Cemindia Projects Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Dec 2017
Auditor and Management Disclosures and Notes for the annual results dated 31 Dec 2017
1. The above standalone results have been reviewed by the Audit Committee at Its meeting held on February 22, 2018 and based on the recommendation of the Audit Committee, have been approved by the Board of Directors of the Company at Its meeting held on February 22, 2018.
2. The Board of Directors of the Company have recommended a final dividend of Rs. 0.40 per share having a face value of Rs. 1 each.
3. The Company has adopted Indian Accounting Standards ("Ind AS") notified by the Ministry of Corporate Affairs with effect from January 1, 2017 and accordingly these financial results have been prepared In accordance with the Ind AS notified under the Companies (Indian Accounting Standards) Rules, 2015 read with Section 133 of the Companies Act, 2013. (the 'Act') and other relevant provisions of the Act. The date of transition is January 01, 2016. The Impact of transition has been accounted and comparative period results have been restated accordingly. Reconciliation of the financial results to those reported under previous Generally Accepted Accounting Principles (GAAP) (hereinafter referred to as previous Indian GAAP) and Ind AS is summarized as follows: For Table, kindly refer Corporate Announcements on www.bseindia.com.
Reconciliation of equity attributable to the shareholders of the Company as at December 31, 2016: For Table, kindly refer Corporate Announcements on www.bseindia.com.
4. In compliance with Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, an audit of the above results has been carried out by the Statutory Auditors.
The figures of the quarters ended December 31, 2017 and December 31, 2016 are the balancing figures between the audited figures for the full years ended December 31, 2017 and December 31, 2016 and the unaudited published year to date figures up to the period ended September 30, of the respective years.
5. Exceptional items for the quarter and year ended December 31, 2017, represent write off of non-current trade receivables and non-current other financial assets amounting to Rs. 11,232.17 lakhs and write back of provisions no longer required in respect of a project amounting to Rs. 9,048.23 lakhs.
6. Subsequent to December 31, 2017, the Company has Issued 16,629,684 equity shares of Rs. 1 each, at an issue price of Rs. 202.55 per equity share (of which Rs. 201.55 per share is towards securities premium) aggregating Rs. 33,683.42 lakhs to Qualified Institutional Buyers in accordance with Chapter VIII of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 as amended and Section 42 of the Companies Act, 2013, as amended, and the rules made thereunder.
7. The Company is principally engaged in a single business segment viz Construction.