Shree Digvijay Cement Company Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2018
Auditor and Management Disclosures and Notes for the annual results dated 31 Mar 2018
1. The financial results for the quarter and for the year ended March 31, 2018 have been reviewed by the Audit Committee and approved by the Board of Directors at it's meeting held on April 19, 2018.
2.The financial results of the Company have been prepared in accordance with Companies (Indian Accounting Standards) Rules, 2015 (as amended) (Ind AS), notified under section 133 of Companies Act, 2013 and other recognised accounting practices and policies to extent applicable. The Company has for the first time adopted Ind AS for the financial year commencing from April 01, 2017 with a transition date of April 01, 2016.
3.Reconciliation of equity as at March 31, 2017, as reported in accordance with Previous GAAP to equity in accordance with Ind AS is given below :
Rs. in Lacs
Particulars Other Equity
Balance as on March 31, 2017 as per Previous GAAP :4162
Add/(Less) : Adjustment for Ind AS
- Recognition of deferred tax assets (including MAT credit entitlement) : 2124
-Impact of security deposits recognised at amortised cost : -
Balance as on March 31, 2017 as per Ind AS : 6286
Note: Figures are rounded off to nearest lakhs. Figures below Rs. 50,000/- are denoted by (*)
4. The reconciliation of net profit / (loss) for the quarter and for the year ended March 31, 2017 reported in accordance with Previous GAAP to total comprehensive Income in accordance with Ind AS is given below:
Rs in Lacs
Particulars Quarter ended Year ended
31/03/2017 31/03/2017
(Audited) (Audited)
Refer Note No.9
Net Profit /(Loss) for the period as per Previous GAAP 389 (1417)
Add/(Less) : Adjustment for Ind AS
a) on account of remeasurements of post employment benefit obligation: (136) 33
b) Impact of security deposits recognised at amortised cost: _* _*
c) on account of recognition of deferred tax asset: (200) 479
Total: (336) 512
Net Profit / (Loss) for the period as per Ind AS: 53 (905)
Other Comprehensive Income/(Expenses) :
Items that will not be reclassified to profit or loss (Net of Tax)
- on account of remeasurements of post employment benefit obligation 89 (21)
Total Comprehensive Income/(Loss) 142 (926)
Note: Figures are rounded off to nearest lakhs. Figures below Rs. 50,000/- are denoted by (*)
5. In accordance with Previous GAAP "Deferred Tax Assets" as of March 31, 2016 were not recognised, as they were not considered to be virtually certain of realisation as of that date. With the adoption of Ind AS 12, effective from April 01, 2017 accounting standard requires the recognition of "Deferred Tax Assets" based on the reasonable certainty resulting in transitional adjustment to the opening balance sheet as at April 01, 2016. Consequently "Deferred Tax Assets" so recognised in the opening balance sheet has been adjusted for FY 2016-17 and reconciliation of Net profit reported in accordance with previous GAAP to the total comprehensive income in accordance with Ind AS is given above.
6. In view of Hon'ble Supreme Court ruling, the Company has reversed the provision of Rs. 201.78 Lakhs during the quarter ended December 31, 2017 which was towards additional royalty on lime stone payable to District Mineral Foundation (DMF) under the Mines and Mineral (Development & Regulation) Amendment Act, 2015 for the period from January 12, 2015 to September 16, 2015.
7. The Board of Directors of the Company at its meeting held on 27 March 2018, has approved the scheme of arrangement for capital restructuring/reduction, the appointed date being April 1, 2017. The scheme will be given effect to on receipt of requisite approvals/ consent.
8. The Company operates in one business segment viz. "Manufacture and Sale of Cement" mainly in India. Therefore, segment information is not required to be furnished.
9. The figures for the last quarter are the balancing figures between the audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the current financial year.