Amal Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2021

1. These results have been prepared in accordance with the Indian Accounting Standard (Ind AS) notified under the Companies (Indian Accounting Standards) Rules, 2015 as amended from time to time.



2. The above results have been reviewed and recommended for adoption by the Audit Committee and approved by the Board of Directors at their respective meetings held on April 22, 2021 through video conferencing. The Statutory Auditors report does not have any qualification , modification.



3. The manufacturing facility of the Company which was shut down in the last week of March 2020 due to countrywide lockdown, resumed operations in a phased manner from the last week of April 2020 after obtaining requisite approvals.

The Company has considered possible effects that may result from COVID-19 in preparation of these results including recoverability of assets including inventories and trade receivables. In developing the assumptions relating to future uncertainties in the economic conditions due to COVID-19, it has, at the date of approval of these results, used relevant internal and external sources of information including economic forecasts and expects that the carrying amounts of these assets are recoverable. The impact of COVID-19 may be different from that estimated as at the date of approval of these standalone financial results.



4. During the year, the Company has decided to opt for provisions of section 115BAA of the Income-tax Act, 1961 with effect from Assessment year 2020-21. Accordingly, the current tax provision and the deferred tax liability have been remeasured, and the resultant impact of reversal of current tax provision of Rs 42.75 lakhs and deferred tax liability of Rs 19.89 lakhs is recognised during the year.



5. The Parliament of India has approved the Code on Social Security, 2020 (the Code) which may impact the contributions by the Company towards provident fund, gratuity and ESIC. The Ministry of Labour and Employment has released draft rules for the Code on November 13, 2020, and has invited suggestions from stakeholders which are under active consideration by the Ministry. The Company will assess the impact and its evaluation once the subject rules are notified and will record related impact, if any, in the period the Code becomes effective and the related rules to determine the financial impact are published.



6. The Company operates in a single segment, that is, manufacturing of bulk chemicals.



7. The figures of last quarters are the balancing figures between audited figures in respect of the full financial year and the published year to-date figures upto the third quarter of the respective financial years.