Firstsource Solutions Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2017
Auditor and Management Disclosures and Notes for the annual results dated 31 Mar 2017
1. The audited standalone financial statements for the quarter and year ended March 31, 2017 have been taken on record by the Board of Directors at its meeting held on May 5, 2017 The statutory auditors have expressed an unmodified audit opinion The information presented above is extracted from the audited standalone financial statements These financial statements are prepared in accordance with the Indian Accounting Standard (Ind AS) as prescribed under Section 133 of the Companies Act. 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules. 2015 and Companies (Indian Accounting Standards) Amendment Rules, 2016.
2. The Company has adopted all the Ind AS on April 1, 2016 with the transition date as April 1, 2015 and the adoption was carried out in accordance with the Ind AS 101-First time adoption of Indian Accounting Standards The transition v/as carried out from Indian Accounting Principles generally accepted In India as prescribed under Section 133 of the Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014 (IGAAP) which was the 'Previous GAAP'.
3. During the quarter ended and year ended March 31, 2017. 3,383,575 and 7,993,425 equity shares respectively were issued pursuant to exercise of stock options under the Employee Stock Option Scheme of the Company.
4.As per Ind AS 108 - Operating Segment, if a financial report contains both consolidated financial statements of a parent that is within the scope of this Ind AS as well as the parent's separate financial statements, segment information is required only m the consolidated financial statements. Accordingly, information required to be presented under Ind AS 108 - Operating Segment has been given in the consolidated financial results.
5. The Company had initially elected to apply historical cost model for Leasehold improvements as permitted under Ind AS 16 - Property. Plant and Equipments However, during the quarter ended March 31, 2017. the Company has now elected to apply fair value model instead of historical cost model for Leasehold improvements. This represents a change in selection of transition options under Ind AS 101- First time adoption of Indian Accounting Standards On account of this change, the figures for quarter ended December 31, 2016 and March 31, 2016 and year ended March 31, 2016 have been adjusted to reflect the reversal of depreciation on Leasehold improvements of Rs 2.97, Rs 2.97 and Rs 11.84 respectively and consequently, the profit before tax for The aforesaid periods are higher than those reported earlier by a corresponding amount The reconciliation in note 6 below has been updated accordingly
6. Reconciliation between standalone financial results, as per Previous GAAP and Ind AS for the year / quarter presented are as under
Explanations for reconciliation of standalone statement of profit and loss as reported under IGAAP to Ind AS:(For table , kindly refer Corporate Announcements on) a) On first time adoption of Ind AS 101, the Company exercised the optional exemption to measure unvested options on the transition date and accordingly recognised employee share based payment cost in the statement of profit and loss. The cost related to options allotted to employees of the subsidiaries has been shown as investment made in subsidiaries.
b) As per Ind AS 19 - Employee Benefits, actuarial gain and losses are recognized in other comprehensive income and not classified to statement of profit and loss in a subsequent period
c) On retrospective application of Ind AS 103 to business combinations, acquisition expenses have been debited to the statement of profit and loss.
d) As per Ind AS 101, The Company has elected to measure certain items of property, plant and equipments at the date of transition to Ind AS at fair value- refer note 5 above
7. Equity Reconciliation(For table , kindly refer Corporate Announcements on)www.bseindia.com. Explanations for reconciliation of standalone equity as reported under IGAAP to Ind AS
a) On first time adoption of Ind AS 101 the Company exercised the optional exemption to measure unvested options on the transition date and accordingly recognised employee share based payment cost.
b) On application of Ind AS 103 business combinations
c) As per Ind AS 101, the Company has elected to measure certain items of property plant and equipments at the date of transition to Ind AS at fair value- refer note 5 above.