MosChip Technologies Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2020

1. The Audited Standalone Financial Results are prepared in accordance with the Indian Accounting Standards (Ind AS) as prescribed under Section 133 of the Companies Act 2013 ("the Act") read with relevant rules thereunder, other accounting principles generally accepted in India and guidelines issued by the Securities and Exchange Board of India ("SEBI").

2. The Standalone Financial Results for the year ended 31 March 2020 have been reviewed and recommended by the Audit Committee and approved by the Board of Directors at their meetings held on 20 May 2020. The statutory auditors have carried out audit of these Standalone Financial Results and have issued an unmodified report on these results.

3. Gigacom Semiconductor Private Limited and First Pass Semiconductor Private Limited are merged into the Company, the scheme of arrangement for amalgamation (the Scheme) sanctioned by the Honarable National Company Law Tribunal, Hyderabad bench and certified true copy of the order is obtained on 05 December 2019 and National Company Law Tribunal, Amaravathi bench vide its order dated 03 December 2019. The
Scheme came into effect on 05 December 2019, the day on which both the orders were delivered to the Registrar of the Companies, hence quarter ended 31 March 2019 figures are not comparable.

4. Exceptional item includes bad debts written off amounted to Rs. 484.00 lakhs and provision for doubtful debts amounted to Rs. 555.63 lakhs. The management has revised the provisioning policy and carried out detailed analysis of expected credit loss and made necessary provisions to present receivables at its fairly receivable levels, hence we have disclosed as an exceptional item.

5. Previous year figures have been regrouped wherever necessary, to correspond with the current period’s classification / disclosure.