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Rites Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2019

Auditor and Management Disclosures and Notes for the annual results dated 31 Mar 2019

1. The above results have been reviewed by Audit Committee and approved by the Board of Directors in its meeting held on 29th May, 2019.

2. The Audited financial results are subject to review by the Comptroller and Auditor General of India under section 143 (6) of the Companies Act, 2013.

3. The Financial Results of the company have been prepared in accordance with the Indian Accounting Standards (Ind AS) as prescribed under section 133 of the Companies Act, 2013 read with Companies (Indian Accounting Standard) Rules, 2015, as amended.

4. Company has paid an interim dividend on 08.01.2019 of Rs 4.75 per share (face value Rs 10 each) & on 26.03.2019 of Rs 4.00 per share (face value Rs 10) each) for the year 2018-19. The Board of Directors has recommended Final Dividend of? 4.00 Per Share (face value of Rs 10 each). The total dividend (including interim dividend) for the financial year 2018-19 is Rs 12.75 per share (face value Rs 10 each).

5. IND AS-115 "Revenue from Contracts with Customers“ has become mandatory for reporting period(s) beginning on or after April 01, 2018 and has replaced the existing IND AS-18 and IND AS-11. Company has decided to adopt the Full Retrospective Approach in preparation of its Financial Statements. The adoption of the standard has no material impact on the financial statements of the Company.

6. During the year, the company has changed the accounting policies for ‘Prepaid Expenses‘ and ‘Prior Period Adjustments‘. Due to changes, impact on net profit for the year is (-) Rs 0.83 crore (previous year (-) Rs 5.21 crore).

7. Consequent upon the Govt. of India decision to disinvest 2.52 crore of shares of the holding company, shares of the holding company were listed on NSE and BSE on 2nd July, 2018 and the proceeds have been realized by Govt. of India (GOI).

8. Figures for the fourth quarter of current financial year are the balancing figures between audited figures in respect of the full current financial year and the published year to date figures upto the third quarter of the current financial year..

9. The figures for the previous period have been regrouped/ reclassified, wherever necessary.