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ICDS Ltd. Audit Report / Information 2021
63746_rns_2021-06-30_03bdc513-cc46-4c2b-ab67-973ccb501fc8.pdf
Audit Report / Information
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SEC/INAISE/B SEO 6/ 202 1 306 Iune,2021
The Manager - Listing National Stock Exchange of India Ltd Exchange Plaza Bandra Kurla Complex Bandra (E) MUMBAI_4OO 051
The Manager - Listing BSE Ltd Regd.Office : Floor 25 P J Towers, Dalal Street MUMBAI. 4OO OOl
STOCK CODE: ICDSLTD
SECURITY CODE: 511194
Dear Sir,
we send enclosed the Audited Financial Results for the financial year ended 31st March, 2021 duly approved. in the Board Meeting herd on 30th June,202l in terms_ oi ReguJation 33(3) ofsEBI (LODR) Regulation 2015 along with Auditreporr on Financial Results.
The meeting commenced at 3.30 p M and concluded at 4.60 pM.
The said results will be also available in the Website of the Company.
Thanking You,
(DrN 00776729)
Regd. and Admn. offrces : SyndicateHouse'P.B.No.46,UpendraNagar,Manipa|.57 phone : EPABX 0820-270150b i;; : o82o-i571137 WeUsire: www.i;dslimited.com clN : 165993KA1971P1C002106
GSTTN : 29AMCI43SEI'13I
sEc/IN/06/2021 30h June, 2021
The Manager - Listing National Stock Exchange of Exchange Plaza Bandra Kurla Complex Bandra (E) MUMBAI_4OO 051 Tel : +91 2226598235/36 Fax: +91 22 26598237/38 India Ltd BSE Ltd
The Manager - Listing Regd.Office: Floor 25 P J Towers Dalal Street MUMBAI_4OO OO1
Tele:+01222272 \234
STOCK CODE: ICDSLTD
STOCKCODE: 511194
Dear Sir,
Sub : Declaration pursuant to Regulation 33(3)(d) of SEBI Listing Obligations and Disclosure.Requirements)(Amendment) Regulations 201 6.
DECLARATION
We hereby declare that the Statutory Auditors ]Ws Pathak H D & Associates, Chartered Accountants, Mumbai (Firm Regn. Number: 107783W) have issued Audit Report(s) with unmodified opinion on Standalone and Consolidated Audited Financial Statements/Results for the Quarter and Year ended on 3lst March, 2021.
This declaration is issued in compliance of regulation 33(3)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 as amended.
This is for your information and records.
Thanking You, Yours faithfully,
-ath Kriflfna Nayak MAnaging'Direotor.
Independent Auditor's Report on the Quarterly and Year to Date Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
$T_0$ The Board of Directorsof ICDS Limited
Report on the audit of Standalone Financial Results
Opinion
We have audited the accompanying Statement of Quarterly and year to date standalone financial results of ICDS Limited ('the Company') for the quarter and year ended March 31, 2021 ('the Statement'), being submitted by the Company pursuant to the requirement 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, the statement:
- a. is presented in accordance with the requirements of the Listing Regulations in this regard; and
- b. gives a true and fair view in conformity with applicable accounting standards and other accounting principles generally accepted in India of the net loss and other comprehensive income and other financial information of the Company for the quarter and year ended March 31, 2021.
Basis for Opinion
We conducted our auditin accordance with the Standards on Auditing ('SAs') specified under Section 143(10) of the Companies Act, 2013 ("the Act"), as amended. Our responsibilities under those Standards are further described in the "Auditor's Responsibilities for the Audit of 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 ("ICAI") together with the ethical requirements that are relevant to our audit of the Standalone Financial Results 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 ICAI's Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion.
Emphasis of Matter
We draw attention to Note No. 10 to the Statement, with regard to management's evaluation of impact of COVID-19 on the future performance of the Company.
Our Opinion is not modified in respect of this matter.
Contd...2
Head Office: 814-815, Tulsiani Chambers, 212, Nariman Point, Mumbai - 400 021, India. Tel.: + 91 22 3022 8508 Fax: + 91 22 3022 8509. URL: www.phd.ind.in
$-2-$
Management's Responsibilities for the Standalone Financial Results
The Statement has been prepared on the basis of the standalone annual financial statements. The Company's Board of Directors are responsible for the preparation and presentation of the Statement that give a true and fair view of the net loss and other comprehensive income and other financial information in accordance with the applicable accounting standards prescribed under Section 133 of the Act, read with relevant rules issued thereunder 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 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 the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and is free from material misstatement, whether due to fraud or error.
In preparing the Statement, 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 financial reporting process of the Company.
Auditor's Responsibilities for the Audit of the Standalone Financial Results
Our objectives are to obtain reasonable assurance about whether the Statement 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 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 the basis of this Statement.
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 Statement, 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.
Contd...3
$-3-$
- 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 adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting $\bullet$ 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 $\bullet$ 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 ability of the Company 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 Statement, including the disclosures, and whether the Statement represents 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.
Contd., 4
$-4-$
Other Matter:
for
The Statement includes the financial results for the quarter ended March 31, 2021 and March 31, 2020 being the balancing figure between the audited figures in respect of the full financial year and the published unaudited year to date figures upto the third quarter of the respective financial years, which were subjected to a limited review by us, as required under the Regulation 33 of the Listing Regulations.
Pathak HD & Associates LLP Chartered Accountants Firm Registration Number: 107783W/W100593
$H = -1$
Sudhir Prabhu K Partner Membership No. 209589
UDIN: 21209589AAAAAN2753
Place: Bangalore Date: June30, 2021
Regd.Office: Syndicate House, Manipal 576104 Udupi Dt. Karnataka
CIN | L65993KA1971PLC002106 www.icdslimited.com
EXTRACT OF AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER/YEAR ENDED MARCH 31, 2021
| SI. Particulars | Quarter ended | Year ended | ||||
|---|---|---|---|---|---|---|
| No. | 31-Mar-21Note 1 | 31-Dec-20(Unaudited) | 31-Mar-20Note 1 | 31-Mar-21(Audited) | 31-Mar-20(Audited) | |
| 1 Total Revenue from operations (net) | 57.65 | 91.91 | 69.42 | 289.15 | 357.84 | |
| 2 Net Profit/(Loss) for the period (before tax, extra-ordinary items) | (6.24) | 44,83 | (94.61) | 88.88 | (43.53) | |
| 3 Net Profit/(Loss) for the period before tax (after extra-ordinary items) | (6.24) | 44.83 | (94.61) | 88.88 | (43.53) | |
| 4 Net Profit/(Loss) for the period after tax (after extra-ordinary items) | (12.35) | 44.83 | (81.21) | (547.19) | (50.13) | |
| 5 Total Comprehensive Income for the period [Comprising Profit / (Loss) for theperiod (after tax) and Other Comprehensive Income (after tax)] | (21.14) | 44.83 | (85.66) | (555.98) | (54.58) | |
| 6 Equity Share Capital (face value of Rs. 10 each)7 Earnings per share (EPS) (of Rs 10/each) (not annualised for the quarter): | 1,302.67 | 1,302.67 | 1,302.67 | 1,302.67 | 1,302.67 | |
| Basic (in rupees) | (0.09) | 0.34 | (0.62) | (4.20) | (0.38) | |
| Diluted (in rupees) | (0.09) | 0.34 | (0.62) | (4.20) | (0.38) |
Notes
vices1 The figures of the quarter ended March 31, 2021 are the balancing figures between the audited figures in respect of the full financial year ended March 31, 2021 and the published unaudited year to date figures for the nine months ended December 31, 2020 which were subjected to limited review.
2 The above is an extract of the detailed format of quarterly standalone financial results filed with the Stock Exchanges under Regulation 33 of the SEBI (Listing Obligations and Disclosure requirements) Regulations, 2015. The full format of the Quarterly Standalone Financial Results are available on the Stock Exchange vebsites www.bseindia.com, www.nseindia.com and company's website www.icdslimited.com.
3 The audited financial results for the quarter and year ended March31,2021 has been reviewed and approved by the Audit Committee and approved by the Board of Directors at their meeting conducted on June 30, 2021.
4 The Company carries on its business in four reportable segments viz Financial Services (recovery of loans and advances), trading, rent on premises and others. Others include marketing of the insurance products of life and general insurance companies.The segment reporting of the Company has been prepared in accordance with Ind AS 108 'Operating Segments' prescribed under section 133 of
2013, read with relevant rules thereunder. The Company has presented the operating segments information on the basis of audited Consolidated Financial Results.
Other income includes dividend income, interest income, unwinding interest income on financial assets and Fair value gain/(loss) on financial assets.
6 The Company does not foresee any diminution in the value of investments and the provisions made in the books are adequate and the management is hopeful of recovery of the same at the stated values
- The Company has not recognised Deferred Tax Assets arised on unused losses and depreciation allowance and provision for doubtful debts (net of deferred tax Liabilities) as a matter of prudence.
8 The Company has prepared its accounts on "going concern basis", in view of networth being positive with postive cashflows following the successful implementation of the scheme of arrangement sanctioned by the Hon'ble High Court of Karnataka and the Company's foray into fee based activities, rentals from investmentproperties, gains from dealing in trading of shares and securities.
9 The Ministry of Finance, Government of India has introduced the Direct Tax Vivaad Se Vishwas Act, 2020 ('DTVSV Act, 220' or 'the Act') to help tax payers end their tax disputes with the Income Tax Department by paying disputed tax and get waiver from payment of interest and penalty and also immunity from prosecution. As per the Act, the tax payers are required to remit the disputed taxes without an additional amount by June 30, 2021. The Company has obtained an opinion in this matter from tax consultants. The Company during the year, based on advice from its tax counsel and the decision of the board of directors opted for the settlement under the scheme since there will not be any cash outflow required to be made in view of the amounts already paid under protest being higher than the tax liability under the DTVSV Act. 2020.
The Company has filed an online declaration during December 2020 under DTVSV Act, 2020 in respect of its Income tax demand for Block Assessment of Rs.1,011.26 Lakhs (inclusive of interest) pertaining to assessment years from 1987-88 to 1997-98 to settle matter and against which a certificate settling the tax demand atRs.633.93 Lakhs was approved under Form 3 under of Section 5( Rs.774.86 Lakhs against the said income Tax demand as on date. The management is confident of recovering the amount paid under protest of Rs 140.93 Lakhs (after netting the tax settled under DTVSV Act, 2020 as disclosed above) based on the approval of refund vide Form 3 by the Income Tax department. The Company accordingly, has made provision for income tax for earlier years to the extent of Rs.633.93 Lakhs which is the estimated taxes payable as per certificate in Form 3 under Section 5(1) of DTVSV Act, 2020.
10 The COVID-19 pandemic has impacted businesses globally and in India. The Company has continued its assessment of likely adverse impact on economic environment in general and financial risks on account of COVID-19. The Company, however, believes strongly that its offerings to the customer would not significantly impact its revenue.
The impact on future revenue streams could come from lower rental incomes on account of waivers / concessions in rent sought by the tenants and cancellation of lease agreement which is the major source of income for the Company. The Company expects the rental income to be back to the existing levels post the pandemic.However, the impact assessment of COVID-19 is a continuing pro
The Company has analysed its liquidity position and the recoverability and carrying value of its assets comprising property, plant and equipment, investment properties, right of use assets, investments, advances, trade receivables. Deferred taxes, other financial and non-financial assets etc. Based on current indicators of future economic conditions, the Company expects to recover the carrying amount of these assets. The situation is changing rapidly giving rise to inherent uncertainty around the extent and timing of the potential future impact of the COVID 19 pandemic which may be different from that estimated as at the date of approval of these However due to the nature of the pandemic and emerging multiple new variants of COVID 19 and treatment for its eradication, the Company will continue to be vigilant on various developments / impacts in the future so as to insulate itself from any material adverse impact.
11 Pursuant to SEBI Circular No. SEBI/HO/CFD/CMD/CIR/P/2020/12 dated January 22, 2020 (Erstwhile SEBI Circular No. SEBI/HO/CFD/CMD/CIR/P/2018/77 dated May 3, 2018), the suspension of the trading in the securities of the company will be revoked w.e.f. July 02, 2021 by National Stock Exchange of India Limited and BSE Limited vide their communication dated June 25, 2021 upon satisfactory redressal of issues of non-compliance in respect of the erstwhile Listing Agreement and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
12 Figures pertaining to previous period(s) / year have been regrouped and rearranged, wherever necessary to conform to the classification adopted in the current quarter
For and on behalf of the board of ICDS Limited
T Mohandas Pai Chairman DIN: 00104336
Place : Manipal Date: June 30, 2021
arath Krishn Managing Directo DIN: 00776729
GR Navak Chief Financial Officer
LIMA : PAL O gd.
Regd.Office: Syndicate House, Manipal 576104 Udupi Dt. Karnataka CIN | L65993KA1971PLC002106
AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER/YEAR ENDED MARCH 31, 2021
| SI. Particulars | Quarter ended | Year ended | ||||
|---|---|---|---|---|---|---|
| No. | 31-Mar-21Note 1 | 31-Dec-20(Unaudited) | 31-Mar-20Note 1 | 31-Mar-21(Audited) | 31-Mar-20(Audited) | |
| 1 Revenue from operations | 19.24 | 22.64 | 62.44 | 81.08 | 193.58 | |
| 2 Other Income [refer note 5 below]. | 38.41 | 69.27 | 6.98 | 208.07 | 164.26 | |
| Total Revenue (1+2) | 57.65 | 91.91 | 69.42 | 289.15 | 357.84 | |
| 4 Expenses | ||||||
| Employee benefit expenses | 5.66 | 25.26 | 20.40 | 74.15 | 84.89 | |
| Finance Costs | 1.97 | 1.97 | 1.39 | 6.31 | 5.66 | |
| Depreciation and amortisation expenses | 7.97 | 8.19 | 10.06 | 32.48 | 33.00 | |
| Other expenses | 48.29 | 11.66 | 132.18 | 87.33 | 277.82 | |
| Total expenses | 63.89 | 47.08 | 164.03 | 200.27 | 401.37 | |
| Profit/(loss) before exceptional items (3-4) | (6.24) | 44.83 | (94.61) | 88.88 | (43.53) | |
| Exceptional items - gain/(loss) | ||||||
| 4 | Profit/(loss) before tax (5-6) | (6.24) | 44.83 | (94.61) | 88.88 | (43.53) |
| 8 Tax expense | ||||||
| i. Current tax | (12.00) | × | (15.06) | 4.94 | ||
| × | ii. Deferred tax | 2.14 | 1.71 | 2.14 | 1.71 | |
| iii. Income tax for earlier years (refer note no.9) | 15.97 | (0.05) | 633.93 | (0.05) | ||
| 9 Profit / (loss) for the period (7-8) | (12.35) | 44.83 | (81.21) | (547.19) | (50.13) | |
| 10 Other comprehensive income, net of income taxi. Items that will not be reclassified to profit or loss | ||||||
| Remeasurements of net defined benefit plans | (10.93) | ٠ | (6.16) | (10.93) | (6.16) | |
| Income tax effect | 2.14 | 1.71 | 2.14 | 1.71 | ||
| ii. Items that will be reclassified to profit or loss . | ||||||
| Total other comprehensive income, net of income tax | (8.79) | $\overline{\phantom{a}}$ | (4.45) | (8.79) | (4.45) | |
| 11 Total comprehensive income for the period (9+10) | (21.14) | 44.83 | (85.66) | (555.98) | (54.58) | |
| 12 Paid up equity share capital (Face value of Rs 10 each) | 1,302.67 | 1,302.67 | 1,302.67 | 1,302.67 | 1,302.67 | |
| 13 Other Equity Excluding Revaluation Reserve | 54.41 | 610.39 | ||||
| 14 Earnings per share (EPS) (of Rs 10/each)(not annualised for the quarter): | ||||||
| (a) Basic (in rupees) | (0.09) | 0.34 | (0.62) | (4.20) | (0.38) | |
| (b) Diluted (in rupees) | (0.09) | 0.34 | (0.62) | (4.20) | (0.38) |
Notes:
1 The figures of the quarter ended March 31, 2021 are the balancing figures between the audited figures in respect of the full financial year ended March 31, 2021 and the published unaudited year to date figures for the nine months ended December 31, 2020 which were subjected to limited review.
2 The audited financial results for the quarter and year ended March31,2021 has been reviewed and approved by the Audit Committee and approved by the Board of Directors at their meeting conducted on June 30, 2021.
3 The above audited financial results have been prepared as per format prescribed in Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended.
4 The Company carries on its business in four reportable segments viz Financial Services (recovery of loans and advances), trading, rent on premises and others. Others include marketing of the insurance products of life and general insurance companies.
The segment reporting of the Company has been prepared in accordance with Ind AS 108 'Operating Segments' prescribed under section 133 of the Companies Act, 2013, read with relevant rules thereunder. The Company has presented the operating segments information on the basis of audited * Consolidated Financial Results.
5 Other income includes dividend income, interest income, unwinding interest income on financial assets and Fair value gain/(loss) on financial assets.
6 The Company does not foresee any diminution in the value of investments and the provisions made in the books are adequate and the management is hopeful of recovery of the same at the stated values.
7 The Company has not recognised Deferred Tax Assets arised on unused losses and depreciation allowance and provision for doubtful debts (net of deferred tax Liabilities) as a matter of prudence.
8 The Company has prepared its accounts on "going concern basis", in view of networth being positive with postive cashflows following the successful implementation of the scheme of arrangement sanctioned by the Hon'ble High Court of Karnataka and the Company's foray into fee based activities, rentals from investment properties, gains from dealing in trading of shares and securities.
Regd.Office: Syndicate House, Manipal 576104 Udupi Dt. Karnataka CIN | L65993KA1971PLC002106 www.icdslimited.com
AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER/YEAR ENDED MARCH 31, 2021
Notes:
9 The Ministry of Finance, Government of India has introduced the Direct Tax Vivaad Se Vishwas Act, 2020 ('DTVSV Act, 220' or 'the Act') to help tax payers end their tax disputes with the income Tax Department by paying disputed tax and get waiver from payment of interest and penalty and also immunity from prosecution. As per the Act, the tax payers are required to remit the disputed taxes without an additional amount by June 30, 2021. The Company has obtained an opinion in this matter from tax consultants. The Company during the year, based on advice from its tax counsel and the decision of the board of directors opted for the settlement under the scheme since there will not be any cash outflow required to be made in view of the amounts already paid under protest being higher than the tax liability under the DTVSV Act, 2020.
The Company has filed an online declaration during December 2020 under DTVSV Act, 2020 in respect of its Income tax demand for Block Assessment of Rs.1,011.26 Lakhs (inclusive of interest) pertaining to assessment years from 1987-88 to 1997-98 to settle matter and against which a certificate settling the tax demand at Rs.633.93 Lakhs was approved under Form 3 under of Section S(1) of the DTVSV Act, 2020 by Department on June 15, 2021. The Company had already deposited Rs.774.86 Lakhs against the said Income Tax demand as on date. The management is confident of recovering the amount paid under protest of Rs 140.93 Lakhs (after netting the tax settled under DTVSV Act, 2020 as disclosed above) based on the approval of refund vide Form 3 by the Income Tax department. The Company accordingly, has made provision for income tax for earlier years to the extent of Rs.633.93 Cakhs which is the estimated taxes payable as per certificate in Form 3 under Section 5(1) of DTVSV Act, 2020.
- 10 The COVID-19 pandemic has impacted businesses globally and in India. The Company has continued its assessment of likely adverse impact on economic environment in general and financial risks on account of COVID-19. The Company, however, believes strongly that its offerings to the customer would not significantly impact its revenue.
- The impact on future revenue streams could come from lower rental incomes on account of waivers / concessions in rent sought by the tenants and cancellation of lease agreement which is the major source of income for the Company. The Company expects the rental income to be back to the existing levels post the pandemic. However, the impact assessment of COVID-19 is a continuing process given the uncertainties associated with its nature and duration.
The Company has analysed its liquidity position and the recoverability and carrying value of its assets comprising property, plant and equipment, investment properties, right of use assets, investments, advances, trade receivables. Deferred taxes, other financial and non-financial assets etc. Based on current indicators of future economic conditions, the Company expects to recover the carrying amount of these assets. The situation is changing rapidly giving rise to inherent uncertainty around the extent and timing of the potential future impact of the COVID 19 pandemic which may be different from that estimated as at the date of approval of these standalone financial statements.
However due to the nature of the pandemic and emerging multiple new variants of COVID 19 and treatment for its eradication, the Company will continue to be vigilant on various developments / impacts in the future so as to insulate itself from any material adverse impact.
- 11 Pursuant to SEBI Circular No. SEBI/HO/CFD/CMD/CIR/P/2020/12 dated January 22, 2020 (Erstwhile SEBI Circular No. SEBI/HO/CFD/CMD/CIR/P/2018/77 dated May 3, 2018), the suspension of the trading in the securities of the company will be revoked w.e.f. July 02, 2021 by National Stock Exchange of India Limited and BSE Limited vide their communication dated June 25, 2021 upon satisfactory redressal of issues of non-compliance in respect of the erstwhile Listing Agreement and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
- 12 The investors can view the audited standalone results of ICDS Limited available on the Stock Exchange websites www.bseindia.com, www.nseindia.com and company's website www.icdslimited.com.
- 13 Figures pertaining to previous period(s) / year have been regrouped and rearranged, wherever necessary to conform to the classification adopted in the current quarter.
- For and on hehalf of the board of ICDS Limited
T Mohandas Pai Chairman DIN: 00104336
harath Krishn Nayak Managing Director DIN: 00776729
G R Nayak
Chief Financial Officer
Place: Manipal Date: June 30, 2021
$\frac{1}{2}$ , $\frac{1}{2}$
Regd.Office: Syndicate House, Manipal 576104 Udupi Dt. Karnataka CIN | L65993KA1971PLC002106
www.icdslimited.com
AUDITED STANDALONE BALANCE SHEET AS AT MARCH 31, 2021
| AUDITED STANDALONE BALANCE SHEET AS AT WIANCH 24, 2022 | ||||
|---|---|---|---|---|
| SI. Particulars | 31-Mar-21(Audited) | 31-Mar-20(Audited) | ||
| No. | ||||
| ASSETS$\mathbf{1}$ | ||||
| Non current assets$\overline{A}$ | 2.04 | 3.09 | ||
| Property, plant and equipment | 380.62 | 398.68 | ||
| Right of use assets | 416.92 | 430.29 | ||
| Investment property | ||||
| Financial Assets: | 103.44 | 103.35 | ||
| Non-current investments | 65.59 | 63.60 | ||
| Long term loans | 12.36 | 53.00 | ||
| Other non-current financial assets | 6.97 | 207.22 | ||
| Other non-current assets | 153.41 | 780.81 | ||
| Non current tax assets (Net) | ||||
| Deferred tax assets (net) | 1,141.35 | 2,040.04 | ||
| B Current assets | ||||
| Financial Assets: | ||||
| Current Investments | 361.63 | 157.44 | ||
| Trade Receivables | 7.78 | 10.55 | ||
| 6.49 | 4.10 | |||
| Cash and cash equivalentsBank balances other than cash and cash equivalents | 246.58 | 111.05 | ||
| 1.26 | 15.66 | |||
| Short term loans | 14.37 | 3.20 | ||
| Other current financial assets | 3.04 | 2.82 | ||
| Other Current Assets | 641.15 | 304.82 | ||
| Total Assets (A+B) | 1,782.50 | 2,344.86 | ||
| 2 EQUITY AND LIABILITIES | ||||
| C Equity: | ||||
| Equity Share capital | 1,302.67 | 1,302.67 | ||
| 394.29 | 950.27 | |||
| Other Equity | 1,696.96 | 2.252.94 | ||
| D Non current liabilities | ||||
| Financial Liabilities | 49.35 | 40.99 | ||
| Other non-current financial liabilities | 0.06 | 2.27 | ||
| Other non-current liabilities | 49.41 | 43.26 | ||
| Current liabilitiesE | ||||
| Financial Liabilities | ||||
| Short term borrowings | 13.97 | 20.14 | ||
| Trade payables | ||||
| a) Total outstanding dues of micro and small enterprises | ||||
| b) Total outstanding dues of creditors other than (a) above | 6.41 | 9.31 | ||
| Other current financial liabilities | 8.46 | 12.77 | ||
| 7.29 | 6.25 | |||
| Other current liabilities | Ŀ. | 0.19 | ||
| Short term provisions | ||||
| Current tax Provisions (Net) | 36.13 | 48.66 | ||
| 1,782.50 | 2,344.86 | |||
| Total equity and liabilities (C+D+E) |
For and on behalf of the board of ICDS Limited
T Mohandas Pai Chairman DIN: 00104336
Place : Manipal Date: June 30, 2021
Byarath Krishna NayakManaging DirectorDIN: 00776729
G R NayakChief Financial Officer
IMT. $\sigma$
Regd.Office: Syndicate House, Manipal 576104 Udupi Dt. Karnataka CIN | L65993KA1971PLC002106 www.icdslimited.com
AUDITED STANDALONE CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2021
| Particulars | 2020-21 | 2019-20 |
|---|---|---|
| (Audited) | (Audited) | |
| (A) Cashflow From / (used in) operating activities | ||
| Profit/(Loss) before tax | 88.88 | (43.53) |
| Adjustments for: | ||
| Depreciation and amortization expense | 32.48 | 33.00 |
| Interest expenses | 1.22 | 2.46 |
| Profit on sale of fixed assets | (31.82) | |
| Fair value loss/(gain) on financial instruments | (181.10) | 133.92 |
| Unwinding interest income | (5.99) | (5.42) |
| Unwinding rental Income | (3.08) | (3.02) |
| Unwinding Interest expenses | 3.10 | 2.79 |
| Loss / (profit) on sale of investments | (1.59) | (90.03) |
| Interest on term deposits | (15.34) | (24.31) |
| Dividends | (4.03) | (12.12) |
| Reversal of provisions no longer required | (12.32) | (41.24) |
| Bad debts written off | 0.47 | |
| Provision for doubtful receivable | 4.53 | |
| Operating profit before working capital changes | (97.30) | (74.79) |
| Adjustments for change in working capital | ||
| (Increase)/ decrease in trade receivables | 2.30 | (2.96) |
| (Increase)/ decrease in loans and advances, other assets | 26.53 | 54.08 |
| Increase/(decrease) in trade payables, other liabilities and provision | (11.04) | (15.43) |
| Cash generated from operations | (79.51) | (39.10) |
| Income Tax (paid)/refunded | (6.53) | (119.29) |
| Net cash from/(used in) operating activities | (86.04) | (158.39) |
| (B) Cash flow from / (used in) Investing activities | ||
| Purchase of property, plant and equipment | (0.06) | (7.40) |
| Capital advance (paid)/refund received | 200.00 | (200.00) |
| Proceeds from sale of property, plant and equipment and investment property | u | 48.09 |
| Proceeds from sale of non-current investments | 107.37 | |
| Purchase of current investments | (60.82) | |
| Proceeds from sale of current investments | 39.23 | |
| Restricted deposits/other bank balances (deposited)/withdrawn (net) | (95.53) | 215.33 |
| 9.09 | 29.84 | |
| Interest received | 4.03 | 12.12 |
| Dividend received | 95.94 | 205.35 |
| Net cash from/(used in) investing activities | ||
| (C) Cash flow from / (used in) Financing activities: | (6.17) | (51.52) |
| Short term bank borrowings (net) | (1.34) | (2.34) |
| Interest paid on bank borrowings | (7.51) | (53.86) |
| Net Cash from/(used in) Financing Activities | (6.90) | |
| Net Increase/(Decrease) in Cash equivalents (A+B+C) | 2.39 | |
| Cash and Cash Equivalents at Beginning of the Year | 4.10 | 11.00 |
| Cash and Cash Equivalents at End of the Year | 6.49 | 4.10 |
For and on behalf of the board of ICDS Limited
T Mohandas Pai Chairman
DIN: 00104336 Place: Manipal Date: June 30, 2021
Bharath Krishna Nayak
Managing Director DIN: 00776729
& ASSO
MUMBAI
EDACCOU
G R Nayak
LIMI
$\mathbb{R}^n$
Chief Financial Officer
Pathak H.D. AssociatesLLP
Chartered Accountants
Independent Auditor's Report on the Quarterly and Year to Date Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
To The Board of Directors of ICDS Limited
Report on the audit of Consolidated Financial Results
Opinion
We have audited the accompanying statement of quarterly and year to date consolidated financial results of ICDS Limited ('the Holding Company') which includes its subsidiary ('the Holding Company and its subsidiary together referred to as "the Group") for the quarter and year ended March 31, 2021 ('the Statement'), 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 auditor on separate audited financial statements/financial results/financial information of the subsidiary, the Statement:
- includes the results of its subsidiary M/s. Manipal Properties Limited; $\overline{a}$
- is presented in accordance with the requirements of the Listing Regulations in this regard; and b.
- gives a true and fair view in conformity with applicable accounting standards and other accounting c. principles generally accepted in India of the consolidated net loss and other comprehensive income and other financial information of the Group for the quarter and year ended March 31, 2021.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing ('SA's') specified under Section 143(10) of the Companies Act, 2013("the Act"), as amended. Our responsibilities under those Standards 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 in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ("ICAI") together with the ethical requirements that are relevant to our audit of the Consolidated Financial Results 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 ICAI's Code of Ethics. We believe that the audit evidence obtained by us and other auditor in terms of their report referred to in "Other Matters" paragraph below, is sufficient and appropriate to provide a basis for our audit opinion.
Emphasis of Matter
We draw attention to Note No. 10 to the Statement, with regard to management's evaluation of impact of COVID-19 on the future performance of the Group.
Our Opinion is not modified in respect of this matter.
$\text{Contd}_m$ 2
Head Office: 814-815, Tulsiani Chambers, 212, Nariman Point, Mumbai - 400 021, India. Tel.: + 91 22 3022 8508 Fax: + 91 22 3022 8509. URL: www.phd.ind.in
Pathak H.D. ssociatesup
Chartered Accountants
$-2-$
Management's Responsibilities for the Consolidated Financial Results
The Statement has been prepared on the basis of the consolidated annual financial statements. The Holding Company's Board of Directors are responsible for the preparation and presentation of the Statement that give a true and fair view of the consolidated net loss, other comprehensive income and other financial information of the Group in accordance with the applicable accounting standards prescribed under Section 133 of the Act, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with the Listing Regulations.
The respective Boards of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group 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 the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the statement 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 Statement by the Directors of the Holding Company, as aforesaid.
In preparing the Statement, the respective Board of Directors of the companies included in the Group are responsible for assessing the ability of the Group 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 Group or to cease operations, or have no realistic alternative but to do so.
The respective Board of Directors of the companies included in the Group are also responsible for overseeing the financial reporting process of the Group.
Auditor's Responsibilities for the Audit of the Consolidated Financial Results
Our objectives are to obtain reasonable assurance about whether the Statement 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 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 the basis of the Statement.
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 Statement, 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.
$\text{Contd}_m$ 3
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 adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
$-3-$
- 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 ability of the Group 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 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 Group to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represent the 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 to express an opinion on the Statement. We are responsible for the direction, supervision and performance of the audit of the financial information of such entity included in the Statement of which we are the independent auditors. For the other entity included in the Statement, which has been audited by other auditor, such other auditor remains responsible for the direction, supervision and performance of the audit carried out by them. We remain solely responsible for our audit opinion.
We communicate with those charged with governance of the Holding Company 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/CMD1/44/2019 dated March 29, 2019 issued by the Securities Exchange Board of India under Regulation 33 (8) of the Listing Regulations, to the extent applicable.
$\text{Contd}_-4$
$-4-$
Other Matters
The accompanying Statement includes the audited financial results / statement and other financial $a)$ information in respect of one subsidiary, whose financial results / statement reflect total assets ofRs. 282.92 Lakhs as at March 31, 2021, total revenues of Rs.9.49 Lakhs and Rs.38.58Lakhs, total net profit after tax of Rs. 5.60 Lakhs and Rs.21.26 Lakhs for the quarter and year ended on that date respectively, and net decrease in cash inflow of Rs.6.72 Lakhs for the year ended March 31, 2021 as considered in the Statement which has been audited by other auditors. The Independent Auditor's Report on the financial statements / financial results /other financial information have been furnished to us by the management and our opinion on the Statementin so far as it relates to the amounts and disclosures included in respect of this subsidiary is based solely on the reports of such auditors and the procedures performed by us as stated in paragraph above.
Our opinion on the Statement is not modified in respect of this matter with respect to our reliance on the work done and the report of the other auditors.
The statement includes the consolidated financial results for the quarter ended March 31, 2021 and $b)$ March 31, 2020, being the balancing figure between audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the respective financial years, which were subjected to a limited review by us, as required under Regulation 33 of the Listing Regulations.
Pathak H D & Associates LLP for Chartered Accountants Firm Registration Number: 107783W/W100593
Kcudira
Sudhir Prabhu K Partner Membership No. 209589
UDIN:21209589AAAAA08690
Place: Bangalore Date: June 30, 2021
Regd.Office: Syndicate House, Manipal 576104 Udupi Dt. Karnataka
CIN | L65993KA1971PLC002106 www.icdslimited.com
AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER/YEAR ENDED MARCH 31, 2021
| Particulars | Quarter ended | Rs. in LakhsYear ended | ||||
|---|---|---|---|---|---|---|
| SI.No. | 31-Mar-21 | 31-Dec-20 | 31-Mar-20 | 31-Mar-21 | 31-Mar-20 | |
| Note 1 | (Unaudited) | Note 1 | (Audited) | (Audited) | ||
| $\mathbf{1}$ | Revenue from operations | 28.60 | 26.43 | 31.19 | 104.65 | 181.39 |
| $\overline{2}$ | Other Income [refer note 5 below]. | 38.46 | 69.43 | 8.42 | 210.76 | 167.21 |
| Total Revenue (1+2) | 67.06 | 95.86 | 39.61 | 315.41 | 348.60 | |
| 4 Expenses | 5.66 | 25.26 | 20.40 | 74.15 | 85.61 | |
| Employee benefit expenses | 2.38 | 1.96 | 7.99 | 7.96 | ||
| Finance Costs | 2.24 | 8.57 | 10.44 | 34.02 | 34.54 | |
| Depreciation and amortisation expenses | 8.36 | 14.33 | 136.10 | 97.47 | 291.21 | |
| Other expenses | 50.79 | 168.90 | 213.63 | 419.32 | ||
| Total expenses | 67.05 | 50.54 | (129.29) | 101.78 | (70.72) | |
| Profit/(loss) before exceptional items (3-4) | 0.01 | 45.32 | ||||
| Exceptional items - gain/(loss) | (129.29) | 101.78 | (70.72) | |||
| Profit/(loss) before tax (5-6) | 0.01 | 45.32 | ||||
| 8 | Tax expense | (11.27) | 0.94 | (14.40) | 3.96 | 8.85 |
| i. Current tax | 2.14 | 1.71 | 2.14 | 1.71 | ||
| K | ii. Deferred tax | 15.97 | (0.05) | 633.93 | (0.05) | |
| iii. Income tax for earlier years (refer note no.9) | (6.83) | 44.38 | (116.55) | (538.25) | (81.23) | |
| 9 Profit / (loss) for the period (7-8) | ||||||
| 10 Other comprehensive income, net of income tax | ||||||
| i. Items that will not be reclassified to profit or loss | (6.16) | (10.93) | (6.16) | |||
| Remeasurements of net defined benefit plans | (10.93) | 2.14 | 1.71 | |||
| Income tax effect | 2.14 | 1.71 | ||||
| ii. Items that will be reclassified to profit or loss. | (4.45) | |||||
| Total other comprehensive income, net of income tax | (8.79) | ¥ | (4.45) | (8.79) | ||
| 11 Total comprehensive income for the period (9+10) | (15.62) | 44.38 | (121.00) | (547.04) | (85.68) | |
| Net Profit attributable to: | (6.83) | 44.38 | (116.55) | (538.25) | (81.23) | |
| Owners of the Company | ||||||
| Non-controlling interest | ||||||
| Other Comprehensive Income attributable to: | (8.79) | × | (4.45) | (8.79) | (4.45) | |
| Owners of the Company | ||||||
| Non-controlling interest | ||||||
| Total Comprehensive Income attributable to: | (15.62) | 44.38 | (121.00) | (547.04) | (85.68) | |
| Owners of the Company | ||||||
| Non-controlling interest | 1,302.67 | 1,302.67 | ||||
| 12 Paid up equity share capital (Face value of Rs 10 each) | 1,302.67 | 1,302.67 | 1,302.67 | 840.83 | ||
| 13 Other Equity Excluding Revaluation Reserve | 293.79 | |||||
| 14 Earnings per share (EPS) (of Rs 10/each) | ||||||
| (not annualised for the quarter): | ||||||
| (a) Basic (in rupees) | (0.05) | 0.34 | (0.89) | (4.13) | (0.62) | |
| (b) Diluted (in rupees) | (0.05) | 0.34 | (0.89) | (4.13) | (0.62) |
Notes:
$\sim$ $\pm$
1 The figures of the quarter ended March 31, 2021 are the balancing figures between the audited figures in respect of the full financial year ended March 31, 2021 and the published unaudited year to date figures for the nine months ended December 31, 2020 which were subjected to limited review.
2 The audited financial results for the quarter and year ended March31, 2021 has been reviewed and approved by the Audit Committee and approved by the Board of Directors at their meeting conducted on June 30, 2021.
3 The above audited financial results have been prepared as per format prescribed in Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended.
4 The Group has identified three reportable segments viz Financial Services (recovery of loans and advances), trading, rent on premises and others. Others include marketing of the insurance products of life and general insurance companies. Segments have been identified and reported taking into account nature of products and services, the differing risks and returns and the internal business reporting systems. Accordingly, segment reporting of the Group has been prepared in accordance with Ind AS 108 'Operating Segments' prescribed under Section 133 of the Gempa ve 2013 read with relevant rules thereunder.
Regd.Office: Syndicate House, Manipal 576104 Udupi Dt. Karnataka CIN | L65993KA1971PLC002106
AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER/YEAR ENDED MARCH 31, 2021
Notes:
- 5 Other income includes dividend income, interest income, unwinding interest income on financial assets and Fair value gain/(loss) on financial assets.
- 6 The Group does not foresee any diminution in the value of investments and the provisions made in the books are adequate and the management is hopeful of recovery of the same at the stated values.
- 7 The Group has not recognised Deferred Tax Assets arised on unused losses and depreciation allowance and provision for doubtful debts (net of deferred tax Liabilities) as a matter of prudence.
- 8 The Holding Company has prepared its accounts on "going concern basis", in view of networth being positive with postive cashflows following the successful implementation of the scheme of arrangement sanctioned by the Hon'ble High Court of Karnataka and the Holding Company's foray into fee based activities, rentals from investment properties, gains from dealing in trading of shares and securities.
- 9 The Ministry of Finance, Government of India has introduced the Direct Tax Vivaad Se Vishwas Act, 2020 ('DTVSV Act, 220' or 'the Act') to help tax payers end their tax disputes with the Income Tax Department by paying disputed tax and get waiver from payment of interest and penalty and also immunity from prosecution. As per the Act, the tax payers are required to remit the disputed taxes without an additional amount by June 30, 2021. The Holding Company has obtained an opinion in this matter from tax consultants. The Holding Company during the year, based on advice from its tax counsel and the decision of the board of directors opted for the settlement under the scheme since there will not be any cash outflow required to be made in view of the amounts already paid under protest being higher than the tax liability under the DTVSV Act, 2020.
- The Holding Company has filed an online declaration during December 2020 under DTVSV Act, 2020 in respect of its Income tax demand for Block Assessment of Rs.1,011.26 Lakhs (inclusive of interest) pertaining to assessment years from 1987-88 to 1997-98 to settle matter and against which a certificate settling the tax demand at Rs.633.93 Lakhs was approved under Form 3 under of Section 5(1) of the DTVSV Act, 2020 by Department on June 15, 2021. The Holding Company had already deposited Rs.774.86 Lakhs against the said Income Tax demand as on date. The management is confident of recovering the amount paid under protest of Rs 140.93 Lakhs (after netting the tax settled under DTVSV Act, 2020 as disclosed above) based on the approval of refund vide Form 3 by the Income Tax department. The Holding Company accordingly, has made provision for income tax
- for earlier years to the extent of Rs.633.93 Lakhs which is the estimated taxes payable as per certificate in Form 3 under Section 5(1) of DTVSV Act, 2020.
- 10 The COVID-19 pandemic has impacted businesses globally and in India. The Company has continued its assessment of likely adverse impact on economic environment in general and financial risks on account of COVID-19. The Group, however, believes strongly that its offerings to the customer would not significantly impact its revenue.
The impact on future revenue streams could come from lower rental incomes on account of waivers / concessions in rent sought by the tenants and cancellation of lease agreement which is the major source of income for the Group. The Group expects the rental income to be back to the existing levels post the pandemic. However, the impact assessment of COVID-19 is a continuing process given the uncertainties associated with its nature and duration.
The Group has analysed its liquidity position and the recoverability and carrying value of its assets comprising property, plant and equipment, investment properties, right of use assets, investments, advances, trade receivables. Deferred taxes, other financial and non-financial assets etc. Based on current indicators of future economic conditions, the Group expects to recover the carrying amount of these assets. The situation is changing rapidly giving rise to inherent uncertainty around the extent and timing of the potential future impact of the COVID 19 pandemic which may be different from that estimated as at the date of approval of these consolidated financial statements.
However due to the nature of the pandemic and emerging multiple new variants of COVID 19 and treatment for its eradication, the Company will continue to be vigilant on various developments / impacts in the future so as to insulate itself from any material adverse impact.
- 11 Pursuant to SEBI Circular No. SEBI/HO/CFD/CMD/CIR/P/2020/12 dated January 22, 2020 (Erstwhile SEBI Circular No. SEBI/HO/CFD/CMD/CIR/P/2018/77 dated May 3, 2018), the suspension of the trading in the securities of the holding company will be revoked w.e.f. July 02, 2021 by National Stock Exchange of India Limited and BSE Limited vide their communication dated June 25, 2021 upon satisfactory redressal of issues of non-compliance in respect of the erstwhile Listing Agreement and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
- 12 The investors can view the audited consolidated results of ICDS Limited available on the Stock Exchange websites www.bseindia.com, www.nseindia.com and company's website www.icdslimited.com.
- 13 Figures pertaining to previous period(s) / year have been regrouped and rearranged, wherever necessary to conform to the classification adopted in the current quarter.
& ASSO
MUMBAI
ED ACCOU
$\sigma$
For and on behalf of the board of ICDS Limited
T Mohandas Pai Chairman DIN: 00104336
MilfKrishna Nayak Bha Managing Director
GR Navak Chief Financial Officer
LIM) MA $\alpha$
Place : Manipal Date: June 30, 2021 DIN: 00776729
Regd.Office: Syndicate House, Manipal 576104 Udupi Dt, Karnataka
CIN | L65993KA1971PLC002106
www.icdslimited.com AUDITED CONSOLIDATED BALANCE SHEET AS AT MARCH 31, 2021
| Rs. in Lakhs | ||
|---|---|---|
| SI. ParticularsNo. | 31-Mar-21(Audited) | 31-Mar-20(Audited) |
| $\mathbf{1}$ASSETS | ||
| ANon current assets | ||
| Property, plant and equipment | 2.04 | 3.09 |
| Right of use assets | 380.62 | 398.68 |
| Investment property | 694.72 | 709.63 |
| Financial Assets: | ||
| Non-current investments | 92.26 | 92.17 |
| Long term loans | 65.70 | 63.60 |
| Other non-current financial assets | 12.36 | 53.00 |
| Other non-current assets | 6.97 | 7.22 |
| Non current tax assets (Net) | 154.07 | 781.47 |
| Deferred tax assets (net) | 1,408.74 | 2,108.86 |
| Current assetsB | ||
| Financial Assets: | ||
| Current Investments | 361.63 | 157.44 |
| Trade Receivables | 11.38 | 10.55 |
| Cash and cash equivalents | 7.24 | 11.57 |
| Bank balances other than cash and cash equivalents | 246.58 | 301.88 |
| Short term loans | 1.26 | 3.00 |
| Other current financial assets | 8.41 | 4.11 |
| Other current assets | 3.04 | 2.82 |
| 639.54 | 491.37 | |
| Total Assets (A+B) | 2,048.28 | 2,600.23 |
| 2 EQUITY AND LIABILITIES | ||
| C Equity: | 1,302.67 | 1,302.67 |
| Equity Share capital | 633.67 | 1,180.71 |
| Other Equity | 1,936.34 | 2,483.38 |
| D Non current liabilities | ||
| Financial Liabilities | 40.99 | |
| Other non-current financial liabilities | 65.87 | |
| Other non-current liabilities | 5.60 | 2.27 |
| 71.47 | 43.26 | |
| E Current liabilities | ||
| Financial Liabilities | ||
| Short term borrowings | 13.97 | 20.14 |
| Trade payables | ||
| a) Total outstanding dues of micro and small enterprises | ||
| b) Total outstanding dues of creditors other than (a) above | 7.01 | 9.60 |
| Other current financial liabilities | 10.47 | 37.01 |
| Other current liabilities | 7.77 | 6.65 |
| Short term provisions | 0.19 | |
| Current tax Provisions (net) | 1.25 | |
| 40.47 | 73.59 | |
| Total equity and liabilities (C+D+E) | 2,048.28 | 2,600.23 |
For and on behalf of the board of ICDS Limited
T Mohandas PalChairmanDIN: 00104336 Place : Manipal
Date: June 30, 2021
Brarath Krishna NayakManaging DirectorDIN: 00776729
$AS$ O EDACCOL
LIMI; CO $.041$ MA egd
Regd.Office: Syndicate House, Manipal 576104 Udupi Dt. Karnataka CIN | L65993KA1971PLC002106www.icdslimited.com
AUDITED CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2021
| AUDITED CONSOLIDATED CASH FLOW STRICING FOR | 2020-21 | Rs. in Lakhs2019-20 |
|---|---|---|
| Particulars | (Audited) | (Audited) |
| (A) Cashflow From / (used in) operating activities | 101.78 | (70.72) |
| Profit/(Loss) before tax | ||
| Adjustments for: | 34.02 | 34.54 |
| Depreciation and amortization expense | 1.22 | 2.46 |
| Interest expenses | (31.82) | |
| Profit on sale of fixed assets | (181.10) | 133.92 |
| Fair value loss/(gain) on financial instruments | (5.99) | (5.42) |
| Unwinding interest income | (5.09) | (4.94) |
| Unwinding rental Income | 4.78 | 5.09 |
| Unwinding Interest expenses | (1.59) | (90.03) |
| Loss / (profit) on sale of investments | (18.03) | (27.26) |
| Interest on term deposits | (4.03) | (12.12) |
| Dividends - | (15.57) | |
| Reversal of provisions no longer required | 0.47 | |
| Bad debts written off | 4.53 | |
| Provision for doubtful receivable | (73.56) | (77.34) |
| Operating profit before working capital changes | ||
| Adjustments for change in working capital | (1.30) | (2.96) |
| (Increase)/ decrease in trade receivables | 7.09 | 28.74 |
| (Increase)/ decrease in loans and advances, other assets | (10.49) | (15.67) |
| Increase/(decrease) in trade payables, other liabilities and provision | (78.26) | (67.23) |
| Cash generated from operations | (9.24) | (125.26) |
| Income Tax (paid)/refunded | (87.50) | (192.49) |
| Net cash from/(used in) operating activities | ||
| (B) Cash flow from / (used in) Investing activities | ||
| Purchase of property, plant and equipment | (0.06) | (7.40) |
| Proceeds from sale of property, plant and equipment and investment property | 48.09107.37 | |
| Proceeds from sale of non-current investments | ||
| Purchase of current investments | (60.82) | ¥ |
| Proceeds from sale of current investments | 39.23 | |
| Restricted deposits/other bank balances (deposited)/withdrawn (net) | 95.30 | 53.5431.92 |
| Interest received | 13.00 | 12.12 |
| Dividend received | 4.03 | 245.64 |
| Net cash from/(used in) investing activities | 90.68 | |
| (C) Cash flow from / (used in) Financing activities: | ||
| Short term bank borrowings (net) | (6.17) | (51.52) |
| Interest paid on bank borrowings | (1.34) | (2.34) |
| Net Cash from/(used in) Financing Activities | (7.51) | (53.86) |
| Net Increase/(Decrease) in Cash equivalents (A+B+C) | (4.33) | (0.71) |
| Cash and Cash Equivalents at Beginning of the Year | 11.57 | 12.28 |
| Cash and Cash Equivalents at End of the Year | 7.24 | 11.57 |
For and on behalf of the board of ICDS Limited
T Mohandas Pai Chairman DIN: 00104336 Place: Manipal Date: June 30, 2021
Brarath Krishga Nayak
G R Nayak Chief Financial Officer
$\frac{1}{2}$
ICDS LIMITED
Regd.Office: Syndicate House, Manipal 576104 Udupi Dt. Karnataka CIN | L65993KA1971PLC002106 www.icdslimited.com
AUDITED CONSOLIDATED SEGMENT INFORMATION FOR THE QUARTER/YEAR ENDED MARCH 31, 2021
| Quarter ended | Year ended | |||||
|---|---|---|---|---|---|---|
| Particulars | 31-Mar-21 | 31-Dec-20 | 31-Mar-20 | 31-Mar-21 | 31-Mar-20 | |
| Note $(a)$ | (Unaudited) | Note (a) | (Audited) | (Audited) | ||
| I. Segment Revenue | 12.32 | 83.27 | ||||
| a) Financial services (recovery activities) | 0.08 | 5.01 | 51.60 | 1.59 | ||
| b) Trading activities | 1.30 | 0.29 | 98.54 | 144.13 | ||
| c) Rent on premises | 25.30 | 24.40 | 28.80 | 4.52 | 3.99 | |
| d) Others | 2.00 | 1.74 | 0.79 | 231.39 | ||
| Total | 28.68 | 31.44 | 81.19 | 116.97 | 50.00 | |
| Less: Intersegment Revenue | 0.08 | 5.01 | 50.00 | 12.32 | 181.39 | |
| Net Sales/Revenue from Operations | 28.60 | 26.43 | 31.19 | 104.65 | ||
| II. Segment Results: | ||||||
| Profit before tax and interest from each segment | (64.18) | 5.34 | ||||
| a) Financial services (recovery activities) | (10.51) | (19.48) | 71.65 | (121.80) | ||
| b) Trading activities | 34.80 | 62.25 | (78.61) | 186.72 | 68.12 | |
| c) Rent on premises | 18.17 | 10.17 | (12.05) | 49.70 | 0.76 | |
| d) Others | 3.02 | 1.53 | 0.20 | 4.52 | ||
| Total | 45.48 | 54.47 | (18.81) | 176.76 | (47.58) | |
| (i) Other unallocable expenditure (Net) | (48.89) | (12.62) | (73.30) | (91.09) | (142.20) | |
| (ii) Other Income | 4.58 | 4.66 | (36.50) | 19.32 | 121.93 | |
| (iii) Finance costs | (1.16) | (1.19) | (0.68) | (3.21) | (2.87) | |
| Total Profit Before Tax | 0.01 | 45.32 | (129.29) | 101.78 | (70.72) | |
| Provision for taxation | 6.84 | 0.94 | (12.74) | 640.03 | 10.51 | |
| (6.83) | 44.38 | (116.55) | (538.25) | (81.23) | ||
| Total Profit After Tax | ||||||
| III. Segment assets | 374.00 | 436.67 | 274.35 | 374.00 | 274.35 | |
| a) Financial services (recovery activities) | 363.08 | 319.18 | 158.88 | 363.08 | 158.88 | |
| b) Trading activities | 1,156.81 | 1,156.94 | 1,382.34 | 1,156.81 | 1,382.34 | |
| c) Rent on premises | 0.98 | 1.03 | 0.98 | 1.03 | ||
| d) Others | 0.98 | 164.50 | 783.63 | 153.41 | 783.63 | |
| e) Unallocable Assets | 153.41 | 2,078.27 | 2,600.23 | 2,048.28 | 2,600.23 | |
| Total | 2,048.28 | |||||
| IV. Segment Liabilities | 39.79 | 38.43 | 25.33 | 38.43 | ||
| a) Financial services (recovery activities) | 25.33 | |||||
| b) Trading activities | 78.42 | 85.36 | 78.42 | |||
| c) Rent on premises | 85.36 | 78.17 | ||||
| d) Others | ||||||
| e) Unallocable Liabilities | 116.85 | 110.69 | 116.85 | |||
| Total | 110.69 | 117.96 |
Notes:
a) The figures of the quarter ended March 31, 2021 and March 31, 2020 are the balancing figures between the audited figures in respect of the full financial year and the unaudited year to date figures upto the third quarter of the relevant financial years.
b) Interest expenditure and interest income of the company are not shown separately for financial services since the same are integral part of the financial business.
c) Figures pertaining to previous period(s) have been regrouped and rearranged, wherever necessary to conform to the classification adopted in the current quarter.
For and on behalf of the board of ICDS Limited
T Mohandas Pai Chairman DIN: 00104336
Place: Manipal Date: June 30, 2021
Bharath Kristina Nayak
Managing Director DIN: 00776729
GR Nayak Chief Financial Officer
