Cerebra Integrated Technologies 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
Notes:
1. The above audited financial results reviewed and recommended by the Audit Committee were approved by the Board of Directors at its Meeting held on 30th June 2021.
2. These financial results have been prepared in accordance with Indian Accounting Standards ("IND AS) prescribed under Section 133 of the Companies Act , 2013 read with the relevant rules thereunder and in terms of Regulation 33 of SEBI (Listing Obligation and Disclosure Requirements ) Regulations, 2015 and SEBI Circular dated 5 July, 2016.
"3. With regard to the qualification by the Auditors relating to maintenance of proper inventory records , following responses are furnished:
The Company has implemented its home grown software, currently Refurbishment stocks are maintained in this Software and EPR and E-Waste recycling stocks will also be ported onto this software very soon and the Company will be able to there after ascertain the exact quantity and value of the stock.
The auditors have calculated the Stock value as per the accounting standard applicable however the value of the stock as per market will be much higher than what has been taken into account.
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"4. As regards the remarks of the Auditors relating to advances and receivables, following responses are furnished:
The company has collected a major portion of the receivables as on 31st March and additionally the company has collected a sum of 79 crore rupees at the time of making this report. The Management is confident of collecting a major portion of this very soon.
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5. As per the Arbitration award with Regard to Reduction of Share Capital by 9200000 Shares allotted to three Singapore entities, the Company has received the required ‘ Observation Letter’ from BSE and NSE and is now filing application with NCLT for Reduction of Capital process.
"6. Due to Covid 19 there has been a huge demand for refurbished laptops and desktops and the Company is taking maximum advantage of the same.
The Company has expanded its factory by adding another facility which is fully dedicated to the Refurbishment business of Desktops, Laptops and other IT products.
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7. The Company has currently 33 Stores known as Cerebra Experience Centres (CECs) across the country to sell the above Refurbished products through these CECs.
8. The Company has started construction of huge factory to handle white goods. The factory will be ready by November.
9.Figures for the current quarter ended 31st March, 2021 are arrived at, by deducting the unaudited results for the nine months ending 31st December, 2020 from the Audited Financial results for the Financial Year ended 31st March, 2021.
10. Figures have been regrouped or rearranged , wherever necessary.