Machino Plastics 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 unaudited financial results for the quarter and nine months ended 31st Dec, 2018 have been reviewed by the audit committee of the Board and taken on record by the Board of Directors in their meeting held on 30th Jan, 2019. The Statutory Auditors of the Company have carried out audit of the aforesaid results.
2. These results have been prepared in accordance with the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Companies Act, 2013 and other recognised accounting practices and policies to the extent applicable.
3. Consequent to introduction of Goods and Services Tax (GST] with effect from 1st July 2017, Central Excise, Value Added Tax (VAT) etc have been subsumed into GST. In accordance with Indian Accounting Standard -18 on Revenue and Schedule III of the Companies Act, 2013 unlike levies like GST, VAT etc are not part of Revenue. Accordingly, the figures for the period ended 31st Dec 2018 and year ended 31st March, 2018 are not strictly relatable to current period numbers. The following additional information is being provided to facilitate such understanding: For Table, kindly refer Corporate Announcements on www.bseindia.com.
4. Prices fixed with customers are subject to revision,
5. The company is exclusively engaged in the business of manufacturing of plastic moulded parts for automotive, appliances and industrial application and allied products, which is considered as the only reportable segment referred to in statement on Ind AS -108 "Operating Segments". The geographical segmentation is not relevant, as there is insignificant export.
6. Volumes are lower due to discontinuation / replacement of some models and main customer producing bumpers and instrument panels in house in their new plants at Manesar and Gujarat.
7. The company will not be accepting any request for transfer of shares in physical form with effect from 1st April, 2019 except transmission or transposition of physical shares.
8. Previous period figures have been recast wherever considered necessary.