Sandhar Technologies 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
1. The above Statement of Unaudited Standalone Financial Remits (’the Statement') for the quarter and nine months ended 31 December 2018, have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 2 February 2019.
2. Revenue from operation for the nine-months period ended 31 December 2018 is not comparable with the corresponding nine-months period ended 31 December 2017, as the same is net or Goods and Services Tax (‘GSI whereas, excise duty formed part of expenses in corresponding nine-months period ended 31 December 2017.
3. The Company's business activity fall within a single primary business segment viz. "Automotive components“. 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.
4. During the year ended 31 March 2018, the Company had completed the Initial Public Offer (IPO), pursuant to which 13,436,144 equity shares or Rs. 10 each were allotted, at an issue price of Rs. 332, consisting of fresh issue or 9,036,144 equity shares and an offer for sale of 6,400,000 equity shares by GTI Capital Beta Private limited.
The Company had entered into the listing agreement with the Securities and Exchange Board of India ('SEBI') on 24 March 2018, pursuant to the requirement of the Securities and Exchange Board of India (listing Obligations and Disclosure Requirements) Regulations, 2015, as a result of which its shares have started trading on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) on 2 April 2018 via ID SANDITAR and BSE Limited (BSE) via ID 541163.
Further, during the year ended 31 March 2018, 2,534,505 equity shares were sold by GTI Capital Beta Private Limited in a Pre- Initial Public Offer Sale on March 13, 2018.
5. The proceeds from IPO was of Rs. 27,986.83 Lacs (net of fresh issue related expense (including GST)).
Details of utilization of IPO proceeds are as follows: For Table, kindly refer Corporate Announcements on www.bseindia.com.
6. The Company has adopted Ind AS-115 ('Revenue from Contracts with Customers') using the cumulative effect method, with effect from 1 April 2018, which was applied to contract that were not completed as at 1 April 2018 and the comparatives have not been retrospectively adjusted. The application of Ind AS-115 did not have any significant impact on recognition and measurement of revenue and related items in the statement.
7. During the nine-month period ended 31 December 2018, the Board of Directors, at its Meeting held on 5 November 2018, had declared an interim dividend of Rs. 1.25 per equity shares and the same was paid on 21 November 2018.