Rajratan Global Wire 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
. The above results have been reviewed by the Audit Committee in it's meeting held on 22nd January , 2019 and taken on record by Board of Directors In its meeting held on 23rd January, 2019.
2. M/s Cee Cee Engineering Industries Private Limited, the Wholly Owned Subsidiary of the Company, has been merged with effect from 1st April, 2017 as per order dated 16th January, 2018 passed by Hon'ble National Company Law Tribunal, Ahemdabad Bench. Accordingly, the results of M/s. Cee Cee Engineering Industries Pvt.Ltd. have been included in the results of Rajratan Global Wire Limited.
3. Sales for the quarter ended and nine months ended as on 31st December 2018 is net of Goods and Service Tax (GST), whereas sales till the period ended 30 June 2017 is inclusive of Excise Duty as under:-
Partiulars Quarter Ended Nine Month Ended Year ended Quarter Ended Nine Month Ended Year ended
Net Revenue from Operations 7588.93 8102.07 5784.35 23197.16 15716.63 21836.84 12070.85 12047.49 8704.09 36395.83 24370.56 34457.61
4. Ind AS 115 Revenue from Contracts with customers, mandatory for reporting period begning on or after 1 April, 2018, replace existing revenue recognition requirements. Under the modified retrospective approach, there were no significant adjustments required to the retatined earning as at 1 April 2018. Also, 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 of the Company.
5. The negative amount of Rs. 4.05 lakhs under other Inome for the quarter ended on 31st December, 2018 denotes decrease in foreign exchange gain as compared to preceeding previous quarter ended on 30th September, 2018. There is an income of Rs. 169.81 lakhs for the nine months ended on 31st December 2018.
6. The Company has identified "Tyre Bead Wire" as the single operating segment for the continued operations in the standalone and consolidated financial statement as per IndAS 108- Operative Segments.
7. The Statutory Auditors of the Company have carried out a Limited Review of the results for the quarter and nine month ended on 31st December 2018 and mangement has excersied necessary due diligence to ensure that such financial results provide a true & fair view of the affairs of the Company.
8. Previous Period figure have been re-grouped/ re-classified wherever necessary.