Bombay Burmah Trading Corporation 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 having been recommended by it to the Board for approval, were approved by the Board at its meeting held on 4th February, 2019. The Statutory Auditors have expressed an unmodified review opinion.
2. Out of the expenditure of Rs. 1,320.26 Lakhs (Previous period Rs. 1,127.96 Lakhs) incurred during the nine months ended 31 December 2018 at coffee estates, an amount of Rs. 525.87 Lakhs (Previous period Rs. 725.39 Lakhs) has been charged to the Statement of Profit & Loss for the quarter ended 31 December 2018, balance has been carried forward and will be accounted against the coffee crop of the next quarter.
3. "Pursuant to the notification no. S.O. 4823(E) dated 12th September, 2018 issued by the Ministry of Corporate Affairs, the provisions of Section 66 to 70 of the Companies (Amendment) Act, 2017 dealing with Managerial Remuneration have come into effect from that date. In view thereof, the Central Government (CG) has informed the Corporation that the applications made to them for approval of the payment of remuneration of Rs. 290 Lakhs (excluding retrials of Rs. 59 Lakhs) for each of the financial years 2016-17 and 2017-18 to the Managing Director, Mr. Ness Wadia, shall abate and is closed.
In view of the above, the Corporation shall seek, if and to the extent required, the approval of the Members of the Corporation by way of a special resolution for payment of the aforesaid remuneration, which is within the limits approved by the Members at their Annual General Meeting held on 5th August, 2016."
4. The secured listed non-convertible redeemable debentures of the Company aggregating to Rs. 15,000 Lakhs as at 31st December, 2018 are secured by way of first mortgage / charge on the Company’s certain properties and the asset cover thereof exceeds hundred percent of the principal amount of the said debentures.
5. Effective 1st July, 2017, sales are recorded net of GST whereas earlier sales were recorded gross of excise duty which formed part of expenses. Hence, revenue from operations for the nine months ended 31st December, 2018 are not comparable with previous period's corresponding figures.
6. Comparative figures have been regrouped / reclassified wherever necessary to conform to current period's presentation.