GHCL Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2021
Auditor and Management Disclosures and Notes for the annual results dated 31 Mar 2021
1. The above Standalone financial results have been prepared in accordance with Indian Accounting Standards (In AS) as prescribed under section 133 of the Companies Act, 2013 read with rule 3 of the Companies (Indian Accounting standards) Rules 2015 and other relevant amendments thereafter. These financial results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on April 28, 2021. The Statutory Auditors have conducted the audit of the financial results and have expressed an unqualified audit opinion.
2. During the current quarter 15,000 equity shares options lapsed under the employee stock option scheme GHCL ESOS 2015.
3. The current "second wave" of COVID-19 pandemic has significantly increased in India. The Government of India has ruled out a nationwide lockdown for now, but regional lockdowns are implemented in areas with a significant number of COVID-19 cases. Safety of our employees continues to be our key priority. We are encouraging the vaccination for our employees, providing flexible work options and adhering to COVID-19 guidelines. We are closely monitoring the situation and will continue to take all necessary actions to ensure the health and safety of our employees. The Company has considered the possible effects that may result from COVID-19 in the preparation of these Standalone financial results including the recoverability of carrying amounts of financial and non-financial assets. Based on the current quarter performance and estimates arrived at using internal and external sources of information, the company does not expect any material impact on such carrying values. Based on the projected cash flows for the next one year the management is confident of liquidating its liabilities as and when they fall due and the Going concern assumption used for preparation of these financial statements is appropriate. The impact of COVID-19 on the company's financial statement may differ from that estimated as at the date of approval of Standalone Financial statements and it will continue to closely monitor any material changes to future economic conditions.
4. The Board of Directors of the Company at their meeting held on March 16, 2020 approved a Scheme of Arrangement u/s 230-232 of the Companies Act 2013. In line with the direction of Hon'ble NCLT the meeting of the shareholders, secured creditors and unsecured creditors were held on 8th April 2021, wherein Shareholders and unsecured creditors have accorded their approval to the scheme by requisite majority however, secured creditors has made request for adjournment of meeting for three more month to consider the said proposal and accordingly Chairman of meeting, has accepted their request and adjourn the proceedings and provided fresh date of 8th July 2021 for meeting of secured creditors.
5. The Code on Social Security, 2020 ('Code') relating to employee benefits during employment and post-employment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified and the final rules/interpretation have not yet been issued. The Company is in the process of assessing the impact of the code and will record the same, if any, in the year the Code becomes effective.
6. Subject to the approval of the shareholders in the ensuing Annual General Meeting of the Company, the Board of Directors has recommended a dividend of Rest. 5.50/- per equity share of Rs.10/- each.
7. The figures for the quarter ended March 31, 2021 are the balancing figures between audited figures in respect of full financial year ended March 31, 2021 and the unaudited published year to date figures up to December 31, 2020, being the end of the third quarter of the financial year which were subjected to limited review. The previous period figures have been Re-grouped, wherever considered necessary.
8. Pursuant to The Taxation Laws (Amendment) Act, 2019 dated December 02, 2019, the Company has decided to opt the lower rate of income tax i.e. 25.17% from current financial year.
9. The CEO and CFO certificate in respect of the above results in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 has been placed before the Board of Directors.
10. In line with the requirements of Regulation 47(2) of the Listing Regulations, 2015, the results are available on the website of BSE Limited (URL: www.bseindia.com/corporates), the National Stock Exchange of India Limited (URL:www.nseindia.com/corporates) and on the company's website (URL:http://ghcl.co.in/investors/performances-reports/).