Starcom Information Technology 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 audited financial results of the Company for the Quarter/year ended 31st March 2018 have been reviewed by the Audit Committee and taken on record approved by the Board of Directors at its meeting held on 30th May 2018.
2. The financial results have been prepared in accordance with Indian Accounting Standards (“Ind AS") as notified under the Companies (Indian Accounting Standards) Rules, 2015 as specified in Section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder and other accounting principles generally accepted in India.
3. The Company has adopted Indian Accounting Standards (Ind-AS) i.e. April 1st, 2017 and accordingly the above financial results have been prepared in accordance with the recognition and measurement principles as laid down in the Ind-AS - 34 on Interim Financial Reporting as prescribed under Section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder and other accounting principles generally accepted in India, The date of transition to Ind-AS is 1st April, 2016.
4. The results for the preceding corresponding quarters and previous year ended March 31,2017 are Ind AS Compliant and have been subjected to audit/review by the statutory Auditors.
5. Reconciliation of Net Profit as previously reported under Indian GAAP to Ind AS for the quarter/year ended March 31,2017 is as under: (For Table, kindly refer Corporate Announcements on www.bseindia.com).
6. The reconciliation of equity between previous India GAAP and Ind AS is as under: (For Table, kindly refer Corporate Announcements on www.bseindia.com).
7. The figures of last quarters ended March 31,2018 and March 31,2017 are the balancing figures between audited figures in respect of full financial years and the published year to date figures upto third quarters of respective financial years,
8. Comparative financial information of the previous quarter/year ended have been regrouped / rearranged wherever considered necessary to correspond to the figures of current quarter/year.