The company certain outstanding claims made on customers of Rs 30.76 crore which the auditors have expressed their inability to comment on the extent of evidence of the final acceptability of these claims.
The auditors have said "...we are unable to comment on the diminution in value of investments and on the realisability of the debtors, claims and loans/advances referred to above.
Accordingly, we are unable to express an opinion as to the provision required and the consequential effect on the profit for the year and the reserves and surplus as at the year end."
The auditors have also said that accounting treatment of its voluntary retirement scheme and interest on such payments has resulted in the profit after tax being higher by Rs 3.92 crore and the reserves and surplus being higher by Rs 6.11 crore.