Simplex Papers 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 results of the Company have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 19th June, 2020.
2. The financial results are in accordance with the Indian Accounting Standards (Ind AS) as prescribed under Section 133 of the Companies Act, 2013 read with rules made thereunder and other recognised accounting practices and policies to the extent applicable.
3. The Company has only one reportable segment viz."Paper", disclosure under Ind AS 108 on "Operating Segments" is not applicable.
4. The figures for the last quarter are the balancing figures between audited figures in respect of the full financial year and the published year to date figures upto the third quarter of the respective financial year.
5. During the quarter, the Company received an order passed by the Industrial Court at Bhandara against the Company to make the payment of wages/leave encashment to the ex-workers of the Company, accordingly the provision of Rs.17.11 lacs has been made and a provision for expected credit loss of Rs. 32.18 lacs on financial asset has been made. These have been shown as exceptional items.
6. The Company, as at the date approval of these financial results has considered internal and external sources of information, in assessing the possible effects that may result from the global health pandemic relating to COVID-19 on the carrying amounts of loans, investments, receivables, inventories and other assets. As on the date of approval of these financial results, the Company has concluded that the impact of COVID -19 is not material based on these estimates and expects to recover the carrying amount of these assets. Due to the nature of the pandemic, the Company will continue to monitor any changes to the future economic conditions.
7. Figures of the previous quarter/year have been regrouped, wherever necessary, to conform to the current quarter/year's presentation.
8. The statutory auditors have expressed an unqualified audit opinion on the audited financial results for the quarter and year ended 31st March, 2020.