Sheela Foam 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
Notes: *Includes Excise duty & excludes freight, as detailed in note no 3.
1 The Audit Committee has reviewed and recommended the above results, and subsequently the Board of Directors have approved the same, in their respective meeting held on February 1, 2019.
2 These financial results have been prepared in accordance with the Indian Accounting Standards (Ind AS) as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and relevant amenments thereafter.
3 According to the requirement of Ind AS, revenue from operations for the nine months ended December 31, 2017 and year ended March 31, 2018 were reported inclusive of Excise Duty. However, with the implementation of Goods and Service Tax ("GST") w.e.f. July 01, 2017 replacing Excise Duty, Service Tax and various other indirect taxes and in accordance with Ind AS 115, the revenue from operations w.e.f. July 01,2017 are reported net of GST. Further, freight prior to implementation of GST was recovered from the customers hence was reduced from 'Other Expenses' and after its implementation it forms part of Revenue from operations and corresponding expense on freight is included under the head 'Other Expenses'. Had the previously reported revenue from operations was shown net of excise duty and inclusive of freight, comparative revenue from operations of the Company would have been as under:
(Rs. in Crores)
Particulars Quarter ended Period to date Year ended
December 31, 2018 September 30, 2018 December 31, 2017 December 31, 2018 December 31, 2017 March 31, 2018
Revenue from Operations 487.21 449.86 451.53 1,362.71 1,246.45 1,695.66
Less: Excise Duty - - - - (39.13) (39.13)
Add: Freight - - - - 10.29 10.29
Net Revenue from Operations
(Net of Excise Duty & inclusive of Freight) 487.21 449.86 451.53 1,362.71 1,217.61 1,666.82
4 The Company is engaged in the manufacturing of the products of same type/class and has no overseas operations/units and as such there are no reportable segments as per Indian Accounting Standard for Operating Segments (Ind AS 108), prescribed, under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder.
5 Ind AS 115 "Revenue from Contracts with Customers" is mandatory for reporting period beginning on or after April 01, 2018 and has replaced existing Ind AS related thereto. Under the modified retrospective approach, there were no significant adjustments required to be made to the retained earning as at April 01, 2018. Also, the application of Ind AS 115 did not have any significant impact on recognition and measurement of revenue and related items in the financial results for the quarter and nine months ended December 31, 2018.
6 Previous quarter / nine months / year ended figures have been regrouped / restated wherever conisidered necessary.