Yaarii Digital Integrated Services 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
The standalone financial results of Indiabulls Integrated Services Limited (formerly known as SORIL Holdings and Ventures Limited and Indiabulls Wholesale Services Limited) ('the Company') for the quarter and period ended 31 December 2018 have been reviewed by the Audit Committee and approved by the Board of Directors ('the Board') at its meeting held on 29 January 2019. These standalone financial results have been subjected to limited review by the Statutory Auditors of the Company.
The standalone financial results are prepared in accordance with the recognition and measurement principles of Indian Accounting Standards as notified under the Companies (Indian Accounting Standards) Rules, 2015 as specified in Section 133 of the Companies Act, 2013.
Ind AS 115 Revenue from Contracts with Customers, mandatory for reporting periods beginning on or after 1 April 2018, replaces existing revenue recognition requirements. Under the modified retrospective approach there were no adjustments required to the retained earnings of the Group at 1 April 2018. Also, the application of Ind AS 115 did not have any significant impact on recognition and measurement of revenue and related items in the financial results.
To reflect in the name of the Company its association with Indiabulls Group, and various existing and proposed integrated activities, services, being carried out by its subsidiary companies at consolidated level, Company’s name has been changed from ‘SORIL Holdings and Ventures Limited’ to ‘Indiabulls Integrated Services Limited’ with effect from 16 May 2018. The new name doesn’t suggest any new line of business and therefore no additional disclosure is required in terms of para D of Part A of Schedule IV read with regulation 33(1)(e) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The Company’s wholly owned subsidiary, ‘Indiabulls Life Insurance Company Limited’ has received regulatory R1 acceptance from Insurance Regulatory and Development Authority of India (IRDAI) for its proposed life insurance business. The Company is in the process of putting in place the necessary systems and move ahead with the next step of filing its application for registration (R2) with IRDAI to undertake life insurance business in India.
The company has invested capital into equity shares of its new wholly owned subsidiary, viz. "Indiabulls Enterprises Limited", which was incorporated on 02 January 2019.
The registered office of the Company has been shifted to Plot No. 448-451, Udyog Vihar, Phase-V, Gurugram - 122016, Haryana from New Delhi with effect from 15 January 2019.
On 17 January 2019, a new step-down subsidiary of the Company, viz. "Indiabulls Pharmacare Limited" stands incorporated with authorised and paid up equity share capital of Rs. 5 lakh divided into 50,000 equity shares of Rs. 10/- each.
On 24 January 2019, the company has further invested into one of its wholly owned subsidiaries, viz. "Indiabulls Life Insurance Company Limited", to the extent of Rs. 20,000 lakh divided into 4 Crore equity shares of Rs.10/- each at a premium of Rs.40/- per share.
"One of the subsidiaries of the Company, viz. SORIL Infra Resources Limited, has acquired 100% stake in M/s Littleman Fiscal Services Private Limited, a Non-Banking Finance Company registered with RBI, on 25 January 2019, to foray into financial services business with the primary focus on financing in rural markets.
"The Board of directors of the Company have approved the composite scheme of arrangement amongst Indiabulls Integrated Services Limited (the “Company”), its direct and indirect subsidiaries (viz SORIL Infra Resources Limited (“SORIL”), Albasta Wholesale Services Limited, Sentia Properties Limited, Lucina Infrastructure Limited, Ashva Stud and Agricultural Farms Limited, Mahabala Infracon Private Limited, Store One Infra Resources Limited, Indiabulls Enterprises Limited and Indiabulls Pharmacare Limited) and Indiabulls Pharmaceuticals Limited and their respective shareholders and creditors (“Scheme”). The Scheme, inter alia, provides for (a) the merger of SORIL and other subsidiaries of the Company into the Company; (b) the demerger of non-insurance businesses of merged Company into Indiabulls Enterprises Ltd, the equity shares of which will be listed on NSE & BSE (“IEL”); and (c) the demerger of on-going pharmaceutical business undertaking of Indiabulls Pharmaceuticals Limited (“IB Pharma”) into Indiabulls Pharmacare Limited, wholly owned subsidiary of IEL.
Pursuant to the Scheme, the shareholders of the Company will get extra shares of IEL, free of any cost, in lieu of their shareholding in the Company, which will get also listed on NSE and BSE. With this, post effectiveness of the Scheme, they will have shares of two listed entities – (1) the Company, the equity shares of which are listed and will remain listed on NSE and BSE, focusing on life and general insurance and related businesses, and (2) IEL, equity shares of which will be listed on NSE and BSE, focusing on non-insurance businesses of the Company and its subsidiaries (including proposed pharma business and rural finance business).