Jindal Poly - Limited Review for the quarter ended Dec 31, 2007
Jindal Poly Films 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:
“Pursuant to the adoption of Accounting Standards as prescribed by Companies (Accounting Standards) Rules, 2006 issued by Ministry of Corporate Affairs vide notification No. G S R 739 (E) dated December 07, 2006 and as required by Accounting Standard - 11 on ‘The Effect of Change in Foreign Exchange Rates’, there is a notional gain of Rs 1.11 crores during the quarter ended December 31, 2007 (Gain of Rs 14 crores for the nine months ended December 31, 2007) due to exchange rate difference in the Foreign Currency Monetary Items, which has not been provided in the result declared for the 3rd quarter and to be recognized at the end of accounting year.
There is a mandatory requirement to declare consolidated figures of turnover, net profit after tax and earnings per share as per the requirements of clause 41(vi)(b)(iv) of revised clause 41 of the listing agreement of subsidiaries which had not been provided by the Company because as per the management of the company it will not reflect any material affect.”
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