BPL 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 results have been reviewed by the Audit Committee and approved and taken on record by the Board of Directors at their respective meetings held on 1st February 2019.
2. The Financial results for all the periods presented above have been prepared in accordance with Ind AS notified under the Companies (Indian Accounting Standards) Rules, 2015 as amended from time to time.
3. The format for unaudited quarterly results as prescribed in SEBI's Circular CIR/CFD/CMD/15/2015 dated 30 November 2015 has been modified to comply with requirements of SEBI's circular dated 5th July 2016, Ind AS and Schedule III (Division II) to the Companies Act, 2013, applicable to companies that are required to comply with Ind AS.
4. The company is engaged in manufacturing & trading of consumer electronic goods, and therefore, has only one reportable segment in accordance with Ind AS 108 "operating segments".
5. The estimated amount of contingent liabilities as on December 31st 2018 is Rs. 62.72 crores for claims not acknowledged as dues which have been appealed. A single bench of The Honourable High Court of Delhi has upheld an arbitral award favouring an unsecured claimant. The Company is filing an appeal against the said order before the Division Bench of Honourable High Court of Delhi. Pending disposal of case by Division Bench, no further provision is made in the books nor considered as a contingent liability, as the company expects a favourable order based on facts and position in law.
6. Provision for Deferred Taxation as per Ind AS-12 "Income Tax" provisions for current tax and employee benefits as per Ind AS-19 "Employee Benefits", will be made at the end of the year. Provision of tax for the current quarter has provided based on other income earned during the quarter.
7. The company is engaged in manufacturing & trading of consumer electronic goods, and therefore, has only one reportable segment in accordance with Ind AS 108 "operating segments".
8. Previous period figures have been regrouped /reclassified to conform to current period's presentations.