announced by the Uttar Pradesh Government for the sugar season 2007-08. Pending final determination of revised SAP for this sugar season, the effect thereof on these results can not be determined at this stage.
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