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Take Solutions Ltd Audit Report / Information 2021
60381_rns_2021-07-12_0eae164e-06a0-4f84-8d83-a1d4ba710e62.pdf
Audit Report / Information
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TECHNOLOGY ANALYTICS KNOWLEDGE ENTERPRISE
June 28, 2021
TAKE/NSE/2021-22
The Manager-Listing Department National Stock Exchange of India Limited Exchange Plaza, Bandra - Kurla Complex, Bandra (East), Mumbai - 400051 Symbol: TAKE
Dear Sir/Madam,
Sub: Clarification sought regarding financial results submitted for the quarter ended March 31, 2021, with respect to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
With reference to the above, we are hereby enclosing the financial results for the quarter and financial year ended March 31, 2021, as per Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, by incorporating the necessary changes which was omitted in the earlier submission.
We request you to consider the enclosed financial statements for the quarter and financial year ended March 31, 2021.
Kindly take the same on records.
Thanking you. Yours sincerely, For TAKE Solutions Limited
f-~ * ~
Srinivasan. P Company Secretary Encl: As above.
1' I OJ\f '5'
HENNA! ~
(..
Auditor's Report on audit of Consolidated Quarterly and Annual Financial Results of Take Solutions Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
INDEPENDENT AUDITOR'S REPORT
The Board of Directors Take Solutions Limited
Report on the Audit of Consolidated Financial Results
Opinion
We have audited the accompanying consolidated financial results of Take Solutions Limited (hereinafter referred to as the 'Holding Company"} and its subsidiaries (Holding Company and its subsidiaries together referred to as "the Group"} for the quarter and year ended March 31, 2021 attached herewith, being submitted by the Holding 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 and based on the consideration of report of other auditor on separate audited financial results of the subsidiary, the aforesaid consolidated financial results:
- i. include the quarterly and annual financial results pertaining to the entities listed in Annexure;
- ii. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
- iii. give a true and fair view in conformity with the applicable accounting standards, and other accounting principles generally accepted in India, of consolidated net loss and consolidated total comprehensive loss and other financial information of the Group for the quarter and year ended March 31, 2021.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143 (10) of the Companies Act, 2013 ("Act"}. Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Consolidated Financial Results section of our report. We are independent of the Group in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us, is sufficient and appropriate to provide a basis for our opinion on the consolidated financial results.
Pune Office: GOA House, Plot No.85, Right Bhusari Colony, Paud Road, Kothrud, Pune - 411 038, Phone - 020 - 66807200, Email - 2J,[email protected]
Emphasis of Matter
We draw attention to the following matter in the Notes to consolidated financial results:
The management has taken into consideration the impact of the known internal and external events arising from COVID-19 pandemic in the assessment of recoverability of trade receivables, goodwill on acquisition, intangible assets and contract assets up to the date of approval of these consolidated financial results. In this assessment, the group has performed sensitivity analysis on the key assumptions used and carried out testing of impairment by engaging an independent external Chartered Accountant. Such testing of impairment performed by the group did not reveal any impairment losses except in case of certain intangible assets where an impairment provision of Rs. 6,844.45 lakhs has been recorded and disclosed under 'exceptional items.' Further, the liquidity and business constraints consequent to impact of COVID 19 pandemic has significantly hampered the operations of a step-down subsidiary viz. Navitas Life Sciences GmbH, Germany (a subsidiary of Ecron Acunova Limited, which is a subsidiary ofTAKE Solutions Limited) and the liquidation process has been initiated as per the requirements of local laws. While such liquidation proceedings are in progress, the loss of Rs. 15,662.33 lakhs to the extent of net assets has been accounted for in Consolidated Financial Results during the year and disclosed under 'exceptional items.'.
Since the impact assessment of COVID-19 is an ongoing process, given the uncertainties associated with its nature and duration, the group will continue to closely monitor any significant impact on the group's financial position. The impact of global health pandemic might be different from that estimated as at the date of approval of these financial results.
Our opinion is not modified in respect of the above matter.
Management's Responsibilities for the Consolidated Financial Results
These Consolidated financial results have been prepared on the basis of the consolidated financial statements. The Holding Company's Board of Directors are responsible for the preparation and presentation of these consolidated financial results that give a true and fair view of the net loss and total comprehensive loss and other financial information of the Group in accordance with the 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. The respective Board of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated financial results by the Directors of the Holding Company, as aforesaid.
In preparing the consolidated financial results, the respective Board of Directors of the companies included in the Group are responsible for assessing the ability of the respective companies to continue
Pune Office: GDA House, Plot No.85, Right Bhusari Colony, Paud Road, Kothrud, Pune - 411 038, Phone - 020 - 66807200, Email - .§l_y_qi!.@gc;J.11rn,.mm.
as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate their respective companies 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 are responsible for overseeing the financial reporting process of the respective companies.
Auditor's Responsibilities for the Audit of the Consolidated Financial Results
Our objectives are to obtain reasonable assurance about whether the consolidated 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 consolidated financial results.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the consolidated 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) (i) of the Act, we are also responsible for expressing our opinion through a separate report on the complete set of consolidated financial statements on whether the group has adequate internal financial controls with reference to the consolidated financial statements in place and the operating effectiveness of such controls.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the consolidated financial results made by the Board of Directors.
- Conclude on the appropriateness of the Board of Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated 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 Group to cease to continue as a going concern.
Pune Office: GDA House, Plot No.85, Right Bhusari Colony, Paud Road, Kothrud, Pune - 411 038, Phone - 020 - 66807200, Email - [email protected]
- Evaluate the overall presentation, structure and content of the consolidated financial results, including the disclosures, and whether the consolidated financial results represent the underlying transactions and events in a manner that achieves fair presentation.
- Obtain sufficient appropriate audit evidence regarding the financial results/ financial information of the entities within the Group to express an opinion on the consolidated Financial Results. We are responsible for the direction, supervision and performance of the audit of financial information of entities included in the consolidated financial results of which we are the independent auditors.
We communicate with those charged with governance of the Holding Company and such other entities included in the consolidated financial results of which we are independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence and where applicable, related safeguards.
The consolidated financial results include the results for the quarter ended March 31, 2021 being the balancing figure between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year which were subjected to limited review by us, as required under the listing regulations.
For G. D. Apte & Co. Chartered Accountants Firm Registration Number: 100515W UDIN: 21113053AAAABY8029
Partner Membership Number: 113053 Pune, June 24, 2021
G.D. Apte & Co. Chartered Accountants
Annexure
Annexure referred to in Paragraph 2 of our Audit Report on the Consolidated Financial Results of Take Solutions Limited for the Quarter and year ended March 31, 2021
| Sr.No. | Particulars | ||||||
|---|---|---|---|---|---|---|---|
| A | Subsidiaries | ||||||
| 1 | Ecron Acunova Limited | ||||||
| 2 | TAKE Solutions Global Holding Pte Ltd | ||||||
| 3 | TAKE Solutions Limited ESOP Trust | ||||||
| 4 | Navitas LLP | ||||||
| 5 | APA Engineering Private Limited (disinvested during the year) | ||||||
| B | Step Down Subsidiaries | ||||||
| 1 | APA Engineering Pte Limited, Singapore (disinvested during theyear) | ||||||
| 2 | APA Engineering Inc., USA (disinvested during the year) | ||||||
| 3 | TAKE Solutions Information Systems Pte Ltd, Singapore | ||||||
| 4 | TAKE Enterprise Services Inc., USA | ||||||
| 5 | TAKE Innovations Inc, USA | ||||||
| 6 | Navitas Life Sciences Holdings Limited, UK | ||||||
| 7 | Million Star Technologies Limited, Mauritius | ||||||
| 8-- | lntelent Inc, USA | ||||||
| 9 | Navitas Life Sciences Limited, UK | ||||||
| 10 | Navitas Inc., USA | ||||||
| 11 | Navitas Life Sciences S. A. S. Colombia | ||||||
| 12 | (Incorporated during theNavitas Life Sciences SG Pte. Limitedyear) | ||||||
| 13 | Acunova Life Science Inc., USA | ||||||
| 14 | Navitas Life sciences Company Limited, Thailand | ||||||
| 15 | Acunova Life Sciences Limited, UK |
Pune Office: GDA House, Plot No.85, Right Bhusari Colony, Paud Road, Kothrud, Pune - 411 038, Phone - 020 - 66807200, Email - [email protected]
TAKE SOLUTIONS LTD
CJN: L63090TN2000PLC046338
Regd. Office : 27, Tank Bund Road, Nungambakkam, Chennai 600 034
www_takesolutions.com
| Statement of Audited Consolidated Financial Results for the quarter and year ended March 31, 2021(i!' In Lakhs except per share data) | |||||||
|---|---|---|---|---|---|---|---|
| Quarter Ended | Vear Ended | ||||||
| Mar 31, | Dec 31, | Mar 31, | Mar 31, | Mar 31, | |||
| SI.No. | Particulars | 2021 | 2020 | 2020 | 2021 | 2020 | |
| (Audited)(Refer Note 10) | (Unaudited) | (Audited)(Refer Note 10) | (Audited) | (Audited) | |||
| A CONTINUING OPERATIONS | |||||||
| 1 Revenue from operations | 22,099.48 | 21,639. 15 | 37,066 59 | 77,401.45 | 221,289 95 | ||
| 2 Other Income3 Total Revenue | 88,3622,187.84 | 956,5222,595.67 | 1,562.7338,629.32 | 1,199,6678,601.11 | 2,638.89223,928.84 | ||
| 4 Expenses | |||||||
| Cost of revenue | 4,894.94 | 5.374,00 | 14,756 14 | 18,807, 73 | 66,161.99 | ||
| Employee benefit expenses | 8,994.01 | 11,908.98 | 18,31654 | 47,375,35 | 71,85806 | ||
| Finance cost | 827.94 | 939.81 | 1,02666 | 3,731.03 | 4,127.43 | ||
| Depreciation and amortisationOther expenses | 2,808 303,983.77 | 2,831.893,819.17 | 4,034 5719,491 86 | 11,538.0318,521 78 | 16,692.8066,380_29 | ||
| Total Expenses | 21,508.96 | 24,873.85 | 57,625.77 | 99,973.92 | 225,220.57 | ||
| 5 | Profit/(Loss) before exceptional items and tax (3-4) | 678.88 | (2,278.18) | (18,996.45) | (21,372.81) | (1,291.73) | |
| 6 Exceptional items (refer note 4 and 5) | (6,844 45) | (22,506.78) | |||||
| 7 Profit/(Loss) before tax (5-6) | (6,165.57) | (2,278.18) | (18,996.45) | (43,879.59) | (1,291.73) | ||
| )t Tax expense | |||||||
| Current taxShortfall / (excess) provision of earlier years | 886 81(118.44) | 85 ,65 | 783 26(0.15) | 1,353.98(118.44) | 4,148.00(172.14) | ||
| Defened tax | (121 ,20) | 201. 13 | (3,864,40) | 119,50 | (4,173.40) | ||
| 9 | Profit/(Loss) for the period from continuing operations (7-8) | (6,812.74) | (2,564.96) | (15,915.16) | (45,234.63) | (1,094.19) | |
| B DISCONTINUED OPEARATIONS | |||||||
| 10 Profit/(Loss) from discontinued operations before tax | 19.26 | 317.46 | |||||
| I 1 Less: Tax expense on discontinued operations | 89,96 | ||||||
| 12 Profit/(Loss) for the period from discontinued operations (10-11) | 19.26 | 227.50 | |||||
| 13 Total Profit/fLoss) for the period (9+12) | (6,812.74) | (2,545.70) | (15,915.16) | (45,007.13) | (1,094.19) | ||
| 14 Profit/(Loss) for the period from continuing operations (9) | |||||||
| Attributable to: | |||||||
| Shareholders of the company | (6,808.89) | (2,564.70) | (15,793 ,04) | ( 45,342,56) | (1,236 03) | ||
| Non-control]ing interest | (3 .85) | (0.26) | (122.12) | 107 93 | 141.84 | ||
| (6,812.74) | (2,564.96) | (15,915.16) | (45,234.63) | (1,094.19) | |||
| 15 Profit/(Loss) for the period from discontinued operations (12) | |||||||
| Attributable to: | |||||||
| Shareholders of the company | 19.26 | 140,04 | |||||
| Non-controlling interest | 19.26 | 87.46227.50 | |||||
| 16 Other Comorehensive lncome from continuine: operations | |||||||
| al i) Items that will not be reclassified to orofit or (loss) | 63.41 | 78,20 | (10 96) | 125,27 | (139,15) | ||
| ii) Income tax provision/ (reversal) relating to the items that will not be | |||||||
| reclassified to profit or (loss) | 18.27 | 26,16 | 14,74 | 38.45 | (27 ,51) | ||
| b) i) Items that will be reclassified to orofit or (loss)ii) Income tax p10vision / (reversal) relating to the items that will be | 413.08 | (442.46) | 3.156 80 | 403 02 | 7.283.92 | ||
| reclassified to profit or (loss) | 11.63 | (7.43) | (4.54) | (4.00) | (15.29) | ||
| Total Other Comprehensive Income from continuine operations | 446.59 | (382.99) | 3,135,64 | 493.84 | 7,187,57 | ||
| 17 Other Comprehensive Income from discontinued operations | |||||||
| Items that will not be reclassified to Ol'Ofit or floss)Income tax provision/ (reversal) relating to the items that will not be | (5 97)(2 12) | ||||||
| reclassified to profit or (loss) | |||||||
| Total Other Comprehensive Income from discontinued operations | (3,85) | ||||||
| 18 Total Other Comprehensive Income | 446.59 | (382.99) | 3,135.64 | 489.99 | 7,187.57 | ||
| 19 Other Comprehensive Income from continuine operations (16) | |||||||
| Attributable to: | |||||||
| Shareholders of the comoanv | 441.57 | (379 14) | 3,147.95 | 497.66 | 7,199.88 | ||
| Non-contro11ine. interest | 5,02446.59 | (3 .85)(382.99) | (12.31)3,135.64 | (3 .82)493.84 | (12.31)7,187.57 | ||
| 20 Total Other Comprehensive Income from discontinued operations (17) | |||||||
| Attributable to: | |||||||
| Shareholders of the comoanv | (2 23)(1.62) | ||||||
| Non-controlling interest | (3,85) | ||||||
| 21 Total Comorehensive Income for the period (13+18) | (6,366.15) | (2,928.69) | (12,779.52) | (44,517.14) | 6.093,38 |
| Continued | ||||||
|---|---|---|---|---|---|---|
| Quarter Ended | Year Ended | |||||
| SI. | Particulars | Mar 31, | Dec 31, | Mar 31, | Mar 31, | Mar 31, |
| No. | 2021 | 2020 | 2020 | 2021 | 2020 | |
| (Audited) | <unaudited)< th="">I Audited</th>I Audited)(Audited)</unaudited)<> | I Audited\ | I Audited) | (Audited) | ||
| 22 Total Comprehensive Income from Continuinl! operations (14+ 19) | ||||||
| Attributable to: | ||||||
| Shareholders of the company | (6,367.32) | (2,943.84) | (12,645 .09) | (44,844.90) | 5,963.85 | |
| Non-controlling interest | 1.17 | (4.11) | ( 134.43) | 104.11 | 129.53 | |
| (6,366.15) | (2,947.95) | (12,779.52) | (44,740.79) | 6,093.38 | ||
| 23 Total Comprehensive Income from Discontinued operations (15+20) | ||||||
| Attributable to: | ||||||
| Shareholders of the company | - | 19.26 | - | 137.81 | - | |
| Non-controlling interest | - | - | - | 85.84 | - | |
| - | 19.26 | - | 223.65 | - | ||
| 24 Paid-up equity share capital (Face value f 1/- each) | 1,462.25 | 1,462.25 | 1,462.25 | 1,462.25 | 1,462.25 | |
| 25 | Earnings per share (of~ 1/- each not annualised) | |||||
| (a) Basic | ||||||
| ( i) Continuing operations | (4.66) | (1.75) | (10.81) | (31.01) | (0.85) | |
| ( ii) Discontinued operations | 0.01 | - | 0.10 | - | ||
| Total Operations | (4.66) | (l.74) | (10.81) | (30.91) | (0.85) | |
| (b) Diluted | ||||||
| (i) Continuing operations | (4.66) | (1.75) | (10.79) | (31.01) | (0.84) | |
| (ii) Discontinued operations | - | 0.01 | - | 0.10 | - | |
| Total Operations | (4.66) | (1. 74) | (10.79) | (30.91) | (0.84) | |
Segment Wise Revenue and Results
P rnnar . y S Cl!mcnl I n 1" ormatlon
| ( f In Lakhs) | |||||||
|---|---|---|---|---|---|---|---|
| Quarter EndedYear Ended | |||||||
| Particulars | Mar 31, | Dec 31, | Mar 31, | Mar 31, | Mar 31, | ||
| 2021 | 2020 | 2020 | 202-1 | 2020 | |||
| (Audited) | IU naudited) | (Audited\ | (Audited) | (Audited) | |||
| Continuing OperationsA. | |||||||
| I. Segment Revenue | |||||||
| ( i) Life Sciences | 22,099,48 | 21,639.15 | 34,324.12 | 74,116.54 | 207,920.85 | ||
| (ii) Supply Chain Management | - | - | 2,742.47 | 3,284.91 | 13,369.10 | ||
| Revenue from Ooerations | 22,099.48 | 21,639.15 | 37,066.59 | 77,401.45 | 221,289.95 | ||
| 2. Segment Results | |||||||
| (i) Life Sciences | (20,666.48) | (744.30) | (17,246.65) | (38,233.83) | 5,011.07 | ||
| ii) Supp!v Chain Mangement | - | - | (391.29) | 381.57 | 660.57 | ||
| Total | (20,666.48) | (744.30) | (17,637.94) | (37,852.26) | 5,671.64 | ||
| Less: (i) Finance cost | 827.94 | 939.81 | 1,026.66 | 3,731.03 | 4,127.43 | ||
| (ii) Other Un-allocable Expenditure net off Un-allocable Income | (15,328.85) | 594.07 | 331.85 | 2.296.30 | 2.835.94 | ||
| Profit Before Tax - Continuin2 Operations | (6,165.57) | (2,278.18) | (18,996.45) | (43,879.59) | (1 ,291.73) | ||
| Discontinued Operations - Supply Chain ManagementB. | |||||||
| Segment Revenue | - | - | - | 4,757.62 | - | ||
| Segment Results | - | 19.26 | - | 317.46 | - | ||
| Less: (i) Finance cost | - | - | - | - | - | ||
| (ii) Other Un-allocable Exoenditure net off Un-allocable Income | - | - | - | - | - | ||
| Profit Before Tax - Discontinued Ooerations | - | 19.26 | - | 317.46 | - | ||
| Scgrcgalio11 of assets, liabilities, depreciation "and other non-cash expenses into various primary segments has not been carried out as the assets are used intcrclmngeably | |||||||
| bo\wccn segments. Accordingly, no disclosure relating to segmental assets and liabilities has been made. |
Note: I. Consolidated Statement of Assets and Liabilities
| (t In Lakhs) | ||||||
|---|---|---|---|---|---|---|
| As at | As at | |||||
| Particulars | Mar 31 2021 | Mar31 2020 | ||||
| (Audited) | (Audited) | |||||
| ASSETS | ||||||
| Non-current assets | ||||||
| (a) | Property, plant and equipment | I 9,438.65 | 28,955.85 | |||
| (b) | Capital work in progress | 20.88 | 76.89 | |||
| (c) R i gh t-o f-use asset | 3,281.76 | 4,870.62 | ||||
| (d) Goodwill | 23,711.15 | 23,837.54 | ||||
| (e) Other intangible assets | ||||||
| (i) Goodwill on business acquisition | 26,399.44 | 32,827.39 | ||||
| (ii) Other intangible assets | 20,544.20 | 32,860.29 | ||||
| (t) Intangible assets under development | - | 6.00 | ||||
| (g) Financial Assets | ||||||
| (i) Investments | 743.58 | 1,167.27 | ||||
| (ii) Loans | 662.34 | 715.80 | ||||
| (h) Deferred tax assets ( net) | 1,848.97 | 1,879.85 | ||||
| (i) Income tax assets (net) | 1,356.45 | 878.09 | ||||
| (j) Other non-current assets | 357.54 | 362.84 | ||||
| Total Non-Current Assets | 98,364.96 | 128,438.43 | ||||
| Current assets | ||||||
| (a) | Inventories | 60.54 | 342.23 | |||
| (b) Financial assets | ||||||
| ( i) Investments | - | 582.55 | ||||
| (ii) Trade receivables | 43,385 .94 | 70,082.98 | ||||
| (iii) Unbilled receivables | 5,566.86 | 11,233.13 | ||||
| (iv) Cash and cash equivalents | 3,897.44 | 4,513.20 | ||||
| (v) Bank balances other than (iii) above | 31.82 | 36.16 | ||||
| (vi) Other financial assets | 13,292.08 | 14,009.92 | ||||
| (c) Other current assets | 19.859.26 | 19,086.81 | ||||
| Total Current Assets | 86,093.94 | 119,886.98 | ||||
| Total Assets | 184,458.90 | 248,325.41 | ||||
| EQUITY AND LIABILITIESEquity | ||||||
| (a) | Equity share capital | 1,462.25 | 1,462.25 | |||
| (b) | Other equity | 111,006.94 | 156,072.65 | |||
| (c) | Non-controlling interests | (39.09) | 1,004.13 | |||
| Total Equity | 112,430.10 | 158,539.03 | ||||
| Non-current liabilities | ||||||
| (a) | Financial liabilities | |||||
| (i) Borrowings | 13,445.55 | 17,353.18 | ||||
| (ii) Lease liabilities | 2,683.97 | 3,917.36 | ||||
| (b) Provisions | 807.63 | 719.81 | ||||
| (c) Deferred tax liabilities (net) | 2,661.74 | 1,821.64 | ||||
| Total Non-Current Liabilities | 19,598.89 | 23,811.99 | ||||
| Current liabilities | ||||||
| (a) | Financial liabilities | |||||
| (i) Borrowings | 31 ,567.21 | 34,062.41 | ||||
| (ii) Trade Payables | 4,155.08 | 6,092.75 | ||||
| (iii) Other financial liabilities | 8,787.86 | 13,973.70 | ||||
| (iv) Lease liabilities | 864.79 | 1,058.04 | ||||
| (b) Other current liabi I ities | 5,394.53 | 8,543 .08 | ||||
| (c) Provisions | 65.84 | 82.28 | ||||
| (d) Income tax liabilities (net) | 1,594.60 | 2,162.13 | ||||
| Total Current Liabilities | 52,429.91 | 65,974.39 | ||||
| Total Equity and Liabilities | 184,458.90 | 248,325.41 |
| (t In Lakhs) | ||||
|---|---|---|---|---|
| Year ended | ||||
| Mar 31, | Mar 31, | |||
| Particulars | 2021 | 2020 | ||
| £Audited) | (Audited) | |||
| Nli:T PROFlT/ (LOSS) BEFORE TAX | (43,562.13) | (1,291.73) | ||
| Adjustments fo r | ||||
| Depreciation and Amortisation | 11,538.03 | 16,692.80 | ||
| Finance Cost | 3,731.03 | 4,127.43 | ||
| Interest income | (77.65) | (125.92) | ||
| (Profit)/Los · on ale of investments | (2.81) | (1.58) | ||
| Employee stock option expense | 157.24 | 319.25 | ||
| Dividend income | - | (1.09) | ||
| Loss/(gain) on foreign exchange adjustments | 618.71 | (1,196.52) | ||
| Profit on revaluation of financial instruents | (55.31) | (446.58) | ||
| Profit on sale of subsidiary | (19.26) | - | ||
| Loss on liquidation of subsidiary and impairment loss | 22,506.78 | - | ||
| Provision for Expected credit loss and bad debts | 3,233.43 | 1,560.45 | ||
| Operating Profit before Working Capital Changes | (1,931.94) | 19,636.51 | ||
| (Increase)/Decrease in loans and advances, trade receivables and other assets | 17,631.36 | (10,678.70) | ||
| Increase/ (Decrease) in trade payables, liabilities and provisions | (211. 13) | 17,393.94 | ||
| Cash flow from/ (used in) Operations | 15,488.29 | 26,351.75 | ||
| Direct taxes paid, net of refunds | (1,964.33) | (5,237.33) | ||
| NET CASH FROM /(USED) IN OPERATING ACTIVITIES | 13,523.96 | 21,114.42 | ||
| B) CASH FLOW FROM INVESTING ACTIVITIES | ||||
| Purchase of Property Plan and Equipment | (314.80) | (15,760.28) | ||
| Product development expenses | (0.72) | (2,489.68) | ||
| Sale of fixed assets | 135.83 | 1.01 | ||
| (Purchase) / sale of investments | - | (217 .11) | ||
| Inflow on account of disposal of subsidiary | 1,740.00 | - | ||
| (Purchase)/ sale on account of Business Combinations | (7,336.50) | (7,487.80) | ||
| Dividend income | - | 1.09 | ||
| Interest income | 77.65 | 125.92 | ||
| Reduction/ (Increase) of bank deposits | (0.29) | 2,257.95 | ||
| NET CASH FROM /(USED) IN INVESTING ACTIVITIES | (5,698.83) | (23,568.90) | ||
| C) CASI-I FLOW FROM FINANCING ACTIVITIES | ||||
| Net movement in Long/short-term borrowings | (4,067.94) | 7,925.90 | ||
| Proceeds from exercise of employee options | - | 64.76 | ||
| Dividend Paid on equity shares including dividend distribution tax | - | (711.38) | ||
| Payment of Lease Liability | {1,159.80) | {1,526.31) | ||
| Finance Cost | (3,166.90) | (3,699.16) | ||
| NET CASH FROM /(USED) IN FINANCING ACTIVITIES | (8,394.64) | 2,053.81 | ||
| Net lncrease/(Decrease) in Cash & Cash equivalents | (569.51) | (400.67) | ||
| Add: Cash and cash equivalents as at the beginning of the year | 4,513.20 | 4,676.48 | ||
| Exchange difference on translation of foreign currency cash and cash equivalents | (46.25) | 237.39 | ||
| Cash & Cash equivalents as at the end of the year | 3.897.44 | 4,513.20 |
- 3 The Consoliduted r-innncial Res11I L~ for the quarter and year ended March 31, 2021 have been reviewed and recommended by the Audit Committee and approved by the Board of Directors of the company in their respective meetings held on June 24, 2021. The statutory auditors of the company have carried out the audit ol the results for the quarter and year ended March 31, 2021.
- 4 The management has taken into consideration the impact of the known internal and external events arising from COVlD-19 pandemic in the assessment ol recoverability of trade receivables, goodwill on acquisition, intangible assets and contract assets up to the date of approval of these consolidated financial results. In this assessment, the group has performed sensitivity analysis on the key assumptions used and carried out testing of impairment by engaging an independent external Chartered Accountant. Such testing of impairment performed by the group did not reveal any impairment losses except in case of certain intangible ussets where an impairment provision of~ 6,844.45 lakhs has been recorded and disclosed under 'exceptional items'. Further, the liquidity and business constraints consequent to impact of COVlD 19 pandemic has significantly hampered the operations of a step-down subsidiary viz. Navitas Life Sciences Gmbh, Germany (a subsidiary of Ecron Acunova Limited, which is a subsidiary of TAKE Solutions Limited) and the liquidation process has been initiated as per the requirements of local laws. While such liquidation proceedings are in progress, the loss of ~ 15,662.33 lakhs to the extent of net assets has been accounted for in Con.iolidated Financial Results during the year and disclosed under 'exceptional items'.
Since the impact assessment of COVlD-19 is an ongoing process given the uncertainties associated with its nature and duration, the Group will continue to 'Cloaely monitor any significant impact on the financial position. The impact of global health pandemic might be different from that estimated as at the date of approval of these financial results.
- 5 The Code on Social Security, 2020 (the Code) has been enacted, which would impact contribution by the Group Companies registered in India towards applicable social security schemes. The Ministry of Labour and Employment has also released draft rules thereunder on November 13, 2020 and has invited suggestions from stakeholders which are under active consideration by the Ministry. The actual impact on account of this change will be evaluated and accounted for when notification becomes effective.
- 6 In order to enhance the life sciences business activities, the group has, during the Quarter ended March 31, 2021 , formed a subsidiary viz. Navitas Life Science SG Pte Ltd in Singapore (as a subsidiary of TAKE Solutions Global Holdings Pie Ltd which is wholly owned subsidiary of TAKE Solutions Limited). The subsidiary is expected to commence its operations during the Financial year 2021-22.
- 7 The Consolidated and Standalone financial results for the quarter and year ended March 31, 2021 are available on the Company's website (www.takesolutions.co111) and the website of BSE (www.bseindia.com) and NSE (www.nseindia.com)
- 8 During the year ended March 31, 2021, the group divested its entire equity stake in one of the subsidiary viz. APA Engineering Pvt Ltd and the net profit of~ 208.24 lakhs (after adjusting tax expense of~ 89.96 lakhs) has been disclosed under 'Discontinued operations.' The shares have been transferred during the year for a consideration of~ 1,740 lakhs and the profit of~ 19.26 lakhs has also been disclosed under 'Discontinued operations.'
- 9 The financial results of TAKE Solutions Limited (Standalone information)
| (f In Lakhs) | |||||||
|---|---|---|---|---|---|---|---|
| Quarter Ended | Year Ended | ||||||
| Particulars | Mar JI,202 1 | Dec JI,2020 | Mar JI,2020 | Mar 31,202 1 | Mar 31,2020 | ||
| (Aud ited) | (U nnndited) | (Audited) | (A udited) | (Audited) | |||
| Tota l income | 69.25 | 253.06 | (191.93 ) | 1,221.72 | 2,854.30 | ||
| Net profit/(loss) before tax | (223.26) | 1,103.17 | (589.54) | 651.74 | 693.81 | ||
| Net profit/(loss) for the period | (124.10) | 1,096.60 | (652.71 ) | 779.26 | 773.53 | ||
| Total conlllrchcnsivc income | ( 129.55) | 1,099.73 | (651 .26) | 783 .55 | 772.56 |
10 The figures for the quarter ended March 31, 2021 and March 31, 2020 are derived figures between the audited figures for the year ended March 31, 2021 und March 31, 2020 and published reviewed figures of December 31, 2020 and December 31, 2019, respectively.
11 Previous period figures have been regrouped /reclassified, wherever necessary to conform to current period's classification.
| For and on behalf of the Board of Directorssd/- | ||
|---|---|---|
| Place : Chennai | Srinivasan H.R. | |
| Da~ :Junc24, 2021 | Vice Chairman & ManRging Director | |
| -- ::: ,. |
Auditor's Report on audit of Standalone Quarterly and Annual Financial Results of Take Solutions Limited Pursuant to the Regulation 33 of the SEBI (Listing Obligations and disclosure Requirements) Regulations, 2015
INDEPENDENT AUDITOR'S REPORT
The Board of Directors Take Solutions Limited
Report on the audit of the Standalone Financial Results
Opinion
We have audited the accompanying standalone financial results of Take Solutions Limited (the company) for the quarter and year ended March 31, 2021, 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 standalone 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 total comprehensive income and other financial information for the quarter and year ended March 31, 2021.
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 for the Audit of the Standalone Financial Results section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial results under the provisions of the Act and the Rules thereunder and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the standalone financial results.
Pune Office: GDA House, Plot No.85, Right Bhusari Colony, Paud Road, Kothrud, Pune - 411 038, Phone - 020 - 66807200, Email - audit@g_daca.com
Emphasis of Matter
We draw attention to the following matter in the Notes to standalone financial results:
The management has taken into consideration the impact of the known internal and external events arising from COVID-19 pandemic in the assessment of recoverability of trade receivables, contract assets and certain investments in subsidiaries up to the date of approval of these standalone financial results. In this assessment, the company has performed sensitivity analysis on the key assumptions used and carried out testing of impairment by engaging an independent external Chartered Accountant. Such testing of impairment performed by the company did not reveal any impairment losses. However, the liquidity and business constraints consequent to impact of COVID 19 pandemic has significantly hampered the operations of a step-down subsidiary viz. Navitas Life Sciences GmbH, Germany (a subsidiary of Ecron Acunova Limited, which is a subsidiary ofTAKE Solutions Limited) and the liquidation process has been initiated as per the requirements of local laws. While such liquidation proceedings are in progress, the loss of Rs . 15,662.33 lakhs to the extent of net assets has been accounted for in Consolidated Financial Statements in the year. Considering the business projections, no impairment is required to be made against investments of the company in Ecron Acunova Limited in the Standalone Financial Results.
Since the impact assessment of COVID-19 is an ongoing process, given the uncertainties associated with its nature and duration, the company will continue to closely monitor any significant impact on the financial position. The impact of global health pandemic might be different from that estimated as at the date of approval of these financial results.
Our opinion is not modified in respect of the above matter.
Management's Responsibilities for the Standalone Financial Results
These Standalone financial results have been prepared on the basis of the standalone annual financial statements. The Company's Board of Directors are responsible for the preparation of these standalone 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 Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder, 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 standalone financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the standalone 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
Pune Office: GOA House, Plot No.85, Right Bhusari Colony, Paud Road, Kothrud, Pune - 411 038, Phone - 020 - 66807200, Email - [email protected]
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 Standalone Financial Results
Our objectives are to obtain reasonable assurance about whether the standalone 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 standalone financial results.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the standalone 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, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.
- 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 standalone 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.
Pune Office: GDA House, Plot No.85, Right Bhusari Colony, Paud Road, Kothrud, Pune - 411 038, Phone - 020 - 66807200, Email - [email protected]
G.D. Apte & Co. Chartered Accountants
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.
The standalone financial Results include the results for the quarter ended March 31, 2021 being the balancing figure between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year, which were subjected to limited review by us, as required under the listing regulations.
For G. D. Apte & Co. Chartered Accountants Firm Registration Number: 100 515W
UDIN: 21113053AAAABX1233 ' o>--~ ~~ Umesh S. Abhyankar
Partner Membership Number: 113 053 Pune, June 24, 2021
Pune Office: GOA House, Plot No.85, Right Bhusari Colony, Paud Road, Kothrud, Pune - 411 038, Phone - 020 - 66807200, Email - [email protected]
TAKE SOLUTIONS LTD
CIN: L63090TN2000PLC046338 Regd. Office: 27, Tank Bund Road, Nungambakkam, Chennai 600 034 www.takesolutions.com
| Statement of Audited Standalone Financial Results for the quarter and year ended March 31, 2021 | ||||||
|---|---|---|---|---|---|---|
| (i In Lakhs except per share data) | ||||||
| SI. | Particulars | Mar 31,2021 | Quarter EndedDec 31,2020 | Mar 31,2020 | Year EndedMar 31,2021 | Mar 31,2020 |
| No. | (Audited)(Refer Note 11) | (Unaudited) | (Audited)(Refer Note 11) | (Audited) | (Audited) | |
| A | CONTINUING OPERATIONS | |||||
| I | Revenue from operations | - | 1779 | 63.02 | 186.09 | 246.55 |
| 2 | Other Income | 69.25 | 235 .27 | (254.95) | 1,03563 | 2,607,75 |
| 3 | Total Income | 69.25 | 253.06 | (191.93) | 1,221.72 | 2,854.30 |
| 4 | Expenses | |||||
| Cost of revenue | - | 16,50 | 60.30 | 154.94 | 178.44 | |
| Employee benefit expenses | 103 87 | 80,61 | 148.53 | 412.35 | 632.24 | |
| Finance cost | 8 28 | 8,70 | 9.86 | 35.57 | 42.51 | |
| Depreciation and amortisation | 39 06 | 39.28 | 39.28 | 156 78 | 174. 17 | |
| Other expenses | 141 30 | 386.61 | 139 64 | 1,192. 15 | 1,133.13 | |
| Total Expenses | 292.51 | 531.70 | 397.61 | 1,951.79 | 2,160.49 | |
| 5 | Profit/(Loss) before exceptional items and tax (3-4) | (223.26) | (278.64) | (589.54) | (730.07) | 693.81 |
| 6 | Exceptional items | |||||
| Profit on sale of subsidiary | - | 1,381 ,81 | - | 1,381 .81 | - | |
| 7 | Profit/(Loss) before tax (5-6) | (223.26) | 1,103.17 | (589.54) | 651.74 | 693.81 |
| 8 | Tax expense | |||||
| Current tax | - | - | 35 05 | - | 61.16 | |
| Shortfall / (excess) provision of earlier years | (99 70) | - | - | (99.70) | (86.63) | |
| Deferred tax | 0.54 | 6,57 | 28.12 | (27 82) | (5425) | |
| 9 | Profit/(Loss) for the period from continuin2 operations (7-9) | (124.10) | 1,096.60 | (652.71) | 779.26 | 773.53 |
| B | DISCONTINUED OPEARATIONS | |||||
| 10 | Profit/(Loss) from discontinued operations before tax | - | - | - | ||
| 11 | Less: Tax expense on discontinued operations | - | - | - | - | - |
| 12 | Profit/(Loss) for the period from discontinued operations (8-9) after tax | - | - | - | - | - |
| 13 | Profit/(Loss) for the period (9+ 12) | (124.10) | 1,096.60 | (652.71) | 779.26 | 773.53 |
| 14 | Other Comprehensive Incomea) i) Items that will not be reclassified to profit or (loss)ii) Income tax provision/ (reversal) relating to the items that will not | (7.29) | 4,19 | 2 03 | 5.73 | (1.30) |
| be reclassified to profit or (loss) | (1.84) | 1.06 | 0 58 | 1.44 | (0.33) | |
| b) i) Items that will be reclassified to profit or (loss) | - | - | - | |||
| ii) Income tax provision/(reversal) relating to the items that will be | ||||||
| rec lassified to profit or (loss) | - | - | ||||
| Total Other Comprehensive Income | (5.45) | 3.13 | 1.45 | 4.29 | (0.97) | |
| 15 | Total Comprehensive Income | (129.55) | 1,099.73 | (651.26) | 783.55 | 772.56 |
| 16 | Paid-up equity share capital (Face value f 1/- each) | 1,479.34 | 1,479.34 | 1,479.34 | 1,479.34 | 1,479.34 |
| 17 | Earnings per share (of~ 1/- each) (not annualised) | |||||
| (a) Basic (in ~) | (0,08) | 0.74 | (0 45) | 0,53 | 0 52 | |
| (b) Diluted (in ~) | (0,08) | 0.74 | (0.47) | 0.53 | 0.50 | |
| (t In Lakhs) | ||||||
|---|---|---|---|---|---|---|
| As at | Mar As atMar | |||||
| Particulars | 31,2021 | 31,2020 | ||||
| (Audited) | (Audited) | |||||
| ASSETS | ||||||
| Non-current assets | ||||||
| (a) | Property, plant and equipment | 162.18 | 232.11 | |||
| (b) | Right-of-use assets | 280.87 | 365.13 | |||
| (c) Other intangible assets | - | - | ||||
| (d) Investment in subsidiaries | 51,678.44 | 51,731.87 | ||||
| (e) Financial Assets | ||||||
| (i) Loans | 591.92 | 595.28 | ||||
| (ii) Other financial asset | - | |||||
| (t) Deferred tax assets (net) | 238.85 | 212.47 | ||||
| (g) Income tax assets (net) | 1,062.37 | 950.92 | ||||
| (h) Other non-current assets | - | - | ||||
| Total Non-Current Assets | 54,014.63 | 54,087.78 | ||||
| Current assets | ||||||
| (a) | Inventories | - | 2.45 | |||
| (b) | Financial assets | |||||
| (i) Investments | - | - | ||||
| (ii) Trade receivables | 237.02 | 700.19 | ||||
| (iii) Cash and cash equivalents | 1,125.43 | 74.39 | ||||
| (iv) Bank balances other than (iii) above | 24.73 | 29.35 | ||||
| (v) Loans | 13,855.64 | 12,893.50 | ||||
| (vi) Other financial assets | 7,293.63 | 9,262.65 | ||||
| (c) Other current assets | 2,075.54 | 579.27 | ||||
| Total Current Assets | 24,611.99 | 23,541.80 | ||||
| Total Assets | 78,626.62 | 77,629.58 | ||||
| EQUITY AND LIABILITIES | ||||||
| Equity | ||||||
| (a) | Equity share capital | 1,479.34 | 1,479.34 | |||
| (b) | Other equity | 76,028.07 | 75,103.22 | |||
| Total Equity | 77,507.41 | 76,582.56 | ||||
| Non-current liabilities | ||||||
| (a) | Financial liabilities | |||||
| (i) Other financial liabilities | 149.86 | 216.65 | ||||
| (ii) Lease liabilities | 238.62 | 320.19 | ||||
| (b) | Provisions | 81.37 | 75.18 | |||
| Total Non-Current Liabilities | 469.85 | 612.02 | ||||
| Current liabilities | ||||||
| (a) | Financial liabilities | |||||
| (i) Trade Payables | 188.00 | 94.89 | ||||
| (ii) Other financial liabilities | 363.22 | 256.41 | ||||
| (iii) Lease liabilities | 81 .57 | 64.51 | ||||
| (b) | Other current liabilities | 9.90 | 14.48 | |||
| (c) Provisions | 6.67 | 4.71 | ||||
| Total Current Liabilities | 649.36 | 435.00 | ||||
| Total Equity and Liabilities | 78,626.62 | 77,629.58 |
| (f In Lakhs) | |||||
|---|---|---|---|---|---|
| Year ended | |||||
| Particulars | Mar 31, | Mar 31, | |||
| 2021 | 2020 | ||||
| (Audited) | (Audited) | ||||
| A) CASH FLOW FROM OPERATING ACTIVITIES | |||||
| NET PROFIT/ (LOSS) BEFORE TAX | 651.74 | 693.81 | |||
| Adjustments for | |||||
| Depreciation | 156.78 | 174.17 | |||
| Finance Cost | 35.57 | 42.51 | |||
| Dividend income | - | ( 48.96) | |||
| Interest income | (794.69) | (916.05) | |||
| Unwinding ofliability for financial guarantee contracts | (242.11) | (200.51) | |||
| Employee stock option expense | 17.74 | 115.47 | |||
| Bad debts and provision for expected credit losses | 111.67 | 31.74 | |||
| Loss/(gain) on foreign exchange adjustments | 245.42 | (437.92) | |||
| Gain on sale of investment in subsidiary (Refer note 5) | (1,381.81) | - | |||
| Creditors written back | (12.40) | - | |||
| Lease concessions received | (75.00' | - | |||
| Operating Profit before working Capital Changes | (1,287.09) | (545.74) | |||
| (Increase)/Decrease in loans & advances and other assets | 812.51 | (101.16) | |||
| Increase/ (Decrease) in liabilities and provisions | 220.67 | (726.43) | |||
| Cash flow from/ (used in) Operations | (253.91) | (1,373.33) | |||
| Direct taxes paid | (11.80) | (117.40) | |||
| NET CASH FROM/(USED IN) OPERATING ACTIVITIES | (265.71) | (1,490.73) | |||
| B) CASH FLOW FROM INVESTING ACTIVlTI ES | |||||
| Purchase of fixed assets | (2.58) | -- | |||
| Proceeds from sale of investments in a subsidiary (Refer note 5) | 1,740.00 | ||||
| Dividend income | - | 48.96 | |||
| Interest income | - | 1,211.55 | |||
| Loans to related parties | (395 .67) | (1,333.55) | |||
| Reduction/ (Increase) of bank deposits | - | 2,251.75 | |||
| NET CASH FROM /(USED IN) INVESTING ACTIVITIES | 1,341.75 | 2,178.71 | |||
| C) CASH FLOW FROM FINANCING ACTIVITIES | |||||
| Dividends paid on equity share including dividend distribution tax | - | (710.05) | |||
| Payment oflease liability | (25 .00' | (115.70) | |||
| NET CASH FROM/(USED IN) FINANCING ACTIVITIES | (25.00) | (825.75) | |||
| Net Increase/(Decrease) in Cash & Cash equivalents | 1,051.04 | (137.77) | |||
| Add: Cash and Cash equivalents as at the beginning of the year | 74.39 | 212.16 | |||
| Cash & Cash equivalents as at the end of the year | 1,125.43 | 74.39 |
- 3 The Stun 11 one l·1mmcr11I Resu lts tor llie quarter and year en ed Marc l 31, 202] hav~ been reviewed iind rccornmen e ,y t 1e Au it Comm1l!ec and approvod by I.he Board of Directors of the company in their respective meetings held on June 24, 2021. The statutory auditors of the company have carried out the audit of the results for the quarter and year ended March 31, 2021
- 4 The management has taken into consideration the impact of the known internal and external events arising from COVID-19 pandemic in the assessment of recoverability o trade receivables, contract assets and certain investments in subsidiaries up to the date of approval of these Standalone Financial results. In this assessment, the company has performed sensitivity analysis on the key assumptions used and carried out testing of impairment by engaging an independent external Chartered Accountant, Such testing of impairment performed by the company did not reveal any impairment losses. However, the liquidity and business constraints consequent to impact of COVID 19 pandemic has significantly hampered the operations of a step-down subsidiary viz, Navitas Life Sciences Gmbh, Germany (a subsidiary of Ecron Acunova Limited, which is a subsidiary of TAKE Solutions Limited) and the liquidation process has been initiated as per the requirements of local laws. While such liquidation proceedings are in progress, the loss of ~ 15,662.33 lakhs to the extent of net assets has been accounted for in Consolidated Financial Statements in the year. Considering the bLislncss projections, no impairment is required to be made against investments of the company in Ecron Acunova Limited in the Standalone Financial Results,
Since the impact assessment of COVID-19 is an ongoing process given the uncertainties associated with its nature and duration, the Company will continue to closely monitor any significant impact on the financial position The impact of global health pandemic might be different from that estimated as at the date of approval of these financial results.
- 5 During the year 2020-21, the company had divested its entire equity stake in one of the subsidiaries viz, APA Engineering Private Limited for a consideration of ~ 1,740 lakhs, The company has recorded profit of ~ 1,381.81 lakhs on the sale of investments in subsidiary which has been disclosed under 'Exceptional items'.
- 6 During the year 2020-21, the company erroneously recognized revenue aggregating to~ 1,856,84 lakhs in respect of shared services and share of profit from group entities which should not have been recognized since the intercompany arrangements were cancelled mainly due to situations emerging out ofCOVID 19 pandemic. In compliance with the requirements of Ind AS 8, 'Accounting Policies, Changes in Accounting Estimates and Errors,' the company has reinstated the corresponding financial results for the financial year ended March 31, 2020 by adjusting the Revenue from operations along with the corresponding impact of reduction of ~ I 36.55 lakhs in provision for current tax.
- 7 The Code on Social Security, 2020 (the Code) has been enacted, which would impact contribution by the Company towards applicable social security schemes. The Ministry of Labour and Employment has also released draft rules thereunder on November 13, 2020 and has invited suggestions from stakeholders which are under active consideration by the Ministry The actual impact on account of this change will be evaluated and accounted for when notification becomes effective.
- 8 In order to enhance the life sciences business activities, the company has, during the quarter ended March 31, 2021, formed a step down foreign subsidiary viz, Nav ilU Life Science SG Pie Ltd in Singapore (as a subsidiary of TAKE Solutions Global Holdings Pte Ltd which is wholly owned subsidiary of TAKE Solutions Limited). The step down subsidiary is expected to commence its operations during the Financial year 2021-22,
- 9 The company on a standalone basis operates in the business segment of promotion of services related to Life Sciences and hence there is only one business segment. The company on a standalone basis is primarily operating in India, which is considered as single geographical segment Accordingly, segment information has not been separately disclosed.
- IO During the quarter ended March 31, 2021, employees have not exercised any equity shares under Employee Stock Option Scheme of the Company.
- 11 The figures for the quarter ended March 31, 2021 and March 31, 2020 are derived figures between the audited figures for the year ended March 31, 2021 and March 31 , 2020 and published reviewed figures of December 31, 2020 and December 31, 2019, respectively,
- 12 Previous period figures have been regrouped /reclassified, wherever necessary to conform to current period's classification.
Place : Chcnnai Date : June 24 2021
For and on bclmlr of the Board or Directors
sd/- Srinivasan H.R. Vice Chairman & fanaging Director