Monsanto 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 financial results for the quarter ended December 31, 2018 have been duly reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on February 1, 2019 and have been subjected to a Limited Review by the Statutory Auditors of the Company.
2. Revenue from operations for periods upto June 30, 2017 includes Excise Duty, which is discontinued effective July 1, 2017 upon implementation of Goods and Services Tax (GST) in India. In accordance with Ind-AS 18 "Revenue", GST is not included in Revenue from operations. In view of the aforesaid change, Revenue from operations for the nine months ended December 31, 2018 are not comparable with previous periods. The following information is provided to facilitate such comparison: For Table, kindly refer Corporate Announcements on www.bseindia.com.
3. In view of the seasonal nature of the Company's business, the performance is dependent on the mix of products sold in the respective quarters.
4. The Company has one primary business segment namely "Agriculture Inputs".
5. There is no dilution to the basic EPS as there are no outstanding potentially dilutive shares.
6. Effective April 1, 2018, the Company has adopted Ind-AS 115 "Revenue from Contracts with Customers". The application of Ind-AS 115 did not have any material impact on the financial results of the Company.
7. The Board of Directors at its meeting held on November 14, 2018 approved the Scheme of Amalgamation of Monsanto India Limited (MIL) with Bayer Crop Science Limited (BCSL) and their respective shareholders under Section 230 and 232 of the Companies Act, 2013 and other applicable provision, if any. In consideration of the amalgamation BCSL will issue and allot 2 (two) equity shares of Rs. 10/- each credited as fully paid-up of BCSL, for every 3 (three) equity shares of Rs. 10/- each in MIL to the shareholders of MIL whose names are recorded in the register of members on the record date. The Scheme is subject to various regulatory and other approvals.