Cybertech Systems & Software 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. Right of use assets included in Property, plant and equipment
2. Trade payable includes Due to Micro,Small and Medium Enterprise Rs. 16 Lacs and Due to Others Rs. 497.71 Lacs
Notes :
1. The above results were reviewed by Audit Committee and approved by the Board of Directors at its meeting held on June 17, 2020.
2. The accounts of CyberTech Systems and Software Inc. USA and Spatialitics LLC, wholly owned subsidiaries have been consolidated by applying IND AS110 -"Consolidated Financial Statements" .
3. The Board of Directors recommend a dividend of Rs.1 per equity share of Rs. 10 each for the F.Y.2019-20 subject to the approval of the shareholders in the ensuing Annual General Meeting.
4. The Group has only single reportable business segment i.e. 'Software Development Services' in terms of requirements of IND AS 108.
5. Impairment of Non-Current assets for the quarter and year ended March 31, 2020 in the consolidated financial results represents a one time charge of Rs.256.58 Lacs towards write off of obsolete software and Rs.286.33 Lacs towards cost incurred under development customised software in view of expected delays in procuring orders for the same.
6. The outbreak of Covid 19 pandemic globally including in India has led to a nationwide lockdown. The management has considered the possible effects that may impact the carrying amounts of receivables including unbilled receivables, intangible assets and intangible assets under development. In making assumptions and estimates relating to the uncertainties as at the balance sheet date in relation to the recoverable amounts, the management has interiliac considered subsequent events, internal and external information and evaluated economic conditions up to the date of approval of these financial results. The impact of the global health pandemic may be different from that estimated as at the date of approval of these financial results and the Company does not anticipate any material financial or operational issues in the short term as well as on a long term basis.
7. The Company elected to exercise the option of lower tax rate permitted under Section 115BAA of the Income-tax Act, 1961. The Company, accordingly has recognized Provision for Current Tax and re-measured its Deferred Tax Liabilities basis the rate prescribed in the said section.
8. Effective April 1, 2019, the Company has adopted Ind AS 116 'Leases' which sets out the principles for recognition, measurement, presentation and disclosure of leases and requires lessees to account for all leases. The adoption of this Standard in respect of lease entered into during the year resulted in the recognition of Right of Use (ROU) asset of Rs. 182.42 Lacs and a lease liability of Rs.186.72 Lacs and a net adjustment on Statement of Profit and Loss.4.03 lacs.
9. The figures for the quarter ended March 31, 2020 and March 31, 2019 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.
10. The previous period's / year's figures have been regrouped/re-classified wherever required to conform to current period's/years classification.