Shree Digvijay Cement Company Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2019
Auditor and Management Disclosures and Notes for the annual results dated 31 Mar 2019
Notes:
1.The financial results for the quarter and for the year ended March 31, 2019 have been reviewed by the Audit Committee at it's meeting held on April 29, 2019 and approved by the Board of Directors at it's meeting held on April 30, 2019.
2.True North Fund VI LLP (the “Acquirer”) has entered into a Share Purchase Agreement (“SPA”) on November 12, 2018 with Votorantim Cimentos EAA Inversiones S.L and Votorantim Cimentos S.A. (“Existing Promoters”) with the intention to sell and transfer their entire shareholding of 106,030,708 fully paid-up equity shares of Rs. 10 each representing 75% of paid-up share capital of the Company.
True North Fund VI LLP (the “Acquirer”) has acquired 57.17% of issued and paid up share capital of the Company i.e. 54.62% through on market purchase on the floor of stock exchange from Existing Promoters and 2.55% through open offer from public shareholders. Board will, at the closing Board meeting, consider the proposal to declassify Existing Promoters and thereafter True North Fund VI LLP will become the promoter of the Company.
3.Effective April ,01 2018, the Company has adopted Ind AS 115 "Revenue from Contracts with Customers". The adoption of the standard did not have material impact on the financial results of the Company.
4.The Company has only one reportable segment, viz Manufacture and Sale of Cement, in accordance with Ind AS 108 - "Operating Segments".
5.The figures of the quarter ended March 31, 2019 and March 31, 2018 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 nine months of the relevant financial year.
6.According to the requirement of the Ind AS and SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, revenue for the corresponding previous quarter ended 30 June 2017 (included in the results for the year ended March 31, 2018) were and are reported including of excise duty.