With reference to the meeting of the Board of Directors to be held on August 12, 2011, inter alia, to consider the unaudited results for the quarter ended June 30, 2011, Organic Coatings Ltd has now informed BSE that the unaudited financial statements viz, the Balance Sheet and Profit & Loss Account for the quarter ended June 30, 2011 could not be compiled due to the following reasons. 1. The Company had migrated to ERP System for the purpose of accounting from February 2011. 2. The Company’s users ere not acquainted with inputting of the data appropriately in the ERP System and in view of this data was not getting stabilized and 3. To add to this agony the Account officer who was in-charge also left in June 2011. 4. Due to heavy rains, Companys factory premises got heavily flooded and all the telephone lines, Inter net connections were out of order during the months of June 2011 and July 2011. As such the data could not be reconciled in the new system appropriately to reflect the correct position. In view of this the unaudited Balance Sheet and Profit & Loss Account would not be placed before the Audit Committee and Board of Directors of the Company on August 12, 2011. In view of this the meetings for review and approval of unaudited results for the quarter ended 30 June, 2011 will be now considered in the next Board Meeting proposed to be held on September 12, 2011. The Company will be able to publish the unaudited financial results on September 12, 2011.

Source : BSE - >www.bseindia.com

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