Symphony 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 financial results have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on February 05, 2019.
2. The Statutory auditors of the Company have carried out limited review of the financial results for the quarter / nine months ended on December 31, 2018.
3. The Board of Directors in their meeting held on February 05, 2019 declared 3rd interim dividend of 50% i.e. Rs. 1/- per equity share of Rs. 2/- each amounting to Rs. 8.43 crores including dividend distribution tax. The record date for the payment of interim dividend is February 15, 2019. The interim dividend will be paid on or before February 28, 2019.
4. The Company holds Non-Convertible Redeemable Cumulative Preference Shares of Rs. 21.01 crores (issue price) of Infrastructure Leasing & Financial Services Ltd (IL&FS Ltd), which are redeemable between March, 2021 to October, 2022. In view of the significant downgrade of the credit ratings of IL&FS Ltd. and other steps being taken by the relevant authorities and regulators in the matter, and as per the facts and circumstances prevailing as on September 30, 2018, the Company provided Rs. 4.10 crores as an impairment loss and also stopped recognition of dividend w.e.f. April 01, 2018. As at December 31, 2018, the Company has re-assessed the position and has decided to continue with the said provision of impairment loss.
5. From the Quarter ended on June 30, 2018, the Company has changed presentation denomination from “Rs. in Lacs” to “Rs. in Crores”. Accordingly, the figures for the corresponding quarter and nine months ended of the previous year and previous year end have been re-presented in “Rs. in Crores”.
6. Previous period figures have been rearranged/ regrouped wherever necessary to make them comparable with the figures of the current period.
7. Segment Results As per recognition criteria mentioned in Ind AS-108, Operating Segment, the Company has identified only one operating segment i.e. Air Cooling and Other Appliances Business. However substantial portion of Corporate Funds remained invested in various financial instruments. The Company has considered Corporate Funds as a separate segment so as to provide better understanding of performance of Air Cooling and Other Appliances Business.
Achal Bakeri Ahmedabad Chairman & Managing Director