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BSE Mumbai Bourse: Results from Ankit Metal & Power for Jul 01 to Sep 30

22 Nov 2017 10:02 am
Scrip_cd:                                                      532870 
Audited:                                                       Un-Audited 
Result Type:                                                   Q 
Date Begin:                                                    01-Jul-17 
Date End:                                                      30-Sep-17 
#                                                              (Rs Millions) 
Net Sales:                                                     502.84 
Other Income:                                                  0.69 
Total Income:                                                  503.53 
Expenditure:                                                   -1389.76 
Profit after Interest but before Exceptional Items:            -886.23 
Exceptional Item:                                              0.00 
Profit (+)/ Loss (-) from Ordinary Activities before Tax:      -886.23 
Tax:                                                           0.00 
Net Profit (+)/ Loss (-) from Ordinary Activities after Tax:   -886.23 
Net Profit:                                                    -886.23 
EPS (in Rs):                                                   - 

1. The above results have been reviewed by the Audit Committee and approved by the Board of Directors in their respective meetings held on 14th November,2017.

2. The lenders have stopped charging interest on debts, since the dues from the company have been categorised as Non Performing Asset. The company is in active discussion/negotiation with it lenders to restructure its debt at a sustainable level. In view of the above, pending finalization of the restructuring plan, the company has not provided accrued interest in its books as the account was declared NPA by the respective lenders. The amount of interest INR. 2777.99 Lacs for the quarter ended 30th September, 2017 and penal interest and charges thereof (amount remaining unascertained) has not been provided for. The unprovided liability in respect of interest on long term and short term borrowings as on 30th September, 2017 amounted to INR. 20,846.44 Lacs. The same have consequential impact on the reported figures.

3. The company has incurred loss of INR. 8860.28 Lacs for the quarter ended 30th September, 2017 and accumulated loss as on 30th September, 2017 is INR. 87,256.73 Lacs which is in excess of the entire net worth of the company. The lenders of the Company are in the process of approving debt restructuring as a part of financial revival process. The steel industry scenario has since improved, and the company has put in place measures for revival and cost reduction. Considering the initiative of the Company, the management is of the view of forseeable future about the operations of the Company and accordingly the financial statements have been prepared under Going Concern basis.

4. In the opinion of the management, current and non current asset have a value of realisation in the ordinary course of business at least equal to the amount at which they are stated in the accounts. Certain Balances of the sundry creditors, sundry debtors, unsecured loans and advances are subject to confirmations and reconciliation.

5. The Company operates in one reportable segment only viz. Iron & Steel. However, the Company also generates power which is entirely used for the captive consumption. Hence, Segment Reporting is not applicable.

6. Revenue from operations for the current quarter is not comparable with previous periods, since sales are net of GST whereas in previous periods sales were gross of Excise Duty.

7. The figures of the previous period has been regrouped/ reclassified, wherever necessary to confirm to the classification for the quarter ended 30th September, 2017.

(END) Dow Jones Newswires

November 22, 2017 05:02 ET (10:02 GMT)
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