HMT Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2017
Auditor and Management Disclosures and Notes for the annual results dated 31 Mar 2017
1. The above Results for the quarter and year ended 31 March 2017 have been reviewed by the Audit Committee and approved by the Board at its Meeting held on August 29, 2017
2. The Company has adopted Indian Accounting Standards (“Ind AS”) from April 1, 2017 and accordingly, theses financial results have been prepared in accordance with Companies (Indian Accounting Standard) Rules, 2015 as prescribed under Section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder and the other accounting principles generally accepted in India. However, the Company had published its results upto December 31, 2016 as per AS i,e Generally Accepted Accounting Principles in India (Indian GAAP).
3. The Tractor business of the Company has been discontinued as per CCEA approval during year 2016-17. Accordingly, figures during the quarters/year ended 31-3-2016 have been included in Discontinued Operations.
4. The adoption of Ind AS have necessitated changes in the accounting, recognition and measurement criteria of various assets, liabilities and items of income and expenditure. The reconciliation of the financial results as reported under previous GAAP with those restated as per IND AS for the quarter ended March 31, 2016, December 31, 2016 and Year ended March 31, 2016 (both standalone and consolidated) are as under:
Standalone Consolidated
Particulars Qtr ended Qtr ended Year ended Year ended
Mar'16 Dec'16 Mar'16 Mar'16
Profit/(Loss) as per Indian GAAP 4861 (7041) (2474) (32320)
Reduction in Post employee defined benefit obligation 1109 193 726 2418
Re measurement gain -Other Comprehensive income 1635 5 20 1309
Reversal of provisions / expenses ` - ` - - (68)
Dividend from Subsidiaries ` - ` - - (14)
Prior Period items ` - ` - (1) (87)
Deferred Tax Adjustment ` - ` - 7
Profit/(Loss) as per IND AS 7605 (6843) (1729) (28755)
5. The figures for three months ended 31st March 2017 are arrived at as difference between audited figures in respect of full financial year and the published figures upto 9 months of the relevant financial year.
6. As the Companies business Activity falls within a single primary business segment i.e. Food Processing Machineries, the disclosure requirement of Accounting Standard (Ind As 108) on 'Segment Reporting) is not applicable for Standalone.
7. Figures of previous year have been regrouped wherever necessary.