Birla Precision Technologies Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2019
Auditor and Management Disclosures and Notes for the annual results dated 31 Mar 2019
Notes :
1. The above Financial Results of the Company for the quarter and year ended 31st March, 2019 are reviewed by the Audit Committee and approved by the Board of Directors in their meeting held on 25m May. 2019. The Statutory Auditors have issued 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 106,
3. The figures for the quarter ended 31st March. 2019 are the balancing figures between the audited figures in respect of full financial year ended 31st March. 2019 and the unaudited published year to date figures upto the third quarter ended 31st December, 2010.
4. 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 classrfied as "Other" for disclosure purposes,
5. Other income includes ‘98 28 lakhs receipt of funds under the Deen Dayal Upadhyaya Grameen Kaushalya Yojana for skilling of rural poor youth in the state of Bihar.
6. 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 year ended 31st March 2019 are not comparable with the corresponding year ended figures of previous year.
7. The Company has availed optional exemption of using the previous GAAP carrying value in respect of its property, plant and equipment as deemed cost.
8. Corresponding previous period/year figures have been regroupedlrecast and reclassified wherever necessary to make them comparable.
9. 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 against the borrower company. Banks have not claimed any relief from us.
10. Utilisation of proceeds at public/right issue as on 31st March, 2019 Is as under:
( in lakhs)
Description Total Estimated Cost Deployed up to Deployed up to
Margin money {or Working capital requirement 50.00 - -
for Aurangabad Project
Sub-total 2129.86 1850.08 1417.67
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 47014
To meet expenses of issue 300.00 276.42 276.42
Total 2900.00 2596.64 2164.23
The above mentioned status of utilization of funds raised by BMTL (lormerty 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 Birta Machining & Toolings Limited and Bide 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,
The implementation of the delayed Aurangabad project has now been taken up in stages and towards this the amount utilised including advances is desigated as project advances.