Castex Technologies Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2017
Auditor and Management Disclosures and Notes for the annual results dated 31 Mar 2017
1. The above results have been reviewed by the audit committee and approved by the board of directors of the company at their meeting held on June 10,2017.
2. During the quarter ending March 31, 2017, the company has identified certain items of inventories amounting to Rs. 385.51 crore, which have either no movement or very little movement over last one year. The company is in the process of getting a technical / commercial / market evaluation of the same.
3. The consolidated financials of the company include financials pertaining to the holding company, its one overseas subsidiary, six associate companies and one joint venture company. The accounts of the overseas subsidiary and joint venture company are unaudited and have been considered on the basis of management certification. Further, the overseas subsidiary of the company is held for sale.
4. The company adopted Indian Accounting Standards ("Ind AS") from April 1, 2016 and accordingly, the transition was carried out, from the Accounting Principles generally accepted in India as specified under Section 133 of the Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014 (previous GAAP), in accordance with Ind AS-101 "First time adoption of Indian Accounting Standards". Accordingly, the date of transition to Ind AS for the company is 1st April 2015. The figures for the corresponding previous periods have been restated to conform to IND AS. The impact on transition has been recorded in opening reserves as at October 1, 2015 and the periods presented have been restated /reclassified.
5. In terms of SEBI Circular No.CIR/CFD/FAC/62/2016 dated 5th July 2016, the listed entities, who have a year-end other than 31st day of March and are required to prepare financial statements for a period longer or shorter than the normal 12 month period for coinciding with 31st day of March as prescribed under Section 2(41) of the Companies Act 2013, the Ind-AS financial statements for various period beginning from 1st April 2016, shall have comparative information for a shorter or longer period i.e. beginning from a date other than 1st April 2015. The company has adopted change of year in terms of section 2(41) of the Companies Act 2013 from financial year 2015-16 and accordingly, the said financial year of the company was of a six months period from 1st October 2015 to 31st March 2016. Accordingly, the date of transition to Ind AS for the company is 1st October 2015. The figures for the corresponding previous periods have been restated to conform to IND AS. The impact on transition has been recorded in opening reserves as at October 1, 2015 and the periods presented have been restated / reclassified.
The company, In accordance with IND AS 101 First-Time Adoption of Indian Accounting Standards, has presented a reconciliation for the presentation of financial statements under accounting standards notified under the Companies (Accounting Standards] Rules, 2006 [Previous GAAP] to IND AS of Shareholders' equity for the quarter and six month ended March 31, 2016 of the comprehensive net income.
6. Reconciliation of net profit after tax for the corresponding quarter and six month ended March 31, 2016 between previous GAAP and Ind AS :
For Table, kindly refer Corporate Announcements on www.bseindia.com.
a) Under Previous GAAP, current Investments [both quoted and unquoted] were stated at cost. Under IND AS, quoted financial assets have been classified as FVTOCI and unquoted financial assets have been classified as FVTPL.
b) Under previous GAAP, non-current Investments were stated at cost. Wherever applicable, provision was made to recognise the decline, other than temporary in valuation of such Investments. Under Ind AS, the company has opted to recognise its long term investment [both quoted and unquoted] in subsidiaries / joint ventures and associates held by it as on the date of transition at cost. Investments made after the transition date have been valued at FVTOCI. Quoted Long term investments other than subsidiaries/joint ventures and associates have been classified as FVTOCI and unquoted Long Term Investments other than subsidiaries/ joint ventures and associates have been classified as FVTPL
c)Other comprehensive income includes net movement of re-measurement of defined benefit plans and certain other adjustments.
d) Previous period figures have been regrouped/ reclassified, wherever considered necessary to conform to the current period presentation.
e) The figures for the quarter ended March 31, 2017 represent the derived figures between the audited figures in respect of the financial year ended March 31, 2017 and the published year to date figures up to December 31, 2016, being the date of the end of the third quarter of the financial year, which was subjected to a limited review.