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.
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