Skyline Millars Ltd — Interim / Quarterly Report 2020

Jul 14, 2020

l4hJuly,2020

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

Reference: - skyline MiIIars Limited BSE Code _ s05d50

Dear Sir,

with reference to 1b-ove at captioned subjec! we wish to inform you that the Board of Directors their meeting held todalhas approved and took on record the following matter:

T\e Audited Financial Results of the lolranr for the fourth quarter and year ended 31,t ilffiHi.',g#fi?:i.fi l;:"J"'hff ;;iiJi;I"J;Resurts;d;-c"-pany,arongwith

The Board meeting conunence d, at2.4sp.m. and concruded at 5.L5 p.m.

K\$dly take the same on record and acknowledge the receipt.

Fqr Skyline MiIIars Limited

,ts iao

Safes Office : Cl2, Skyline Welthspace, Gate No. 2, Skyline Oasis, Premier Road, Vidyavihar (w), Mumbai - 400 086. Tel. : (022) 2511 2194 | 95

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, 2020 ("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, 2020.

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

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

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

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 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.

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

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.
• 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.
• 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.

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.

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, 2020 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 P YEKKALI Digitally signed by LAXMINARAYAN P YEKKALI Date: 2020.07.14 16:21:27 +05'30'

CA Laxminarayan P Yekkali Partner Membership No.: 114753

Mumbai, 14th July 2020

UDIN: 20114753AAAAAW4610

SKYLINE MILTARS L]MITED clN No. 163020MH1919P1C000540 REGD. OFFICE :4TH FLOOR, CHURCHGATE HOUSE 32-34 VEER NARTMAN ROAD, FORT, MUMBAT - 400001 STATEMENT OF FINANCIAL RESULTS FOR THE qUARTER AND YEAR ENDED 31st MARCH, 2020

						(Rs. In Lakhs)
Sr.	Particulars		Quarter ended			Year ended
No.		31.03.2020	31.12.2019	31.03.2019	31.03.2020	31.03.2019
		(Unaudited)	(Unaudited) (Unaudited)		(Audited)	(Audited)
	Income
	(a) Revenue from operations (Gross)	17.32	16.51	87.01	379.78	449.95
	(b) Other Income	25.96	6.13	8.56	36.24	37.79
$\mathbf{1}$	Total Income	43.28	22.64	95.57	416.02	487.74
	Expenses (a) Cost of materials consumed
	(b) Purchase of stock in trade	$\qquad \qquad \blacksquare$	0.00	15.56	5.38	16.39
	(c) Change in inventories of finished goods, work-in-progress and stock-in-trade	15.23		0.00
	(d) Cost of Construction	(0.00)	14.65 0.00	15.18 3.46	45.54	(141.58)
	(e) Excise Duty				(0.00)	286.67
	(f) Employee benefits expenses	8.42	9.79	14.05	38.67	53.70
	(g) Finance cost	0.03	0.00	4.47	0.03	25.22
	(h) Depreciation and amortisation expenses	3.36	3.32	3.76	13.48	15.54
	(i) Other Expenses	43.42	22.20	93.73	205.43	216.13
2	Total Expenses	70.46	49.96	150.21	308.53	472.07
3	Profit / (Loss) before exceptional items and tax (1-2)	(27.18)	(27.32)	(54.64)	107.49	15.67
4	Exceptional items
5	Profit / (Loss) before tax (3 - 4)	(27.18)	(27.32)	(54.64)	107.49	15.67
	Tax Expense
	a) Current tax b) (Excess)/Short Tax Provision of earlier years	$\overline{\phantom{a}}$	÷
	c) Deferred tax	(0.00)	(0.43)	0.11	(0.11)	0.11
6	Total Tax Expense	(0.00)	(0.43)	0.11	(0.11)
						0.11
7	Profit / (Loss) for the period from continuing operations (5 - 6)	(27.18)	(26.89)	(54.75)	107.60	15.56
8	Loss from discontinuing operations	(1.85)	(1.14)	(7.62)	(12.79)	(36.80)
9	Tax Expenses of discontinuing operations					۰
10	Loss from discontinuing operations (8 - 9)	(1.85)	(1.14)	(7.62)	(12.79)	(36.80)
11	Profit / (Loss) for the period $(7 + 10)$	(29.03)	(28.03)	(62.37)	94.81	(21.24)
	Other Comprehensive Income (Net of Tax) A. Items that will not be reclassified to Profit & Loss
12	Total Other Comprehensive Income	(0.19)	0.13	(0.23)	(0.93)	(0.13)
		(0.19)	0.13	(0.23)	(0.93)	(0.13)
13	Total Comprehensive Income for the period (11+12)	(29.22)	(27.90)	(62.60)	93.88
						(21.37)
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				2,045.07	1,951.18
16	Earning per Share (EPS)
	a) Earning per share Basic & Diluted (in Rs) (for continuing operations) (not
	annualised)	(0.07)	(0.07)	(0.14)	0.27	0.04
	b) Earning per share Basic & Diluted (in Rs) (for discontinuing operations) (not
	annualised)	(0.00)	(0.00)	(0.02)	(0.03)	(0.09)
	c) Earning per share Basic & Diluted (in Rs) (for total operations) (not anuualised)
		(0.07)	(0.07)	(0.16)	0.24	(0.05)

Notes :

• 1) The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 14th JulV,2020.
• 2l The above results have been prepared in accordance with Companies (lndian Accounting Standards) Rules, 2015 ('lnd As') 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
• 3) Inventories to the extent of Rs 17.37 lakhs (P.Y 28.91/-)has been written down to net realisable value and recognise as an expense,
• 4) The figures for the quarter ended 31st March 2020 and 31st March 2019 are the balancing figures between the audited figures in respect of the full financial year and the published year to date figures upto the third quarter of the relevant financial years.
• 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 associatedwithitsnatureandduration.Thecompanywill continuetomonitoranymaterialchangestofuture 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 applyingjudgements, estimates and assumptions including sensitivity analysis and base on the current estimates, the company does not have any impact due to covid-lg 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.
• Figures for the previous periods have been re-grouped / re-arranged wherever necessary. 6l

For and on behalf of Board of Directors

Mr.Maulik H Dave DIN No.01448535 (Whole time Director)

Place: Mumbai Date:l4l07l2O20

SKYLINE MITLARs LIMITEO crN No. 163020MH1919PtC000640 REGD. OFFICE :4th Floor, Churchgate House, 32- 34,Veer Nariman Road, Fort, Mumbai - 400 001

SEGMENT REPORTING FOR THE qUARTER AND YEAR ENDED 31st MARCH, 2O2O

						Rs. In Lakhs
Sr			Quarter ended		Year ended
	Particulars	31.03.2020	3t.L2.20L9	31.03.2019	31.03.2020	31.03.2019
		lUnauditedl	lUnaudited)	(Unaudited)	(Audited)	(Audited)
1
		0.17		3.04	o.77	7.77
	uing Operation)			t.74		4.4L
		t7.r4	16.51	83.97	379.60	442.t8
	enue from operations	L7,3L	16.51	88.75	379.78	454.36
2
	nterest from each Segment
		14.t4l	(3.861	(t6.42],	(80.79	(28.69)
	uing Operation)	(1.6s)	(1.14)	(8.32)	(12.s9	(37.s0)
		(35.28)	(1s.821	{20.18)	210.88	106.08
	TOTAT	(42.0s)	(20.82)	144.s2)	rt7.52	39.89
	Un-allocable Expenses net of Un-allocable Income*+	0.03		4.47	0.03	25.22
	Total profit / (toss) Before Tax	(13.09)	7.65	t2.87	22.76	35.80
3	Segment Assets	(28.esl	128.47"	162.26	94.73	t21.131
	a) Construction Equipment	92.01
	b) Pre-Cast Pipes (Discontinuing Operation)	310,28	94.80 310.54	L67.97	92.01	167.97
	c) Real Estate	1.756.16	1,536.25	3t7.6L	310.28	3t7.6t
	Total Segment Assets	2,158.45	t,94L.59	1,485.01 1,970.59	t,756.t6 2,158.45	1.485.01 1,970.59
	Un-allocable Assets	510.25	674.24	601.88	510.25	601.88
	Total	2,668.7L	2,615.83	2,572.47	2,668.7t	2,572.47
4	Segment liabilities
	a) Construction Equipment	o.4t	0.03	0.23	0.41	v.z5
	b) Pre-Cast Pipes (Discontinuing Operation)		0.04	0.08	0.02	0.08
	c) Real Estate	88.65	58.74	vo.92	88.65	JO.>t
	Total Segment Liabilities	89.09	58.81	97.23	89.09	97.23
	Un-allocable Liabilities	132.33	51.35	121.83	132.33	LZ!.63
	Total	22L,4L	110.17	219.06	22t.4L	219.06
5	Capital Employed
	a) Construction Equipment	91.60	94.74	L67,74	91.60	t67.74
	b) Pre-Cast Pipes (Discontinuing Operation)	310.26	310.s0	317.53	310.25	317.53
	c) Real Estate	L,667.52	I,477.51	1,388.09	1,667.52	1,388.09
	Un-allocable Assets Less Liabilities	377.92	622.88	480.0s	377.92	480.0s
	TOTAT	2,447.?O	2,505.67	2,353.41	2,447.30	2.353.41

Notes

ⁱPrevious Period figures have been re-grouped / re-classified wherever necessary, to conform to current period's classification *i Figuresofsegmentrevenueandsegmentresultsreportedundersegmentreportingassr.nol&2arenotcomparablewiththefinancialresultsas the revenue of pre cast pipes has been shown under discontinuing operations.

	Cash Flow Statement for the year ended 31st March, 2020		(Rs.lnIn Lakhs)
		Year ended	Year ended
		31st March,2020	31st March,2019
A)	Cash Flow from operatint activities
	Profit / (Loss) before tax from
	Continuing operations	LO7.49	r).o/
	Discontinued Operations	12.79"	(35.801
	Loss before tax including discontinued operations	94"69	(21.13)
	Adjustments for
	Depreciation and amortisation expense	13.48	15.54
	lmpairment loss
	Finance cost	0.03	25.22
	Interest income from financial assets at amortised cost	(29.22l,	(0.37,
	Dividend income	(0.03)	(0.1s,
	Inventory written off	t7.37	28.91
	Sundry balances written back	(s.33)	(0.eel
	Provision for Doubt ful	74.78
	Net loss on sale of assets classified as held for sale
	Net gain on disposal of property, plant and equipment	(0.971	0.48
	Operating loss before working capital changes	t64.79	47.51
	Adjustments for
	(lncrease)/Decrease in trade receivables	21.51	34.42
	Increase/(Decrease) in trade payables		(1.ss)
	(lncrease)/Decrease in fi nancial assets	91.56	91.43
	(lncrease)/Decrease in other assets	L7.TO	66.48
	Increase/(Decrease) in fi nancial liabilities	(22.00)	(s6.4s)
	Increase/(Decrease) in provisions	12.67]	0.0s
	Increase/(Decrease) in other liabilities	1.80	24.77
	(lncrease)/Decrease in inventories	27.41	68.93
	Cash flow from / (used in) operating activities post working capital changes	299.51	275.55
	Income taxes paid (Net of refunds)	4.54	(10.37,
	Net Cash flow generated from / (used in) operating activities (Al	304.05	255.18
	Cash Flow from investing activities
	Purchase of property, plant and equipment
	Proceeds from property, plant and equipment	0.97	1.50
	Proceeds from investments	2.95	{0.02,
	Deposits with bank
	Proceeds from assets classified as held for sale
	Interest income	29.22	0.37
	Dividend received	0.03	0.15
	Net Cash Flow from investing activities (B)	33.17	2.00
	Cash Flow from financing activities
	Proceeds from borrowings
	Repayments of borrowings		95.67 (262.8s,
	lnterest paid		(7s.30,
	Net Cash Flow used in financing activities (C)		1242.48"
	Net increase / (decrease) in cash and cash equivalents (A+B+C)	337.2t	24.70
	Cash and cash equlvalents at the beginning of the year	49.92	25.22
	Cash and cash equivalents at the end of the year	387.13	49.92

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

2 Amendment to IND AS 7

Note:

I

Cash Flow Statement for the ended 31st 2020

J

The amendments to IND AS 7 Cash flow statements requires the entities to provide disclosures that enable users of financial staternents to evaluate changes in liabilities arislng from financing activities, including both changes arising from cash flows and non cash chantes, suggesting of inclusion of reconciliation between opening and closing balances in the Balance sheet for liabilities arising from financing actlvities, to meet the disclosure requlrement, This amendment has become effective from lst April, 2017 and the requlred disclosure ls below.

Borrowings - Non current
Borrowings _- Current

Borrowings - Non current
Borrowings - Current

Manubhal and Shah LIP Accountants 106041W / W100136

Laxminarayan P Yekkali

No. 114753

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

DIN No.01448536 Whole time Director Mr,Tarak A. Patel Mrs. Neelam Shah D!NNo.00166183 CompanySecretary Director

Place: Mumbai Date: t4/07/2O2O

Mr. Harshal Phatak cFo

Place: Mumbai Date: I4/Q7/2020

SKYLINE MITIARS IIMITED crN No. t53020MH1919PrC000640 REGD. OFFICE :4TH FLOO& CHURCHGATE HOUSE 32-34, VEER NARTMAN ROAD, FORT, MUMBAT - 400001 AUDITED BATANCE SHEET

As at 31.03,2020 As at 31.03.2019 Particulars lAuditedl fAuditedl A55ET5 Non-current assets Property, Plant and Equipment Lzt.22 Other Intangible assets 0.00 0.09 Investment Property 38.09 Financial Assets (i) Non-current investments 0.54 4.39 (ii) Trade receivables 54.85 (iii) Loans 65.81 80.81 (iv) Other financial assets 226.18 360.2s Deferred tax assets (net) 68.85 32.45 0ther non-current assets 6t.o5 81.58 fotal Non-Current Assets ouz.50 749.Or Current assets Inventories L,3t7.46 L,362.23 Financial Assets (i) Trade and other receivables 13.22 (ii) Cash and cash equivalents 57.46 37.90 (iii) Bank balances other than (ii) 329.67 L2.O2 noz (iv) Loans 0.33 qssets for Current Tax (Net) 10.30 Assets Classified as Held for Sale 310.25 310.26
)ther current assets 37.96
fotal Current Assets 2,066.35 \423.48
Total Assets 2,668,71 2,572.49
EQUITY AND TIABITITIES
Equity
Equity Share capital 402.24 402.24
Other Equity 1,951.18 2,O45.O7
Total Equity 2,447.3t 2,3s3.42
Non-current liabilities
Financial Liabilities
(i) Other financial liabilities - non-current 19.15 26.01
Other non-current liabilities 31.00 29.78
Provisions 80.53 83.47
Liabilities for Non Current Tax (Net) 7.00 12.88
ts2.r4 Total Non-current Liabilitles 737.69
Current liabilities
Financial Liabilities
(i) Short Term Borrowings
(ii) Trade and other payables
Total outstanding dues of micro enterprises and small
enterprises
Total outstanding dues of creditors other than micro
enterprises and small enterprises 0.08 0.08
(iii) Other financial liabilities 22.60 37.7r
Other current liabilities 24.64 28.81
Current Tax Liability 36.40
Provisions 0.31
Total Current liabilities 83.72 65.91
Total EquiW and tiabilities 2,668.7L 2,572.48

For and on behalf of Board of Directors

Mr.Maulik H Dave

Place i Mumbai Date |1410712020 DIN No.01448535 (Whole time Di.ectorl

SKYLINE MILLARS LIMITED MiIIars

14l+.July,2020

To,

ThelVlanager - Listing Department The BSE Limited PhirozeJeejeebhoy Towers, Dalal Stree! Mumbai - 400 001.

Reference: - Skytine Millars Limited BSE Code _ ⁵⁰⁵⁶⁵⁰

Dear Sir(s),

Dear Sir/Madam,

lr,Urui" Dave' \4trhole-time Director of the Companp in compliance with Regutation

of SEBI (Listings Obligations and con-firm that Manubhii & Shah StatutoryAuditors have issue I an A Audited standalone Financial Results of the quarter and year ended 31rMarch, 2020.

This is for your information and records

For Skyline Millars Limited

Maulik Dave Whole-time Director DIN:0L448536

Sales Office : C/2, Skyline Welthspace, Gate No. 2, Skyline Oasis, Premier Road, Vidyavihar (w), Mumbai - 400 0g6. Tel. : (022) 2511 2194 | 95

Registered Office : Churchgate House, 4th Floor, g2-34, Veer Nariman Road, Fort, Mumbai - 400 001 . Tel. :(022) 2204 7471 . www.skylnemillarsltd.com CIN : L6302MH1 919PLC000040