Ok, thanks. I don't think this is a likely case for liquidation anyway, I'm more using 2/3 of net current assets as a benchmark.
(But I'm curious. Are you talking about evaluating your selling price or your buying price? And would you discount by 1/3 even in the case of gold jewelry carried at cost? Even during times of rising gold prices?)
Also, I counted fixed assets at zero -- how did you guys handle those?