AksharChem (India) 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 financial results have been reviewed by the Audit Committee and thereafter approved by the Board of Directors of the Company in their respective meetings held on February 5, 2019.
2. The Statutory auditors of the company have carried out "Limited Review" of the financial results for the quarter and nine months ended December 31, 2018 as per Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
3. The financial results for the quarter and nine months ended December 31, 2018 have been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) prescribed under Section 133 of the Companies Act, 2013 and other recognized accounting practices and policies to the extent applicable.
4. The Company operates in a single segment and in line with Ind AS - 108 "Operating Segments", the operation of the Company fall under "Chemical Business" which is considered to be the only reportable business segment.
5. Out of Issue Proceeds of Rs. 6903.99 lakhs from the Qualified Institutions Placement, Rs. 259.03 lakhs were utilised towards share issue expenses and Rs. 6644.96 lakhs has been utilised for the object stated in the offer document.
6. Effective July 01, 2017, revenue from operations is presented net of taxes and duties, upon implementation of the Goods and Services Tax Act. Hence total income and total expenses for the nine months ended on December 31, 2018 and December 31, 2017 are not comparable.
7. The figures for the previous year/periods have been regrouped/rearranged to make them comparable with current period figures.