Skyline Millars Ltd — Annual Report 2023

May 11, 2023

SKYLINE MILLARS LIMITED

llnMay,2023

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

Referencs - Skyline Millars Limited BSE Code - ⁵⁰⁵⁶⁵⁰

Dear Sir(s),

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 recold the following matter:

The Audited Financial Results of the Company for the fourth quarter and year ended 31,t March, 2023. We enclose herewith a copy of the said Audited Financial Results alolrg with the Auditor's Report thereupon.

The Board meeting conunenced at 03.00 p.m. and concluded ut f ' 30 p.*.

Kindly take the same on record and acknowledge the receipt.

For Skyline Millars Limited

@'^kA 0r^"t

Maulik Dave Whole-time Director

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

lVlanlrlrlrai & Slrala LLp

Chartered Accountants

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 a1d Disclosure Requirements) Regulations, 20l5, 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 SI(YLINE I{ILLARS LIMTTED ("the company") for the quarter and year errded 3lst March, 2023 (,,the Statenrenf'), attached herewith, being suburimed by the cornpaly pursuant to the requirem.ent of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 20I5, 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:

• l. are presented in accordance with the recluirements of Regulation 33 of the Listing Regulations in this regard; and
• give a nue and fair view in conformity with the recognition and measurem.ent principles laid down in tlre applicable Indian Accounting Standards and other accounting principles generally accepted in India of the net profit and other comprehensive income and other finarrcial information for the quafter ard year ended 3lst Much,2023. ll

Basis of Opinion

We conducted our audit in accordarrce with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013 (the Act). Our responsibilitiei under those Standards are ftirther described in the Auditor's Responsibilities for the Auclit of the Financial Results sectiotl of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Clhartered Accountants of lndia together with the ethical requirenents that are relevant to our audit of the financial resr,rlts rurder 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-0g78 Regd.Office: G-4, Capstone, Opp. Chirag Motors, Sheth Mangaldas Road, Ellisbridge,Ahmedabad-380006. Gujarat, lndia. 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 : 022-6633355g

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

Ahmedabad o Mumbai o Rajkot. Baroda. Gandhinagar o Udaipur

fvlanLrblrai .s* Stra]r LLp Chartered Accountants

the audit evidence we have obtained is sufhcient 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 responsibte for the preparation and presentatiol of these financial results that give a true and fair view of the net profit and other cornprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting Standard prescribed undei Section 133 of the Actiead wirh relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Reguiations. This-responsibility also includes maintenance of adequate accounting records in accordance with the piovisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and olher irregularities; selection and application of appropriate accounting policles; making iudgments and estirnates that are reasonable and pmdent; and design, irnplenentation and maintenance of adequate intemal financial controls that rvere operating effectively for ensuring the accuracy and completeness of the accounting records, relevani 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 resulls, Lhe Boarcl o.f DirecLors are responsible for assessing the Company's ability to continue as a going concern, disclosrng, as applicable, matters relat-ed to going concern and using the going concern basis of accounting ,nGss the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic altemat-ive 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 flre Financial Results

Our objectives are to obtain reasonable assurance about whether the financial results as a whole are fi'ee 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 ofassurance but is not ^a guarantee that an audit conducted in accordance with SAi will always detect a material misstatemenl when it exists. Misstatenr.ents can arise from fraud or effor and are considered material if, individually or iu the aggregate, they could reasonably be expected to infllence the economic decisions of users taken on the basis of these financial results.

lvlarrublrai & Slrala LLp

Chartered Accountants

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

• . Identify atrd assess the risks of materialmisstatement of the financial results. whether due to fraud or error, design and perfomr audit procedures responsive to those risks, and obtain audit evidence that is suffrcient 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, inlentional ornissions, misrepresentations, or the override of internal control.
• r Obtain an understanding ofinternal control relevaff to the audit in order to design audit procedures that are appropriate in the circumstances- Under Section 143(3) of the Act, .ve 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 frrancial controls with reference to financial statements in place and the operative effecfiveness 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 tenns of ilre requirements specified under Regulatiou 33 of the Listing Regulations.
• Conclude on the appropriateuess 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 uncertainfy 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, fliture 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 regar-ding the financial result of the company to express an opinion on the financial results.

lVlarrrrblrai & Slralr LLp

Chartered Accountants

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 rnateriality 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 governiulce regarding, among otler 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 govemance 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 ow independence, and where applicable, related safeguards.

Other Matters

The financial results include the results for the quarter ended 3lst March,2023 being the balancing figure between the audited figures in respect of the full furancial year and the published unaudited year to date figures up 1o the third quarler of the current financial year which were subject to limited review by us.

For Manubhai & Shah LLP Chartered Accountants FRN: 106041WW100136

CA Laxminarayan P Yekkali Partner Membership No.: 114753 Mumbai, llth NIay 2023 IJDIN: 23 rl47 53BGWPLK372 6

SKYLINE MILLARS LIMITED CIN NO. L63020MH1919PLC000640 REGD. OFFICE : 4TH FLOOR, CHURCHGATE HOUSE 32-34, VEER NARIMAN ROAD, FORT, MUMBAI - 400001 STATEMENT OF FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31st MARCH, 2023

						(Rs. In Lakhs)
Sr.	Particulars		Quarter ended			Year ended
No.		31.03.2023	31.12.2022	31.03.2022	31.03.2023	31.03.2022
		(Unaudited)	(Unaudited)	(Unaudited)	(Audited)	(Audited)
	Income
	(a) Revenue from operations (Gross)	$\overline{\phantom{a}}$	0.00	0.00	15.05
	(b) Other Income	11.84	10.68	10.08	43.23	207.09
1	Total Income	11.84	10.68	10.08	58.28	207.09
	Expenses
	(a) Cost of materials consumed
	(b) Purchase of stock in trade			۰
	(c) Change in inventories of finished goods, work-in-progress and stock-in-trade (d) Cost of Construction			٠	16.30
	(e) Excise Duty		0.00	u,
	(f) Employee benefits expenses	8.55	8.71
	(g) Finance cost		0.00	8.76	31.62	33.57
	(h) Depreciation and amortisation expenses	0.23	0.39	0.00 0.38	0.93	1.55
	(i) Other Expenses	52.85	19.31	24.27	170.36	89.36
$\overline{2}$	Total Expenses	61.63	28.41	33.42	219.21	124.49
3	Profit / (Loss) before exceptional items and tax (1-2)	(49.79)	(17.73)	(23.34)	(160.93)	82.60
4	Exceptional items
5	Profit / (Loss) before tax (3 - 4)	(49.79)	(17.73)	(23.34)	(160.93)	82.60
	Tax Expense
	a) Current tax b) (Excess)/Short Tax Provision of earlier years
	c) Deferred tax	s	٠	(0.22)		(0.22)
6	Total Tax Expense	٠ ۰	٠
				(0.22)	$\blacksquare$	(0.22)
7	Profit / (Loss) for the period from continuing operations (5 - 6)	(49.79)	(17.73)	(23.12)	(160.93)	82.82
8	Loss from discontinuing operations	(17.85)	(1.99)	(1.90)	(23.42)	(8.14)
9	Tax Expenses of discontinuing operations
10	Loss from discontinuing operations (8 - 9)	(17.85)	(1.99)	(1.90)	(23.42)	(8.14)
11	Profit / (Loss) for the period $(7 + 10)$	(67.64)	(19.72)	(25.02)	(184.35)	74.68
	Other Comprehensive Income (Net of Tax)
	A. Items that will not be reclassified to Profit & Loss
12	Total Other Comprehensive Income	(0.05) (0.05)	(0.00)	0.14	(0.17)	0.21
			(0.00)	0.14	(0.17)	0.21
13	Total Comprehensive Income for the period (11+12)	(67.69)	(19.72)	(24.88)	(184.52)	74.89
14	Paid up Equity Share Capital (Face Value Re 1/- each)	402.24	402.24	402.24	402.24	402.24
15	Reserves excluding Revaluation Reserves as at Balance Sheet date				2,174.33	2,358.86
16	Earning per Share (EPS)
	a) Earning per share Basic & Diluted (in Rs) (for continuing operations) (not annualised)
	b) Earning per share Basic & Diluted (in Rs) (for discontinuing operations) (not	(0.12)	(0.04)	(0.06)	(0.40)	0.21
	annualised)	(0.04)
			(0.00)	(0.00)	(0.06)	(0.02)
	c) Earning per share Basic & Diluted (in Rs) (for total operations) (not anuualised)	(0.17)	(0.05)	(0.06)	(0.46)
						0.19

Notes:

Place: Mumbai

• The above results have been reviewed by the Audit committee and approved by the Board of Directors at their respective meetings held on 11th May, 2023.
• 2t The above results have been prepared in accordance with Companies (lndian Accounting Standards) Rules, 2015 ('lnd fu') prescribed under section 133 ofthe Companies Act,2013, read together with rule 3 ofthe Companies (lndian Accounting Standards) Rules, 2015 and companies (lndian Accounting standards) (Amendment) Rules, 2016
• The company is primarily engaged in Real Estate business and after discontinuation of Umreth division there is only one reportable segment. 3)
• Figures forthe previous periods have been re-grouped / re-arranged wherdver necessary. 4l

For and on behalf of Board of Directors

Date 3LUO5|2O23

DIN No.01448536 (Whole time Director)

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

		(Rs. In Lakhs)
Particulars	As at 31.03.2023 (Audited)	As at 31.03.2022 (Audited)
ASSETS
Non-current assets
Property, Plant and Equipment	25.23	26.16
Other Intangible assets	0.00	0.00
Investment Property
Financial Assets
(i) Non-current investments	0.41	0.58
(ii) Trade receivables
(iii) Loans
(iv) Other financial assets	303.63	303.38
Deferred tax assets (net)
Other non-current assets	34.95	35.61
Total Non-Current Assets	364.22	365.73
Current assets
Inventories	1,257.00	1,246.60
Financial Assets
(i) Trade and other receivables	1.37	6.99
(ii) Cash and cash equivalents	65.28	78.87
(iii) Bank balances other than (ii)	707.10	775.90
(iv) Loans	0.05	0.18
Assets for Current Tax (Net)
Assets Classified as Held for Sale	310.26	368.12
Other current assets	1.02	1.27
Total Current Assets	2,342.07	2,477.92
Total Assets	2,706.29	2,843.64
EQUITY AND LIABILITIES
Equity
Equity Share capital	402.24	402.24
Other Equity	2,174.33	2,358.86
Total Equity	2,576.58	2,761.10
Non-current liabilities
Financial Liabilities
(i) Other financial liabilities - non-current	45.06	44.76
Other non-current liabilities
Provisions	34.95
Liabilities for Non Current Tax (Net)
Total Non-current Liabilities	19.08 99.09	12.46 57.22
lCurrent liabilities
Financial Liabilities
(i) Short Term Borrowings
(ii) frade and other payables
Total outstanding dues of micro enterprises and small
enterprises
Total outstanding dues of creditors other than micro
enterprises and small enterprises	٠
(iii) Other financial liabilities	21.80	24.15
Other current liabilities	8.78	1.12
Current Tax Liability
Provisions
Total Current Liabilities	30.58	25.27
Total Equity and Liabilities	2,706.29	2,843.64

For and on behalf of Board of Directors

au lit. Dave $\curvearrowright$

Place : Mumbai Date: 11/05/2023

Mr.Maulik H Dave DIN No. 01448536 (Whole time Director)

(o.oo)	(0.01)

	lst Cash Flow Statement for the year ended 2023		ln Lakhsl
		Year ended	Year ended
		3lst March, 2023	3lst March, 2022
A)	Cash Flow from operating activities
	Profit / (Loss) before tax from
	Continuing operations	(150.s3)	82.60
	Discontinued Operations	(23.42l.	(8.14)
	Loss before tax including discontinued operations	(184.3s)	74.47
	Adjustments for
	Depreciation and amortisation expense	0.93	1.55
	lmpairment loss
	Finance cost
	Interest income from financial assets at amortised cost	(42.231	(36.66)
	Dividend income		(0.01)
	Inventory written off
	Sundry balances written back	(0.35)
	Provision for GST	34.95
	Net loss on sale of assets classified as held for sale Net gain on disposal of property, plant and equipment	1s.89
	Operating loss before working capital changes
		(17s.18)	39.35
	Adjustments for
	(lncrease)/Decrease in trade receivables
	Increase/(Decrease) in trade payables	5.62	21,.L2
	(lncrease)/Decrease in fi nancial assets	(0.12)
	(lncrease)/Decrease in other assets	0.90	(24.46], 5.r2
	(lncrease)/Decrease in assets classified as held for sale		(0.00)
	Increase/(Decrease) in fi nancial liabilities	11 6ql	15.09
	Increase/(Decrease) in provisions
	Increase/(Decrease) in other liabilities	7.66	(6.27)
	(lncrease)/Decrease in inventories	(10.40)	(2.08)
	Cash flow from / (used in) operating activities post working capital changes	(173.201	48.86
	Income taxes paid (Net of refunds)	6.62	247
	Net Cash flow generated from / (used in) operating activities (A)	(165.s8	51.33
	J, LaSh Ftow trom investing activities
	Purchase of property, plant and equipment
	Proceeds from property, plant and equipment	0.00	0.00
	Proceeds from investmenrs		0.38
	Deposits with bank
	Proceeds from assets classified as held for sale Interest income	4t.95
	Dividend received	42.23	36.66
	Net Cash Flow from investint activities (B)		0.01
		84.19	37.05
l)	Cash Flow from financing activities
	Proceeds from borrowings
	Repayments of borrowings
	Interest paid
	Net Cash Flow used in financing activities (C)
	Net increase / (decrease) in cash and cash equi
		(82.391	88.37
	Cash and cash equivalents at the beginning of t	854.77	766.39
	Cash and cash equivalents at the end of the ye	772.38	854.77
		(0.00)l	(0.01)
	Note:

1 The cash flow statement has been prepared under the indirect method as set out in Indian Accounti 2rf;:;d,"".torNDAs ffi.. ng Standard (lnd AS 7) statement of cash

(0.00) (0.01)

Cash Flow Statement for the year ended 31st March, ²⁰²³ (Rs. tn

The amendments to lND 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, sutgestint of inclusion of reconciliation between opening and closing balances in the Balance sheet for liabilities arising from financing activities, to meet the disclosure requirement.

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

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

As per our Report of Even Date For Manubhai and Shah LIP Accountants FRN 105041W / W100136

Laxminarayan P Yekkali

For and on behalf of the Board of directors

Director No. ¹¹⁴⁷⁵³ DIN No.01448536 Whole time Director

Mr,Shilpin K. Tater Mrs. Neclam Shah DfN No. 02820572 CompanySecretary

Mr. Harshal Phatak cFo

Place : Mumbai Date: LL/05/2O23

l1lr'May,2023

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

Reference: - Skyline Millars Limited BSE Code - ⁵⁰⁵⁶⁵⁰

Dear Sir(s),

SEBI (LODR) (Amendment)Regulations, 2015.

Dear Sir/Madam,

I, Maulik Dave, Whole-tirne Director of the Company, in compliance with Regulation 33(3Xd) of SEBI (Listings Obligations and Disclosure Requirements) Regulatioru 2015, hereby confirm that Manubhai & Shah LLP (Firm Registration No. 106041W /W -1.00196), 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'tMarclu 2023.

This is for your information and records

For Skyline Millars Limited

I4/hole-time Director DIN:0L448536

Sales Office : Cl2, Skyline Welthspace, Gate No. 2, Skyline Oasis, Premier Road, Vidyavihar (w), Mumbai - 400 086 Tel. : (022) 25112194195