Go Fashion (India) Limited {formerly known as Go Fashion (India) Private Lit

 

ited

Notes to the restated financial information
(Amount in & Millions, except for share data or as otherwise stated)

Note
No.
41

(a)

)

Restatement adjustment

‘The Company has followed the same accounting policy choices (transition options as per Ind AS 116) as adopted on 01 April 2019 for transition to Ind AS 116, while preparing the restated financial information for each of the year ended 31
March 2021, 31 March 2020 and 31 March 2019 and for the period ended 30 June 2021 and 30 June 2020. As specified in the Guidance Note, the equity balance computed under restated financial information for the year ended 31 March
2019 and equity balance computed on transition (using modified retrospective approach) to Ind AS 116 on 01 April 2019, differs due to restatement adjustments made for the year ended 31 March 2019. Accordingly, the closing equity balance
as at 31 March 2019 of the restated financial information has not been carried forward to opening Balance sheet as at 01 April 2019. The reconciliation of the same is as follows

 

 

Reconciliation of equity

 

 

 

 

Particulars ‘Asat

30/Jun/2021 30/Jun/2020 31/Mar/2021__[ 31/Mar/2020 | 31/Mar/2019 | WApr/2018
‘Share capital 789.95 789.95 789.95 789.95 789.95 589.95
Reserves and surplus 1,849.05 1,987.15 2039.41 2,073.07 1,548.91 1,380.39
Equity balance as per respective periods statutory audited financial statements 2,639.00 2,777.10 2,829.36 2,863.02 2,338.86 1,970.34

Restatement adjustment

 

 

 

Adjustments on account of transition to Ind AS 116 (Refer Note (a) below) -

(1) Amortisation of Right-of-use assets - - - - (273.49)] -

(2) Interest on Lease rental discounting - - - - (113.60)| -

(3) Rent reversal - - - - 308.76 -

Deferred Tax Asset impact on adoption of Ind AS 116 (Refer Note (a) below) : - - - 22.81 -
Equity balance as per restated financial information 2,639.00 2,777.10 2,829.36 2,863.02 2,283.34 1,970.34

 

Reconciliation of total comprehensive income

 

 

 

Particulars For the three months period ended For the year ended
30/sun/2021 30/dun/2020 31/Mar/2021_| 31/Mar/2020 | 31/Mar/2019
Profit as per respective periods statutory audited financial statements (190.36)| (85.94) 33.60) 524.22 368.53,

Restatement adjustment
Adjustments on account of transition to Ind AS 116 (Refer Note (a) below)

 

 

(1) Amortisation of Right-of-use as: - - - - (273.49)
(2) Interest on Lease rental discounting - - - - (113.60)

(3) Rent reversal - - - - 308.76
Deferred Tax Asset impact on adoption of Ind AS 116 (Refer Note (a) below) - - - - 22.81
Profit as per restated financial information (190.36)| (85.94)| G3.61)| 524.22 313.00

 

 

 

 

 

 

Explanatory notes restatement adjustments
‘The Company had adopted Ind AS 116 ‘Lease’ with the date of initial application being 01 April 2019. For the purpose of preparation of restated financial information, the initial application date for Ind AS 116 has been considered as 01 April
2018, resulting in net impact of Rs. 55.52 Million (Net of Deferred Tax Asset) in the restated ‘Other equity and "Total comprehensive income’

The net effect of the above mentioned restatement adjustment in the ‘Other equity’, 'Right-of-use asset’ and 'Lease liabilities’ balance as at 31 March 2019, have not been considered in the respective opening balances as at 01 April 2019. Hence,
the opening balance of ‘Other equity’, ‘Right-of-use' and 'Lease liabilities’ as at 01 April 2019 in these restated financial information are as per the audited financials statements as at and for year ended 31 March 2019.

   

Material regrouping

  

Appropriate adjustments have been made in the Restated Financial Information, wherever required, by a reclassification of the corresponding items of income, expenses, assets, liabilities and cash flows, as applicable, to conform with the
requirements of amendments to Schedule III via MCA notification dated 24.03.2021 and Securities and Exchange Board of India (Issue of Capital & Disclosure Requirements) Regulations, 2018 (as amended).

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