ZF Commercial Vehicle Control Systems India 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 of the Company have been prepared in accordance with the Indian Accounting Standards ("land AS") as prescribed under Section 133 of the Companies Act, 20 13 read with Companies ( Indian Accounting Standard) Rules. 2015, as amended.
2. The above unaudited financ1al results for the period ended December 31, 2018 were rev1ewed by the Audit Committee and upon its recommendation, were approved by the Board of Directors at its meeting held on January 29. 2019 The Statutory auditors have completed a limned rev1ew of the above unaudited financial results
3. According to the requ1rements of lnd AS and SEBI (Listing Obligation and Disclosure Requirements) Regulations 2015, revenue for the corresponding previous quarter and year ended March 31, 2018 were reported mclus1ve of Excise Duty The Government of lnd1a has 1mplemented Goods and Service Tax ("GST') from July 01. 2017 replacing Exc1se Duty. Service Tax and various other md1rect taxes AS per land AS 115, the revenue for the quarter ended December 31, 2018 is reported net of GST had the previously reported revenue shown net of exc1se duty, comparat1ve revenue of the Company would have been as follows.
4. Other operating revenues for the quarter ended September 30, 2018 includes income from Merchandise Ex pons from India Scheme ("MEIS") Rs. 3.623.41 lakhs of which Rs. 2,595.02 lakhs relates to earlier periods recognised m the current quarter upon achieving certainty of ultimate collectability on the bas1s of Past trends. Income from MEIS for the quarter ended December 31, 2018 amounts to Rs. 403.24 Lakhs.
5. The Company operates in one segment. Namely automotive components and allied services.
6. The figures for the previous period/ year, have been reclassified wherever necessary to conform to the current period's /year's class1ficauon.