TAAL Tech 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 financial results of TAAL Enterprises Limited ("The Company") has been prepared in accordance with Indian Accounting Standards as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules 2015 and SEBI Circular No. CIR/CFD/FAC/62/2016 dated 5 July 2016.
2. Figures of the quarter ended March 31, 2021 are the balancing figures between year ended March 31, 2021 figures and published nine months ended December 31, 2020.
3. As per Clause 9.2 of the Scheme of Arrangement as approved / sanctioned by the Hon’ble Madras High Court, Taneja Aerospace and Aviation Limited (TAAL) will carry on the business and activities relating to the demerged charter business for and on account of and in trust for TAAL Enterprises Limited (TEL) until the time TEL obtains the requisite statutory licences required for carrying on the demerged charter business. The said licences are yet to be obtained and accordingly the demerged charter business has continued to be operated by TAAL in trust for and on behalf of TEL including banking transactions, statutory compliances and all other commercial activities. Accordingly, the accounting entries pertaining to the demerged charter business are accounted in the books of account of TEL.
4. During the year ended March 31, 2020, the leased aircraft (Right of Use asset) operated by the Holding Company as part of the charter business had veered off the runway during a landing, resulting in damage to the aircraft. The aircraft remains grounded since the incident on September 12, 2019. Pursuant to the above, the ROU has been fully impaired and recorded as an exceptional item. During the quarter under review, the Company has received claim from the Insurance Company and has been disclosed as Other Income in the Statement of Profit and Loss.
5. During the year ended March 31, 2020, based on the impairment assessment performed by the Company, the investment relating to Subsidiary - First Airways Inc. has been impaired.
6. The Company is primarily engaged in Charter business. As such there is no separate reportable segment as per Ind AS 108 'Operating Segments' and no further segment disclosures are required.
7. The World Health Organintlon announced a global health emergency because of a new strain of corona virus ("COVID·l9") and classified Its outbreak as a pandemk: on March 11, 2020. On March 24, 2020, the Indian government announced a strict 21·day Jockdown auoss the country to contain the spread of the vin.Js, which has been/was further e)(tended till May 3, 2020. This pandemic and government response are creating disruption In global supply chain and adversely Impacting most of the Industries which has resulted In global slowdown. The management hu made an assessment of the Impact of COVID -19 on the Company's operat!om, fln 8. This Statement has been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on February 11, 2021.
9. Previous period figures have been regrouped, re-arranged and re-classified wherever necessary to make them comparable with figures of current period.