GlobalSpace Technologies Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2020
Auditor and Management Disclosures and Notes for the annual results dated 31 Mar 2020
1. The above results were reviewed by the Audit Committee and taken on record by the Board of Directors at their meeting held on June 24, 2020. The Statutory auditors have conducted the audit of the financial statements and have expressed an un qualified audit opinion.
2. The Company had migrated to the main board of the Bombay Stock Exchange Limited from its SME platform on February 14, 2020.
3. The annual financial results include the results for the quarter ended March 31, 2020 which are the balancing figures between the audited figures in respect of the full financial year and the published unaudited figures for the half year ended September 30, 2019 which were subject to limited review by us and also unpublished unaudited figures for the third quarter ended December 31, 2019 of the current financial year (which are certified by the management).
4. The above financial results have been prepared in accordance with the recognition and measurement principles stated therein, prescribed under section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder and other accounting principles generally accepted in India.
5. The Company operates in a single segment. Hence, segment reporting is not applicable.
6. Previous period figures have been re-grouped / re-classified wherever necessary.
7. Reconciliation of net profit after tax as reported under previous Indian GAAP and Ind As for the quarter/year ended March 31, 2019
8. The outbreak of COVID-19 pandemic globally and in India has substantially impacted most businesses and economies . There has been disruption to regular business operations due to the measures taken to curb the impact of the pandemic. The Company's offices were shut post announcement of nationwide lockdown. However, the Company being a digital & tech company, all product development and enhancement activities were carried on from home. Covid crises may turn out to be a blessing in disguise for the Company. The Company has considered all information in assessing the impact of COVID -19 on various elements of its financial statements, including recoverability of its assets as at the Balance Sheet date. Post lock down, as a measure of abundant caution, all employees have been asked to work from and as such there is no substantial disruption in operations of the Company.