 Chennai:
EID Parry''s board of directors has decided to carry
out a change to the current year''s balance sheet to reflect
the correct economic value of its assets.
A
company communication to the National Stock Exchange
said that fixed assets "not exceeding Rs 30 crore"
would be written down against securities premium. The
related accounting change would reduce the balance sheet
size and is expected to reflect a realistic value of
its assets, said a company official. It would also improve
a financial yardstick such as return on capital employed.
The
company announced that it would seek shareholders'' approval
for the proposed change at an extraordinary general
meeting in January 2004.
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