1. Stocks
  2. GRP Ltd.
  3. Result Notes
BACK TO FUNDAMENTALS

GRP Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2018

Auditor and Management Disclosures and Notes for the annual results dated 31 Mar 2018

1. Company has adopted IND AS w.e.f. 01.04.2017, pursuant to notification issued by Ministry of Corporate Affairs dated 16.02.2015, notifying the Companies (Indian Accounting Standards) Rules, 2015. The date of transition is 01.04.2016. Accordingly, the financial result have been prepared in accordance with IND AS as prescribed under Section 133 of the Companies Act, 2013 read with the relevant rules thereunder and in terms of Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 and SEBI circular dated July 5, 2016. Consequently, results for the quarter ended 31-Dec-2016, nine months ended 31-Dec-2016 and previous year ended 31-Mar-2017 have been restated to comply with the IND AS, to make them comparable.

2. The above results are reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 26th May, 2018.

3. Reconciliation of Profit and Reserve as reported under previous Generally Accepted Accounting Principles ('Previous GAAP') and as per IND AS, is given in Appendix A.

4. As per (Ind AS) - 108 on Operating Segments, 'Reclaim Rubber' operations has been identified as reportable segment and smaller business segments not separately reportable have been grouped under the heading 'Others' which includes Windmill, Custom Die Forms, Engineering Plastics and Polymer Composite Products.

5. The figures for the quarter ended 31-Mar-2017 and 31-Mar-2018 are the balancing figures between the Audited figures in respect of the full financial year and the year to date figures up to the third quarter of respective financial year which were subjected to Limited Review by the Statutory Auditors.

6. Consequent to introduction of Goods and Service Tax (GST) w.e.f. 1st July, 2017, Revenue for the quarter ended 31-Mar-2018 and 31-Dec-2017 is presented net of GST in compliance with Indian Accounting Standard (Ind AS)-18 Revenue. The Revenue from Operations for the quarter ended 31-Mar-2017, 31-Dec-2017 and year ended 31-Mar-2017 are inclusive of excise duty and accordingly those are not comparable with the Revenue from Operations for the quarter and year ended 31-Mar-2018 to that extent.