Note: Figures in brackets relate to the previous year.
1. Since the Company prepares consolidated financial statements, segment information as revised by IND AS 108 “Segment Reporting” has been disclosed in consolidated financial statements.
2. Effective from 01.07.2017, Revenue are recorded net of GST, whereas earlier revenue were recorded gross of Excise duty, which formed part of expenses.
3. Exceptional Item represent profit on sale of land including compulsory accquision by the Department of Highways.
4. Borrowing cost capitalized during the year Rs, 137.35 Lakhs ( previous year Rs, 11.30 Lakhs)
5. “IND AS-115” Revenue from contracts with customer mandatory from reporting period beginning on or after April 01, 2018 replaces existing revenue recognition requirement. The application of IND AS - 115 did not have any significant impact on recognition and measurement of revenue and related items in the financial results of the Company. Further there were no significant adjustment required to the retained earnings as at April 01, 2018 under the modified retrospective approach.
6. Previous year figures have been regrouped and reclassified, wherever necessary, to correspond with the current year’s classification/disclosure.
7. Related party disclosure
a) List of parties having significant influence
Subsidiaries LGB USA INC. - 77.01%
Fellow Subsidiaries
GFM ACCQUISITION LLC. - Holding by LGB USA - 98%
GFM LLC - Holding by GFM Acquisition LLC - 100%
b) List of parties having significant influence Associate Companies
Renold Chain India Private Limited - 25%
Enterprises owned or significantly influenced by Key Managerial Personnel and Relatives of Key Managerial personnel
Elgi Automotive Services (P) Limited__Super Speeds Private Limited_
L.G.B. Auto Products (P) Limited LGB Forge Limited
LG Farm Products (P) Limited__Tribe Investments & Services Private Ltd
L.G. Balakrishnan & Bros - Karur South Western Engineering India Limited
LG Sports Limited Silent Chain India Private Limited
Super Transports Private Limited
Key management personnel
Sri. B. Vijayakumar, Chairman and Managing Director Sri. P. Prabakaran, Managing Director Sri.N. Rengaraj, Chief Financial Officer
Sri.M. Lakshmi Kanth Joshi, General Manager (Legal) and Company Secretary Relatives of Key Management Personnel
Relatives of Sri. B. Vijayakumar:__
Smt. Vijayashree V - Wife Smt. Rajsri Vijayakumar - Daughter
Sri. V. Rajvirdhan - Son Sri. Rajiv Parthasarathy - Daughter’s Husband
Sri. Nithin Karivardhan - Son Minor. Samriddhi Andal Rajiv - Daughter’s daughter
Sri. Arjun Karivardhan - Son Minor. Vidhur Narayanan Rajiv - Daughter’s Son
Relatives of Sri. P. Prabakaran:__
Sri. K. Palanichamy_-_Father Smt. D. Maheswari_-_Wife_
Smt. Rajalakshmi - Mother Sri. P. Suryakumar - Son
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