BPL Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2018
Auditor and Management Disclosures and Notes for the annual results dated 31 Mar 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 23rd May 2018.
2. The company has adopted Indian Accounting (Ind AS) notified by the Ministry of Corporate Affairs with effect from 1st April, 2017 (transition date being 1st of April, 2016). Accordingly, the financial results have been prepared in accordance with Companies (Indian Accounting Standards) Rules, 2015 (amended) as prescribed under 133 of the Companies Act, 2013 read with relevant rules issued there under and the other accounting principle generally accepted in India. Accordingly, results for the year ended 31st March, 2017 have been restated to comply with Ind AS to make those comparable. The reconciliation of net profit and reserves between Ind AS and erst while Indian GAAP is as follows: (For Table, kindly refer Corporate Announcements on www.bseindia.com).
This reconciliation statement has been provided in accordance with circular CIR/CFD/FAC/62/2016 issued by SEBI dated July 5, 2016 on account of implementation of Ind AS by listed companies.
3. Based on the nature of products which substantially consists of electronic goods, the company has only one reportable segment.
4. The estimated amount of contingent liabilities as on March 31st, 2018 is Rs. 61.19 crores. An unsecured claimant had obtained an arbitral award against the Company. The Company has filed an appeal against the said order before the Honourable High Court of Delhi as provided for in the Arbitration and Conciliation Act, 1996. As the matter is sub-judice and the Company's liability, if any, will crystallize upon completion of the legal proceedings, no contingent liability is considered.
5. As the company has no taxable income in accordance with the Income Tax Act 1961, no provision has been made for income tax.
6. Previous period figures have been regrouped /reclassified to conform to current period's presentations.