DiGiSPICE Technologies 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
Notes:-
1. The above results were reviewed by the Audit Committee and approved by the Board of Directors in their respective meetings held on June 09, 2021. The results have been subjectedto audit bythe statutory auditors. The financial results are in accordancewith the Indian Accounting Standards (''IND AS'') as prescribedunder Section 133 of Companies Act, 2013 read with relevant rules made thereunder.
2. Employee benefit expense for the current quarter andthe year includes Rs 31.46 Lakhs andRs 31.46 Lakhs(Previous quarter : Nil, previous year 26.94 Lakhs) being the provision for fair value of Option granted under Employee Stock Option plan-2018 of the Company recognised in accordance with the provision of IND AS 102.
3. The Exceptional item represents impairment provision of Rs 49.88 Lakhs related to investment in Creative Function apps Labs Private Limited ,being the differnce in carrying amount and recoverable value.
4. The paid up equity share capital of the Company is Rs. 6,851.89 Lakhs. However, taking a conservative interpretation of ”Ind AS 32”, the paid up equity share capital had been reduced byRs. 782.04 Lakhs (31 Dec 2020 - Rs. 782.04 Lakhs) being the face value of26,067,843 (31 December 2020 - 26,067,843) equity shares of Rs. 3/- each heldbytwo trusts viz. Independent Non Promoter Trust and Independent Non Promoter (Spice Employee Benefit) Trust.
5. The Company's business activities fall within a single operating segment viz "digital Technology Services (Digispice) and accordingly , the disclosure requirement of Indian Acccounting Standard (Ind AS-108 ) Operating Segments prescribed under Section 133 of the Companies Act, 2013 read with relevant Rules issued thereunder is not applicable.
6. The Company has considered and made an estimate of the possible effects that may result from COVID-19 in the preparation of these Standalone financial results including the 6 recoverability of carrying amounts of financial and non -financial assets. The Company has an adequate liquidity to discharge its obligations. However, the actual impact of COVID-19 on the Company's financial results may differ from that estimated and the Company will continue to closely monitor any material changes to future economic conditions.
7. Current taxes and income tax adjustments for earlier years includes foreign withholding tax deducted by customers.
8. The figures for the Quarter are the balance figures between audited figures for the full financial and published year to date figures up to the third quarter of the relevant financial year.
9. Previous period’s figures have been regrouped and/or recasted, wherever considered necessary to conform to the current period presentation.