Miven Machine Tools 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 as reviewed by the Audit Committee and approved by the Board of Directors in their meting held on February 02, 2019.

2. The unaudited financial results of the company for the quarter ended and nine months ended December 31, 2018 have been subject to limited review by its Statutory auditor.

3. This statement has ben Prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) plwribed under section 133 of the Companies Act, 2013 and other recognized accounting practices and policies to the extent applicable.

4. In complaince with Ind AS-18 and SEBI [Listing Obligations and Disclosure Requirements] Regulation, 2015 the reported revenue for the nine months ended December 31, 2017 is inclusive of Excise Duty. Goods and Seryices Tax [GST] was made applicable w.e.f 1st July 2017 and as per Ind AS-18, revenue for the subsequent period is net of GST. Hence the revenue fom operations for nine months ended December 31, 2018 is not comparable with corresponding nine months ended December 31, 2017.

5.The peparation of these financial results in confirmity with Ind AS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of income, expenses and capital employed. The changes required due to application of Ind AS on retained earnings as well as current year /comparatives profits/losses have been provisionally assessed and carried out.Accordingly judgements, estimates and assumptions made in preparing these financial statements and comparatives may require further adjustments that may be necessar due to fresh evidence/facts and interpretations of MCA/ICAI that may be obsered/received at the time of finalization of annual financial statements for the year ending on March 31, 2019.

6. Regarding Audltor's observation :

(a) During the quarter ended March 31, 2018, the company has settled a long outstanding due from customer entailling write off of Rs. 7.57 lakhs with resultant withdrawal of all suits by both the parties to the contract in terms of Memorandum of UndeEtanding (MOU) dated O2l02l2018. The withdrawal of cses by the customer and receipt of aged settlement of amount of Rs. 7 Lakhs is awaited.

(b) Considering the business plans made by the Company, orde6 on hand, reorganization of product mix and with continued support frcm the BankeE and the Hotding Company, the hand and the company's decision to sell surplus land duly approved by the shareholdere to augment the working capital requirements and redue debt, the assumption of 'Going Concern' is not vitiated even though the net worth is eroded.

7. The Company has got net deferred tax assets in the form of unabsorbed losses and depreciation. However, the sme is not rsognized in the abEnce of reasonable certainty in future profits.

8 The Company is enagaed in the business of Metal Cutting, Grinding and Ancillar machines which is single reportable segment in accordance with Ind AS 1Og "Operatind Segments.'All sales and assets are in India. The Company has no single measure customeE during the reporting periods.

9. Previous period/year figures have been regrouped wherever necessary to confirm with current period presentation.