Piramal Phytocare Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Dec 2018
Auditor and Management Disclosures and Notes for the quarterly results dated 31 Dec 2018
1. The results for the quarter ended December 31, 2018 were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on February 05, 2019. The Statutory Auditors of the Company have carried out limited review of these results.
2. The Company is engaged in the business of Pharmaceuticals which is the only reportable business segment as per IN DAS 108 "Operating Segments".
3. The Board of Directors on May 28, 2018 have approved a "Scheme of Amalgamation" ( "Scheme") of the Company with Piramal Enterprises Limited. The Scheme is subject to approval of shareholders and other regulatory authorities as applicable. The Scheme has been filed with National Company Law Tribunal on December 4, 2018.
4. The Company has accumulated losses of Rs.5,103 lakhs as at December 31, 2018 which has resulted in negative net worth of Rs.2,256 lakhs. The Company's current liabilities exceed its current assets by Rs.2,268 lakhs as of that date.
- The Company expects to gradually reduce its operating costs in future as a result of restructuring of operations.
- The promoters have affirmed their continued financial support to the company to enable it to meet its liabilities.
The financial results have been prepared on the basis that the company is a going concern and no adjustments are required to the carrying values of assets and liabilities.
5. Effective April 1, 2018, the Company has adopted Ind AS 115 - Revenue from contracts with customers with modified retrospective approach. Adoption of this standard did not have any material impact on the financial results of the Company.