Advanced Enzyme Technologies Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2017
Auditor and Management Disclosures and Notes for the annual results dated 31 Mar 2017
1. The above standalone audited financial results for the quarter and year ended 31 March 2017 were reviewed by the Audit Committee and thereafter approved by the Board of Directors at their meeting held on 27 May 2017 The statutory auditors of the Company have expressed an unqualified audit opinion, The audit report will be filed with the stock exchanges and will be available on the Company's website.
2. During the quarter ended 30 September 2016, the Company completed the Initial Public Offer (IPO) of 4,594,875 Equity shares of Rs. 10 each at an issue price of Rs. 896 per Equity share (Rs. 810 per Equity share for eligible employees), consisting of fresh issue of 560,405 Equity shares and an Offer for Sale of 4,034,470 Equity shares by Selling Shareholders. The Equity shares of the Company were listed on National Stock Exchange of India Limited (NSE) via id ADVENZYMES and on BSE Limited (BSE) via Id 540025 on 1 August 2016 Accordingly, the consolidated unaudited financial results for the quarter ended 31 March 2016 were not subjected to audit or review by the predecessor auditors of the Company and are as prepared by the Holding Company's Management.
3. The proceeds from the IPO of Rs. 499.99 million (including issue related expenses, inclusive of service tax amounting to Rs. 29 32 million).
Details of utilisation of IFO proceeds tire as follows: For Table, kindly refer Corporate Announcements on www.bseindia.com.
4. The Company has incurred Rs. 210,79 million (inclusive of service tax) as IPO expenses Of the above IPO expenses certain expenses (such as legal counsel cost, listing fees and other cost) aggregating to Rs. 3.84 million are directly attributable to the Company Remaining IPO expenses aggregating to Rs. 206.95 million, have been allocated between the Company Rs. 25.48 million and selling shareholders Rs. 181.47 million in proportion to the Equity shares allotted to the public as fresh issue by the Company and under Offer for Sale by the selling shareholders The total amount attributable to the Company have been adjusted towards the securities premium account.
5. On 1 December 2016, the Company acquired 70% stake JC Biotech Pvt. Ltd for a total consideration of Rs. 500.85 million approved by the Board of Directors in its meeting held on 28 October 2016 The Company has accounted for goodwill of Rs. 340. 38 million on consolidation.
6. The Shareholders vide a special resolution has approved sub division of shares of the Company in the ratio of 5 shares of face value of Rs. 2 each for every existing 1 share of the face value of Rs. 10 each through postal ballot. The requisite approvals for modification of the Memorandum and Articles of Association of the Company had been accorded by the shareholders on 4 May 2017.
7. The Company operates only in one primary business segment viz 'manufacturing and sales of enzymes.
8. The Company has granted 44,000 options under Employee stock option scheme 2015 on 15 February 2017, approved by the Nomination and Remuneration Committee of the Board of the Company.
9. The figures for the quarter ended 31 March 2017 as reported in these consolidated financial results are the balancing figure between audited figures in respect of full financial year ended 31 March 2017 and the published year to date figures up to the end of the third quarter ended 31 December 2016. Also, the figures up to the end of the third quarter ended 31 December 2016 have only been reviewed and not subjected to audit.
10. The Board of Directors have recommended a payment of final dividend for the financial year 2016-17 of Rs. 0 40/- per equity share of the face value of Rs. 2/- each.
11. Previous period's / year's figures have been regrouped / reclassified where necessary, to conform to the current period / year's classification.