Fairfield Atlas Ltd has informed BSE that a meeting of the Board of Directors of the company will be held within the period of 3 months of the close of the accounting year, inter alia, to consider the audited results of the company for the year ended March 31, 2008.
Accordingly the company will publish audited results for the year ended March 31, 2008 within the aforesaid period of 3 months.
Fairfield Atlas Ltd has informed BSE that in the limited review report of the Company for the quarter ended December 31, 2007, the Auditors of the Company have made the following observations:
“The Auditors draw attention 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.”