Oxford Industries - Updates

Oxford Industries Ltd has informed BSE that the Audited Financial Results for the period ended September 30, 2007 (i.e. from April 01, 2006 to September 30, 2007) of the Company were placed before the Audit Committee in its meeting held on November 28, 2007. The Audit Committee observed that the Company has made a provision for impairment of assets located at its plant based on a management estimate in light of market information in possession of the management as per the guidelines provided by Accounting Standard 28 of ICAI. The Audit Committee after due discussions has recommended that although estimation based on information available with the management may be appropriate under the said Accounting Standard, it would be more appropriate to get an independent valuation done by a Third Party Valuer before any provision is made in the books of accounts.

The Board of Directors in its meeting held thereafter on November 28, 2007 considered the recommendation of the Audit Committee and after discussion have approved unanimously to approach an independent Valuer at the earliest for the above said purpose.