Foseco India Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Dec 2021
Auditor and Management Disclosures and Notes for the annual results dated 31 Dec 2021
Notes :-
1. The results have been reviewed by the Audit Committee and approved by the Company’s Board of Directors at their respective meetings held on February 10, 2022. The statutory auditors have carried out the audit for the year ended 31 December 2021 and have issued an unmodified opinion.
2. Figures of the quarter ended 31 December 2021 and 31 December 2020 are the balancing figures between audited figures in respect of the relevant full financial year and the published year to date figures up to third quarter of relevant financial year.
3. The Company has only one reportable segment, metallurgical products and services, in accordance with Ind AS 108 - "Operating Segments", notified pursuant to the Companies (Indian Accounting Standards) Rules, 2015.
4. The Board of Directors of the Company has recommended payment of a final dividend of Rs. 25/- (250%) on a paid-up equity share of Rs. 10/- each for the financial year ended 31 December 2021, subject to the Shareholders' approval at the forthcoming Annual General Meeting.
5. The Company has considered the possible effects that may result from the COVID-19 pandemic in the preparation of the annual financial results including the recoverability of carrying amounts of financial and non-financial assets. In developing the assumptions relating to the possible future uncertainties in the global economic conditions because of this pandemic, Management has taken into account internal and external sources of information including economic forecasts and related information and expects that the carrying amounts of these assets are fair and reasonable. The impact of the pandemic might be different from that estimated as on the date of approval of this results.
6. Previous period / year figures have been regrouped/rearranged wherever considered necessary.