Jindal Steel - Limited Review for the quarter ended Sep 30, 2007
Jindal Steel & Power Ltd has informed BSE 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:
"Not accounting for exchange differences on foreign currency loans borrowed for acquisition of fixed assets, which is at variance to the accounting treatment prescribed in Accounting Standard As-11 'Effects of Changes in Foreign Exchange Rates' notified in the Companies (Accounting Standards) Rules, 2006, of Rs 20 Crores being loss (net) and Rs 60 Crores being profit (net) for the quarter and half year ending September 30, 2007, having its impact on profit before tax and consequential impact on tax expense, profit after tax and earning per share disclosed in the above results, the management been advised that considering high volatility in foreign exchange market, the exchange differences may be considered temporary in nature, the management based on prudent basis of accounting considers the same to be accounted for at the year end".
"Not accounting for exchange differences on foreign currency loans borrowed for acquisition of fixed assets, which is at variance to the accounting treatment prescribed in Accounting Standard As-11 'Effects of Changes in Foreign Exchange Rates' notified in the Companies (Accounting Standards) Rules, 2006, of Rs 20 Crores being loss (net) and Rs 60 Crores being profit (net) for the quarter and half year ending September 30, 2007, having its impact on profit before tax and consequential impact on tax expense, profit after tax and earning per share disclosed in the above results, the management been advised that considering high volatility in foreign exchange market, the exchange differences may be considered temporary in nature, the management based on prudent basis of accounting considers the same to be accounted for at the year end".
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