The Hindu Business Line : EID Parry decides to write down fixed asset value

EID Parry's board of directors has decided to carry out a cosmetic 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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