Sangam India Ltd has informed 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. Compliance of the accounting standard (Revised 2003) 11 on the effect of changes in the foreign exchange rates will be done at the year end and resulting profit or loss, if any due to exchange fluctuation in the quarter is not considered.
2. Provision for deferred tax is not made as required by the Accounting standard (AS-22), and the same will be considered at the year end.
3. Compliance of the Accounting standard - 15 (AS-15) on Employee Benefits will be done at the year end, and
4. Compliance of the Accounting Standard - 29 (AS-29) regarding disclosure on Provisions, contingent Liabilities and Contingent Assets will be done at the year end."
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