MUMBAI (Reuters) - Kingfisher Airlines Ltd., promoted by liquor baron Vijay Mallya, needs to infuse required funds to continue as a "going concern", its auditor has said in the company's annual report for the fiscal year that ended March 31, 2011.
The auditors, B.K. Ramadhyani & Co, in its report, has mentioned that the company's accumulated losses at the end of the financial year "were more than fifty percent of its net worth".
The term "going concern" in accounting parlance refers to a company's ability to continue operations in the near future.
The annual report has been posted on the Bombay Stock Exchange website.
In late August, Kingfisher Airlines Ltd said its board had approved a rights issue of shares to raise up to 20 billion rupees ($434 million).
The company gave no timing or details of the proposed issue.
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