BF Investment 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. This statement has been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 30th January, 2019.
2. This statement has been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) prescribed under Section 133 of the Companies Act, 2013 and other recognised accounting practices and policies to the extent applicable. Beginning April 1, 2018, the Company has for the first time adopted Ind AS with a transition date of April 1, 2017.
3. The format for un-audited quarterly results as prescribed in SEBI's Circular CIR/CFD/CMD/15/2015 dated November 30, 2015 has been modified to comply with requirements of SEBI's circular dated July 5, 2016, Ind AS and Schedule III (Division III) to the Companies Act, 2013 applicable to companies that are required to comply with Ind AS.
4. The statement does not include Ind AS-compliant results for the previous year ended March 31, 2018 as the same are not mandatory as per SEBI’s circular dated July 5, 2016.
5. The Company is in the business of making investments in group companies, focusing on earning income through dividends, interest and gains on investment held, which is a single segment in accordance with Ind AS 108 - "Operating segment" notified pursuant to Companies (Indian Accounting Standards) Rules, 2015 as amended.
6. The main source of income of the Company is by way of dividend on investments held by it, which is generally received/accrued in the second quarter of the year.
7. The Ind AS compliant corresponding figures in the previous year have not been subjected to review/audit. However, the Company's management has exercised necessary due diligence to ensure that such financial results provide a true and fair view of its affairs.
8. There is a possibility that these quarterly financial results may require adjustment before constituting the final Ind AS Financial Statements as at and for the year ending March 31, 2019 due to changes in financial reporting requirements arising from new or revised standards or interpretation issued by MCA / appropriate authority or changes in the use of one or more optional exemptions from full retrospective application of certain Ind AS as per permitted under Ind AS -101.
9. The reconciliation of net profit or loss reported in accordance with Indian GAAP to total comprehensive income in accordance with Ind AS is given below:
Particulars Quarter ended
December 31, 2017 nine months ended
December 31, 2017
Net profit / (loss) as per previous GAAP (495.48) 1,803.58
Adjustments
a) Fair valuation of investments 42.73 128.18
Net profit / (loss) as per Ind AS (452.75) 1,931.76
Other comprehensive income (net of tax) 74,138.35 33,989.67
Total comprehensive income for the period 73,685.60 35,921.43