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

1. The audited Financial Results for the quarter and year ended 31st March , 2021, were reviewed by the Audit Committee and have been taken on record and approved by the Board of Directors at its meeting held on 30th June, 2021. The Statutory Auditor has expressed an unmodified opinion.



2.These 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 practices and policies to the extent applicable.



3. The Company had been operating for its customers on job work basis to overcome the shortage of working capital resources. Due to the pandemic COVID19 induced lockdown, manufacturing operations had come to a total halt at its Silvassa plant. The situation is aggravated currently on account of non-availability of workers, majority of who were migrants.



Under such scenario, the Company has closed down its operations and the Management is constantly reviewing the situation and evaluating other avenues for operations. The Company owns manufacturing facilities and plans to operationalise the same are being evaluated in line with market expectations, and the Company is a going concern.



4. The figures for the quarter ended 31st March, 2021 and the corresponding quarter ended in the previous year, are the balancing figures in respect of the full financial year and the published year to date figures until the end of the third quarter of the relevant financial year. Also, the figures until the end of the third quarter had only been reviewed and not subjected to audit.



5. The Company is yet to service its obligations towards its Strategic Investor.



6. The Company operates in a single business segment hence segment wise reporting including that in respect of operating Business Segments is not applicable.



7. Previous period figures have been regrouped/reclassified to conform to the current period’s classification.