Suvidha Infraestate Corporation 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 were approved by the audit committee in the meeting held on 23.01.2019.
2. The above results were approved by the Board of Directors at the Board Meeting held on 23.01.2019.
3. The above results have 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.
4. Ind AS 115 Revenue from Contracts with Customers, mandatory for reporting periods beginning on or after April 1, 2018, replaces existing revenue recognition requirements. The Company has applied modified retrospective approach and debited the retained earnings as at April 1, 2018 by Rs. 45.33 Lakhs, net of taxes. Accordingly the comparatives has not been restated and hence, the current period figures are not comparable to the previous period figures Due to application of Ind AS 115, there has been no material impact on the Revenue from operation and Profit after tax for the current period.
5. The Statutory Auditor of the company have carried out a "Limited review" of the above results as required under Regulation 33 of the SEB1 (Listing Obligations and Disclosure requirements) Regulations 2015.
6. In line with Ind AS-108 operating segments and basis of the review of operations being done by the senior management, the operations of the group fall under real estate business which is considered to be the only reportable segment by the management.
7. Figures of the previous years have been regrouped/rearranged wherever considered necessary.