Sky 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 financial results have been prepared in accordance with Indian Accounting Standards ('IND AS-34' "Interim Financial Reporting") as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and the Companies (Indian Accounting Standards) Amendment Rules, 2016, as amended thereafter.

2. The above financial results have been reviewed and recommended by the Audit Committee and have been approved and taken on record by the Board of Directors at its meeting held on 25th Jan 2019.

3. The limited review as required under Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 has been completed by the Auditors of the Company.

4. The Company mainly operates in a single primary business segment comprising of manufacture and trading of narrow fabrics, therefore disclosure requirements as per Ind AS 108, "Operating Segments" are not applicable to the Company.

5. The Government of India has implemented Goods and Service Tax ('GST') with effect from July 01, 2017 which replaces excise duty and various other indirect taxes. As per Ind AS, sales for the quarter and nine months ended December 31,2018 , quarter ended September 30, 2018, quarter ended June 30, 2018, December 2017 and September 2017 are reported net of GST. The year ended March 31, 2018 and six months ended September 30, 2017 includes excise duty upto June 30, 2017.

6. The Company has allotted 220000 equity shares of face value Rs. 10/- at a premium of Rs. 13/- share to the promoter group on 28th April, 2018. The listing approval of the same has also been received from BSE.

7. No investors complaints were received as of Quarter ended 31st December 2018.

8. Previous year / quarter's figures have been regrouped wherever considered necessary.