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Akash Infra-Projects Limited Annual Report 2021
62117_rns_2021-06-30_6a6a49e3-32cb-4796-a84d-69c02ab2e5f8.pdf
Annual Report
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Ph. +91-79-23227006 E-mail irtfaeakashInfra.com
Regd. OM*: 2. C.F., Abhishek Building, Sector-1T. G and hinager-382011.
L452leGilitePIX034003
Date: 30th June, 2021
To, National Stock Exchange of India Limited Exchange Plaza, Sandra Kurla Complex, Bandra (East), Mumbai - 400 051 SYMBOL: AKASH
Dear Sir,
SUB.: OUTCOME OF BOARD MEETING.
Pursuant to the provisions of Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we would like to inform that the Board of Directors of the Company at their meeting held today, i.e. Wednesday, June 30, 2021 have considered and approved the Audited Standalone and Consolidated Financial Results of the Company for the quarter and year ended on 315tMarch, 2021.
Recommended Dividend of Rs. 0.10 (i.e. 1% per share) per share of face value of Rs. 10/- each for the year ended on March 31, 2021 which shall be payable subject to the approval of members.
The Audited Financial Results along with Auditors' report of the Statutory Auditors for the quarter and year ended on 315t March, 2021are attached herewith.
The meeting of the Board of Directors of the Company commenced at 3.00 p.m. and concluded at 4.00 p.m.
Kindly take the same on your records.
Thanking you,
Yours faithfully, FOR AKASH INFRA-PROJECTS LIMITED
PRIYANKA MUNSHI COMPANY SECRETARY & COMPLIANCE OFFICER
End: As above
AKASH INFRA-PROJECTS LIMITED
Regd. Office: 2, GROUND FLOOR, ABHISHEK COMPLEX, OPP. HOTEL HAVELI, SECTOR-11, GANOHINAGAR -382011, GUJARAT
ON: L45209G11999PLC036003, Ph. No.: +91-79-23227006, Lax: +91-79-23231006
Websitei www.akashinfra.com, E-Mail: [email protected]
| Statement of Standalone and Consolidated Audited Financial Results for the Quarter and Year ended on March 31, 2021 | |
|---|---|
| --------------------------------------------------------------------------------------------------------------------- | -- |
| PART-I | 1 | (Rs. In Lakhs) | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Standalone | Consolidated | ||||||||||
| Particulars | Quarter Ended | Year Ended | Quarter Ended | Year Ended | |||||||
| Sr. No. | 3/31/2021 12/31/2020 3/31/2020 | 3/31/2021 3/31/2020 3/31/2021 12/31)2020 3/31/2020 | 3/31/2021 | 3/31/2020 | |||||||
| (Audited) | (Un-Audlied) | Audited | (Audited) | (Audited) | (Audited) | (tin-Audited) | Audited | (Audited) | (Audited) | ||
| 1 | Income | ||||||||||
| A) Revenue From Operations | 2,625.13 | 1,285.08 | 2,166.89 | 6,705.68 | 6,867.92 | 2,625.13 | 1,285.08 | 2,166.89 | 6,705.68 | 6,867.92 | |
| B) Other Income | 94.36 | 23.99 | (150.25) | 191.15 | 466.43 | 95.68 | 25.44 | (146.49) | 196.85 | 471.99 | |
| Total Income | 2,719.49 | 1,309.08 | 2,016.65 | 6,896.83 | 7,334.35 | 2,720.81 | 1,310.52 | 2,020.40 | 6,902.53 | 7,339.90 | |
| 2 | Expenses | ||||||||||
| A) Cost of Material Consumed | 2,252.23 | 950.93 | 1,661.04 | 4,796.15 | 5,018.12 | 2,252.23 | 950.93 | 1,661.04 | 4,796.15 | 5,018.12 | |
| B) Purchase of Stock-In-Trade | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||
| C) Changes In Inventories of Finished Goods, Stock-In-Trade and WIP | (490.07) | (149.93) | (622.00) | (548.00) | (732.00) | (490.07) | (149.93) | (622.00) | (548.00) | (732.00) | |
| D) Employee Benefits Expenses | 110.49 | 57.31 | 101.87 | 273.09 | 350.87 | 110.49 | 57.31 | 101.87 | 273.09 | 350.87 | |
| E) Finance Costs | 87.01 | 110.48 | 65.45 | 356.73 | 291.67 | 87.09 | 110.47 | 65.45 | 356.82 | 291.67 | |
| F) Deprecation and Amortisation Expense | 14.71 | 45.12 | 59.69 | 151.33 | 236.35 | 16.55 | 45.09 | 60.65 | 155.05 | 239.97 | |
| G) Other Expenses | 536.87 | 419.31 | 805.69 | 1,740.06 | 2,091.19 | 538.23 | 419.54 | 807.06 | 1,742.10 | 2,093.78 | |
| Total Expenses | 2,511.24 | 1,433.21 | 2,071.73 | 6,769.36 | 7,256.19 | 2,514.52 | 1,433.40 | 2,074.07 | 6,775.19 | 7,262.41 | |
| 3 | Profit / (Loss) Before Exceptional Items & Tax (1-2) | 208.24 | (124.14) | (55.091 | 127.47 | 78.15 | 206.29 | (122.87) | (53.67) | 127.34 | 77.49 |
| 4 | Exceptional Items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 5 | Profit / (Loss) after Exceptional items but Before Tax [3-4) | 208.24 | (124.14) | (55.09) | 127.47 | 78.15 | 206.29 | (122.87) | (53.67) | 127.34 | 77.49 |
| Tax Expense | |||||||||||
| 6 | A) Current Tax (Net) | 13.98 | 0.00 | (21.00) | 22.00 | 14.00 | 13.98 | 0.00 | (21.00) | 22.00 | 14.00 |
| B) Short I, Excess provision of tax of earlier year | (1.81) | 0.00 | 0.00 | (1.81) | (0.91) | (1.81) | 0.00 | (0.91) | (1.81) | (0.91) | |
| C) Deferred Tax (Net] | (4.51) | (0.09) | 1.79 | (4.71) | 1.36 | (4.07) | (0.09) | 1.79 | (4.27) | 1.36 | |
| 7 | Profit / (Loss) For The Period from continuing operations (5-6) | 200.59 | (124.04) | (35.88) | 111.99 | 63.70 | 198.19 | (122.78) | (33.55) | 3.89111.42 | 63.04 |
| 8 | Share of Profit from Associae Companies | (3.81) | 6.27 | 3.32 | (0.83) | ||||||
| 9 | Profit / (Loss) for the period (7+8) | 200,59 | (124.04) | (35.88) | 111.99 | 63.70 | 194.38 | (116.51) | (30.23) | 115.31 | 62.21 |
| Other Comprehensive Income | |||||||||||
| Items that will not be reclassified to profit or loss | (4.50) | 0.66 | 5.27 | (2.52) | 5.27 | (4.50) | 0.66 | 5.27 | (2.52) | 5,27 | |
| 10 | Income tax relating to items that will not be reclassified to profit or loss | 0.70 | (0.10) | (0.82) | 0.39 | (0.82) | 0.70 | (0.10) | (0.82) | 0.39 | (0.82) |
| Items that will be reclassified to profit or loss | 0.00 | - | - | - | (0.31) | (0.35) | 1.38 | 0.62 | 0.55 | ||
| Income tax relating to items that will be reclassified to profit or loss | 0.00 | - | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||
| 11 | Total Comprehensive income for the period (comprising profit or lossand other comprehensive income for the peerlod) | 196.79 | (123.49) | (31.43) | 109.86 | 68.14 | 190.28 | (116.31) | (24.41) | 113.80 | 67.20 |
| 12 | Net profit Attributable to: | ||||||||||
| Owners of the Company | 194.86 | (116.83) | (30.59) | 115.34 | 62.37 | ||||||
| Non-controlling interest | (0.49) | 0.32 | 0.36 | (0.03) | (0.16) | ||||||
| 13 | Other Comprehensive Income attributable to: | ||||||||||
| Owners of the Company | (4.03) | 0.29 | 5.01 | (1.66) | 4.85 | ||||||
| Non-controlling interest | (0.08)4 | (0.09) | 0.81 | 0.16 | 0.14 | ||||||
| 14 | Total Comprehensive Income attributable to: | ||||||||||
| Owners of the Company | 190.83 | (116.54) | (25.58) | 113.68 | 67.23 | ||||||
| Non-controlling interest | (0.57) | 0.23 | 1.17 | 0.12 | (0.03) | ||||||
| 15 | IPaid-Op Equity Share Capital (Face Value Of_I | 1,686.25 | 1,686.25 | 1,686.25 | 1,686.25 | 1,686.25 | 1,686.25 | 1,686.25 | 1,686.25 | 1,686.25 | 1,686.25 |
| 16 | 0Other Equity | 6,032.10 | 5,922.23 | 6,305.82 | 6,192.15 | ||||||
| rEarnings Per Share | |||||||||||
| 17 | 7;i<br>--'? -(a) Basic0 | 1.17 | (0.73) | (0.19) | 0.65 | 0.40 | 1.13 | (0.69) | (0.14) | 0.67 | 0.40 |
| 1(b) Diluted | 1.17 | (0.73) | (019) | 0.65 | 0.40 | 1.13 | (0.69) | (0.14) | 0.67 | 0.40 |
| NOTES: | |
|---|---|
| 1 | The Financial Resuts of the Company for the Quarter and Year Ended March 31, 2021 have been reviewed and recommended by the Audit Committee and approved by the Board of Directors of the Company in their meeting heldon June 30, 2021. The Results are being Published in accordance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. |
| 2 | These Financial Results have been prepared in accordance with Indian Accounting Standards (Ind- AS) as prescribed under section 133 of Companies Act 2013 read with Rule 3 of the Companies (Indian Accounting Standards)Rules 2015 and relevant amendment thereafter. |
| 3 | The Figures for the Last Quarter Results are the balancing figures between the Audited Figures in respect of the Full Financial Year and published Year to date figures up to the Third Quarter of the respective Financial Year. |
| 4 | The Statutory Auditors have expressed an Lin-Modified Audit Opinion. |
| 5 | The Company is engaged only in the business of civil constructions. Accordingly, there is no separate reportable segments as per Indian Accounting Standard 108 (Ind AS) on 'Operating Segment'. |
| 6 | All the operations were disrupted since mid of March, 2020 and were partially resumed from early May, 2020 due to covid-19 pandemic. The Company was able to start one of its manufacturing plants alter taking requisiteGovernment permissions. The permissions were For bringing back the man power From other Districts in Gujarat The situation had impacted adversely the timely completion of the projects and accordingly the sales andprofitability of the Company. The condition had come hack to normalcy by end of first half year of the financial year 2020-21. |
| 7 | Comparative figures have been rearranged/regrouped wherever necessary. |
| 8 | The Board has recommended dividend of Rs. 0.10 per share of Face value of Rs. 10/- each of the Company, su bject to approval of Shareholders. |
| R 0PFORA SH INFRA-PROJECTS LIMITED.P.',1GANYOGINK MAR HARI BHA/ PATEL--t-1-MANAGE G DIRECTORtri<br>PLACE: GandhinagarDIN: 004 3335Date: 30-June-2021••• |
AKASH INFRA-PROJECTS LIMITED
Regd. Office: 2, GROUND FLOOR, ABHISHEK COMPLEX, OPP. HOTEL HAVELI, SECTOR-11, GANDHINAGAR - 382011, GUJARAT
CIN: 145209G11999PLC036003, Ph. No.: +91-79-23227006, Fax: +91-79-23231006
Website: www.akashinfra.com, E-Mail: [email protected]
| Standalone and Consolidated Statement of Assets and Liabilities for the Quarter and Year ended on March 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|
| (Rs. In Lakhs) | |||||||
| Standalone | Consolidated | ||||||
| Sr. No. | Particulars | As at 31/03/2021 | As at 31/03/2020 | As at 31/03/2021As at 31/03/2020 | |||
| (Audited) | (Audited) | (Audited) | (Audited) | ||||
| A | ASSETS | ||||||
| I | Non-Current Assets | ||||||
| (A) Property, Plant and Equipment | 522.32 | 739.45 | 605.91 | 824.60 | |||
| (B) Capital Work-In-Progress | 23.04 | - | 23.04 | - | |||
| (C) Right-to -Use | 4.19 | ||||||
| (D) Intangible Assets other than Goodwill | 4.19 | 72.55 | 72.55 | ||||
| (E) Financial Assets | 2.25 | 2.25 | -- | ||||
| (i) Non-Current Investments | 32.61 | 32.61 | 336.20 | 332.31 | |||
| (ii) Trade Receivables | - | - | |||||
| (ii) Loans | - | - | - | - | |||
| (iii) Others Financial Assets | 335.67 | 283.96 | 335.67 | 283.96 | |||
| (F) Deferred Tax Assets | 18.05 | 12.94 | - | - | |||
| (G) Other Non-Current Assets | 0.73 | 0.73 | 0.73 | 0.73 | |||
| Sub Total Non-Current Assets | 938.86 | 1,142.25 | 1,307.99 | 1,514.16 | |||
| 2 | Current Assets | ||||||
| (A) Inventories | 3,008.07 | 2,533.37 | 3,008.07 | 2,533.37 | |||
| (B) Financial Assets | - | ||||||
| (ii) Trade Receivables | 6,552.08 | 5,288.23 | 6,552.08 | 5,288.23 | |||
| (iii) Cash and Cash Equivalents | 12.88 | 22.59 | 16.27 | 37.09 | |||
| (iv) Bank Balances other than above | 1,160.91 | 1,054.40 | 1,160.91 | 1,054.40 | |||
| (vi) Loans | - | ||||||
| (v) Other Financial Assets | 31.60 | 34.44 | 31.60 | 37.06 | |||
| (C) Other Current Assets | 1,673.00 | 2,186.90 | 1,676.12 | 2,186.90 | |||
| Sub Total Current Assets | 12,438.54 | 11,119.93 | 12,445.06 | 11,137.05 | |||
| TOTAL ASSETS (1+2) | 13,377.40 | 12,262.18 | 13,753.05 | 12,651.22 | |||
| B | EQUITY AND LIABILITIES | ||||||
| 1 | Equity | ||||||
| (A) Share Capital | 1,686.25 | 1,686.25 | 1,686.25 | 1,686.25 | |||
| (B) Other Equity | 6,03240 | 5,922.23 | 6,305.82 | 6,192.15 | |||
| (C) Non-Controlling Interest | 6.28 | 6.15 | |||||
| Sub Total Equity | 7,718.35 | 7,608.49 | 7,998.35 | 7,884.55 | |||
| 2 | Non-Current Liabilities | ||||||
| (A) Financial Liabilities | |||||||
| (i) Borrowings | 331.77 | 19.07 | 331.77 | 19.07 | |||
| (ii) Lease Liabilities | 0.40 | 43.91 | 0.40 | 43.91 | |||
| (ii) Other Non-Current Financial Liabilities | 1,086.21 | 1,012.07 | 1,086.21 | 1,012.07 | |||
| (B) Deferred Tax Liabilities (Net) | 30.65 | 35.31 | |||||
| (C) Provisions | 8.78 | 8.78 | - | ||||
| Sub Total Non-Current Liabilities | 1,427.16 | 1,075.05 | 1,457.80 | 1,110.36 | |||
| 3 | Current Liabilities | ||||||
| (A) Financial Liabilities | |||||||
| (i) Borrowings | 1,994.77 | 1,849.76 | 2,059.08 | 1,926.74 | |||
| (ii) Lease Liabilities | 4.49 | 36.18 | 4.49 | 36.18 | |||
| (ii) Trade Payables | |||||||
| (a) Due to MSME | - | - | |||||
| (b) Due to Other than MSME | 2,098.56 | 1,554.36 | 2,098.56 | 1,554.36 | |||
| (iii) Other Financial Liabilities | 14.06 | 13.32 | 14.06 | 13.99 | |||
| (13) Other Current Liabilities | 65.08 | 62.14 | 65.77 | 62.14 | |||
| (C) Current Tax Liabilities (Net) | 22.00 | 14.00 | 22.00 | 14.00 | |||
| (0) Provision | 32.94 | 48.88 | 32.94 | 48.88 | |||
| Sub Total Current Liabilities | 4,231.89 | 3,578.64 | 4,296.90 | 3,656.30 | |||
| TOTAL EQUITY AND LIABILITIES (1+2+3) | 13,377.40 | 12,262.18 | 13,753.05 | 12,651.22 |
-.. Z - Date: 30-June-2021 ..-'-'1,, R 44-i. ki AN 'NAGAR °I MANAG G DIRECTOR
FOR A H INFRA-PROJECTS LIMITED
CI 1 --' YOGINK MAR HARIBH
DIN: 004, 3335
PLACE: Gandhinaear -r•
AKASH INFRA-PROJECTS LIMITED
Regd. Office: 2, GROUND FLOOR, ABHISHEK COMPLEX, OPP. HOTEL HAVEL!, SECTOR-11, GANDHENAGAR - 382011, GUJARAT
CIN: L45209GJ1999PLC036003, Ph. No.: +91-79-23227006, Fax: +91-79-23231006
Website: www.akashinfra.com, E-Mail: [email protected]
Standalone and Consoldiation Cash Flow Statement for the year Quarter ended and Year ended as on March 31, 2021
| (Rs. In Lakhs) | |||||||
|---|---|---|---|---|---|---|---|
| Standalone | Consolidated | ||||||
| Particulars | Year Ended31-March-2021fAuditedI | Year Ended31-March-2020(Audited) | Year Ended31-March-2021[Audited) | Year Ended31-March-2020(Audited} | |||
| Cash Flow From Operating Activities | |||||||
| Profit Before Tax | 127.47 | 78.15 | 127.34 | 77.49 | |||
| Adjustments For: | |||||||
| Depreciation and Amortisation Expense | 151.33 | 236.35 | 155.05 | 239.97 | |||
| Finance Costs | 252.48 | 223.43 | 252.48 | 223.43 | |||
| Derecneintion of Lease Liabilities | (6.71) | - | (6.71) | - | |||
| Loss (Profit) on Sale of Property, Plant &Equipment (Net) | (4.04) | 0.61 | (4.04) | 0.61 | |||
| Interest Income | (74.26) | (55.39) | (74.26) | (55.39) | |||
| Rent Income | (6.00) | - | (11.70) | (5.56) | |||
| Sub-Total | 312.80 | 405.00 | 310.82 | 403.07 | |||
| Operating Profit Before Working Capital Changes | 440.27 | 483.16 | 438.16 | 480.56 | |||
| Changes In Operating Assets and Liabilities: | |||||||
| fincreaseliDecrease In Inventories | (474.70) | (831.37) | (474.70) | (831.37) | |||
| rincreasel/Decrease In Trade Receivables | (1,263.85) | 2,709.82 | (1,263.85) | 2,709.82 | |||
| (Increase)/Decrease In Other Financial Assets | (45.64) | 840.68 | (49.48) | 841.07 | |||
| [Increase)/Decrease In Other Current Assets | 657.35 | (1,223.80) | 651.10 | (1,223.801 | |||
| Increase/(Decreasel In Trade Payable | 400.23 | (1,593.19) | 403.36 | (1,593.19) | |||
| Increase/(Decrease) in Other Financial Liabitlies | 74.89 | (106.51) | 76.60 | (106.49) | |||
| Increase/[Decrease) In Other Current Liabitlies & Provisions | (9.13) | (74.34) | 16.05) | (74.34) | |||
| Cash Flow Generated From Operations | (220.59) | 204.44 | (224.87) | 202.25 | |||
| Direct Taxes Paid f N e t ) | (12.19) | - | (12.19) | 0.00 | |||
| NET CASH FLOW FROM OPERATING ACTIVITIES (AI | (232.78) | 204.44 | (237.06) | 202.25 | |||
| Cash Flows From Investing Activities | |||||||
| Purchase of Property, Plant and Equipments | (18.681 | 128.28) | (20.21) | (28.28) | |||
| Proceeds From Sale of Property, Plant and Equipments | 92.91 | 13.81 | 92.91 | 13.81 | |||
| Addition of Capital Work-in-Progress | (23.04) | - | (23.04) | 0.00 | |||
| Addition of Intangible Assets | (2.25) | - | (2.25) | 0.00 | |||
| Payment for Lease AssetsWithdrawal of Fixed Deposit | (4.80)- | (43.20)165.27 | (4.80) | (43.20) | |||
| Deposite of Fixed Deposit | (106.51) | (106.51) | 165.270.00 | ||||
| Interest Recevied | 71.03 | 55.39 | 77.49 | 55.39 | |||
| Rent Income | 6.00 | 11.70 | 5.56 | ||||
| NET CASH FLOW FROM INVESTING ACTIVITIES LB) | 14.66 | 162.98 | 25.30 | 168.54 | |||
| Cash Flows From Financing Activities | |||||||
| Share Capital IssueDividend Paid | - | - | - | 0.00 | |||
| Increase/[decrease) of Borrowings | -457.71 | (101.03)(371.10) | -445.04 | (101.03) | |||
| Interest Paid | (249.31) | (212.67) | (254.09) | (371.101(21167) | |||
| NET CASH FLOW FROM FINANCING ACTIVITIES (C) | 208.40 | (684.80) | 190.95 | 1684.80) | |||
| NET INCREASED IN CASH AND CASH EQUIVALENTS (A + B + | (9.711. | (317.38) | (20.81) | (314.01) | |||
| Cash and Cash Equivalents at the Beginning of the Year | 22.59 | 339.97 | 37.09 | 351.10 | |||
| Cash and Cash Equivalents at the End of the Year | 12.88 | Z2.59 | 16.27 | 37.09 | |||
| Notes: | |||||||
| (i). Components of Cash and Cash Equivalents at each Balance | |||||||
| Particulars | Year Ended | Year Ended | Year Ended | Year Ended | |||
| Cash on hand | 11.161.72 | 8.4614.13 | 11.16 | 8.46 | |||
| Balances with BankTotal Cash and cash equivalents | 12.88 | 22.59 | 5.1216.27 | 28.6237.09 | |||
The above Cash flow statement has been prepared under the "Indirect Method' as set out in Indian Accounting Standard-7, "Statement of Cash Flows".
PLACE: Gandhinaear Date: 30-June-2021
P 0 R &I.. CI -,Z A NnkL.
YOGI UMAR HARIB MANA3ING DIRECTOR DIN: OU63335
FOR A H INFRA-PROJECTS LIMITED
Independent Auditor's Report on the Quarterly and Year to date audited StandaloneFinancial Results of Akash Infra-Projects Limited pursuant to the Regulation 33 of the SEBI(Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)
TO THE BOARD OF DIRECTORS OF AKASH INFRA-PROJECTS LIMITED
Report on the audit of the Standalone Financial Results
Opinion
We have audited the accompanying standalone financial results ofAkash Infra-Projects Limited("the Company") for the year ended 31stMarch, 2021("standalone financial results") attached herewith, being submitted by the Company pursuant to the requirements of the Regulation 33 of the SEBI(Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "ListingRegulations").
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial results:
- a. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations, as amended; and
- b. give a true and fair view in conformity with the recognition and measurement principles laid downin the applicable Indian Accounting Standards, and other accounting principles generally acceptedin India, of the net profit and other comprehensive income and other financial information for theyear ended 31 March 2021.
We have conducted our audit in accordance with the Standards on Auditing ("SAs") specified under Section143(10) of the Companies Act, 2013 ("the Act"). Our responsibilities under those SAs are furtherdescribed in the Auditor's Responsibilities for the Audit of the Standalone Financial Resultssection of our report. We are independent of the Company, in accordance with the Code of Ethics issuedby the Institute of Chartered Accountants of India together with the ethical requirements that arerelevant to our audit of the financial statements under the provisions of the Act, and the Rulesthereunder, and we have fulfilled our other ethical responsibilities in accordance with theserequirements 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 on the Standalone financial results.
Management's and Board of Directors' Responsibilities for the Standalone FinancialResults
These standalone financial results have been prepared on the basis of the standalone financial statements.
The Company's Management and the Board of Directors are responsible for the preparation and presentation of these standalone financial results that give a true and fair view of the net profit and other comprehensive income and other financial information in accordance with therecognition and measurement principles laid down in Indian Accounting Standards prescribedunder 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 inaccordance 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 judgements and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial results that give a true and fairview and are free from material misstatement, whether due to fraud or error.
In preparing the standalone financial results, the Management and the Board of Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, asapplicable, 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, orhas no realistic alternative but to do so.
The Board of Directors is 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, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on thebasis of these standalone financial results.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism 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, misrepresentations, 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. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion through a separate report on the complete set of standalone financial results on whether the Company has adequate internal financial controls with reference to standalone financial results in place andthe operating effectiveness of such controls.
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Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Management and Board of Directors.
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Conclude on the appropriateness of the Management and 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 doubton the company's ability to continue as a going concern. If we conclude that a material uncertainly exists, we are required to draw attention in our auditor's report to the related disclosures in the standalone financial results or, if such disclosures are inadequate, tomodify 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.
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Evaluate the overall presentation, structure and content of the standalone financial results, including the disclosures, and whether the standalone financial results represent the underlying transactions and events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the standalone financial results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone financial results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and inevaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the standalone financial results.
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.
Other Matters
The standalone financial results include the results for the quarter ended 31st March,2021 being the balancing figures between the audited figures in respect of the full financial year ended 31st March, 2021 and the published unaudited year to date figures up to the third quarter of the current financial year which were subjected to a limited review by us as required under the Listing Regulations.
For Rakesh Bhatt & Co. Chartered Accountants
RAKESH YAGNESH BHATT Digitally signed by RAKESH YAGNESH BHATT Date: 2021.06.30 14:11:26+05'30'
CA Rakesh Bhatt Proprietor Membership No.: 046382 Place: Gandhinagar Date: 30.06.2021 UDIN: 21046382AAAAAQ8817
Independent Auditor's Report on the Quarterly and Year to date audited Consolidated Financial Results of Akash Infra-Projects Limited pursuant to the Regulation 33 of the SEBI {Listing Obligations and Disclosure Requirements) Regulations. 2015 (as amended)
TO THE BOARD OF DIRECTORS OF AKASH INFRA-PROJECTS LIMITED
Opinion
We have audited the accompanying Statement of Consolidated Financial Results of Akash Infra-Projects Limited ("the Holding Company") and its subsidiary, (the Holding Company and its Subsidiaries together referred to as "the Group") and its associates for the three months and year ended 31st March, 2021 ("the Statement") attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations").
In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the reports of the other auditors on separate audited financial statements/ financial results/ financial information of one subsidiary company and associates, the Statement of Consolidated Financial Results:
- a. include the results of the following Entities:
- i) Akash Infra-Projects Limited Parent Company
- ii) Akash Infra Inc.- Subsidiary Company
- iii) Akash Petroleum Private Limited- Associate Company
- iv) Akash Residency & Hospitality Private Limited Associate of Akash Petroleum Private Limited.
- b. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations, as amended; and
- c. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian Accounting Standards, and other accounting principles generally accepted in India, of the consolidated net profit and other comprehensive income and other financial information of the Group for the three months and year ended 31st March, 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 as amended ("the Act"). Our responsibilities under those SAs are further described in the Auditor's Responsibilities for the Audit of the Consolidated Financial Results section of our report. We are independent of the Group, its associates 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 consolidated financial statements under the provisions of the Act, and the Rules there under, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code ofEthics. We believe that the audit evidence we have obtained and other auditors in terms of theirreports referred to in " Other Matters" paragraph below, is sufficient and appropriate to provide a basis for our opinion.
Management's and Board of Directors' Responsibilities for the Consolidated Financial Results
These consolidated financial results have been prepared on the basis of the consolidated financial statements.
The Holding Company's Management and the Board of Directors are responsible for the preparation and presentation of these consolidated financial results that give a true and fair viewof the consolidated financial position, consolidated financial performance (including other comprehensive income), and other financial information of the Group including its Associatesin accordance with the recognition and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 of the Act read with the relevant Rules issued there underand other accounting principles generally accepted in India and in compliance with Regulation33 of the Listing Regulations. The respective Management and Board of Directors of the entities included in the Group and of its associates are responsible for maintenance of adequate accounting records in accordance with the provisions of the respective Acts for safeguarding of the assets of each entity 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 the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated financial results by the Management and the Directors of the Holding Company, as aforesaid.
In preparing the consolidated financial results, the respective Management and the Board of Directors of the entities included in the Group and of its associates, are responsible for assessing the ability of each entity to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the entity or to cease operations, or has no realistic alternative but to do so.
The respective Board of Directors of the entities included in the Group and of its associates areresponsible for overseeing the financial reporting process of each entity.
Auditor's Responsibilities for the Audit of the Consolidated Financial Results
Our objectives are to obtain reasonable assurance about whether the consolidated financial results as a whole are free from material misstatement, whether due to fraud or error, and toissue an auditor's report that includes our opinion. Reasonable assurance is a high level ofassurance, but is not a guarantee that an audit conducted in accordance with SAs will alwaysdetect a material misstatement when it exists. Misstatements can arise from fraud or error andare considered material if, individually or in the aggregate, they could reasonably be expectedto influence the economic decisions of users taken on the basis of these consolidated financialresults.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the consolidated financial results,whether due to fraud or error, design and perform audit procedures responsive to thoserisks, and obtain audit evidence that is sufficient and appropriate to provide a basis for ouropinion. 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, misrepresentations, 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. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion through a separate report on the complete set of consolidated financial statements on whether the entity has adequate internal financial controls with reference to consolidated financial statements in place andthe operating effectiveness of such controls.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the consolidated financial results made bythe Management and Board of Directors of the Holding Company.
- Conclude on the appropriateness of the Management and Board of Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainly exists related to events or conditions that may cast significant doubt on the ability of the Group and its associates 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 consolidated 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 orconditions may cause the Group and its associates to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the consolidated financialresults, including the disclosures, and whether the consolidated financial results representthe underlying transactions and events in a manner that achieves fair presentation.
- Obtain sufficient appropriate audit evidence regarding the financial results / financial information of the entities within the Group and its associates to express an opinion on the consolidated financial results. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the consolidated financial results of which we are the independent auditors. For the other entities included in the consolidated financial results, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our auditopinion.
Materiality is the magnitude of misstatements in the consolidated financial results that,individually or in aggregate, makes it probable that the economic decisions of a reasonablyknowledgeable user of the consolidated financial results may be influenced. We considerquantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the consolidated financial results.
We communicate with those charged with governance of the Holding Company and such other entities included in the consolidated financial results of which we are the independent auditors, 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.
We also performed procedures in accordance with the Circular No. CIR/CFD/CMD1/44/2019dated 29th March, 2019 issued by the SEBI under Regulation 33(8) of the Listing Regulations, as amended, to the extent applicable.
Other Matters
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- We did not audit the financial statements of 1 subsidiary, whose Financial Statements/Financial Results/financial information reflect total assets of Rs.376.65 lakhs and net assets of Rs.280.00 lakhs as at3lst March, 2021, total income of Rs.5.70 Lakhs and net cash outflow of Rs.10.661akhs for the year ended on that date, as considered in the consolidated financial statements. The consolidated financial statements also include the Group's share of netprofit of Rs.3.45 lakhs for the year ended 31stMarch, 2021, as considered in theconsolidated financial statements, in respect of 2 associates, whose financial statements have not been audited by us. These financial statements of 1 subsidiary and 2 associateshave been audited by other auditors whose reports have been furnished to us by the management and our opinion on the consolidated financial statements, in so far as it relates to the amounts and disclosures included in respect of 1 subsidiary and 2 associates and our report in terms of sub-sections (3) and ( 11) of Section 143 of the Act, in so far as it relates to the aforesaid subsidiary and associates, is based solely on the reports of the other auditors.
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- The Subsidiary company is located outside India whose financial results/ financial information have been prepared in accordance with accounting principles generally accepted in their respective countries and which have been audited by their auditor under generally accepted auditing standards applicable in their country. The Holding Company's Management has converted the financial results / financial information of such subsidiary located outside India from accounting principles generally accepted in their country to accounting principles generally accepted in India. We have audited these conversion adjustments made by the Holding Company's Management. Our opinion in so far as it relates to the financial results / financial
information of such subsidiary located outside India is based on the report of their auditor and the conversion adjustments prepared by the Management of the Holding Company and audited by us.
Our opinion on the consolidated annual financial results is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors.
- The consolidated financial results include the results for the quarter ended 31st March, 2021 being the balancing figures between the audited figures in respect ofthe full financial year ended 31st March, 2021 and the published unaudited year to date figures up to the third quarter of the current financial year which were subjected to a limited review by us as required under the Listing Regulations.
For Rakesh Bhatt & Co. Chartered Accountants RAKESH Digitally signed by
RAKESH YAGNESH YAGNESH BHATI Date: 2021.06.30 BHATT 14:50:52+05.30'
CA Rakesh Bhatt Proprietor Membership No.: 046382
Place: Gandhinagar Date: 30.06.2021 UDIN: 21046382AAAAAR6263
Phone : + 91 - 79 - 232 27006 E-mail : [email protected] Phone: +91 79-232 270006 E-mail [email protected]
Regd. Office: 2, G.F., Abhishek Building, Sector-11, Gandhinagar-382011. Regd. Office:
CIN • L45209GJ1999PLC036003 GSTIN 24y,CA3708M1ZR
•
Date: June 30, 2021 Date: June 30, 2021
To, National Stock Exchange of India Limited Exchange Plaza, BandraKurla Complex, Bandra (East), Mumbai - 400 051 To, National Stock Exchange of India Limited Exchange Plaza, BandraKurla Complex, Bandra (East), Mumbai - 400 051
SYMBOL: AKASH SYMBOL:AKASH
Dear Sir, Dear Sir,
Sub.: Declaration under regulation 33 of SEBI (Listing Obligations and Disclosure Requirements)Regulations. 2015. Sub: Declaration under regulation 33 of SEBI (Listing Obligations and Disclosure Requirements)Regulations, 2015.
In compliance with the provisions of Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended from time to time we hereby declare that the Statutory Auditors of the Company M/s Rakesh Bhatt & Co., Chartered Accountants, (FRN: 131788W)have issued the Audit Report with an un-modified opinion on Audited Standalone and Consolidated financial results of the Company for the quarter and year ended on 31St March, 2021. In compliance with the provisions of Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended from time to time we hereby declare that the Statutory Auditors of the Company M/s Rakesh Bhatt & Co., Chartered Accountants, (FRN: 131788W)have issued the Audit Report with an un-modified opinion on Audited Standalone and Consolidated financial results of the Company for the quarter and year ended on 31st March, 2021.
Kindly take the same on your records. Kindly take the same on your records.
FOR AKASH INFRA-PROJECTS LIMITED FOR AKASH INFRA-PROJECTS LIMITED
YOGI UMAR PATEL MANAGING DIRECTOR DIN: 00463335 YOGINKUMAR PATEL MANAGING DIRECTOOR DIN: 00463335