Sparsh BPO Services 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:
As stated in Note 1 to the Statement, the Company has not recognized the exchange fluctuation arising out of translation of foreign currency loan in accordance with the requirement of Accounting Standard (AS) 11 (Revised 2003) - The Effect of Changes in Foreign Exchange Rates which for the quarter amounts to a loss of Rs 5,402,867 and for the nine month period amounts to a gain of Rs 20,551,264 for the reasons stated therein. The financial results for the quarter / nine month period are over / under stated to that extent.
As stated in Note 1 to the Statement, the Company has not recognized the exchange fluctuation arising out of translation of foreign currency loan in accordance with the requirement of Accounting Standard (AS) 11 (Revised 2003) - The Effect of Changes in Foreign Exchange Rates which for the quarter amounts to a loss of Rs 5,402,867 and for the nine month period amounts to a gain of Rs 20,551,264 for the reasons stated therein. The financial results for the quarter / nine month period are over / under stated to that extent.
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