National Standard (India) 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 unaudited financial results of National Standard (India) Limited ("the Company") 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 its meeting held on 25-January-2019. The statutory auditors of the Company have carried out the limited review of the results for the quarter and Nine months ended 31-December-2018.
2. The Board of Directors have pursuant to their resolutions dated 14-February-2018 and shareholders resolution dated 17-March-2018 have approved voluntary delisting of the equity shares of the Company from BSE Limited and Calcutta Stock Exchange Limited.
3. The Company is mainly engaged in the business of real estate development, which is considered to be the only reportable segment by the management Hence, disclosure under Ind AS 108 on 'Operating Segment’ is not applicable.
4. The existing Guidance Note on Accounting for Real Estate Transactions (for entities to whom Ind AS is applicable) has been replaced by Ind AS 115 - 'Revenue from contracts with customers'. Ind AS 115 is mandatory for reporting period beginning on or after 01-April-2018. Company has opted to adopt Ind AS 115 using modified retrospective method The application of Ind AS 115 does not have any impact on the retained earnings as on 01-April-2018, being the initial date of application of Ind AS 115, Further, the application of Ind AS 115 also does not have any impact on the revenue, cost and profit after tax for the quarter and nine months period ended 31-December-2018.
5. The previous period's/year's figures have been regrouped, re-arranged and reclassified wherever necessary to conform to current period's presentation.