Shoppers Stop 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. Attention is invited to note no 3 of statement of unaudited financial results regarding unutilised service tax input credit of Rs 89.63 million (net) as at December 31, 2007. The financial results for the quarter and nine months ended December 31, 2007 has been prepared assuming that the Company will be able to utilise the credit in future years and therefore do not include any adjustments in the financial results that might arise should the Company be unable to utilise the credit.
2. Note no. 5 regarding IPO proceeds has not been verified by the auditors since it is not a requirement under clause 41 but it is a requirement under clause 43 of the listing agreements with stock exchanges.
1. Attention is invited to note no 3 of statement of unaudited financial results regarding unutilised service tax input credit of Rs 89.63 million (net) as at December 31, 2007. The financial results for the quarter and nine months ended December 31, 2007 has been prepared assuming that the Company will be able to utilise the credit in future years and therefore do not include any adjustments in the financial results that might arise should the Company be unable to utilise the credit.
2. Note no. 5 regarding IPO proceeds has not been verified by the auditors since it is not a requirement under clause 41 but it is a requirement under clause 43 of the listing agreements with stock exchanges.
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