On July 7, 2013, Saudi Arabian Amiantit Company announced that its limited liability subsidiary in India, AMIANTIT FIBERGLAS INDUSTRIES INDIA LIMITED, (AFIIL) had filed a reference Act, (SICA) to the Board for Industrial and Financial Reconstruction (BIFR) as a sick company, as a consequence of its accumulated losses for the financial year ending March 31, 2013 having exceeded its net worth (i.e. paid up share capital and free reserves). This situation is caused by heavy losses due to competition and decline of the sales of the subsidiary over the years 2011, 2012 and the first quarters of 2013

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