Sahaviriya Steel Industries, UK (SIS, UK), being British subsidiary of leading Thai Steel Maker has gone into liquidation. On 19th September, 2015, SIS UK halted operations and laid off 1700 out of nearly 2000 employees. Due to this our subsidiary, Monocon International Refractories Ltd (MIRL) have to make a provision of GBP 644,334 (comprising of receivables of GBP 513,804 and stocks of GBP 130,530). This provision has been made in the accounts of the Company on 30th September, 2015. Aforesaid is material and would affect Company’s consolidated financial results for quarter ended on 30th September, 2015.