Lumax 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 Company is engaged in the business relating to manufacture of Automotive Components and related activities thereof. Accordingly, the Company has only one operating segment.
2. Post applicability of Goods and Services Tax (GST) w.e.f. 01 July 2017, Revenue from Operations are required to be disclosed net of GST in accordance with the requirement of Ind-AS. Accordingly, the Revenue from Operations for the nine months ended 30 June 2018 is not comparable with corresponding half year ended of the previous year presented in the financial results which is reported inclusive of Excise Duty upto the period ended 30 June 2017.
3. Exceptional items represents gain amounting to Rs. 3,620.27 Lakhs on sale of land and building.
4. Earlier, the Company was accounting for grants related to an asset, by setting up the grant as deferred income. Pursuant to revision in IND AS 20 on Government Grants, the Company has changed its accounting policy wherein Government grants related to assets are reduced from the cost of the asset. There is no material effect on adoption of revised IND AS 20 on the Consolidated unaudited results.
5. Effective 01 April 2018, the Company adopted Ind AS 115 “Revenue from Contracts with Customers" using the cumulative effect method. Accordingly, the comparatives have not been retrospectively adjusted. There is no material effect on adoption of Ind AS 115 on the consolidated unaudited results.
6. The above results for the quarter and half year ended 31 December 2018 were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 04 February 2019. The unaudited results for the current quarter and half year have been subjected to limited review by the Statutory Auditor of the Company. The review report of the Statutory Auditor is being filed with BSE Limited and National Stock Exchange of India Limited.