Texel Industries 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
I. The results have been prepared in accordance with the Indian Accounting Standards (“Ind As”) as prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder.
II. The Company's business activities fall within a single primary business segment viz. "Tarpaulin and Geomembrane", the disclosure requirements of Ind AS 108 "Operating segment" prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder are not applicable.
III. The above results have been reviewed and recommended by the Audit Committee and approved by the Board of Directors at their meeting held on 31st January, 2019. The Statutory Auditors have carried out Limited Review of the financial results for the quarter and nine months ended 31st December, 2018.
IV. In accordance with the requirements of Ind AS 18, revenue for the nine months ended 31st December, 2018 is net of Goods and Services Tax (GST). Revenue for earlier periods, however, is inclusive of excise duty. The following additional information is being provided to make it comparable:
(Rs. in Lakhs)
Particulars Nine months ended 31st Dec., 2018 Nine months ended 31st Dec., 2017
Sales (a) 7,749.53 6,731.66
Excise duty on Sales (b) 0.00 286.77
Net Sales ( c) = (a) - (b) 7,749.53 6,444.89
V. During the quarter ended 31st December, 2018, the Company has redeemed 5,50,000 Preference Shares of Rs. 10/- each towards full and final payment as per the terms of settlement of the Company with the Preference Shareholder.
VI. During the quarter ended 31st December, 2018, the Company has acquired its Wholly Owned Subsidiary Company (WOS) incorporated on 12th June, 2018 in Kenya in the name of Texel Industries (Africa) Limited, by making investment of KES 1,00,000 (divided into 10,000 Ordinary Shares of KES 10.00 each) towards 100% of the subscription amount of the Share Capital of its WOS.
VII. Pursuant to Regulation 33(3)(b)(i) of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, the Company opts to submit annual audited consolidated financial results along with annual audited standalone financial results only during the financial year 2018-19 and opts not to submit quarterly /year to date consolidated financial results for the quarter ended 31st December, 2018.
VIII. Previous period's figures have been regrouped/rearranged wherever necessary to confirm to the current period’s classification.