Yarn Syndicate 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 qualification as given in the account for the year ended March 31, 2007 and for the quarter ended September 30, 2007, their current status and other related information have not been dealt with in the published result for the quarter ended December 31, 2007. The impact of those on the result for the quarter and the six months ended on December 31, 2007 as such cannot be commented upon.
2. Attention is invited to the Note 2 of the statement regarding non compliance of Accounting Standard - 22, Accounting for Taxes on Income with regard to recognition of deferred tax. The Auditors are unable to ascertain and state the impact of the same on the various figures and the amount of loss given in the statement.
3. The Company has not complied with the Accounting Standard-15 Employees Benefit nor the same has been disclosed in the published result. Accordingly, the Auditors are unable to ascertain and state the impact of additional liability, if any on the amount of employees benefits and the amount of loss given in the statement.
1. The Auditors qualification as given in the account for the year ended March 31, 2007 and for the quarter ended September 30, 2007, their current status and other related information have not been dealt with in the published result for the quarter ended December 31, 2007. The impact of those on the result for the quarter and the six months ended on December 31, 2007 as such cannot be commented upon.
2. Attention is invited to the Note 2 of the statement regarding non compliance of Accounting Standard - 22, Accounting for Taxes on Income with regard to recognition of deferred tax. The Auditors are unable to ascertain and state the impact of the same on the various figures and the amount of loss given in the statement.
3. The Company has not complied with the Accounting Standard-15 Employees Benefit nor the same has been disclosed in the published result. Accordingly, the Auditors are unable to ascertain and state the impact of additional liability, if any on the amount of employees benefits and the amount of loss given in the statement.
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