Precision Electronics 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 approved by the Audit Committee and approved by the Board of Directors at their meeting held on 28th May 2018.
2. These results have been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) Prescribed under Section 133 of the companies Act 2013 (Act) and other recognised accounting practices and policies to the extent applicable. Beginning April 1, 2017, the Company has for the first time adopted Ind AS with the transition date of April 1, 2016. The transition was carried out from accounting standards as prescribed under section 133 of the act read with rule 7 of the companies (Accounts) Rules 2014 (Indian GAAP). The impact of transition has been accounted for in the opening reserve and comparative periods have been restated accordingly.
3. In accordance with the requirements of the Ind AS, revenue for the quarter ended March 31, 2018 is net of goods & Service Tax (GST) . However, revenue for the quarter ended March 31, 2017 and year ended March 31, 2018 and march 31, 2017 are inclusive of Excise duty amounting to Rs. 125 Lakhs, Rs. 109 Lakhs and Rs. 272 Lakhs respectively
4. Figures of the quarter ended March 31, 2018 and March 31, 2017 are balancing figures between the audited figures In respect of the full financial year and the published year to date figures upto the third quarter of the respective financial year.
5. Reconciliation between financial results as previously reported (referred to as "Previous GAAP") and Ind AS for the Quarter and Year ended March 31, 2017 is as below: (For Table, kindly refer Corporate Announcements on www.bseindia.com)
6. Figures of the previous periods have been regrouped wherever considered necessary to confirm with the current period figures.
7. The Certificate obtained from the Managing Director and CFO in respect of above results in terms of Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 has been placed before Board of Directors.