Falcon Tyres - Limited Review for the quarter ended Dec 31, 2007
Falcon Tyres Ltd has informed BSE 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:
“a. Review with respect to payment of Rs 43.80 lacs for Technical aid relating to tyres and capitalization of administrative and other Charges aggregating to Rs 995.33 lace as Capital Work in Progress were pending at the time of compilation of the results for the quarter. Pending ascertainment of amounts thereof, impact with respect to these on the financial results.
b. The Revised Accounting Standard 15 on ‘Employee Benefits’ has not been complied with Necessary adjustment in this respect will be carried out at the year end. Impact with respect to this has not been ascertained.
c. Interest and other finance charges aggregating to Rs 599.13 lacs, Rs 21.19 lacs and Rs 90.86 lacs have been treated as cost of investment, prepaid and capital work in progress respectively. Further, interest amounting to Rs 11.29 lacs has not been provided in the accounts.
d. Sale of raw material amounting to Rs 106.65 lacs (including excise duty) has been adjusted with consumption of raw materials and thereby the amount of sales and raw material consumption is lower to that extent. However, this does not have any impact on the Net profit / (loss) of the period.
e) Impact of para (c) above (same being not ascertainable in case of ‘a’ and ‘b’) and other variations, as noticed during the course of the said review, on being given effect to in the items mentioned in the accompanying statement of unaudited financial results, are as given below
(Rs in Lacs)
------------------------------------------------------------------------------------- Particulars Figures after rev- Figures as repor- iew quarter ended ted quarter ended December 31, 2007 December 31, 2007 ------------------------------------------------------------------------------------------ Depreciation 92.95 82.00 Other Expenditure 1704.82 1656.99 Interest 204.89 192.87 Exceptional Items 140.00 0.00 Current Tax (Including 0.00 61.74 Deferred Tax) Fringe Benefit Tax 6.38 7.00 ------------------------------------------------------------------------------------
f) Impact of ‘e’ above on the net profit after tax and Earning Per Share for the quarter are as follows:
(Rs in Lacs)
------------------------------------------------------------------------------------- Particulars Figures after rev- Figures as repor- iew for quarter ended ted quarter ended December 31, 2007 December 31, 2007 ------------------------------------------------------------------------------------------ Net Profit / (Loss) (12.02) 136.42 Basic & Diluted EPS (0.21) 2.40 for the period (Rs per share) ------------------------------------------------------------------------------------
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