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Non-Tech : ICICI Ltd - (Nyse: IC) -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (328)	3/7/2000 2:38:00 AM
From: Mohan Marette	Respond to of 494

India ICICI Defends Acctg Methods In Face Of RBI Queries Tuesday, March 7 11:20 AM SGT BOMBAY (Dow Jones)--Development Bank ICICI Ltd. (IC) said late Monday its provisioning for bad assets was done according to the central bank's guidelines and that its profits for the year ended March 31, 1999 were correctly reported. In a press release ICICI said it was responding to faxed questions from some newspapers that apparently had a their hands on a confidential letter sent by the Reserve Bank of India some months back to ICICI questioning its accounting of nonperforming assets and profits last year. Newspaper Economic Times, which apparently had obtained this RBI inspection report, said Tuesday that according to the report, ICICI understated its NPAs by 3.8 percentage points and reported a higher net profit of 4.03 billion rupees ($1=INR43.57). ICICI, in its press release, stated that "it classified loans, in accordance with extant guidelines and a case-by-case explanation, have been submitted to RBI in relation to specific cases identified by them...as such the profits of the company have been correctly reported in the financials." It added that its explanations were confirmed both by its Indian as well as its U.S. auditors. ICICI's American Depositary Receipts are listed on the New York Stock Exchange and therefore the development bank must also present its accounts according to the U.S.'s Generally Accepted Accounting Principles. ICICI also pointed out that only the RBI's inspection report has been made available to the press, while ICICI's own response to that report isn't. "ICICI has provided a detailed response to all issues raised, which we believe has been found to be satisfactory by RBI," the release said. Indeed, the Economic Times report Tuesday did quote unnamed RBI officials as saying: "We are happy with ICICI's explanations." sg.biz.yahoo.com