MosChip Technologies 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 unaudited standalone financial results are prepared in accordance with the Indian Accounting Standards (Ind AS) as prescribed under Section 133 of the Companies Act, 2013 ("the Act") read with relevant rules thereunder, other accounting principles generally accepted in India and guidelines issued by the Securities and Exchange Board of India ("SEBI").
2. The unaudited standalone financial results for the quarter and nine months ended 31 December 2018 have been reviewed and recommended by the Audit Committee and approved by the Board of Directors at their meetings held on 04 February 2019. The statutory auditors have carried out a limited review of these unaudited standalone financial results.
3. The Company has allotted 2,222,222 equity shares pursuant to conversion of equivalent number of warrants at Rs. 45/- on preferential basis. Further the Company has allotted 276,500 equity shares pursuant to conversion of employee stock options to eligible employees. Consequent to above allotments the paid-up equity share capital of the Company increased to 147,249,777 equity shares of Rs. 2/-.
4. The Company has acquired 100% unit capital of Gigacom Semiconductor, LLC (USA) pursuant to allotment of 6,700,000 equity shares (swap shares) on 17 October 2018 (acquisition date). Subsequently Gigacom Semiconductor, LLC (USA) has become a wholly owned subsidiary of the company.
5. The Company has acquired 100% equity in "Institute of Silicon Systems Private Limited" on 14 September 2018 (acquisition date).
6. Subsequent to the approval of board of directors1n its meeting held on 23 July 2018 the Company has acquired 18.28% equity in First Pass Semiconductor Private Limited (FP).
7. The Board of Directors in their meeting held on 23 July 2018 has approved acquisition of balance equity share capital of FP and 100% equity share capital of Gigacom Semiconductor Private Limited through a Scheme of Arrangement for Amalgamation with effect from 1 April 2018, under section 230 to 232 of the Companies Act. 2013.
The unaudited consolidated financial results of the Company do not reflect the results in respect of acquisitions specified above. We are awaiting for regulatory compliances and approvals.
8. The figures for the quarter ended 31 December 2018 are the balancing figures between the unaudited figures upto nine months ended 31 December 2018 and the published figures for the half year ended 30 September 2018. Previous quarter / year ended figures have been regrouped wherever necessary to make them comparable.