EID Parry (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 were reviewed and recommended by the Audit Committee and approved by the Board of Directors at their respective meetings held on February 01, 2019. The Statutory auditors have carried out a limited review of these financial results.
2. The listed Non - convertible Debentures of the Company aggregating to Rs.100 Crores as on December 31, 2018 are secured by way of first mortgage/charge on certain properties of the Company and assets cover thereof exceeds hundred percent of the principal amount of the said debentures.
3. a. During the nine months ended December 31, 2018, the Company has sold its Bio Pesticides division and investment in its wholly owned subsidiary, Parry America Inc. effective from April 01, 2018 and April 1.9, 2018 respectively to its subsidiary Coromandel International Limited. Consequently the Company has recognised a profit of Rs. 208 76 Cr on sale of Bio Pesticides division and Rs. 35.16 Cr on sale of investments in Parry America Inc (refer note 4.a)
b. As required under accounting standards, the results of the Bio pesticides division is disclosed as discontinued operations. The details relating to the discontinued operations are given below: For Table, kindly refer Corporate Announcements on www.bseindia.com.
4. a. Exceptional item for the nine months ended December 31, 2018 represents the gain on sale of Investment in Parry America Inc. (a wholly owned subsidiary) to its subsidiary, Coromandel International Limited (refer note 3.a).
b. Exceptional item for the year ended March 31, 2018, Nine months and Quarter ended December 31, 2017 represents one-time settlement of additional cane price for sugar seasons 2013 14 to 2016 17 which has been agreed with farmers registered with the Company in Tamilnadu.
5. The Board at its meeting held on February 01, 2019 has decided that the sugar unit at Puducherry which is not in operation due to continuous non-availability of adequate sugarcane will not be operated in future as the expectation of the revival of cane cultivation in the area is abysmally low due to a variety of factors. The Company proposes to transfer assets of the unit to its other units and also dispose other assets as may be deemed appropriate.
6. The Board of Directors at its meeting held on February 01, 2019 have approved an interim dividend of Rs. 2.00 per equity share (200% on face value of Re.1 each).
7. The Government of India introduced the Goods and Service tax (GST) with effect from July 01, 2017. Accordingly, in compliance with Indian Accounting Standards, Revenue from operations for the period beginning July 01, 2017 is presented net of GST.
8. Effective April 01, 2018, the Company has adopted Ind AS 115" Revenue from contracts with customers". The application of Ind AS 115 did not have any material impact on the financial statements of the company.
9. Due to the seasonal nature of the business, figures for the current and previous quarters are not comparable.
10. Figures for the comparative periods have been regrouped wherever necessary in conformity with present classification.