Informed Technologies India Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2018
Auditor and Management Disclosures and Notes for the annual results dated 31 Mar 2018
1) The above results have been reviewed by the Audit Committee and thereafter approved by the Board of Directors of the Company at its meeting held on 30th May, 2018. 2) The Statutory Auditors have carried out audit of the financial results for the year ended March 31,2018 as required under Regulation 33 of the SEBl (Listing Obligations & Disclosure Requirements) Regulations, 2015 & have issued an unmodified opinion thereon. 3) The Company has only one reportable segment of activity namely "Information Technology - Business Process Outsourcing". 4) The format for audited & unaudited financial results as prescribed in SEBI's circular CIR/CFD/CMD/15/2015 dated 30th November, 2015 has been modified to comply with the requirements of SEBI's circular dated 5th July, 2016, IND AS and Schedule III (Division II) to the Companies Act, 2013, which are applicable to companies that are required to comply with IND AS.
5) The Financial results of the Company have been prepared in accordance with Indian Accounting Standard (IND AS) notified under the Companies (Indian Accounting Standards) Rules, 2015 as amended by the Companies (Indian Accounting Standards) Rules, 2017. The Company adopted IND AS from April 01, 2017, and accordingly, these financial results (including for all the periods presented) have been prepared in accordance with the relevant rules issued thereunder and the other accounting principles generally accepted in India.
6) Reconciliation of financial results for the quarter and year ended 31st March, 2017 using applicable IND AS and erstwhile Indian GAAP is as under:
Amount in Lakhs Particulars Standalone Consolidated "For the Year Ended on "For the Year Ended on
31.03.2017" 31.03.2017" Net profit as per erstwhile Indian GAAP 147.32 151.31
Adjustments:-
Fair Valuation of Investments designated through FVTPL (86.46) (86.46)Reclassification of acturial loss / (gain), arising in respect of employee benefit schemes, to
Other Comprehensive Income 3.46 3.46
Reversal of Provisions on Current Investments. (32.04) (32.04)Prepaid rental on securities deposits amortised 1.85 1.85 Finance charges charged due to Present value impact of securities deposits (1.67) (1.67)Deffered tax Asset 12.98 12.98
Net Profit as per IND AS 45.44 49.43 Other Comprehensive Income (after tax) 19.95 19.95
Total Comprehensive income as reported under IND AS 65.39 69.38
7) Reconciliation of Equity as at year ended 31st March. 2017 as prepared under Indian GAAP with Equity restated in accordance with Ind AS is given below:
Amount in Lakhs
Particulars Standalone Consolidated
"As at "As at "As at "As at
31.03.2017" 01.04.2016" 31.03.2017" 01.04.2016"
Total Equity ( shareholder's) 1,520.99 1,373.67 1,524.97 1,373.67 Adjustments:-
Fair Valuation of Investments designated 115.28 201.74 115.28 201.74
through Profit and Loss
Fair Valuation of Investments designated (326.72) (350.14) (326.72) (350.14)
through Other Comprehensive Income
Reclassification of acturial loss / (gain), arising in respect of employee benefit schemes,
to Other Comprehensive Income 3.46 - 3.46 -
Re-measurement gains/(losses) on defined benefit plans (3.46) - (3.46) -
Reversal of Provisions on Current Investments. 1.69 33.73 1.69 33.73
Reversal of Provisions onNon- Current Investments - - - -
Dividends not recognised as liability until declared - 41.69 - 41.69
Reversal of Provisions on DDT - 8.49 - 8.49
Prepaid rental on securities deposits amortised (1.67) - (1.67) -
Total Equity under Ind AS 1,294.38 1,279.15 1,298.36 1,279.15
8) Post the applicability of Goods & Services Tax (GST) Act with effect from July 1, 2017, revenue from operations is disclosed net of GST in accordance with Indian Accounting Standard - 18 and Schedule Ill to the Companies Act, 2013. Accordingly, the revenue from operations for the quarter and year ended March 31, 2018 are not comparable with the previous periods.
9) Figures for the quarter ended March 31, 2018 and March 31, 2017 are the balancing figures between audited figures in respect of full financial year and the published year to date unaudited figures upto the third quarter of the respective financial years, which were subjected to limited review.
10) Previous periods figures have been regrouped/ reclassified where considered necessary to conform to current period's classification/ disclosure.