Avasara Finance 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 above results, reviewed and recommended by the Audit Committee were approved and taken on record by the Board of Directors of the Company a! its meeting held on the 5th Day of February 2019 The above results were subjected to limited review by Statutory Auditors.
2. The Company has adopted Indian Accounting Standards (Ind AS) from April 01, 2018 (transition date April 01, 2017) and accordingly, the above financials results for the quarter ending December 31, 2018 have been prepared in accordance with the recognition and measurement principal laid down in Ind AS 34 "Interim Financial Reporting" prescribed under section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder and the other accounting principles generally accepted in India and in term of regulation 33 of the SEBI (Listing Obligation and Disclosure Requirement) Regulation, 2015 and SEBI Circular CIR/CFD/FAC/62/2016 dated July 05, 2016.
The Ind AS financial results and financial information for the quarter and nine months ended December 31, 2017 has been presented after incorporating the applicable Ind AS adjustments This information has not been subjected to any limited review or audit However, the Management has exercised necessary due diligence to ensure that the financial results provide a true and fair view of its affairs
3. Reconciliation of Net Profit under the previously applicable Generally Accepted Accounting Principles in India (referred to as "Previous GAAP") and total comprehensive income as reported in these financial results under Ind AS for the quarter and nine month ended December 31. 2017 is as below : (For Table, kindly refer Corporate Announcements on www.bseindia.com.)
4. Segment reporting as defined in Accounting Standards - 17 is not applicable, as the business of the company falls in one segment.
5. The above figures have been regrouped or rearranged wherever considered necessary.