General information about company | |
| Scrip code | 523246 |
| Name of company | Chokhani International Limited |
| Class of security | Equity |
| Date of start of financial year | 01-04-2017 |
| Date of end of financial year | 31-03-2018 |
| Date of board meeting when results were approved | 26-08-2017 |
| Date on which prior intimation of the meeting for considering financial results was informed to the exchange | 19-08-2017 |
| Description of presentation currency | INR |
| Level of rounding used in financial results | Lakhs |
| Reporting Quarter | First quarter |
| Nature of report standalone or consolidated | Standalone |
| Whether results are audited or unaudited | Unaudited |
| Segment Reporting | Single segment |
| Description of single segment | Ship Repairing |
| Start time of board meeting | 10:00 |
| End time of board meeting | 10:15 |
Financial Results – Ind-AS | |||
| Particulars | 3 months/ 6 months ended (dd-mm-yyyy) | Year to date figures for current period ended (dd-mm-yyyy) | |
| A | Date of start of reporting period | 01-04-2017 | 01-04-2017 |
| B | Date of end of reporting period | 30-06-2017 | 30-06-2017 |
| C | Whether results are audited or unaudited | Unaudited | Unaudited |
| D | Nature of report standalone or consolidated | Standalone | Standalone |
| Part I | |||
| 1 | Income | ||
| Revenue from operations | 0 | 0 | |
| Other income | 0.17 | 0.17 | |
| Total income | 0.17 | 0.17 | |
| 2 | Expenses | ||
| (a) | Cost of materials consumed | 0 | 0 |
| (b) | Purchases of stock-in-trade | 0 | 0 |
| (c) | Changes in inventories of finished goods, work-in-progress and stock-in-trade | 0 | 0 |
| (d) | Employee benefit expense | 0.8 | 0.8 |
| (e) | Finance costs | 0.01 | 0.01 |
| (f) | Depreciation, depletion and amortisation expense | 0 | 0 |
| (f) | Other Expenses | ||
| 1 | Other Expenses | 8.46 | 8.46 |
| 10 | |||
| Total other expenses | 8.46 | 8.46 | |
| Total expenses | 9.27 | 9.27 | |
Financial Results – Ind-AS | |||||||
| Particulars | 3 months/ 6 months ended (dd-mm-yyyy) | Year to date figures for current period ended (dd-mm-yyyy) | |||||
| A | Date of start of reporting period | 01-04-2017 | 01-04-2017 | ||||
| B | Date of end of reporting period | 30-06-2017 | 30-06-2017 | ||||
| C | Whether results are audited or unaudited | Unaudited | Unaudited | ||||
| D | Nature of report standalone or consolidated | Standalone | Standalone | ||||
| Part I | Blue color marked fields are non-mandatory. For Consolidated Results, if the company has no figures for 3 months / 6 months ended, in such case zero shall be inserted in the said column. | ||||||
| 3 | Total profit before exceptional items and tax | -9.1 | -9.1 | ||||
| 4 | Exceptional items | 0 | 0 | ||||
| 5 | Total profit before tax | -9.1 | -9.1 | ||||
| 7 | Tax expense | ||||||
| 8 | Current tax | 0 | 0 | ||||
| 9 | Deferred tax | 0 | 0 | ||||
| 10 | Total tax expenses | 0 | 0 | ||||
| 11 | Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement | 0 | 0 | ||||
| 14 | Net Profit Loss for the period from continuing operations | -9.1 | -9.1 | ||||
| 15 | Profit (loss) from discontinued operations before tax | 0 | 0 | ||||
| 16 | Tax expense of discontinued operations | 0 | 0 | ||||
| 17 | Net profit (loss) from discontinued operation after tax | 0 | 0 | ||||
| 19 | Share of profit (loss) of associates and joint ventures accounted for using equity method | 0 | 0 | ||||
| 21 | Total profit (loss) for period | -9.1 | -9.1 | ||||
Financial Results – Ind-AS | |||
| Particulars | 3 months/ 6 month ended (dd-mm-yyyy) | Year to date figures for current period ended (dd-mm-yyyy) | |
| A | Date of start of reporting period | 01-04-2017 | 01-04-2017 |
| B | Date of end of reporting period | 30-06-2017 | 30-06-2017 |
| C | Whether results are audited or unaudited | Unaudited | Unaudited |
| D | Nature of report standalone or consolidated | Standalone | Standalone |
| Other comprehensive income [Abstract] | |||
| 1 | Amount of items that will not be reclassified to profit and loss | ||
| 1 | Amount of items that will not be reclassified to profit and loss | 0.01 | 0.01 |
| Total Amount of items that will not be reclassified to profit and loss | 0.01 | 0.01 | |
| 2 | Income tax relating to items that will not be reclassified to profit or loss | 0 | 0 |
| 3 | Amount of items that will be reclassified to profit and loss | ||
| Total Amount of items that will be reclassified to profit and loss | |||
| 4 | Income tax relating to items that will be reclassified to profit or loss | 0 | 0 |
| 5 | Total Other comprehensive income | 0.01 | 0.01 |
Financial Results – Ind-AS | |||
| Particulars | 3 months/ 6 months ended (dd-mm-yyyy) | Year to date figures for current period ended (dd-mm-yyyy) | |
| A | Date of start of reporting period | 01-04-2017 | 01-04-2017 |
| B | Date of end of reporting period | 30-06-2017 | 30-06-2017 |
| C | Whether results are audited or unaudited | Unaudited | Unaudited |
| D | Nature of report standalone or consolidated | Standalone | Standalone |
| Part I | Blue color marked fields are non-mandatory. For Consolidated Results, if the company has no figures for 3 months / 6 months ended, in such case zero shall be inserted in the said column. | ||
| 23 | Total Comprehensive Income for the period | -9.09 | -9.09 |
| 24 | Total profit or loss, attributable to | ||
| Profit or loss, attributable to owners of parent | |||
| Total profit or loss, attributable to non-controlling interests | |||
| 25 | Total Comprehensive income for the period attributable to | ||
| Comprehensive income for the period attributable to owners of parent | 0 | 0 | |
| Total comprehensive income for the period attributable to owners of parent non-controlling interests | 0 | 0 | |
| 26 | Details of equity share capital | ||
| Paid-up equity share capital | |||
| Face value of equity share capital | |||
| 27 | Details of debt securities | ||
| Paid-up debt capital | |||
| Face value of debt securities | |||
| 28 | Reserves excluding revaluation reserve | ||
| 29 | Debenture redemption reserve | ||
| 30 | Earnings per share | ||
| i | Earnings per equity share for continuing operations | ||
| Basic earnings (loss) per share from continuing operations | -0.03 | -0.03 | |
| Diluted earnings (loss) per share from continuing operations | -0.03 | -0.03 | |
| ii | Earnings per equity share for discontinued operations | ||
| Basic earnings (loss) per share from discontinued operations | 0 | 0 | |
| Diluted earnings (loss) per share from discontinued operations | 0 | 0 | |
| ii | Earnings per equity share | ||
| Basic earnings (loss) per share from continuing and discontinued operations | -0.03 | -0.03 | |
| Diluted earnings (loss) per share from continuing and discontinued operations | -0.03 | -0.03 | |
| 31 | Debt equity ratio | ||
| 32 | Debt service coverage ratio | ||
| 33 | Interest service coverage ratio | ||
| 34 | Disclosure of notes on financial results | Textual Information(1) | |
Text Block | |
| Textual Information(1) | 1. The above statement of financial result was taken on record by the Board of Directors in their meeting held on 26-08-2017. 2.The Company has adopted Indian Accounting Standards (Ind AS) prescribed under section 133 of the Companies Act, 2013, read with the relevant rules issued thereunder, from April 01, 2017 and accordingly, these standalone unaudited financial results (including figures for the quarter ended June 30, 2016) have been prepared in accordance with the recognition and measurement principles laid down in Ind AS 34 “Interim Financial Reporting” and the other accounting principles generally accepted in India. 3.The standalone financial results and other financial information for the quarter ended June 30, 2016 have not been audited or reviewed by the statutory auditors. However, the management has exercised necessary due diligence to ensure that the standalone unaudited financial results provide a true and fair view of the Company's affairs. 4.There is a possibility that these quarterly financial results may require adjustment before constituting the final Ind AS financial statements as of and for the year ending March 31, 2018, due to changes in the financial reporting requirements arising from new or revised standards or interpretations issued by MCA or changes in the use of one or more optional exemptions from full retrospective applications as permitted under Ind AS 101. 5.The Company business segment consists of 'Ship Repairs'. However, the operation remains suspended since June,1998. 6.The Company’s had in earlier year’s filed a claim on ICICI (Lead Bank) amounting to Rs. 210 crores, on account of negligence in maintaining the assets by the lead bank which resulted in total loss of company’s most valuable assets having value more than sufficient to meet the claims of all secured and / or unsecured creditors. By falling to carry out timely maintenance despite reminders from the court Receiver, High court, Mumbai and others the financial Institutions allowed dissipation and ultimate destruction of the two dry docks and other imported & indigenous machineries. Therefore the cost of fixed assets (net of relevant revaluation reserve) less depreciation provided till the date of disposal together with value of Inventories aggregating to Rs. 48.81 crores as intimated by DRT Receiver had been deducted from secured loans. Earlier years the Debt Recovery Tribunal (DRT) vide its order dated 30.06.2015 has allowed the claim of ICICI Bank of Rs. 18.81 Cr. (along with simple interest @12% p.a. from 01.04.1997 till the date of realization) & Company’s claim amounting to Rs. 210 crores has been dismissed. The company has filed an appeal before DRAT, Mumbai. The Debt RecoveryTribunal(DRT) Chennai vide its order dated 03-01-2017 has allowed the claim of IDBI of Rs. 31.03 Crores and IFCI of Rs. 21.61 crores totaling Rs. 52.64 crores (alongwith 6% simple interest from the 03-02-1999 till the date of realisation). The company has filed review petition before DRT, Chennai which is dismissed vide its order dated 20.07.2017. The Company has filed an appeal before DRAT Chennai. In view of above, the management is of the opinion that no amount whatsoever is due and payable to the Financial Institutions and necessary final adjustment will be made as and when matter is finally decided by Court. 7.Read with Note 4 & 5 above the companies accounts have been prepared on a going concern basis. 8.a. Debtors amounting to Rs. 10,03,45,887.00 due at the time of discontinued operations from (i) The Shipping Corporation of India (ii) The Commander, Coast Guard are under litigation at various stages. The management is confident of recovery, therefore no provision has been considered necessary. 8.b. Certain debit & Credit balances(apart from a above) are subject to confirmation/reconciliation and as matter is under litigation, Management is hopeful of recovery and is of the opinion that no provision is neccessary. 9.Regarding the Auditors qualifications pertaining to non-confirmation/reconciliation of certain debit and credit balances, Auditors qualifications could not be addressed as the operation of the company remained suspended since June 1998 and the official receiver appointed by Mumbai High Court has taken possession of the Ship Yard on 14th August, 1998 and sold off the entire fixed assets thereof & the matter is subjudice. 10.Since the operations of the company remained suspended since June 1998, there is no virtual certainty with regard to realisation of deferred tax assets and accordingly no deferred tax assets has been realised. 11.The Limited Review as required under regulation 33 of the SEBI has been completed by Statutory Auditors. 12.Previous quarters figures have been re-grouped and re-arranged wherever necessary. 13. Reconciliation of net loss for the quarter ended June 30, 2016 under Indian GAAP (Previous GAAP) and Ind AS is as under: Net loss for the quarter as per Previous GAAP - 4.67 Add / (Less) : Ind AS Adjustments - Acturial gain/loss on defined benefit obligations recognised in other comprehensive income -.01 Net profit/(loss) as per Ind AS -4.68 Other Comprehensive Income (OCI) after tax .01 Net profit/(loss) for the quarter as per Ind AS -4.67 |