Umang Dairies 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. Attention in invited to:
(a) Regarding preparation of Financial results on the basis of Going Concern Concept despite negative net worth for the reasons stated in the Note No. 6 of Schedule 15 of the Audited Accounts for the year ended March 31, 2007.
(b) Regarding management perception about recoverable amount of fixed assets of the Company being more than carrying amount as stated in Note No 14 of Schedule 15 of the Audited Accounts for the year ended March 31, 2007.
(c) Regarding certain balances of debtors, creditors and other liabilities (including advance from customers), financial institution and bank (term loan) are in process of confirmation / reconciliation.
2. As stated in Note No. 3 & 4 of the financial results for the quarter ended December 31, 2007 the Company has not provided Interest on Term Loans, Debentures and advance against debentures and penal interest / liquidated damages etc. thereon (amount unascertained).
1. Attention in invited to:
(a) Regarding preparation of Financial results on the basis of Going Concern Concept despite negative net worth for the reasons stated in the Note No. 6 of Schedule 15 of the Audited Accounts for the year ended March 31, 2007.
(b) Regarding management perception about recoverable amount of fixed assets of the Company being more than carrying amount as stated in Note No 14 of Schedule 15 of the Audited Accounts for the year ended March 31, 2007.
(c) Regarding certain balances of debtors, creditors and other liabilities (including advance from customers), financial institution and bank (term loan) are in process of confirmation / reconciliation.
2. As stated in Note No. 3 & 4 of the financial results for the quarter ended December 31, 2007 the Company has not provided Interest on Term Loans, Debentures and advance against debentures and penal interest / liquidated damages etc. thereon (amount unascertained).
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