Paramount Communications Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Dec 2018
Auditor and Management Disclosures and Notes for the quarterly results dated 31 Dec 2018
1. These results are reviewed by the Audit Committee and approved by the Board of Directors in their meeting held on 1st February, 2019. The Statutory Auditors have carried out limited review of these financial results.
2. Company has allotted 11,881,500 equity shares to the holders of outstanding US$7.5 Million Foreign Currency Convertible Bonds(FCCBs) upon conversion of outstanding FCCBs at a predetermined fixed conversion price of Rs. 28.40 per equity share on 16th July, 2018.
3. Company has allotted 17,000,000 equity shares to Promoters and Promoter Group entities on preferential basis at a price of Rs. 15.26 per equity share on 10th July, 2018
5. Ind AS 115 Revenue from Contracts with Customers, mandatory for reporting periods beginning on or after 1 April 2018 replaces the existing revenue recognition standards. The application of Ind AS 115 did not have any significant impact on financial results of the Company. However, the Company has determined that, in case of certain contracts, transportation services provided to customers is a separate performance obligation and accordingly the revenue attributable to such shipping services has been recognised as revenue from operations, which was hitherto netted off against the corresponding freight expenses included as part of other expenditure in the above results The Company has applied the full retrospective approach and restated the previous periods presented.
The restated revenue for the quarter ended 31st December, 17, nine months ended 31st December,2017 and year ended 31 March 2018 is higher by Rs. 223.23 Lakhs, Rs.506.67 Lakhs and Rs.724.81 lakhs respectively with the corresponding increase in Other expenses.
6. Post implementation of Goods and Services Tax (GST) effective from 1st July, 2017 , revenue is reported net of GST as per Ind AS -18. Revenue, however, is reported inclusive of excise duty for a part of the period ended 31st December, 2017.
7. There are no separate reportable segments as per the Indian Accounting Standard (Ind AS-108) on segment reporting.
8. The figures have been regrouped/ rearranged wherever considered necessary to facilitate comparison.