Orient Bell 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 above results were reviewed and recommended by the Audit Committee and then approved by the Board of Directors at its meeting held on 30th January, 2019.The financial results for the Quarter and Nine Months ended December 31, 2018 have been limited reviewed by the Statutory Auditors of the Company.
2. The Standalone financial results have been prepared in accordance with the principles and procedures of Indian Accounting Standards ("Ind AS") as notified under the Companies (Indian Accounting standards) Rules,2015 as specified in section 133 of the Companies Act, 2013.
3. With effect from April 01, 2018, the Company has adopted Ind AS 115 " Revenue from Contracts with Customers". The application of Ind AS 115 did not have any material impact on financial results of the Company.
4. The business activity of the Company falls within a single primary business segment viz. 'Ceramic Tiles and Allied Products' and hence there is no other reportable segment as per Ind AS 108 "Operating Segments'.
5. According to the requirement of Ind-AS, revenue for the corresponding quarter and year ended March 31,2018 were reported inclusive of excise duty. The Government of India has implemented Goods and Service Tax ("GST") from July 1, 2017 replacing Excise duty, Service Tax and various other Indirect Taxes. Accordingly, the figure for the quarter and nine months ended December 31, 2018 and are not comparable with the corresponding previous periods presented in the financial results which are reported inclusive of Excise Duty. The following additional information is being provided to facilitate such understanding:
Particulars Quarter Ended Nine Months Ended Previous Year Ended