Simplex Projects Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2017

1. The above results were reviewed by the Audit Committee and were considered and approved by the Board of Directors at their respective meetings held June 12, 2017.

2. Foreign Exchange gain/loss was on account of Mark to Market Valuations of all exposures including derivative contracts, which materialized during the year ended March, 2017 and those outstanding at the end of the year and in respect of translating financial statement of foreign branches.

3. The operations of the company's branch at Libya, was stopped due to prevailing political situation. the Company has signed a supplementary agreement with the Government for realization of dues and resumption of contract. In view of this the amount of dues and assets deployed in Libya are realisable and no provisions thereof are required at this stage. The expenses incurred during the quarter in respect of its said branch and the depreciation relating to the machineries deployed there has been considered as Work-in-progress. However, in view of prolonged uncertainty of resumption the Company has moved an application with the Hon'ble High Court at Delhi for proceeding with Arbitration and has been granted an interim stay for further extension / invocation of Bank Guarantees for the project.

4. Interest on bank loan amounting to Rs. 2134.98 Lakhs on account of libyan contracts has been transferred to Libyan Branch.

5. Deferred tax on unabsorbed depreciation of Rs. 60.66 crores & carry forward of losses of Rs. 72.61 crores under tax laws has not been recognized considering the absence of virtual certainty of sufficient future taxable income.

6. The Company's account with Bank of Baroda, DBS Bank, ICICT Bank, 1DBI Bank, State Bank of India, Yes Bank and UCO Bank for working capital facilities and ICICI Bank for Term Loan facilities have been classified as Non-Performing assets and accordingly the provision for interest has not been made, amounting to Rs. 4627.44 Lakhs for year ended March 31, 2017, and Rs. 1282.53 Lakhs for the quarter ended March 31, 2017 as per the prevailing rates.

7. Previous period figures have been re-grouped/re-arranged, wherever considered necessary.

Balkrishandas Mundhra
Chairman & Managing Director