Foseco 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 results have been reviewed by the Audit Committee and approved by the Company’s Board of Directors at their respective meetings held on January 25th, 2019. The statutory auditors have carried out the audit for the year ended 31 December 2018 and have issued an unmodified opinion.
2. Figures of the quarter ended 31 December 2018 and 31 December 2017 are the balancing figures between audited figures in respect of the relevant full financial year and the published year to date figures up to third quarter of relevant financial year.
3. The Company has adopted Indian Accounting Standards (Ind AS) notified by the Ministry of Corporate Affairs beginning January 1, 2018 with a transition date of January 1, 2017
4. Goods and Service Tax (GST) has been effective from July 1, 2017. Consequently, excise duty, value added tax (VAT), service tax, etc. have been replaced with GST. Until June 30, 2017, 'Sale of products' included the amount of excise duty recovered on sales. With effect from July 1, 2017, 'Sale of products' excludes the amount of GST recovered. Accordingly, revenue from 'Sale of products' and 'Revenue from operations' for the year ended December 31, 2018 are not comparable with those of the previous year.
5.The Board of Directors of the Company has recommended payment of a final dividend of Rs. 10/- (100%) on a paid-up equity share of Rs. 10/- each for the financial year ended 31 December 2018, subject to the Shareholders' approval at the forthcoming Annual General Meeting. This in addition to 2 interim dividends aggregating to Rs. 15/- (150%) per share, brings the cumulative dividend for the financial year to Rs. 25/- (250%) per share.
6. The reconciliation of net profit reported in accordance with Indian GAAP to total comprehensive income in accordance with Ind AS is as under. This reconciliation statement has been prepared in accordance with SEBI circular CIR/CFD/FAC/62/2016 issued on July 5, 2016.
Description For 3 months period ended in the previous year 31-Dec-2017 (Rs. Lakhs)
Net profit as per previous GAAP (Indian GAAP) 747.57
Remeasurement of defined employee benefit plans 53.64
Tax Expense -18.52
Net profit as per Ind AS 782.69
Other comprehensive income, net of income tax -35.12
Total comprehensive income for the period 747.57
Description Previous Year Ended 31-Dec-2017 (Rs. Lakhs)
Net profit as per previous GAAP (Indian GAAP) 3,131.91
Remeasurement of defined employee benefit plans 39.00
Tax Expense -13.50
Net profit as per Ind AS 3,157.41
Other comprehensive income, net of income tax -25.50
Total comprehensive income for the period 3,131.91
7. Reconciliation of total equity as at 31 December 2017 as reported in accordance with Indian GAAP and IND-AS is as under :
Description Year ended 31 December 2017
Total equity as per previous GAAP ( Indian GAAP) 14,565.43
Ind AS adjustments ---
Total equity as per Ind AS 14,565.43
8. The Company has only one reportable segment, metallurgical products and services, in accordance with Ind AS 108 - "Operating Segments", notified pursuant to the Companies (Indian Accounting Standards) Rules, 2015.
9. Previous GAAP figures have been reclassified / regrouped to conform to the presentation requirements under Ind AS and the requirements laid down in Division II to the Schedule III of the Companies Act, 2013.