DIC 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 financial results for the quarter and year ended December 31, 2018 duly reviewed by the Audit Committee, were taken on record by the Board of Directors at its meeting held on January 30, 2019.
2. The Company has adopted Indian Accounting Standards (Ind AS) from January 1, 2018 with a transition date of January 01, 2017. The financial results for the periods presented have been prepared in accordance with recognition and measurement principles laid down in Ind AS-34 Interim Financials Reporting, prescribed under Section 133 of Companies Act. 2013 read with relevant rules issued thereunder and the accounting principles generally accepted in India.
3. The financial results pertaining to quarter and year ended December 31, 2017 were subject to limited review/ audit by another firm of Chartered accountants under Indian GAAP The management has exercised due diligence for conversion of the financial results to Ind AS to ensure that the financial results provide a true and fair view of its state of affairs in accordance with Ind AS.
4. The reconciliation of Net Loss for the quarter and year ended December 31, 2017 in accordance with Indian GAAP to total comprehensive income/ (loss) in accordance with Ind AS is given below: (Rs.in Lakhs )For Table, kindly refer Corporate Announcements on www.bseindia.com.
5. Consequent to introduction of Goods and Service tax (GST) w.e.f 1 July 2017. Central Excise, Value added tax etc have been subsumed into GST. In accordance with Ind AS-18 on Revenue and Schedule III of the Companies Act, 2013 unlike excise duty. GST is not part of revenue Accordingly, revenue for the year ended December 31, 2018 and December 31, 2017 are strictly not comparable The following additional information is being provided to facilitate such understanding :(Rs.in Lakhs)
6. In view of continuing losses, the Company is of view that it is no longer probable that sufficient taxable income will be available and hence brought forward deferred tax assets of Rs 464.09 lakhs as at December 31, 2017 has been charged off in books of account, as required under Ind- AS 12 ‘Income Taxes'.
7. During the previous year, in view of loss incurred in Adhesive division, after evaluation of the expected future performance of the division and the Company's business strategy, the management had performed an impairment testing of fixed assets and impaired the value of its tangible fixed assets to the extent of Rs. 1,161.66 Lakhs and capital work-in-progress to the extent of Rs 44.26 Lakhs relating to its Adhesives Division. The same was disclosed as "Exceptional Item" in the above results.
8. The figures for the quarter ended December 31, 2018 & December 31, 2017 are the balancing figures between audited figures in respect of the full financial year ended December 31. 20IS & December 31, 2017 respectively & the unaudited published year to date figures up to September 30, 2018 and September 30, 2017 respectively, being the end of the third quarter of the respective financial years, which were subjected to a limited review.
9. The reconciliation of Total equity reported under Indian GAAP and under Ind AS as at December 31. 2017(Rs.in Lakhs )For Table, kindly refer Corporate Announcements on www.bseindia.com.
10. Pending completion of the transaction relating to sale of Land at Mumbai, the Company is entitled to claim interest amounting to Rs 704.65 lakhs on delayed payments from the buyer. The same has been included as part of other income.
11. Figures for the previous periods have been regrouped / rearranged wherever necessary to conform to current period’s classification.