BF Utilities Ltd. — Annual Report 2021

Jun 14, 2021

BF UTILITIES

CIN :L40108PN2000PLC015323

BFUL/NSE/BSE/

June 14, 2021

National Stock Exchange of India Ltd. Exchange Plaza, Bandra-Kurla Complex Sandra (E), Mumbai - 400 051 SYMBOL- BFUTILITIE

SSE Limited Phiroze Jeejeebhoy Tower Dalal Street, Fort, Mumbai - 400 001. Scrip Code - 532430

Dear Sirs,

Re: Audited Standalone Financial Results for the year ended 31 st March, 2021 & Auditors Report

In terms of Regulation 33 of SEBI (Listing Regulations and Disclosure Obligations) Regulations, 2015, we enclose the Audited Standalone Financial Results of the Company for the year ended 31 st March, 2021. & Auditors Report of our Auditors M/s .. Joshi Apte & Co., Chartered Accountant for the year ended 31 st March, 2021.

The Board meeting started at 12.15 Hrs. and concluded at /J•J o Hrs.

Thanking You,

Yours Faithfully, For BF Utilities Limited

S.S. Joshi Manager Finance

Encl : As Above

KALYANI CROUP COMPANY

BF UTILITIES LIMITE E 411 036, MAHARASHTRA, INDIA . zytf P · IWebsite : _www.bfutilities.com

Phone: +91-020-26725257 Email:Secretarial@bfutililies.com

BF UTILITIES LIMITED Regd. Office: Mundhwa, Pune Cantonment, Pune 411 036 CIN · L40108PN2000PLC015323

						Rupees in lakhs
Sr.	Particulars	STATEMENT OF STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2021.Quarter endedYear ended
No.		31st Mar.,	31st Dec.,	31st Mar.,	31st March,	31st March,
		2021	2020	2020	2021	2020
			fUnauditedl /Unaudited)	'Unaudited	(Audited\	/Audited\
	1 Revenue from operations	117.23	188.06	344.91	1,458.75	1,925.03
	2 Other income	72.24	72.53	112.29	320.57	451.00
	3 Total revenue (1+2)	189.47	260.59	457.20	1,779.32	2,376.03
	4 Expenses
	Changes in inventories	(0.71)	(0.05)	(3.47)	3.11	(2.69)
	Employee benefit expenses	30.68	52.51	32.97	137.92	177.08
	Finance costs	10.99	10.72	23.06	55.96	108.68
	Depreciation and amortization expense	87.90	89.84	95.41	356.46	387.28
	other expenses	235.02	309.38	257.55	1 578.77	1 509.09
	Total expenses	363.88	462.40	405.52	2,132.22	2,179.44
	s Profit/ {Loss) before tax and exceptional items (3-4)	(174.41)	(201.81)	51.68	(352.90)	196.59
	6 Exceptional items	-	-	-	-	-
	7 Profit/ (Loss) before tax (5 + 6)	(174.41)	(201.81)	51.68	(352.90)	196.59
	a Tax expense :
	a) Current tax	--	-	8.00	-	44.00
	b) Deferred tax	145.28	123.93	(28.52	(117.22	199.30
		(45.28)	(23.93)	(20.52)	(117.22)	(55.30)
	9 Profit/ {Loss) for the year after taxation (7-8)	(129.13)	(177.88)	72.20	(235.68)	251.89
	1 o Adjustments relating to earlier years :
	Excess / (Short) provision for taxation and tax payments	58.95	-	-	63.95	-
	11 Profit I (Loss) for the period (9+10)	170.18	1177.88	72.20	1171.73	251.89
	12 Other Comprehensive Income
	A. Items that will not be reclassified to Profit and Loss (net of tax)	4.66	3.92	(5.55)	10.56	(10.85)
	B. Items that will be reclassified to Profit and Loss	-	-	-	-	-
	13 Total Comprehensive income for the period (11 + 12)	(65.52)	(173.96)	66.65	(161.17)	241.04
	14 Earnings per share:
	(Not Annualised for Quarters)
	Basic & Diluted fin Runees)	10.19	/0.47	0.19	10.46	0.67
	Paid-up Equity Share Capital (Face value of Rs. 5 each)	1,883.38	1,883.38	1,883.38	1,883.38	1,883.38

Place: Pune Date: 14 June, 2021.

For BF UTILITIES LIMITED

~ BS MITKARI

DIRECTOR DIN : 03632549

BF UTILITIES LIMITED

SEGMENT WISE AUDITED STANDALONE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2021

Sr.	Particulars					Rs in Lakhs
No.		31st Mar.,	Quarter ended31st Dec.,	31st Mar.,		Year ended
		2021	2020	2020	31st March,2021	31st March,2020
		IUnauditedl	Unaudited)	Unaudited}	(Audited)	(Audited\
	1 Segment Revenue
	a. Wind Mills
	b. Infrastructure	117.2332.60	188.066.08	344.91	1,358.75	1,925.04
				19.34	77.37	77.37
	Total	149.83	194.14	364.25	1,436.12	2,002.41
	Less : Inter segment revenue	-	-	-	-	-
	Net Revenue
		149.83	194.14	364.25	1,436.12	2,002.41
	2 Segment resultsProfit/ (Loss) (before tax and interest fromeach segment)
	a. Wind Millsb. Infrastructure	(202.94)13.25	(220.60)(20.59)	(15.73)(11.45)	(574.82)(24.10)	(4.28)(41.71)
	Total	/189.68	/241.19	/27.18	(598.92	(45.99
	Less:
	i) Finance cost	10.99	10.72	23.06	55.96	108.68
	ii) Other unallocable expenditure net offunallocable income	(26.27)	(50.10)	(101.92)	(301.98)	(351.26)
	Total Profit /(Loss) before tax and exceptional items	/174.41	/201.81	51.68	/352.90'	196.59
	Exceptional Items	-	-	-	-	-
	Total Profit /(Loss) after tax and exceptional items	1174.41	/201.81	51.68	(352.90	196.59
	3 Capital Employed
	Segment Assets
	a. Wind Mills	4742.25	4930.50	5744.00	4,742.25	5,744.00
	b. Infrastructure	14877.24	14896.59	14954.62	14,877.24	14,954.62
	C. Unallocable	197.14	124.72	136.26	197.14	136.26
	Total	19,816.63	19,951.81	20,834.88	19,816.63	20,834.88
	Segment Liabilities
	a. Wind Mills	3711.75	3711.73	3799.39	3,711.75	3,799.39
	b. InfrastructureC. Unallocable	813.14	832.49	890.51	813.14	890.51
		11.93	11.02	9.40	11.93	9.40
	Total	4,536.83	4,555.24	4,699.30	4,536.83	4,699.30
	Capital Employed (Segment Assets ~Segment Liabilities)
	a. Wind Mills	1030.50	1,218.77	1,944.61	1,030.50	1,944.61
	b. Infrastructure	14064.10	14,064.10	14,064.11	14,064.10	14,064.11
	C. Unallocable	185.20	113.70	126.86	185.20	126.86
	Total	15,279.80	15,396.57	16,135.58	15,279.80	16,135.58

BS ~ MITKARI DIRECTOR DIN : 03632549

For BF UTILITIES LIMITED

Place: Pune Date: 14 June, 2021.

BF UTILITIES LIMITED STANDALONE STATEMENT OF ASSETS AND LIABILITIES

			(Rs. In Lakhs
		Standalone As at
	Particulars	31-Mar-2021	31-Mar-2020
		(Audited)	(Audited)
	ASSETS
1	Non-current assets
	(a) Property Plant Equipments	653.90	1,010.18
	(b) Intangible assets - under development	"	"
	(c) Intangible assets	"	"
	(d)Financial Assets
	i) Investments	11,024.60	11,024.60
	ii) Other non current financial assets	735.77	813.14
	(e) Deferred tax assets (net)	127.33	12.95
	(f) Income tax assets (net)	119.31	61.55
	(g) Other non-current assets	3,700.00	3,700.00
	Sub-total - Non-current assets	16,360.91	16,622.42
2	Current Assets
	(a) Inventories	7.02	10.13
	(b)Financial Assets
	i) Investments	31.84	26.82
	ii) Trade receivables	0.00	35.22
	iii) Cash and cash equivalents	834.17	1,781.38
	iv) Other bank balances	2,412.00	1,956.00
	iv) other current financial assets	233.85	352.22
	(c) Other current assets	64.17
	Sub-total - Current assets	3,583.05	63.634,225.40
	TOTAL - ASSETS	19,943.96	20,847.82
	EQUITY AND LIABILITIES
1	Shareholders' funds
	(a) Equity share Capital	1,883.38	1,883.38
	(b) Other equity	11,006.90	11,168.07
	Sub-total-Shareholders' funds	12,890.28	13,051.45
2	Non-current liabilities	,. .
	(a)Financial Liabilities
	i) Borrowings	107.64	371.07
	ii) Other financial liabilities	735.77	813.14
	(c) Other non current liabilities	3.40	24.36
	(d) Non-Current Provision	5.86	5.83
	Sub-total-Non current liabilities	852.67	1,214.40
3	Current liabilities
	Financial Liabilities(a)
	i) Borrowings	2,065.65	2,123.00
	ii) Trade payables	719.50	689.61
	iii) Other financial liabilities	2,502.26	2,806.72
	(b) Other current liabilities	29.54	69.47
	(C) Current Provisions	884.06	893.17
	Sub-total-Current liabilities	6,201.01	6,581.97
	TOTAL - EQUITY AND LIABILITIES	19,943.96	20,847.82

Pune

BF UTILITIES LIMITED

STANDALONE CASH FLOW STATEMENT

STANDALONE CASH FLOW STATEMENT			Rs in Lakhs
tll		As at 31st March,2021	As at 31stMarch, 2020
		(Audited)	(Audited)
Cash Flow from Operating Activities
Profit before tax		(352.90)	196.59
Adjustment for:
Depreciation"		356.46	387.28
Interest expense		0.20	0.12
Ind AS adjustments not related to cash fiow		133.14	185.94
Interest income		(185.78)	(262.22)
Dividend received		(1.65)	(0.72)
Profit on sale of assets		-	-
Ind AS adjustments not related to cash flow		(133.14)	(185.94)
Remeasurement of net defined benefit plan		3.20	1.38
Operating Profit before working capital changes		(180.47)	322.43
Movements in working capital:
(Increase) I Decrease in Inventories		3.11	(2.70)
(Increase)/ Decrease in Trade receivable		35.22	147.18
(Increase)/ Decrease in Other financial asset		195.76	40.79
(Increase)/ Decrease in Other current asset		(0.54)	(7.13)
Increase/ (Decrease) in Trade payable		29.88	(1.11)
Increase/ (Decrease) in Other financial liability		(381.83)	(329.96)
Increase/ (Decrease) in Other liability		(5.12)	(81.05)
Increase I (Decrease) in Short term provisions		(9.07	2.39
Operating Profit after working capital changes		(313.06)	90.84
Direct taxes paid (Net of refunds)		6.20	(43.28)
Net cash generated from Operating Activities	(A)	(306.86)	47.56
Cash Flow from Investing Activities
Payment towards capital expenditure		(0.18)	(4.80)
Investment made as fixed deposits		(456.00)	1,980.00
Current Financial Investment (including SOCIE)		5.15	20.45
Interest Income		185.78	262.22
Dividend received		1.65	0.72
Net cash generated from Investing Activities	(B)	(263.60)	2,258.59
Cash Fl.ow from Financing Activities
Borrowings repaid		(376.55)	(617.12)
Interest paid		(0.20)	(0.12)
Net cash generated from Financing Activities	(C)	(376.751	(617.24)
Net Increase/ (Decrease) in cash and cash equivalents(A+B+C)		(947.21)	1,688.91
Cash and cash equivalents at the beginning of the vear		1,781.38	92.47
Cash and cash equivalents at the end of the year		834.17	1,781.38

Pune Date: 14 June, 2021.

For BF Utilities Limited

Director ~ 5. S. m >'f-Kt1 vi DIN: 0?,632S4")

Notes:

• 1 The above results were reviewed by the Audit Committee and approved by the Board of Directors of the Company at its meeting held on 14 June, 2021.
• 2 Certain litigations by and against the Company and subsidiaries of the Company are pending in various Courts, and the matter is subjudice. No cognizance thereof is taken in the above results, pending final outcome of the cases.
• 3 Nandi Highway Developers Ltd. (NHDL}, Nandi Infrastructure Corridor Enterprises Ltd. (NICE), Nandi Economic Corridor Enterprises Ltd. (NECE) and Avichal Resources Pvt. Ltd (Avichal), which are the subsidiaries of the Company, are in the process of finalising their accounts for the financial year ended 31st March, 2021 and hence, they have not yet submitted the said audited financials to the Company.

The Company will publish consolidated results, once the audited accounts of all the above-mentioned subsidiaries are made available to the Company.

4 Corona virus (COVID -19) has badly affected the world economy, including India. COVID-19 has affected the business activities of the Company.

However, the Company does not anticipate any major challenge in meeting its Financial obligations, on long term basis and does not carry any risk in the recoverability and carrying values of its assets including advances given for specific purpose to the subsidiary companies and does not anticipate any additional liability as at the Balance Sheet date.

There may be a fall in the fair value of investments in equities, which the Company expects to be temporary in nature, since all the investments are held for long term basis and as a promoter of the respective subsidiary companies.

The Company will closely monitor any material changes that may take place in future that may impact its business.

• Impact on revenue:

The majority of source of income of the Company is in the form of sale of power and related products. Impact on business activity of consumer / customer has affected revenue from sale of power.

However, impact assessment of COVID - 19 is a continuing process given the uncertainties associated with its nature and duration, and the Company will evaluate the same at a regular interval.

• 1. Accounting standard Ind AS 116- Accounting for leases came into force on 1st day of April, 2019. There is no material impact of Ind AS 116 on the financial statements of the Company, therefore, effect of the same is not considered.
• 1. Figures for the quarter ended March 31, 2021 and March 31, 2020 represent the difference between audited figures for the financial year and the limited reviewed figures for the nine months_period ended on Dece;mber 31, 2020 and December 31, 2019 respectively.

\ . \ .. ' \ . I

1. The Company has reclassified previous period's / year's figures to confirm to current year's classification.

SL

For BF Utilities Ltd.

BS MITKARI , ""; Director ,s;:{j DIN: 03632549 ...,,,,_:-,c<.,-.·· Pune - 14 June, 2021.

INDEPENDENT AUDITORS' REPORT ON AUDIT OF ANNUAL STANDALONE FINANCIAL RESULTS AND REVIEW OF QUARTE],U. Y FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF

BF UTILITIES LIMITED

Opinion and Conclusion

We have (a) audited the Standalone Financial Results for the year ended March 31, 2021 and (b) reviewed the Standalone Financial Results for the quarter ended March 31, 2021 (refer 'Other Matters' section below), included in the accompanying "Statement of Standalone Financial Results for the Quarter and year ended March 31, 2021 ("the Statement") of BF Utilities Limited ("the Company"), being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ( as amended) ("Listing Regulations"), including relevant circulars issued by the SEBI from time to time.

(a) Opinion on Annual Standalone Financial Results

In our opinion and to the best of our information and according to the explanations given to us, the Standalone Financial Results for the year ended March 31, 2021:

• a. are presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, as amended;
• b. gives a true and fair view in conformity with the recognition and measurement principles laid down in the Indian Accounting Standards ("Ind AS") prescribed under Section 133 of the Companies Act, 2013 ("the Act"), read with relevant rules issued thereunder, and other accounting principles generally accepted in India, of the net loss and other comprehensive loss and other financial information of the Company for the year then ended.

(b) Conclusion on Unaudited Standalone Financial Results for the quarter ended March 31, 2021

With respect to the Standalone Financial Results for the quarter ended March 31, 2021, based on our review conducted and procedures performed as stated in paragraph (b) of Auditor's Responsibilities section below, nothing has come to our attention that causes us to believe that the Standalone Financial Results for the quarter ended March 31, 2021, prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

Basis of Opinion on the Audited Standalone Financial Results for the year ended March 31,2021

We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under section 143(10) of the Act. Our responsibilities under those SAs are further described in the paragraph (a) of Auditor's Responsibilities 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 ("the ICAI") together with the ethical requirements that are relevant to our audit of the Standalone Financial Results for the year ended March 31, 2021 under the provisions of the Act, and the Rules thereunder, 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.

Emphasis of Matter

Without qualifying our opinion, we draw attention to the following matters in the Notes to the Standalone Financial Results:

(a) We draw attention to Note No.2 to the accompanying Standalone Financial Results. As mentioned therein there are certain litigations by and against the Company and the subsidiaries of the Company are pending in various Courts, and the matter is subjudice. No cognizance thereof is taken in the above results, pending final outcome of the cases.

Note 2-

Certain litigations by and against the Company and subsidiaries of the Company are pending in varioµs Courts, and the matter is subjudice. No cognizance thereof is taken in the above results, pending final outcome of the cases.

(b) As stated in Note No. 3, to the accompanying Standalone Financial Results, Consolidated Financial Statements have not been prepared.

Note 3-

Nandi Highway Developers Ltd. (NHDL), Nandi Infrastructure Corridor Enterprises Ltd. (NICE) and Nandi Economic Corridor Enterprises Ltd. (NECE), which are the subsidiaries of the Company, are in the process of finalising their accounts for the financial year ended 31st March, 2021 and hence, they have not yet submitted the said audited financials to the Company.

The Company will prepare consolidated financials, once the audited accounts of all the abovementioned subsidiaries are made available to it.

Management's and Board of Directors' Responsibilities for the Statement

This Statement which includes the Standalone Financial Results is the responsibility of the Company's Managements and Board of Directors and has been approved by them for the issuance. The Standalone Financial Results for the year ended March 31, 2021, has been compiled from the related audited financial statements. This responsibility includes the Preparation and presentation of the Standalone Financial Results for the quarter and year ended

March 31, 2021 that give a true and fair view of the net loss and other comprehensive loss and other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 of the Act and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations including SEBI Circular. 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 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 fair view 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, 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 is responsible for overseeing the financial reporting process of the Company.

Auditor's Responsibilities

(a) Audit of the Standalone Financial Results for the year ended March 31, 2021

Our objectives are to obtain reasonable assurance about whether the Standalone Financial Results for the year ended March 31, 2021 as a whole is 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 Standards on Auditing, specified under section 143(10) of the Act, 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 the basis of this Standalone Financial Results.

As part of an audit in accordance with the Standards on Auditing, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the Annual 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 on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management.
• Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors in terms of the requirements specified under Regulation 33 of the Listing Regulations.
• 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 doubt on the appropriateness of this assumption. 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 Statement 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 Annual Standalone Financial Results, including the disclosures, and whether the Annual Standalone Financial Results represents the underlying transactions and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the Annual Standalone Financial Results of the Company to express an opinion on the Annual Standalone Financial Results.

Materiality is the magnitude of misstatements in the Annual Standalone Financial Results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Annual Standalone Financial Results may be influenced. We consider quantitative 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 Annual 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.

(b) Review of Standalone Financial Results for the quarter ended March 31, 2021 .

We conducted our review of the Standalone Financial Results for the quarter. ended March 31, 2021 in accordance with the Standard on Review Engagements ("SRE") 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity', issued by the ICAI. A review of interim financial information consists of making inquiries, primarily of the Company's personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with SAs specified under section 143(10) of the Act and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Other Matters

• (a) Attention is drawn to Note No. 6 to the Statement which states that the standalone figures for the corresponding quarter ended March 31, 2020 are the balancing figures between the annual audited figures for the year then ended and the year to date figures of nine months period ended December 31, 2019. We have not issued a separate limited review report on the results and figures for the quarter ended March 31, 2020.
• (b) The Statement includes the results for the Quarter ended 31/03/2021 being the balancing figure between audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the current financial year which were subject to limited review byus.

Our report on the Statement is not modified in respect of these matters.

For JOSHI APTE & Co. Chartered Accountants ICAI Firm registration number: I 04370W

~ per C. K. Joshi · Partner Membership No.: 030428 UDIN: 21030428 lrMrA c,.:rS69'./'

Pune, June 14, 2021

Compliance under Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

I.	Name of the company	BF UTILITIES LIMITED
2.	Annual financial statements for the year ended	31 March2021
3.	Type of Audit observation	Emphasis ofUn Modified Opinion -Matter referred in paragraph 5 ofAuditor's Report
4.	Frequency of observation	Following points are appearing underthe 'Emphasis of Matter' paragraph 5of the Auditor's Report.
		1) Point No. (a) repetitive sinceSeptember 20142) Point No. (b) 7th time sinceSeptember 2014
5.	To be signed by -	-
	'f•(•Mr. B.S. MitkariCEO, CFO & Company Secretary	~-r "'*"1'i,-? ;I>,---:' ~::
	•Mr. C. K. Joshi	For JOSHI APTE & COCAartered Accountants
	PartnerMembership No. 030428For Joshi Apte & CO.Chartered AccountantsICAI Firm Registration No. 104370W(Statutory Auditors)	,,;i;·.:;:-Parrner'•,_,, __5?· PiJl!Ec : IC. K.JOSHI·Firmo.oChartered Accountant104370W .J 1/Membership No. 030428e,">ereq Acco~~
	•Mr. S. K. AdivarekarAudit committee Chairman	if~~,istr;;'❖-

FORM A (for audit report with unmodified opinion)

Place: Pune