Vascon Engineers Limited — Annual Report 2020

Jun 12, 2020

Date: June 12, 2020

To, National Stock Exchange of India Limited, Listing Department, Exchange Plaza, Sandra (E), Mumbai - 400 051

Ref Symbol: VASCONEQ

To, BSE Limited, The Department of Corporate Services Phiroze jeejeebhoy Towers, Dalal Street Fort, Mumbai 400 001

Ref: Scrip Code: 533156

Subject: Outcome of the Meeting

Dear Sir/ Madam,

Please find attached herewith outcome of the meeting of Board of Directors of Vascon Engineers Limited, commenced at 11:15 a.m. and concluded at 12.30 p.m. on june 12,2020.

Request you to take the same on record.

Thanking you,

For Vascon Engineers Limited

Enclosures: As above

VASCON ENGINEERS LTD.

Registered & Corporate Office: Vascon Weikfield Chambers, Behind Hotel Novotel, Opposite Hyatt Hotel, Pune Nagar Road, Pune Maharashtra, lndia,411 014 Tel.: +91 20 3056 2100/200/300, Fax: +91 20 3056 2600, Web: www.vascon.com

CIN:l70100PN1986PLC175750

To, National Stock Exchange of India Limited, Listing Department, Exchange Plaza, Bandra (E), Mumbai- 400 05 1

Ref Symbol: VASCONEQ

To,

BSE Limited, The Department of Corporate Services Phiroze jeejeebhoy Towers, Dalal Street Fort, Mumbai 400 001

Ref: Scrip Code: 533156

Subject: Outcome of the Board Meeting of Vascon Engineers Limited held on June 12, 2020

Dear Sir/ Madam,

In continuation to our letter dated june 1, 2020, and pursuant to provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the Board of Directors of the Company at its meeting held today has interalia:

i. Approved the Audited Financial Statements (Standalone and Consolidated) for the year ended March 31, 2020 and the Audited Financial Results (Standalone and Consolidated) for the Quarter/Year ended March 31, 2020, as recommended by the Audit Committee.

The results are also being uploaded on the Company's website: www.vascon.com.

Pursuant to Regulation 33 of the SEBI(Listing Obligations a nd Disclosure Requirements) Regulations, 2015, we enclose the following:

• a. Audited Financial Results (Standalone and Consolidated) for the Quarter/Year ended March 31, 2020 and
• b. Auditors Report with unmodified opinions on the aforesaid Audited Financial Results (Standalone and Consolidated)

The Meeting of Board of Directors commenced at 11:15 a.m. and concluded at 12.30 p.m.

We shall inform in due course the date on which the Company shall hold Annual General Meeting for the year ended March 31, 2020.

This is for your information and records.

Thanking you,

For Vasco~ Engineers Limited

_..... Vibhuti Dani Company Secretary & Complia nce Officer

End: As above

VASCON ENGINEERS LTD.

Registered & Corporate Office: Vascon Weikfield Chambers, Behind Hotel Novotel, Opposite Hyatt Hotel, Pune Nagar Road, Pune Maharashtra, lndia,411 0 Tel.: +91 20 3056 2100/200/300, Fax: +91 20 3056 2600, Web: www.vascon.com

CIN:L70100PN1986PLC175750

Sharp & Tan nan Associate~

Chartered Accountants

87 Nariman Bhavan, 227 Nariman Point Mumbai (Bombay) 400 021, INDIA.

• T: +91 22 6153 7500; 2202 2224 I 8857
• F: +91 22 2202 3856
• E: mumbai.offlce@sharp-tannan.com
• W: www.sharp-tannan.com

Independent Auditor's Report on standalone financial results of Vascon Engineers limited for the quarter and year ended 31 March 2020, pursuant to the Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

To,

The Board of Directors Vascon Engineers limited {CIN: L70100PN1986PLC175750) Pune- 411014

Opinion

• 1. We have audited the accompanying statement of standalone financial results of Vascon Engineers Limited (the "Company") for the quarter and year ended 31 March 2020 (the "Statement") being submitted by the Company pursuant to the requirement of Regulation 33 ofthe SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations").
• 1. In our opinion and to the best of our information and according to the explanations given to us these standalone financial results:
  • A. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
  • B. gives 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 total comprehensive income (comprising of net profit I (loss) and other comprehensive income) and other financial information of the Company for the quarter and year ended 31 March 2020.

Basis for opinion

1. 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 ("ICAI") together with the ethical requirements that are relevant to our audit of the standalone 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 ICAI's Code of Ethics. We believe tha audit opinion.

Emphasis of matter

1. We draw attention to Note 8 to the Statement, which describes the economic and social consequences the entity is facing as a result of Covid-19 which is impacting operations of the Company, supply chains, personnel available for work etc.

Our opinion is not modified in respect of this matter of emphasis.

Management's responsibilities for the standalone financial results

• 1. The Statement has been prepared on the basis of the interim financial statements. The Company's Board of Directors are responsible for the preparation of the Statement that give a true and fair view of the net profit and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34, prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.
• 1. 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 to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
• 1. 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

1. Our objectives are to obtain reasonable assurance about whether the Statement 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 o a non the basis of the Statement. ( "o- \SOc. J.

• 1. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
  • A. Identify and assess the risks of material misstatement of the Statement, 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.
  • B. 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 controls with reference to financial statements in place and the operating effectiveness of such controls.
  • C. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
  • D. 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 Statement 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.
  • E. Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the financial results represent the underlying transactions and events in a manner that achieves fair presentation.
• 1. 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.

Other matters

• 1. The Statement includes the results for the quarter ended 31 March 2020 being the balancing figure between the audited figures in respect of the full financial year and the published year to date figures up to nine months ended 31 December 2019 of the current financial year which were subjected to limited review by us.
• 1. The standalone financial statements of the Company for the quarter and year ended 31 March 2019, were audited, by the predecessor auditor and has issued unmodified opinion on the same.
• 1. Due to the Covid-19 pandemic and the lockdown and other restrictions imposed by the Government and local administration, the audit processes carried out post lockdown were based on the remote access and evidence shared digitally.

Our opinion is not modified in respect of these other matters.

For Sharp & Tannan Associates Chartered Accountants

Partner

Membership no.(F) 037457 A. UDIN: 20037457AAAAAY6315 ~

Pune, 12 June 2020

Sharp & Tan nan Associates

Chartered Accountants

87 Nariman Bhavan, 227 Nariman Point Mumbai (Bombay) 400 021, INDIA.

• T: +91 22 6153 7500; 2202 2224 I 8857
• F: +91 22 2202 3856
• E: mumbai.office@sharp-tannan.com
• W: www.sharp-tannan.com

Independent Auditor's Report on consolidated financial results of Vascon Engineers Limited for the quarter and year ended 31 March 2020, pursuant to the Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

To,

The Board of Directors Vascon Engineers Limited {CIN: L70100PN1986PLC175750) Pune - 411014

Opinion

• 1. We have audited the accompanying statement of consolidated financial results of Vascon Engineers Limited ("the Parent" or "the Holding Company") and its subsidiaries (the Parent and Subsidiaries together referred to as "the Group"), which includes its share of profit /(loss) in its associate and joint ventures for the quarter and year ended 31 March 2020 ("the Statement"), 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"). Attention is drawn to the fact that the consolidated figures for the corresponding quarter ended 31 March 2019 as reported in the Statement have been approved by the Parent's Board of Directors, but have not been subjected to review/ audit since the requirement of quarterly consolidated financial results has become mandatory only from 1 April 2019.
• 1. In our opinion and to the best of our information and according to the explanations given to us, and based on the consideration of the reports of the other auditors on financial statements/ financial information (separate/consolidated) of subsidiaries, associates and joint Ventures, the Statement:
  • a) includes the financial results of the entities as per Annexure A to this report;
  • b) is presented in accordance with the requirements of Regulation 33 of the Listing Regulations; and
  • c)

Basis for Opinion

1. 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 Consolidated Financial Results section of our report. We are independent of the Group, its associates and jointly controlled entities 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 Statement 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 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.

Emphasis of matter

1. We draw attention to Note 8 to Statement, which describes the economic and social consequences the entity is facing as a result of COVID-19 which is impacting operations of the Group including its associates and joint ventures, supply chains, personnel available for work etc.

Our opinion is not modified in respect of this matter of emphasis.

Management's responsibilities for the consolidated financial results

1. The Statement has been prepared on the basis of interim financial statements. The Holding Company's Board of Directors are responsible for the preparation and presentation of the Statement that give a true and fair view of the consolidated total comprehensive income (comprising of net profit and other comprehensive income) and other financial information of the Group including its associates and jointly controlled entities including in accordance with the recognition and measurement principles laid down in 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 and of its associates and jointly controlled entities 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 its associates and jointly controlled entities 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 the 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 Statement by the Directors of the Holding C aforesaid.

• 1. In preparing the Statement, the respective Board of Directors of companies included in the Group and of its associates and joint ventures are responsible for assessing the ability of the Group and of its associates and joint ventures to continue 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 the Companies included in the group, its associates and jointly controlled entities or to cease operations, or has no realistic alternative but to do so.
• 1. The respective Board of Directors of the Companies included in the group and of its associates and joint ventures are also responsible for overseeing the financial reporting process of the Group and of its associates and joint ventures.

Auditor's responsibilities for the audit of the consolidated financial results

• 1. Our objectives are to obtain reasonable assurance about whether the Statement as a whole is 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.
• 1. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
  • A. Identify and assess the risks of material misstatement of the statement, 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.
  • B. 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) oft he Act, we are also responsible for expressing our opinion on whether the Holding Company has adequate internal financial controls system in place and the operating effectiveness of such controls.
  • C. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.

• D. 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 statements 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, its associates and joint ventures to cease to continue as a going concern.
• E. Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represents the underlying transactions and events in a manner that achieves fair presentation.
• F. Obtain sufficient appropriate audit evidence regarding the financial results/financial information (separate/consolidated} of the entities within the Group and its associates and joint ventures to express an opinion on the Statement. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the Statement of which we are the independent auditors. For the other entities included in the Statement, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.
• 1. We communicate with those charged with governance of the Holding Company and such other entities included in Statement of which we are the 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.
• 1. 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.
• 1. We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8} of the Listing Regulations, as amended, to the extent applicable.

Other matters

• 1. The Statement includes the lnd AS financial statements of four domestic subsidiaries & one foreign step-down subsidiary, whose lnd AS financial statements reflect total assets of Rs. 1,320 lakhs as at 31 March 2020; and total revenue of Rs . 377 lakhs, total net loss after tax of Rs 144 lakhs, total comprehensive loss of Rs. 144 lakhs and net cash outflow of Rs. 2 lakhs for the year then ended. The Statement also includes the Group's share of profit after tax of Rs.3,469 lakhs for the year ended 31 March 2020, in respect of a joint venture, whose lnd AS financial statements have not been audited by us. These lnd AS financial statements have been audited by their respective independent auditors whose audit reports have been furnished to us by the management and our opinion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these entities, is based solely on the report of such auditors and the procedures performed by us are as stated in paragraph above.
• 1. We did not audit the lnd AS financial statements of one domestic subsidiary included in the Statement, whose lnd AS financial statements reflect total assets of Rs. 11akhs as at 31 March, 2020 and total revenues of Rs. Nil, total net loss after tax of Rs 0 lakhs, total comprehensive loss of Rs 0 lakhs and net cash outflows of Rs. 0 lakhs for the year ended 31 March, 2020, as considered in the Statement. The consolidated financial results also include the Group's share of profit after tax of Rs. 188 lakhs and total comprehensive income of Rs.430 lakhs for the year ended 31 March, 2020, as considered in the Statement, in respect of four joint ventures whose financial statements have not been audited by us. These financial statements/information are unaudited and have been furnished to us by the Holding company' s management and our opinion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these four joint ventures and one subsidiary, are based solely on such unaudited financial information as certified by management. In our opinion and according to the information and explanations given to us by the Holding company's management, these components are not material to the Group.
• 1. One domestic associate is non-operative entities and its financial information as at 31 March 2020 is unaudited. This financial information is provided by the Holding Company's management in whose opinion it is not material to the group.
• 1. The Statement includes the results for the quarter ended 31 March 2020 being the balancing figure between the audited figures in respect of the full financial year and the published year to date figures up to nine months ended 31 December 2019 of the current financial year which were subjected to limited review by us.
• 1. The consolidated financial statements of the Holding Company for the quarter and year ended 31 March 2019, were audited by the predecessor auditor and has issued unmodified opinion on the same.

1. Due to the Covid-19 pandemic and the lockdown and other restrictions imposed by the Government and local administration, the audit processes carried out post lockdown were based on the remote access and evidence shared digitally.

Our opinion is not modified in respect of these other matters.

Partner Membership no.(F) 037457 UDIN: 20037457AAAAAZ3750

Pune, 12 June 2020

Annexure A to the Independent Auditor's Report on consolidated financial results of Vascon Engineers Limited for the quarter and year ended 31 March 2020

Sr. No.	Name of the Company	Nature of relationship
1.	Vascon Engineers Limited	Holding Company
2.	Marvel Housing Private Limited	Subsidiary Company
3.	GMP Technical Solutions Private Limited	Subsidiary Company
4.	Almet Corporation Limited	Subsidiary Company
5.	Marathwada Realtors Private Limited	Subsidiary Company
6.	Vascon value homes private limited	Subsidiary Company
7.	Vascon EPC limited	Subsidiary Company
8.	GMP Technical Solutions Middle East (FZE)	Step Down Subsidiary
9.	Phoenix Venture	Joint Venture
10.	Cosmos Premises Private Limited	Joint Venture
11.	Ajanta Enterprises	Joint Venture
12.	Vascon construction saga LLP	Joint Venture
13.	Vascon Qatar WLL	Joint Venture
14.	Mumbai Estates Private Limited	Associate

Vascon Engineers Limited CIN:l70100PN1986PLC175750

Registered Office: Voscon Welkfleld chambers , Behind Novotel Hotel , Opposite Hyatt Hotel, Puna Nagar Rood, Pune • 411014

Tel. No.+ 91 20 3562100 Fox no. + 91 20 30562600 Website www.voscon.com Email : compllonce@voscon.com

STATEMENT OF AUDITED CONSOLIDATED AND STANDALONE FINANCIAL RESULTS FOR THE YEAR ENDED 31ST MARCH, 2020

(Rs In lokhs)

PARTICULARSSr.			STAALONDNE				CONSOLIDATED
No		QuEndedarter			YeEndedar		QuEndedarter			YeEndedar
		31st Mar,2020 (ReferNo10)te	31st D, 2ec2019	31st Mar.019(ReferNote 7&10)	31stMarch,2020	31st Mh,arc2019(ReferNo7)te	31st Mar,2020(ReferNo10)te	31st D, 2ec2019	31st Mar,019(ReferNote 5&10)	31stMarch,2020	31st Mh,arc2019 (ReferNo)te 7
		(AudHed)	(UnaudHed)	(AudHed)	(AudHed)	(AudHed)	(AudHed)	(UnaudHed)	(UnaudHed)	(AudHed)	(AudHed)
1	Income
	)Refrom Oionratavenuepes	9.213	10.128	11 .779	36.600	36.345	12.790	10.455	15.938	48.498	52.349
	b)Other Income	208	302	496	1.724	2.880	399	249	724	1,997	3.690
	Total income	9,421	10,430	12,275	38,324	39,225	13,189	10,704	16,662	50,495	56,039
2	Expenses
	s Io)Cotion ECof mrials cd includinoflandnstst oateostrucxpenseonsumeg c	7.895	5.724	8.104	23.855	29.044	9.846	8.358	10.550	33.326	40.178
	b)Purchofck-in·destotraase	1			1	5	1			1	5
	c)Chs ininviesoffinished gdsorkind sk indetortoctraangeenoo. wprogressan	()357	(888)	1.016	1.542	(78)1.9	()198	()820	1.035	1.566	(54)1.8
	d)Emloybenefitpees expenses	1.386	918	849	4,21 8	4.365	2.125	1.548	1,611	7.179	7.226
	e)FinCostance	()288	601	544	1.551	2,235	()188	670	740	1.905	2.632
	f)Deciationdisationortpren aamexpenses	226	217	198	865	799	391	377	344	1.499	1.342
	)Othegr expenses	559	827	878	2.478	3,336	1.094	1.383	2.184	4.630	6.147
	Total Expenses	9,422	7,399	11 ,589	34,510	37,806	13,071	11,516	16,464	50,106	55,676
3	fit Im OPro(loss)froroftonpes	(1)	3,031	686	3,814	1,419	118	(812)	198	389	363
4	I (I AShofProfitLoss)from Joint Vciaenttesoreuresso						(238)	3.883	(62)	3.594	62
5	fit I(s)x ()ProLosbefta3+4ore	(1)	3,031	686	3,814	1,419	(120)	3,071	136	3,983	425
6	TaxExpenses
	Cunt f(includrlieation)taxrreoxesear year					()102	(24)	34	1	10	11001
	Deferredlox						(1)		(2)	(1)	(2)
7	Net Profit/ (loss) aftex (5·6)r ta	(1)	3,031	686	3,814	1,521	(95)	3,037	137	3,974	527
8	Other ChensiInce (OCI)ompreveom
	Items thill nbeclassifiedofitloss (Nef fox)at wottot orepror	177	{17	4	163	(32)	126	(17)	(18)	112	(5411
9	Total chensiInce ()7+8ompreveom	176	3,014	690	3,977	1,489	31	3,020	119	4,086	473
10	r ITotal chensiInce lor thhalf yr / ytribblerter atutatoompreveome quaeaea:
	Owf the Cners oompany	176	3.01 4	690	3.977	1.489	50	3.025	204	4.078	631
	Norollingintontstsn cere						(19)	151	(85)	8	(158)1
11	Poid·uEquityShCaitol (Fa ce ValueR1 0/r sh)poreps.· peore	17,814	17,81 4	17,814	17,81 4	17,814	17.8 14	17.814	17,81 4	17.81 4	17.814
12	EarninPerSh(EPS) •gsore
	o)Basic EPS(in Rs.)(Noalized)t annu		1.70	0.39	2.14	0.86	(5)0.0	1.71	0.12	2.22	0.39
	b)DilutedEPS (in Rs.)(Nolized)t annua		1.69	0.39	2.13	0.86	(0.05)	1.70	0.12	2.21	0.39
	• Basinddild EPSforoilriodst for thndedMh 3ute1 ,2019 &c apeexcepe year earcMarch31. 2020otisedt oorenonnu

Vascon Engineers Limited I CIN: l70100PN1986PLC175750

Segment wise Revenue and Resulh

Particulars		STANDALONE					(RsInlokhs)CONSOLIDATED
		QuartEndeder			YeEndedar		QuartEndeder		YeEndedar
	31st Mar,0 (202Refer10)Note	31st Dec.2019	31st Mar,2019(ReferNote7 &10)	31stMarch,2020	31st Mh,arc9 (201Refer)Note 7	31st Mar,(2020Refer10)Note	31st Dec2019	31st Mar.(Refer, 2019Note5 &10)	31stMarch2020	31st Mh,arc9 (201Refer7)Note
	(Audfted)	(Unaudfted)	(Audfted)	(Audfted)	(Audfted)	(Audfted)	(Unfted)aud	(Un)audited	(Audfted)	(Audfted)
1. Snt Regmeevenue
EPC(EngineerinProd Cction)enttrug.curemanons	8.165	6,944	7,187	25.554	28.225	8.165	6.944	7.187	25.554	28.225
Real EDelopstatentveme	1.048	3.184	4.592	11.046	8.120	1.356	()616	4.678	7.660	8.245
Manufuri& BMS(BuildiMaSys)actnttemngngnageme	-	-	-		-	3.269	4.127	4.373	15.284	16.179
Total	9,213	10,128	11 ,779	36,600	36,345	12,790	10,455	16,238	48,498	52,649
Less: Ir-SRenteentegmvenue	-	-	-		-	-	-	(3001	-	(3001
Net Soles/Infroionratcomem opes	9,213	10,128	11 ,779	36,600	36.345	12,790	10,455	15,938	48,498	52,349
	-	-		-	-	-	-	-	-	-
2. Snt Rlhegmeesu
EPC(EngineerinProd Cction)enttrug.curemanons	899	1,448	1,290	3.976	305.7	899	1.448	1,290	3.976	305,7
Real EDelopstatentveme	(109)	3,016	427	4.123	619	(165)	2.973	290	4,004	577
Manufuri& BMS(BuildiMaSys)actnttemngngnageme	-	-			-	28	100	(302)	585	(527)
Subtotal	790	4,464	1.717	8.099	6.349	762	4,521	1,278	8.565	5.780
Less: FinaCostnce	288	(601	)()544	(51)1,5	(35)2.2	188	()670	()740	(05)1.9	(2.632)
Othealloblendituff ullocable it or uncaexperenenancome	(79)1.0	(832	)()487	(34)2.7	(95)2.6	(70)1.0	()780	(402	(77)2.6	(23)2.7
Total Profit before Tax	(1)	3,031	686	3,814	1,419	()120	3,071	136	3,983	425
	-	-	-	-	-	-	-	-	-	-
3. Snt AndLiabilitiests aegmesse
Seents Atsgmsse
EPC(d Cn)EnineerinProenttructiogg.curemanons	38.171	35,54871.	33,980	38.171	33,980	37.642	34,981	33.518	37.642	33.518
Real Ete DlopstantevemenufMSMauri& BBuildinMant	68,849	261	69,726	68.849	69,726	72.287	74,775	73,405	72.287	73.405
(Sys)acttemnggnageme	-20.232	-129			-20.329	13.352285	13.897	13.963	13.352	13.963
UnalloblecaTotal	127,252	20,126,938	20.329124,035	20.232127,252	124,035	12,135,566	11.353135,006	12.187133,073	12.285135,566	12.163133,049
Seents Liabilitigmes
EPC(EnineerinProd Cction)enttrugg,curemanons	17.842	16.579	17,434	17.842	17.434	17.842	16.579	17.434	17.842	17.434
Real Estate Dlopnteveme	28.140	28.656	28.799	28.140	28,799	28.302	28.837	26.719	28.302	26.719
Manufuri& BMS(BuildiMaSys)actnttemngngnageme	-	-	-		-	5.637	6.170	6.763	5.637	6.763
Unallocable	8.674	9,370	9,544	8.674	9,544	10.355	10.128	13.133	10.355	13,109
Total	54,656	54,605	55,777	54,656	55,777	62,136	61,714	64,049	62,136	64,025

Particulars		STANDALONE	(Rs In lakhs)CONSOLIDATED
	As At		As At
	2020	2019	31st March. 31st March. 31st March. 31st March.2020	2019
	(AudKed)	(AudKed)	(AudKed)	(AudKed)
Assets
Non Current Assets
Property. Plant and Equipment	2.738	3.352	5.862	6.828
Capitol work-in-progress		1		1
Investment Property	1,798	1,903	1.798	1.903
Goodwill on Consolidation			2.661	2.661
Other Intangible assets	11	28	17	33
Right of Use Assets	209		424
Financial Assets
InvestmentsLoons	16.949	16.882	7.966880	7.841883
Others Financial Assets	9,539	9.238	10. 132	9.995
Income Tax Assets (net)	1.374	1,755	1.704	1.946
Deferred Tax Asset (Net)			716	717
Other Non Current Assets	1.635	1,175	1.893	1.707
Total Non Current Assets	34.253	34,334	34.053	34.515
Current Assets
Inventories	46.384	48.285	48.086	50.023
Financial Assets
Investments	1.803	433	1.803	433
Trade Receivables	12.898	15.277	18.097	20. 167
Cosh and cosh equivalents	2.024	3.325	2.467	4,712
Bonk balances	3.689	2.229	4.413	2.500
Loons	6,745	6.115	6.806	6. 167
Others Financial Assets	16.760	12.522	16,863	12.729
Other Current AssetsTotal Current Assets	2.69692.999	1.49089.676	2.978101.513	1,80398.534
Total Assets	127.252	124.010	135,566	133.049
Equity and UabiiiHes
Equity
Equity Shore Capitol	17.814	17.8 14	17.8 14	17.8 14
Other Equity	54,783	50,444	55.616	5 1.210
Equity attributable to owners of the Company	72.597	68.258	73,430	69,024
Non Controlling Interest			937	935
Non Current UabiiiHes
Financial Liobitities
Borrowings	9,918	14.0 19	9.833	14.022
Other finonciolliobilities	1.797	1.745	1.824	1.897
Other Liabilities			7	11
Total Non Current UobiiiHes	11.715	15.764	11.664	15.930
Current Uabilities
Fina ncial Liabilities
Borrowings	8.396	7.963	10.165	9,276
Trade Poyobles
Total outstanding Dues of MSME	2	3	2	3
Total outstanding Dues of Creditors other than MicroEnterprises and Small Enterprise	17.578	16.771	20. 157	20. 164
Other financial liabilities	6,402	3.225	6,549	3. 132
Provisions	1.571	1,446	1.981	1.860
Other Current liabilities	8.991	10.580	10.681	12.725
Total Current Uobilities	42.940	39.988	49.535	47. 160
Total Equity and UabiiiHes	127,252	124,010	135,566	133.049

	Year ended	(Rs 1n Lakhs)Year ended
Particulars	March 31, 2020	March 31, 2019
Cash flows from operat ing activities
Profit I (Loss) before tax for the year	3,814	1,419
Adjustments for:
Finance costs	1,551	2,235
Dividends received from JoiMt Venture/ shares		(133)
(Gain)/ loss on Sale of Assets
Depreciation	865
Interest received	(578)	(901)
Expense recognised in respect of equity-settled share-based payments	463
(Gain) I loss on investments carried at fair value through profit or loss	(732)
Profit on sale of investment	(169)
Bad debts and other receivables, loans and advances wntten off
Provision for doubtful debts and advances	38	(638)
Provision I Creditors no longer required written back	(92)	(1,696)
Ga1n I (loss) on investments camed at fair value	30
Dividend rece1ved on investments carried at fair value through profit or loss	(81)
Comm1s1on (Net)	35
Miscellaneous income		(68)
	5,144	2,706
Movements in working capital:
(lncrease)/decrease in trade and other receivables	3,523	(2,687)
(lncrease)/decrease in amounts due from customers under construction	(2,728)	(3,179)
(lncrease)/decrease in inventories	2,716	(1,886)
(lncrease)/decrease in other financial assets	(1,632)	190
(lncrease)/decrease 1n Financ1al asset Loans	(630)	1,412
(lncrease)/decrease in other current and non current assets	(1,665)	1,655
Increase/( decrease) in other liabilities	(1,747)	1,439
Increase/( decrease) in trade and other payables	848	2,039
Increase/( decrease) in provisions	286	271
Cash generated from operat1ons	4,115	1,960
Income tax (refund) I pa1d	381	1,258
Net cash generated by operating activities	4,496	3,218
Cash flows from investing activities
Purchase of fixed assets including work in progress	(184)	(566)
Profit on sale of investment	169
	185	124
Proceeds from disposal of Fixed assets
DIVidends received from Joint Venture /Shares		133
Proceeds on redem ption I (Investment) of liquid Mutual Fund	(1,318)	373
Investment in Fixed deposits wrth Banks	(1,712)	(73)
(Payment) /Proceeds from InvestmentNet cash (used In)/ generated by investing activit ies	788(2,072)	(12)
Cash flows from financing activitie.s
Proceeds from issue of Equity Shares		1120
Repayment of borrowings	(1,926)	(12,432)
Proceeds from borrow'"gs	1,300	12,611
Interest received	494	599
Finance cost including capitalized to qualifyiMg assets	(3,752)	(3,287)
Net cash used in financing activities	(3,884)	(1,389)
Net increase in cash and cash equivalents	(1,460)	1,817
Cash and cash equivalents at the begiMning of the year	3,316	1,499
	1,856	3,316
Cash and cash equivalents at the end of the year
end of the yearCash and cash equi		(1,460) ~---:-- 1,817

		(Rs on Lakhs)
	For the yeilr endedMarch 31, 2020	For the year endedMarch 31, 2019
PARTICULARS
A CASH FLOW FROM OPERATING ACTIVITIES
Profit before Taxation	3,983	425
AdJUStments for:-
- Depreciation I amortisation expenses	1,499	1,342
- Fonance Cost	1,905	2,632
- Dividend & (Gain) /loss on investments carried at FVTPL	(813)	(42)
- Profit on Sale of investments	(169)	-
- Net Expense recognised in respect of equity-settled share-basedpayments	463	879
- Prepa1d Rent	100	60
- Interest 1ncome	(534)	(1,072)
- Deferred Revenue	(4)	(4)
- Prov1s1on for doubtful debt and advances	(236)	30
- Bad debts and other receovables, loans and advances written off	668	1,009
- Prov1s1on no longer required wriitten back	(92)	(1,925)
- Share of Profits from Joint Venture	(180)	(SS)
- (Profot) Loss on Sale of Property, Plant & Equipment (net)	(3)	56
Operating Profit before working capital changes	6,587	3,335
Adjustments for (increase )/decrease in operating assets
Inventories before capitalisation of borrowong cost	2,752	(2,004)
Trade receivablesAmount due from I to Customer	1,63S	(649)
loans (Current & Non Current)	(1,826)(637)	(3,651)1,196
Others F1nancial Assets (Current & Non Current)	(1,347)	815
Other assets (Current & Non Current)	(1,462)	1,640
Adjustments for (increase )/decrease in operating liabilities
Current trade payables	84	1,810
Prov1s1ons	219	270
Other loab1htoes (Current & Non Current)	(2,355)	1,001
Cash generated from operations	3,653	3,763
Income tax (paod) I refund received	229	1,869
Net Cilsh flow from operating activities	3,882	S,632
B CASH FLOW FROM INVESTING ACTIVITIES
Purchase of fixed assets including capital work in progress	(467)	(1,385)
Proceeds on disposal of fixed assets	173	226
Payments I Proceeds from Investments	1,039	41
Investments I Proceeds from fixed deposits with banks	(2,080)	524
Investments I Proceeds from liquid mutual funds	(1,370	345
Net Cash genereated I (used) in investing activities	(2,705)	(249)
C CASH FLOW FROM FINANCING ACTIVITIES
Proceed from issue of Equity shares		1,120
Repayment of long term borrowing	(2,03S)	(12,241)
Proceeds from Loan term borrowing	1,300	12,611
Proceed I repayment from/to Short term borrowing	730	(1,240)
Interest Income received	534	1,072
Fonance cost oncluding capitalised to qualifying assets	(4,106)	(3,910)
Net Cilsh genereilted I (used) in financing activities	(3,580)	(2,588)
0 NET CASH INFLOW/ (OUTFLOW) (A+B+C)	(2,403)	2,795
Cash and cash equivalents at the beginning of the yearCash and cash equivalents at the end of the year	4,703	1,908
	2,300(2,403)	4,7032,79S
NET (DECREASE) /INCREASE IN CASH AND CASH EQUIVALENTS DURING THE PERIOD

Notes:

1. The above financial results have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at its meeting held on 12th June. 2020.

2. These results have been prepared in accordance with the Indian Accounting Standards (tnd AS) prescribed under Section 133 of the Companies Act. 2013 and other recognised accounting practices and paficies to the extent applicable.

3. The Group has reported segment information as per Indian Accounting Standard 108 "Operating Segments" (lnd AS t08) read with SEBI circular dated 5th July. 2016. The identification of operating segments is consistent with performance assessment and resource allocation by the Chief Operating Decision Maker (CODM). The Company's Chief Operating Decision Maker (CODM) is CEO and Managing Director. Primary reporting business segments are as follows:

a) Engineering. Procurement and Construction (EPC)

b) Real Estate Development

c) Manufacturing and BMS (Building Management System)

1. Effective from April 1, 2019, Group has adopted lnd AS 116 'leases·. and applied the same to all applicable lease contracts existing on April 1. 2019 using the retrospective cummulative method allowed under the standard. Under this method. the cummulative adjustment. on the date of intial application is taken to retained eamings and accordingly, comparatives for the year ended March 31. 2019 have not been retrospectively adjusted. On transition. the adoption of the new standards. in the consolidated accounts. resulted in recognition of a Right of Use (ROU) of Rs. 545.22 Lakhs and a Lease Liability of Rs.685.81 Lal<hs. the difference being a cumulative debit to retained eamings of Rs. 134.60 lak.hs. In the statement of Profit & Loss for the current period. the nature of expense for operating lease has changed from lease rent in the previous year to depreciation cost for the ROU assets and the finance cost for interest accrued on lease liabilities. The net effect of this adoption is that the standalone and consolidated profit after tax for the period are higher by Rs.47.57 lakhs and 46.86 lal<hs respectively.

2. The consolidated results for the quarter ended on 31 March 19 have not been subjected to review by the statutory auditor of the Company.

3. Other Income in standalone and consolidated financial results for the year ended 31 March 2020. includes gain on sole of Investment amounting to Rs 902 Lal<hs.

Finance Cost includes reversal of interest provision of Rs 1039.86 Lakhs and Rs 1285.02 Lak.hs in standalone and consolidated financial results for the quarter ended 31 March 2020 and year ended 31 March 2020 respectively.

1. The Standalone Rnancial statements of the Company for the year ended 31 March 2019 and quarter ended 31 March 2019 were audited by the predecessor auditor and they have issued unmodified report on the same.

The Consolidated Rnancial statements of the Company for the year ended 31 March 2019 were audited by the predecessor auditor and they have issued unmodified report on the same.

1. The Group has considered the possible effects that may result from the pandemic relating to COVID-19 on the carrying amounts of receivables. unbilled revenues. goodwill and intangible assets. In developing the assumptions relating to the possible future uncertainties in the global economic conditions because of this pandemic, the Group, as at the date of approval of these financial statements has used intemal and extemal sources of information including credit reports and related information. economic forecasts and consensus estimates from market sources on the expected future performance of the Group. The Group has performed sensitivity analysis on the assumptions used and based on current estimates expects the carrying amount of these assets will be recovered. The impact of COVID-19 on the Group's financial statements may differ from that estimated as at the date of approval of these consolidated financial statements.

2. A new Section 115BAA was inserted in the Income Tax Act. 1961. by The Government of India on September 20. 2019 vide the Taxation Laws (Amendment) Ordinance 2019 which provides on option to companies for paying income tax at reduced rates in accordance with the provisions/conditions defined in the said section. The Company has decided to continue with the existing tax structure for the year ended March 31, 2020.

3. The financial results for the quarter ended March 31. 2020 and March 31.2019 ore balancing figures between audited results for the full financial year and the published year to date figures upto the third quarter of the respective financial years.

11 . The figures for the corresponding period I year have been regrouped and rearranged wherever necessary to make them comparable.

By Order of the Board of Directors

Place: Pune

Managing Director

Date: 12.06.2020