JMD Ventures 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. Above Standalone Results were reviewed and recommended by Audit Committee taken on record by Board of Directors in their Meeting held on July 10, 2020.
2. The Statutory Auditors have carried Limited Review for above Financial Results.
3. This statement has been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind-AS) - 34, Interim Financial Reporting prescribed under Section 133 of the Companies Act, 2013, read with rule 3 of the Companies (Indian Accounting Standard) Rules, 2015 and Companies (Indian Accounting Standard) Accounting Rules, 2016.
4. Previous period figure have been regrouped/rearranged wherever necessary to correspond with the current period / year classification / disclosures.
5. The Company has adopted Ind As 116 "Leases" as notified by Ministry of Corporate Affairs effective from 1st April, 2019 and its application did not have any material impact on the financial results including the retained earnings as at 1st April 2019.
6. Figures for the quarters ended 31st March 2020 and 31st March 2019 as reported in these financial results, are the balancing figures between audited figures in respect of the full financial years and the published year to date figures up to the end of the third quarter of the respective financial years.
7. The Taxation laws (Amendment) Ordinance. 2019 contain substantial amendments in the Income Tax Act, 1961 and the Finance (No. 2) Act, 2019 to provide an option to domestic companies to pay income tax at a concessional rate. The Company has elected to apply the concessional tax rate. Accordingly, the Company has recognised the provision for income tax and re-measured the net deferred tax liabilities at the concessional tax rate for the year ended 31st March 2020.
8. The outbreak of COVID-19 pandemic globally and in India substantially impacted businesses and economies. There has been disruption to regular business operations due to measures taken to curb the impact of pandemic. The Company's office was shut post announcement of nationwide lockdown. Covid crises may turn out to be a blessing in disguise for the Company. The Company has considered all information in assessing the impact of COVID-19 on various elements of its financial statements, including recoverability of its Assets as at the Balance Sheet date. Post lockdown, as a measure of abundant caution, all employees have been asked to work from and as such there is no substantial disruption in operations of the Company. The outbreak of COVID-19 pandemic globally and in India substantially impacted businesses and economies. There has been disruption to regular business operations due to measures taken to curb the impact of pandemic. The Company's office was shut post announcement of nationwide lockdown. Covid crises may turn out to be a blessing in disguise for the Company. The Company has considered all information in assessing the impact of COVID-19 on various elements of its financial statements, including recoverability of its Assets as at the Balance Sheet date. Post lockdown, as a measure of abundant caution, all employees have been asked to work from and as such there is no substantial disruption in operations of the Company.