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Prem Somani Financial Services 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 have been reviewed by the Audit Committee, approved and taken on record by the Board of Directors of the Company at its meeting held on January 31, 2019. A Limited review of the same has also been carried out by the Statutory Auditors of the Company.

2. Transition to Ind As
The Company has adopted Indian Accounting Standard (Ind AS) prescribed under section 133 of the companies Act, 2013 read with relevant rules issued thereunder. The date of transation into Ind As is April 1, 2017 and accordingly these unaudited standalone financial results have been prepared in accordance with the recognition and measurement principles in Ind AS 34. Interim Financial Reporting and other accounting principles generally accepted in India. The impact of transition has been accounted for in the opening reserves and the comparative period figures have been restated accordingly.

3. A reconciliation of the financial results to those reported under previous Generally Accepted Accounting Principles (GAAP) are summarised as follows: (For Table, kindly refer Corporate Announcements on www.bseindia.com.)

4. The Statement does not includes Ind AS compliant statement of result for the previous year ended March 31, 2018 as the same are not mandatory as per SEBI circular dated July 5, 2016

5. Previous periods figures have been regrouped / rearranged wherever necessary.

Nawal Kumar Somani
Managing Director