Cybertech Systems & Software 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 were reviewed by Audit Committee and approved by the Board of Directors at its meeting held on May 9, 2018.
2. The Company adopted Indian Accounting Standards (IND AS) effective 1st April, 2017 (transition date being 1st April, 2016) and accordingly, the financial results for above periods have been prepared in accordance with the recognition and measurement principles laid down in the IND AS prescribed under Section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder and the other accounting principles generally accepted in India.
3. Reconciliation of results between previously reported (referred to as "Previous GAAP") and IND AS for the quarter and year ended are presented as under: For Table, kindly refer Corporate Announcements on www.bseindia.com.
(i) Fair Valuation for Financial Assets: The Company has valued financial assets at fair value. Impact of fair value changes as on the date of transition, is recognised in the opening reserve and changes there after are recognised in Statement of Profit and Loss or Other Comprehensive Income as the case may be.
(ii) Fair valuation of Employees Share based payments.
(iii) Employee Benefits - Actuarial Gains and Losses are recognised in other comprehensive income.
(iv) Deferred Tax: The impact of transition adjustments together with IND AS mandate of using Balance Sheet approach (against Profit & Loss approach in the previous GAAP) for computation of Deferred Taxes has resulted in charge to reserve on the date of transition, with consequential impact to the Statement of Profit and Loss for the subsequent periods.
4. The accounts of CyberTech Systems and Software Inc. USA (wholly owned subsidiary) has been consolidated by applying IND AS110 - "Consolidated Financial Statements".
5. In terms of SEBI Circular CIR/CFD/CMD/56/20 dated 27.05.2018, the Company hereby declares that the Auditors have issued Audit Reports with unmodified opinion on annual audited financial results for the year ended March 31, 2018.
6. The figures for the quarter ended March 31, 2018 and March 31, 2017 are the balancing figures between the audited figures in respect of the full financial year and the published year to date figures up to the third quarter for the relevant financial year which were subjected to limited review by the statutory auditors.
7. The Board of Directors recommend a dividend of Re. 1 per equity share of Rs. 10 each for the F.Y. 2017-18 subject to the approval of the shareholders in the ensuing Annual General Meeting.
8. The Group has only single reportable business segment i.e. 'Software Development Services in terms of requirements of IND AS 108
9. The previous period's and current year previous quarter's figures have been regrouped / re-classified / restated wherever required to conform to current period's classification.