Satin Creditcare Network 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 results have been reviewed by the Audit committee and approved by the Board of Directors of Satin Creditcare Network Limited ("the Company") at their meetings held on 4 February 2019.
2 With effect from 1 April 2018, the Company is required to comply with Indian Accounting Standards (“Ind-AS") prescribed under section 133 of the Companies Act, 2013 (“the Act”) read with relevant rules issued thereunder. Accordingly, these standalone results have been prepared in accordance with Ind-AS.
3. The changes in the financial reporting requirements arising from new standards, modification to the existing standards, guidelines issued by the Ministry of Corporate Affairs and the Reserve Bank of India, if any, may result in adjustments to these financial results for the current and previous period.
4. The comparative financial information for the corresponding quarter and period ended 31 December 2017 are based on the previously issued unaudited standalone financial results, prepared in accordance with the accounting standards specified under Section 133 of the Act, read with relevant rules issued thereunder and other accounting principles generally accepted in India ("the previous GAAP"). The Financial information in respect of the quarter and period ended 31 December 2017 have been adjusted for the differences in the accounting principle adopted by the Company upon transition to the Ind-AS.
5. The balance sheet as at 1 April 2017 (the transition date) and financial statements for the year ended 31 March 2018 would be finalised and subjected to audit at the time of annual financial statements for the year ending 31 March 2019.
6. Reconciliation of net profit after tax reported in accordance with previous GAAP to total comprehensive income in accordance with Ind AS is given below for the quarter and period ended 31 December 2017: (For Table, kindly refer Corporate Announcements on www.bseindia.com)
7. Additional information required as per Circulars issued by respective stock exchanges. (For Table, kindly refer Corporate Announcements on www.bseindia.com)
8. Previous and corresponding periods figures have been regrouped/rearranged to make them comparable to current period figures.