Priya Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2020
Auditor and Management Disclosures and Notes for the annual results dated 31 Mar 2020
1. The above audited financial results were reviewed by the Audit Committee and approved by the Board Directors at their meeting held on 31st July, 2020.
2. The promoter has pledged 2,00,500 equity shares of the company with Indian Bank as collateral Security against the credit facilities availed by the Company.
3. The Company had received a notice under Section 13(2) of Securitization and Reconstruction of Financial assets and Enforcement of Security Interest Act, 2002 (the Act') from Indian Bank, Bank of Maharashtra and Union Bank of India, which had provided funds towards working capital requirements, informing that the Company's accounts have become NPA. In the Current quarter, the Company has also received a notice under Section 13(4) of the Act on failure to repay recalled amount for symbolic attachment of properties. Currently the Company has stopped all its business activities due to blockage of bank accounts. The Company has approached banks for one time settlement (OTS) and awaiting for their response on the same. The management of the Company is making every possible effort to process OTS and start its business activities again.
4. As the Company's business activity falls within a single Primary segment viz. : "Trading of Electronics - Computer peripherals and system" the disclosure requirement of Indian Accounting Standard (INDF AS - 108) "Segment Reporting" is not applicable
5. The Company has adopted Ind AS 116, effective annual reporting period beginning April 1, 2019. The effect on adoption of Ind AS 116 on the financial results is insignificant.
6. On the basis of its assessment of the impact of the outbreak of COVID-19 on carrying amounts of receivables, inventories, intangibles, investments and other assets / liabilities of the entity, the entity, the entity's management concludes that no adjustments are required in the financial statements as it does not impact the current financial year. However, the situation with COVID-19 is still evolving. Also, the various preventive measures taken are still in force, leading to a highly uncertain economic environment. Due to these circumstances, the management's assessment of the impact on the subsequent period is dependent upon the circumstances as they evolve.
7. The figure of current quarter ended 31st March, 2020 and quarter ended 31st March, 2019 are the balancing figures between audited figures of the full financial year ended 31st March, 2020 and 31st March, 2019 respectively and the published year to date Ind AS figures upto third quarter 31st December, 2019 and 31st December, 2018 respectively.
8. Corresponding figures of the previous quarter/year have been regrouped, recasted and reclassified to make them comparable wherever necessary.