Onward Technologies 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 statement has been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on May 17, 2019.
2. This statement has been prepared in accordance with the Companies (Indian Accounting Standard) Rules, 2015 (Ind AS) prescribed under section 133 of the Companies Act, 2013 and other recognised accounting practices and policies to the extent applicable.
3. As per Ind AS 108 "Operating Segments", when a financial report contains both consolidated results and separate financial results for parent, segment information needs to be presented only in case of consolidated financial results. Accordingly, segment information has been provided only in the consolidated
4. During the quarter and twelve months ended March 31, 2019, the Company issued 53,200 and 2,62,800 equity shares respectively following the exercise of stock options by certain employees under the ESOP scheme, 2009.
5. Effective April 1, 2018, the Company has adopted Ind AS 115 "Revenue from Contracts with Customers" using the modified retrospective option which is applied to contracts that were not completed as at April 1, 2018. Accordingly, the comparatives have not been retrospectively adjusted. The adoption of Ind AS 115 did not have any material impact to the financial results of the Company.
6. The figures for the quarter ended March 31, 2019 and March 31, 2018 are the derived figures between the audited figures for the year ended March 31, 2019 and March 31, 2018 and published reviewed figures of December 31, 2018 and December 31, 2017 respectively.
7. The Company is in the process of evaluating the impact of the recent Supreme Court Judgment in case of "Vivekananda Vidyamandir And Others Vs The Regional Provident Fund Commissioner (II) West Bengal" and the related circular (Circular No. C-l/l(33)2019/Vivekananda Vidya Mandir/284) dated March 20, 2019 issued by the Employees' Provident Fund Organisation in relation to non-exclusion of certain allowances from the definition of "basic wages" of the relevant employees for the purposes of determining contribution to provident fund under the Employees' Provident Funds & Miscellaneous Provisions Act, 1952. In the assessment of the management which is supported by internal legal advice, the aforesaid matter is not likely to have a significant impact and accordingly, no provision has been made in these Financial Statements.
8. The board of directors in its meeting held on May 17, 2019 has recommended final dividend of Rs. 1.50 per equity share of Rs. 10 each for the year 2018-19, subject to shareholders approval.
9. Previous year/period figures have been regrouped / rearranged wherever considered necessary.