PRIME FOCUS LTD. - Updates on Audited Results for the year ended June 30, 2015
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| 26 Aug 2015 | |
| Prime Focus Ltd has informed BSE that :<BR><BR>"With regards to the Audited Results for the Financial Year ended June 30, 2015 to be published by our Company on or before August 29, 2015, we would like to state as under:<BR><BR>We had published Audited Financial Results for the last financial year ended June 30, 2014 on August 28, 2014.<BR><BR>As per the clause 41 of Listing Agreement, the Audited Results have to be submitted within 60 days from the closure of the financial year, which in the present case is on or before August 29, 2015.<BR><BR>Currently, we have 11 direct subsidiaries, out of which 5 are direct foreign subsidiaries and there are additional step down subsidiaries located across the globe.<BR><BR>During the year, the following material events have taken place:<BR><BR>1. Double Negative UK Holdings Ltd, one of the worlds largest independent providers of visual effects services, became a subsidiary of Prime Focus World NV (a subsidiary of the company in July 2014. This entity has operating subsidiaries in UK, Singapore and Canada;<BR><BR>2. Licensing and 3D conversion partnership with Canada's Gener8 Media Corp, a global leader in 3D conversion technology, in March 2015; and<BR><BR>3. Acquisition of the global Film and Media Services business (FMS business) from Reliance MediaWorks Limited in April 2015.<BR><BR>There are various local auditors, different fiscal years, local accounting rules and conversion of the same to Indian GAAP for audit of financials of the above mentioned acquisitions. The audits of some of these entities are in advanced stage of completion and audited financials of the same are awaited shortly, basis which the audit of consolidated financial statements will be compiled. In view of the above, we are yet to receive all the financial data for consolidation.<BR><BR>In view of the above-mentioned facts, it is difficult for the Company to complete the audit of consolidated financial statements within the available timeframe. However, we are in advanced stages of the required audit procedures and expect that the company will be in a position to publish the Audited Results for the Financial Year ended June 30, 2015 on or before September 12, 2015." | |
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