Siyaram Silk Mills Ltd. - Quarterly/Annual Result Disclosures and Notes dated 30 Sep 2024
Auditor and Management Disclosures and Notes for the quarterly results dated 30 Sep 2024
1. The Unaudited Standalone Financial Results of the Company for the half year ended September 30, 2024 have been prepared in accordance with the Indian Accounting Standards (Ind AS) as prescribed under section 133 of the Companies Act, 2013 read with the Companies (Indian Accounting Standards) Rules, 2015 and relevant amendment rules thereafter.
2. The above Unaudited Standalone Financial Result of the Company for the quarter and half year ended September 30, 2024 have been reviewed by the Audit Committee and thereafter approved by the Board of Directors at their meeting held on October 26, 2024. The Statutory Auditors have carried out a limited review of these results.
3. The Company has recognized government grants in the nature of capital subsidy relating to the Property, Plant and Equipment (PPE). According to the Company's accounting policy, Grants relating to PPE that have already been fully depreciated are included in the Other Income and grants related to PPE in respect of which balance useful life is remaining, are treated as deferred income and shown under liabilities. Details of same is given below :
Particulars Quarter Ended Half Year Ended Year Ended
Government Grants in the nature of capital Subsidy 1059.61 1786.61 - 2846.22 - -
Grants recognised as Other Income 945.33 1286.09 - 2231.42 - -
Unamortised portion of grant related to PPE shown under other liabilities 114.28 500.52 - 614.80 - -
4. The Board of Directors of the Company has proposed the Scheme of Arrangement between the Company and its shareholders under Sections 230 of the Companies Act, 2013 (Scheme), which, inter-alia, provides for issuance and allotment of 9 PCT Non-Convertible Redeemable Preference Shares by way of bonus in 2 Series ( i.e. 4 (Four) 9 PCT Non-Convertible Redeemable Preference Shares of Rs. 10/- each fully paid up of the Company for every 1 equity share of Rs. 2/- each fully paid up (Series I) and 3 (Three) 9 PCT Non-Convertible Redeemable Preference Shares of Rs. 10/- each fully paid up of the Company for every 1 equity share of Rs. 2/- each fully paid up (Series II). Series I and Series II will be redeemed at the end of 3 Years and 5 Years respectively, from the date of it’s Issuance. The scheme is, inter-alia, subject to receipt of the statutory, regulatory and other requisite approvals, including approvals from stock exchanges, jurisdictional National Company Law Tribunal (NCLT) and the shareholders and creditors (as applicable) of the Company
5. The Company is engaged only in Textile business and there are no separate reportable segments as per Ind AS 108.
6. The Board has declared an Interim Dividend of Rs. 4/- (200 PCT ) per equity share of Rs. 2/- each. The cash outgo on account of Interim Dividend will be Rs. 1814.80 Lakhs.
7. The previous period's/year's figures have been regrouped/rearranged wherever necessary.
1. The Unaudited Standalone Financial Results of the Company for the half year ended September 30, 2024 have been prepared in accordance with the Indian Accounting Standards (Ind AS) as prescribed under section 133 of the Companies Act, 2013 read with the Companies (Indian Accounting Standards) Rules, 2015 and relevant amendment rules thereafter.
2. The above Unaudited Standalone Financial Result of the Company for the quarter and half year ended September 30, 2024 have been reviewed by the Audit Committee and thereafter approved by the Board of Directors at their meeting held on October 26, 2024. The Statutory Auditors have carried out a limited review of these results.
3. The Company has recognized government grants in the nature of capital subsidy relating to the Property, Plant and Equipment (PPE). According to the Company's accounting policy, Grants relating to PPE that have already been fully depreciated are included in the Other Income and grants related to PPE in respect of which balance useful life is remaining, are treated as deferred income and shown under liabilities. Details of same is given below :
Particulars Quarter Ended Half Year Ended Year Ended
Government Grants in the nature of capital Subsidy 1059.61 1786.61 - 2846.22 - -
Grants recognised as Other Income 945.33 1286.09 - 2231.42 - -
Unamortised portion of grant related to PPE shown under other liabilities 114.28 500.52 - 614.80 - -
4. The Board of Directors of the Company has proposed the Scheme of Arrangement between the Company and its shareholders under Sections 230 of the Companies Act, 2013 (Scheme), which, inter-alia, provides for issuance and allotment of 9 PCT Non-Convertible Redeemable Preference Shares by way of bonus in 2 Series ( i.e. 4 (Four) 9 PCT Non-Convertible Redeemable Preference Shares of Rs. 10/- each fully paid up of the Company for every 1 equity share of Rs. 2/- each fully paid up (Series I) and 3 (Three) 9 PCT Non-Convertible Redeemable Preference Shares of Rs. 10/- each fully paid up of the Company for every 1 equity share of Rs. 2/- each fully paid up (Series II). Series I and Series II will be redeemed at the end of 3 Years and 5 Years respectively, from the date of it’s Issuance. The scheme is, inter-alia, subject to receipt of the statutory, regulatory and other requisite approvals, including approvals from stock exchanges, jurisdictional National Company Law Tribunal (NCLT) and the shareholders and creditors (as applicable) of the Company
5. The Company is engaged only in Textile business and there are no separate reportable segments as per Ind AS 108.
6. The Board has declared an Interim Dividend of Rs. 4/- (200 PCT ) per equity share of Rs. 2/- each. The cash outgo on account of Interim Dividend will be Rs. 1814.80 Lakhs.
7. The previous period's/year's figures have been regrouped/rearranged wherever necessary.