Beardsell 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
a. The above standalone financial results for the quarter and year ended March 31, 2018 and consolidated financial results for the year ended March 31, 2018 have been reviewed by the Audit Committee and approved by Board of Directors at its meeting held on May 28, 2018.
b. In compliance with Ministry of Corporate Affairs (MCA) notification dated February 16, 2016, the Company has adopted Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder w.e.f April 01, 2017. The date of transition into Ind AS is April 1, 2016 and accordingly, these standalone and consolidated financial results have been presented under Ind AS. The standalone and consolidated financial results for the comparative periods/year are also presented under Ind AS.
c. The consolidated financial results for the year ended March 31, 2018 includes the results of the Company, its subsidiary held directly - Sarovar Insulation Private Limited and controlled entity - Saideep Polytherm (Partnership firm).
d. A reconciliation of the standalone financial statements for the quarter and year ended March 31, 2018 and consolidated financial results for the year ended March 31, 2018 under Ind AS, to those reported under previously applicable Generally Accepted Accounting Principles (Previous GAAP) are summarised as follows: For Table, kindly refer Corporate Announcements on www.bseindia.com.
e. On May 5, 2017, one equity share of face value Rs. 10.00 each was split into five equity shares of Rs. 2.00 each and on May 6, 2017, the Company issued bonus shares to the existing shareholders, in the ratio of 1:5. The Securities premium account was utilised to the extent of Rs. 93.66 lakhs for the issue of said bonus shares. The earnings per share has been restated for all the comparative periods giving effect to the revised number of shares post stock split and bonus issue.
f. During the year ended March 31, 2018, the Board of Directors of the Company have declared an interim dividend ofRs.0.24 per share (12%) at their Board meeting held on March 17, 2018.
g. On November 29, 2017, the Company has transferred leasehold rights on land and building at Additional Patalganga Industrial Area, Taluka - Panvel, Maharashtra for consideration of Rs. 800 lakhs to a third party. The gain on disposal aggregating Rs.245 lakhs for the quarter ended December 31, 2017 and year ended March 31, 2018 has been disclosed as an exceptional item.
h. Consequent to introduction of Goods and Services Tax (GST) with effect from 1st July 2017, Excise Duty has been subsumed into GST. In accordance with Ind AS, GST is not part of revenue unlike Excise Duty. Accordingly, the figures for the periods upto 30th June 2017 are not comparable to those thereafter. Hence, the following information is provided for comparability of revenue from operations across various periods:
i. The standalone figures for the quarter ended March 31, 2018 and March 31, 2017 are the balancing figures between standalone audited figures in respect of the lull financial year end March 31, 2018 and March 31, 2017 respectively and the standalone un-audited published year to date figures upto December 31, 2017 and December 31, 2016 respectively, being the end of the third quarter of the respective financial years which were subjected to a limited review.
j. The above financial results are also available on the stock exchange websites www.bseindia.com,www.nseindia.com and on our website www.beardsell.co.in.
k. Figures of the previous periods' / years' wherever necessary, have been regrouped / reclassified to conform to the current periods' classification / presentation.