Sundaram Finance 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 results were approved by the Board of Directors at its meeting held on 31st January 2019.
2. The Company has adopted Indian Accounting Standards find AS') notified under section 133 of the Companies Act, 2013 ('the Act') read with the Companies (Indian Accounting Standards) Rules, 2015 from 1st April 2018 and the effective date of such transition is 01st April 2017. Such transition has been carried out from the erstwhile Accounting Standards notified under the Act, read with relevant rules issued thereunder and guidelines issued by Reserve Bank of India ('RBI') (collectively referred to as' the previous GAAP'). Accordingly, the impact of the transition has been recorded in the opening reserves as at 01st April 2017 and the corresponding figures presented in these results have been restated / reclassified.
However, in view of the evolving nature of the Financial Reporting requirements and modifications to the existing Standards, the financial results for both the current and previous periods may undergo changes in line with such regulatory/ legislative changes.
3. As required by paragraph 32 of Ind AS 101, net profit reconciliation between the figures reported under Previous GAAP and Ind AS is as under:(For Table, kindly refer Corporate Announcements on www.bseindia.com.)
4. Expected Credit Loss on Financial assets has been provided on estimated basis.
5. The Company's Secured Non - Convertible Debentures are secured by mortgage of immovable property ranking pari passu and Hypothecation of specific Loan receivables / Hire purchase/ Lease agreements with a cover of 100%, as per the terms of issue.
6. The Company is engaged primarily in the business of financing and accordingly there is no separate reportable segment as per Ind AS - 108 dealing with Operating Segments.
7. The Board of Directors has declared an interim Dividend of Rs 5/- per share (50% on the face value of Rs 10/- per share) for the financial year 2018-19 which will be paid on 26th February 2019 to those shareholders whose names stand in the Register of Members of the Company as on the Record Date - 12th February 2019.
8. Previous year's figures have been regrouped wherever necessary to conform to current year's classification.
9. The Statutory Auditors have carried out a Limited Review of the financial results for the quarter and nine months ended 31st December 2018.