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Zuari 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 :

“The Company has accounted for subsidy income on complex fertilizers for the nine-months ended December 31, 2007 on the basis of ‘quantity dispatched‘ in each month. However, as per the circular dated October 30, 2007 issued by the Department of Fertilizers, Ministry of Chemicals & Fertilizers, the Company war supposed to account far the subsidy upto October 31, 2007 on the basis of first point sales, while subsidy was to be accounted for on the basis of dispatches only with effect from November 01, 2007.

Had the Company accounted for subsidy on complex fertilizers for the period from April 01, 2007 to October 31, 2007 on the basis of ‘quantity sold’ the profit before and after tax for the nine-months period ended December 31, 2007 would have been Rs 123.84 crores and Rs 83.76 crores respectively instead of Rs 109.90 crores and Rs 74.56 crores respectively.”

Tags: Zuari Industries

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