Skipper Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2019
Auditor and Management Disclosures and Notes for the annual results dated 31 Mar 2019
1.The above financial Results as reviewed by the audit committee were taken on record by the Board of Directors at its meeting held on 22nd May, 2019. The Statutory Auditors have audited the above financial results.
2. The Board of Directors has recommended a dividend at the rate of Rs. 0.25 Per share of face value of Re. 1 each aggregating Rs. 30.94 millions (including corporate dividend tax of Rs. 5.28 millions) for the year ended 31st March 2019.
3.Subsequent to introduction of Goods and Service Tax (GST) with effect from 1st July, 2017, Revenue is required to be disclosed net of GST. Accordingly, figures of Revenue from Operations for the year ended 31st March, 2019 is not comparable with the figures of year ended 31st March, 2018.
4. Other expenses includes derivative and foreign exchange Gain/(Loss) as per details below:
(Rs. in millions)
Standalone Consolidated
Particulars Quarter Quarter Quarter Year Year Year
and foreign exchange 112.37 (112.97) 187.08 (30.02) 600.96 (30.02)
Gain/(Loss)
Unrealised Derivative
and foreign exchange (87.95) 264.27 (206.75) 0.49 (324.81) 0.49
Gain/(Loss)
Total 24.42 151.30 (19.67) (29.53) 276.15 (29.53)
5. 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.
6. The Company had executed a Limited Liability Partnership Agreement with Metzerplas Cooperative Agricultural Organization Ltd (an agriculture cooperative incorporated in Israel) dated 14th February 2018, to jointly carry out business activities in the field of micro-irrigation within the framework of joint-venture. Pursuant to this, an LLP was incorporated on 9th March, 2018, wherein the Company holds 50% partnership Interest.
Since there was no activity during the previous year, consolidated figure for current year only has been published.
7. The Company has adopted Ind AS 115 "Revenue from contract with customers" with effect from 1st April, 2018, with a modified retrospective approach. The cumulative effect of initial application of Ind AS 115, has been adjusted in opening retained earnings, which is not material, as permitted by standard. Similar impact on the financials results of the quarter and year ended 31st March, 2019 is also not material. The presentation of certain contract related balances have been changed for the current year only, and previous year balances continue to be disclosed as done in the previous year, which is in compliance with the requirements of Ind AS 115.
8.While considering the current scenario of the business segment, the Board has reconsidered the Scheme of Arrangement between Skipper Limited ("Skipper") and Skipper Pipes Limited ("SPL") for Demerger of the "Polymer Products Division except Palashbari unit at Assam" of Skipper into SPL and decided to withdraw the same.
9. The Previous period figures have been regrouped/ rearranged, wherever necessary, to confirm to the current period figures. 1. Other Current Assets includes Contract Assets.
2. Other Current Liabilities includes Contract Liabilities.