Eimco Elecon (India) 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 approved by the Board of Directors at their meetings held on 29th January, 2019.
2. This statement has been prepared in accordance with the Companies (Indian Accounting Standards) Rules,2015 (Ind AS) prescribed under Section 133 of the Companies Act, 2013 and other recognised accounting practices and policies to the extent applicable.
3. Revenue from operations for period up to 30th June, 2017 included excise duty, which was discontinued from 1st July, 2017 on implementation of Goods and Service Tax (GST) in India. In accordance with 'Ind AS 18, Revenue' GST is not included in Revenue from operations. In view of the aforesaid restructuring of indirect taxes, revenue from operations for the period ended on 31st December, 2018 is not comparable with previous period.
4. Effective from 1st April, 2018 the Company adopted Ind AS 115 "Revenue from Contract with Customer" using the cumulative catch-up transition method and accordingly, comparatives for the quarter and period ended on 31st December, 2018 have not been retrospectively adjusted. The effect on adoption of Ind AS 115 was insignificant.
5. The Company has only one reportable business segment i.e. Machinery and Spares which is applicable to standalone results.
6. Figures of the previous quarters/period have been regrouped/restated wherever necessary.