Skyline Millars Ltd — Annual Report 2021

May 27, 2021

27th May, 2021

To, The Manager - Listing Department The BSE Limited PhirozeJeejeebhoy Towers, Dalal Street, Mumbai - 400 001.

Reference: - Skyline Millars Limited BSE Code - 505650

Dear Sir(s),

Sub: Outcome of the Proceeding of the Board Meeting held on Thursday, 27th May, 2021 -Disclosure of information under Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

With reference to above captioned subject, we wish to inform you that the Board of Directors at their meeting held today has approved and took on record the following matter:

The Audited Financial Results of the Company for the fourth quarter and year ended 31st March, 2021. We enclose herewith a copy of the said Audited Financial Results along with the Auditor's Report thereupon.

The Board meeting commenced at 3.45 p.m. and concluded at 6.30 p.m.

Kindly take the same on record and acknowledge the receipt.

For Skyline Millars Limited

lopot Harshal Phathak MUMBA 10000 CFO Encl.: as above

Sales Office : C/2, Skyline Welthspace, Gate No. 2, Skyline Oasis, Premier Road, Vidyavihar (w), Mumbai - 400 086. Tel.: (022) 2511 2194 / 95

Manubhai & Shah LLP

C h a r t e r e d A c c o u n t a n t s

Independent Auditor's Report on the Quarterly and Year to Date 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 SKYLINE MILLARS LIMITED

Report on the audit of the Financial Results

Opinion

We have audited the accompanying statement of financial results of SKYLINE MILLARS LIMITED ("the Company") for the quarter and year ended 31st March, 2021 ("the Statement"), attached herewith, being submitted by the company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations").

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

• i. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
• ii. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian Accounting Standards and other accounting principles generally accepted in India of the net profit and other comprehensive income and other financial information for the quarter and year ended 31st March, 2021.

Basis of Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013 (the Act). Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Financial Results section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial results under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that

Manubhai & Shah LLP, a Limited Liability Partnership with LLP identity No.AAG-0878 Regd.Office: G-4, Capstone, Opp. Chirag Motors, Sheth Mangaldas Road, Ellisbridge, Ahmedabad-380006. Gujarat, India. Phone : +91 79 2647 0000 Fax : 91-79-2647 0050 Email : info@msglobal.co.in

3C, Maker Bhavan-2, 18, New Marine Lines, Mumbai - 400020. Phone : 022-66333558

Email : infomumbai@msglobal.co.in Website : www.msglobal.co.in

Ahmedabad • Mumbai • Rajkot • Baroda • Gandhinagar • Udaipur

Manubhai & Shah LLP

C h a r t e r e d A c c o u n t a n t s

the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Management's Responsibilities for the Financial Results

These financial results have been prepared on the basis of annual financial statements. The Company's Board of Directors are responsible for the preparation and presentation of these financial results that give a true and fair view of the net profit and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 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 of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error.

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

The Board of Directors are also responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Financial Results

Our objectives are to obtain reasonable assurance about whether the 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 the basis of these 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 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.

• C h a r t e r e d A c c o u n t a n t s
• 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) of the Act, we are also responsible for expressing our opinion through a separate report on the complete set of financial statement on whether the Company has adequate internal financial controls with reference to financial statements in place and the operative effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
• Evaluate the appropriateness and reasonableness of disclosure 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 Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial results, including the disclosures, and whether the financial results represent the underlying transactions and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial result of the company to express an opinion on the financial results.

Materiality is the magnitude of misstatements in the financial results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the 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 financial result.

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.

Manubhai & Shah LLP

C h a r t e r e d A c c o u n t a n t s

Other Matters

The financial results include the results for the quarter ended 31st March, 2021 being the balancing figure between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year which were subject to limited review by us.

For Manubhai & Shah LLP Chartered Accountants Firm's Registration No: 106041W/W100136

LAXMINARAY AN PERAIAH YEKKALI Digitally signed by LAXMINARAYAN PERAIAH YEKKALI Date: 2021.05.27 17:35:37 +05'30'

CA Laxminarayan P Yekkali Partner Membership No.: 114753

Mumbai, 27th May 2021

UDIN: 21114753AAAACH3066

SKYt!NE MILI.ARS TIMITED ctN No. t63020MH1919PrC000640 REGD. OFFICE :4TH FLOOR, CHURCHGATE HOUSE 32-34 VEER NARIMAN ROAD, FORT, MUMBA] _ 400001 STATEMENT OF FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31st MARCH, 2021

Sr.		Quarter ended			Year ended
No.	Particulars	31.03.2021 3L.12.2020		31.03.2020 31.03.2021		31.03.2020
		{Unauditedl	(Unaudited)	(Unauditedl	(Audited)	(Audited)
	lncome
	ia) Revenue from operations ( Gross)	21.68	208. 16	17.28,	423.52	379.61
	ib) Other Income	8.64	77.27	25.9e	68.07	36.24
1	Income Expenses	30.32	2t9.37	43.24	491.5!	415.85
	(a) Cost of materials consumed
	(b) Purchase of stock in trade			0.00
	(c) change in inventories offinished goods, work-in-progress and stock-in-trade			0.00
	(d) Cost of Construction	19.55	38.43	15.23	78.27	40.7t
	(e) Excise Duty	0.00	0.00	(0.00)	0.00	(0.00)
	(f) Employee benefits expenses	7.70
	(g) Finance cost	(o.oo)	7.42	7.79	29.23	36.19
	(h) Depreciation and amortisation expenses	0.59	0.05 0.77	0.03 0.66	0.16	0.03
	(i) Other Expenses	33.43	13.58	42.45	2.72 74.42	2.68 !47.97
2	fotal Expenses	51.27	60.19	66.15	t84.74	227.57
3	Profit / (Loss) before exceptional items and tax (1-2)	(30.ss)	r.59.18	Q2.9rl	306.85	188.28
4	Exceptional items
5	Profit/ (Loss) beforetax (3 -4)	(30.9s1	159.18	Q2.gtl	305.85	188.28
	fax Expense
	r) Current tax
	o) (Excess)/Short Tax Provision of earlier years	0.00		(0.00)	ro.rgl	(0.11)
6	J Deferred tax lotal Tax Expense	(0.001	32.45		32.45
		(0.001	32.45	{0.001	32,25	(0.111
7	Profit / (Loss) for the period from contlnuing operations (5 - G)	(30.9s
			t26.73	122.9t	274.60	188.39
8	,oss from discontinuing operations	(2 62)	(2s.361	(6.12)
9	fax Expenses of discontinuing operations				(3s.881	(s3.s8)
10	-oss from discontinuing operations (8 - 9)	Q.621	(2s.361	(5.12)	(3s.88)	(e3.s8)
11	Profit / (Loss) for the period (7 + 10)	(33.s71	101.37	(29.03,	238.72	94.81
	Other Comprehensive Income (Net of Tax)
	A. ltems that will not be reclassified to profit & Loss	0.12	003	(0.19	018	(0.931
	lotal Other Comprehensive Income	0.12	0.03	(0.1e)	0.18	(0.93
	fotal Comprehensive lncome for the period (11+12)
		(33.45	101.40	(29.22)	238.90	93.88
	Paid up Equity Share Capital (Face Value Re {- each)
		402.24	402.24	402.24	402.24	402.24
	Reserves excluding Revaluation Reserves as at Balance Sheet date
					2,283.97	2,045.O7
	Earning perShare (EPS)
	a) Earning per share Basic & Diluted (in Rs) (for continuing operations) (not
	annualised)	(0.08)	0.32	(0.06)	0.58	o.47
	b) Earning per share Basrc & Diluted (in Rs) (for discontinuing operations) (not
	annualised)	(0.01)	(0.061	(0.02)	(0.0s)	(0.23)
	c) Earning per share Basic & Diluted (in Rs) (for total operations) (not anuualised)	10.08)	o.25	(o.07l	0.59	o.24

Notes:

• The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 27thMay,2O2!.
• 2l The above results have been prepared in accordance with Companies (lndian Accounting Standards) Rules, 2015 ('lnd As') prescribed under section 133 of the Companies Act,2013, read together with rule 3 of the Companies (lndian Accounting Standards) Rules, 2015 and Companies (lndian Accounting Standards) (Amendment) Rules, 2016
• The Company has considered possible impact of known events arising from COVID 19 pandemic on the carrying amount of assets in the preparation of financial statements. However, the impact assessment of COVID 19 is a continuing process given the uncertainities associated with its nature and duration. The company will continue to monitor any material changes to future economic conditions. The Company has consider the internal and external source of information including economic forecasts and industry reports up to the date of approval of the financial statements in determining the impact on various elements of its financial statements. The Company has use the principles of prudence in applying judgements, estimates and assumptions including sensitivity analysis and base on the current estimates, the company does not have any impact due to covid-19 outbreak. The eventual outcome of impact of the global health pandemic may be different from those estimated as on date of approval of these financial statements.
• The Company has chosen to exercise the option of lower tax rate under section 115BAA of the Income Tax Act, 1961 introduced vide the Taxation Laws (Amendment) Act, 2019. Accordingly, the tax expense for the period and consequently the profit after tax is not comparable with the corresponding figures of the previous year. 4l
• During Quarter ll, The management of the Company hase decided to discontinue one of the division at Umreth vide Board Resolution dated 24th August,2020, s)
• The Company is primarily engaged in Real Estate business and after discontinuation of Umreth division there is only one reportable segme 6)
• Figures forthe previous periods have been re-grouped / re-arranged wherever necessary. 7l

For and on behalf of Board of Directors

DIN No.01448535 (Whole time Director)

Place: Mumbai Dare ,27l0sl202l

SKYLINE MILLARS LIMITED SKILINE WILLARS LIWITED
CIN NO. L63020MH1919PLC000640
REGD. OFFICE : 4TH FLOOR, CHURCHGATE HOUSE
32-34, VEER NARIMAN ROAD, FORT, MUMBAI - 400001 AUDITED BALANCE SHEET

As at 31.03.2020 Particulars (Audited) (Audited) ASSETS Non-current assets Property, Plant and Equipment 27.71 121.22 Other Intangible assets 0.00 0.00 Investment Property 0.00 38.09 Financial Assets (i) Non-current investments 0.54 0.73 (ii) Trade receivables (iii) Loans 65.81 65.81 (iv) Other financial assets 187.87 226.18 Deferred tax assets (net) 68.85 Other non-current assets 31.06 81.68 Total Non-Current Assets 313.19 602.36 Current assets Inventories 1,244.51 1,317.46 Financial Assets (i) Trade and other receivables 28.11 13.22 (ii) Cash and cash equivalents 49.52 57.46 (iii) Bank balances other than (ii) 716.87 329.67 (iv) Loans 0.39 0.33 Assets for Current Tax (Net) Assets Classified as Held for Sale 368.12 310.26 Other current assets 35.95 37.96 Total Current Assets 2,443.47 2,066.34 Total Assets 2,756.66 2,668.71 EQUITY AND LIABILITIES Equity Equity Share capital 402.24 402.24 Other Equity 2,283.97 2,045.07 Total Equity 2,686.22 2,447.31 Non-current liabilities Financial Liabilities (i) Other financial liabilities - non-current 16.34 19.15 Other non-current liabilities 31.06 31.00 Provisions 80.53 Liabilities for Non Current Tax (Net) 10.23 7.00 Total Non-current Liabilities 57.63 137.69 Current liabilities Financial Liabilities (i) Short Term Borrowings (ii) Trade and other payables Total outstanding dues of micro enterprises and small enterprises ٠ ٠ Total outstanding dues of creditors other than micro enterprises and small enterprises 0.08 (iii) Other financial liabilities 11.46 22.60 24.64 1.35 36.40 12.81 83.72 Total Equity and Liabilities 2,756.66 2,668.71			( Rs. In Lakhs )
		As at 31.03.2021
	Other current liabilities
	Current Tax Liability
	Provisions
	Total Current Liabilities

For and on behalf of Board of Directors

1. a Clave

$LA$ W $\overline{\omega}$ MUMBAI 400001 ŵ

Place : Mumbai Date: 27/05/2021

	Cash Flow Statement for the year ended 31st March, 2021		(Rs. In takhs)
		Year ended	Year ended
		3lst March, 2021	31st March, 2020
A)	Cash Flow from operating activities
	Profit / (Loss) before tax from
	Continuing operations	306.8s	188.28
	Discontinued Ooerations	(3s.88	(93.s8
	Loss before tax including discontinued operations	270.96	94.69
	Adjustments for
	Depreciation and amortisation expense	9.24	13.48
	lmpairment loss
	Finance cost	0.16	0.03
	lnterest income from financial assets at amortised cost	(2s.83)	(29.22)
	Dividend income	(0.01)	(0.03)
	Inventory written off		t7.37
	5undry balances written back	(29.1s)	(s.33)
	Provision for Doubt ful		74.78
	Net loss on sale of assets classified as held for sale	22.O3
	Net gain on disposal of property, plant and equipment		(0.s7)
	Operating loss before working capital changes	247.40	t64.79
	Adjustments for
	(lncrease)/Decrease in trade receivables	(r4 89)	21.5L
	Increase/(Decrease) in trade payables	0.39
	(lncrease)/Decrease in fi nancial assets	38.31	91.56
	(lncrease)/Decrease in other assets	o.70	L7.tO
	(lncrease)/Decrease in assets classified as held for sale
	Increase/(Decrease) in financial liabilities	38.09 (13.ss)	(22.oo)
	Increase/( Decrease) in provisions		(2.67)
	Increase/(Decrease) in other liabilities	(23.2tr,	1.80
	(lncrease)/Decrease in inventories	72.94	27.4L
	Cash flow from / (used in) operating activities post working capital changes Income taxes paid (Net of refunds)	345.79 3.42	299.51 4.54
	Net Cash flow generated from / (used in) operating activities (A)	349.2t	304.05
	Cash Flow from investing activities
	Purchase of property, plant and equipment
	Proceeds from property, plant and equipment	4.38	o.97
	Proceeds from investments		2.95
	Deoosits with bank
	Proceeds from assets classified as held for sale
	lnterest income	25.83	29.22
	Dividend received	0.01	0.03
	Net Cash Flow from investint activities (B)	30.23	33.17
	Cash Flow from financing activities
	Proceeds from borrowings
	Repayments of borrowings
	Interest paid	(0.16t
	Net Cash Flow used in financing activities (C)	(0.16
	Net increase / (decrease) in cash and cash equivalents (A+B+C)	379.27	337.21
	Cash and cash equivalents at the beginning of the year	387.13	49.92
	Cash and cash equivalents at the end of the year	766.39	387.13

Note:

1 The cash flow statement has been prepared under the indirect method as set out in Indian Accounl flows. :ing Standard (lnd AS 7) statement of cash

2 Amendment to IND AS 7

Cash Flow Statement for the year ended 31st March, 2021 (Rs. In takhs)

The amendments to IND AS 7 Cash flow statements requires the entities to provide disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities, including both changes arising from cash flows and non cash changes, suggesting of inclusion of reconciliation between opening and closing balances in the Balance sheet for liabilities arising from financing activities, to meet the disclosure requirement. This amendment has become effective from 1st April, 2Ot7 and the required disclosure is below.

		Non cash changes Interest accrued but not due
Borrowings - Non current Borrowings - Current
		Non cash changes

		Non cash changes Interest accrued but not due
Borrowings - Non current
Borrowings - Current

Manubhai and Shah LIP Accountants 106041W / W100136

Laxminarayan P Yekkali No. 1l-4753

: Mumbai 27/0s/2027

per our Report of Even Date For and on behalf of the Board of directors

6^hI S"/ \Z Mr.Mautik H Dave

DIN [o.01448536 t hole time Director Mrs. Neelam Shah Company Secretary

Mr. Harshal Phatak cFo

Place : Mumbai DaIe : 27 /O5/202I

27th May, 2021

To, The Manager - Listing Department The BSE Limited PhirozeJeejeebhoy Towers, Dalal Street, Mumbai - 400 001.

Reference: - Skyline Millars Limited BSE Code - 505650

Dear Sir(s),

Sub: Declaration on the Auditor's Report with Unmodified Opinion under Regulation 33 of SEBI (LODR)(Amendment)Regulations, 2015.

Dear Sir/Madam,

I, Maulik Dave, Whole-time Director of the Company, in compliance with Regulation $33(3)(d)$

of SEBI (Listings Obligations and Disclosure Requirements) Regulation, 2015, hereby confirm that Manubhai & Shah LLP (Firm Registration No. 106041W/W 100136), Statutory Auditors have issued an Audit report with unmodified opinion in respect of the Audited Standalone Financial Results of the fourth quarter and year ended 31^stMarch, 2021.

This is for your information and records

For Skyline Millars Limited

Daubih alane

Maulik Dave Whole-time Director DIN:01448536

Sales Office : C/2, Skyline Welthspace, Gate No. 2, Skyline Oasis, Premier Road, Vidyavihar (w), Mumbai - 400 086. Tel.: (022) 2511 2194 / 95