Chowgule Steamships 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 Company operates in only one business segment viz. Shipping.
2. The Company has revalued its Non Financial assets in current quarter retrospectively from 01/04/2018, reconciliation with published results is as below.
3. Figures for the previous period have been regrouped wherever necessary.
4. The Company has adopted IndAs 115 'Revenue from Contractors with customers' w.e.f. 01/04/2018. The adoption of standard did not have any material impact to the financial results of the Company.
5. During the quarter the Company has sold its River-Sea Vessel viz. Chowgule 7.
6. 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 17/01/2019.
7. The financial highlights of Chowgule Steamships Overseas Limited (wholly owned subsidiary of Chowgule Steamships Limited) together with its subsidiaries for the period are as under. The highlights have been published to provide additional information and the same are not subjected to Limited Review by the Statutory Auditors.
8. During 1st quarter ended 30/06/2018. Chowgule Steamships Overseas Limited has sold 2 handysize vessels resulting in loss on sale of vessels of USD 6.383 million which is included in net loss of USD 7.764 million. These vessels have been taken back on bareboat with an option to buyback.