Automotive Stampings and Assemblies Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Dec 2018
Auditor and Management Disclosures and Notes for the quarterly results dated 31 Dec 2018
1. The above results have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at their respective meetings held on January 21, 2019.
2. This statement has been prepared in accordance with the Companies (Indian Accounting Standards) 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. The Statutory auditors have conducted a limited review of the unaudited financial results for the quarter and nine months ended December 31, 2018 under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and have expressed an unqualified opinion.
4. Effective April 1, 2018, the Company has adopted Ind AS 115 "Revenue from contracts with customers" using the cumulative effect method. The standard is applied retrospectively only to the contracts that are not completed as at the date of application and the comparative Information is not restated in the financial results. The adoption of the standard did not have any material impact to the financial results of the Company
5. The Company is in the business of manufacturing automobile components. which is a single business segment in accordance with Ind AS - 108 'Operating Segments' notified pursuant to Companies (Accounting Standards) Rules, 2015.
6. Revenue from Operations include an amount of Rs. 710 Lakhs for retrospective price amendments for sales made for previous periods. Impact for the same has been accounted in the previous quarter.
7. In accordance ~h the requirements of Ind AS, revenue for the period from April 1, 2018 to December 31, 2018 is net of Goods and 5ervleas Tax ('GST'). However, revenue for the period from April 1, 2017 to June 30. 2017 is inclusive or excise duty and that for the period from July 1, 2017 to March 31. 2018 is net of GST.
8. The above unaudited financial results have been prepared on a going concern basis. as the Company's total liabilities exceeds its total asset by Rs. 3.737.35 Lakhs.
9. Management is in the process of shifting its manufacturing operations (Including the plant and machinery) from Bhosari. Pune to a new leased premise at Chakan, Pune. Pursuant to this transfer of operations, the existing building and the leasehold land at Bhosari is considered as held for sale by the Management. This was approved by the board of directors on January 15. 2019 and the Company has initiated a program to locate buyers.
10. The figures for the previous periods have been regrouped wherever necessary.