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.
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