Annual Report: 2022
Elofic Industries Limited Consolidated Financial Statements Summary (FY 2021-2022)
Overview This document summarizes the consolidated financial statements of Elofic Industries Limited and its subsidiary ("the Group") for the fiscal year spanning April 1, 2021, to March 31, 2022. All monetary values are expressed in Lakhs of INR unless otherwise specified.
[400100] General Information about the Company
[400200] Auditors Report
Auditor's Opinion and Basis for Opinion
Management's Responsibility The Board of Directors is responsible for the preparation and presentation of the consolidated financial statements, including maintaining adequate accounting records and internal financial controls.
Auditor's Responsibilities The auditor's responsibilities include obtaining reasonable assurance about whether the financial statements are free from material misstatement and expressing an opinion, along with evaluating internal financial controls.
Other Matters The auditor relied on the audited financial statements of the subsidiary.
Report on Other Legal and Regulatory Requirements There are no qualifications or adverse remarks in the CARO report.
Internal Financial Controls The Holding Company has adequate internal financial controls with reference to financial statements and such internal financial controls were operating effectively as at March 31, 2022.
Share Capital (Notes - Share Capital)
Reserves and Surplus (Notes - Reserves and surplus)
Borrowings (Notes - Borrowings) There are borrowings of 9.6 and 17.73 in short-term secured borrowings. There is no secured borrowings in long-term.
Tangible Assets (Notes - Tangible assets) The company's tangible assets are depreciated using the written-down value method, with useful lives and depreciation rates as prescribed by Schedule II of the Companies Act, 2013. Plant and machinery, furniture and fixtures, vehicles, office equipment, and computer equipment are tangible assets.
Cash Flow Statement (Indirect Method)
Disclosure on accounting policy of tangible assets: Property, plant, and equipment are carried at cost less accumulated depreciation and impairment losses, if any.
Contingent Liabilities and Commitments The total contingent liabilities and commitments is 0.
Related Party Disclosures: The document discloses related party relationships and transactions as per Accounting Standard 18 (AS-18). Significant related parties include Elofic Industries (India), Mettler Auto Limited, and key management personnel. Rent, license fees, remuneration, and consultancy are the major transactions with related parties.
Leases: The accounting policy of leases has been disclosed. No operating lease was converted to financial lease.
Earnings Per Share (EPS): Basic EPS: 157.57 Diluted EPS: 157.57
Income Taxes: The accounting policy for income taxes has been provided.
Consolidated Financial Statements: Elofic USA LLC is consolidated, and its details were also revealed.
Impairment of Assets: The accounting policy of impairment of assets has been discussed.
Revenue Recognition: Revenue is recognized to the extent that it is probable that economic benefits will flow to the Group and the revenue can be reliably measured.
Government Grants, Subsidies, and Export Incentives: The Group recognizes Grants and subsidies from the government is recognized when there is reasonable assurance that the Group will comply with the conditions attached to them, and the grant/subsidy will be received.
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