Aakash Exploration Services Limited — Interim / Quarterly Report 2021

Jun 28, 2021

424, 4th Floor, Shukun Mall, B/h. Visat Pertol Pump, Sabarmati, Ahmedabad-380005, Gujarat - India. Phone: 079 - 48006633, 27573366 email: info@aakashexploration.com www.aakashexploration.com

To, Date: 28/06/2021 The National Stock Exchange of India Limited Exchange Plaza, Plot No., C/ 1, G'B1ock, Bandra-Kurla Complex, R"nnr" (F.), Mllmhai - 400 051 SCRIP CODE: AAKASH

Sub: Outcome of the Board meeting held on 28th June, 2021 under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Dear Sir/Madam,

With reference to the above mentioned subject, this is to inform you that the Board of Directors of the Company at their meeting held on 28th June 202 1, has inter-alia, approved the following matters:

• 1. Board has approved Audited Financial Results of the Company for the Quarter and year Ended on 31 st March, 2021 as re commended by Audit Committee.
• 1. Board has approved appointment of M/s. Parikh Shah & Associates, Chartered Accountants as Internal Auditor of the Company from F.Y. 2021-22 onwards. Brief profile of the Internal Auditor is attached as Annexure - A

We further declare and confirm that pursuant to Regulation 33(3)(d) of SEBI (Listing Obligations and Disclosu re Requirements) Regulations, 2015, as amended till date, the Audited Financial Results of the Company for the year ended on 31st March, 2021 which have been approved by the Board of Directors of the Company at their meeting held on today i.e. 28th June, 2021 the statutory Auditors of the Company i.e. M/s. Bimal Shah Associates, Ahmedabad issued an Audit Report with unmodified opinion.

Pursuant to Regulations 33 of Listing Regulations, we enclosed herewith copy of Audited Financial Results for the quarter and year ended on 31 st March, 202 1 along with Auditors' Report

The Board Meeting Commenced at 2:00 p.m. and concluded at 3:30 p.m. You are requested to take the note of the same on your records.

Thanking you, For, AAKASH EXPLORATION SERVICES LIMITED d-rJ~ . . HEMANG N HARIA

DIRECTOR AND CFO DIN: 01690627 Encl: a.a.

Sr.No.	Particulars	Description
l.	Name of the Firm	Parikh Shah & Associates
2.	Address of the Firm	412,Ashwamegh Avenue,MayurColony,NearMithakhali Underbridge, Navrangpura, Ahmedabad380009-
3	Founders Details	Mr. Shailesh Parikh (M. No. : 039254) and Mr. MunirShah (M. No. : 101106)
4.	Firm Registration No.	123999W
5.	Work Profile	Parikh Shah & Associates is a partnership firmincorporated as on 29-05-2003. The firm has beenincorporated with the main objective of renderingprofessional services such as Internal and Statutoryaudit of Corporate, Co-operative Societies as well asnon-corporate assessee, tax planning, project andfinancial consultancy.

ANNEXURE-A

[r'\J BlMAL SHAH ASSOCIATES

../<\ CHARTERED ACCOUNTANTS

412, 4th Floor, Ashwamegh Avenue. Mayur Colony, Nr. Mithakhali Circle. Navrangpura, Ahmedabad - 380 009 Ph.: (0) 079-2640 8930, 2642 1975 M.: 98250 35884 email : parikhshah412@yahoo com

INDEPENDENT AUDITOR'S REPORT

To,

The Board of Directors, Aakash Exploration Services Limited, 424, Shukan Mall, Behind Visat Petrol Pump, Sabarmati, Ahmedabad - 380005, Gujarat, India.

Report on the audit of the standalone financial results

Opinion

We have audited the accompanying standalone quarterly financial results of Aakash Exploration Services Limited (the company) for the quarter ended on March 31, 2021 and the year to date results for the period from April 1, 2020 to March 31, 2021, attached herewith, being submitted by the company pursuant to the requirement of regulation 33 of the SEBI {ListingObligations and Disclosure Requirements) Regulations, 2015, as amended {"listing regulations").

In our opinion and to the best of our information and according to the explanations given to us these standalone financial results :

• i. are presented in accordance with the requirements of regulation 33 of the listing regulations in this regard; and
• ii. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable accounting standards and other accounting principles generally accepted in India of the net profit/loss and other comprehensive income and other financial information for the quarter ended on March 31, 2021 as well as the year to date results for the period from April 1, 2020 to March 31, 2021.

Basis for opinion

We conducted our audit in accordance with the standards on auditing {SAs)specified under section 143(10) of the Companies Act, 2013 (the Act). Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the standalone financial results section of our report. We are independent of the company in accordance with the code of ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial results under the provisions of the Companies Act, 2013 and the rules there under, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the code of ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Management's responsibilities for the standalone financial results

These quarterly financial results as well as the year to date standalone financial results have been prepared on the basis of the interim financial statements. The company's board of directors are responsible for the preparation of these financial results that give a true and fair view of the net profit/loss and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Indian accounting standard 34, 'interim financial reporting' prescribed under section 133 of the Act read with relevant rules issued there under and other accounting principles generally accepted in India and in compliance with regulation 33 of the listing regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone financial results, the board of directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the board of directors either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

The board of directors are also responsible for overseeing the company's financial reporting process.

Auditor's responsibilities for the audit of the standalone financial results

Our objectives are to obtain reasonable assurance about whether the standalone financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individuallyor in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial results. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

• identify and assess the risks of material misstatement of the standalone financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentati ns or the override of internal control; :;...--...;:

• obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.
• evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the board of directors.
• conclude on the appropriateness of the board of directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern.
• evaluate the overall presentation, structure and content of the standalone financial results, including the disclosures, and whether the financial results represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

For, M/s. Bimal Shah Associates, Chartered accountants Firm registration no.: 101505W

?' .!}:--1

Bimal Arvindbhai Shah {Proprietor) Membership no.: 042372 Ahmedabad, June 28, 2021 UDIN: 21042372AAAABIS424

Aakash Exploration Services Limited CIN: L23209GJ2007PLC049792 424-426, 4TH FLOOR, SHUKAN MALL, SABARMATI, AHMEDABAD-38000S

( Figures in Lakhs)Preceding 3Corresponding3 monthsmonths3 monthsYear endedYear endedPARTICULARSendedendedended in the31.03.202131.03.202031-03-202131.12.2020previous year31.032020(Audited)(Unaudited)(Audited)(Audited)(Audited)I.Revenue from operations (gross)1,778.331,325.241,832.975,977.326,748.02II.Other income.30.3017.3117.3858.7758.89III. Total revenue (I + II)1,342.551,850.356,036.106,806.911,808.63IV.ExpensesCost of meterials consumed402.25133.3563.06221.53729.86a.----Purchases of stock-in-tradeb.-Changes in inventories of finished goods,c.----work-in-progress and stock-in-trade-541.33563.74536.942,044.522,121.21d.Employee benefits expense185.99256.8223.0247.9050.48e.Finance costsDepreciation and amortisation expense153.75151.70167.89592.66625.39f.449.23783.762,255.652,400.47g.Other expenses686.611,760.615,481.066,133.75Total expenses1,538.061,275.63Profit / (Loss) before Tax (III-IV)270.5666.9389.74555.04673.16V.VI. Tax Expense:116.50159.00Current Tax58.8811.3729.40a.---(1.00)(1.00)Less: MAT Credit----Tax expense of earlier year-b.c.5.12(1.54)26.1430.88Deferred Tax6.87VII. Profit / (Loss) for the period (V-VI)62.88412.40484.28206.5548.69VIII. Other Comprehensive Income-(i) Items that will not be reclassified to Profit or(9.59)8.340.197.65a.(ii) Income tax relating to items that will not be---(1.47)1.25reclassified to profit or loss----(i) Items that will be reclassified to Profit or los-b.(ii) Income tax relating to items that will be-----reclassified to orofit or loss(11.05)IX. Total Other Comprehensive Income / (Loss)9.590.197.65-Total Comprehensive Income for the period (VII195.5062.88412.60491.93X.58.28(Comprising Profit and Other ComprehensiveIncome for the period)Paid Up Share Capital of Rs.10 each1,012.501,012.501,012.501,012.501,012.50XI.-3,134.322,721.73XII. Other EquityXIII. Earnings per equity share0.624.084.861.930.58a.Basic		Statement of Standalone Audited Financial Results for the Quarter and Year ended March 31, 2021
	b.	Adjusted (Bonus Share effect)	1.93	0.58	0.62	4.08	4.86

Note:

1 The above standalone audited Financial Results have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at their respective meeting hold on June 28, 2021

2 The Company has only one Sagment of activity i.e.Services provider of Oil & Gas Extraction, hence sagement reporting is not applicable.

3 Results are Prepared in Compliance with Indian Accounting Standards (n Ind-ASn) notified by the Ministry of Corporate

' ..

Place: Ahmedabad Date : 28/06/2021

Aakash Exploration Services Limited CIN: L23209GJ2007PLC049792

424-426, 4TH FLOOR, SHUKAN MALL, SABARMATI, AHMEDABAD-380005

Statement of Assets and Lia bilities pursuant to Regulation 33 of SEBI ( Listing Obligationa and Disclosure Requirements) Regulations,

• 2015

			( Figures in Lakhs)
	Particulars	As at31st March 2021	As at31 March 2020
A	Assets
1	Non-current assets
	Property, plant and equipment	4,194.77	4,467.77
	Intangible assets	0.00	0.00
	Non-current Investments	0.06	0.06
	Financial assets
	- Loans and Advances	267.97	263.70
	Deferred Tax Assets	-	-
	Income Tax Assets (Net)	41.03	18.62
	Total non-current assets	4,503.83	4,750.15
2	Current assets		-
	Current Investments	306.10
	Financial assets	1,494.07	1,732.85
	- Trade receivables	122.92	49.65
	- Cash and cash equivalents	114.96	109.44
	- Loans and Advances	26.33	26.59
	Other current assetsTotal current assets	2,064.38	1,918.52
	Total assets	6,568.21	6,668.68
B	Equity and liabilities
	Equity
	Equity share capital	1,012.50	1,012.50
	Other equity	3,134.32	2,721.73
	Total equity	4,146.82	3,734.23
	Liabilities
1	Non-current liabilities
	Financial liabilities
	- Borrowi ngs	790.48	1,330.85
	- Other Financial Liabilities	24.88	24.39
	Deferred Tax Liabilities	37.97	11.84
	Provisions	18.87	10.93
	Total non-current liabilities	872.19	1,378.00
2	Current liabilities
	Financial liabilities
	- Borrowi ngs	525.13	399.55
	- Trade Payables	237.24	261.51
	- Other financial liabilities	501.71	636.48
	Other current liabilities	128.71	98.73
	Provisions	156.40	160.17
	Current-tax liabilities	-	-
	Total current liabilities	1,549.19	1,556.45
	Total liabilities	2,421.38	2,934.45
	Total equity and liabilities	6,568.21	6,668.68

Date : 28/06/2021

Aakash Exploration Services Limited CIN: L23209GJ2007PLC049792 Cashflow Statement for the year ended 31st March, 2021

		( Figures in Lakhs)
	For year ended on	For year ended on
Particulars	31st March, 2021	31st March, 2020
Profit before Taxes	555.04	673.16
Adjustments:
Depreciation	592.66	625.39
Interest Expense	185.99	256.82
Interest Income	(22.73)	(16.91)
Profit on Sale of Investment	(9.69)
Profit on Sale of Fixed Assets	(1.30)
Loss on Sale of Fixed Assets	1.81	35.58
Bad Debts	3.87	34.72
Re-measurement gains/ (losses) on defined benefit plans	0.19	7.65
Changes in Working Capital
Financial assets
- Trade receivables	234.91	78.63
- Loans and Advances	(5.52)	14.28
Other current assets	0.25	7.74
Financial assets
- Loans and Advances	(4.27)	28.80
Non-current liabilities
- Other Financial Liabilities	0.49
		0.31
Financial liabilities
- Trade Payables	(24.26)	110.01
Other current liabilities	29.98	81.69
Provisions	4.16	3.95
Cashflow from Operating Activity before Taxes	1,541.58	1,941.81
Net Tax Paid	(138.91)	(153.60)
Net Cashflow from Operating Activity	1,402.67	1,788.21
Cashflow from Investing Activity
Purchase/ Sale of Property, Plant & Equipments (net)	(320.16)	(1,223.04)
Interest Income	22.73	16.91
Purchase/ Sale of Investment (net)	(296.41)
Net Cashflow from Investing Activity	(593.84)	(1,206.13)
Cashflow from Financing Activity
Proceeds / (Repayment) of Borrowings	(549.57)	(336.13)
Interest Paid	(185.99)	(256.82)
Net Cashflow from Financing Activity	(735.56)	(592.95)
Net Cash Inflow I (Outflow)	73.27	(10.87)
Opening Cash and Cash Equivalent	49.65	60.52
Closing Cas~ and Cash Equivalent	122.92	49.65

FOr, (A kas V.X~lo,ation SO'::': Limit,ed

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Place: Ahmedabad Date : 28/06/2021