BASF India Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2017
Auditor and Management Disclosures and Notes for the annual results dated 31 Mar 2017
1. The above results for the quarter and year ended 31st March 2017 have been reviewed by the Audit Committee and thereafter approved by the Board of Directors at its meeting held on 4th May, 2017.
2. The Board of Directors at its meeting held on 4th May 2017 recommended payment of Dividend of 10% on equity shares for the financial year March 31, 2017.
3. During the current quarter, Cost of Goods Sold is lower by Rs. 258.5 Million due to non recurring price adjustment received mainly for Agriculture Solution segment. (During the quarter ended 31st March, 2016, Cost of Goods Sold was lower by Rs. 806.2 Million due to Non recurring price adjustments received mainly for Agriculture Solution, Performance Products and Chemicals Segments.)
4. The financial results are in compliance with IND AS subsequent to its adoption with effect from 1st April 2015 pursuant to Ministry of Corporate Affairs notification dated 16th February 2015 notifying the Companies (Indian Accounting Standard) Rules 2015. Accordingly, the Financial results for the quarter and nine months ended 31st December, 2016 are in compliance with IND AS and other accounting principles generally accepted in India and the results for the comparative quarter and nine months ended 31st December, 2015 and the previous year ended 31st March, 2016 have been restated in accordance with IND AS.
5. Equity reconciliation: For Table, kindly refer Corporate Announcements on www.bseindia.com.
6. Reconciliation of Net Profit for the period as previously reported (referred to as "Previous GAAP") and Ind AS for the quarters/year are presented as under: For Table, kindly refer Corporate Announcements on www.bseindia.com.
7. The Company has disclosed exceptional items as follows: For Table, kindly refer Corporate Announcements on www.bseindia.com.
8. Tax expense includes provision for current income tax, tax expense for previous periods, minimum alternate tax (based on estimated average effective annual income tax rate, considering tax allowances) and deferred tax charge/ (credit).
9. The statutory auditors have expressed an unqualified audit opinion on financial results for the year ended 31st May 2017. The audit report has been filed with stock exchange and is available on the Company's website.
10. Previous period figures have been regrouped and reclassified, wherever necessary.