CHD Developers Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2019
Auditor and Management Disclosures and Notes for the quarterly results dated 31 Mar 2019
1. The above standalone financial results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on June 29, 2019 and have been audited by the Statutory Auditors. The figures for the last quarter are the balancing figures between the audited figures; in respect of the full financial year up to March 31, 2019 and the unaudited published year-to-date figures up to December 31, 2018, being the date oi the end of the third quarter of the financial year which were subject to limited review by the statutory auditors
2. These standalone financial results have been prepared in accordance with the recognition and measurement principles of Indian Accounting Standards as notified under Section 133 of the Companies Act, 2.013 read with the Companies (Indian Accounting Standards) Rules, 201b as amended.
3. In line with the provisions of Ind AS 108 - Operating Segments, the operations of the Company fall primarily under colonization & real estate business, which is considered by the management to be the only reportable segment.
4. Ind AS 115 Revenue from Contracts with Customers, mandatory for reporting periods beginning on or after April 1, 2018, replaces existing revenue recognition requirements. The application of Ind AS 115 has impacted the Company's accounting for recognition of revenue from real estate Project The Company has applied the modified retrospective approach to contracts that were not completed as of April 1, 2018 and has given impact on -115 application by debit to retained earnings as at the said date by Rs. 323.37 Lacs pertaining to recognition of revenue based on satisfaction of performance obligation at a point in time. Accordingly, the figures for the comparative previous periods have not been restated and hence the current period figures are not comparable with previous period figures.
5. The figures for the corresponding previous period have been regrouped/ reclassified, wherever considered necessary.