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.
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