Navkar 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 unaudited financial results for the quarter and nine months ended December 31, 2018, as reviewed by the Audit Committee of the Board, were approved and taken on record by the Board of Directors at their meeting held on February 2, 2019. The statutory auditors of the Company have conducted a 'Limited Review' of the financial results for the quarter and nine months ended December 31, 2018 and an unqualified review report has been issued.
2. The financial results are in compliance with the Indian Accounting Standards (Ind-AS) as prescribed under Section 133 of the Companies Act, 2013 and notified by the Ministry of Corporate Affairs under the Companies (Indian Accounting Standards) Rules, 2015 (as amended).
3. Effective April 1, 2018, the Company has adopted Ind-AS 115 'Revenue from Contracts with Customers'. The application of Ind - AS 115 did not have any material impact on the financial results of the Company.
4. The members of the Company in their meeting held on January 5, 2018 approved the Scheme of Amalgamation of Navkar Terminals Limited ('NTL') with the Company (‘the Scheme'). The Company held 50,000 equity shares fully paid up in NTL, representing 100% of the total paid up equity share capital of NTL, which stands extinguished upon the Scheme becoming effective. The Scheme has been approved by the Hon'ble National Company Law Tribunal (NCLT), Mumbai Bench vide its order dated March 28, 2018. The Company has filed the certified copy of the said order with the jurisdictional Registrar of Companies on May 11, 2018 making the Scheme effective.
Accordingly, the Company has given effect in the financial statements with effect from March 1, 2016, being the Appointed Date, as provided in the Scheme. Therefore, the figures for the quarter and nine months ended December 31, 2017 have been restated considering the effect of amalgamation.
5. The Company is engaged in Container Freight Station (CFS) and Inland Container Depot (ICD) Operations and related activities during the period, consequently the Company does not have separate reportable business segment for quarter and nine months ended December 31, 2018.
6. Figures relating to the previous period(s)/ year have been regrouped/ rearranged, wherever necessary, to make them comparable with those of the current period.