PCS Technology 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 quarteriy and annual financial results after being reviewed by the Audit committee were approved by the Board of Directors in their meeting held on 31st May, 2021.
2. The figures of the last quarter are the balancing figures in respect of full financial year and to date figures upto third quarter of the respective financial year.
3. Based on the Management approach as defined under Ind-AS 108, Operating segments, the Company operates in one business segment i.e. ITes related Facilty Management Segment, as such it is the only reportable business segment. Since, "Revenue from IT enabled services" are much lower as compared to previous quarters. As a result of which "Other Income" exceeds "Revenue from Operations".
4. The Company adopted Indian Accounting Standards (Ind AS) from April 1, 2017 and accordingly these financial results have been prepared in accordance with the recognition and measurement principles laid down in the IND-AS 34 'Interim Financial Reporting' prescribed under Section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder and other accounting principles generally accepted in India. Financial for the quarter have been prepared in accordance with the recognition and measurement principles of Ind-AS 34.
5. The Financials Results(Standalone and Consolidated) have been prepared in accordance with principles of Indian Accouting Statndard (IndAS) as specified by ICAI & section 133 of The Companies Act 2013.
6. PCS Technology USA Inc, one of the wholly owned subsidiary of the company stands dissolved and its existence comes to an end as on the 18th December 2019 as as per the certificate of Dissolufiormsued by the autorities of the State of New Jersey (USA). In view of this, the consolidated Statement of Profit and Loss Account of the Company for the period ended 31st March 2020 (previous financial year) has been prepared excluding the financials figures of the dissolved entity.
7. The Company, in the past has invested funds in Bonds. The Market value/Resale value of some of the bonds on Mark-to-Market basis have varied in earlier quarters/year. Accordingly the resultant value arrived on Mark-to-Market basis amounting to Rs.41.38 Lacs being Loss for the current quarter and amounting to Rs.14.01 Lacs being Gain/impairment for current year ended 31st March 2021 and the same has been accounted and classified under "Impairement / (Gain) on financial instruments and Exceptional Items". Figures for Financial year ended 31 st March 2020 (i.e Previous financial year) include sum of Rs.167.58 lacs relates to payment towards availing Sabka Vishwas (Legacy Disputes Resolution. 2019) to Central Government in complete resolution of past disputed Service tax liability and the same has been accounted and classified under "Impairement / (Gain) on financial instruments and Exceptional Items".
8. The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the company towards Provident Fund and Gratuity. The Ministry of Labour and Employment has released draft rules for the Code on Social Security, 2020 on November 13,2020, and has invited suggestions from stakeholders which are under active consideration by the Ministry. The Company will assess the impact and its evaluation once the subject rules are notified and will give appropriate impact in its financial statements in the period in which, the Code becomes effective and the related rules to determine the financial impact are published.
9. The Statutory Auditors of the Company have carried out the audit and have issued their unmodified opinion on the financial statements.
10. The Company has taken into account the possible impacts of COVID-19 in preparation of the financial statements, including but not limited to its assessment of liquidity and going concern assumption, recoverable values of its financial and non-financial assets, impact on revenues and on cost budgets in respect of fixed price contracts and impact on leases. The Company has considered internal and certain external sources of information including reliable credit reports, economic forecasts and industry reports upto the date of approval of the interim financial statements and expects to recover the carrying amount of its assets. The impact of COVID-19 on the interim financial statements may differ from that estimated as at the date of approval of the interim financial statements.
11. Figures of the previous periods have been regrouped/ rearranged wherever necessary to make them comparable with current period's classification.