Advanced Enzyme Technologies Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2019

The Interest Coverage Ratio for Quarter ended March 31, 2019 is 35.68 & for year ended March 31, 2019 is 19.67

(i) The above standalone financial results of Advanced Enzyme Technologies Limited were reviewed by the Audit Committee and thereafter approved by the Board of Directors at their meeting held on 24 May 2019. The statutory auditors have expressed an unmodified opinion. The audit report will be filed with stock exchanges and will be available on the Company’s website.



(ii) According to the requirements of Ind AS and SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015, revenue for the corresponding previous year ended 31 March 2018 are reported inclusive of Excise Duty. The Government of India has implemented Goods and Service Tax GST from 1 July 2017 replacing Excise Duty Service Tax and various other indirect taxes. As per Ind AS 18 the revenue for the quarters ended 31 March 2019 31 December 2018 and 31 March 2018 year ended 31 March 2019 are reported net of GST. Had the previously reported revenues were shown net of Excise Duty comparative revenue of the Company would have been as follows:



(Rs in Million)

Particulars Year ended Growth %

31-Mar-19 31-Mar-18

Revenue from operations 2,220.93 2,122.16 4.65%





(iii) The Company operates only in one primary business segment viz. manufacturing and sales of enzymes



(iv) Effective 1 April 2018, the Company has adopted Ind AS 115 Revenue from Contracts with Customers. Based on the assessment done by management, there is no material impact on the revenue recognised.



(v) The Company has allotted 150 equity shares during the quarter ended 31 March 2019 and 18,950 equity shares during the year ended 31 March 2019 to employees under the AETL Employee Stock Option Scheme 2015 - AETL ESOS 2015



(vi) On 10 July 2018, the Company had purchased 100,000 ordinary shares of RM (Malaysian Ringitt) 1.00 each of Advanced Enzymes (Malaysia) Sdn. Bhd. by way of subscription to the rights issue, equivalent to Rs 1.78 million.



(vii) During the quarter ended 31 December 2018, pursuant to Section 202 of the Companies Act, 2013 and other applicable provisions, the Board of Directors on recommendation of Nomination and Remuneration Committee approved compensation of Rs 21.8 million for loss of office to the former Managing Director



(viii) The figures for the quarter ended 31 March 2019 and the corresponding quarter ended in the previous year as reported in these standalone financial results are the balancing figures between standalone audited figures in respect of the full financial year and the published year to date figures upto the end of the third quarter of the relevant financial year. Also the figures up to the end of the third quarter had only been reviewed and not subjected to audit.



(ix) The Board of directors in their meeting held on 24 May 2019 have proposed the final dividend for the financial year 2018-19 of Rs. 0.60 per equity share and same will be paid after approval of shareholders in the Annual General Meeting of the Company