Company News RENAULT LOSS IN AUSTRALIA
Auditor Tags Accounts
Renault (Australia), Proprietary, Ltd., incurred a net loss of £56,074 for the year ended December 31, bringing accumulated losses to £247,295. The paid capital of £250,000 is owned by the Regie Nationale des Usines of France. The amount owing to the parent was £192,946 at December 31.
Auditors of the company, Norton and Favieil, qualified their report to shareholders in the annual return.
"In our opinion, a further £6500 should be provided in these accounts to adequately cover overdue and doubtful debts and other debtors as at December 31,” they said. Renault (Australia), imports car components which are assembled under contract by the Clyde Industries group. The assembled cars are then forwarded to distributing companies.
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Bibliographic details
Press, Volume CII, Issue 30108, 17 April 1963, Page 19
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124Company News RENAULT LOSS IN AUSTRALIA Press, Volume CII, Issue 30108, 17 April 1963, Page 19
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