Onida Electronics Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2021
Auditor and Management Disclosures and Notes for the annual results dated 31 Mar 2021
1. The above results of reviewed by the Audi! Committee, have been taken on record at the meeting of the Board of Directors held on 14th June, 2021.
2. The figures for the quarter ended 31st March, 2021 and 31 st March 2020 are the balancing figures between the audited figures in respective of the lull financial year and the year to date figures upto the third quarter of the respective financial years.
3. Exceptional itesrss comprises of a. LOSS of Rs.6O lakhs on sale of land and building a! Roorkee in quarter ended 31st March, 2021. b- Profit of Rs.1304 lakhs on sale of Sand and building at Noida in quarter ended 31st December. 2020. c. Write off ol Rs 125 lakhs of inventory on discontinuation of sale of certain products in quarter ended 31st December 2020. d. Impairment of Rs.335 lakhs again is Investment in Cumulative Redeemable Preference shares in quarter ended 31st December. 2020.
3. The outbreak of COViD-19a globality and In India has caused significant disturbances and slow-down of economic activity. The Company's operations were substantially impacted in the months of April 2020 and May 2020 due to temporally shut down of plants, manufacturing facilities. logistics and warehouses following nationwide lockdown announced by the Government of India. However in (he subsequent period of the year, the Company's operation had returned to normalcy and resulted in growth in sales compared to the previous year.
4. Due to the outbreak of second wave of Covid-1S in She start of FY 2021-22 many state governments had imposed lockdown fine restrictions which have impacted economic and commercial activities in the country The management has considered impact of the second wave.
The Company continues to assess the recoverability of She carrying amount of its assets through consideration of various nutmeal and external information. The Company does not forces any significant incremental risk to the recoverability of carrying value as at 31st March, 2021 of its assets. Since the situations are continuously evolving, the impact assessed may be different from the estimates made as at the date of approval of the financial statements.
5. The Code on Social Security, 2020 ('Code') relating to employee benefits during employment and post-employment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, this date on which the Code will come into effect has not been notified and the final rules / interpretation have not yet been issued. The Company will assess the impact of the Code when it comes Into effect and will record any related impact in the period the Code becomes effective.
6. The Company is engaged in the business of consumer durables. Based on the similarity qf activities/products. risk and reward structure, organization reporting structure and internal reporting systems, the Company has structured its operations into one operating segment viz. "Consumer Durables" and as such there is no separate reparable segment! as defined by Ind AS 108 "Operating segments."
7. Previous quarter I year ended figures have been regrouped wherever considered necessary.