First Leasing Company of India Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 29, 2008, has co-opted.
1. Mr. Viswanath Tumu as a Director of the Company to fill up the casual vacancy caused by the sudden demise of Mr. V S Dhanasekar.
2. Mr. Babu Kandamchirayil Verghese as an Additional Director of the Company.
Cambridge Solutions 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:
“Without qualifying their opinion, the Auditors draw attention to :
“Note 1 to the unaudited financial results. The Company, has a net receivable (after eliminating payable) from Scandent Group Inc. (formerly Albion Inc.) and Cambridge Solutions Europe Ltd (formerly Scandent Network Europe Ltd), its wholly owned subsidiaries, of Rs 935 million (net of payable of Rs 145 million) and Rs 155 million (net of payable of Rs 122 million), respectively. The Company believes that these will be recovered / paid during the period ended March 31, 2008.”
Fairfield Atlas 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:
“The Auditors draw attention to Note 5 on the Statement, regarding the appropriateness of the going concern basis used for the preparation of these Accounts in view of substantial erosion of net worth of the Company arising from operating losses. Fairfield Manufacturing Company Inc., U.S.A., the Principal Shareholder has informed the Company of its intention of providing financial support to the Company to meet its obligations, as they fall due, and, accordingly, the financial results have been prepared on going concern basis and no adjustment has been made to write down the assets to net realisable value.”
Patel Integrated Logistics 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:
“1. No Provision has been made by the Company for the shortfall, if any, in respect of recovery of overdue lease debts amounting to Rs 65.64 lacs, as management is hopeful of recovering the same as adequate steps have been taken to recover the same, including initiating legal actions against the parties. However, the shortfall in recovery if any, is not ascertainable and accordingly the effect thereof on the financial statements cannot be ascertained.
2. Income / Expenditure includes inter-divisional transactions for service rendered or availed of which has not been quantified and adjusted in the statement. This has no
impact on the profit for the period under audit.”
Spentex Industries 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:
“1. Accounting Standard 15 (Revised 2005) on “Employee Benefits” issued by the Institute of Chartered Accountants of India is applicable to the Company with effect from April 01, 2007. The Company has provided for its liabilities on employee benefits based on its best estimates. As required under the standard, the Company is in the process of aggregating necessary information required to estimate the short term compensated absences. Accordingly, the impact, if any, will be assessed upon the conclusion of the above exercise which the management does not expect to be material.
2. Sales Tax Exemption for Butibori unit of the Company had expired on December 31, 2005. The unit has applied for an extension of 3 years with effect from January 01, 2006 to the Development Commissioner (Industries), Government of Maharashtra. Pending approval of such extension, the unit has accrued VAT receivable amounting to Rs 422.76 lacs for the period January 01, 2006 to December 31, 2007 on the basis that the sales Tax Exemption will be extended for a further period of 3 years with effect from January 01, 2006. Further, in case the unit fails to get the exemption from authorities, an amount of Rs 833.83 lacs (including interest) will be payable for the above period including Rs 56.09 lacs for the quarter ended December 31, 2007, which has not been provided in the books. Also refer Note 4 to the unaudited financial results for the quarter ended December 31, 2007.
Accordingly loss before tax for the quarter is lower by Rs 56.09 lacs.”
Weizmann 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:
“The Company has not provided current tax liabilities arising on account of Book profits for year to date, of Rs 492.87 lacs, as a result of which the net profit after tax for the period to date is shown higher by Rs 492.87 lacs with a consequent decrease in the current liabilities of even amounts”.
Energy Development Company 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:
“Attention is invited to the Note 3 and 4 of the statement regarding non compliance of Accounting Standard - 22, ‘Accounting for Taxes on Income’ with regard to recognition of deferred tax and Accounting Standard - 15, ‘Employee’s Benefit’ respectively. The Auditors are unable to ascertain and state the impact of the same on the various figures and the amount of profit given in the statement.”
Nutraplus Products India 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:
“1(i). The Company has not provided deferred tax liability towards provision for taxation made as on December 31, 2007 against free reserves which deviating from the Accounting Standard 22 issued by the Institute of Chartered Accountants of India. The impact of the same on the Profit and Loss Account is yet to be ascertained by the Management. The Auditors are unable to express their opinion on the impact for the period ended December 31, 2007.
1(ii). Liability towards retirement benefits in respect of employees is not provided by the Company as stipulated by the Accounting Standard 15 issued by the Institute of Chartered Accountants of India. The impact of the same on the Profit and Loss Account is yet to be ascertained by the Management. The Auditors are unable to express their opinion on the impact for the period ended December 31, 2007.
1(iii). No provision is made for the fringe benefit tax; hence impact of the same on the Profit and Loss Account is yet to be ascertained.
2. The balances in the accounts of customers, suppliers and others are subject to confirmation and reconciliation, which shall be obtained by the Company in respect of financial accounts as at March 31, 2008.”
Onida Saka 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:
“1. The Company has discontinued its manufacturing activities.
2. Pending reconciliations / confirmation / analysis of certain balances.
3. Non provision of advances amounting to Rs 121.31 lacs.”
Jupiter Industries & Leasing 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:
“1. The Company has not accounted dues in the books amounting to Rs 197.57 lakhs as per the order directed by The Mumbai Debts Recovery Tribunal in the year 2002-2003.
2. The Company has not accounted accumulated lease equalization charges.”