Digjam 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. These audited Financial Results were, after review by the Audit Committee, approved by the Board at its meeting held on May 8, 2017.
2. The Company operates in single business segment "Textiles" (as per Accounting Standard 17).
3. The Company has been adversely affected by the steep fall in consumer product sales during the year accentuated by the restricted liquidity in the market, which has significantly impacted performance and cash flows resulting in substantial loss for the year. As on March 31, 2017 the Company's current liabilities are over its current assets. Improved operating cash flows with market revival are expected to result in sustainable cash flows and accordingly the Financial Statements are presented on a going concern basis, which contemplates realisation of assets and settlement of liabilities in the normal course of business.
4. a. Figures for the period ended March 31, 2016 are from June 17, 2015 (date of Incorporation) and include those of erstwhile Digjam Limited pursuant to the Scheme of Amalgamation ("the Scheme") sanctioned by the Hon'ble High Court of Gujarat w.e.f close of business as on June 30, 2015, (Appointed Date). Accordingly, the figures for the current year are not comparable with those for the previous period ended March 31, 2016.
b. In the terms of the Scheme, the Paid-up Equity Share Capital of Rs. 5,00,000 was cancelled and 8,76,41,621 fully paid-up Equity Shares of Rs. 10 each at the premium of Rs. 5 per Equity Share and 5,00,000-8% Non-Convertible Redeemable Preference Shares of Rs. 100 each at par fully paid-up were kept in Suspense Account till allotment on April 29, 2016. Consequently, Earnings Per Share for the quarter/period ended March 31, 2016 has been calculated considering the Equity Shares allotted pursuant to the Scheme.
6. Exceptional items represent the one time Stamp Duty liability under Gujarat Stamp Act, 1958 in pursuant to the Scheme.
7. Previous period's figures have been regrouped and rearranged wherever necessary.
8. Figures for the quarters ended March 31, 2017 and March 31, 2016 are the balancing figure between audited figures for the full financial year/period ended March 31, 2017 and March 31, 2016 and the limited reviewed figures up to the third quarter of the respective financial year/period.