Sagar Cements 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. The above standalone and consolidated unaudited financial results were reviewed by the Audit Committee and later approved by the Board of Directors at their respective meetings held on January 30, 2019. The statutory auditors have carried out a limited review of these financial results.
2. The standalone and consolidated financial results of the Company have been prepared in accordance with the Indian Accounting Standards prescribed under section 133 of the Companies Act, 2013 ("the Act") read with relevant rules issued thereunder ('Ind AS') and other accounting principles generally accepted in India and guidelines issued by the Securities and Exchange Board of India ("SEBI") .
4. The Government of India has introduced the Goods and Services Tax (GST) with effect from July 01, 2017. Accordingly, in compliance with Indian Accounting Standards, Revenue from operations for the quarter and nine months ended December 31, 2018, quarter ended September 30, 2018 and quarter ended December 31, 2017 is net of GST. For the nine months ended December 31, 2017 and year ended March 31, 2018, Revenue from operations included excise duty for the period April 01, 2017 to June 30, 2017, which is now subsumed in GST.
5.The consolidated financial results include the results of the wholly owned subsidiary, Sagar Cements (R) Limited.
6. Pursuant to the approval accorded by the shareholders in the Extraordinary General Meeting held on January 08, 2019, the Company made a preferential allotment of 31,00,000 convertible warrants of Rs. 10 each at a premium of Rs.720 per warrant aggregating to Rs.22,630 lakhs to promoter and non-promoter entities on January 24, 2019.
The proceeds of the above issue are proposed to be utilized for the company's proposed investments in Satguru Cements Private Limited and Jajpur Cements Private Limited for setting-up a green field integrated cement plant of 1 million MTPA capacity along with a provision for Waste Heat Recovery power plant at Indore and for setting up of a cement grinding plant of 1.5 million MTPA at Odisha respectively and for other general corporate purposes.
7. Corresponding previous period's figures have been regrouped/reclassified, wherever necessary.