Swaraj Engines 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 financial results for the quarter and nine months ended 31st December, 2018 were reviewed by the Audit Committee and thereafter approved by the Board of Directors in their meeting held at Mumbai on 25th January, 2019. The Statutory Auditors of the Company has conducted a Limited Review of the said financial results.
2. These financial results have been prepared in accordance with the recognition and measurement principles laid down in the Ind AS 34 'Interim Financial Reporting' prescribed under Section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder and other accounting principles relevant thereto.
3. Consequent to introduction of Goods and Services Tax (GST) with effect from 1st July, 2017, Central Excise, Value Added Tax (VAT) etc, have been subsumed into GST. Further Ind AS 18 "Revenue" unlike Excise Duty, do not require GST to be included as a part of Revenue. Accordingly, the figures for the nine months ended 31st December, 2017 and year ended 31st March 2018 are not strictly relatable to current figures. The following additional related information is given below: For Table, kindly refer Corporate Announcements on www.bseindia.com.
4. The Ministry of Corporate Affairs (MCA), on 28th March, 2018 notified Ind AS 115 "Revenue from Contracts with Customers" as part of the Companies (Indian Accounting Standards) Amendment Rules, 2018 and the same is effective for the accounting periods beginning on or after 1st April, 2018. The application of this standard did not have any material impact on the financial results of the Company.
5. The Company is primarily engaged in the business of diesel engines, diesel engine components and spare parts. As the basic nature of these activities are governed by the same set of risk, returns and internal business reporting system, accordingly these have been grouped as single segment in above disclosures as per Ind AS-108 dealing with " Operating Segment".
6. During the quarter, the Company has allotted 714 Equity Shares of face value of Rs. 10/- each pursuant to exercise of stock options by employees.
7. Previous year/period figures have been regrouped / recast, wherever necessary, to make them comparable.
Subhash Mago Whole Time Director & Chief Executive Officer