Skipper 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.The financial results have been prepared in accordance with Indian Accounting Standard ("Ind AS") prescribed under Companies (Indian Accounting Standard) Rules 2015 as amended by the Companies (Indian Accounting Standards) Amendment Rules, 2016. Beginning April 01, 2017, the Company has for the first time adopted Ind AS with a transition date of April 01, 2016, accordingly these financial results (including for all the periods presented) have been prepared in accordance with the recognition and measurement principles state therein, as prescribed under section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder and the other accounting principles generally accepted in India.
2.The above financial Results as reviewed by the audit committee were taken on record by the Board of Directors at its meeting held on 17th May, 2018. The Statutory Auditors have audited the above financial results.
3.The Board of Directors has recommended a dividend at the rate of Rs. 1.65 Per share of face value of Re. 1 each aggregating Rs. 204.05 millions (including corporate dividend tax of Rs. 34.79 millions) for the year ended 31st March 2018.
4.Reconciliation between results previously reported under erstwhile Indian GAAP and as presented now under Ind AS for the quarter and year ended 31st March, 2017 is given below:
(Rs. in millions)
Particulars Quarter Ended Half Year Ended 31.03.2017 31.03.2017
(Audited) (Audited)
Net Profit for the period as reported under previous GAAP 527.85 1,114.97
Impact of ESOP recognised at fair value (5.85) (14.21)
Impact of Deferred Revenue Grant Income 0.08 0.34
Impact of Fair Valuation gain/ (Loss) of Financial Instrument # 101.06 223.84
Reclassification of actuarial (gains)/losses on Defined Benefit Plan
to Other Comprehensive Income (OCI) (8.13) 1.02
Other Adjustments (1.70) (8.98)
Deferred Tax on Above Adjustment (31.78) (74.83)
Net Profit for the period as reported under Ind AS 581.53 1,242.15
# Represents Gain on derivative instruments grouped under "Other Expenses".
5.Reconciliation of Equity as previously reported on account of transition from the previous Indian GAAP to Ind As for the year ended 31st March 2017 is given below:
(Rs. in millions)
Particulars Year Ended 31.03.2017 (Audited)
Equity as on 31st March 2017 under previous Indian GAAP 4,942.98
Impact of Capital Subsidy through Deferred Revenue (2.00)
Impact of Fair Valuation gain/ (Loss) of Financial Instrument 299.57
Impact of Unamortised Processing Fees 6.55
Impact Of Rent Straight Lining (7.49)
Impact of Provision for Doubtful Debt under ECL Model (7.62)
Impact of Revaluation of land 324.64
Reclassification of Actuarial Gain/(Loss) to Other Comprehensive Income 0.35
Others (0.74)
Tax adjustment on above (235.02)
Tax adjustment to Equity 378.24
Equity as on 31st March 2017 under IND AS 5,321.22
6.Consequent to introduction of Goods and Service Tax (GST) with effect from 1st July, 2017, Central Excise, Value Added Tax (Vat), etc. have been replaced by GST. In accordance with Indian Accounting Standard - 18 on Revenue and Schedule III on the Companies Act, 2013, GST is not included in the Gross Revenue From Operations for applicable periods. In view of the aforesaid restructuring of indirect taxes, Revenue From Operations and Segment Revenue (Gross) for the quarter ended 31st March, 2018, quarter ended 31st December, 2017 and year ended 31st, March, 2018 are not comparable with previous periods. Following additional information is being provided Net of Excise Duty to facilitate Comparison of Segment Revenue:
(Rs. in millions)
Particulars Quarter Ended Quarter Ended Quarter Ended Year Ended Year Ended
(Net of Excise duty) 5,928.50 5,664.24 5,644.23 20,737.19 16,646.02
7.The figures of the last quarter for the current and previous year are the balancing figures between the audited figures for full financial year and the published year to date figures upto December, 31 of the respective year.
8. The previous period figures have been regrouped/rearranged wherever necessary, to confirm to the current period figures.