V.B.Desai Financial Services Ltd — Annual Report 2021

Jun 9, 2021

V.B. Desai Financial Services Limited

Category | Merchant Banker - SEBI Registration No. INM 000002731

June 9, 2021

The Corporate Relations Department BSE Limited P.J.Towers, Dalal Street, Mumbai — 400 001

Dear Sirs,

Sub: Audited financial results for the quarter and year ended 31 March 2021

Ref: Company Code No. 511110

This is to inform you that the Board of Directors of the Company at their meeting held on 9"" june , 2021, has approved the Audited Standalone Financial Results for the quarter and year ended on 31° March, 2021. The audited financial results and Auditors' Report thereon as submitted by the Auditors of the Company are enclosed herewith.

Further, in terms of Regulation 33(3)(d) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Auditors have given an unmodified opinion on the audited standalone financial results for the year ended March 31, 2021.

Kindly take the same on your record.

Thanking you,

Yours faithfully, For [; | FINANCI "BRRVICES LIMITED Pradip R. Sh Managing Directer Encl: as above

Registered Office : Cama Building, 1st Floor, 24/26 Dalal Street, Fort, Mumbai 400 001 CIN: L74120MH1985PLC037218 Tel.: +91-22- 4077 0777 Web: www.vbdesai.com E-mail: info@vbdesai.com

V. B. DESAI FINANCIAL SERVICES LIMITED

Regd. Office : Cama Building 1st Floor, 24/26, Dalai Street, Fort, Mumbai - 400 001 CIN: L74120MH1985PLC037218 STATEMENT OF STANDALONE AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED ON 31ST MARCH 2021

	V. B. DESAI FINANCIAL SERVICES LIMITED
	Regd. Office : Cama Building 1st Floor, 24/26, Dalai Street, Fort, Mumbai - 400 001 CIN: L74120MH1985PLC037218
	STATEMENT OF STANDALONE AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED ON 31ST MARCH 2021				(Rs. In lakhs)
		Quarter ended Quarter 31st March 2021	ended 31st December 2020	31st March 2020	Quarterended Yearended Year ended 31st March 2021	31st March 2020
		Audited	Reviewed	Audited	Audited	Audited
	1 Revenue from operations	67.06 10.09	27.86 1.29	73.06 -20.77	201.43 14.31	248.81 10.83
3	2 Other Income (net) Total Income (1+2)	Piao	29.15	52.29	215.74	259.64
	4 Expenses
	acbmployse benennexpenses	8.19	9.87	8.78	35.23	36.73
	b. Finance costs	0.00	0.00	0.00	0.00	0.00
	c. Depreciation and amortisation expenses	0.16	0.16	0.41	0.64	2.46
	d. Other expenses	47.06	22.06	25.79	148.11	149.28
	Total Expenses	55.41	32.09	34.98	183.98	188.47
5	Profit before tax (3-4)	21.74	-2.94	17.31	31.76	71.17
6	Tax Expense @. Current Tax	3.32	0.00	10.06	6.69	11.84
	b. Deferred Tax	(0.18)	0.00	0.32	0.11	0.21
	C. Prior Period Tax	0.00	0.00	0.00	5.55	0.00
	Total tax expense	3.14	0.00	10.38	12.35	12.05
	Net profit for the period (5-6)	18.60	-2.94	6.93	19.41	59.12
8	Other Comprehensive Income/ (Loss)	0.00	0.00	0.00	0.00	0.00
	a. Items not to be reclassified to profit or loss in subsequent periods, net of tax	0.00	0.00	0.00	0.00	0.00
	b. Other comprehensive Income/ (Loss) for the!
	period net of tax 'Total Comprehensive Income for the period	0.00	0.00	0.00	0.00	0.00
9	and other (comprising profit/ (7+8) (loss) comprehensive income	18.60	-2.94	6.93	19.41	59.12
	Paid-up equity share capital (Face Value of Rs.		453.81	453.81	453.81	453.81
	10 each) 10 Other Equity	453.81			581.46	562.04
	Earning per share (of Rs. 10 each) (not
	11 jannualised) Basic (Rs. Rs.) i	0.41	-0.06	0.15	0.43	1.31
	Diluted (in Rs.)	0.41	-0.06	0.15	0.43	1.31

Notes: f

1 The Company has only one segment i.e Financial Services, therefore segment wise reporting is not given.

• ²The Financial Results have been prepared in accordance with Indian Accounting Standards (IND-AS) as prescribed under section 133 of the Companies Act, 2013, read with Rule 3 of the Companies (Indian Accounting Standards) Rules 2015 and relevant amendment thereafter.
• 3 The Company has considered the possible effects that may result from COVID-19 in the preparation of these financial statements including the recoverability of trade receivables and carrying values of its assets, Inventory and Investments as at the date of approval of these financial results and has concluded that there are no material adjustments required in the financial results. The impact of assessment of COVID-19 is ^a continuing process given the uncertainties associated with its nature and duration. The Company is monitoringy the situation closely and is conducting its operations in compliance with all relevant Government directives' % i

and will continue to closely monitor any material changes to future economic conditions and take actions as are appropriate.

• ⁴The figures for the quarter ended March 31, 2021 and March 31, 2020 are the balancing figures between audited figures in respect of the full financial year up to March 31, 2021 and March 31, 2020 respectively and the unaudited published year-to-date figures up to December 31, 2020 and December 31, 2019 respectively, being the date of the end of the third quarter of the respective financial years, which were subjected to limited review,
• " 5 The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 9" June 2021.

For, V.B. DESAI PINAR SERV. Pradip R Shroff LIMITED Place: Mumbai Date: June 9, 2021

BALANCE SHEET AS AT 31st MARCH 2021

BALANCE SHEET AS AT 31st MARCH 2021
	(Rupees in Lakhs)
	As at	As at
	31-03-2021 31-03-2020
A\ ASSETS
1 Non-Current Assets
a. Property Plant and Equipment	1.46	2.11
b, Capital Work-in -Progress	0	0
[Total Property Plant and Equipment	1.46	2.11
c. Financial Assets
i. Investments	820.93	821.76
ij. Loans	152.67	130.01
ili. Other Financial Assets	5.00	5.00
d. Deferred Tax Assets (net)	10.55	10.66
e. Other Non-Current Assets	17.23	16.53
Total Non-Current Assets	1006.38	986.06
2 Current Assets
a. Inventories	0.76	0.65
b, Financial assets
i. Trade Receivables	14.46	18.26
ii, Cash and Cash Equivalents	8.95	10.75
iii. Bank balances other than ii) above	0.82	0.77
iv. Other Financial Assets
c, Other Current Assets	48.76 4.68	45.86 6.44
Total Current Assets	78.43	82.73
		1068.79
Total Assets	1086.27;
B. EQUITY AND LIABILITIES
1 Equity
a. Equity Share Capital b. Other Equity	453.81 581.46	453.81 562.05
		1015.86
Total Equity	1035.27
2 Liabilities Non-Current Liabilities
Financial Liabilities
a. Borrowings		0
b. Long Term Provisions	0 27.92	27.92
i Total Non-Current Liabilities	27.92	27.92
Current liabilities:
Financial Liabilities
a. Borrowing s	0	0
b. Trade Payables	12.75	10.04
c. Other current liabilities	2.38	7.02
d. Provisions	7.95	7.95
Total Current Liabilities	23.08	25.01

	Cash Flow Statement for the year ended 31st March, 2021
		For the year ended		For the year ended
		31st March, 2021		31st March, 2020
		(Rs. In lakhs)	(Rs. In Lakhs)	(Rs. In Lakhs)	(Rs. In Lakhs)
A	Cash Flow from Operating Activities
	Net Profit before Tax		31.76		71.18
	Adjustments for :
	Depreciation			2.46
	Provision/(Reversal) for Gratuity
	Interest on Income Tax Refund Dividend Income			(0.50)
	Interest paid
	Profit on Sale of Investments			(32.80)
			0.63		(30.84)
	Operating Profit before Working Capital
	Changes		32.39		40.34
	Adjustments for :
	(Increase)/Decrease in Trade Receivables	3.80		(2.35)
	(Increase)/Decrease in Loans and Advances &
	Other Current and Non-Current Assets	(21.35)		(18.91)
	Increase/(Decrease) in Liabilities & Provisions	(1.92)		(5.60)
			(19.47)		(26.85)
			12.92		13.49
	Income Tax Refund
	Interest on Income Tax Refund
	Income Tax Paid		(14.67)		(20.05)
	Net Cash flow from Operating Activities (A)		(1.75)		(6.56)
	Cash Flow from Investing Activities
	Purchase of Fixed Assets
	Purchase of Investments/Securities for trade
	Dividend Income		0.01		0.50
	Sale of Investments				4.67
	Net Cash flow from Investing Activities (B)		0.01		5.17
	Cash Flow from Financing Activities
	Interest paid
	Net Cash flow from Firlancing Activities (C)
	Net Increase/(Decrease) in Cash & Cash Equivalents (A+B+C)				(1.40)
	Cash & Cash Equivalents at the beginning of
	the year
	Cash & Cash Equivalents at the end of the year

Phone ; 2623 1716, 2623 7669 Fax : 2624 5364 "Arjun". Plot No. 6A, V_P. Road. E-mail : nsshetty_co@yahoo.com Andheri (W), Mumbai - 400 058

Pursuant to Regulation 33 and Regulation 52 of the SEB! (Listi bligations and Disclosure Requirements) Regulations, 2015

TO THE BOARD OF DIRECTORS OF V. B. Desai Financial Services Limited '

Opinion

We have audited the accompanying financial results of V. B. Desai Financial Services Limited ('the Company') for the three months and year ended 31* March, 2021, attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 and Regulation 52 of the Securities and Exchange Board of India ('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, the aforesaid financial results:

• |, are presented in accordance with the requirements of Regulation 33 and Regulation 52 of the Listing Regulations in this regard; and
• ii, give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian Accounting Standards and other accounting principles generally accepted in India of the net profit and other comprehensive income and other financial information for the three months and year ended 31* March, 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 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 financial results.

Management's and Board of Directors' Responsibilities for the Financial Results

These financial results have been prepared on the basis of the financial statements. The Company's Management and Board of Directors are responsible for the preparation and presentation of these financial results that give a true and fair view of the net profit and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting Standard prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial annual results that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the financial results, the Management and the Board of Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Financial Results

Goer:

Our objectives are to obtain reasonable assurance about whether the financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial results.

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

• e Identify and assess the risks of material misstatement of the financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• ® Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(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.

• e Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the financial results made by the Management and Board of Directors.
• * Conclude on the appropriateness of the Management and 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 exist, 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 finafcial results, including the disclosures, and whether the financial results represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other Matters

Attention is drawn to the fact that the figures for the last quarter ended 31* March, 2021 and the corresponding quarter ended in the previous year as reported in these annual financial results are the balancing figures between audited figures in respect of full financial year and the published year to date figures upto the end of third quarter of the current and previous financial year respectively. Also, the figures up to the end of third quarter for the current year and previous year had only been reviewed and not subjected to audit.

For N.S. Shetty & Co Chartered Accountants

Membership No.:035083 Place: Mumbai Date: 9" June, 2021 UDIN : 21035083AAAACM1846