Karachi November 19 2021: Pakistan PVC Limited state that the auditors have qualified their opinion, since the company has prepared the accounts on the going concern basis.
The reason given in their qualification is the continued losses sustained by the company, no improvement/result of the efforts made by the management for obtaining additional capital.
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Pakistan PVC like to state that various cases are pending in different Courts for restoration of the Company’s lands. As soon as the properties are cleared the revival process will be initiated.
The management has neither intention nor the necessity of liquidation or ceasing manufacturing operation in foreseeable future. So, with the successful efforts of the Management, the Company will continue as a going concern.
Pakistan PVC Limited is incorporated in Pakistan on October 19, 1963. The company is engaged in production and sale of PVC resin, PVC pipes and fittings, PVC compound and Caustic soda. The company has installed a water purification plant to process and sell mineral water.
