Soma Textiles & 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:
Attention is invited to :
1. Note No 6 of statement in regard to income tax including deferred tax liability which will be determined and provided at the end of the financial year as stated in the said note.
2. Non-provision for employees benefit as per AS-15 (Revised), w.e.f. April 01, 2007, for employees benefit, impact of the same has not been considered.
3. Note No. 7 of the statement in regard to non-provision for exchange rate fluctuation on the amount of GDR proceeds to the extent lying in the foreign Bank account and investment in subsidiary Soma Textiles FZE, which shall be provided at the end of the financial year, as stated in the said note. However, as per the Accounting Standards, the Company is required to provide for such amount is each quarter, which has not been provided by the Company.
4. The effect of Impairment of Fixed Assets if any, as per Accounting Standard - 22, Impairment of Fixed Assets will be considered at the end of the accounting period.
Attention is invited to :
1. Note No 6 of statement in regard to income tax including deferred tax liability which will be determined and provided at the end of the financial year as stated in the said note.
2. Non-provision for employees benefit as per AS-15 (Revised), w.e.f. April 01, 2007, for employees benefit, impact of the same has not been considered.
3. Note No. 7 of the statement in regard to non-provision for exchange rate fluctuation on the amount of GDR proceeds to the extent lying in the foreign Bank account and investment in subsidiary Soma Textiles FZE, which shall be provided at the end of the financial year, as stated in the said note. However, as per the Accounting Standards, the Company is required to provide for such amount is each quarter, which has not been provided by the Company.
4. The effect of Impairment of Fixed Assets if any, as per Accounting Standard - 22, Impairment of Fixed Assets will be considered at the end of the accounting period.
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