Amines & Plasticizers Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2020

1. The statement of audited financial results have been reviewed and recommended by the Audit Committee at their meeting held on June 29, 2020 and approved by the Board of Directors at its meeting on the same date.

2. The audited financial results have been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS), prescribed under Section 133 of the Companies Act, 2013 and other recognized accounting practices and policies to the extent applicable.

3. Due to spread of Covid 19, the Government of India and the Government of Maharashtra announced lockdown from 24.03.2020. Accordingly, Plant was closed for operations on 27.03.2020. Since the Company produces an important drug intermediate which was useful in treatment of Covid 19, the Company was granted permission under Essential Services to re-start its operations, on April 11, 2020. Accordingly, after organizing required labor force and raw materials, the Company commenced operations at its Plant.

The Management has made an assessment of the impact of COVID-19 on the Company's operations, financial performance and position as at and for the year ended March 31, 2020 and has concluded that there is no impact which is required to be recognised in the financial statements. Accordingly, no adjustments have been made to the financial statements. However, the Company shall continue to closely monitor any material developments in the external business environment and future economic conditions which may have significant impact on its business.

4. The Company has adopted Ind AS 116 "Leases" with effect from April 1, 2019 using the "Modified prospective approach". The adoption of the said Ind AS did not have any impact on the retained earnings as at April 1, 2019 and there was no material impact on financial results for the period ended on March 31, 2020.

5. The Company's main business is Chemical manufacturing falls within a single business segment and therefore, segment reporting in terms Ind AS-108 "Operating Segments" is not applicable.

6. The Company has decided to exercise the option permitted under section permitted 115BAA of the Income Tax Act, 1961 as introduced by the Taxation Laws (Amendment) Oridance, 2019 from the current financial year. Accordingly, the provision for income tax and deferred tax balances have been recorded/remeasured using the new tax rate and the resultant impact is recognized in the current period statement of profit and loss. Pursuant to the selection of this option, the Company has reversed deferred tax liabilities amounting to Rs. 197.51 lakhs due to reduction in the corporate tax rate.

7. During the year, the Company has disposed off its entire shareholding in its Subsidiary APL Infotech Ltd at its meeting held on 04th March, 2020 at a consideration of Rs 44.82 Lakhs. Subsequent to the disposal, APL Infotech Ltd, has ceased to be the Subsidiary of the Company from 24th March, 2020, Consequently, the Company has recognised the profit on sale of investment amounting to Rs. 38.84 Lakhs under the head “other Income”.

8. The total dues from APL Infotech Limited was Rs. 668.22 Lakhs, which includes Principal amount of Loan & Interest outstanding. As per agreement of sale of shares, APL Infotech Limited will pay the principal of the Outstanding Loan amount over a period of 4 years and Interest will be written off. Accordingly, the Company has written off outstanding interest amount aggregating to Rs. 301.91 Lakhs and it has been disclosed under the head Exceptional item.

9. The figures for the quarter ended 31st March, 2020 and the corresponding previous quarter ended 31st March, 2019 are the balancing figures between the audited figures in respect of the full financial year and the published year to dated figures upto the end of third quarter of the relevant financial year.

10. The Board of Directors at its meeting held on March 4, 2020 declared Interim Dividend for FY 2019-20 of Rs. 0.30/- per equity share of Rs. 2/- each on 55020000 equity shares. Total dividend payout being Rs. 1.65 crores and dividend distribution tax of Rs. 33.93 Lakhs. The said dividend was paid to the shareholders of the Company on March 23, 2020.

11. Previous period figures have been regrouped / rearranged / restated / re caste to be in conformity with the Schedule III of the Companies Act, 2013.