Zen Technologies 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 These results have been prepared in accordance with the ind AS notified under the Companies (indian Accounting Standards) Rules 2015.The above results have been reviewed by the Audit Committee of the Board and approved by the Board of Directors at its meeting held on 28th January 2019. The Statutory Auditors have carried out a Limited Review of the results for the Quarter and Nine Months ended December 31, 2018.
2 The figures for previous periods/year have been recast and regrouped wherever necessary.
3 The Company operates in only one segment, i.e. Training and Simulation.
4 "Ind AS 115 - Revenue from Training simulator services with customers is mandatory for accounting periods commencing on April 1, 2018. The Company has elected to apply the cumulative catch-up method on the date of transition. Accordingly, the comparatives have not been retrospectively adjusted. The effect of adoption of Ind AS 115 is not material to the financial statements."
5 The Company has entered into an agreement with Unistring Tech Solutions Pvt Ltd to acquire its shares to the extent of 51 % . During the quarter ended 31 December 2018 the Company has acquired 2,06,262 partly paid equity shares of Rs.10 each with Rs. 6/- per share paidup value, by investing an amount of Rs. 3 crores.
6 During the Nine Months ended December 31,2018 Company has invested in M/s. Zen Technologies USA Inc ( wholly owned Subsidiary) of Rs. 454.84 lacs
7 The value of orders on hand as on 28 January, 2019,is about Rs. 315.32 crores.