Jagran Prakashan Ltd has informed that the Company shall not publish unaudited quarterly financial results for the last quarter of the financial year ending on March 31, 2008, but it will publish audited financial results within three months from the end of the last quarter of the financial year 2007-2008.
Monday, March 31, 2008
Tata Teleservices - FY 08 Results By Jun 30, 2008
Tata Teleservices Maharashtra Ltd has informed that the Company propose to publish audited results for the financial year ended March 31, 2008 within 3 months from the end of the said financial year. In view of this, the Company would not be publishing financial results for the quarter ended March 31, 2008.
Cairn India Announces FY 07 Results
Cairn India Ltd has announced the following Audited Results for the Year ended December 31, 2007:
The Company has posted a net loss of Rs 788.166 million for the year ended December 31, 2007 where as the same was net loss at Rs 292.241 million for the year ended December 31, 2006. Total Income is Rs 339.623 million for the year ended December 31, 2007 where as the same was at Rs 59.065 million for the year ended December 31, 2006.
The Audited Consolidated Results are as follows:
The Group has posted a net loss after minority interest of Rs 245.442 million for the year ended December 31, 2007 where as the same was net loss at Rs 211.742 million for the year ended December 31, 2006. Total Income is Rs 11446.716 million for the year ended December 31, 2007 where as the same was at Rs 449.632 million for the year ended December 31, 2006.
Previous period figures relate to the period from August 21, 2006 (the date of incorporation of the Company) to December 31, 2006, accordingly these figures are not comparable. Previous period figures have been regrouped where necessary to confirm to this years classification.
The Company has posted a net loss of Rs 788.166 million for the year ended December 31, 2007 where as the same was net loss at Rs 292.241 million for the year ended December 31, 2006. Total Income is Rs 339.623 million for the year ended December 31, 2007 where as the same was at Rs 59.065 million for the year ended December 31, 2006.
The Audited Consolidated Results are as follows:
The Group has posted a net loss after minority interest of Rs 245.442 million for the year ended December 31, 2007 where as the same was net loss at Rs 211.742 million for the year ended December 31, 2006. Total Income is Rs 11446.716 million for the year ended December 31, 2007 where as the same was at Rs 449.632 million for the year ended December 31, 2006.
Previous period figures relate to the period from August 21, 2006 (the date of incorporation of the Company) to December 31, 2006, accordingly these figures are not comparable. Previous period figures have been regrouped where necessary to confirm to this years classification.
Saturday, March 29, 2008
Alstom Projects - FY 08 Results On Apr 29, 2008
Alstom Projects India Ltd has informed that a meeting of the Board of Directors of the Company will be held on April 29, 2008, inter alia, for the following:
1. To consider and approve the Audited Financial Results for the year ended March 31,
2008।
2. To consider the recommendation of dividend, if any.
1. To consider and approve the Audited Financial Results for the year ended March 31,
2008।
2. To consider the recommendation of dividend, if any.
Friday, March 28, 2008
Adlabs Films - FY 08 Results By Jun 30, 2008
Adlabs Films Ltd has informed that the Company shall be publishing the audited results for the entire accounting period ended March 31, 2008 within three months of the end of the said period.
Kanishk Steel To Publish Audited FY 08 Results
| Kanishk Steel Industries Ltd has informed that for the Fourth Quarter and Year ended March 2008, the Company will be releasing Audited Financial Results. | ||
Thursday, March 27, 2008
Arrow Coated - FY 08 Results By Jun 30, 2008
Arrow Coated Products Ltd has informed that the company will publish Audited Result for the Entire Year within three Months (i.e. on or before June 30, 2008) instead of publishing UnAudited results for the last Quarter within 30 Days.
Oriental Trimex - FY 08 Results By June 30, 2008
Oriental Trimex Ltd has informed that the Company opts to publish audited results for the financial year ended March 31, 2008 within three months from the end of the financial year i.e., upto June 30, 2008 and accordingly the annual audited results of the Company for the year ended March 31, 2008 shall be submitted on or before June 30, 2008.
Yuken India To Publish Audited FY 08 Results
Yuken India Ltd has informed that the Company intend to publish the Audited Financial results for the period ended March 31, 2008.
Hence the Board is not considering the un-audited financial results for the above said period.
Hence the Board is not considering the un-audited financial results for the above said period.
Wednesday, March 26, 2008
Television Eighteen - Limited Review For The Quarter Ended Dec 31, 2007
Television Eighteen India 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:
Attention is invited to Note 4 of the Unaudited Financial Results for the quarter ended December 31, 2007 wherein for the reason stated the Company has not provided for the deferred tax asset / liability for the period ended on that date. The impact of the same has not been determined
Attention is invited to Note 4 of the Unaudited Financial Results for the quarter ended December 31, 2007 wherein for the reason stated the Company has not provided for the deferred tax asset / liability for the period ended on that date. The impact of the same has not been determined
Acrysil - Limited Review For The Quarter Ended Dec 31, 2007
Acrysil 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:
The provision of Accounting Standard (AS-15) (revised) on Employees Benefits issued by the Institute of Chartered Accounts of India will be implemented by the Company by the end of the financial year.
The provision of Accounting Standard (AS-15) (revised) on Employees Benefits issued by the Institute of Chartered Accounts of India will be implemented by the Company by the end of the financial year.
FCS Software - Limited Review For The Quarter Ended Dec 31, 2007
FCS Software Solutions 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. Work in Process:
The value of work in process as on the date of Balance Sheet has been considered as valued and certified by the Management.
2. Foreign Currency Transactions:
In case of sale made to clients outside India, income is accounted on the basis of the exchange rate as on the date of transaction. Adjustments are made for any variations in the sale proceeds on conversion into Indian currency upon actual receipt. Expenditure in foreign currency is accounted at the conversion rate prevalent when such expenditure is incurred. Where realizations, are deposited into, and disbursements made out of, a foreign currency Bank account, all transactions during the month are reported at a rate which approximates the actual monthly rate.
In the case of current assets and current liabilities expressed in foreign currency, the exchange rate prevalent at the end of the year is taken for the purposes of transaction, Fixed assets purchased at overseas offices are accounted on the basis of actual cost incurred at the exchange rate prevalent at the time of purchase. Depreciation is charged as per Company policy. Exchange differences are arising on foreign currency transactions are recognized as income or expenses in the year in which they arise. In the case of forward contracts, the difference between the forward rate and the exchange rate on the date of the transaction is recognized as Income or expenses over the life of the contracts.
3. Income Tax:
Provision is made for income tax on a quarterly basis, under the tax-payable method, based on the tax liability as computed after taking credit for allowances and exemptions as the case may be.
4. Foreign Branch :
The Company has its branch at USA. All revenue and expenses transactions are during the period reported at average rate. The assets and liabilities both monetary and non-monetary are translated at the rate prevailing on the balance sheet date. All resulting exchange differences are accumulated in a foreign currency transaction reserve. However the Balance sheet of USA branch as on December 31, 2007 has been considered and accounted as certified by the management.
1. Work in Process:
The value of work in process as on the date of Balance Sheet has been considered as valued and certified by the Management.
2. Foreign Currency Transactions:
In case of sale made to clients outside India, income is accounted on the basis of the exchange rate as on the date of transaction. Adjustments are made for any variations in the sale proceeds on conversion into Indian currency upon actual receipt. Expenditure in foreign currency is accounted at the conversion rate prevalent when such expenditure is incurred. Where realizations, are deposited into, and disbursements made out of, a foreign currency Bank account, all transactions during the month are reported at a rate which approximates the actual monthly rate.
In the case of current assets and current liabilities expressed in foreign currency, the exchange rate prevalent at the end of the year is taken for the purposes of transaction, Fixed assets purchased at overseas offices are accounted on the basis of actual cost incurred at the exchange rate prevalent at the time of purchase. Depreciation is charged as per Company policy. Exchange differences are arising on foreign currency transactions are recognized as income or expenses in the year in which they arise. In the case of forward contracts, the difference between the forward rate and the exchange rate on the date of the transaction is recognized as Income or expenses over the life of the contracts.
3. Income Tax:
Provision is made for income tax on a quarterly basis, under the tax-payable method, based on the tax liability as computed after taking credit for allowances and exemptions as the case may be.
4. Foreign Branch :
The Company has its branch at USA. All revenue and expenses transactions are during the period reported at average rate. The assets and liabilities both monetary and non-monetary are translated at the rate prevailing on the balance sheet date. All resulting exchange differences are accumulated in a foreign currency transaction reserve. However the Balance sheet of USA branch as on December 31, 2007 has been considered and accounted as certified by the management.
Yes Bank - Q4 & FY 08 Results On Apr 09, 2008
Yes Bank Ltd has informed that a meeting of the Board of Directors of the Bank will be held on April 09, 2008, inter alia, to take on record the Audited Annual / Unaudited Quarterly Financial Results for the year/quarter (Q4) ended March 31, 2008.
Four Insurers To Begin Operation By FY08
Chennai: Insurance Regulatory and Development Authority (Irda) will give licences to 4 new insurance companies to begin operations before the end of the current financial year. Of the four insurers, three will be life insurance companies, and one, a non-life insurance company Bharati AXA General Insurance Company. Irda, said the regulatory authority has given licences to six companies so far in the current financial year. The life insurance companies are Aegon Religare Life Insurance Company, Canara HSBC OBC Life Insurance, and DLF Pramerica Life Insurance Company. Total premium collected by the insurance industry from April 2007 to January 2008 stood at Rs 8,6381.59 crore, compared to Rs 74,153.71 crore a year earlier.
Tuesday, March 25, 2008
Golden Securities - FY 08 results by Jun 30, 2008
Golden Securities Ltd has informed that the Company will publish its Annual Accounts for the year ended March 31, 2008 within a period of three months from the end of the last quarter for the year 2007-08 and also publish the same within due date i.e. June 30, 2008.
Modern India - FY 08 results by Jun 30, 2008
Modern India Ltd has informed that the Company will be publishing the Audited Financial Results for the Financial Year ending March 31, 2008 within three months from the end of the financial year. Hence the Company will not publish the Unaudited Financial Results for the last quarter ending March 31, 2008.
Gangotri Textiles - FY 08 results by Jun 30, 2008
Gangotri Textiles Ltd has informed that the Company has opted to submit its Audited Financial Results for the entire financial year ending March 31, 2008. Accordingly, the Company shall convene the Board Meeting to approve the audited financial results during the month of June, 2008 and publish the audited financial results on or before June 30, 2008.
Wednesday, March 19, 2008
PNB Expects 20-Pc Rise In FY08
New Delhi: Punjab National Bank expects around 20 per cent growth in net profit during the current fiscal. According to the source, the bank expects the net profit to be in the range of Rs 1,800 crore to Rs 1,900 crore during 2007-08.
BHEL - Flash Results For FY 2007-08
Bharat Heavy Electricals Ltd (BHEL) has informed that the tentative financial performance for the financial year immediately after its closure is announced every year by the Company.
A press conference in this regard will be held on April 03, 2008 to be addressed by Chairman & Managing Director of the Company to declare the flash results for the year 2007-08.
A press conference in this regard will be held on April 03, 2008 to be addressed by Chairman & Managing Director of the Company to declare the flash results for the year 2007-08.
Hindustan Construction - FY 08 Results By Jun 30, 2008
Hindustan Construction Company Ltd has informed that the Company will publish the Audited Financial Results For the financial year ending March 31, 2008 within three months and hence, will not publish the Unaudited Financial Results for the last quarter ending March 31, 2008.
Tuesday, March 18, 2008
Shoppers Stop - Limited Review For The Quarter Ended Dec 31, 2007
Shoppers Stop 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 is invited to note no 3 of statement of unaudited financial results regarding unutilised service tax input credit of Rs 89.63 million (net) as at December 31, 2007. The financial results for the quarter and nine months ended December 31, 2007 has been prepared assuming that the Company will be able to utilise the credit in future years and therefore do not include any adjustments in the financial results that might arise should the Company be unable to utilise the credit.
2. Note no. 5 regarding IPO proceeds has not been verified by the auditors since it is not a requirement under clause 41 but it is a requirement under clause 43 of the listing agreements with stock exchanges.
1. Attention is invited to note no 3 of statement of unaudited financial results regarding unutilised service tax input credit of Rs 89.63 million (net) as at December 31, 2007. The financial results for the quarter and nine months ended December 31, 2007 has been prepared assuming that the Company will be able to utilise the credit in future years and therefore do not include any adjustments in the financial results that might arise should the Company be unable to utilise the credit.
2. Note no. 5 regarding IPO proceeds has not been verified by the auditors since it is not a requirement under clause 41 but it is a requirement under clause 43 of the listing agreements with stock exchanges.
United Van - Limited Review For The Quarter Ended Dec 31, 2007
United Van Der Horst 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 Company continues to disclose the results on a going concern basis in spite of erosion of entire Net Worth and the management explanation for the same is relied upon.BR>
2. No provision has been made for, employee retirement benefits as required by the revised Accounting Standard 15, Deferred Tax liabilities as required by Accounting Standard 22 Accounting for taxes on Income impaired assets as required by Accounting Standard 28 Impairment of Assets as referred to in Section 211 (3C) of the companies act, 1956. This has resulted in overstatement of profits by such amounts. Management has informed the auditors that these compliances would be in place for the year ended March 2008.
1. The Company continues to disclose the results on a going concern basis in spite of erosion of entire Net Worth and the management explanation for the same is relied upon.BR>
2. No provision has been made for, employee retirement benefits as required by the revised Accounting Standard 15, Deferred Tax liabilities as required by Accounting Standard 22 Accounting for taxes on Income impaired assets as required by Accounting Standard 28 Impairment of Assets as referred to in Section 211 (3C) of the companies act, 1956. This has resulted in overstatement of profits by such amounts. Management has informed the auditors that these compliances would be in place for the year ended March 2008.
Birla Power - Limited Review For The Quarter Ended Dec 31, 2007
Birla Power Solutions 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:
Attention is invited to the following matters -
1. Internal controls in relation to sales, debtors, sales return, purchases, creditors, purchase returns, production, Inventory, Internal audit and expenditure needs to be strengthened to make the same commensurate with the size of the company and nature of the business.
2. Due to non-availability of audit trail and absence of satisfactory cutoff procedures in respect of:
(a) Sales and sales returns, purchase and purchase returns, Interest income, discounts, rebates & allowances, non- reconciliation of Excise Duty Accounts with the Excise records, non compliance of provisions of Cenvat Credit Rules in some cases and also non adjustment of Sales Tax rates differentials in case of inter depot transfers which in the opinion of the management will be appropriately reconciled / accounted, Auditors are unable to comment on the consequential impact arising out of the same.
(b) Transactions in relation to traded goods entered into by the company and due to absence of confirmation of balance in respect thereof, Auditors are unable to comment on the consequential impact of the same. Moreover no Sales Tax Return is submitted till date in relation to this sale.
3. As no Audit Trail was established, due to non availability of documents at the time of Capitalization of UnitII, therefore the Auditors cannot express their opinion on the depreciation charged amounting to Rs 14.36 Lacs in current quarter.
Attention is invited to the following matters -
1. Internal controls in relation to sales, debtors, sales return, purchases, creditors, purchase returns, production, Inventory, Internal audit and expenditure needs to be strengthened to make the same commensurate with the size of the company and nature of the business.
2. Due to non-availability of audit trail and absence of satisfactory cutoff procedures in respect of:
(a) Sales and sales returns, purchase and purchase returns, Interest income, discounts, rebates & allowances, non- reconciliation of Excise Duty Accounts with the Excise records, non compliance of provisions of Cenvat Credit Rules in some cases and also non adjustment of Sales Tax rates differentials in case of inter depot transfers which in the opinion of the management will be appropriately reconciled / accounted, Auditors are unable to comment on the consequential impact arising out of the same.
(b) Transactions in relation to traded goods entered into by the company and due to absence of confirmation of balance in respect thereof, Auditors are unable to comment on the consequential impact of the same. Moreover no Sales Tax Return is submitted till date in relation to this sale.
3. As no Audit Trail was established, due to non availability of documents at the time of Capitalization of UnitII, therefore the Auditors cannot express their opinion on the depreciation charged amounting to Rs 14.36 Lacs in current quarter.
Elpro International - Limited Review For The Quarter Ended Dec 31, 2007
Elpro International 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. As stated in Note 3 to the Statement, the provision for income taxes / deferred will be made at the end of the financial year. The effect for the quarter and for nine months period has not been quantified.
2. Segment wise capital employed as at December 31, 2007 has not been disclosed in the statement.
3. The Company has not accounted for any liability for the quarter and for nine months period in respect of employee benefits as per the Accounting Standard 15 (Revised 2005) - Employee Benefits, the amount of which has not been quantified.
4. The Company has incurred various expenditure on development of its real estate project. The said expenditure has not been allocated between capital work in progress and construction work in progress and the entire expenditure is carried forward under capital work in progress. The expenditure incurred on construction work in progress has therefore not been disclosed under the appropriate heads under Total Expenditure. This however has no impact on the net loss for the quarter.
5. During the quarter, the Company has incurred an expenditure of Rs 402.25 lacs towards loan arrangement fess. The said expenditure has been carried forward as an asset and has not been allocated between capital work in progress, construction work in progress and revenue expenditure. In the absence of such allocation, the auditors are unable comment on the impact of such non-allocation on the loss for the quarter.
1. As stated in Note 3 to the Statement, the provision for income taxes / deferred will be made at the end of the financial year. The effect for the quarter and for nine months period has not been quantified.
2. Segment wise capital employed as at December 31, 2007 has not been disclosed in the statement.
3. The Company has not accounted for any liability for the quarter and for nine months period in respect of employee benefits as per the Accounting Standard 15 (Revised 2005) - Employee Benefits, the amount of which has not been quantified.
4. The Company has incurred various expenditure on development of its real estate project. The said expenditure has not been allocated between capital work in progress and construction work in progress and the entire expenditure is carried forward under capital work in progress. The expenditure incurred on construction work in progress has therefore not been disclosed under the appropriate heads under Total Expenditure. This however has no impact on the net loss for the quarter.
5. During the quarter, the Company has incurred an expenditure of Rs 402.25 lacs towards loan arrangement fess. The said expenditure has been carried forward as an asset and has not been allocated between capital work in progress, construction work in progress and revenue expenditure. In the absence of such allocation, the auditors are unable comment on the impact of such non-allocation on the loss for the quarter.
Forbes & Company - Limited Review For The Quarter Ended Dec 31, 2007
Forbes & Company 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 figure in the column entitled Three months ended December 31, 2007 have been derived after considering the regrouped figures for the half year ended September 30, 2007.
2. Attention is invited to Note 4 of the Statement relating to the balances to be reconciled and set off in respect of the Companys Logistic Services Segment. The Auditors could not perform limited review procedures in respect of debit balances as at December 31, 2007, amounting to Rs 256.64 million (as at December 31, 2006, net credit balance of Rs 1,728.78 lakhs; as at March 31, 2007, net debit balance of Rs 407.56 lakhs) which have been included in the capital employed of this segment, as the necessary information was not available and the reconciliation process had not been concluded.
3. Attention is invited to Note 4 of the Statement wherein the Management has stated its reasons for revaluation of certain assets for Nine months ended December 31, 2006 and the year ended March 31, 2007. In the auditors opinion, selective revaluation of fixed assets is not in accordance with the Accounting Standard (AS) 10 on Accounting for Fixed Assets notified under the Companies (Accounting Standards) Rules, 2006. The value of such fixed assets which formed a part of the capital employed of the Others Segment as at December 31, 2006 and March 31, 2007 is Rs 365.21 lakhs and Rs 365.19 lakhs respectively.
4. One of the Companys divisions has recorded revenue from its logistics service lines net of direct expenditure. Such revenue has consistently been recorded on a gross basis by the Company in the previous reporting periods. However, the Company has not reclassified the corresponding amounts for Nine months ended December 31, 2006 and the year ended March 31, 2007.
1. The figure in the column entitled Three months ended December 31, 2007 have been derived after considering the regrouped figures for the half year ended September 30, 2007.
2. Attention is invited to Note 4 of the Statement relating to the balances to be reconciled and set off in respect of the Companys Logistic Services Segment. The Auditors could not perform limited review procedures in respect of debit balances as at December 31, 2007, amounting to Rs 256.64 million (as at December 31, 2006, net credit balance of Rs 1,728.78 lakhs; as at March 31, 2007, net debit balance of Rs 407.56 lakhs) which have been included in the capital employed of this segment, as the necessary information was not available and the reconciliation process had not been concluded.
3. Attention is invited to Note 4 of the Statement wherein the Management has stated its reasons for revaluation of certain assets for Nine months ended December 31, 2006 and the year ended March 31, 2007. In the auditors opinion, selective revaluation of fixed assets is not in accordance with the Accounting Standard (AS) 10 on Accounting for Fixed Assets notified under the Companies (Accounting Standards) Rules, 2006. The value of such fixed assets which formed a part of the capital employed of the Others Segment as at December 31, 2006 and March 31, 2007 is Rs 365.21 lakhs and Rs 365.19 lakhs respectively.
4. One of the Companys divisions has recorded revenue from its logistics service lines net of direct expenditure. Such revenue has consistently been recorded on a gross basis by the Company in the previous reporting periods. However, the Company has not reclassified the corresponding amounts for Nine months ended December 31, 2006 and the year ended March 31, 2007.
Saturday, March 15, 2008
Jay Shree Tea - Limited Review For The Quarter Ended Dec 31,2007
Jay Shree Tea & Industries 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. Non-provision for deferred tax for the quarter as per AS 22 on Taxes on Income.
2. Non-ascertainment and provision of liabilities for the quarter in respect of the revised Accounting Standard 15 on Employee Benefits.
1. Non-provision for deferred tax for the quarter as per AS 22 on Taxes on Income.
2. Non-ascertainment and provision of liabilities for the quarter in respect of the revised Accounting Standard 15 on Employee Benefits.
Elque Polyesters - Limited Review For The Quarter Ended Dec 31,2007
Elque Polyesters 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. Nonprovision of interest and other dues to various banks and financial institutions, quantum of which is un-ascertainable.
2. Pursuant to the revival package under consideration by BIFR and other banks and financial institutions the Auditors reserve their comments on the Going concern concept adopted by the Company.
3. The plant has been temporarily shut down for the time being due to uneconomic market condition.
1. Nonprovision of interest and other dues to various banks and financial institutions, quantum of which is un-ascertainable.
2. Pursuant to the revival package under consideration by BIFR and other banks and financial institutions the Auditors reserve their comments on the Going concern concept adopted by the Company.
3. The plant has been temporarily shut down for the time being due to uneconomic market condition.
Trigyn Technologies - Limited Review For The Quarter Ended Dec31,2007
Trigyn Technologies 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. Investment in two subsidiaries are being carried at its carrying value of Rs 479.37 million and no further provision for diminution in value of investment in considered necessary by the management In the Auditors opinion, the extent of the erosion in the net worth of the two subsidiaries is significant. However, the Auditors are unable to comment on the amount of shortfall in the provision for further diminution in the value of the aforesaid investment.
2. Accounting Standard (AS)-15 on Employee Benefits (revised 2005) has become effective from the accounting periods commencing on or after December 7, 2006. The Company has accounted for retirement benefits for the quarter ended December 31, 2007 on an arithmetical basis. The Auditors are unable to comment on the impact on the results of the quarter ended December 31, 2007, had the Company accounted for the employee benefits in accordance with the provisions of revised AS 15.
1. Investment in two subsidiaries are being carried at its carrying value of Rs 479.37 million and no further provision for diminution in value of investment in considered necessary by the management In the Auditors opinion, the extent of the erosion in the net worth of the two subsidiaries is significant. However, the Auditors are unable to comment on the amount of shortfall in the provision for further diminution in the value of the aforesaid investment.
2. Accounting Standard (AS)-15 on Employee Benefits (revised 2005) has become effective from the accounting periods commencing on or after December 7, 2006. The Company has accounted for retirement benefits for the quarter ended December 31, 2007 on an arithmetical basis. The Auditors are unable to comment on the impact on the results of the quarter ended December 31, 2007, had the Company accounted for the employee benefits in accordance with the provisions of revised AS 15.
Winsome Yarns - Limited Review For The Quarter Ended Dec 31,2007
Winsome Yarns 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 is invited to:
(a) Pending confirmation reconcilation of balances of certain debtors, loan & advances, creditors and banks (Impact unascertainable).
2. Further attention is invited to:
(a) Provision for depreciation has been made on Plant & Machinery as per the rates applicable to continuous process plant based on the technical evaluation which has been relied upon by the Auditors since it is a technical matted impact unascertained).
(b) No Provision has been made it short fall in recovery (amount unascertainable) against Debts aggregating Rs 177.31 lacs for which legal and other persuasive actions for recovery has been initiated; since in the opinion of management these debts are good and recoverable.
(c) No provision of current tax, deferred tax, FBT (including Interest ) has been made.
(d) Non provision of exchange gain / losses on balances of certain debtors, creditors and on foreign currency loan liabilities (amount unascertainable).
1. Attention is invited to:
(a) Pending confirmation reconcilation of balances of certain debtors, loan & advances, creditors and banks (Impact unascertainable).
2. Further attention is invited to:
(a) Provision for depreciation has been made on Plant & Machinery as per the rates applicable to continuous process plant based on the technical evaluation which has been relied upon by the Auditors since it is a technical matted impact unascertained).
(b) No Provision has been made it short fall in recovery (amount unascertainable) against Debts aggregating Rs 177.31 lacs for which legal and other persuasive actions for recovery has been initiated; since in the opinion of management these debts are good and recoverable.
(c) No provision of current tax, deferred tax, FBT (including Interest ) has been made.
(d) Non provision of exchange gain / losses on balances of certain debtors, creditors and on foreign currency loan liabilities (amount unascertainable).
Jalpac India - Limited Review For The Quarter Ended Dec 31, 2007
Jalpac India 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 is invited to Note no. 14 of Schedule 19A of Audited Accounts for the year ended March 31, 2007 regarding preparations of accounts on going concern basis for the reason as stated in said note. However, its accumulated losses are in excess of the net worth of the Company and the Company has become sick industrial company within the meaning of section 3(1)(o) of the Sick Industrial Companies (Special Provision) Act, 1985 (declared sick by Honble BIFRs order dated September 05, 2006),
2. (a) Attention is drawn to Note No. 3(a) of statement regarding non-provision against customs duty saved, amounting to Rs 280.11 lacs (excluding interest, penalty amount unascertained) on import of materials consumed under advance license scheme on imported raw material consumed, pending fulfillment of export obligation.
2. (b) Internal Control procedures w.r.t. purchase of material and sale of goods needs to be further strengthened to make them commensurate with the size & nature of business of the Company.
3. Attention is invited to following points:
A
.(a) Non-provision for shortfall in recovery against certain debtors and loans & advances for which recovery action has been initiated (amount unascertained) [No. 3(b) of statement]
(b) As stated in Note no. 3(e) of accompanying statement regarding the non-provision of interest of Rs 448.33 lacs and penal interest etc. (amount unascertainable) for the reason stated in the said note.
B.
Non deposit / payment on due date of certain statutory dues (including provident fund and employees state insurance amounting to Rs 13.41 lacs and TDS and others amounting to Rs 13.79 lacs.
1. Attention is invited to Note no. 14 of Schedule 19A of Audited Accounts for the year ended March 31, 2007 regarding preparations of accounts on going concern basis for the reason as stated in said note. However, its accumulated losses are in excess of the net worth of the Company and the Company has become sick industrial company within the meaning of section 3(1)(o) of the Sick Industrial Companies (Special Provision) Act, 1985 (declared sick by Honble BIFRs order dated September 05, 2006),
2. (a) Attention is drawn to Note No. 3(a) of statement regarding non-provision against customs duty saved, amounting to Rs 280.11 lacs (excluding interest, penalty amount unascertained) on import of materials consumed under advance license scheme on imported raw material consumed, pending fulfillment of export obligation.
2. (b) Internal Control procedures w.r.t. purchase of material and sale of goods needs to be further strengthened to make them commensurate with the size & nature of business of the Company.
3. Attention is invited to following points:
A
.(a) Non-provision for shortfall in recovery against certain debtors and loans & advances for which recovery action has been initiated (amount unascertained) [No. 3(b) of statement]
(b) As stated in Note no. 3(e) of accompanying statement regarding the non-provision of interest of Rs 448.33 lacs and penal interest etc. (amount unascertainable) for the reason stated in the said note.
B.
Non deposit / payment on due date of certain statutory dues (including provident fund and employees state insurance amounting to Rs 13.41 lacs and TDS and others amounting to Rs 13.79 lacs.
Friday, March 14, 2008
Malar Hospitals - Limited Review For The Quarter Ended Dec 31, 2007
Malar Hospitals 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:
Non-provision of gratuity on actuarial valuation for the same period.
Non-provision of gratuity on actuarial valuation for the same period.
Polychem - Limited Review For The Quarter Ended Dec 31, 2007
Polychem 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. Non compliance of Accounting Standard 15 Employee Benefits (revised 2005) the impact of which has not been ascertained.
2. The capital employed reported by the Company should be read for specialty chemical as Rs 133.58 lacs as against Rs 125.41 lacs and for unallocable as Rs 724.12 lacs as against Rs 778.82 lacs.
1. Non compliance of Accounting Standard 15 Employee Benefits (revised 2005) the impact of which has not been ascertained.
2. The capital employed reported by the Company should be read for specialty chemical as Rs 133.58 lacs as against Rs 125.41 lacs and for unallocable as Rs 724.12 lacs as against Rs 778.82 lacs.
IG Petrochemicals - Limited Review For The Quarter Ended Dec 31, 2007
IG 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:
Management has informed the Auditors that the Company has been, with effect from April 01, 2006, providing depreciation on plant and machinery based on the balance useful life of the assets as determined by approved valuer instead of providing depreciation at the minimum rates specified in Schedule XIV of the Companies Act, 1956. As a result, depreciation charge for the quarter is lower by Rs 220.26 lacs and accumulated depreciation lower charged as at December 31, 2007 is Rs 1,541.32 lacs. Had the impact of above been considered, the net profit before tax for the quarter would have been Rs 350.71 lacs instead of the reported net profit before tax of Rs 570.97 lacs.
Management has informed the Auditors that the Company has been, with effect from April 01, 2006, providing depreciation on plant and machinery based on the balance useful life of the assets as determined by approved valuer instead of providing depreciation at the minimum rates specified in Schedule XIV of the Companies Act, 1956. As a result, depreciation charge for the quarter is lower by Rs 220.26 lacs and accumulated depreciation lower charged as at December 31, 2007 is Rs 1,541.32 lacs. Had the impact of above been considered, the net profit before tax for the quarter would have been Rs 350.71 lacs instead of the reported net profit before tax of Rs 570.97 lacs.
Investment & Precision - Limited Review For The Quarter Ended Dec 31, 2007
Investment & Precision Castings 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:
The provisions of Accounting Standard (AS-15) (revised) on Employees Benefits issued by the Institute of Chartered Accountants of India will be implemented by the Company by the end of the financial year.
The provisions of Accounting Standard (AS-15) (revised) on Employees Benefits issued by the Institute of Chartered Accountants of India will be implemented by the Company by the end of the financial year.
Haryana Financial - Limited Review For The Quarter Ended Dec 31, 2007
Haryana Financial Corporation 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 Corporation has changed its system of accounting from Cash basis to Mercantile system of accounting w.e.f. April 01, 2007 with the exception of interest accrued on Non Performance assets which has been accounted for on receipt basis. Accordingly all the accrued liabilities and assets have been recognised as on December 31, 2007 and consequential impact on income and expenditure accounts have been taken and it has resulted in increase of income of the Corporation by Rs 11.74 crores for the nine months period ended on December 31, 2007.
2. The figures for the year ended March 31, 2007 have been taken from the last results published earlier which were prepared on the cash system of accounting.
1. The Corporation has changed its system of accounting from Cash basis to Mercantile system of accounting w.e.f. April 01, 2007 with the exception of interest accrued on Non Performance assets which has been accounted for on receipt basis. Accordingly all the accrued liabilities and assets have been recognised as on December 31, 2007 and consequential impact on income and expenditure accounts have been taken and it has resulted in increase of income of the Corporation by Rs 11.74 crores for the nine months period ended on December 31, 2007.
2. The figures for the year ended March 31, 2007 have been taken from the last results published earlier which were prepared on the cash system of accounting.
Falcon Tyres - Limited Review For The Quarter Ended Dec 31, 2007
Falcon Tyres 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:
a. Review with respect to payment of Rs 43.80 lacs for Technical aid relating to tyres and capitalization of administrative and other Charges aggregating to Rs 995.33 lace as Capital Work in Progress were pending at the time of compilation of the results for the quarter. Pending ascertainment of amounts thereof, impact with respect to these on the financial results.
b. The Revised Accounting Standard 15 on Employee Benefits has not been complied with Necessary adjustment in this respect will be carried out at the year end. Impact with respect to this has not been ascertained.
c. Interest and other finance charges aggregating to Rs 599.13 lacs, Rs 21.19 lacs and Rs 90.86 lacs have been treated as cost of investment, prepaid and capital work in progress respectively. Further, interest amounting to Rs 11.29 lacs has not been provided in the accounts.
d. Sale of raw material amounting to Rs 106.65 lacs (including excise duty) has been adjusted with consumption of raw materials and thereby the amount of sales and raw material consumption is lower to that extent. However, this does not have any impact on the Net profit / (loss) of the period.
e) Impact of para (c) above (same being not ascertainable in case of a and b) and other variations, as noticed during the course of the said review, on being given effect to in the items mentioned in the accompanying statement of unaudited financial results, are as given below (Rs in Lacs)
a. Review with respect to payment of Rs 43.80 lacs for Technical aid relating to tyres and capitalization of administrative and other Charges aggregating to Rs 995.33 lace as Capital Work in Progress were pending at the time of compilation of the results for the quarter. Pending ascertainment of amounts thereof, impact with respect to these on the financial results.
b. The Revised Accounting Standard 15 on Employee Benefits has not been complied with Necessary adjustment in this respect will be carried out at the year end. Impact with respect to this has not been ascertained.
c. Interest and other finance charges aggregating to Rs 599.13 lacs, Rs 21.19 lacs and Rs 90.86 lacs have been treated as cost of investment, prepaid and capital work in progress respectively. Further, interest amounting to Rs 11.29 lacs has not been provided in the accounts.
d. Sale of raw material amounting to Rs 106.65 lacs (including excise duty) has been adjusted with consumption of raw materials and thereby the amount of sales and raw material consumption is lower to that extent. However, this does not have any impact on the Net profit / (loss) of the period.
e) Impact of para (c) above (same being not ascertainable in case of a and b) and other variations, as noticed during the course of the said review, on being given effect to in the items mentioned in the accompanying statement of unaudited financial results, are as given below (Rs in Lacs)
Thursday, March 13, 2008
Wintac - Limited Review For The Quarter Ended Dec 31, 2007
Wintac 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 are unable to assess the recoverability and consequent provision required in / the accounts in respect ofa. Balance of Rs 315.89 lakhs due from erstwhile subsidiary Recon Agrotech Ltd in respect of which only Rs 283 lakhs provided.
b. Amount due from a Joint Venture Company Medispec Pharmaceuticals (P) Ltd whose net worth has totally eroded. Balance as on December 31, 2007 Rs 718.20 lakhs (balance subject to reconciliation and confirmation). A further sum of Rs 29.19 lakh is the net advance made to the said company during the period under report apparently without the approval of the Board.
c. Other long outstanding balances aggregating to Rs 35.04 lakh under sundry debtors and Rs 108.89 lakh under advances (as ascertained during the course of Auditors audit for the financial year ended March 31, 2007) in respect of which only Rs 36 lakhs provided.
d. No provision has been made in the accounts towards the diminution in value of Investment of Rs 90 Lakhs in the Joint Venture Company Medispec Pharmaceuticals (P) Ltd despite erosion of its net worth as the directors are of the opinion there will be no decline in value.
2. (a) The accounts are subject to adjustments if any arising from obtaining confirmation of balances from debtors, Creditors and in respect of Advances and reconciling the same. The results are also subject to reconciliation of Cenvat and VAT / Sales Tax records with the financial books.
(b) Basis of apportionment of expenditure on co marketing between the Company and the Joint Venture Company Medispec Pharmaceuticals P Ltd is subject to review / confirmation.
(c) The valuation of closing stock is provisional and not supported by cost sheets and the stock is subject to physical verification.
1. The Auditors are unable to assess the recoverability and consequent provision required in / the accounts in respect ofa. Balance of Rs 315.89 lakhs due from erstwhile subsidiary Recon Agrotech Ltd in respect of which only Rs 283 lakhs provided.
b. Amount due from a Joint Venture Company Medispec Pharmaceuticals (P) Ltd whose net worth has totally eroded. Balance as on December 31, 2007 Rs 718.20 lakhs (balance subject to reconciliation and confirmation). A further sum of Rs 29.19 lakh is the net advance made to the said company during the period under report apparently without the approval of the Board.
c. Other long outstanding balances aggregating to Rs 35.04 lakh under sundry debtors and Rs 108.89 lakh under advances (as ascertained during the course of Auditors audit for the financial year ended March 31, 2007) in respect of which only Rs 36 lakhs provided.
d. No provision has been made in the accounts towards the diminution in value of Investment of Rs 90 Lakhs in the Joint Venture Company Medispec Pharmaceuticals (P) Ltd despite erosion of its net worth as the directors are of the opinion there will be no decline in value.
2. (a) The accounts are subject to adjustments if any arising from obtaining confirmation of balances from debtors, Creditors and in respect of Advances and reconciling the same. The results are also subject to reconciliation of Cenvat and VAT / Sales Tax records with the financial books.
(b) Basis of apportionment of expenditure on co marketing between the Company and the Joint Venture Company Medispec Pharmaceuticals P Ltd is subject to review / confirmation.
(c) The valuation of closing stock is provisional and not supported by cost sheets and the stock is subject to physical verification.
Godrej Industries - Limited Review For The Quarter Ended Dec 31, 2007
Godrej Industries 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:
The recoverability of advances given to certain individuals amounting to Rs 1033 lac is contingent upon the transfer and / or disposal of the shares pledged against the loan. The said shares were lodged for transfer, which application was rejected and the Company has preferred an appeal to the Company Law Board. The impact thereof on the profit for the quarter could not be ascertained.
The recoverability of advances given to certain individuals amounting to Rs 1033 lac is contingent upon the transfer and / or disposal of the shares pledged against the loan. The said shares were lodged for transfer, which application was rejected and the Company has preferred an appeal to the Company Law Board. The impact thereof on the profit for the quarter could not be ascertained.
Hathway Bhawani - Limited Review For The Quarter Ended Dec 31, 2007
Hathway Bhawani Cabletel & Datacom 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. Non compliance of Accounting Standard 15 Employee Benefits (revised 2005) the impact of which is not ascertained.
1. Non compliance of Accounting Standard 15 Employee Benefits (revised 2005) the impact of which is not ascertained.
Balasore Alloys - Limited Review For The Quarter Ended Dec 31, 2007
Balasore Alloys 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. Net deferred tax asset of Rs 531.45 lacs (net of reversal of Rs 467.31 lacs for the quarter) has been recognized in the financial statements up to December 31, 2007 based on the future profitability projections made by the management which is not in accordance with Accounting Standard Interpretation - 9 / Accounting Standard 22.
Had the impact of above been considered, there would be a net loss of Rs 465.59 lacs for the quarter (arising on account of net deferred tax asset recognied upto December 31, 2006) as against the reported net profit of Rs 997.04 lacs for the quarter.
1. Net deferred tax asset of Rs 531.45 lacs (net of reversal of Rs 467.31 lacs for the quarter) has been recognized in the financial statements up to December 31, 2007 based on the future profitability projections made by the management which is not in accordance with Accounting Standard Interpretation - 9 / Accounting Standard 22.
Had the impact of above been considered, there would be a net loss of Rs 465.59 lacs for the quarter (arising on account of net deferred tax asset recognied upto December 31, 2006) as against the reported net profit of Rs 997.04 lacs for the quarter.
Samtel India - Limited Review For The Quarter Ended Dec 31, 2007
Samtel India 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:
Although the Company has stopped its manufacturing operations, in view of trading activities being undertaken by the Company, the results have been prepared on a going concern basis (refer note 1).
Although the Company has stopped its manufacturing operations, in view of trading activities being undertaken by the Company, the results have been prepared on a going concern basis (refer note 1).
Aftek - Limited Review For The Quarter Ended Dec 31, 2007
Aftek 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 Statement does not include any provision towards debts aggregating Rs 672.84 lacs, which are outstanding for a period exceeding 3 years as at December 31, 2007. In the absence of adequate information on the recoverability of such debts, it was not possible for the Auditors to determine as to whether such debts are recoverable, although in the opinion of the management of the Company, such debts are good and recoverable.
2. The net results for nine months ended December 31, 2007 have been overstated due to the net effect of the following material observations arising out of Auditors limited review:
(a) Unaccounted unrealised foreign exchange loss of Rs 1778.31 lacs;
(b) Non provision of proportionate interest expense of Rs 130.66 lacs on outstanding Foreign Currency Convertible Bonds and External Commercial Borrowing;
(c) Non provision of proportionate audit fees of Rs 14.96 lacs;
(d) Non provision of proportionate and leave encashment expenses of Rs 19.69 lacs;
(e) Unaccounted proportionate interest income of Rs 33.44 lacs on Fixed Deposits placed with banks;
Based on the review procedures carried out by the Auditors and according to the information and explanations given to the Company, the above observations, in so far as they relate to the quarter ended December 31, 2007, did not have a material impact on the results for the quarter ended December 31, 2007.
1. The Statement does not include any provision towards debts aggregating Rs 672.84 lacs, which are outstanding for a period exceeding 3 years as at December 31, 2007. In the absence of adequate information on the recoverability of such debts, it was not possible for the Auditors to determine as to whether such debts are recoverable, although in the opinion of the management of the Company, such debts are good and recoverable.
2. The net results for nine months ended December 31, 2007 have been overstated due to the net effect of the following material observations arising out of Auditors limited review:
(a) Unaccounted unrealised foreign exchange loss of Rs 1778.31 lacs;
(b) Non provision of proportionate interest expense of Rs 130.66 lacs on outstanding Foreign Currency Convertible Bonds and External Commercial Borrowing;
(c) Non provision of proportionate audit fees of Rs 14.96 lacs;
(d) Non provision of proportionate and leave encashment expenses of Rs 19.69 lacs;
(e) Unaccounted proportionate interest income of Rs 33.44 lacs on Fixed Deposits placed with banks;
Based on the review procedures carried out by the Auditors and according to the information and explanations given to the Company, the above observations, in so far as they relate to the quarter ended December 31, 2007, did not have a material impact on the results for the quarter ended December 31, 2007.
Wednesday, March 12, 2008
Titan Industries - FY 08 Results By Jun 30, 2008
Titan Industries Ltd has informed that the Company will publish Audited Financial Results for the year ending March 31, 2008 within a period of three months of the close of the accounting year i.e., on or before June 30, 2008.
Therefore, the Company will not publish unaudited results for the quarter ended March 31, 2008.
Therefore, the Company will not publish unaudited results for the quarter ended March 31, 2008.
Tata Steel Announces Consolidated Q3 Results
Tata Steel Ltd has announced the following Consolidated unaudited results for the quarter ended December 31, 2007:
The Company has posted a Profit after minority Interest & Share of Profit of Associates of Rs 14155.40 million for the quarter ended December 31, 2007 as compared to Rs 10546.10 million for the quarter ended December 31, 2006. Total Income has increased from Rs 60717.60 million for the quarter ended December 31, 2006 to Rs 320960.30 million for the quarter ended December 31, 2007.
The Company has posted a Profit after minority Interest & Share of Profit of Associates of Rs 14155.40 million for the quarter ended December 31, 2007 as compared to Rs 10546.10 million for the quarter ended December 31, 2006. Total Income has increased from Rs 60717.60 million for the quarter ended December 31, 2006 to Rs 320960.30 million for the quarter ended December 31, 2007.
Zodiac Clothing - FY 08 Results By Jun 30, 2008
Zodiac Clothing Company Ltd has informed that the Company will be publishing its Audited Financial Results for the year ended March 31, 2008 within three months from the end of the last quarter ending March 31, 2008 for the financial year 2007 2008.
In view of the above the Company will not publish its Unaudited Financial Results for the last quarter ending March 31, 2008 before April 30, 2008.
In view of the above the Company will not publish its Unaudited Financial Results for the last quarter ending March 31, 2008 before April 30, 2008.
Tuesday, March 11, 2008
Simplex Infrastructures - Limited Review For The Quarter Ended Dec 31, 2007
Simplex Infrastructures 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:
Attention is drawn to the following:
1. Period wise break up of the following items of expenses in the accompanying statement have been included in depreciation / Interest :
a. Depreciation and Amortisation (items 4(c))
(i) Depreciation
- 3 months ended December 31, 2007 : Rs 916 lacs
- 3 months ended December 31, 2006 : Rs 629 lacs
(ii) Amortisation of tools - 757 lacs
- 3 months ended December 31, 2007 : Rs 757 lacs
- 3 months ended December 31, 2006 : Rs 383 lacs
b. Interest and Finance Charges (Net) (item 6)
(i) Interest
- 3 months ended December 31, 2007 : Rs 2642 lacs
- 3 months ended December 31, 2006 : Rs 1410 lacs
(ii) Finance Charges - 314 lacs
- 3 months ended December 31, 2007 : Rs 314 lacs
- 3 months ended December 31, 2006 : Rs 196 lacs
2. In the segment wise capital employed amounting to Rs 130,005 lacs foreign capital employed shown therein should be read as 14,728 lacs instead of Rs 9,063 lacs with corresponding change in the figures of domestic capital employed.
Attention is drawn to the following:
1. Period wise break up of the following items of expenses in the accompanying statement have been included in depreciation / Interest :
a. Depreciation and Amortisation (items 4(c))
(i) Depreciation
- 3 months ended December 31, 2007 : Rs 916 lacs
- 3 months ended December 31, 2006 : Rs 629 lacs
(ii) Amortisation of tools - 757 lacs
- 3 months ended December 31, 2007 : Rs 757 lacs
- 3 months ended December 31, 2006 : Rs 383 lacs
b. Interest and Finance Charges (Net) (item 6)
(i) Interest
- 3 months ended December 31, 2007 : Rs 2642 lacs
- 3 months ended December 31, 2006 : Rs 1410 lacs
(ii) Finance Charges - 314 lacs
- 3 months ended December 31, 2007 : Rs 314 lacs
- 3 months ended December 31, 2006 : Rs 196 lacs
2. In the segment wise capital employed amounting to Rs 130,005 lacs foreign capital employed shown therein should be read as 14,728 lacs instead of Rs 9,063 lacs with corresponding change in the figures of domestic capital employed.
Khaitan India - Limited Review For The Quarter Ended Dec 31, 2007
Khaitan India 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:
Accruing gratuity / leave encashment is treated on cash basis in Sugar Mill and Agriculture Division which is not in accordance with Accounting Standard - 15 and impact of revised AS 15 has not been taken, and the value of the total employee cost is understated by Rs 30.92 lacs thus overstating the profits by the same amount and non accounting / working has been made regarding deferred tax assets / liability and tax expenses as per Accounting Standard - 22 issued by The Institute of Chartered Accountants of India.
Accruing gratuity / leave encashment is treated on cash basis in Sugar Mill and Agriculture Division which is not in accordance with Accounting Standard - 15 and impact of revised AS 15 has not been taken, and the value of the total employee cost is understated by Rs 30.92 lacs thus overstating the profits by the same amount and non accounting / working has been made regarding deferred tax assets / liability and tax expenses as per Accounting Standard - 22 issued by The Institute of Chartered Accountants of India.
Tirupati Starch & Chemicals - Limited Review For The Quarter Ended Dec 31, 2007
Tirupati Starch & Chemicals 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 figures for quarter and Nine Months ended on December 31, 2007 are taken from the unaudited financial results as furnished by the Company and for quarter and Nine Month ended on December 31, 2006 are given on the basis of our earlier review alongwith the figures as reviewed and as regrouped as were necessary the extent information available from the published statement.
2. The goods sent on consignment are treated as sales.
3. No provision for taxation and Adjustment for deferred tax as required by the Accounting Standard 22 has been made in respect of period ended on December 31, 2007. It is stated that it (if any) will be made at the year end.
1. The figures for quarter and Nine Months ended on December 31, 2007 are taken from the unaudited financial results as furnished by the Company and for quarter and Nine Month ended on December 31, 2006 are given on the basis of our earlier review alongwith the figures as reviewed and as regrouped as were necessary the extent information available from the published statement.
2. The goods sent on consignment are treated as sales.
3. No provision for taxation and Adjustment for deferred tax as required by the Accounting Standard 22 has been made in respect of period ended on December 31, 2007. It is stated that it (if any) will be made at the year end.
Soma Textiles - Limited Review For The Quarter Ended Dec 31, 2007
Soma Textiles & Industries 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:
Attention is invited to :
1. Note No 6 of statement in regard to income tax including deferred tax liability which will be determined and provided at the end of the financial year as stated in the said note.
2. Non-provision for employees benefit as per AS-15 (Revised), w.e.f. April 01, 2007, for employees benefit, impact of the same has not been considered.
3. Note No. 7 of the statement in regard to non-provision for exchange rate fluctuation on the amount of GDR proceeds to the extent lying in the foreign Bank account and investment in subsidiary Soma Textiles FZE, which shall be provided at the end of the financial year, as stated in the said note. However, as per the Accounting Standards, the Company is required to provide for such amount is each quarter, which has not been provided by the Company.
4. The effect of Impairment of Fixed Assets if any, as per Accounting Standard - 22, Impairment of Fixed Assets will be considered at the end of the accounting period.
Attention is invited to :
1. Note No 6 of statement in regard to income tax including deferred tax liability which will be determined and provided at the end of the financial year as stated in the said note.
2. Non-provision for employees benefit as per AS-15 (Revised), w.e.f. April 01, 2007, for employees benefit, impact of the same has not been considered.
3. Note No. 7 of the statement in regard to non-provision for exchange rate fluctuation on the amount of GDR proceeds to the extent lying in the foreign Bank account and investment in subsidiary Soma Textiles FZE, which shall be provided at the end of the financial year, as stated in the said note. However, as per the Accounting Standards, the Company is required to provide for such amount is each quarter, which has not been provided by the Company.
4. The effect of Impairment of Fixed Assets if any, as per Accounting Standard - 22, Impairment of Fixed Assets will be considered at the end of the accounting period.
Ruchi Infrastructure - Limited Review For The Quarter Ended Dec 31, 2007
Ruchi Infrastructure 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. As a prudent accounting policy, premium payable on the FCCBs, even though contingent upon non conversion of the FCCBs into Equity Shares, is proportionately charged to the Profit & Loss Account over the life of the FCCBs. In the event of the conversion of FCCBs into Equity Shares, the proportionate amount will be written back on pro-rata basis.
2. The provision for tax including deferred tax will be made at the end of the year.
1. As a prudent accounting policy, premium payable on the FCCBs, even though contingent upon non conversion of the FCCBs into Equity Shares, is proportionately charged to the Profit & Loss Account over the life of the FCCBs. In the event of the conversion of FCCBs into Equity Shares, the proportionate amount will be written back on pro-rata basis.
2. The provision for tax including deferred tax will be made at the end of the year.
Stone India - Limited Review For The Quarter Ended Dec 31, 2007
Stone India 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. In the absence of detailed records and complete physical verification, quantity of raw materials, work in progress and finished goods including those lying with third parties have been taken as per managements estimate.
2. Pending review at the year end, amount of provisions / adjustments, if any required against debtors, capital work in progress and other Inventories have not been ascertained.
3. Attention is invited to Note 2 of the statement regarding non compliance of Accounting Standard 22 Accounting for Taxes on Income with regard to recognition of deferred tax and current tax and Accounting Standard 15 revised by the Institute of Chartered Accountants of India regarding Employee Benefit respectively. The Auditors are unable to ascertain and state the impact of the same on the various figures and the amount of profit given in the statement.
1. In the absence of detailed records and complete physical verification, quantity of raw materials, work in progress and finished goods including those lying with third parties have been taken as per managements estimate.
2. Pending review at the year end, amount of provisions / adjustments, if any required against debtors, capital work in progress and other Inventories have not been ascertained.
3. Attention is invited to Note 2 of the statement regarding non compliance of Accounting Standard 22 Accounting for Taxes on Income with regard to recognition of deferred tax and current tax and Accounting Standard 15 revised by the Institute of Chartered Accountants of India regarding Employee Benefit respectively. The Auditors are unable to ascertain and state the impact of the same on the various figures and the amount of profit given in the statement.
Manav Yarn - Limited Review For The Quarter Ended Dec 31, 2007
Manav Yarn Products 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:
Net worth of the Company as per the latest audited balance sheet as on March 31, 2007 was amounting to Rs 23,22,945/- (Shareholders fund stood at Rs 6,49,37,879/- & there was accumulated loss amounting to Rs 6,26,14,934/-) & advance paid for office premises at New Mumbai amounting to Rs 3,84,000/- may be recoverable at the value stated if realized in the ordinary course of business.
Net worth of the Company as per the latest audited balance sheet as on March 31, 2007 was amounting to Rs 23,22,945/- (Shareholders fund stood at Rs 6,49,37,879/- & there was accumulated loss amounting to Rs 6,26,14,934/-) & advance paid for office premises at New Mumbai amounting to Rs 3,84,000/- may be recoverable at the value stated if realized in the ordinary course of business.
Saturday, March 8, 2008
Pentamedia Graphics - Limited Review For The Quarter Ended Dec 31, 2007
Pentamedia Graphics 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. Though the Company has provided Deferred tax in respect of timing differences as required under Accounting Standard (AS 22), the adequacy of the same has not been verified by the Auditors.
2. Non provision of depreciation and its impact on certain assets as required to be provided as per the Accounting Standard (AS 6) is not quantifiable.
3. Bank Defaults:
a. Name of the Bank: UTI Bank Ltd - DRT
Principal Amount due as on December 31, 2007: Rs 24.97 Crores
b. Name of the Bank: KSSIDC
Principal Amount due as on December 31, 2007: Rs 3.76 Crores
c. Name of the Bank: First International Bank
Principal Amount due as on December 31, 2007: Rs 19.85 Crores
The above amount due on December 31, 2007 to Banks does not include interest that has accrued during the quarter, since the matter has been referred to Debt Recovery Tribunal.
1. Though the Company has provided Deferred tax in respect of timing differences as required under Accounting Standard (AS 22), the adequacy of the same has not been verified by the Auditors.
2. Non provision of depreciation and its impact on certain assets as required to be provided as per the Accounting Standard (AS 6) is not quantifiable.
3. Bank Defaults:
a. Name of the Bank: UTI Bank Ltd - DRT
Principal Amount due as on December 31, 2007: Rs 24.97 Crores
b. Name of the Bank: KSSIDC
Principal Amount due as on December 31, 2007: Rs 3.76 Crores
c. Name of the Bank: First International Bank
Principal Amount due as on December 31, 2007: Rs 19.85 Crores
The above amount due on December 31, 2007 to Banks does not include interest that has accrued during the quarter, since the matter has been referred to Debt Recovery Tribunal.
PAL Credit - Limited Review For The Quarter Ended Dec 31, 2007
PAL Credit & Capital 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 accompanying financial statements have been prepared on Going Concern Basis.
2. Deferred Tax Credit for the current quarter and corresponding assets have not been recognized on consideration for prudence, based on the principles of Accounting Standard 22, Accounting for Taxes on Income.
1. The accompanying financial statements have been prepared on Going Concern Basis.
2. Deferred Tax Credit for the current quarter and corresponding assets have not been recognized on consideration for prudence, based on the principles of Accounting Standard 22, Accounting for Taxes on Income.
Prakash Industries - Limited Review For The Quarter Ended Dec 31, 2007
Prakash Industries 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 has been made in respect of Gujarat Electricity Board demand the impact whereof on the Companys profit is presently not ascertainable due to pending cases in the Courts (Refer Note 3).
2. No provision has been made in respect of doubtful / disputed debts, loans and advances aggregating to Rs 83.07 lacs, the impact whereof on the Companys profit is presently not ascertainable. (Refer Note 4)
3. No provision has been made in respect of lease rental liabilities due to pending cases and settlement of disputes with the lessors, the amount whereof is not ascertainable (Refer Note 6)
4. No provisions for gratuity and leave encashment has been made, the amount whereof has not been ascertained (Refer Note 7)
5. No provision has been made for Income Tax liability being contested in appeals in respect of earlier years amounting to Rs 364.46 lacs (net of provision) and interest thereon. (Refer Note 9)
6. No provision has been made in the accounts for liability towards commission payable to the Managing Director, the amount whereof has not been ascertained (Refer Note 10)
7. There is a lower charge of interest of Rs 6.93 lacs for the quarter (Rs 20.79 lacs for the period) ended December 31, 2007 for which the settlements with the concerned lenders are yet to be concluded. (Refer Note 11)
1. No provision has been made in respect of Gujarat Electricity Board demand the impact whereof on the Companys profit is presently not ascertainable due to pending cases in the Courts (Refer Note 3).
2. No provision has been made in respect of doubtful / disputed debts, loans and advances aggregating to Rs 83.07 lacs, the impact whereof on the Companys profit is presently not ascertainable. (Refer Note 4)
3. No provision has been made in respect of lease rental liabilities due to pending cases and settlement of disputes with the lessors, the amount whereof is not ascertainable (Refer Note 6)
4. No provisions for gratuity and leave encashment has been made, the amount whereof has not been ascertained (Refer Note 7)
5. No provision has been made for Income Tax liability being contested in appeals in respect of earlier years amounting to Rs 364.46 lacs (net of provision) and interest thereon. (Refer Note 9)
6. No provision has been made in the accounts for liability towards commission payable to the Managing Director, the amount whereof has not been ascertained (Refer Note 10)
7. There is a lower charge of interest of Rs 6.93 lacs for the quarter (Rs 20.79 lacs for the period) ended December 31, 2007 for which the settlements with the concerned lenders are yet to be concluded. (Refer Note 11)
Bell Ceramics - Limited Review For The Quarter Ended Dec 31, 2007
Bell Ceramics 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:
The Board of Directors have decided to provide the effect at the year end of Accounting Standard 22 on Accounting for taxes on Income and certain other Accounting Standards as have become applicable.
The Board of Directors have decided to provide the effect at the year end of Accounting Standard 22 on Accounting for taxes on Income and certain other Accounting Standards as have become applicable.
Himachal Futuristic - Limited Review For The Quarter Ended Dec 31, 2007
Himachal Futuristic Communications 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 Company has accounted for the Impact of modified CDR package, after complying with most of the terms & conditions stipulated therein. However, compliance of some of them are still in process.
2. As per the modification approved in the CDR package by CDR Empowered Group, the Company has provided interest on terms loans from banks / Financial Institutions (Lenders) @ 4.5% per annum during the quarter ended December 31, 2007 instead of yield to maturity (YTM) basis i.e. 8.5% per annum. As a result, the loss for the quarter would be higher by Rs 1.99 crore.
1. The Company has accounted for the Impact of modified CDR package, after complying with most of the terms & conditions stipulated therein. However, compliance of some of them are still in process.
2. As per the modification approved in the CDR package by CDR Empowered Group, the Company has provided interest on terms loans from banks / Financial Institutions (Lenders) @ 4.5% per annum during the quarter ended December 31, 2007 instead of yield to maturity (YTM) basis i.e. 8.5% per annum. As a result, the loss for the quarter would be higher by Rs 1.99 crore.
Friday, March 7, 2008
Poddar Pigments - Limited Review For The Quarter Ended Dec 31, 2007
Poddar Pigments 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 Company has not given effect of Foreign Exchange gain in respect of Foreign Exchange Borrowing.
2. The Company has not given effect of Deferred Tax Provision for the quarter.
1. The Company has not given effect of Foreign Exchange gain in respect of Foreign Exchange Borrowing.
2. The Company has not given effect of Deferred Tax Provision for the quarter.
Suraj Stainless - Limited Review For The Quarter Ended Dec 31, 2007
Suraj Stainless 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:
Variation in other expenses but consequently the amount of gross profit which is within allowable limit of 20%.
Variation in other expenses but consequently the amount of gross profit which is within allowable limit of 20%.
Oswal Agro - Limited Review For The Quarter Ended Dec 31, 2007
Oswal Agro Mills 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 Company has not disclosed how the qualification by the Auditors on the Audited Accounts of the accounting year ended March 31, 2007 have been resolved.
2. The status of matters that were subject matter of auditors qualifications on the financial statements for the year ended March 31, 2007 is as under :
(i). Non-translation of interest free export advance received (net) of USD 52,37,796.80 at the year end exchange rate & non-accounting for the fluctuation in the exchange rate, which is contrary to Accounting Standard 11 and further non-provision of interest accrued on the amount receivable Rs 383.86 lacs due to the pending execution of Decree orders passed by the High Court on May 09, 1989.
Current status: There is no change in the status and the matter still continues to be a subject matter of qualification.
(ii). Non-confirmation / non-reconciliation of certain debit / credit balances, the overall impact of these could not determined.
Current status: The work of reconciliation and confirmation of balances are in progress.
1. The Company has not disclosed how the qualification by the Auditors on the Audited Accounts of the accounting year ended March 31, 2007 have been resolved.
2. The status of matters that were subject matter of auditors qualifications on the financial statements for the year ended March 31, 2007 is as under :
(i). Non-translation of interest free export advance received (net) of USD 52,37,796.80 at the year end exchange rate & non-accounting for the fluctuation in the exchange rate, which is contrary to Accounting Standard 11 and further non-provision of interest accrued on the amount receivable Rs 383.86 lacs due to the pending execution of Decree orders passed by the High Court on May 09, 1989.
Current status: There is no change in the status and the matter still continues to be a subject matter of qualification.
(ii). Non-confirmation / non-reconciliation of certain debit / credit balances, the overall impact of these could not determined.
Current status: The work of reconciliation and confirmation of balances are in progress.
Gillanders Arbuthnot - Limited Review For The Quarter Ended Dec 31, 2007
Gillanders Arbuthnot & Company 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. As indicated in Note 4 of the statement of Unaudited Financial Results, no provision has been considered in respect of loans amounting to Rs 1345.62 lacs as at December 31, 2007 in a Company, the extent of recoverability of which together with its effect on the periods results and period end net assets is currently not ascertainable in view of the reasons set out in the said note.
2. As indicated in Note 8 of statement of the Unaudited Financial Results, current tax and deferred tax charge / release, if any, for the period under review has neither been ascertained by the management nor recognised for the purpose of compilation of the aforesaid Unaudited Financial Results. Also Provision for Fringe Benefit Tax has been made on an estimated basis, resulting difference, if any, on actual calculation will be adjusted at the time of finalisation of the accounts for the year ending March 31, 2008.
3. As indicated, in Note 7 of accompanying statement of the Unaudited Financial Results, impact, if any, of revised Accounting Standard 15 issued by the Institute of Chartered Accountants of India has not been ascertained and accounted for by the management for the purpose of compilation of the aforesaid Unaudited Financial Results.
4. As indicated in Note 5 of accompanying statement of the Unaudited Financial Results, no effect of the proposed amalgamation of GIS Cotton Mills Ltd with the Company has been given in the aforesaid results.
1. As indicated in Note 4 of the statement of Unaudited Financial Results, no provision has been considered in respect of loans amounting to Rs 1345.62 lacs as at December 31, 2007 in a Company, the extent of recoverability of which together with its effect on the periods results and period end net assets is currently not ascertainable in view of the reasons set out in the said note.
2. As indicated in Note 8 of statement of the Unaudited Financial Results, current tax and deferred tax charge / release, if any, for the period under review has neither been ascertained by the management nor recognised for the purpose of compilation of the aforesaid Unaudited Financial Results. Also Provision for Fringe Benefit Tax has been made on an estimated basis, resulting difference, if any, on actual calculation will be adjusted at the time of finalisation of the accounts for the year ending March 31, 2008.
3. As indicated, in Note 7 of accompanying statement of the Unaudited Financial Results, impact, if any, of revised Accounting Standard 15 issued by the Institute of Chartered Accountants of India has not been ascertained and accounted for by the management for the purpose of compilation of the aforesaid Unaudited Financial Results.
4. As indicated in Note 5 of accompanying statement of the Unaudited Financial Results, no effect of the proposed amalgamation of GIS Cotton Mills Ltd with the Company has been given in the aforesaid results.
Bosch Announces Q4 & FY 07 Results
Bosch Ltd has announced the following results for the quarter & year ended December 31, 2007:The Unaudited results for the Quarter ended December 31, 2007:
The Company has posted a net profit of Rs 1244.10 million for the quarter ended December 31, 2007 as compared to Rs 649.60 million for the quarter ended December 31, 2006. Total Income has increased from Rs 10569.50 million for the quarter ended December 31, 2006 to Rs 12418.70 million for the quarter ended December 31, 2007.
The Audited results for the Year ended December 31, 2007:
The Company has posted a net profit of Rs 6092.10 million for the year ended December 31, 2007 as compared to Rs 5480.00 million for the year ended December 31, 2006. Total Income has increased from Rs 39433.80 million for the year ended December 31, 2006 to Rs 45765.40 million for the year ended December 31, 2007.
The Company has posted a net profit of Rs 1244.10 million for the quarter ended December 31, 2007 as compared to Rs 649.60 million for the quarter ended December 31, 2006. Total Income has increased from Rs 10569.50 million for the quarter ended December 31, 2006 to Rs 12418.70 million for the quarter ended December 31, 2007.
The Audited results for the Year ended December 31, 2007:
The Company has posted a net profit of Rs 6092.10 million for the year ended December 31, 2007 as compared to Rs 5480.00 million for the year ended December 31, 2006. Total Income has increased from Rs 39433.80 million for the year ended December 31, 2006 to Rs 45765.40 million for the year ended December 31, 2007.
Thursday, March 6, 2008
JMT Auto - Limited Review For The Quarter Ended Dec 31, 2007
JMT Auto 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:
Non provision of employee benefits in the nature of defined benefit plan in accordance with revised Accounting Standard 15 (revised 2005) - Employee Benefits.
Non provision of employee benefits in the nature of defined benefit plan in accordance with revised Accounting Standard 15 (revised 2005) - Employee Benefits.
Ansal Properties - Limited Review For The Quarter Ended Dec 31, 2007
Ansal Properties & Infrastructure 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. Reference is invited to Note No 2 of the unaudited statement of financial results regarding the change in the basis of accounting from April 01, 2007. The impact due to change in the case of stand alone financial, results for the quarter ended December 31, 2007 is increase in sales and profit before tax by Rs 279 lacs and Rs 40 lacs respectively and in the case of results of nine months period ended December 31, 2007, increase in sales and profit before tax by Rs 590 lacs and Rs 339 lacs respectively.
2. The financial statements are subject to adjustments pursuant to the limited review carried out by the auditors as under:
i. In the case of stand alone statement of financial results for the quarter ended December 31, 2007, the profit after tax is Rs 4498 lacs as against the published figure of Rs 4,891 lacs; and in the case of nine month period ended December 31, 2007 the profit after tax is Rs 12,912 lacs as against the published figure of Rs 13,305 lacs;
ii. the basic and diluted earnings per share (EPS) in the case of stand alone statement of financial results for the quarter ended December 31, 2007 are Rs 3.96 and Rs 3.90 respectively instead, of published figure of Rs 4.31 and Rs 4.24 and in the case of financial statements for the nine months period ended December 31, 2007 the figures are Rs 11.38 and Rs 11.20 instead of Rs 11.72 and Rs 11.54 mentioned in the published results.
1. Reference is invited to Note No 2 of the unaudited statement of financial results regarding the change in the basis of accounting from April 01, 2007. The impact due to change in the case of stand alone financial, results for the quarter ended December 31, 2007 is increase in sales and profit before tax by Rs 279 lacs and Rs 40 lacs respectively and in the case of results of nine months period ended December 31, 2007, increase in sales and profit before tax by Rs 590 lacs and Rs 339 lacs respectively.
2. The financial statements are subject to adjustments pursuant to the limited review carried out by the auditors as under:
i. In the case of stand alone statement of financial results for the quarter ended December 31, 2007, the profit after tax is Rs 4498 lacs as against the published figure of Rs 4,891 lacs; and in the case of nine month period ended December 31, 2007 the profit after tax is Rs 12,912 lacs as against the published figure of Rs 13,305 lacs;
ii. the basic and diluted earnings per share (EPS) in the case of stand alone statement of financial results for the quarter ended December 31, 2007 are Rs 3.96 and Rs 3.90 respectively instead, of published figure of Rs 4.31 and Rs 4.24 and in the case of financial statements for the nine months period ended December 31, 2007 the figures are Rs 11.38 and Rs 11.20 instead of Rs 11.72 and Rs 11.54 mentioned in the published results.
Mcnally Bharat - Limited Review For The Quarter Ended Dec 31, 2007
McNally Bharat Engineering Company 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 is drawn to the following:
(i) Adjustment for deferred taxation as per requirements of Accounting Standard - 22 on Accounting for Taxes on Income issued by the Institute of Chartered Accountants of India has not been considered in the referred statement of Unaudited Financial Results for the quarter ended December 31, 2007.
(ii) In view of the prolonged non-conclusive status of the power project set up by Jayamkondam Lignite Power Corporation Ltd (JLPC) in which the Company was a Co-promoter, the Auditors are unable to comment on the recoverability of the investment amount due from JLPC amounting to Rs 1,08,06,995.
(iii) The impact of the Accounting Standard (AS) 15 (revised) on Employee Benefits issued by the Institute of Chartered Accountants of India which has become applicable with effect from April 01, 2007, if any, on certain accrued employee cost, is yet to be ascertained and accounted for.
The consequential impact of the above on the profit for the quarter ended December 31, 2007 is not ascertainable.
2. In the absence of relevant information, the Auditor unable to comment on the views expressed by management in their Note No.12 to the Unaudited Financial Results for the Quarter Ended December 31, 2007 stating that the Project business is subject to quarter to quarter variations and one quarters performance in isolation does not necessarily indicate full years performance.
1. Attention is drawn to the following:
(i) Adjustment for deferred taxation as per requirements of Accounting Standard - 22 on Accounting for Taxes on Income issued by the Institute of Chartered Accountants of India has not been considered in the referred statement of Unaudited Financial Results for the quarter ended December 31, 2007.
(ii) In view of the prolonged non-conclusive status of the power project set up by Jayamkondam Lignite Power Corporation Ltd (JLPC) in which the Company was a Co-promoter, the Auditors are unable to comment on the recoverability of the investment amount due from JLPC amounting to Rs 1,08,06,995.
(iii) The impact of the Accounting Standard (AS) 15 (revised) on Employee Benefits issued by the Institute of Chartered Accountants of India which has become applicable with effect from April 01, 2007, if any, on certain accrued employee cost, is yet to be ascertained and accounted for.
The consequential impact of the above on the profit for the quarter ended December 31, 2007 is not ascertainable.
2. In the absence of relevant information, the Auditor unable to comment on the views expressed by management in their Note No.12 to the Unaudited Financial Results for the Quarter Ended December 31, 2007 stating that the Project business is subject to quarter to quarter variations and one quarters performance in isolation does not necessarily indicate full years performance.
Oricon Enterprises - Limited Review For The Quarter Ended Dec 31, 2007
Oricon Enterprises 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 Company has not recognized the Current Tax Liability as well as Deferred Tax liability / Asset for timing differences arising during the period as required by Accounting Standard-22 on Accounting for Taxes on Income Issued by the Institute of Chartered Accountants of India and the impact of the same is not ascertained.
2. The company has resolved the qualification regarding non provision of Fringe Benefit Tax given in the Limited Review Report for the quarter ended September 2007 by making a provision of Rs 2.50 lakhs during the quarter. The Company has not disclosed the same in the financial results.
1. The Company has not recognized the Current Tax Liability as well as Deferred Tax liability / Asset for timing differences arising during the period as required by Accounting Standard-22 on Accounting for Taxes on Income Issued by the Institute of Chartered Accountants of India and the impact of the same is not ascertained.
2. The company has resolved the qualification regarding non provision of Fringe Benefit Tax given in the Limited Review Report for the quarter ended September 2007 by making a provision of Rs 2.50 lakhs during the quarter. The Company has not disclosed the same in the financial results.
Punj Lloyd - Limited Review For The Quarter Ended Dec 31, 2007
Punj Lloyd 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:
Without qualifying their opinion, the Auditors draw attention to the deductions made / amounts withheld by some customers aggregating to Rs 46.04 crore on various accounts which are being carried as sundry debtors. The Company is also carrying Work in Progress inventory of Rs 6.40 crore relating to one of the aforesaid customers. The ultimate outcome of the above matters cannot presently be determined although the Company is of the view that such amounts are recoverable and hence no provision is required there against.
Without qualifying their opinion, the Auditors draw attention to the deductions made / amounts withheld by some customers aggregating to Rs 46.04 crore on various accounts which are being carried as sundry debtors. The Company is also carrying Work in Progress inventory of Rs 6.40 crore relating to one of the aforesaid customers. The ultimate outcome of the above matters cannot presently be determined although the Company is of the view that such amounts are recoverable and hence no provision is required there against.
Wednesday, March 5, 2008
Nestle India Announces Q4 & FY 07 Results
Nestle India Ltd has announced the following results for the quarter & year ended December 31, 2007:
The Unaudited results for the Quarter ended December 31, 2007:
The Company has posted a net profit of Rs 936.10 million for the quarter ended December 31, 2007 as compared to Rs 624.60 million for the quarter ended December 31, 2006. Total Income has increased from Rs 7435.90 million for the quarter ended December 31, 2006 to Rs 9053.00 million for the quarter ended December 31, 2007.
The Audited results for the Year ended December 31, 2007:
The Company has posted a net profit of Rs 4138.10 million for the year ended December 31, 2007 as compared to Rs 3151.00 million for the year ended December 31, 2006. Total Income has increased from Rs 28366.70 million for the year ended December 31, 2006 to Rs 35297.90 million for the year ended December 31, 2007.
The Unaudited results for the Quarter ended December 31, 2007:
The Company has posted a net profit of Rs 936.10 million for the quarter ended December 31, 2007 as compared to Rs 624.60 million for the quarter ended December 31, 2006. Total Income has increased from Rs 7435.90 million for the quarter ended December 31, 2006 to Rs 9053.00 million for the quarter ended December 31, 2007.
The Audited results for the Year ended December 31, 2007:
The Company has posted a net profit of Rs 4138.10 million for the year ended December 31, 2007 as compared to Rs 3151.00 million for the year ended December 31, 2006. Total Income has increased from Rs 28366.70 million for the year ended December 31, 2006 to Rs 35297.90 million for the year ended December 31, 2007.
Omnitex Industries - Limited Review For The Quarter Ended Dec 31, 2007
Omnitex Industries India 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 :
Attention is invited to Note No. 5 of the said Statement wherein it is stated that as reported earlier, all the manufacturing activities are closed since end of April, 2005 and therefore the Company has not provided depreciation on Fixed Assets situated at Daman and Silvassa.
Attention is invited to Note No. 5 of the said Statement wherein it is stated that as reported earlier, all the manufacturing activities are closed since end of April, 2005 and therefore the Company has not provided depreciation on Fixed Assets situated at Daman and Silvassa.
MTNL - Limited Review For The Quarter Ended Dec 31, 2007
Mahanagar Telephone Nigam Ltd (MTNL) 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 Company has adopted the basis for valuing Fixed Assets, Capital Work in Progress & Depreciation and expenditure on replacement on cables, apparatus & plants installation and rehabilitation work is capitalized as per Significant Accounting Policy of the Company, which in the Auditors opinion, is not in agreement with Accounting Standard - 10 - According for Fixed Assets, and Accounting Standard - 6 - Accounting for Depreciation, issued by the Institute of Chartered Accountants of India.
2. The Company has adopted the basis of valuation of inventories (except for WLL Handsets) as per Significant Accounting Policy of the Company which is not in accordance with the Accounting Standard - 2 on Valuation of Inventories issued by the Institute of Chartered Accountants of India. Further the Company has not done compliance of AS - 28 Impairment of Assets.
3. The provision for Bonus / Ex-Gratia, Liabilities of post retirement benefits as per AS - 15, accrual income & depreciation has been made on estimated basis Pending actual determination of the liability, the impact of the same on the accounts for the quarter under review is not ascertainable.
4. The sundry debtors control account, subscriber account and interest accrued thereon unlinked receipts from subscribers balance with DOT & BSNL are subject to reconciliation and consequent adjustments.
1. The Company has adopted the basis for valuing Fixed Assets, Capital Work in Progress & Depreciation and expenditure on replacement on cables, apparatus & plants installation and rehabilitation work is capitalized as per Significant Accounting Policy of the Company, which in the Auditors opinion, is not in agreement with Accounting Standard - 10 - According for Fixed Assets, and Accounting Standard - 6 - Accounting for Depreciation, issued by the Institute of Chartered Accountants of India.
2. The Company has adopted the basis of valuation of inventories (except for WLL Handsets) as per Significant Accounting Policy of the Company which is not in accordance with the Accounting Standard - 2 on Valuation of Inventories issued by the Institute of Chartered Accountants of India. Further the Company has not done compliance of AS - 28 Impairment of Assets.
3. The provision for Bonus / Ex-Gratia, Liabilities of post retirement benefits as per AS - 15, accrual income & depreciation has been made on estimated basis Pending actual determination of the liability, the impact of the same on the accounts for the quarter under review is not ascertainable.
4. The sundry debtors control account, subscriber account and interest accrued thereon unlinked receipts from subscribers balance with DOT & BSNL are subject to reconciliation and consequent adjustments.
National Plastic - Limited Review For The Quarter Ended Dec 31, 2007
National Plastic Industries 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 adjustments has been made for the following items and explained to be accounted at the yearend. Impact thereof on the profitability of the Company is unascertainable.
-Accrued interest on Fixed Deposits with the Bank.
-Bad Debts, Doubtful Advances and Income Receivable.
-Write offs / back in respect of balances of Sundry Debtors and Sundry Creditors.
-Reconciliation of balances of Associate Producers.
-Scrutiny of Income Tax and old Sales Tax balances.
2. In view of huge unabsorbed losses and depreciation, no provision is required for deferred tax liabilities and no provision for deferred tax assets have been made considering virtual uncertainty of profitability of the company in future.
3. No provision has been made in the accounts in respect of liability for retirement benefits by way of accrued gratuity and leave encashment, as the amount has not been determined.
4. The Company has not provided any interest on Term Loan from IDBI as per One Time Settlement (OTS) package already approved, despite some failure in repayment of loan amount as per the terms of OTS and management expects no further liability on this account. The Company has not provided for Interest on Cash Credit facilities from State Bank of India as the said account has been classified as Non Performing Asset by the said bank and accordingly discontinued debiting interest on Cash Credit Account. The amount of liability un provided is not known.
1. No adjustments has been made for the following items and explained to be accounted at the yearend. Impact thereof on the profitability of the Company is unascertainable.
-Accrued interest on Fixed Deposits with the Bank.
-Bad Debts, Doubtful Advances and Income Receivable.
-Write offs / back in respect of balances of Sundry Debtors and Sundry Creditors.
-Reconciliation of balances of Associate Producers.
-Scrutiny of Income Tax and old Sales Tax balances.
2. In view of huge unabsorbed losses and depreciation, no provision is required for deferred tax liabilities and no provision for deferred tax assets have been made considering virtual uncertainty of profitability of the company in future.
3. No provision has been made in the accounts in respect of liability for retirement benefits by way of accrued gratuity and leave encashment, as the amount has not been determined.
4. The Company has not provided any interest on Term Loan from IDBI as per One Time Settlement (OTS) package already approved, despite some failure in repayment of loan amount as per the terms of OTS and management expects no further liability on this account. The Company has not provided for Interest on Cash Credit facilities from State Bank of India as the said account has been classified as Non Performing Asset by the said bank and accordingly discontinued debiting interest on Cash Credit Account. The amount of liability un provided is not known.
Kaira Can - Limited Review For The Quarter Ended Dec 31, 2007
Kaira Can Company 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 Company has recognized Insurance claim amounting to Rs 43,43,683, which is not in accordance with AS 9 on Revenue Recognition, for loss / damage of raw materials and finished goods during transit and remaining outstanding since the financial year ended March 31, 1991. The Company has filed the suit against the Insurance company in Mumbai High Court for the recovery of the said claim which is pending disposal by the High Court. The Auditors are unable to comment on the recoverability or otherwise of the said amount due from the Insurance Company.
2. The Company has not accounted for employee benefits as per AS 15 (Revised 2005) on Employee Benefits which becomes mandatory to the Company in respect of accounting period commencing on April 01, 2007 (amount unascertained).
3. The Company has not accounted / settled / translated Foreign currency transactions for the quarter and nine months ended December 31, 2007 in accordance with AS 11 on Accounting for the Effects of Changes in Foreign Exchange Rates (amount unascertained).
4. Excise Duty on Finished Goods lying in Bonded Warehouse as at period end has not been accounted though required by the Guidance Note on Accounting treatment for Excise Duty issued by the ICAI (amount unascertained). However, this has no impact on results for the quarter and nine months ended December 31, 2007.
5. The financial results do not disclose whether the qualifications in the limited review report of previous quarter has been resolved / unresolved.
1. The Company has recognized Insurance claim amounting to Rs 43,43,683, which is not in accordance with AS 9 on Revenue Recognition, for loss / damage of raw materials and finished goods during transit and remaining outstanding since the financial year ended March 31, 1991. The Company has filed the suit against the Insurance company in Mumbai High Court for the recovery of the said claim which is pending disposal by the High Court. The Auditors are unable to comment on the recoverability or otherwise of the said amount due from the Insurance Company.
2. The Company has not accounted for employee benefits as per AS 15 (Revised 2005) on Employee Benefits which becomes mandatory to the Company in respect of accounting period commencing on April 01, 2007 (amount unascertained).
3. The Company has not accounted / settled / translated Foreign currency transactions for the quarter and nine months ended December 31, 2007 in accordance with AS 11 on Accounting for the Effects of Changes in Foreign Exchange Rates (amount unascertained).
4. Excise Duty on Finished Goods lying in Bonded Warehouse as at period end has not been accounted though required by the Guidance Note on Accounting treatment for Excise Duty issued by the ICAI (amount unascertained). However, this has no impact on results for the quarter and nine months ended December 31, 2007.
5. The financial results do not disclose whether the qualifications in the limited review report of previous quarter has been resolved / unresolved.
Jeypore Sugar - Limited Review For The Quarter Ended Dec 31, 2007
Jeypore Sugar Company 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.It has been explained to the Auditors by the Company Management that, the Sugar Industry being a seasonal industry and since the sugar season does not match with the Companys financial year, recognition of expenses strictly in the period in which they have been incurred, would result in substantial distortion of the financial result in different quarters of the financial year. It is therefore, the consistent practice followed by the Company, to identify such expenses incurred during the off-season that are relatable to the coming season, and to defer them and recognise them only in the season period.
2. In respect of the Companys Sugar unit at Chagallu, part of the expenses incurred towards staff costs, manufacturing expenses, other expenses and depreciation have been recognised as such during the Quarter ending December 31, 2007 only to the extent they are relatable to the production of sugar manufactured, if any, during the said Quarter. In the opinion of the Companys Management, the remaining expenses are relatable to the sugar to be produced in the rest of the season, which commenced during this quarter. The expenses so deferred based on the management perception and technical evaluation are as follows:
Particulars of ExpenditureAmount deferred (Rs in Lakhs)
Staff cost 416
Manufacturing expenses 468
Other expenses 56
Depreciation 280
3. The Auditors have been informed that interest expense incurred on the general borrowings, to be capitalized if any to project costs, will be determined at the year end.
1.It has been explained to the Auditors by the Company Management that, the Sugar Industry being a seasonal industry and since the sugar season does not match with the Companys financial year, recognition of expenses strictly in the period in which they have been incurred, would result in substantial distortion of the financial result in different quarters of the financial year. It is therefore, the consistent practice followed by the Company, to identify such expenses incurred during the off-season that are relatable to the coming season, and to defer them and recognise them only in the season period.
2. In respect of the Companys Sugar unit at Chagallu, part of the expenses incurred towards staff costs, manufacturing expenses, other expenses and depreciation have been recognised as such during the Quarter ending December 31, 2007 only to the extent they are relatable to the production of sugar manufactured, if any, during the said Quarter. In the opinion of the Companys Management, the remaining expenses are relatable to the sugar to be produced in the rest of the season, which commenced during this quarter. The expenses so deferred based on the management perception and technical evaluation are as follows:
Particulars of ExpenditureAmount deferred (Rs in Lakhs)
Staff cost 416
Manufacturing expenses 468
Other expenses 56
Depreciation 280
3. The Auditors have been informed that interest expense incurred on the general borrowings, to be capitalized if any to project costs, will be determined at the year end.
Tuesday, March 4, 2008
Zuari Industries - Limited Review For The Quarter Ended Dec 31, 2007
Zuari Industries 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 :
The Company has accounted for subsidy income on complex fertilizers for the nine-months ended December 31, 2007 on the basis of quantity dispatched in each month. However, as per the circular dated October 30, 2007 issued by the Department of Fertilizers, Ministry of Chemicals & Fertilizers, the Company war supposed to account far the subsidy upto October 31, 2007 on the basis of first point sales, while subsidy was to be accounted for on the basis of dispatches only with effect from November 01, 2007.
Had the Company accounted for subsidy on complex fertilizers for the period from April 01, 2007 to October 31, 2007 on the basis of quantity sold the profit before and after tax for the nine-months period ended December 31, 2007 would have been Rs 123.84 crores and Rs 83.76 crores respectively instead of Rs 109.90 crores and Rs 74.56 crores respectively.
The Company has accounted for subsidy income on complex fertilizers for the nine-months ended December 31, 2007 on the basis of quantity dispatched in each month. However, as per the circular dated October 30, 2007 issued by the Department of Fertilizers, Ministry of Chemicals & Fertilizers, the Company war supposed to account far the subsidy upto October 31, 2007 on the basis of first point sales, while subsidy was to be accounted for on the basis of dispatches only with effect from November 01, 2007.
Had the Company accounted for subsidy on complex fertilizers for the period from April 01, 2007 to October 31, 2007 on the basis of quantity sold the profit before and after tax for the nine-months period ended December 31, 2007 would have been Rs 123.84 crores and Rs 83.76 crores respectively instead of Rs 109.90 crores and Rs 74.56 crores respectively.
AK Capital - Limited Review For The Quarter Ended Dec 31, 2007
AK Capital 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:
1. Adjustment required on account of applicability of revised Accounting Standard (AS)15 Employee Benefits which became applicable to the Company w.e.f. April 01, 2007. Impact of which is not ascertained.
2. The following inadvertent error made in the published financial results for the period ended December 31, 2007:
(i). Selling expenditure and Operating expenditure for the year ended March 31, 2007 havebeen disclosed as Rs 814.97 Lakhs instead of Rs 721.42 Lakhs and Rs 1,132.55 Lakhs instead of Rs 1,226.10 Lakhs, respectively. However, there is no impact of the same on the profit for the year ended March 31, 2007.
(ii). Basic and Diluted EPS for the quarter ended December 31, 2007 and nine months period ended December 31, 2007 would be as under:
Basic EPS for the period (Not annualized):
(a)As per published results:
- For the quarter ended December 31, 2007 - Rs 15.69
(b) As per reviewed results:
- For the quarter ended December 31, 2007 - Rs 17.05
Diluted EPS for the period (Not annualized):
(a)As per published results:
- For the quarter ended December 31, 2007 - Rs 9.48
(b) As per reviewed results:
- For the quarter ended December 31, 2007 - Rs 15.15
1. Adjustment required on account of applicability of revised Accounting Standard (AS)15 Employee Benefits which became applicable to the Company w.e.f. April 01, 2007. Impact of which is not ascertained.
2. The following inadvertent error made in the published financial results for the period ended December 31, 2007:
(i). Selling expenditure and Operating expenditure for the year ended March 31, 2007 havebeen disclosed as Rs 814.97 Lakhs instead of Rs 721.42 Lakhs and Rs 1,132.55 Lakhs instead of Rs 1,226.10 Lakhs, respectively. However, there is no impact of the same on the profit for the year ended March 31, 2007.
(ii). Basic and Diluted EPS for the quarter ended December 31, 2007 and nine months period ended December 31, 2007 would be as under:
Basic EPS for the period (Not annualized):
(a)As per published results:
- For the quarter ended December 31, 2007 - Rs 15.69
(b) As per reviewed results:
- For the quarter ended December 31, 2007 - Rs 17.05
Diluted EPS for the period (Not annualized):
(a)As per published results:
- For the quarter ended December 31, 2007 - Rs 9.48
(b) As per reviewed results:
- For the quarter ended December 31, 2007 - Rs 15.15
Revathi Equipment - Limited Review For The Quarter Ended Dec 31, 2007
Revathi Equipment 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:
Treatment of employees benefits which is not in accordance with Accounting Standard 15 (AS 15) revised by the Institute of Chartered Accountants of India with effect from April 01, 2007.
Treatment of employees benefits which is not in accordance with Accounting Standard 15 (AS 15) revised by the Institute of Chartered Accountants of India with effect from April 01, 2007.
Asian Electronics - Limited Review For The Quarter Ended Dec 31, 2007
Asian Electronics 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. Management has not considered provision in respect of outstanding debtors of Rs 18.39 crores and assets on operating lease of Rs 14.55 crores under a dispute for reasons explained by them in Note 2 of financial results.
2. Without qualifying their report, the Auditors draw attention to Note 4 of the financial results. No provision has been considered for debtors amounting to Rs 213.30 crores in respect of Plants sold in earlier periods as the ultimate outcome of the matter as stated in Note 4 of the financial results is contingent upon future event, namely, acceptability and running of modified Plants.
1. Management has not considered provision in respect of outstanding debtors of Rs 18.39 crores and assets on operating lease of Rs 14.55 crores under a dispute for reasons explained by them in Note 2 of financial results.
2. Without qualifying their report, the Auditors draw attention to Note 4 of the financial results. No provision has been considered for debtors amounting to Rs 213.30 crores in respect of Plants sold in earlier periods as the ultimate outcome of the matter as stated in Note 4 of the financial results is contingent upon future event, namely, acceptability and running of modified Plants.
Gujarat Themis - Limited Review For The Quarter Ended Dec 31, 2007
Gujarat Themis Biosyn 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:
The Company has resolved the qualification regarding non-provision of Fringe Benefit Tax given in the Limited Review Report for the quarter ended September, 2007 by making a provision of Rs 1.09 lakhs during the quarter. The Company has not disclosed the same in the financial results.
The Company has resolved the qualification regarding non-provision of Fringe Benefit Tax given in the Limited Review Report for the quarter ended September, 2007 by making a provision of Rs 1.09 lakhs during the quarter. The Company has not disclosed the same in the financial results.
Monday, March 3, 2008
Spice Communications Announces Q4 & FY 07 Results
Spice Communications Ltd has announced the following results for the quarter & year ended December 31, 2007:
The Unaudited results for the Quarter ended December 31, 2007:
The Company has posted a net profit after tax of Rs 3999.165 million for the quarter ended December 31, 2007 as compared to net loss after tax of Rs 138.870 million for the quarter ended December 31, 2006. Total Income has increased from Rs 2133.492 million for the quarter ended December 31, 2006 to Rs 7253.435 million for the quarter ended December 31, 2007.
The Audited results for the Year ended December 31, 2007:
The Company has posted a net profit after tax of Rs 3801.312 million for the year ended December 31, 2007 as compared to net loss after tax of Rs 245.202 million for the year ended December 31, 2006. Total Income has increased from Rs 8323.526 million for the year ended December 31, 2006 to Rs 14738.840 million for the year ended December 31, 2007.
The figures for the year ended December 31, 2006 are Unaudited.
The Unaudited results for the Quarter ended December 31, 2007:
The Company has posted a net profit after tax of Rs 3999.165 million for the quarter ended December 31, 2007 as compared to net loss after tax of Rs 138.870 million for the quarter ended December 31, 2006. Total Income has increased from Rs 2133.492 million for the quarter ended December 31, 2006 to Rs 7253.435 million for the quarter ended December 31, 2007.
The Audited results for the Year ended December 31, 2007:
The Company has posted a net profit after tax of Rs 3801.312 million for the year ended December 31, 2007 as compared to net loss after tax of Rs 245.202 million for the year ended December 31, 2006. Total Income has increased from Rs 8323.526 million for the year ended December 31, 2006 to Rs 14738.840 million for the year ended December 31, 2007.
The figures for the year ended December 31, 2006 are Unaudited.
Saturday, March 1, 2008
'Save Tiger' Not On FM's Mind, Only Rs 50 Cr Allocated
New Delhi: Finance Minister P Chidambaram on Friday announced an allocation of Rs 50 crore to the National Tiger Conservation Authority to protect the big cat.
While presenting the national budget for 2008-09 at the Lok Sabha, he expressed concern over the dwindling number of tigers, calling the situation "alarming".
This amount is the Budget for 29 tiger reserves across India, averaging less than Rs 2 crore per tiger reserve.
While numbers allocated may have doubled since last Budget for tigers, environmentalists might feel the allocation still remains abysmally low
While presenting the national budget for 2008-09 at the Lok Sabha, he expressed concern over the dwindling number of tigers, calling the situation "alarming".
This amount is the Budget for 29 tiger reserves across India, averaging less than Rs 2 crore per tiger reserve.
While numbers allocated may have doubled since last Budget for tigers, environmentalists might feel the allocation still remains abysmally low
Mobile Handsets To Become Costlier
New Delhi: Mobile phone users would now have to shell out more money for buying new handsets, with the government proposing to levy one per cent excise duty on them.
In his Budget speech, Finance Minister P Chidambaram said: "Excise duty of one per cent, called National Calamity Contingent Duty, is now imposed on polyester filament yarn, which is the only yarn suffering this excise duty. I propose to remove that duty and shift the levy to cellular mobile phones."
"It will definitely increase the prices of mobile phones," LG Business Group Head (GSM) Anil Arora told PTI when asked about the impact of the proposed move.
The proposal may translate into a corresponding one per cent hike in price of mobile handsets. However, a full impact of this needs to be reviewed, a Nokia spokesperson said.
Echoing similar sentiments, Indian Cellular Association President Pankaj Mohindroo said the proposed move of levying one per cent excise duty would increase the prices of mobile phone sets.
When asked how much the prices would go up, he said, "The price rise will not be killing... it will be minimal."
Global cellular handsets majors Nokia, Samsung, Motorola and LG have their mobile manufacturing plants in India.
In his Budget speech, Finance Minister P Chidambaram said: "Excise duty of one per cent, called National Calamity Contingent Duty, is now imposed on polyester filament yarn, which is the only yarn suffering this excise duty. I propose to remove that duty and shift the levy to cellular mobile phones."
"It will definitely increase the prices of mobile phones," LG Business Group Head (GSM) Anil Arora told PTI when asked about the impact of the proposed move.
The proposal may translate into a corresponding one per cent hike in price of mobile handsets. However, a full impact of this needs to be reviewed, a Nokia spokesperson said.
Echoing similar sentiments, Indian Cellular Association President Pankaj Mohindroo said the proposed move of levying one per cent excise duty would increase the prices of mobile phone sets.
When asked how much the prices would go up, he said, "The price rise will not be killing... it will be minimal."
Global cellular handsets majors Nokia, Samsung, Motorola and LG have their mobile manufacturing plants in India.
Budget: India Inc Ready With Charter Of Expectations
New Delhi: Corporate India is keeping its fingers crossed, hoping for Minimum Alternate Tax (MAT) to be abolished or at least reduced to five per cent.
Here are the major expectations of the various industry sectors:
Textile industry hit by a rising rupee expects the textile up-gradation fund increased to Rs 1,700 crore.
The Information Technology sector hope its tax holiday is extended beyond 2009.
Cement, which had been hit hard in the last Budget, is asking for a cut in Value Added Tax rates to 4 per cent.
The tobacco industry is simply hoping for a tax hike that is not too steep but they fear a new cess will be imposed like in most years.
But will investors gain today? The market isn’t too excited and Budget is expected to be a non event.
According to CNBC-TV18 analysis, no direction is expected from the market when trade opens. The market is expected to be fixed in a range depending on the US market.
Relief is expected in the market after the session.
Here are the major expectations of the various industry sectors:
Textile industry hit by a rising rupee expects the textile up-gradation fund increased to Rs 1,700 crore.
The Information Technology sector hope its tax holiday is extended beyond 2009.
Cement, which had been hit hard in the last Budget, is asking for a cut in Value Added Tax rates to 4 per cent.
The tobacco industry is simply hoping for a tax hike that is not too steep but they fear a new cess will be imposed like in most years.
But will investors gain today? The market isn’t too excited and Budget is expected to be a non event.
According to CNBC-TV18 analysis, no direction is expected from the market when trade opens. The market is expected to be fixed in a range depending on the US market.
Relief is expected in the market after the session.
Chidambaram Showers More Money On Sports
New Delhi: Finance Minister P Chidambaram on Friday allocated Rs 1,111.81 crore as total Sports Budget for 2008-09, an overall raise of Rs 254.34 crore over last year, with a special provision for the 2010 Commonwealth Games.
The Budget includes Rs 890 crore as plan outlay and Rs 221.81 crore as non-plan outlay.
"The Commonwealth Games are only 947 days away. As promised, we shall provide Rs 624 crore in 2008-09. I would urge the authorities concerned to adhere to the strict timelines and the quality standards," Chidambaram said in his Budget speech in Parliament on Friday.
The Commonwealth Games will be held in Delhi October 3-14, 2010.
The provision is meant for upgradation/renovation of the Sports Authority of India stadiums, tennis stadium, upgradation/creation of training venues and preparation of teams for the Games.
A provision has also been made for the grant of loans to the organising committee for holding the Games.
The Finance Minister also provided some relief to the sports good manufacturers.
"To provide a fillip to the manufacturers of sports goods, I propose to reduce the duty on specified machinery from 7.5 per cent to five per cent. I also propose to exempt from duty specified raw materials for sports goods," he said.
An amount of Rs 67.20 crore has been earmarked for different projects/schemes of Northeastern states, including Sikkim, for youth welfare scheme, sports and games.
The Budget includes Rs 890 crore as plan outlay and Rs 221.81 crore as non-plan outlay.
"The Commonwealth Games are only 947 days away. As promised, we shall provide Rs 624 crore in 2008-09. I would urge the authorities concerned to adhere to the strict timelines and the quality standards," Chidambaram said in his Budget speech in Parliament on Friday.
The Commonwealth Games will be held in Delhi October 3-14, 2010.
The provision is meant for upgradation/renovation of the Sports Authority of India stadiums, tennis stadium, upgradation/creation of training venues and preparation of teams for the Games.
A provision has also been made for the grant of loans to the organising committee for holding the Games.
The Finance Minister also provided some relief to the sports good manufacturers.
"To provide a fillip to the manufacturers of sports goods, I propose to reduce the duty on specified machinery from 7.5 per cent to five per cent. I also propose to exempt from duty specified raw materials for sports goods," he said.
An amount of Rs 67.20 crore has been earmarked for different projects/schemes of Northeastern states, including Sikkim, for youth welfare scheme, sports and games.
Budget 2008 Brings Cheers To Middle Class
New Delhi: The Finance Minister brought cheer to lakhs of middle class families just as he announced the cut in taxes. The loan waiver for farmers may have been on expected lines, but the real surprise was the when the Finance Minister also extended his generosity to the tax paying middle class.
Finance Minister, P Chidambaram announced, "Salaries up to Rs 1,50,000 — nil, Rs 1,50,000 to Rs 3,00,000 — 10 per cent, Rs 3,00,000 to Rs 5, 00,000 —20 per cent, and Rs 5,00,001 and above 30 per cent.
The above line from the Finance Minister brought a smile to the faces of lakhs of middle class families like the Gulatis, a smart rejig of the income tax slabs bringing a hefty reduction in income tax across board, especially for those who are at the lower end of the tax bracket, women and senior citizens.
Advocate, S K Gulati says, "Our Finance Minister has given relief by increasing the tax limit to the general public. I'm happy about the cut in taxes."
Dr Shravan Kumar Chhabra says, "Inputs for the drug manufacturers duty cut have been made and that will go a long way in cutting down the cost of the medicines, also the 2.25 lakh tax cut for senior citizens makes me happy"
And the benefits will be substantial with an income of exactly Rs 5,00,000 per annum; one will now pay Rs 55,000 compared to Rs 99,000 earlier, which is — a neat saving of Rs 44,000.
The FM has also made a large number of items cheaper to buy, expect a cut of up to Rs 15,000 in the price of small cars, and motorcycles and scooters could be cheaper by Rs 2000.
Water purifiers and medicines have also got cheaper across the board.
The ladies of the Gulati household have mixed views on the budget as the lady of the house Lakshmi Gulati says, "Except water purifiers and cereals there is nothing really for housewives, I am disappointed."
For the salaried class there is very little to fault Mr Chidambaram, but for those with an inclination towards equities, take note that short-term capital gains tax has been hiked to 15 per cent from 10 per cent earlier.
So think before you do those quick daily trades as the FM's message is clear — it's better to be a long-term investor than a day trader.
Finance Minister, P Chidambaram announced, "Salaries up to Rs 1,50,000 — nil, Rs 1,50,000 to Rs 3,00,000 — 10 per cent, Rs 3,00,000 to Rs 5, 00,000 —20 per cent, and Rs 5,00,001 and above 30 per cent.
The above line from the Finance Minister brought a smile to the faces of lakhs of middle class families like the Gulatis, a smart rejig of the income tax slabs bringing a hefty reduction in income tax across board, especially for those who are at the lower end of the tax bracket, women and senior citizens.
Advocate, S K Gulati says, "Our Finance Minister has given relief by increasing the tax limit to the general public. I'm happy about the cut in taxes."
Dr Shravan Kumar Chhabra says, "Inputs for the drug manufacturers duty cut have been made and that will go a long way in cutting down the cost of the medicines, also the 2.25 lakh tax cut for senior citizens makes me happy"
And the benefits will be substantial with an income of exactly Rs 5,00,000 per annum; one will now pay Rs 55,000 compared to Rs 99,000 earlier, which is — a neat saving of Rs 44,000.
The FM has also made a large number of items cheaper to buy, expect a cut of up to Rs 15,000 in the price of small cars, and motorcycles and scooters could be cheaper by Rs 2000.
Water purifiers and medicines have also got cheaper across the board.
The ladies of the Gulati household have mixed views on the budget as the lady of the house Lakshmi Gulati says, "Except water purifiers and cereals there is nothing really for housewives, I am disappointed."
For the salaried class there is very little to fault Mr Chidambaram, but for those with an inclination towards equities, take note that short-term capital gains tax has been hiked to 15 per cent from 10 per cent earlier.
So think before you do those quick daily trades as the FM's message is clear — it's better to be a long-term investor than a day trader.
Hotel Rugby - Limited Review For The Quarter Ended Dec 31, 2007
Hotel Rugby 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 Company will further comply AS-28 on impairment of assets, if any, issued by the ICAI after the accounts are audited for the extended year end as on December 31, 2007.
2. The assets of the Companys hotel situated at Matheran has been sold under possession under Escrow arrangement with the lender bank and Companys financial are on the basis of going concern concept.
3. The deferred tax as required under AS-22 will be provided after the accounts are audited for the year end.
4. The Company has not complied the Revised AS-15 issued by ICAI and will comply at the year end at the time of finalization of accounts.
5. The Compliance relating to accounting standard 29 regarding disclosure on Provisions, Contingent Liabilities and Contingent Assets if way will be done at the year-end.
6. The benefit arising out of OTS (one time settlement) with banks in interest as well as in principle sums of Rs 14.45 crores are credited directly to Debt Restructuring Reserve in the Balance Sheet the legally of which is not year final and the Auditors are explained that Company is seeking a legal opinion on the same. Had the opinion been otherwise, the accounting effect will differ in the audited accounts for the year ended December 31, 2007.
1. The Company will further comply AS-28 on impairment of assets, if any, issued by the ICAI after the accounts are audited for the extended year end as on December 31, 2007.
2. The assets of the Companys hotel situated at Matheran has been sold under possession under Escrow arrangement with the lender bank and Companys financial are on the basis of going concern concept.
3. The deferred tax as required under AS-22 will be provided after the accounts are audited for the year end.
4. The Company has not complied the Revised AS-15 issued by ICAI and will comply at the year end at the time of finalization of accounts.
5. The Compliance relating to accounting standard 29 regarding disclosure on Provisions, Contingent Liabilities and Contingent Assets if way will be done at the year-end.
6. The benefit arising out of OTS (one time settlement) with banks in interest as well as in principle sums of Rs 14.45 crores are credited directly to Debt Restructuring Reserve in the Balance Sheet the legally of which is not year final and the Auditors are explained that Company is seeking a legal opinion on the same. Had the opinion been otherwise, the accounting effect will differ in the audited accounts for the year ended December 31, 2007.
Cambridge Solutions - Limited Review For The Quarter Ended Dec 31, 2007
Cambridge Solutions 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:
Without qualifying their opinion, the Auditors draw attention to :
Note 1 to the unaudited financial results. The Company, has a net receivable (after eliminating payable) from Scandent Group Inc. (formerly Albion Inc.) and Cambridge Solutions Europe Ltd (formerly Scandent Network Europe Ltd), its wholly owned subsidiaries, of Rs 935 million (net of payable of Rs 145 million) and Rs 155 million (net of payable of Rs 122 million), respectively. The Company believes that these will be recovered / paid during the period ended March 31, 2008.
Without qualifying their opinion, the Auditors draw attention to :
Note 1 to the unaudited financial results. The Company, has a net receivable (after eliminating payable) from Scandent Group Inc. (formerly Albion Inc.) and Cambridge Solutions Europe Ltd (formerly Scandent Network Europe Ltd), its wholly owned subsidiaries, of Rs 935 million (net of payable of Rs 145 million) and Rs 155 million (net of payable of Rs 122 million), respectively. The Company believes that these will be recovered / paid during the period ended March 31, 2008.
Fairfield Atlas - Limited Review For The Quarter Ended Dec 31, 2007
Fairfield Atlas 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:
The Auditors draw attention to Note 5 on the Statement, regarding the appropriateness of the going concern basis used for the preparation of these Accounts in view of substantial erosion of net worth of the Company arising from operating losses. Fairfield Manufacturing Company Inc., U.S.A., the Principal Shareholder has informed the Company of its intention of providing financial support to the Company to meet its obligations, as they fall due, and, accordingly, the financial results have been prepared on going concern basis and no adjustment has been made to write down the assets to net realisable value.
The Auditors draw attention to Note 5 on the Statement, regarding the appropriateness of the going concern basis used for the preparation of these Accounts in view of substantial erosion of net worth of the Company arising from operating losses. Fairfield Manufacturing Company Inc., U.S.A., the Principal Shareholder has informed the Company of its intention of providing financial support to the Company to meet its obligations, as they fall due, and, accordingly, the financial results have been prepared on going concern basis and no adjustment has been made to write down the assets to net realisable value.
Patel Integrated - Limited Review For The Quarter Ended Dec 31, 2007
Patel Integrated Logistics 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 has been made by the Company for the shortfall, if any, in respect of recovery of overdue lease debts amounting to Rs 65.64 lacs, as management is hopeful of recovering the same as adequate steps have been taken to recover the same, including initiating legal actions against the parties. However, the shortfall in recovery if any, is not ascertainable and accordingly the effect thereof on the financial statements cannot be ascertained.
2. Income / Expenditure includes inter-divisional transactions for service rendered or availed of which has not been quantified and adjusted in the statement. This has noimpact on the profit for the period under audit.
1. No Provision has been made by the Company for the shortfall, if any, in respect of recovery of overdue lease debts amounting to Rs 65.64 lacs, as management is hopeful of recovering the same as adequate steps have been taken to recover the same, including initiating legal actions against the parties. However, the shortfall in recovery if any, is not ascertainable and accordingly the effect thereof on the financial statements cannot be ascertained.
2. Income / Expenditure includes inter-divisional transactions for service rendered or availed of which has not been quantified and adjusted in the statement. This has noimpact on the profit for the period under audit.
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