V-Guard Industries 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. These financial results have been prepared in accordance with Indian Accounting Standards (Ind AS) as prescribed under section 133 of Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules 2015 and relevant amendment thereafter.
2. The above standalone unaudited financial results for the three months ended December 31, 2018 were reviewed by the Audit Committee at the meeting held on January 31, 2019 and approved by the Board of Directors and taken on record at the meeting held on January 31, 2019.
3. According to the requirements of Ind AS and SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, revenue for the nine months ended December 31, 2017 and for the year ended March 31, 2018 are reported inclusive of excise duty. The Government of India has implemented Goods and Service Tax ("GST") from July 01, 2017 replacing Excise Duty, Service Tax and various other indirect taxes. As per Ind AS, the revenue from operations for the period commencing July 01, 2017 is reported net of GST. Had the previously reported revenue shown net of excise duty, comparative revenue of the Company would have been as follows:
Revenue from operations (Net of Excise Duty) : For nine months ended 31.12.2017 - Rs. 1,65,312.88 lakhs and for the year ended 31.03.2018 - Rs. 2,31,173.69 lakhs
4. Ind AS 115 "Revenue from Contracts with Customers" is mandatory for reporting period beginning on or after April 01, 2018 and has replaced existing Ind AS related there to. Under the modified retrospective approach, there were no significant adjustments required to be made to the retained earnings as at April 01, 2018. Also, the application of Ind AS 115 did not have any significant impact on recognition and measurement of revenue and related items in the financial results for the quarter and nine months ended December 31, 2018.
5. During the quarter ended December 31, 2018, the Company allotted 326,356 equity shares on exercise of stock options by eligible employees under the Employees Stock Option Scheme, 2013.
6. Based on the "management approach" as defined in Ind-AS 108 - Operating Segments, the Chief Operating Decision Maker evaluates the Company's performance and allocates resources based on an analysis of various performance indicators by business segments and segment information is presented accordingly. Electronics includes Stabilizers, Digital UPS, UPS and Solar Inverters; Electricals includes PVC Insulated Cables, LT Cables, Switch Gears, Single Phase Pumps, Three Phase Pumps and Modular Switches; Consumer Durables includes Electric Water Heaters, Solar Water Heaters, Fans, Induction Cooktops, Mixer Grinders, Glasstop Gas Stoves, Rice Cookers and Air Coolers.
7. Figures for the previous periods have been regrouped and / or reclassified wherever necessary to conform with the current period presentation.
Note on Interest Service Coverage Ratio:
The field Interest Service Covergae Ratio (ISCR) does not accept a value greater than one digit. Due to the technical glitch exist with utility we have divided the actual ISCR value by 100 and entered the value.