Datamatics Technologies 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:
The Company has an investment of Rs 630,648,850/- in wholly owned subsidiaries and has also extended loans of Rs 12,169,542/- to these subsidiaries as reflected in the audited accounts for the year ended March 31, 2007. The net worth of these subsidiaries has declined. These investments are for long term and of strategic nature. In view of this, the Auditors are unable to comment on whether provision, if any, for the diminution in the value of investments is required to be made.
The Company has an investment of Rs 630,648,850/- in wholly owned subsidiaries and has also extended loans of Rs 12,169,542/- to these subsidiaries as reflected in the audited accounts for the year ended March 31, 2007. The net worth of these subsidiaries has declined. These investments are for long term and of strategic nature. In view of this, the Auditors are unable to comment on whether provision, if any, for the diminution in the value of investments is required to be made.
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