IFB Industries 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 standalone unaudited financial results were reviewed by the Audit Committee on 30 January 2019 and approved at the meeting of the Board of Directors of the Company at its meeting held on 31 January 2019. This statement is as per Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
2. Goods and Services Tax (GST) has been implemented with effect from 1 July, 2017. Consequently, Central Excise, Value Added Tax (VAT), Service tax etc. have been replaced by GST. GST, VAT, Service tax etc. are not included in Revenue from operations. However, excise duty was included in Revenue from operations till 30 June 2017. Hence, revenue for the nine months period ended 31 December 2017 and year ended 31 March 2018 are not comparable with the other reported periods.
3. Exceptional item represents gain of Rs. 1,935 lacs towards Compulsory Acquisition of 1578.63 square metres of factory land etc. situated at 16/17, Visveswariah Industrial Estate, White field Road, Bangalore - 560048 by Bangalore Metro Rail Corporation Limited.
4. The Company entered into business transfer agreement on 16 October, 2018 with Ramsons Garments Finishing Equipment Private Limited, Ramsons Udhyog Private Limited and its Promoters at a consideration of Rs. 3,500 lacs to acquire the entire 'Industrial Laundry Equipment' business from above two companies. The Company has taken control of the business w.e.f. 18 October, 2018. This is not a related party transaction.
5. The Company is primarily engaged in business of fine blanked components and home appliances. Accordingly the Company considers the above business segments as the primary segment.
Bikram Nag Joint Executive Chairman and Managing Director