PTL Enterprises 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 above results for the quarter and nine months ended December 31, 2018 were reviewed by the Audit Committee and approved by the Board of Directors at their meetings held on February 5, 2019. The Statutory Auditors have expressed an unmodified opinion on the aforesaid results.
2. The Company's operation predominantly comprise of only one business segment - Income from lease of Plant to Apollo Tyres Ltd.
3. The above financial results have been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS), as prescribed under section 133 of the Companies Act 2013, and other recognized accounting practices and the policies to the extent applicable.
4. Adoption of Ind-As -115 "Revenue from Contracts with Customers": Effective April 1, 2018, the Company has adopted Ind AS 115 "Revenue from Contracts with Customers". The adoption of Ind-AS 115 did not have any significant impact on the financial results of the Company.
5. During the current quarter, the Company has invested Rs. 999.86 Lakhs in equity shares of Apollo Tyres Limited, which is engaged in the business of manufacture and sale of tyres. Apollo Tyres Limited has shown PTL Enterprises Limited as a part of Promoter Group in its communication to Stock Exchanges.
6 . Previous period figures have been regrouped I reclassified wherever necessary to correspond with the current period classification I disclosures.