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| Exchange Disseminated Time | Manipal Finance Corporation 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 :
"1. Interest write back on deposits / debentures / Debts has not been considered in the results, being a non recurring item. However the management has not quantified the same. (However such amount written back for the year ending March 31, 2007 is Rs 48.90 lakhs, has been duly considered in the relevant column of the statement). As per the explanation given to the Auditors, the principal portion of Debentures / deposits / debts write back (arising on settlement) will be considered as capital receipt and directly taken to Capital Reserve in the Balance Sheet. The Principal amount written back and taken to the credit of Capital Reserve during the year ending March 31, 2007 (in relation to write back of principal portion of deposits / debentures / debts) is Rs 280.76 lakhs.
2. The Auditors draw the attention to Note No. 4 of the Notes, wherein the Company has not quantified the effect of Non-Provision of Interest on Deposits / Debentures / Subordinated Debts and interest on loans availed on these instruments from July 01, 2002.
3. The qualification by auditors in the audited accounts for the financial year ending
March 31, 2007 in respect of preparation of accounts on going concern basis in spite of losses incurred and funds being blocked in non performing assets and non provision for Non Performing assets as on December 31, 2007 amounting to Rs 741 lakhs (as on March 31, 2007 Rs 770.95 lakhs, as on December 31, 2006 Rs 1003 Lakhs) has not been addressed / accounted in the accompanying statement of unaudited financial results." |
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