Berger Paints (India) 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 prepared in accordance with Indian Accounting Standards ('IND AS’) notified under section 133 of the Companies Act, 2013 read together with the Companies (Indian Accounting Standards) Rules, 2015, as amended.
2. The Company has complied with the requirements of IND AS 115 "Revenue from Contracts with Customers" with effect from April 1, 2018, the impact of which on the results for the period is not material.
3. As per requirements of SEBI ( Listing Obligations & Disclosure Requirements) Regulations, 2015 and Indian Accounting Standards (IND AS), revenue for the quarter ended June 30, 2017 included in the results for the nine months ended December 31, 2017 is grossed up for Central Excise Duty. With introduction of Goods and Services Tax (GST) with effect from July 1, 2017, Central Excise ceased to exist from that date. As mandated by IND AS 115 - Revenue from Contracts with Customers and Schedule III of Companies Act 2013, GST is not to be included as part of Revenue for the period after June 30, 2017. Consequently, revenue for the nine months ended December 31, 2018 are not comparable with revenue for corresponding nine months ended December 31, 2017. To facilitate comparison, the following additional information is being given: (For Table, kindly refer Corporate Announcements on www.bseindia.com.)
4. The above results, as reviewed by the Audit Committee, were approved and taken on record by the Board of Directors at its meeting held on February 01, 2019.
5. The Company is engaged in the business of manufacturing paints in India. There are no reportable segment(s) other than "Paints", which singly or in the aggregate quality for separate disclosure as per provisions of the relevant IND AS 108 "operating segments". The Management does not believe that the information about segments which are not reportable under IND AS would be useful to the users of these financial statements.
6. During the year ended March 31, 2018 the Company received all substantive approvals, necessary for affecting the merger of erstwhile BJN Paints India Limited ("BJN"), a wholly owned step down subsidiary of the Company. In accordance with the requirements of IND AS 103 "Business Combination" in respect of merger of entities under common control, the financial results for all the periods on or after April 1, 2016 were restated. Accordingly, financial results for the quarter and nine months ended December 31, 2017 have been restated to give effect to the above. This has resulted in an increase in Revenue from operations by Rs 15.35 crores and decrease in net profit by Rs 3.69 crores for the quarter ended December 31, 2017 and increase in Revenue from operations by Rs 54.88 crores and decrease in net profit by Rs 6.80 crores for the nine months ended December 31, 2017, as against the previously reported amounts.
7. During the quarter, the Compensation and Nomination and Remuneration Committee allotted 94696 equity shares of Re. 1/- each fully paid to the eligible employee on their exercise of their options granted to them under the Employee Stock Option Plan, 2016. Following Completion of all necessary formalities, the aforesaid equity shares were credited to the eligible employees accounts on 17th January, 2019.
8. The Company acquired 51% of the paid up equity share capital of Saboo Hesse Wood Coatings Pvt Ltd on January 28, 2019.
9. The figures of previous periods have been regrouped, wherever required.