Ashima 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: "1. The Company had set off the amount of receivables written off against the revaluation Reserves amounting to Rs 7497.35 Lacs during the period ended on March 31, 2006.
This is contrary to views expressed by the Institute of Chartered Accountants of India in its Guidance Note on "Treatment of Reserves created on the Revaluation of Fixed Assets".
2. The Company has not provided for unpaid interest on loans amounting to Rs 2788.85 Lacs. The loss for the period would have been higher by the said amount, had the company provided for the same.
3. The Company has prepared financial statements based on going concern basis."
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