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)
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