Duncan Engineering Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2017
Auditor and Management Disclosures and Notes for the annual results dated 31 Mar 2017
"1. The Company in its Board Meeting held on April 16 2016 had approved the closure of the Tube Valve Product Line as the same is not viable . Consequently the results of the quarter are not comparable with the previous quarter and the corresponding quarter of the last year. The following is the disclosure relating to AS 24 ""Discontinuing Operations"". (RUPEES IN LACS)
Profit/(Loss) before taxn (65.62) (1.20) (260.09) (227.87) (91.95)
Tax Expense - - - - -
Profit/(Loss) after tax (65.62) (1.20) (260.09) (227.87) (91.95)
The Company has been granted permission for closure of the Tube Valve Product line on 26th August 2016 by the Industries, Energy and Labour Dept. of Govt of Maharashtra for which the labour union has gone in appeal in the Honble Hight Court of Bombay. During the qurter ended Sept.30, 2016 the Company has provided an amount of Rs.31.84 Lacs based on legal dues to the workers applicable as per statute and does not forsee any additional liability in this regard.
2. The above results were reviewed by the Audit Commitee and approved by the Board of Directors in its meeting held on May 17, 2017.
3.The previous period/years figures have been regrouped / re classified whenever necessary to make them comparable. "