PG Electroplast has issued a clarification regarding a recent article that raised concerns about the company’s financial health. The company refutes the claims made in the article, stating that they are factually inaccurate and unsubstantiated. PG Electroplast affirms its compliance with disclosure requirements, sound financial standing, and commitment to transparency. The company has requested a review of the article and reserves the right to legal action.
Response to Inaccurate Report
PG Electroplast has addressed a published article containing statements about the company’s financial health that it deems inaccurate. The company asserts that these statements do not accurately reflect its current financial position or operational performance.
Key Points of Clarification
The company emphasizes the following:
- Compliance: PG Electroplast maintains that it consistently complies with all applicable disclosure requirements.
- No Undisclosed Developments: There are no undisclosed material developments concerning the company’s financial health or business operations.
- Accurate Financial Reporting: The company’s audited financial statements and quarterly results accurately represent its financial position and are prepared according to applicable accounting standards.
PG Electroplast’s Rebuttal
The company specifically refuted claims of rising leverage, weakening cash flows, and growing debt commitments, asserting it is a net cash company. They also addressed concerns about shrinking working-capital cycles and the need for new capital injection, stating they have healthy cash flows and strong liquidity ratios. PG Electroplast maintains it is on track to meet its financial guidance for the year.
Actions Taken
PG Electroplast has formally requested that HDFC Securities review and rectify the inaccuracies in the article. The company reserves the right to pursue legal and regulatory actions to protect its reputation and shareholder interests.
Company Commitment
PG Electroplast urges stakeholders to rely solely on official company disclosures for accurate information. They remain committed to transparency and safeguarding their reputation.
Source: BSE