Compuage Infocom 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
1. The Company has adopted Indian Accounting Standard ("Ind AS") from April 1,2017 with a transition date of April 1,2016 and accordingly these results have been prepared in accordance with the recognition and measurement principles of the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS), as amended by the Companies (Indian Accounting Standards) (Amended Rules), 2016 prescribed under section 133 of the Companie Act, 2013 and other accounting principles generally accepted in India. The statements are prepared in accordance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
2. The format for the above results as prescribed in SEBI's Circular No. CIR/CFD/CMD/15/2015 dated November 30, 2015 has been modified to comply with requirments ol SEBI's Circular dated July 5, 2016, Ind AS and Schedule III (Division II) to the Companies Act, 2013 applicable to companies that are required to comply with Ind AS.
3 The Company’s Board of Directors have recommended final dividend of 0.20 paise per share (10%) on Equity Share having face value of Rs.2.00 per share, subject to approval of Members.
4. The Company operates only in one reportable segment. The company is engaged in Trading in Computer parts and peripherals, Software and Telecom products. The company also provides Product Support Services for Information Technology Products
5. The figures for the quarter ended March 31, 2021 and March 31,2020 are the balancing figures between the audited figures in respect to the full financial year and the year to date figures up to the third quarter of the respective financial years.
6. The global widespread ofCOVID-19 has been a fluid and challenging situation facing all the industries. The Company has taken all possible effective measures to limit and keep the impact of COVID-19 under control, in order to ensure business continuity with minimal disruption. The Company has considered internal and external information while finalizing various estimates in relations to its audited financial results captions upto the date of approval of the audited financial results by the Board of Directors. The Company continues to pay close attention to the development of COVID-19 and will further evaluate and actively respond to such impact on the financial position and financial performance of the Company.
7. Effective April 1,2019, the Company adopted Ind AS 116, Leases and applied the standard to all lease contracts existing on April 1,2019. However, as all the leases are short-term leases or low value leases, the Company has not recognized any right-of-use asset and corresponding lease liability for any of the lease arrangements during the year
8. The Company elected to exercise the option permitted under Section 115BAA of the Income -tax Act, 1961 as introduced by the Taxation Laws (Amendment) Ordinance, 2019. Accordingly, the Company has recognised provision for Income tax for the year ended 31 March 2021 and re-measured its Deferred Tax Assets basis the rate prescribed in the said Section
9. Audited Standalone and Consolidated Statement of Assets and Liabilities and Cash Flow Statements form part of the notes.
10. The above financial results were reviewed and recommended by the Audit Committee and thereafter approved by the Board of Directors at their respective meetings held on 29th May, 2021. The Statutory Auditors of the Company have expressed an unmodified audit opinion.
11. Previous period figures have been regrouped/restated wherever necessary.