Bharat Gears 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 above financial results have been reviewed and recommended by the Audit Committee and have been approved by the Board of Directors at their respective held on 22 January. 2019.
2. The statutory auditors of the Company have carried out limited review of the aforesaid Unaudited Financial Results.
3. The Company is primarily engaged in the Automotive Gears business and all other activities revolving around the same. As such there is no other separate segment as defined by Ind AS 108 - "Operating Segments".
4. Net exchange gain (loss) included as under: For Table, kindly refer Corporate Announcements on www.bseindia.com.
5. Other expenses during the quarter and nine months period ended 31 December, 2018 is net of Rs. 312 lacs and Rs. 121 lacs respectively, being reversal expenses of earlier period.
6. Ind AS 115 Revenue from Contracts with Customers, mandatory for reporting periods beginning on or after 01 April. 2018. replaces existing. revenue recognition requirements. Under the modified retrospective approach there were no significant adjustments required to the retained earnings at 01 April, 2018. Alos 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.
7. The Board of Directors at their meeting held on 09 October. 2018 have approved the proposed issue of equity shares tor an amount not exceeding Rs.1500 lacs to existing shareholders on rights basis. Accordingly, the Company has filed draft letter of offer with SEBI on 10 December, 2018.
8. Previous period's figures have been regrouped/reclassified wherever necessary.