Batliboi 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
Notes to standalone Financial Results:
1) The above standalone results of the Company for the financial year ended 31st March 2018 have been reviewed by the audit committee and audited by the statutory auditors. These results were taken on record and approved by the Board of Directors at their meeting held on 22nd May 2018.
2) The figures of the quarters ended 31st March 2018 and 31st March 2017 are the balancing figures between the audited figures in respect of the full financial year and the published figures of nine months ended 31st December 2017 and 31st December 2016 respectively, which were subject to limited review by the statutory auditors.
3) The Company has adopted Indian Accounting Standards (Ind AS), perscribed under section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder, with effect from 1st April, 2016 and accordingly these standalone financial results have been prepared in accordance with Ind AS notified under the Companies (Indian Accounting Standards) (Amendment) Rules, 2016. The standalone financial results, presented in accordance with Ind AS - 101 - First time Adoption of Indian Accounting Standards, have been prepared in accordance with the recognition and measurement principles stated therein, perscribed under section 133 of Companies Act, 2013 read with the relevant rules issued thereunder and the other accounting principles generally accepted in India.The results of quarter ended 31st March 2016 has been restated to comply with Ind AS and are comparable on like to like basis.
4) IND AS 101 permits a first - time adopter in respect of stock options granted before date of transition to Ind AS at intrinsic value as done in Indian GAAP. In respect of the shares granted under the Company's Employee Stock Option Scheme,2012, the total cost of Rs. 58.71 Lacs being the excess of the market prices of the shares over the exercise price of the option on the grant date is treated as discount and accounted as employee compensation cost over the vesting period on straight line basis. The amount on account of lapsed options is credited to employee compensation cost. During the quarter net amount of Rs. 3.10 lacs has been debited to employee compensation cost for the quarter.
5) From 1st July 2017 Goods and Service Tax (GST) has been levied on sale of goods and services. The current quarter revenue is net of GST. Till 30th June 2017 excise duty amount is included in revenue and accordingly excise duty has been shown as expenses.
6) The audit report of financial year 2016-17 and 2015-16 contained qualified opinion on account of remuneration to Managing Director in excess of the ceiling under Schedule V of the Companies Act, 2013 from 1st February 2016 to 12th September 2016. The Company has received approval from Central Government on 21st June 2017 for remuneration paid to Managing Director.
7) Reconciliation of the standalone financial results for the corresponding quarter and year ended 31st March 2017 between previous Indian GAAP and Ind AS as under :
Rs. in Lakhs
Particulars Standalone
Quarter Ended 31.03.2017 Year Ended 31.03.2017
Net profit /(Loss) as per previous Indian GAAP (290.62) (703.08)
Add : i) Acturial gain / (loss) on employee defined fund recognised in other comprehensive income 14.96 59.90
ii) Effect of borrowing cost pursuant to application of effective interest rate method 6.71 24.90
Less : i) Reversal of profit on sale of SPM property (0.00) (599.22)
ii) Impact on warranty provisions (6.35) (42.29)
iii) Depreciation impact on Ind AS adjustments (33.03) (132.08)
iv) Effect of changes in rates of Foreign currency monetary items (16.31) (17.55)
Net profit as per Ind AS (87.17) (1,068.49)
Other Comprehensive Income
Less: (i) Items that will not be reclassified to profit or loss (14.98) (59.90)
Acturial gain/(Loss) on employee defined benefits
Add: (i) Income tax relating to items that will not be reclassified to profit or loss 4.63 18.51
Deferred Tax impact on above
Add : (i) Items that will be reclassified to profit or loss
Effect of changes in rates of foreign currency monetary items
Total Comprehensive Income (97.52) (1,109.88)
8) Reconciliation between standalone equity reported as at 31st March 2017 and 1st April 2016 between previous Indian GAAP and Ind AS as under :
Rs. In Lakhs
Sr.No. Particulars Standalone
31-Mar-17 01-Apr-16
Equity as per Earlier IGAAP 3,701.09 4,485.81
i) Effect of fair valuation of Property, Plant and Equipments 17,269.01 17,999.64
ii) Effect of fair valuation of Capital Work in Progress (281.32) (281.32)
iii) Effect of fair valuation of Investments (2,998.14) (3,076.74)
iv) Effect of fair valuation of Inventories (246.09) (246.09)
v) Effect of fair valuation of Trade receivables (568.36) (568.36)
vi) Recognition of Preference share as borrowings (692.48) (692.48)
vii) Transfer of Foreign Currency Translation reserve to General reserve (287.97) (191.84)
viii) Transfer of Foreign Currency Translation reserve from General reserve 287.97 191.84
ix) Impact of Warranty provision 14.07 56.36
x) Effect of borrowing cost pursuant to application of effective interest rate method 24.90 -
xi) Deferred Tax (2,962.63) (3,322.06)
xii) Transfer of Revaluation Reserve to Retained Earnings - (441.01)
xiii) Transfer of Revaluation Reserve from Retained Earnings - 441.01
Equity As per Ind – AS 13,260.05 14,354.76
9) Following are the details of standalone gross sales values of business handled for the year ended 31st March 2018 and 31st March 2017 including the values pertaining to agency business handled for which Company earns commission :
Rs. In Lakhs
Particulars S T A N D A LO N E
Year Ended
31.03.2018 31.03.2017
(Un-Audited) (Un-Audited)
Gross Sales Value of Total Business Handled (inculding Agency Business) 36,728.97 37,093.95
10) The figures for the previous periods/years have been reclassified/regrouped whereever necessary.