V B Desai Financial Services 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 has only one segment i.e Financial Services, therefore segmentwise reporting is not given.

2. The Financial Results have been prepared in accordance with Indian Accounting Standards (IND-AS) as prescribed under section 133 of the Companies Act, 2013, read with Rule 3 of the Companies (Indian Accounting Standards) Rules 2015 and relevant amendment thereafter.

3. The Company has accounted the revenue for nine months ended on December 31, 2017 and for the year ended on March 31, 2018, net off service tax. The Government of India has implimented Goods and Service Tax (GST) from July 01, 2017. According to the requirements of Ind AS and SEBI (Listing Obligations and Disclosure Requirements).

4. The Company had classified Rs. 73.81 lakhs as Other Comprehensive Income in the quarter ended on 30th September 2018. The same has reclassified as Other Income during the quarter ended on 31st December 2018.

5. The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their Meeting held on 5th February, 2019.

6. The figures for the corresponding quarter / year have been restated whereever necessary to make them comparable with the current period's figures.