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| Exchange Disseminated Time | Windsor Machines Ltd has informed BSE that in the limited review report of the Company for the quarter ended December 31, 2006, the Auditors of the Company have made the following observations:
"1. The going concern assumption is used for preparing the worth of the Company is fully eroded and is a sick industrial company, since the Company has initiated restructuring measures and believes that it would be able to continue its operations in the foreseeable future.
2. The Company had stopped operations at its Thane Works during the financial year June 2003, due to adverse labour situation, and as a results it could not access many of its accounting and related records of the Works till the date of this report.
a) Similarly the fixed assets lying at Thane Works, having a net block as at December 31, 2006 of Rs 235.60 lacs, could not be verified by the management during the year. Hence, discrepancy, if any, on physical verification of fixed assets as at December 31, 2006, could not be ascertained and as such the impact of the above on the loss for the period could not be determined.
b) Similarly the management could not verify & obtain the report of the registered approved valuer and hence it has not been possible to establish that any impairment of assets has taken place or not at Thane Works as December 31, 2006. The impact of the above deviation on the loss and on the assets could not be ascertained.
3. The Staff Cost includes Rs 49.05 Lacs for Salaries & Wages of Thane Plant. Such Liability are in the nature of Contingent Liability and hence should not have been provided for. To the extent Accounting Standard (AS)-29 issued by the Institute Chartered Accountants of India on "Provisions, Contingent Liabilities & Contingent Assets" has not been complied with.
4. The balance of debtors & creditors are subject to confirmations, reconciliation and consequent adjustments if any." |
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