KRBL Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2019

2.The above financial results of KRBL Limited (“the Company”) have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 15 May 2019 and have been audited by the statutory auditors of the Company.



3. The financial results have been prepared in accordance with the Indian Accounting Standards (‘Ind AS') notified under the Companies (Indian Accounting Standards) Rules, 2015, as amended from time to time, specified in Section 133 of the Companies Act, 2013.



4. The Company has received demand notices under section 153A/143(3) of the Income-tax Act, 1961, with respect to assessment years 201011 to 2016-17, amounting to Rs. 75,744 lacs and interest thereon Rs. 51,176 lacs. Vide writ petition filedt, the Company has obtained an order from Hon’ble High Court of Delhi, that no coercive action shall be taken against the Company. The management of the Company has contested this demand at CIT (Appeals), New Delhi. Further, the Company is required to pay Rs 25,384 lacs under protest for contesting such demand. Till 31 March 2019, the Company has paid Rs. 7,500 lacs under protest and thereafter, required to pay monthly instalments of Rs. 1,200 lacs as agreed with the income tax department. The management, based on legal assessment, is confident that it has a favourable case and that the demand shall be deleted at the appellate stage. The auditors of the Company have invited attention to the aforementioned issue in their audit report for the quarter and year ended 31 March 2019.



5. The Company has adopted Ind AS 115 "Revenue from Customers" with effect from 1 April 2018 using a modified retrospective transition approach permitted under Ind AS 115. The adoption of the standard did not have material impact on the financial results of the Company.



6. The Board of Directors of the Company in their meeting held on 15 May 2019 have recommended a final dividend of Rs. 2.50 (250%) per paid up equity share of Re.1/— each, aggregating to Rs. 5885 Lacs for the financial year ended 31 March 2019, subject to approval of shareholders in the ensuring Annual General Meeting of the Company.



7. Amounts for the quarters ended 31 March 2019 and 31 March 2018 are the balancing amounts between audited amounts for the full financial year and the published year to date amounts upto third of the repective financial year, which were subjected to limited review.



8. The figures for the corresponding previous periods/year have been regrouped/reclassified, wherever necessary, to make them comparable.