EPL Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2017
Auditor and Management Disclosures and Notes for the annual results dated 31 Mar 2017
1. The above audited standalone financial results were reviewed by the Audit Committee and approved by the Board of Directors of the Company in its meeting held on 23 May 2017. Consequent to notification by the Central Government of the Companies (Indian Accounting Standard) Rules, 2015 (Ind AS) under Section 133 of the Companies Act, 2013, the Company has first time adopted the Ind AS beginning 01 April 2016 with transition date 1 April 2015. Accordingly ;
a) The above financial results for the quarter and year ended 31 March 2017 are prepared in accordance with the Ind AS
b) The figures reported for the quarter and year ended 31 March 2016 under the earlier Indian GAAP have been re-stated in accordance with Ind AS. The impact of transition has been accounted for in the opening reserves as at 1 April 2015.
2. The format of the above financial results is as specified in SEBI’s Circular CIR/CFD/CMD/15/2015 dated 30 November 2015 read with SEBI's Circular CIR /CFD /FAC/62/2016 dated 5 July 2016 issued in connection with first time transition to Ind AS.
3. Figures for the quarter ended 31 March are the balancing figures between the audited figures in respect of full financial year and the published year to date figures upto third quarter of relevant financial year subject to limited review.
4. The Board of Directors has recommended a dividend of Rs. 2.40 per equity share of Rs. 2 each fully paid up, subject to approval of shareholders.
5. The reconciliation of equity as at 31 March 2016 reported as per previous Indian GAAP and Ind AS is as under :
For table, kindly refer Corporate Announcements on www.bseindia.com.
6. The reconciliation of net profit reported for the corresponding quarter and year ended 31 March 2016 as per previous Indian GAAP and Ind AS is as under:
For table, kindly refer Corporate Announcements on www.bseindia.com.
7. The Company has only one major identifiable business segment viz. Plastic Packaging Material.
8. The Board of Directors at its meeting held on 2 February 2017 have allotted 57,333 equity shares of Rs. 2 each fully paid up pursuant to exercise of the stock options granted under Essel Employee Stock Option Scheme 2014
9. During the year, the Credit Analysis & Research Limited (CARE) has upgraded the credit rating assigned to the Company’s Long term debt facilities from CARE AA(-) to CARE AA and reaffirmed credit rating of Short term debt facilities at CARE A1+; India Ratings & Research (A FITCH Group Company) has also reaffirmed Long term issuer rating at IND AA and rating of Commercial Paper at IND A1+.
10. The listed non-convertible debentures of the Company aggregating to Rs 9000 Lakhs outstanding as on 31 March 2017 are secured by way of First pari-passu charge on certain property, plant and equipment with asset cover of not less than one hundred percent. The interest on these debentures is payable monthly on 18th of every month and has been paid on due dates. The principal repayment is yet to commence.
11. There are no exceptional items during the current period. The exceptional items for the year ended 31 March 2016 include
(a) Rs. 4,689 Lakhs gain on divestment of Packaging India Private Limited, its wholly owned subsidiary, net off transaction costs and contingencies thereof and
(b) Rs. 160 Lakhs write off of ancillary borrowing costs on account of pre-payment of long-term borrowings and related charges thereof.
12. Figures of the previous period have been regrouped / reclassified/ rearranged wherever considered necessary.