Suprajit Engineering Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2018
Auditor and Management Disclosures and Notes for the annual results dated 31 Mar 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 May 29, 2018.
2. The Honourable National Company Law Tribunal ('NCLT') vide its Order dated August 11, 2017 approved the Scheme of Amalgamation between Suprajit Engineering Limited ('the Company') and Phoenix Lamps Limited, an erstwhile subsidiary of the Company. Upon completion of necessary procedures, the amalgamation has been given effect from April 1, 2016, being the appointed date of the amalgamation.
In consideration for aforesaid amalgamation, the Company has issued and allotted 8,533,699 equity shares of Re.1/- (Rupee one only) each, amounting to Rs. 8.53 million, to the minority shareholders of erstwhile Phoenix Lamps Limited on September 14, 2017 based on share exchange ratio of 4:5 as per the scheme of amalgamation.
Pursuant to the aforesaid amalgamation, the corresponding comparative results has been restated, where ever necessary.
3. On September 9, 2016, the Company acquired 100% shareholding in Wescon Controls LLC, USA through its wholly owned subsidiary Suprajit USA Inc.
4. The Company has transitioned from Accounting Principles Generally Accepted in India ('Previous GAAP’) to Indian Accounting Standards ("Ind AS") with effect from April 1, 2017 with transition date being April 1, 2016. Accordingly, these financial results have been prepared in accordance with the recognition and measurement principles laid down in Ind AS 34 on Interim Financial Reporting prescribed under section 133 of the Companies Act, 2013, read with relevant rules thereunder and in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and SEBI Circular No. CIR/CFD/FAC/62/2016 dated July 5, 2016.
5. Consequent upon aforesaid transition, the reconciliation of profit after tax under Previous GAAP to total comprehensive income as per Ind AS for the quarter and year ended March 31, 2017 and reconciliation of equity as at March 31, 2017 is provided below:
a) Financial results reconciliation: For Table, kindly refer Corporate Announcements on www.bseindia.com.
b) Equity Reconciliation: For Table, kindly refer Corporate Announcements on www.bseindia.com.
6. Consequent upon the introduction of Goods and Service Tax (GST) with effect from July 1, 2017, Central excise. Service Tax, Value Added Tax, etc. have been replaced by GST. In accordance with Ind AS 18 on revenue and Schedule III of the Companies Act 2013, GST is not included in income from operations for the applicable periods. In view of aforesaid restructuring of Indirect taxes, income from operations for the quarters ended March 31, 2018, December 31, 2017 and year ended March 31, 2018 are not comparable with the previous periods. Had the previously reported revenue shown net of excise duty, comparative revenue of the Company would have been as follows: For Table, kindly refer Corporate Announcements on www.bseindia.com.
7. The exceptional items for the year ended March 31, 2017 represents expenditure incurred on acquisition of Wescon Controls LLC, USA ('Wescon') and Phoenix Lamps Limited. Further, exceptional item for the quarter ended March 31, 2017 represents income arising on cross charge of certain aforesaid Wescon acquisition related expenses to Wescon.
8. The Company is engaged in the business of manufacturing and selling of automotive and other components, which are monitored as a single segment by the chief operating decision maker, accordingly, these, in the context of Ind AS 108 on operating segments reporting are considered to constitute one segment and hence the Company has not made any additional segment disclosure.
9. The figures of last quarter of current year and previous year are the balancing figures between the audited figures in respect of the full financial year and the published unaudited year to date figures for the nine months of the respective year. Also, refer note nos 2, 4 and 5 above.
10. Previous period figures have been regrouped/reclassified, wherever necessary to conform to the current period's classification. Also, refer note 2 above.
11. The Board of Directors, its meeting held on May 29, 2018 recommended final Dividend of Re.0.80 (80%) per equity share (face value of Re.1/- each) in respect of financial year 2017-18. Also during the year the Board of Directors had declared interim dividend of Re.0.60 (60%) per equity share face value of Re.1/- each).