Permanent Magnets 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 financial results were duly reviewed and recommended by the Audit Committee of the company and subsequently approved by the Board of Directors in its Meetings held on 30/01/2019 at Mumbai.
2. This statement has been prepared in accordance with the Companies (Indian Accounting Standards) Rule ,2015 (Ind AS) prescribed under Section 133 of Companies Act ,2013, read with rule 3 of the Companies (Indian Accounting Standards) Rules,2015 and Companies (Indian Accounting Standards) Rule ,2016.
3. The Company has been operating in single business Segment i.e. Magnetics and its applications. Segment reporting as per IND AS 108 is not applicable.
4. The Ministry of Corporate Affairs (MCA) , on 28th March 2018 notified Ind AS 115 " Revenue from Contract with Customers " as part of the Companies (Indian Accoounting Standards) Amendment Rules ,2018 and the same is effective for the accounting periods beginning on or after 1st April,2018. The application of this Standard did not have any material impact on the financial results of the Company.
5. Honourable Bombay High Court has given interim stay order against the winding up order passed against the Company dated 15/04/2015. Next hearing in this matter shall come up as per listing of the court. Company has deposited Rs. 19,05,179/- Lakhs with interest as per direction of honourable Bombay High Court.
6. The figures for the previous period / year have been regrouped wherever necessary to confirm to the current year's classification.