Polygenta Technologies Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Dec 2017

1) The above Unaudited Financial Results were reviewed by the Audit Committee and approved by the Board of Directors at the meeting held on February 12, 2018.The limited review of unaudited financial results for the quarter and nine months ended December 31, 2017 as required in terms of Clause 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 has been carried out by statutory auditors.

2) This statement has been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) prescribed under Section 133 of the Companies Act, 2013. Beginning April 1, 2017, the Company adopted Ind AS with a transition date April 1, 2016 and accordingly, restated results for the quarter and nine months ended December 31, 2016.
This result has been prepared in accordance with regulation 33 of the SEBI (Listing Obligation and Disclosure Recruitments) Regulation, 2015 and its does not include Ind AS compliant results for the previous year ended 31st March, 2017 as it is not mandatory as per SEBI circular dated 5th July 2016.

The reconciliation of net profit reported in accordance with Indian GAAP to total comprehensive income in accordance with Ind AS is given below :-





Particulars Quarter Ended Half-Year Ended

31-Dec-16 31-Dec-16



Unaudited Unaudited



Net profit / (loss) as per pervious Indian GAAP after tax (1082.35) (1527.65)

Add: - Fair Valuation of financial liability (92.96) 3.58



Net profit before Other Comprehensive Income (1175.31) (1524.07)



There is a possibility that these quarterly financial results may require adjustment before constituting the final Ind AS financial statements as of and for the year ending March 31, 2018 due to changes in financial reporting requirements arising from new or revised standards or interpretations issued by MCA or changes in the use of one or more optional exemptions from full retrospective application of certain Ind AS as permitted under Ind AS 101.



3) The Company is engaged in the business of manufacturing and selling polyester filament yarn (PFY).  All of the Company's operations are based in India and are subject to the same risks and returns.  Therefore, no separate segment disclosure is provided in terms of Ind AS -108, i.e. Operating Segment.

4) Due to sub-optimal scale of operations, the Company continues to incur losses. The Company is evaluating various alternatives to increase the capacity. The Company has entered in to a contract for setting up facility for production of Fully Drawn Yarn (FDY), a product with better margin, FDY project is expected to start operationally from April-2019.

The Promoters of the Company viz. PerPETual Global Technologies Limited (‘PGTL’ ) has always been extremely supportive of the Company’s project. With such support continuing, the Company is confident that it will be able to expand its position in the market as a unique supplier of high quality yarns and textiles made from 100% post-consumer PET bottles, being recognised as a preferred supplier by many of the world’s largest apparel brands.



In its effort to support the Company, PGTL has waived interest on various ECB as under:-



Particulars of ECB Interest waived from Interest waived upto

Current ECB of Euro 10 Million Beginning of the Disbursement Upto 30Sep18



Previous ECB of USD 20 Million and Euro 4.5 Million Beginning of the Disbursement Upto 31Mar18



Assigned ECBs of Euro 15 Million from Swedfund International Inc (Swedfund) and Finnish Fund for International Co-operation Limited From 1Sep16 Upto 31Mar18



Considering what is stated above, the accounts are prepared based on the Principle of a Going Concern.



5) Pre-GST, the company was eligible for Mega project refund scheme from Maharashtra state government, mostly by way of refund of sales tax, post- GST pending notification from state government for continuance of the schemes, the Company has not recognised the aforesaid benefit in the quarter.

6) Post the applicability of Goods and Service Tax (GST) with effect from 1st July, 2017, revenue from operations is disclosed net of GST, whereas Excise Duty formed part of other expenses in previous periods / year. Accordingly, the revenue from operations and other expenses for the quarter and nine months ended 31st December, 2017 are not comparable with the previous periods/ year presented in the results.

7) All figures of financials has been rounded off to nearest Lacs rupees.