APM Industries 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 Unaudited Standalone Financial Results for the Quarter and Nine Months ended December 31, 2018 have been reviewed and recommended by the Audit Committee and approved by the Board of Directors at their respective meeting held on February 04, 2019 and have been subject to Limited Review by the Statutory Auditors of the Company.
2. This statement has been prepared in accordance with the Companies (Indian Accounting Standards) Rules 2015 (as amended) (Ind AS) prescribed under Section 133 of the Companies Act, 2013 and other recognized accounting practices and policies to the extent applicable.
3. The Government of India introduce the Goods and Service tax (GST) with effect from July 01, 2017. Accordingly, in compliance with Indian Accounting Standard (Ind AS), revenue for subsequent period is net of GST, hence revenue from operations for the nine months ended December 31, 2018 is not comparable with corresponding nine months ended December 31, 2017.
4. The operations of the company relate to two segments viz. yarn and finance and investment.
5. Scheme of Arrangement for Demerger (the” Scheme”) among APM Industries Limited (Demerged Company) and APM Finvest Limited ( Resulting Company) -
a. The Scheme of arrangement between APM Industries Limited and its wholly owned subsidiary APM Finvest Limited was approved by requisite majority of equity shareholders and unsecured creditors of the Company in their respective NCLT convened meetings, held on 8th December, 2018.
b. NCLT, Jaipur Bench vide its Order dated 01.02.2019 has directed the Company to obtain no objection to the scheme from various regulatory authorities and fixed the next date of hearing for 28th March, 2019 for consideration of the sanction of the Scheme. The Complete order is uploaded on the website of Company at http://apmindustries.co.in/wp-content/uploads/2019/02/Order_1stFeb2019.pdf.
c. Pending for approval/ sanction of the scheme, the Company has not given effect of the scheme in the financial results for the quarter and nine months ended 31st December, 2018.
6. Previous period’s figures have been regrouped/ reclassified wherever considered necessary to make them comparable.