ICRA Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2018
Auditor and Management Disclosures and Notes for the annual results dated 31 Mar 2018
1. The Company's business activity falls within a single primary business segment viz "Rating, research and other services". The operating segment has been defined based on regular review by the Company's Chief Operating Decision Maker to assess the performance of the Company and to make decision about allocation of resources.
2. The Company has adopted Indian Accounting Standards (Ind AS) with effect from April 1, 2016, pursuant to notification issued by Ministry of Corporate Affairs dated February 16, 2015, notifying the Companies (Indian Accounting Standards) Rules, 2015 Accordingly, the standalone financial results have been prepared in accordance with Ind AS as prescribed under Section 133 of the Companies Act, 2013 read with the relevant rules thereunder and in terms of Regulation 33 of the Securities and Exchange Board of India (SEBI) (Listing Obligations and Disclosure Requirements) Regulations, 2015 and SEBI circular dated July 5, 2016. Previous periods' figures have been restated as per Ind AS to make them comparable.
3. Reconciliation between net profit after tax reported under previous Indian GAAP and Ind AS for the quarter/ year presented are as under:(For Table, kindly refer Corporate Announcements on www.bseindia.com.) - Other includes adjustments resulting from fair value accounting of financial assets & liabilities.
4. The reconciliation of other equity as at March 31, 2017 as prepared under Indian GAAP with restated other equity under Ind AS is summarised below:-(For Table, kindly refer Corporate Announcements on www.bseindia.com.) - Other includes adjustments resulting from fair value accounting of financial assets & liabilities.
5. Other income for the quarter and year ended March 31, 2018 includes Rs.553.76 and Rs. 737.88 lakh respectively representing profit on sale of assets held for sale.
6. The Board of Directors, in its meeting on held May 17, 2018, has recommended a dividend of Rs.30 per equity share for the financial year ended March 31, 2018. The proposal is subject to the approval of members at the AGM to be held on August 09, 2018.
7. The above Statement of standalone audited financial results are reviewed by the Audit Committee and approved by the Board of Directors at their meetings held on May 19, 2018 and May 17, 2018 respectively and audited by the Statutory Auditors of the Company. The Figures for the quarter ended March 31, 2018 as reported in these standalone financial results, are the balancing figures between the 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. The figures upto the end of third quarter had only been reviewed and not subject to audit.