Krebs Biochemicals & Industries Limited

Cl

N : L24ttOAP1991 PLC1O39L2

l't November 2016

To,
The Manager,

Listing Department,
BSE Limited,
P J Towers, Dalal Street,

Fort, Mumbai-400001.
Dear Sir,/Madam,
Sub: Submission of conected financial results for the quarter ended 31$ March 2016 anil 306 June 201.6.

We refer to the above captioned subject, we herewith submit to you corrected results for the quarter ended
31$ March 2016 as we have identified clerical erors on our verification of financial results due to wtr-ich
the figures if quarter ending 3l't March 2016 needs to be corrected as explainedbelow:
a)

b)

c)

Cost of material consumed for the quarter ended 31.03.2016 should be rcad as Rs. 5.68 lakhs
instead of Rs. 24.73 lakhs. The difference is because the opening stock value of raw materials was
mistakenly considered.
Changes in inventories of work-in-progress and finished goods for the quarter ended 3l't March
2016, should be read as Rs. 62.85 lakhs instead of Rs. 65.29 lakhs. The difference is because the
opening stock value was mistakenly considered.
Other manufacnrring expenses tobe read as Rs. 205.71lakhs instead of Rs.92.47 lakhs. Other
manufacturing expenses head was regrouped during the audit and the same was not considered

during the prepantion of balancing figures for the 4n quarter i.e, 31't March 2016. Atso the
opening stock value of consumables was mistakenly considered and results in further difference of
Rs. 1.63 lakhs in other manufacnrring expenses.
d) Other expenses should be read as Rs. -9.67 lakhs instead of Rs. 105.20 lakhs. Other expenses head
was regrouped during the audit and the same was not considered during the prqaration of
balancingfigures for the quarter ending 31" March 2016.
e) The net effect of the above changes will result in decrease of loss for the quarter ended 31't March
2016to the extent of Rs. 23.11 lakhs, from Rs. 624.13 lakhs to Rs. 601.02lakhs.

We are herewith attaehing the corrected financial statements for the quarter ended 31" March 2016 and
30ft June 2016 (the figures of 31't March 2016 after complying with the Ind AS) that have been ratified by
the Audit Committee and will be put up to the Board's approval in the forthcoming Board Meeting.
We regret the error caused in the financial results and we ensure you that utmost care shall be taken in
future and avoid such kind of errors in declaring the financial results.
Kindly take the same into your records.
Thanking you,
Yours Faithfully,

For

Limited

(V), Kasim kota (M), Anakapalli, Visakhapatnam, Andhra Pradesh-531. 03 1

CorporateOffice: 8-2-57718, PlotNo.34,3rd Floor, Maas Heights, Road No.8, BanjaraHills, Hyderabad-5O0034
Tel :040-66808040 E-mail : marketing@krebsbiochem.com Website :www.krebsbiochem.com

KREBS BIOCHEMICALS & INDUSTRIES LIMITED

CIN: L2411OAP19rPLC103912
Regd. OIIice: Kothapalli (Y), Kasimkota (M), Anakapalli, Vishakapatnam (DF 531031
Corp. Olfice: Plot No:38, &2-577i8, Maas Heights, Road No:8, Banjara Hills, Hyderabad -501X)34

CORRXCTf,D STAND ALONE FINANCIAL RESULTS FOR THE QUARTER AND TWELVE MONTHS EIIDED 31ST MARCH 2016

31.12.201s

31.03.2016

Changes in inventories offinished goods,

/ (Loss) from ordinary activities before finance costs

& exceptional

Profrt / (Loss) from Ordinary Activities after Finance Cosls but before

re of

Profit/ (Lms)

of Assmiatq

Net Profit / (Loss) after Taxs, minoilty Interest

ofAssociotes (13 + 14+ I

&

Share of PrcfiU (Loss)

Sbare Caoital (Facc Value Rs. 10/-

Reene Excluding Revaluation

951 43

Reserues as per Balance Sheet of

Eaming Per Share (before extraordinarry

ltems)

previou

(1,417 .e7)

(ofRs.l0/- each)

Earning Per Share (after extraordinarry Items) (ofRs.l0/- each) (not

-,
2
3
,'
5

The above results have been reviewed by the Audit Comrnittee at its meeting held on 28th May, 2016 md approved by the
held on 28th May, 2016.

Bord ofDirectors ofthe Company

at its meting

The Company is operating in one sepent only hence no sepent results have been disclosed.
Figures have been regrouped,

remged

wherever necessary.

3lst March, 2015 are the balmcing figures between the audited figures in respect ofthe firll financial year and the
audited third quaner published year to date figures, which are subjmted to a Limited Review.
The figures for the quarter ended 31st March, 2016 md

NOTES FOR CORRECTIONS

The figures ofthe quarter ended 31.03.2016 have been corected for minor clerical enors md regrouping involving

i
ii

) Cost of Materials consmed to read as Rs. 5.68 lacs instead of Rs. 24.73lacs
) Changes in invealsries 6ffinished Goods, WIP and Stock in Trade to read as Rs. 62 85 lacs instead ofRs. 65.29 lacs

iii)OthermanufacturingexpensestoreadasRs.205.Tl

lacsinsteadofRs 92.47lacs

iv ) Other expenses to read as Rs (9 67) lacs instead ofRs. 105.20 lacs

v )Theconectionisprimfilyduetoclericalenorsinaccomtingtheopeningbalmceofstockvalueinquarterended3l.03.2016mdregroupingofsomeoftheexpenres.
This lead to change ofitems at Sl. No:3 ,

5,7,9,

ll,

13, 16, 19(i) and

l9(ii)

and no other changes are made

vi) The net effect ofthe above changes will result in decrease ifloss for the quarter ended 3 lst Milch 2016 to the extent ofRs. 23.1

vii)ConectionshavebeenratifiedbytheAuditCommitteeinitsmeetingdated3l

Place:Hyderabad
Date :31 10.2016

102016

lacs

/ It;
)|<!--VTNASHRA
ManagingD
DIN:01616152

KREBS BIOCHEMICALS & INDUSTRIES LIMITED

CIN:L241 l0APl99l PLCI 0391 2
Registered Ollice: Kothapalli Village, Kasimkota Mandal, Ankapalli, Visakhapatnarn, Andhra Pradesh - 531 031
Corporate Ollicez 8-2-577lB,Plot No:34,3rd Floor, Maas Heights, Road No:8, Banjara Hills, Hyderabad - 500 034
CORRECTED STANDALONE FINANCIAL RESULTS FOR THE QUARTER / PERIOD ENDED 3OTH JT]NE 2016

(Rs- In lacs

For
30.06.2016

31.03.2016

30.06.201s

fllnaudited' flInauditedl fUnaudited)

PART -

,,

714

Expenses
l Cost ofMaterial Consumed

work-in-orosess and stock -in-trade

l Emolovee benefits exDense
I Deoreciation and Amortisation exnense
:.Other Manufacfuring Expenses

4
5

Other Exoenses

fotal Expenses
Profit / (Loss) from Operations before other incorne, frnance costs and exceptional
tems (1 - 2)
Other Income

Profit / (Loss) from ordinary activities before finance costs & exceptional items (3

+4)

Finance Costs

Prolit / (Loss) from Ordinary Activities after Finance Costs but before exceptional

Exceotional Itmes:

items (5

{Arrdited)

* lo

a) Debit balances written

r7.79
39.01
39.01

r7.79
123 17

17.79

140.96

011

s68

13 22

l'17.26

4.07

62 85

r23.93
104 09
7t 29
56 60
360.10

198 08
162 00

t38 53

566.52

95.54

448 62

20s'71
(s 65

I 15.04

628.67

424.65

1.E29.81

(3r3.97)

(s89.66)

(406.861

(1,688.8s

l13

31.46

075

102 94

(312.84)

(ss8.20)

39.00
46-14

: Changes in inventories offinished goods,

31.03.2016

lncome from Operations

l) Net Sales / Income from Operations
b) Other Operatins Income
fotal Income from onerations (net)

:-.

The

fear Endinl

Quarter Ended

Profit / (Loss) after Tax

(406.1r

(1,585.91

4872

0.19

73.88

(406.30)

(1,659.79'

(0.e3)

(0.93

(126.93

(8.37)

683

Net

(9 + 10)

13

350 97

(606.e2)

d) Profit on Sale of Food Division's Immovables

ll

449

65 07

50.67

c) Amounts Written Back

Profit / (Loss) from ordinarv activities before Tax (7 + 8)

Iax Expense

<162.69

(363.s1)

off

b) Depletion in Value oflnventory

9
10

Q.7s)

52 03

96 49

59 t2

59.12

(37r.EE)

(601.02t

(295.15)

(1.632.04'

(371.88)

(60r.021

(29s.rs)

(1,632.04'

(371.88)

(601.021

(295.15t

(1.632.04

(371.88)

(601.021

(29s.rsl

(1,632.04'

t2

Extra Ordinarv Items

13
NetProfit / (Loss) for the Deriod (11 + 12)
t4 Other Comorehensive Income
Iotal Comprehensive Income after Tax(13 + 14)
15
[Comprisins Profit (Loss) and other Comorehensive Income for the oeriod)
r6 Paid-uo Eouitv Share Caoital (Face Value Rs. 10/- each)
Reserve Excluding Revaluation Reserves as per Balance Sheet of previous
t7
Accountins Year
(ofRs.lO/- each) (not
Earning Per Share (before extraordinary Items)
(i)
l8
Annrrllised)
a) Basic
'b) Diluted

(iD

EarningPerShare(afterextraordinaryItems)(ofRs.10/-each)

I
2

-306.43

r.306.43

r.24r.43

(372 26

(2.7r

(4.87'

(2 38)

13 24

(2.79

G.62'

Q.38'

(L2.54

Q71

(4 87)
(4.62

()'t9'

(notAnnualised)

a) Basic
b) Diluted
Jee accomDanving notes to the

r_374 43

() 10\

(2 3E

13.24

02.54

Financial results

The above results have been reviewed by the Audit Committee at its meeting held on 14th September 2016, and approved by the Board
Directors of the Company at its meeting held on l4th September 2016.

of

Ihe Company is operating in one segrnent only hence no segment results have been disclosec
Figures have been regrouped, rearranged wherever necessary,

Transition to Ind-As
The Company has adopted Iad-As with effect from lst April 2016 with comparitives being restated. Accordingly the impact of transition has been
provided in the Opening reseryes as at lst April 2015 and all the periods presented have been restated accordingly.

Resultforthequarterended30thJune2016areincompliancewithlndian
AccountingStandards(Ind-As)notifiedbytheMinistryofCorporate
Affairs, Consequently, result for the quarter ended 3lst march 2016, 30th June 2015 and previous year ended 31st March 2016 have been restated
to complv with Ind-As to make them comoarable
Notes for Corrections:

for incorporation ofcorrected figures for the quarter ended 31.03.2016 that have been made in the
financial results for the ouarter ended 3 1st march 2016 dt.3 1.10.2016 and these have been restated to comply with Ind-As
b Column heading ofquarter ended 3l 03 2016 to read as "Unaudited" instead ofAudited.
c.Corrections have been ratified by the Audit Committe in its meeting dt 31.10.2016.
a.These corrections are

Jlace

Hvderabad

Date

1.10.2016

AVIFASH
Managing

Dii

DIN:016161

KREBS BIOCHEMICA|5

& INDUSTRIES LIMITED

CORRECTED RECONCITATION OF PROFIT AND RESERVE BETWEEN INDAS AND PREVIOUS INDIAN GAAP FOR EARLIER
PERIOD AND AS AT MARCH

3L,2016
Rs.in lakhs
Reserve

Profit reconciliation
Quarter
Quarter
ended 31st ended
Note March
l0th June
2015
ref. 20t6

sl # Nature of adiustments

Net Profit

'econciliation

fear ended
llst March

As

2016

March 2015

at 31st

Reserves as per Previous lndian

(501.02)

GAAP
Fair valuation as deemed cost

(2ss.16)

(1,532.04)

1L,477.971

for Property, Plant

and Eouioment

Fair valuation

4,743.25
(37s.28l,

of Intansible Assets
Fair Valuation of for Financial Assets

(3,r.26.95)

Defered Tax

(131.30)

Sub Total

1,105.71

Net profit/ Reserves as per Ind As

1501.021

(29s.161

(372.261

(1,632.041

Notes:

1 Fair valution as deemed cost for Properw, Plant and Equipment

Considered fair value for property, viz land admeasuring 1L0.7 acres, situated in Andhra Pradesh

in

India, with

impact of Rs.4743.25 lakhs in accordance with stipulations of Ind AS 101 (see Ind As 16) with the resultant
impact being accounted for in the reserves.

Fair Valuation of Intangible Assets

Considered fair value of Intangible Assets based on expected future economic benefits using reasonable and
supportable assumptions in accordance with stipulations of Ind As 38 with the resultant impact being accounted
for in the reseryes.
Fair valuation

for Financial Assets

The Company has valued financial assets at fair value. lmpact of fair value changes as on the date of transition,

is recognised in opening reserves and changes thereafter are recongnised in Profit and Loss Account or Other
Comprehensive Income, as the case may be.

Defered Tax

The lmpact of transition adjustments together with Ind As mandate of using balance sheet approch (against
profit and loss approch in the previous GMP) for computation of deferred taxes has resulted in charge to the
Reserves, on the date oftransition, with consequential impact to the Profit and Loss account for the subsequent
periods.

5 The Audit Committee has reviewed the above results and the Board of Directors has approved the above results
and its release at their resepective meetings held on 14th September 2016. The Statutory Auditors of the
Company have carried out a Limited Review of the results for the current quarter.

6 Notes for Corrections:

a)These corrections are for incorporation of corrected figures for the quarter ended 31.03.2016 that
have been made in the corrected stand alone financial results for the quarter ended 3lst march 2016
d1.31.10.2016.

b.Correction
(624.r3).

in Net

Profit/Reserves as per previous Indian GAAP

to read as (601.02) instead of

c) Correction in Net Proht/Reserys as per Ind As to read as (601.02) instead of (624.1 3).

Place: Hyderabad
Date: 31.10.2016

Managing
DIN: 015161