Garnet Construction Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2017
Auditor and Management Disclosures and Notes for the annual results dated 31 Mar 2017
1. The above audited results for the quarter and year ended 31st March 2017, have been reviewed and approved by the Audit committee and Board of Directors at their respective meetings held on 30th May 2017.
2. In terms of Accounting Standard -17 "Segment Reporting", the company operates in a single business segment ,i.e., Real Estate/Real Estate Development" and substantial activities are carried out in India.
3. Since the nature of real estate business of the company is such that profits/losses do not necessarily accrue over the period, the result of a quarter may not be representative of the profits/losses for the year.
4. During the financial year, the Company has followed Percentage Completion Method as per the Revised Guidance Note on Accounting for Real Estate Transaction (2012), issued by the council of the Institute of Chartered Accountant of India for the new projects commenced during the year.
5. The figures of the last quarter are the balancing figure between audited figures in respect of full financial year and published year to date unaudited figures.
6. Figures pertaining to previous periods/year have been re-grouped / re-classified wherever found necessary to conform to current period/year presentation.