Sunflag Iron & Steel Company 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. After review by the Audit Committee, the above financial results were approved by the Board of Directors of the Company at their meeting held on 24th January, 2019.
2. The Company has only one operating segment i.e. 'Iron & Steel Business' and operations are mainly within India. Hence, it is the only reportable segment under IND AS 108 'Operating Segments'.
3. The company has adopted Ind-AS 115 "Revenue from contract with Customers" which replaces earlier revenue recognition standard. However, there is no material impact on either revenue or retained earnings / profit.
4. Post implementation of Goods & Service Tax (GST) applicable with effect from 01/07/2017, Revenue from operations are required to be disclosed net of GST. Consequently, Revenue from operations for the 9 months ended 31st December 2018 are not comparable with the corresponding previous year financial results i.e. 31st December 2017, which are reported inclusive of Excise Duty.
5. The figures of previous periods have been re-grouped /re-arranged wherever necessary to make them comparable.