Hipolin 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 standalone financial results as reviewed by Audit Committee, are subsequently approved by the Board of Directors at their meeting held on June 29, 2020. The Statutory Auditors have performed audit of Company's Standalone financial results for the year ended March 31, 2020.
2. The figures of the quarter ended March 31, 2020 are the balancing figures between audited figures in respect of the full period of twelve months ending as at March 31, 2020 and the unaudited published year to date figure upto December 31, 2019, being the date of the end of the third quarter of the financial year.
3. The Company is engaged in the business of manufacting ‘Detergent Powder and Cake’. As such the Company's business falls within a single business segment of Detergent Powder and Cake, in context of Ind AS 108- Operating Segment.
4. The COVID-19 pandemic has disrupted the many business operations globally due to lockdown and other directives imposed by the governments. The sole manufacturing plant of the Company closed its operations from March 20, 2020. The Company has resumed production with effect from May 18, 2020 and is expected to achieve normal business operations from June, 2020. The Company has evaluated the impact of this pandemic on its business operations, liquidity and fianancial position and based on management's assessment of current indicators and economic conditions there is no material impact on its financial results as at March 31, 2020. However, the Impact assessment of COVID-19 is a continuing process and the Company will continue to monitor any material changes to future economic conditions.
5. The figures for the previous period have been regrouped/recast, wherever necessary, to make them comparable with the figures for the current period.