Chembond Chemicals 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 results for the quarter and nine months ended 31st December, 2018, have been reviewed by the Audit Committee, approved by the Board of Directors at their meeting held on 2nd February, 2019 and have been subjected to limited review by the Statutory Auditors.
2.This Statement has 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 recognised accounting practices and policies to the extent applicable.
3.Effective 1st April, 2018, the Company has adopted Ind AS 115, Revenue from Contracts with customers (which replaces the earlier revenue recognition standards) using the cumulative effect method. There is no material impact on transition to Ind AS 115 on retained earnings as on 1st April, 2018, and the unaudited financial results for the quarter and nine months ended 31st December, 2018.
4.The Company is engaged in the manufacture of Specialty Chemicals, which in the context of IND AS 108- Operating segment specifed under section 133 of the Companies Act, 2013 is considered as a single business segment of the company.
5.Revenue from operations for the quarter and nine months ended 31st December, 2018 is net of Goods and Service Tax (GST). However, revenue from operations upto 30th June 2017 which are also included in the amounts for the nine months ended 31st December, 2017 and year ended 31st March, 2018 is gross of Excise Duty. Accordingly, the results are not comparable to that extent.
6.Other Income includes dividend from Subsidiary Company for the quarter and nine months ended 31st December, 2018 of Rs.Nil (Rs. Nil) and Rs.240.95 Lakhs (Rs.230.17 Laks) and for the year ended 31st March, 2018 Rs.230.17 Lakhs respectively.
7.In view of the expiry of the toll of manufacturing contract in June 2018, the results for the quarter and nine months ended 31st December, 2018 are not comparable with other results to that extent. The Company has decided to use its existing facilities to re-enter the Metal Treatment Chemicals business through its wholly owned subsidiary Chembond Material Technologies Private Limited.
8.The comparative financial information of the Company for the quarter and nine months ended 31st December, 2017 have been reviewed and for the year ended 31st March, 2018, have been audited by erstwhile Statutory Auditors of the Company, who vide their report dated 10th February, 2018 and 30th May, 2018, expressed an unmodified opinion.
9. The figures for corresponding previous periods have been restated/regrouped, rearranged and reclassified wherever necessary.