Fairfield Atlas Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the auditors of the Company have made the following observations:
Attention is invited to Note 5 on the Statement, regarding the appropriateness of the going concern basis used for the preparation of these Accounts in view of substantial erosion of net worth of the Company arising from operating losses. Fairfield Manufacturing Company Inc., U.S.A., the Principal Shareholder, has informed the Company of its intention of providing financial support to the Company to meet its obligations, as they fall due, and, accordingly, the financial results have been prepared on going concern basis and no adjustment has been made to write down the assets to net realisable value.
Source : www.indian-commodity.com
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