Prima Plastics Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2021
Auditor and Management Disclosures and Notes for the annual results dated 31 Mar 2021
1 The above results have been reviewed and recommended for adoption by the Audit Committee to the Board of Directors and have been approved by the Board of Directors at its meeting held on May 27, 2021.
2 The Company's and Group's business activity falls within a single operating segment i.e. "Plastic Articles".
3 The difference between the reporting date of the Company and its Joint Venture is 3 months, hence, the consolidated financial result includes the share of Net Profit of Prima Deelite Plastics s.a.r.l. , Joint Venture, for quarter and year ended December 31,2020.
4 The Board of Directors has recommended a final dividend Rs.1.50/- (Rupee One and Fifty Paisa Only) per equity share of face value on Rs. 10/- each for the year ended March 31, 2021.
5 The Government of India, on September 20, 2019, vide the Taxation Laws (Amendment) Ordinance 2019, inserted a new section 115BAA in the Income Tax Act, 1961, which provides an option to the Company for paying income tax at reduced rates as per provisions/conditions defined in the said section. The Company is continuing to provide for income tax at the old rates, based on the available outstanding MAT credit entitlement to the Company under the Income Tax Act, 1961. However, the Company has applied the lower income tax rates on the deferred tax assets/liabilities to the extent these were expected to be realised or settled in the future period when the Company may be subjected to lower tax rate and accordingly reversed net deferred tax liability of Rs 25.12 lakh during the three months and year ended March 31, 2020.
6 In the view of unprecedented COVID 19 pandemic, the management has made an assessment of its position as at the Balance Sheet date. In assessing, the Group has taken into consideratior external and internal information upto the date of approval of these financial results. The Group ha assessed the possible effects that may result from COVID 19 pandemic, on the carrying amount of receivables, inventories, investments, advances and other receivables. The Group based on current estimates expects, the net carrying amount of the assets will be recovered. The group is monitoring the situation closely and has resumed operations in a phased manner at all plants taking into account directives from the Governments.
7 The figures for three months ended March 31, 2021 and March 31, 2020, are arrived at as difference between audited figures in repect of the full financial year and the unaudited published figures upto nine months of the relevant financial year.
8 The figures for the previous period have been regrouped or reclassified to confirm current period classification, wherever necessary.