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.
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