Pearl Engineering Polymers Ltd. - Quarterly/Annual Result Disclosures and Notes dated 30 Jun 2017

1. The results for the quarter ended June 30, 2017 were reviewed and recommended by the Audit Committee and approved by the Board of Directors in its meeting held on August 12, 2017. The above results for the quarter ended June 30, 2017 have been reviewed by statutory Auditors of the company in terms of Regulation 33 of the SEBI(LODR) Regulations 2015. The IND AS compliant financial Results pertaining to the relevant periods of the previous period have not been subjected to the limited review.



2. This statement has been prepared in accordance with the companies (Indian Accounting Standards) Rules, 2015 prescribed under section 133 of the companies act, 2013 and other recognised accounting policies and policies to the extent possible. Beginning April 1, 2017 the company has for the first time adopted IND AS with a transition date of April 1, 2016



3. The statement doesnot include Ind AS Compliant results for the precedind quarter and previous year ended march 31, 2017 as it is not mandatory as per SEBI's circular dated july 5, 2016.



4. The format for unaudited quarterly results as prescribed in SEBI's circular CIR/CFD/CMD/15/2015 dated November 30, 2015 has been modified to comply with requirements of SEBI's circular dated july 5, 2016 IND AS and schedule III (Division II) to the companies Act, 2013 applicable to companeis that are required to comply with IND AS.



5. The Company has discontinued its manufacturing activity and has disposed off plant machinery, spares and factory building. The company is exploring the option for sale and disposal of its remianing movable and immovable assets.



6. The accumulated losses of the company are more than 50% of its net worth. In view of abnormal market conditions & price volatility, in addition to financial liquidity constraints, the company had discontinued its manufacturing activity since feb 2013. Due to this the company is not viewd as as going concern.



7. Auditors have commented on non provision of interest on foreign currency loan from foreign financial institution. Based on legal opinion obtained by the comoany, the said debt is time barred and therefore neither the interest nor the said loan is re-instated, as required under Indian Accounting standard (IND AS21) on effects of chnages in foreign exchange rates notified by the Ministry of Corporate Affairs.



8 The net profit or loss for the quarter ended june 30, 2016 reported in accordance with Indian GAAP to total comprehensive income in accordance with IND AS are same. therefore nop reconcilaition is required