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Soma Textiles review for quarter ended Sep 30
12 Dec '07
1 min read
Soma Textiles & Industries Ltd has informed that in the limited review report of the Company for the quarter ended September 30, 2007, the Auditors of the Company have made the following observations.
"Attention is invited to :
1. Note No 5 accompanying statement in regard to income tax including deferred tax liability which will be determined and provided at the end of the financial year as stated in the said note.
2. Non-provision for employees benefit as per AS-15 (Revised), w.e.f. April 01, 2007, for employees benefit, impact of the same has not been considered.
3. Note No. 6 of the accompanying statement in regard to non-provision for exchange rate fluctuation on the amount of GDR proceeds to the extent lying in the foreign Bank account and investment in subsidiary — Soma Textiles FZE, which shall be provided at the end of the financial year, as stated in the said note.
However, as per the Accounting Standards, the company is required to provide for such amount is each quarter, which has not been provided by the Company."
"Attention is invited to :
1. Note No 5 accompanying statement in regard to income tax including deferred tax liability which will be determined and provided at the end of the financial year as stated in the said note.
2. Non-provision for employees benefit as per AS-15 (Revised), w.e.f. April 01, 2007, for employees benefit, impact of the same has not been considered.
3. Note No. 6 of the accompanying statement in regard to non-provision for exchange rate fluctuation on the amount of GDR proceeds to the extent lying in the foreign Bank account and investment in subsidiary — Soma Textiles FZE, which shall be provided at the end of the financial year, as stated in the said note.
However, as per the Accounting Standards, the company is required to provide for such amount is each quarter, which has not been provided by the Company."
Soma Textiles & Industries Ltd
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