Skipper 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
1.The above standalone financial Results as reviewed by the Audit Committee were taken on record by the Board of Directors at its meeting held on 04-May-2021. The Statutory Auditors have audited the above financial results.
2. The Board of Directors has recommended a dividend at the rate of Rs. 0.10 Per share subject to approval of ensuing AGM.
3. Other expenses includes derivative and foreign exchange Gain/(Loss) as per details below:
and foreign exchange 62.77 10.65 (19.85) 14.10 16.65
Gain/(Loss)
Unrealised Derivative
and foreign exchange (48.16) 69.71 (174.60) 264.97 (171.78)
Gain/(Loss)
Total 14.61 80.36 (194.45) 279.07 (155.13)
4. In the beginning of the financial year, the Government had imposed nation-wide lockdown/ restrictions due to the Covid-19 pandemic which had impacted the Company's production, sales and other operations and which have gradually come back to the pre-Covid-19 level by the year-end. In view of recent surge in Covid-19 cases, subsequent to the year-end, few states reintroduced some restrictions and the Company continues to be vigilant and cautious, though which currently is not expected to have any significant impact on the Company's operations/ results. Considering the current internal and external factors, the Company has made detailed assessment of its liquidity positions/ cash flows for the next one year and carrying amounts/ values of property, plant and equipment, intangible assets, right of use of assets, trade receivables, inventories, investments and other assets as at 31-Mar-2021, and have concluded that there are no material adjustments required in financial results.
5. The figures of the last quarter for the current and previous year are the balancing figures between the audited figures for full financial year and the published year to date figures upto December, 31 of the respective year.
6. The Company has made an assessment of the impact of The Taxation Laws (Amendment) Act 2019 ('the Act') and decided to continue with the existing tax structure until the utilisation of MAT credit entitlement, tax incentives and deductions available to the Company. In compliance with the accounting standards, the Company is calculating the deferred tax liabilities at existing tax rate of 30% on liabilities and assets which are expected to cease by the date of transition and at lower tax rate u/s 115BAA of Income Tax Act on liabilities and assets which are expected to remain post-transition date. The tax expense reported in the financial results includes the said effect.
7. The Code on Social Security, 2020 (Code) related to employee benefits during employment and post-employment received Presidential assent in Sep'2020. The Code has been published in the Gazette of India; however, the date on which the Code will come in effect has not been notified and the final rules/ interpretation have not yet been issued. The Company will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective. However, the Company envisages that the impact of the above would not be material.
8. Previous year/periods figures have been regrouped or rearranged, wherever necessary.