United Van Der Horst 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. The Company continues to disclose the results on a going concern basis in spite of erosion of entire Net Worth and the management explanation for the same is relied upon.BR>
2. No provision has been made for, employee retirement benefits as required by the revised Accounting Standard 15, Deferred Tax liabilities as required by Accounting Standard 22 Accounting for taxes on Income impaired assets as required by Accounting Standard 28 Impairment of Assets as referred to in Section 211 (3C) of the companies act, 1956. This has resulted in overstatement of profits by such amounts. Management has informed the auditors that these compliances would be in place for the year ended March 2008.
1. The Company continues to disclose the results on a going concern basis in spite of erosion of entire Net Worth and the management explanation for the same is relied upon.BR>
2. No provision has been made for, employee retirement benefits as required by the revised Accounting Standard 15, Deferred Tax liabilities as required by Accounting Standard 22 Accounting for taxes on Income impaired assets as required by Accounting Standard 28 Impairment of Assets as referred to in Section 211 (3C) of the companies act, 1956. This has resulted in overstatement of profits by such amounts. Management has informed the auditors that these compliances would be in place for the year ended March 2008.
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