Thursday, June 21, 2007

Going, Going, Gone!

Finally, I found an auditor with a sense of humor!

Here is a notice filed by a listed company with NSE today:

Madras Fertilizers Ltd has informed the Exchange that "With regard to Auditor's opinion that the Company is not a 'GOING CONCERN' but a 'GONE CONCERN', it is stated that the Company has represented to the GOI that the policy on pricing of NPK since Apr 2002 and on Urea from Apr 2003 have adversely affected its profitability. Consequently, the Company has been making huge losses. The networth has been fully eroded on 31.3.2004. The Company has been urging the GOI to make suitable corrections in the Pricing Policies. The DOF referred the Company to BRPSE. BRPSE recommended certain relief measures for revival of the Company. A Financial Restructuring package aimed at making the operations of the Company commercially viable is under the consideration of Government".

Thank you Ankur for pointing it out to me!