Cybertech Systems & Software 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 above results were reviewed by Audit Committee and approved by the Board of Directors at its meeting held on May 13, 2021.
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.2020-21 subject to the approval of the shareholders in the ensuing Annual General Meeting.
4 The Group has only single reportable business segment i.e. 'Information Technology Services' in terms of requirements of IND AS 108.
5 During the year CyberTech Systems and Software Inc., USA, a wholly owned subsidiary of the Company, has received a loan of $ 505,100/- (Rs. 369.25 lakhs) under Payroll Protection Plan of Small Business Administration(USA) from CITI bank . This has been treated as a Short-Term Loan under Current Liabilities. The subsidiary is in the process of filing the forgiveness application as per scheme. The Company will recognize the revenue, if any, post approval of our forgiveness application.
6 In view of recent surge in Covid-19 cases, few states reintroduced some restrictions and the Company continues to be vigilant and cautious. The Company has considered the possible impact of Covid 19 that may impact the carrying amounts of receivables including unbilled receivables and intangible assets. In making assumptions and estimates relating to the uncertainties as at the balance sheet date in relation to the recoverable amounts, the company has interalia 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 Tax expense for the quarter ended December 31, 2020 and for the year ended on March 31,2021 in the consolidated and standalone financial results includes onetime write back of Rs.809.08 lakhs arising out of the impact of settlement of past litigations under the Vivad Se Vishwas Scheme, 2020. Due to this, there is an increase in Basic EPS by Rs. 2.94 and Diluted EPS by Rs. 2.87 for the quarter ended December 31,2020 and Basic EPS Rs. 2.94 and Diluted EPS Rs. 2.88 for year ended March 31,2021 in standalone and consolidated financials results.
8 The Code on Social Security, 2020 (‘Code’) relating to employee benefits during employment and post-employment benefits has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified. The Company will assess the impact of the Code and recognise the same when the Code becomes effective.
9 The figures for the quarter ended March 31,2021 and March 31, 2020 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/year's classification.