By Himanshu V. Kishnadwala
Chartered Accountant
ERROR OF CELL REFERENCES IN WORKSHEETS IN RELATION TO
CONSOLIDATED FINANCIAL RESULTS
HIMADRI SPECIALITY CHEMICAL LTD. (31ST
MARCH, 2020)
From intimation sent by company to stock exchanges and
shareholders
We hereby inform you that
an error of cell reference was found to have occurred in the worksheet in
relation to the Consolidated Financial Statements of the Company for the
financial year ended 31st March, 2020.
Hence, the Company has
decided to approve rectified Consolidated Financial Statements for the
financial year ended 31st March, 2020. The statement of the
rectification in the Consolidated Financial Statements for the financial year
ended 31st March, 2020 with respect to the following ‘Notes to the
Consolidated Financial Statements’ is mentioned herein below:
(a) Note 15 of the ‘Notes to the Consolidated
Financial Statements’ for the year ended 31st March, 2020, appearing
on page 291 of the Annual Report to be rectified as below:
15. Inventories Amount
in Rupees lakhs
See accounting policy in Note 3(i)
(Valued at lower of cost and net realisable value)
31st
March, 2020 31st March,
2019
Raw materials [including 9,547.24 26,001.51
goods-in-transit Rs. 952.45 lakhs
(31st March, 2019: Rs. 1,104.19 lakhs)]
Work-in-progress 10,153.11 7,671.46
Finished goods 16,348.78 16,874.88
Packing materials 713.16 545.44
Stores and spares 3,756.81 3,224.50
40,519.10 54,317.79
Carrying amount of
inventories pledged as securities for borrowings, refer Note 19.
(b) Note 28 of the
‘Notes to the Consolidated Financial Statements’ for the
year ended 31st March, 2020, appearing on page 301 of the Annual
Report to be rectified as below:
28. Cost of materials consumed Amount in Rupees lakhs
Year
ended Year ended
31st
March, 2020 31st March, 2019
Inventory of raw material at the 26,001.51 15,454.06
beginning of the year
Add: Purchases during the year 1,13,050.92 1,72,306.94
1,39,052.43 1,87,761.00
Less: Inventory of raw materials at (9,547.24) (26,001.51)
the end of the year
Less: Material captively consumed in (2,165.14) –
capital projects
Add / Less: Exchange rate fluctuation 2.98 (0.59)
on account of average rate transferred
to currency translation reserve
Cost of materials consumed 1,27,343.03 1,61,758.90
(c) Note 29 of the ‘Notes to the Consolidated Financial Statements’
for the year ended 31st March, 2020, appearing on page 301 of the
Annual Report to be rectified as below:
29. Changes in inventories of finished goods and work-in-progress
Amount
in Rupees lakhs
See accounting policy in Note 3(i)
Year
ended Year ended
31st
March, 2020 31st March, 2019
Opening inventories
Finished goods 16,874.88 14,017.92
Work-in-progress 7,671.46 8,811.51
24,546.34 22,829.43
Closing inventories
Finished goods 16,348.78 16,874.88
Work-in-progress 10,153.11 7,671.46
26,501.89 24,546.34
Less: Material captively
consumed (3,429.61) –
in capital projects
Add / Less: Exchange rate
fluctuation 421.40 (1.36)
on account of average rate
transferred to currency
translation reserve
Change in inventories of
finished (4,963.76) (1,718.27)
goods and work-in-progress
We further inform you that the aforesaid
corrections do not impact the Statement of Profit and Loss of the Company for
the Financial Year ended 31st March, 2020.
