Rama Petrochemicals 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. No provision for Deferred Tax Liability has been made as at the end of the period as the Company would provide the same as at the year end as stated in Note 2.
2. Pursuant to transitional provisions under Accounting Standard - 15 (Revised) on Employee Benefits issued by the Institute of Chartered Accountants of India, being mandatory from the current financial year, the adjustment on account of liability towards employee benefits upto March, 31 2007 will be dealt with the opening general reserve at the year end.
3. Non-provision for interest amounting to Rs 79.33 lacs on working capital loan.
4. Non-provision for interest amounting to Rs 5.19 lacs on unpaid custom duty.
5. The Auditors observations in the Audited Accounts for the year 2006-07 which also hold good for the period ended December 31, 2007 as stated at Note 9.
1. No provision for Deferred Tax Liability has been made as at the end of the period as the Company would provide the same as at the year end as stated in Note 2.
2. Pursuant to transitional provisions under Accounting Standard - 15 (Revised) on Employee Benefits issued by the Institute of Chartered Accountants of India, being mandatory from the current financial year, the adjustment on account of liability towards employee benefits upto March, 31 2007 will be dealt with the opening general reserve at the year end.
3. Non-provision for interest amounting to Rs 79.33 lacs on working capital loan.
4. Non-provision for interest amounting to Rs 5.19 lacs on unpaid custom duty.
5. The Auditors observations in the Audited Accounts for the year 2006-07 which also hold good for the period ended December 31, 2007 as stated at Note 9.
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