NRB Industrial Bearings 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
These standalone financial results have been prepared in accordance with the Indian Accounting Standards ( Ind AS) notified by the Ministry of Corporate Affairs and prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and the other accounting principles generally accepted in India. This statement is as per Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as modified by Circular No. CIR/CFD/FAC/62/2016 dated July 5, 2016.
Excise duty on sale of products was included under Revenue from operations and disclosed separately under expenses upto June 30, 2017. Post implementation of Goods and Service Tax (GST) w.e.f. July 01, 2017, Revenue from operations is reported net of GST, as unlike Excise duty, GST is not a part of Revenue.
The Operations of the company fall within a single primary segment viz. Industrial bearings.
Particulars 3 months ended Preceding 3 months ended Corresponding 3 months ended Year to date 9 months ended Year to date 9 months ended Year to date 12 months ended
Finance costs includes exchange loss / (gain) arising from foreign currency borrowings to the extent that they are regarded as an adjustment to the interests cost. (35.20) 44.28 (1.12) 9.09 - 25.01
As at December 31, 2018 the Other equity of the Company is Rs. (768.12) lacs against the equity share capital of Rs 484.61 lacs . The management of the Company has formulated strategic plans for improving the position of the Company. Further the Company has plan to issue two crores Redeemable, Cumulative, Non Convertible Preference shares of Rs. 10/- each under private placement to promoter director of the Company, as aproved by the members of the Company through Postal Ballot on December 20, 2018. Out of the two crore Redeemable, Cumulative, Non Convertible Preference shares of Rs. 10/ each approved by the members of the Company, the company has issued one crore Redeemable, Cumulative, Non Convertible Preference shares of Rs. 10/- each under private placement to promoter director of the Company after the period ended December 31, 2018.
"The above financial results of the Company for three and nine months ended December 31, 2018 were reviewed by the Audit Committee, approved by the Board of Directors at its meeting held on February 04, 2019 . The Statutory Auditors of the Company have conducted a 'Limited Review' of the Standalone Unaudited Financial Results.
Figures for the previous periods have been regrouped / restated where necessary to conform to the current period's classification.