AGS Transact Technologies Limited

Annexure V - Basis of preparation and Significant Accounting Policies

Notes to the Revised Restated Consolidated Financial Information (Continued)

Note 1
Group overview

AGS Transact Technologies Limited (the “Company’) is a company domiciled in India and incorporated under the
provisions of the Companies Act, 1956. The Company along with its subsidiaries including step-down subsidiaries
and associate - Securevalue India Limited (‘SVIL’), India Transact Services Limited (‘ITSL’), Global Transact
Services Pte. Ltd. (‘GTSL’), Novus Technologies Pte. Ltd., Novus Technologies (Cambodia) Company
Limited, Novus Transact Philippines Corporation, Novustech Transact Lanka (Private) Limited and its associate PT
Nova Digital Perkasa (together ‘the Group’) is in the business of supplying, installing and managing technology-
based payment solutions, automation products and providing related services to its customers present in the
Banking, Petroleum, Colour and Retail sectors. The Group is also engaged in the business of providing ATM
outsourcing, ATM Managed Services, Intelligent Cash deposit (ICD) including cash burial facility, cash
management, cash replenishment, door step banking to various banks, WLA Operators and other service providers
and supplying of self-service terminals and related software to financial institutions, Digital payment services which
includes toll and transit solutions, transaction switching service, services through point of sale (POS) machine and
other payment channels.

The Non-Convertible Debentures (‘NCD’) of the Company were listed on National Stock Exchange (‘NSE’) on 26
March, 2021.

The Revised Restated Consolidated Financial Information were approved by the Board of Directors of the Company
on 6 January 2022.

The Board of Directors had earlier approved and adopted the Restated Consolidated Financial Information of the
Group for the five-months period ended 31 August 2021 and for each of the years ended 31 March 2021, 31 March
2020 and 31 March 2019 in their meeting held on 22 November 2021 (referred to as the “Original Restated
Consolidated Financial Information”) on which the auditors had issued Examination Report dated 22 November
2021. The Company has subsequently revised the aforesaid Original Restated Consolidated Financial
Information with updated Note 51 of Annexure VI, being management’s reassessment of impact of COVID 19. The
auditors have issued revised Examination Report dated 6 January 2022 on this Revised Restated Consolidated
Financial Information.

Note 2
Basis of preparation and Significant Accounting Policies

. Basis of preparation of Revised Restated Consolidated Financial Information

The Revised Restated Consolidated Statement of Assets and Liabilities of the Group as at 31 August 2021, 31
March 2021, 31 March 2020 and 31 March 2019, the Revised Restated Consolidated Statement of Profit and Loss,
the Revised Restated Consolidated Statement of Changes in Equity and the Revised Restated Consolidated
Statement of Cash Flows for the five months period ended 31 August 2021(‘the period’) and for each of the years
ended 31 March 2021, 31 March 2020 and 31 March 2019 and Revised Restated Consolidated Other Financial
Information for the five months period ended 31 August 2021, years ended 31 March 2021, 31 March 2020 and 31
March 2019 (together referred as ‘Revised Restated Consolidated Financial Information’) have been prepared under
Indian Accounting Standards (‘Ind AS') notified under the Companies (Indian Accounting Standards) Rules, 2015
read with Section 133 of the Companies Act, 2013 (‘the Act’) to the extent applicable and other relevant provisions
of the Act as amended from time to time.

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