Birla Precision Technologies 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 were reviewed by the Audit Committee and thereafter were approved and taken on record by the Board of Directors in their meeting held on 31st January, 2019. The Statutory Auditors have carried out a Limited Review of the above results pursuant to Regulation 33 of SEBI (listing obligations and disclosure requirements) Regulations, 2015 and furnished their report thereon.
2. Effective from 1st April 2018, the Company has reclassified two reporting segments namely, 1. Tooling 2. Automotive Components as reporting segments under Ind AS 108.
3. Effective from 22nd June, 2018 the Company has been in receipt of funds under the Deen Dayal Upadhyaya Grameen Kaushalya Yojana for skilling of rural poor youth in the state of Bihar. As this is not considered as an operating segment, the revenue under this project has been classified as "Other" for disclosure purposes.
4. Other income includes ` 48.65 lakhs receipt of funds under the Deen Dayal Upadhyaya Grameen Kaushalya Yojana for skilling of rural poor youth in the state of Bihar.
5. Effective from 1st July 2017, sales are recorded net of Goods and Service Tax (GST) whereas prior to 1st July 2017, sales were recorded gross of excise duty which formed part of expenses. Hence, revenue from operations for the nine months ended 31st December 2018 are not comparable with the corresponding nine months ended figures of previous year.
6. The Company has availed optional exemption of using the previous GAAP carrying value in respect of its property, plant and equipment as deemed cost.
7. Corresponding previous period/year figures have been regrouped/recast and reclassified wherever necessary to make them comparable.
8. The Company has given a corporate guarantee to banks for a loan taken by a Group Company. In the legal case filed by Bank in DRT, Banks have not claimed any relief against the Company.
9. Utilisation of proceeds of public/right issue as on 31st December, 2018 is as under:
Description Total Estimated Cost Deployed up to Deployed up to
III Conversion of unsecured loan into equity raised by Company for setting up the Gandhidham Project from Nirved Traders Private Limited, Promoter Company
470.14 470.14 470.14
IV To meet expenses of issue 300.00 276.42 276.42
Total 2900.00 2300.83 2164.23
The above mentioned status of utilization of funds raised by BMTL (formerly Dagger Frost Tools Limited) in its Rights cum Follow on Issue in 2007 has been revised / adjusted, due to the Scheme approved by the Honourable High Court of Bombay for amalgamation of Birla Machining &Toolings Limited and Birla Accucast Limited (Transferor Companies) with Birla Precision Technologies Limited (Transferee Company).
As per approved scheme the pending project of castings will be undertaken by the merged entity namely Birla Precision Technologies Limited.
In view of delay in implementation of the Aurangabad project, the amounts being utilised out of working capital and other advances, is considered being towards the designated project expenses and accounted for accordingly.