Apcotex 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
1. The Company is engaged in the business of Synthetic Emulsion Polymers. As the Company has only one business segment, disclosure under Ind-AS 108, on Segment Reporting is not applicable.
2. Saldhar Investment and Trading Company Private Limited (Saldhar) was amalgamated with the company in terms of scheme of amalgamation approved by Hon'ble National Company law Tribunal (NCLT) on 1st February 2018. The appointed date of the scheme was 1st April, 2017.The effect of the scheme was given in financial statements prepared for the year ended 31st March, 2018. As order of amalgamtion was passed on 1st February, 2018, the company had not considered the effect of amalgamation while preparing financial results for the quarter and nine months ended on 31st December 2017. However in these financial results, figures for the quarter and nine months ended on 31st December, 2017 include the figures of earstwhile Saldhar Investment and Trading Company Private Limited and the same are not audited.
3. The company has adopted Ind AS 115 "Revenue from Contracts with Customer” w.e.f 01.04.2018. In accordance with the first time option available in the standard, the company has choosen the cumulative effect option and accordingly, the comparatives have not been restated in line with the requirement of the standard. The effect on adoption of the said standard is not significant on these financial results.
4. Consequent to the introduction of Goods and Services Tax (GST) with effect from 1st July 2017, Central Excise value added tax have been subsumed in GST. In accordance with Ind AS-18, on revenue and Schedule 111 of the Companies Act 2013 unlike excise duties levies like GST,VAT etc. are not part of Revenue. Accordingly the figures for period up to 30th June 2017 are not strictly relatable to those there after. The following additional information is being provided to facilitate such understanding. For Table, kindly refer Corporate Announcements on www.bseindia.com.
5. The above financial results were reviewed by the Audit Committee after audit by the statutory auditors of the Company and the Board of Directors approved the same at their meeting held on 29th January 2019.
6. Previous period figures have been regrouped wherever necessary.