Salasar Techno Engineering Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2020
Auditor and Management Disclosures and Notes for the annual results dated 31 Mar 2020
1. The above audited standalone financial results have been reviewed and approved by the audit committee on 29-June-2020 and taken on record by Board of Directors in their meeting held on 29-June-2020. These results have been audited by the statutory Auditor of the company who has issued an un qualified opinion thereon.
2. The audited standalone financial results for the quarter and year ended March 31, 2020 have been taken on record by the Board of Directors at its meeting held on 29-June-2020. The financial statement are prepared in accordance with the Indian Accounting standard (IND AS) as prescribed under section 133 of the companies act read with rule 3 of the companies (Indian Accounting Standards) Rules, 2015 and companies (Indian Accounting Standards) Amendment Rules, 2016.
3. Figures for the quarter ended 31 March, 2020 and the corresponding quarter ended in the previous year as reported in these financial results are the balancing figure between 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 upto the end of the third quarter had only been reviewed and not subjected to audit.
4. In view of the lockdown across the country due to the outbreak of COVID pandemic, operations in all of our manufacturing plants and offices which had suspend temporarily with effect from 23th March 2020 in compliance with the directives / orders issued by the local Panchayat / Municipal Corporation / State / Central Government authorities, have resumed operations in phases manner at different plants from May 6, 2020 onwards in accordance with the guidelines and norms prescribed by the respective Government authorities.
The Company has evaluated the impact of COVID pandemic on the operations of the company, revenue, inventories, investments, property, plant & equipment, current borrowings and trade payables. The management has considered the possible effects, if any, on the carrying amounts of these assets and liabilities up to the date of approval of these results. As per the management's current assessment, no significant impact on carrying amounts of inventories, tangible assets, trade receivables, investments and other financial assets is expected, and management continue to monitor changes in future economic conditions. The company values its Inventory of Finished Goods at lower of cost and Net realisable value. The Net realisable value of all the inventories of the company is higher than their cost based on subsequent sales taken place till date and their present market prices. Hence there is no impairment risk in the inventory.
5. During the year ended 31 March, 2020, the Government of India vide taxation Laws (Amendment) Tax Ordinance, 2019 has allowed an option to the domestic companies to switch to a lower tax rate structure of 22% (25.168 % including surcharge and cess) from the earlier 30% (34.944 % including surcharge and cess) subject to the condition that the Company will not avail any of the specified deductions/ incentives under the Income Tax Act, 1961. The Company has opted for this new rate structure and made current tax/deferred tax Provision with the new rates.
6. The Board of Directors has recommended a final dividend of 10% (Rs. 1.00 per share) for the financial year 2019-20, which is subject to approval of shareholders.
7. The Company is primarily engaged in the business of Manufacturing of Galvanized and Non-galvanized Steel Structures.
8. Figures for the previous periods / year have been regrouped, wherever necessary, to confirm to the current period's classification.