Simplex Realty Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2020
Auditor and Management Disclosures and Notes for the annual results dated 31 Mar 2020
1. The above results of the Company have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 20lh June, 2020.
2. The financial results are in accordance with the Indian Accounting Standards (Ind AS) as prescribed under Section 133 of the Companies Act, 2013 read with rutes made thereunder and other recognised accounting practices and policies to the extent applicable.
3. The figures of the last quarter are the balancing figures between audited figures in respect of the full financial year and the published year to date figures upto the third quarter of the respective financial year.
4. The Company, as at the date approval of these financial results has considered internal and external sounces of information, in assessinq the possible effects that may result from the global health pandemic relating to COVID·19 on the carrying amounts of loans, investments, inventories and other assets. As on the dale of approval of these financial results, the Company has concluded that the impact of COI/ID ·19 is not material based on these estimates and expects to recover the carrying amount of these assets. Due to the nature of the pandemic, the Company will continue to monitor any changes to the future economic conditions.
5. The Company has exencised the option of lower tax permitted under Section 11SBAA of the Income Tax Act, 1961 as introduced by the Taxation Laws (Amendment) Ordinance, 2019 ('the Ordinance'). Accordingly, the Company has recognised provision for income tax and re-rneasured deferred tax assets/liabilities for the year ended March 31, 2020 basis the rate provided in the said Ordinance.
6. Figures of the previous period/year have been regrouped wherever necessary to conform to the current period/ year presentation.
7. The Company has only one business segment viz real estate development, disclosure under Ind AS 108 on 'Operating Segments" is not applicable.
8. The statutory auditors have expressed an unqualified audit opinion on the audited standalone financial results for the quarter and year ended 31st March, 2020.