Akzo Nobel India 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. This statement has been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 1 February 2019. The figures for the quarter ended 31 December 2018 have been subjected to limited review by the statutory auditors.
2. Exceptional items reported during the quarter and nine months ended 31 December 2018, quarter ended 30 September 2018, year ended 31 March 2018 and nine months ended 31 December 2017 represent divestment provisions no longer required and accordingly written back.
3. In accordance with Ind AS 18 on Revenue recognition and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, revenue for the nine months ended 31 December 2017 and year ended 31 March 2018 are reported inclusive of Excise Duty relating to the period upto 30 June 2017. Consequent to the implementation of the Goods and Service Tax ("GST") w.e.f. 1 July 2017, Excise Duty, VAT, Service Tax and various other Indirect Taxes have been subsumed into GST. As per the said Ind AS 18, revenue for the quarter and nine months ended 31 December 2018, quarters ended 30 September 2018 and 31 December 2017 are reported net of GST. Had the previously reported revenues been shown net of Excise Duty, the comparative revenue would have been as under : For table, kindly refer Corporate Announcements on www.bseindia.com.
4. The shareholders of Akzo Nobel India Limited have approved on 18 December 2017 through postal ballot the sale of Company's Specialty Chemicals Business as a going concern to an affiliate of the Akzo Nobel Group. The Company has classified this business as discontinued operations in each of the previous periods presented as follows : For table, kindly refer Corporate Announcements on www.bseindia.com.
5. The buyback of shares has been closed on 26 July 2018 after obtaining requisite approvals. Under the said programme, 1,120,000 shares of Rs. 10 each were bought back at Rs. 2,100 per share and extinguished, resulting in reduction in paid up share capital by Rs. 11.2 million and other equity by Rs. 2,366.0 million.
6. Effective 1 April 2018, the Company has adopted Ind AS 115 "Revenue from Contracts with Customers" using the modified retrospective transition method which is applied to contracts that were not completed before 31 March 2018. Accordingly, the comparatives have not been retrospectively adjusted. The effect on adoption of Ind AS 115 was insignificant on the financial results.
7. Previous period figures have been regrouped/ reclassified, wherever necessary, to make them comparable to the current period figures.