Datamatics Global Services 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 audited consolidated financial results and the audited standalone financial results of the Company for the quarter and year ended March 31, 2018 have been reviewed by the Audit Committee of the Board and approved by the Board of Directors at its meeting held on May 29, 2018.
2. The Company adopted Indian Accounting Standards ("Ind AS") from April 01, 2017 and accordingly these financial results have been prepared in accordance with the recognition and measurement principles stated there in, 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 Financial results for all the periods presented have been prepared in accordance with the recognition and measurement principles of Ind AS.
3. 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 published year to date figure upto the third quarter of the relevant financial year.
4. The Board has recommended final dividend of Rs. 0.25 per equity share (i.e 15%) of the face value of Rs. 5 each for the financial year ended March 31, 2018.
5. The Company has an investment of Rs. 646.30 mn in two of Its wholly owned subsidiaries and has also extended loans and advances of Rs. 10.94 million to these subsidiaries as on March 31, 2018. The net worth of these subsidiaries have declined. These investments are for long term and of strategic nature. As the management is confident of turning around the subsidiaries in the near future, provision for diminution in the value, if at all required is not made.
6. Exceptional Item - Standalone - for the year ended March 31, 2017 include a) Datamatics Global Services GmbH (DGSG), a subsidiary Company has filed for voluntary winding up/liquidation/de registration procedure in Financial year 2015-16. In view of this, the Company has made further provision for diminution to the extent of balance appearing in respective investment of Rs. 130.23 mn under exceptional item.
b) Datamatics Technologies UK Limited (DTUK), a subsidiary Company in the UK had filed for voluntary winding up / liquidation and the same was liquidated during the year ended March 31,2017. Accordingly, the Company has written off its investment in DTUK and an amount of Rs. 23.88 mn has been shown as an exceptional item.
Exceptional Item - Consolidated - for the year ended March 31, 2017 include a) One of the step down subsidiary also discontinued its business. Hence the Company has provided for loss of Rs. 32.88 mn which is considered as exceptional item in consolidated financials.
7. Previous quarter/year figures have been appropriately regrouped and reclassified wherever necessary to conform to the current quarter/year presentations.