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Swan Corp Limited Audit Report / Information 2021
63805_rns_2021-06-30_98f4a1a5-3af4-4e5e-a29a-8ef3b27c5a9a.pdf
Audit Report / Information
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(Formerly Swan Mills Limited)
6, Feltham House, 2nd Floor, 10 J. N. Heredia Marg, Ballard Estate, Mumbai 400001 . Tel. : 022-40587300' Fax: +91-22-40587360· Email: [email protected] eIN. Ll7100MH1909PLC000294
Swanlnselbse
30th June, 2021
Dept. of Corporate Compliances, National Stock Exchange Limited, Exchange Plaza, Plot No. CIl, G Block, Bandra -Kurla Complex, Bandra-east,
Dept. of Corporate Service, Bombay Stock Exchange Limited P.J. Tower, Dalal Street, Fort Mumbai - 400001
Ref: Scrip code SW ANENERGY eNS£) 503310 (BSE)
Dear Sir,
Sub: Regulation 33 - Audited financial results for the quarter and year ended 3pt March, 2021
The Board of Directors of the Company, at its meeting held on today, i.e., 30th June, 2021, has approved the standalone and consolidated Audited fmancial results for the quarter and year ended 31 st March, 2021. In this regard, please find enclosed herewith following:
-
- Audited Financial Results (standalone and consolidated) for the quarter and year ended 31st March, 2021
- ii. Audit Reports [in the prescribed formats as per the SEBI (LODR)] on standalone and consolidated financial results for the quarter and year ended 31 st March, 2021.
- iii. Declaration that Auditors report contains no Qualification.
The Board of Directors at its meeting held today, subject to approval of the shareholders at the ensuing Annual General Meeting, have recommended payment of Dividend @ 10% on Equity share ofRs. 1/- each, (Rs. 0.10 per share) for F.Y. 2020-21.
The meeting commenced at 5.30 p.m.'and concluded at 7.00 p.m.
Please take the above on record.
Thanking you,
Yours faithfully,
For Swan Energy Limited
(Arnn S. Agarwal) Company Secretary
Encl: as above
Independent Auditor's Report
To, The Board of Directors of Swan Energy Limited, Mumbai.
Report on the Standalone Financial Results
1- Opinion
We have audited the accompanying Statement of Standalone Financial Results ("SFR") of Swan Energy Limited (the company) for the quarter and year ended 31 51 March, 2021, attached herewith, being submitted by the company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Dis"closure Requirements) Regulations, 2015, as amended ("Listing Regulations").
N. N. Jambusaria & Co.
Chartered Accountants
In our opinion and to the best of our information and according to the explanations given to us, these SFR:
-
are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
-
give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable accounting standa'rds 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 31 51March, 2021.
11- Basis for 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 section of our report for the Audit of the SFR for the quarter and year ended 31 S1 March, 2021. 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 SFR for the quarter and year ended 31 S1 March, 2021 under the provisions of the Act and tIle 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.
111- Management's Responsibilities for the Standalone Financial Results ("SFR")
The statement of SFR for the quarter and year ended 31 S1 March, 2021 has been prepared on the basis of the lnd AS Standalone Financial Statements for the year ended 31 S1 March, 2021 and the unaudited results for the quarters during the year ended 31s1 March, 2021 . The Company's 130ard of Directors are responsible for the preparation of these R that give a h·ue and fair view of the net profit and other
comprehensive income and other hnancial information in accordance with the recognition and measurement principles laid down in Indian 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. "nlis responsibility aJso 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 tllat are reasonable and prudent; and design, implementation and maintenance of adequate internal financial conh'ols that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the SFR that give a true and fair view and are free from m211erial misstatement, whether due to fraud or error.
In preparing the SFR, the Board of Directors arc 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 Compa.ny or to cease operations, or has no realistic alternative but to do so.
The Board of Directors is also responsible for overseeing the Company's financial reporting process.
IV- Auditor's Responsibilities for the Audit of the Standalone Financial Results
Our objectives are to obtain reasonable assurance about whether the SFR 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 S!\s will always detect a J1laterial 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 SFR.
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 th e SFR, 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.
- ii. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.
- iii. Evaluate the appropriateness of accountillg policies used and the reasonableness of accounting estimates and related disclosures made by the Board of D'irectors.
- iv. Evaluate the appropriateness of disclosures made by the Board of Directors in terms of the requirements specified under Regulation 33 of Listing Regulations.
- v. Conclude on the appropria teness of the Board of Directors' use of the going .concern basis of accounting alld, 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. ff we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the SFR 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 IT'lay cause the Company to cease to continue as a going concern.
- vi. Evaluate the overall presentation, structure and content of the SFR, including the disclosures, and whether the SFR represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those ch(l'ged with governance CTCWG") regarding, among other matters, the planned scope and timing of the audit and significant audit findings, includillg any sigllificant deficiencies in internal cont~'ol tl,at we identify during our audi.l.
We also provide TCWG with a statement that we have complied with relevant ethical requiren'lents 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.
v - Other Matters
I. On account of lockdown consf'qucnt to outbrec1k of Coviti-'19 pandemic, we were una ble to pa rticipa te in the year end ph ysica I veri fica tion of inven tory tha twas carried out by the Management. ConsequenLly, we have performed alternate procedures as per the guidance provided in SA 501 "Audit Evidence - Specific Consideration for Selected Items" to audit the existence of inventory as at the year end and have obtained sufficient appropriate audit evidence to issue our unmodified opinion on the SFR. The entire audit finalization process was carried from remote locations i.e. other than the office/ factory of the' Company where books of account and other records are kept, based on datal details of financials information provided to us through digital medium, owing to COVTD-19.
- The SFR include the results for the qUilrter ended ~l IMarch, 2021 being the balancing figure between iludilcd figures in respcct of full financial year and thc published uniludited figures up to the third quarter of the current financial YCilr which were subject to limited review by us.
Our opinion is not modified in respect of this millters.
For N. N. Jambusaria & Co. Chartered Accou n tants
Pilrbler Membership No. 038979 UDIN:21038979AAAAGV8288
Date: 30lh June, 2021 Plilce Mumbai
SWAN ENERGY LIMITED
" Corporate Identity Number(CIN): L17100MH1909PLC000294
Regd. Office: 6, Feltham House, J.N. Heredia Marg, Ballard Estate, Mumbal - 400 001
Phone:022-40587300; Fax:022-40587360; Email: [email protected]; Website: www.swan.co.in
| Statement of Audited Standalone Financial Results For the Quarter and Year Ended March 31, 2021 | (₹ in Lakhs) | |||||
|---|---|---|---|---|---|---|
| Sr. | Quarter ended | Year Ended | ||||
| Particulars | 31.03.2021 | 31.12.2020 | 31.03.2020 | 31.03.2021 | 31.03.2020 | |
| No. | (Refer Note 2) | (Unaudited) | (Refer Note 2) | (Audited)25, 259, 2690.4294.2325,349.6820,838.62(1,925.17)995.34309.801,376.90199.7092.59553.043,270.4025,109.13240.5553.40240.5553.40131.22106.0860.7173.7680.4614.1187.8780.462,442.570.040.030.040.03 | (Audited) | |
| 1 | INCOME: | |||||
| a) Revenue from Operations | 5.463.37 | 8.898.63 | 9,621,32 | 30,684.03 | ||
| b) Other Income | 33 61 | 9.66 | 375.05 | |||
| Total Income | 6,496.98 | 8,908.29 | 9,715.55 | 31,059.08 | ||
| $\overline{2}$ | EXPENSES: | |||||
| (a) Cost of materials consumed | 3,806.32 | 8,039.21 | 4,749.13 | 19,688 97 | ||
| (b) Changes in inventories of finished goods, work in progress andstock-in-trade | (618.58) | (494.04) | 2,805.11 | 3,526 47 | ||
| (c) Employee benefits expenses | 192.32 | 255.60 | 1,155.62 | |||
| (d) Finance Costs | 906.12 | 147.85 | 1,132.72 | |||
| (e) Depreciation & amortisation expense | 149.90 | 139.72 | 537.48 | |||
| (f) Other Expenses | 1,396.45 | 745.45 | 1,505.82 | 4,631.68 | ||
| Total Expenses | 5.832.53 | 8,833.79 | 9,662.15 | 30,672.94 | ||
| 3 | Profit/(Loss) before exceptional Items and Tax (1-2) | 664.45 | 74.50 | 386.14 | ||
| $\Delta$ | Exceptional Items - (Expense)/Income | |||||
| $\overline{5}$ | Profit before Tax | 664.45 | 74.50 | 386.14 | ||
| 6 | Tax Expenses | |||||
| (1) Current tax | 106.08 | ×. | 131 22 | |||
| (2) Short/(Excess) provision for earlier years | ||||||
| (3) Deferred Tax | 60.71 | $\omega$ | (158.28) | (158 28) | ||
| 7 | Net Profit /(Loss) after Tax (5-6) | 497.66 | 74.50 | 413.21 | ||
| 8 | Other Comprehensive Income (Net of Tax) | 14 11 | ||||
| 9 | Total Comprehensive Income (7+8) | 511.77 | 74.50 | 413.21 | ||
| 10 | Paid - up Equity Share Capital [Face value: ₹ 1/- per share] | 2,442.57 | 2,442.57 | 2,442 57 | 2,442.57 | |
| 11 | Earnings per Shares (EPS) Basic & Diluted | |||||
| a) Before Extraordinary Items | 0.21 | 0.03 | 017 | |||
| b) After Extraordinary Items | 0.21 | 0.03 | 0.17 |
| Standalone Statement of Assets & Liabilities | (₹ in Lakhs) | ||
|---|---|---|---|
| Year Ended | |||
| Sr. | Particulars | 31.03.2021 | 31.03.2020 |
| No. | (Audited) | (Audited) | |
| ASSETS | |||
| $\mathbb{A}$ | Non-current assets | ||
| (a) Property, Plant and Equipment | 5,565 71 | 4,543.23 | |
| (b) Capital Work in Progress | 2,038.93 | 610.31 | |
| (c) Investment Property | 2,193.89$\mathbf{r}$ | 2,365.12 | |
| (d) Investments | 1,03,557.51 | 79,497.51 | |
| (e) Non Current Tax Assets | 387.31 | 265.31 | |
| (f) Other Non Current Assets | 324.49 | 323.74 | |
| Total Non Current Asstes (A) | 1,14,067.84 | 87,605.22 | |
| B | Current Assets | ||
| (a) Inventories | 7,877.22 | 7,076.15 | |
| ä(b) Financial Assetsi, | |||
| (i) Investments | 20.89 | 559.98 | |
| (ii) Trade Receivables | 2,456.62 | 5,413.22 | |
| (iii) Cash and cash equivalents | 502.08 | 2,220.09 | |
| (iv) Bank balance other than (iii) above | 960.42 | 68.49 | |
| (v) Loans | 4,768.55 | 27,862.49 | |
| (vi) Other Financial Assets | 20.37 | 8.72 | |
| (c) Other Current Tax Assets | 1,518.97 | 2,069.66 | |
| Total Current Assets (B) | 18,125.12 | 45,278.80 | |
| Total Assets (A+B) | 1,32,192.96 | 1,32,884.02 | |
| Ш | EQUITY AND LIABILITIES | ||
| Α | Equity | ||
| (a) Equity Share Capital | 2,442.57 | 2,442.57 | |
| (b) Other Equity | 93,638.05 | 93,794.44 | |
| Total Equity (A) | 96,080.62 | 96,237.01 | |
| Liabilities | |||
| B | Non-current liabilities | ||
| (a) Financial Liabilities | |||
| (i) Borrowings | 56.18$\hat{\mathbf{w}}$ | 30.68 | |
| (ii) Other Financial Liabilities | 53.94 | 53.28 | |
| (b) Deferred Tax Liability (Net) | 454.98 | 394.27 | |
| (c) Provisions | 90.54 | 111.70 | |
| Total Non-Current Liabilities (B) | 655.64 | 589.93 | |
| C | Current liabilities | ||
| (a) Financial Liabilities | |||
| (i) Borrowings | 31,374.12 | 29,825.62 | |
| (ii) Trade Payables | 3,171.89 | 5,574.79 | |
| (iii) Other Financial Liabilities | 27.18 | 14.79 | |
| (b) Other Current Liabilities | 817.77 | 583.37 | |
| (c) Provisions | 65.74 | 58.51 | |
| Total Current Liabilities (C) | 35,456.70 | 36,057.08 | |
| Total Liabilities (B+C) (D) | 36,112.34 | 36,647.01 | |
| Total Equity and Liabilities (A+D) | 1,32,192.96 | 1,32,884.02 |
| Standalone Cash Flow Statement | (₹ in Lakhs) | ||
|---|---|---|---|
| Sr. | Year Ended | ||
| No. | Particulars | 31.03.2021 | 31.03.2020 |
| (Audited) | (Audited) | ||
| $\Lambda$ | Cash Flow from Operating Activities | ||
| Profit/(Loss) before tax | 254.66 | 386,14 | |
| Adjustments for: | |||
| Depreciation | 553.04 | 537.48 | |
| (Profit) / Loss on sale of Investments | (32.71) | (296.42) | |
| (Profit) / Loss on sale of assets | 36.13 | ||
| Considered Seperately: | |||
| Interest Expenses | 1,376.90 | 1,132.72 | |
| Interest Income | (46.92) | (73.23) | |
| Dividend Income | (5.40) | ||
| Operating Profit before Working Capital Changes | 2,141.10 | 1,681.29 | |
| Adjustments for : | |||
| Decrease/ (Increase) in Other Non Current Assets | (0.75) | ||
| Decrease / (Increase) in Inventory | (801.08) | 3,672.66 | |
| Decrease / (Increase) in Trade and Other Receivable | 2,956.60 | (1, 194.85) | |
| Decrease / (Increase) in Other Financial Assets | (11.64) | 8.16 | |
| Decrease / (Increase) in Other Current Assets | 550.69 | (503.92) | |
| Decrease / (Increase) in Investment Property | 171.23 | ||
| (Decrease) / Increase in Other Financial Liabilities | 0.67 | 18.22 | |
| (Decrease) / Increase in Other Current Liabilities | 234.41 | 148.59 | |
| (Decrease) / Increase in Provisions | (13.92) | 8.04 | |
| (Decrease) / Increase in Trade and Other Payables | (2,402.90) | 1,691.87 | |
| Cash generated from operations | 2,824.41 | 5,530.06 | |
| Direct Taxes (Paid)/Received | (228.09) | (279.77) | |
| Net Cash from Operating Activities (A) | 2,596.32 | 5,250.29 | |
| 8 | Cash Flow from Investing Activities | ||
| Purchase of Property, Plant and Equipment | (1,620.11) | (225.64) | |
| Proceeds from Sale of Fixed Assets | 8.45 | ||
| Increase in Capital Work In Progress (Net) | (1, 428.63) | (468.82) | |
| Loan to / (Refund) of Loan from Related Parties | 23,079.09 | 25,822.43 | |
| Purchase of Investments | (2,394.00) | (31,902.00) | |
| Proceeds from Sale of Investments | 2,965.80 | 36,111.43 | |
| Investment in equity shares of Subsidiary | (42, 569.17) | ||
| Investment in preference shares of Subsidiaryv | (24,060,00)¥ | (70.00) | |
| Loan to Others | 14.85 | (2, 333, 42) | |
| Interest Income | 46.92 | 73.23 | |
| Dividend Income | 5.40 | ||
| Net Cash from Investing Activities (B) | (3, 387.63) | (15, 556.56) | |
| C | Cash Flow from Financing Activities | ||
| Loan from / (Refund) of Loan to Related Parties | (1, 100.13) | 13,695 02 | |
| (Refund) of / Loan from Other Parties | 2,281.32 | 6,001.16 | |
| (Repayment) / Proceed of Term Loan× | 405.20 | (6, 819.23) | |
| Interst Expenses | (1, 132.72) | ||
| Dividend Paid | (1, 376.90)(244.26) | (244.26) | |
| Tax on Dividend | (50.21) | ||
| Net Cash from Financing Activities (C) | (34.77) | 11,449.76 | |
| Net Increase/(Decrease) in Cash & Cash Equivalents (A+B+C) | (826.08) | 1,143.49 | |
| Opening Balance of Cash & Cash Equivalents | 2,288.58 | ||
| 1,145.09 | |||
| Closing Balance of Cash & Cash Equivalents | 1,462.50 | 2,288.58 |
| Quarter Ended | Year Ended | |||||||
|---|---|---|---|---|---|---|---|---|
| Sr. | Particulars | 31.03.2021 | 31.12.2020 | 31.03.2020 | 31.03.2021 | 31.03.2020 | ||
| No. | (Refer Note 2) | (Unaudited) | (Refer Note 2) | (Audited) | (Audited) | |||
| SEGMENT REVENUE (GROSS INCOME) | ||||||||
| a) Segment - Textile | 3,932.98 | 8,237.83 | 7,724.59 | 21,474.81 | 27,224 57 | |||
| b) Segment - Construction/Others | 2,564.00 | 670.46 | 1,990.96 | 3,874.87 | 3,834.51 | |||
| Total | 6,496.98 | 8,908.29 | 9,715.55 | 25,349.68 | 31,059.08 | |||
| Less:- Inter Segment Revenue | ||||||||
| Total Income from Operations | 6,496.98 | 8,908.29 | 9,715.55 | 25,349.68 | 31,059.08 | |||
| $\overline{2}$ | SEGMENT RESULTS (+/-) | |||||||
| Profit/(Loss) before tax and interest | ||||||||
| a) Segment - Textile | 48.88 | 212 24 | 390.83 | 491.68 | 1,478 86 | |||
| b) Segment - Construction/Others | 1,521.69 | 10.11 | (137.73)Bo. | 1,125.77 | 40.00 | |||
| Total Segment Results | 1.570.57 | 222.35 | 253.10 | 1,617.45 | 1,518.86 | |||
| Less: Finance Costs | 906.12 | 147.85 | 199.70 | 1.376.90 | 1.132.72 | |||
| Less : Others un allocable exp | $\sim$ | |||||||
| Total Profit/(Loss) before Tax | 664.45 | 74.50 | 53.40 | 240.55 | 386.14 | |||
| 3 | SEGMENT ASSETS | |||||||
| a) Segment - Textile | 15.542.11 | 16.999.59 | 17,033.69 | 15,542.11 | 17,033.69 | |||
| b) Segment - Construction/Others | 1,16,263.53 | 1,15,440.61 | 1,15,585.02 | 1,16,263.53 | 1,15,585.02 | |||
| Total Segment Assets | 1,31,805.64 | 1,32,440.20 | 1,32,618.71 | 1,31,805.64 | 1,32,618.71 | |||
| $\overline{a}$ | SEGMENT LIABILITIES | |||||||
| a) Segment - Textile | 8.318.49 | 9,866.31 | 10,007.53 | 8,318.49 | 10,007.53 | |||
| b) Segment - Construction/Others | 27,338.88 | 26,929.36 | 26,245.20 | 27,338.88 | 26,245.20 | |||
| Total Segment Liabilities | 35,657.37 | 36,795.67 | 36,252.73 | 35,657.37 | 36, 252. 73 |
Notes:
1 The above Standalone Financial Results have been reviewed by the Audit Committee and approved by the Board of Directors at the meeting held on Wednesday, 30th June, 2021.
$\overline{2}$ The figures for 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 published year to date figures upto the third quarter.
$\overline{z}$ The Board has recommended the dividend of ₹ 0.10 per share on equity share of ₹ 1/- each (10%), subject to approval of the members of the company at the ensuing Annual General Meeting of the Company.
4 The financial results of the Company have been prepared in accordance with Indian Accounting Standards (IND AS) prescribed under Section 133 of the Companies Act, 2013, read with relevant Rules thereunder and in terms of Regulation 33 of the SEBI (LODR) Regulations, 2015 and SEBI Circular dated July 5, 2016.
5 The Company operates in two segments namely, (a) Textiles and (b) Construction / others.
6 In view of the outbreak of Coronavirus (COVID-19) pandemic globally, the Company's business operations were temporarily disrupted. The Company has considered the possible effects, if any, that may result from the pandemic on the carrying amounts of assets after considering internal and external sources of information including the possible future uncertainties in the global economic conditions as at the date of approval of these financial results and has determined
that none of these balances require a material adjustment to their carrying value. The Company continues to closely monitor the rapidly changing situation. $\overline{2}$ The figures for the previous period have been regrouped and/or rearranged, wherever considered necessary.
For Swan Energy Limited
(Nikhil V. Merchant) Managing Director DIN: 00614790 U.F
Independent Auditor's Report
To the Board of Directors of Swan Energy Limited, Mumbai.
Report on the audit of Consolidated Financial Results
1- Opinion
We have audited the accompanying Statement of Consolidated Financial Results ("CFR") of Swan Energy Limited ("Holding Company") and its subsidiaries (Holding Company and the Subsidiaries together referred to as "the Group"), for the quarter and year ended 31;1 March, 2021, attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SE13I (Listing Obligations and Disclosure l~equirements) Regulations, 2015, as amended ('Listing Regulations').
N. N. Jambusaria & Co.
Chartered Accountants
In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of reports of other auditors on separate financial statements/ financial information of subsidiaries, the CPR:
a. Includes the results of the following entities:
Parent: Swan Energy Limited
Su bsidiaries:
- ( i) Cardinal Energy and InfrastTuclure Private Limited;
- ( ii) Pegasus Ventures Pri:,ate Limited;
- ( iii) Swan LNG Private Limited;
- (iv) Triumph Offshore Private Limited;
- (v) Swan Desilting Private Limited
- (vi) Swan Global PTE Ltd. - Foreign subsidiary (Incorporated at Singapore)
- b. have been presented in accordance with the requirements of Regulation 33 of 'the Regulation', as amended; and
- c. give a true and fair view, in conformity with lhe lIlli-AS and other accounting principles generally accepted in India, of consolidated total comprehensive loss and other financial information for the year ended 31 S1 March, 2021 .
u- Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of lhe Compclllies Act, 2013 (the Act). Our responsibilities under those Standards are further described in the Auditor's
Tel +91 222861 7008 M +91 9820237682
Responsibilities section of our report for the Audit of lhe CFR for the quarter and year ended 31s1 March, 2021. We are independent of the Group, in accordance with the Code of Ethics issued by the Institu te of Chartered Accoun tan ts of India togelher wi th the eLhical requirements that arc relevant to our audil of the Cf]\ for the quarter and year ended 31s1 March, 2021 under tIle provisions of the Companies !\ct, 2013 ("111e , Act") and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us and other auditors in terms of their reports referred to in "Other Matter" paragraph below, is sufficient and appropriate to provide a basis for our opinion.
III- Management's Responsibilities for the Consolidated Financial Results (CFR)
The Statement of CFR for the quarter and year ended 31 S1 March, 2021 have been prepared on the basis of the Ind AS Consolidated Finallcial Statements for the year ended 31 S1 March, 2021 and the unaudited results for the quarters during the year ended 31s1 March, 2021.
The Holding Company's Board of Directors are resporisible for lhe preparation and presentation of tIlcse CFR that give a true and fair view of the total comprehensive loss and other financial informa tion of the Grou pin accordance wi lh the I nd ian Accounting Standards prescribed under Section 133 of the !\ct read with relevilnt rules issued thereunder and olher accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Board of Directors of the companies included in t1le Group are responsible for maintenance of adequate accounting records in accordance with the'pJ:ovisions of the Act for safeguarding or the assets of tlw Group and for prventing and detecting frauds and othor irregularities; soleclioJl and application of appropriate accounting policies; making judgments (lnel estimates that aro reasonable and prudent; and thl' design, implementation and maintenance of adequate internal financial conh'o!s, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant lo the preparation and presentation of the CFR that give a tTUO and fair view and arc free from material misstc1tement, whether due to fraud or error, which have been used for the purpose of preparation of the CFT by the Directors of the Holding Company, as aforesaid.
In prepariJlg the CFR, the respective Board of Directors of the cornpanies 11lc1uded in the Group are responsible for assessing the ability of the Group to continue as a going concern, disclosillg, as applicable, matlers relaled to gOlllg concern and using the going concern basis of accounting unless lhe Board of Directors either intends lo liquidate the Group or to cease operations, or has no realistic alternative but to do so.
The respective Board of Directors of the companies included in the Group is responsible for overseeing the financial reporting process of the Group.
IV- Auditor's Responsibilities for the Audit of the Consolidated Financial Results (CFR)
Our objectives are to obtain reasonable assurance ahout whether the CFR for the quarter and year ended 3[S\ Mmch, 2021 as a whole are free from material misstatement, whether due to fraud or error, and to issue an audttor'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 front fraud or error dnd are considered material if, individually or in tIle aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of thest' CFR.
As part of an audit in accordance with SAs, we exercist' professional judgment and maintain professional skepticism throughout the audit. We also:
- 1- Identify and assess the risks of material misstatement of tIle CFR, whether due to fraud or error, design and perform audit procedures responsive to those risks, <me! 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 higller than for one resulting from error, as fraud may involve collusion, forgery , intentional omissions, misrepresentations, or tIle override of internal control.
- 11- 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 contTols with reference to financial statements in place and tile operating effectiveness of such controls. .
- iii- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by tlle Board of Directors.
- iv- Evaluate tile appropriateness of disclosures mClde by the Board of Directors in terms of the requirements specified under i\ogulation 33 of Listing Regulations.
- v- Conclude on the appropriateness of tbe Board of Directors use of the going conCCJ1l basis of accounting Clmi, based on the audit cvidl'nce obtained, whether a material uncertainty exists related to events or conditions tllat may cast significant doubt on the ability of the Group to continue ClS a going concern. If we conclude thClt a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the CFR or, if such disclosures arc 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 .
- vi- Evaluate the overClII presentCltion, structure and (:ontent of the CFR, including the disclosures, and whetller the CrR represent the underlying transactions and events in a mClnner that achieves fair presentCltion. ,
vii- Obtain sufficient appropriate audit evidence regarding the financial results/ financial information of the en tilies within the Grou p to express an opinion on the CFR. We are responsible for the direction, supervision and performance of the audit of financial informalion of such enlities included in the CFR of which we are the independent auditors. ror the other enlities included in lhe CFR, which have been audited by other auditors, such oUler auditors remain responsible for the direction, supervision and performance of lhe audils carried oul by them. We remain solely responsible for our audit opinion.
We communicate with those charged with governance ("TCWG") of lhe Holding Company and such other enlities included in the CFR of which we arc the independent audilors regarding, among other matters, lhe planned scope and timing of the audit and significanl C1udit findinEs, including any significant deficiencies in internal control thal we identify during our audil.
We also provide those TCWG witll a statement that we have complied with relevant ethical requiremenls regarding independence, and to comJul.11licate with them all relationships and olher matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
We also performed procedures in accordance wilh the circular issued by the SLBI under Regulation 33(8) of tIll' Listing Regulations, as amended, to the extent applicable.
v - Other Matter
- a. The following figmes of 4 (four) subsidiaries, not audited by us, are"reflected in the consolidated annual flnancial results for the year ended ::rI st March, 2021:
- 1- Total assets of Rs. 1,94,854.84 lacs, total revenue of Rs. 144.73 lacs, total net loss (including tOlal comprehensive income) of Rs. 53.84 lacs and cash flows (net) of Rs. 2,572.90 lacs for Swan LNG Private Lim.ited (SLPL);
- ii- Total assets of Rs. 17,92,46.28 lacs, total revenue of Rs. 3,345.46 lacs, total net loss (including tolal comprehensive income) of Rs. 6,265.77 lacs and cash flows (net) of Rs. 3,538.27 lacs for Triumpll Offshore Private Limited (TOPL).
- iii- Total assets of Rs. 42.43 lacs, total revenue of Rs. NIl ", total net loss (including total comprehensive incoOle) of Rs. 2.21 lacs and cash flows (net) of Rs. (0.29) lacs for Swan Desilting Private I .imited (SDPI ,).
- iv- Total assets of Rs. 2.89 lacs, total revenue of Rs. NIL, total net loss (including total comprehensive income) of Hs. 3.07 lacs and cash flows (net) of Rs. 1.09 lacs for Swan Global PTE Limited.
Our opinion on the CFR is not modified in respC'ct of the above matters with respect to our reliance on the work done and the reports of the other auditors and the Fi.nancial Results/Financial information certified by the Board of Directors .
- b. On account of lockdown consequent to ou tbreak of Covid-19 pandemic, the auditors were unable to participate in the year end physical verification of inventory tllat was carried out by the Management. Consequently, alternate procedures as per the guidance provided iTI SA 50] "Audit Evidence - Specific Consideration for Selected Items" to audit the existence of inventory as at the year-end were performed to obtain sufficient appropriate audit evidence to issue our unmodified 0pulLon on the CrR. The entire audit finalization proc('ss was carried from remote locations i.e., otller than the office/factory of the Company where books of account and other records arc kepl, based on datal details of financials information provided to us through digital medium, owing to COVID-19.
- c. The CFR include the results for the quarter ended 31st March, 2021 being the balancing figure between audited figures in respect of full financial year and th e published unaudited figures up to the third quarter of the current financial year which were subject to limited review b~ ' LIS.
Our opinion is not modified in respect of lhis matters.
Date: 30th June, 2021 Place Mumbai
SWAN ENERGY LIMITED
- Corporate Identity Number(CIN): L17100MH1909PLC000294
Regd. Office: 6, Feltham House, J.N. Heredia Marg, Ballard Estate, Mumbai - 400 001
Phone:022-40587300; Fax:022-40587360; Email: [email protected]; Website: www.swan.co.in
| Statement of Audited Consolidated Financial Results For the Quarter and Year Ended March 31, 2021 | |
|---|---|
| --------------------------------------------------------------------------------------------------- | -- |
| Sr. | Quarter Ended | Year Ended | ||||
|---|---|---|---|---|---|---|
| No. | Particulars | 31.03.2021 | 31.12.2020 | 31.03.2020 | 31.03.2021 | 31.03.2020 |
| (Refer Note 2) | (Unaudited) | (Refer Note 2) | (Audited) | (Audited) | ||
| Π| INCOME: | |||||
| a) Revenue from Operations | 10,613.12 | 9,780.13 | 10,499.50 | 32,046.88 | 34,081.58 | |
| b) Other Income | 174.39 | 80.57 | 186.73 | 394.40 | 854 17 | |
| Total Income | 10,787.51 | 9,860.70 | 10,686.23 | 32,441.28 | 34,935.75 | |
| $\overline{2}$ | EXPENSES: | |||||
| (a) Cost of materials consumed | 3,995.93 | 8.041.67 | 4,651.07 | 21,031.04 | 19,952.84 | |
| (b) Changes in inventories of finished goods, work in progress andstock-in-trade | (1, 207.22) | (751.54) | 2,427.86 | (2,973.67) | 2,433.77 | |
| (c) Employee benefits expenses | 901.77 | 307.43 | 337.49 | 1,809.26 | 1,221.60 | |
| (d) Finance Costs | 1,519.70 | 959.73 | 1,613.45 | 10,803.55 | 5,032.97 | |
| (e) Depreciation & amortisation expense | 3,092.41 | 363.35 | 321.15 | 4,166.38 | 1,452.43 | |
| (f) Other Expenses | 3,292.24 | 811.01 | 1,838.59 | 5,409.50 | 5,267.07 | |
| Total Expenses | 17,654.83 | 9,731.65 | 11,189.61 | 40,246.06 | 35,360.68 | |
| 3 | Profit/(Loss) before exceptional Items and Tax (1-2) | (6, 867.32) | 129.05 | (503.38) | (7,804.78) | (424.93) |
| $\Delta$ | Exceptional Items - (Expense)/Income | |||||
| $\mathbb{S}$ | Profit/(Loss) before Tax | (6,867.32) | 129.05 | (503.38) | (7,804.78) | (424.93) |
| 6 | Tax Expenses | |||||
| (1) Current tax | 141.58 | 21299 | 14158 | 212 99 | ||
| (2) Short/(Excess) provision for earlier years | (0.83) | (0.83) | ||||
| (3) Deferred Tax | (1,084,10) | × | (154.61) | (1,084.10) | (154.61) | |
| Net Profit after Tax (5-6) | (5, 923.97) | 129.05 | (561.76) | (6,861.43) | (483.31) | |
| 8 | Other Comprehensive Income (Net of Tax) | 14.11 | 14.11 | |||
| 9 | Total Comprehensive Income (7+8) | (5,909.86) | 129.05 | (561.76) | (6, 847.32) | (483.31) |
| 10 | Attributable to | |||||
| Owners of the Company | (2,840.62) | 97.05 | (524.02) | (3,809.39) | (584.53) | |
| Non-Controlling Interest | (3,069.24) | 32.00 | (37.74) | (3,037.93) | 101.22 | |
| 11 | Paid - up Equity Share Capital [Face value: ₹ 1/- per share] | 2,442.57 | 2,442.57 | 2,442.57 | 2,442.57 | 2,442.57 |
| 12 | Carnings per Shares (EPS) Basic & Diluted | |||||
| a) Before Extraordinary Items (In ₹) | (2.42) | 0.05 | (0.23) | (2.80) | (0.20) | |
| b) After Extraordinary Items (In ₹) | (2.42) | 0.05 | (0.23) | (2.80) | (0.20) |
$(\bar{z}$ in Lakhs)
| Consolidated Statement of Assets & Liabilities | (₹ in Lakhs) | ||
|---|---|---|---|
| Sr. | 薩- | As at | As at |
| No. | Particulars | 31.03.2021 | 31.03.2020 |
| (Audited) | (Audited) | ||
| $\mathbf{I}$ | ASSETS | ||
| $\mathbb{A}$ | Non-Current Assets | ||
| (a) Property, Plant and Equipment | 1,86,695.84 | 13,237.90 | |
| (b) Right of use Assets | 127.76 | 162.61 | |
| (c) Capital work in progress | 1,92,728.71 | $-1,68,523.06$ | |
| (d) Other Intangible Assets | $\mathbf{v}$0.46 | 0.87 | |
| (e) Investment Property | 41,423.77 | 42,235.22 | |
| (f) Financial Assets | |||
| (i) Investments | 36.00 | ||
| (ii) Loans | 12.81 | 5.26 | |
| (iii) Other Financial Assets | 711.68 | 36 00 | |
| (g) Non Current Tax Assets | 545.55 | 697.55 | |
| (h) Deferred Tax Assets (Net) | 686.16 | ||
| (i) Other Non Current Assets | 17,081.22 | 80,230.66 | |
| Total Non Current Asstes (A) | 4,40,049.96 | 3,05,129.13 | |
| B | Current Assets | ||
| (a) Inventories | 14,472.36 | 12,622.80 | |
| (b) Financial Assets | |||
| (i) Investments | 20.89 | 767.85 | |
| (ii) Trade Receivables | 2,866.81 | 5,413 22 | |
| (iii) Cash and cash equivalents | 7,323.65 | 2,746 05 | |
| (iv) Bank balance other than (iii) above | 3,737.97 | 2,126.78 | |
| (v) Loans | 7,794.18 | 7,785.60 | |
| (vi) Other Financial Assets | 54.66 | 16.40 | |
| (c) Other Current Assets | 17,323.45 | 12,294.74 | |
| Total Current Assets (B) | 53,593.97 | 43,773.44 | |
| Total Assets (A+B) | 4,93,643.93 | 3,48,902.57 | |
| H. | EQUITY AND LIABILITIES | ||
| $\Lambda$ | Equity | ||
| (a) Equity Share Capital | 2,442.57 | 2,442.57 | |
| 84,985.25 | 89,039.07 | ||
| (b) Other Equity | $2,340.97 | ||
| (c) Non Controlling Interest | 55,378.90 | ||
| Total Equity (A) | 1,39,768.79 | 1,46,860.54 | |
| B | Non-current liabilities | ||
| (a) Financial Liabilities | |||
| (i) Borrowings | 1,99,642.73 | 18,469.39 | |
| (ii) Other Financial Liabilities | 2,979.65 | 2,789 92 | |
| (b) Deferred Tax Liability (Net) | 397.94 | ||
| (c) Provisions | 116.81 | 129 20 | |
| Total Non-Current Liabilities (B) | 2,02,739.19 | 21,786.45 | |
| $\mathsf{C}$ | Current liabilities | ||
| (a) Financial Liabilities | |||
| (i) Borrowings | 1,04,975.78 | 99,061.12 | |
| (ii) Trade Payables | 3,293.96 | 5,632.95 | |
| (iii) Other Financial Liabilities | 41,223.18 | 74,049.23 | |
| (b) Other Current Liabilities | 1,576.43 | 1,452.28 | |
| (c) Provisions | 66.60 | 60.00 | |
| Total Current Liabilities (C) | 1,51,135.95 | 1,80,255.58 | |
| Total Liabilities (B+C) (D) | 3,53,875.14 | 2,02,042.03 | |
| Total Equity and Liabilities (A+D) | 4,93,643.93 | 3,48,902.57 |
| Consolidated Cash Flow Statement | Year Ended | (₹ in Lakhs) | |
|---|---|---|---|
| Sr. | |||
| No. | Particulars | 31.03.2021 | 31.03.2020 |
| (Audited) | (Audited) | ||
| Α | Cash Flow from Operating ActivitiesProfit/(Loss) before tax | (7,790.67) | (424.93) |
| Adjustments for: | |||
| Depreciation | 4,166.38 | 1,452.43 | |
| Foreign Currency Translation Reserve | (0.17) | 0.52 | |
| (Profit) / Loss on sale of Investments | ¥.(33.73) | (43478) | |
| (Profit) / Loss on sale of Assets | 36.13 | ||
| Considered Seperately: | |||
| Interest Expense | 10.803.55 | 5.032.97 | |
| Interest Income | (349.88) | (413.99) | |
| Dividend Income | (5.40) | ||
| Operating Profit before Working Capital Changes | 6,831.61 | 5,206.82 | |
| Adjustments for: | |||
| Decrease/ (Increase) in Other Non Current Assets | 63,149 43 | (1, 47073) | |
| Decrease/ (Increase) in Non Current Loans | (7.55) | (5.26) | |
| Decrease/ (Increase) in Non Current Other Financial Assets | (711.68) | ||
| Decrease / (Increase) in Inventory | (1,849.57) | 2,579.95 | |
| Decrease / (Increase) in Trade and Other Receivable | 2,546.41 | (1, 194.85) | |
| Decrease / (Increase) in Other Financial Assets | (38.26) | 3,259.18 | |
| Decrease / (Increase) in Other Current Assets | (5,028,71) | (2, 107.59) | |
| Decrease / (Increase) in Investment Property | 171.23 | ||
| (Decrease) / Increase in Other Non-Current Financial Liabilities | 189.73 | 404 62 | |
| (Decrease) / Increase in Other Current Financial Liabilities | (32, 828.88) | (17, 023.11) | |
| (Decrease) / Increase in Other Current Liabilities | 124.17 | (243.60) | |
| (Decrease) / Increase in Provisions | (4.64) | 13.64 | |
| (Decrease) / Increase in Trade and Other Payables | (2,338.99) | 1,609.20 | |
| Cash generated from operations | 30,204.30 | (8, 971.73) | |
| Direct Taxes (Paid)/Received | 10.10 | (539.85) | |
| Net Cash from Operating Activities (A) | 30,214.40 | (9,511.58) | |
| B | Cash Flow from Investing Activities | ||
| Purchase of Property, Plant and Equipment | (1,77,058.98) | (597.17) | |
| Proceeds from Sale of Fixed Assets | 8.45 | ||
| Increase in Capital Work In Progress (Net) | (24, 140, 10) | (46, 213, 28) | |
| Retained Earnings of new subsidiaries acquired during the year- | (5.71) | ||
| Purchase of Investments | (2, 394.00) | (47,602.00) | |
| Proceeds from Sale of Investments | 3.174.69 | 62,143.58 | |
| Loan to Others | (8.58) | (533.58) | |
| Interest Income | 349.88 | 413.99 | |
| Dividend Income | 5.40 | ||
| Net Cash from Investing Activities (B) | (2,00,068.64) | (32, 388.77) | |
| C | Cash Flow from Financing Activies | ||
| Proceeds from Issue of Equity Shares | ×ſ. | 35,189,36 | |
| Securities Premium received on issue of Shares | |||
| Loan from / (Refund) of Loan to Related Parties | 1,869.59 | 2,468 44 | |
| (Refund) of / Loan from Other Parties | 3,664.76 | 19,999.01 | |
| (Repayment) / Proceed of Term Loan | 1,81,556.48 | (9,584.69) | |
| Interest Expenses | (10, 803.55) | (5,032.97) | |
| Dividend Paid | (244.26) | (244.26) | |
| Tax on Dividend | (50.21) | ||
| Net Cash from Financing Activities (C) | 1,76,043.02 | 42,744.68 | |
| Net Increase / (Decrease) in Cash & Cash Equivalents (A+B+C) | 6,188.78 | 844.33 | |
| Opening Balance of Cash & Cash Equivalents | 4,872.84 | 4,028.51 | |
| Closing Balance of Cash & Cash Equivalents | 11,061.62 | 4,872.84 | |
| Consolidated Segment Wise Revenue, Results and Capital Employed | (₹ in Lakhs) | |||||||
|---|---|---|---|---|---|---|---|---|
| Sr. | Quarter Ended | Year Ended | ||||||
| No. | Particulars | 31.03.2021 | 31.12.2020 | 31.03.2020 | 31.03.2021 | 31.03.2020 | ||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||
| -1 | SEGMENT REVENUE (GROSS INCOME) | |||||||
| a) Segment - Textile | 3,932.98 | 8,23783 | 7,724.59 | 21.474.81 | 27,224.57 | |||
| b) Segment - Construction/Others | 6,854.53 | 1,622.87 | 2,961.64 | 10,966.47 | 7 7 1 1 1 8 | |||
| Total | 10,787.51 | 9,860.70 | 10,686.23 | 32,441.28 | 34,935.75 | |||
| Less: - Inter Segment Revenue | ||||||||
| Total Income from Operations | 10,787.51 | 9,860.70 | 10.686.23 | 32,441.28 | 34,935.75 | |||
| $\overline{2}$ | SEGMENT RESULTS (+/-) | |||||||
| Profit/(Loss) before tax and interest | ||||||||
| a) Segment - Textile | 48.88 | 212.24 | 390.83 | 491.68 | 1,478.86 | |||
| b) Segment - Construction/Others | 663.50 | 876.54 | 719.24 | 2,507.09 | 3,129.18 | |||
| Total Segment Results | 712.38 | 1,088.78 | 1,110.07 | 2,998.77 | 4,608.04 | |||
| Less : Interest | 7,579.70 | 959.73 | 1,613.45 | 10,803.55 | 5.032.97 | |||
| Less : Others un allocable exp | ||||||||
| Total Profit/(Loss) before Tax | (6, 867.32) | 129.05 | (503.38) | (7,804.78) | (424.93) | |||
| $\overline{3}$ | SEGMENT ASSETS | |||||||
| a) Segment - Textile | 15,542.11 | 17,161.17 | 17,033.69 | 15,542.11 | 17,033.69 | |||
| b) Segment - Construction/Others | 4,77,556.26 | 4,60,518.31 | 3, 31, 171.33 | 4,77,556.26 | 3, 31, 171. 33 | |||
| Total Segment Assets | 4,93,098.37 | 4,77,679.48 | 3,48,205.02 | 4,93,098.37 | 3,48,205.02 | |||
| $\Lambda$ | SEGMENT LIABILITIES | |||||||
| a) Segment - Textile | 8,318.49 | 9,866.31 | 10,007.53 | 8.318.49 | 10,007.53 | |||
| b) Segment - Construction/Others | 3,45,556.66 | 3.21.916.67 | 1,91,635.41 | 3,45,556.66 | 1,91,635 41 | |||
| Total Segment Liabilities | 3,53,875.15 | 3, 31, 782.98 | 2,01,642.94 | 3,53,875.15 | 2,01,642.94 |
Notes:
$1$ The Consolidated financial statements are prepared in accordance with the Indian Accounting Standards (Ind AS) as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and amendments thereto and other Recognised Accounting Practices and Policies to the extent applicable.
$\overline{2}$ The figures for 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 published year to date figures upto the third quarter.
$\overline{z}$ The above Consolidated Financial Results have been reviewed by the Audit Committee and approved by the Board of Directors at the meeting held on Wednesday, 30th June, 2021.
$\overline{A}$ The Company operates in two segments namely, a) Textiles and b) Construction/others.
$\overline{5}$ The Board has recommended the dividend of 10.10 per share on equity share of 11/- each (10%), subject to approval of the members of the company at the ensuing Annual General Meeting of the Company.
$6$ In view of the outbreak of Coronavirus (COVID-19) pandemic globally, the Group's business operations were temporarily disrupted. The Group has considered the possible effects, if any, that may result from the pandemic on the carrying amounts of assets after considering internal and external sources of information including the possible future uncertainties in the global economic conditions as at the date of approval of these consolidated financial results and has determined that none of these balances require a material adjustment to their carrying value. The Group continues to closely monitor the rapidly changing situation.
$\overline{7}$ The figures for the previous period have been regrouped and/or rearranged, wherever considered necessary.
For Swan Energy Limited
(Nikhil V. Merchant) Managing Director DIN: 00614790
e5man @ne~? ~imitetJ
(Formerly Swan Mills Limited)
6 Feltham House 2nd Floor, 10 J. N. Heredia Marg, Ballard Estate, Mumbai 400001 . , Tel.: 022-4058 7300 • Fax: +91-22-40587360· Email: [email protected] CIN. Ll7100MHl909PLC000294
Swanlnselbse
30th June, 2021
Dept. of Corporate Compliances, National Stock Exchange Limited, Exchange Plaza, Plot No. CIl, G Block, Bandra -Kurla Complex, Bandra-East,
Dept. of Corporate Service, Bombay Stock Exchange Limited P.J. Tower, Dalal Street, Fort Mumbai - 400001
Dear Sir,
SUB: Declaration pursuant to Regulation 33 (3) (d) of the SEBI (Listing Obligations and Disclosure ReqUirements) Regulations, 2015 as amended
In terms of the provisions of Regulation 33 (3) (d) and 52 (3) (a) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended, we confirm that the Statutory Auditors, Mis N. N. Jambusaria & Co., have issued Audit Reports on Standalone and Consolidated Financial Results dated June 30th, 2021 with unmodified opinion on the Annual Audited Financial Results of the Company for the year ended March 31, 2021.
Thanking you,
Yours faithfully,
For Swan Energy Limited
(Aron Agarwal) Company Secretary
