Simplex Infrastructures Ltd. - Quarterly/Annual Result Disclosures and Notes dated 30 Jun 2024

1 Certification of unbilled revenue by customers and acceptance of final bills by customers often takes significant period of time and varies from project to project. At this stage, based on discussions with concerned customers / on the basis of legal action initiated, the management believes that unbilled revenue of Rs.76,497 lakhs as on 30th June, 2024 (31st March, 2024: Rs. 76,497 lakhs) will be billed and realised in due course.

2 Trade receivables aggregating Rs.19,592 lakhs as on 30th June, 2024 (31st March, 2024: Rs. 19,775 lakhs) from customers in respect of various project sites are outstanding for a long period of time. At this stage, based on discussions and communications with customers, the management believes the above balances are good and recoverable.

Inventories aggregating Rs.843 lakhs as on 30th June, 2024 (31st March, 2024: Rs. 843 lakhs) pertaining to certain completed project sites are readily usable.

Retention monies due from customers are receivable only after clearance of final bill by customers and after expiry of defect liability period after execution of contracts. In the opinion of the management, such retention amounts aggregating Rs.6,020 lakhs (31st March, 2024: Rs.6,043 lakhs) of certain completed contracts as on 30th June, 2024 are good and recoverable.

3 Loans and Advances Rs.35,525 lakhs as on 30th June, 2024 (31st March, 2024: Rs.35,531 lakhs) for which the Company is in active pursuit and confident of recovery/settlement of such advances within a reasonable period of time.



5 Other Comprehensive Income that will be reclassified to profit or loss represents Exchange (Loss) / Gain on translation of foreign operations.

6 These results have been prepared in accordance with Ind AS, notified under Section 133 of the Companies Act, 2013 read together with the Companies (Indian Accounting Standard) Rules, 2015 as amended.

7 The Company has incurred loss of Rs.1,052 lakhs for the quarter ended 30th June, 2024 (Rs.7,189 lakhs for the year ended 31st March, 2024) as also there was default in payment of Financial Debts to its Bankers and other financial lenders amounting to Rs.498,324 lakhs as on 30th June, 2024 (31st March, 2024: Rs.498,884 lakhs). Based on deed of Assignment dated 28th March, 2024, the majority of Lenders had assigned their outstanding debt as of 29th July, 2023 (cut-off date) in favour of National Asset Reconstruction Company Limited (“NARCL”). NARCL has also appointed India Debt Resolution Company Limited (“IDRCL") as their exclusive service agent as intimated to us vide letter dated 03.04.2024 for debt Management and resolution of debt. The Company is in the process of finalizing resolution plan with NARCL / IDRCL and other Lenders who have not assigned their debts to NARCL. The Company is confident of improving its credit profile including time bound realisation of its asset, arbitration claim etc. which would result in meeting its obligation in due course of time. Accordingly, management consider it is appropriate to prepare these financial results on a going concern basis.

8 The Company has defaulted in servicing of its Debts (including interest) to all Lenders. Hence, the accounts of the Company have been classified as Non-Performing Asset (NPA) by Lenders. Consequently, majority of the Lenders stopped charging interest on facilities given to the Company, in their books of account and subsequently majority of Lenders had assigned outstanding debt to NARCL as stated in Note No.7 above. Accordingly, the Company has decided not to provide any interest charge on fund based borrowing facilities provided by various Lenders for the quarter ended 30th June, 2024 Rs.141,108 lakhs (Rs.71,062 lakhs for the year ended 31st March, 2024).

9 Deferred Tax Asset are being adjusted against current tax liability and the Company is confident that the carry forward Deferred Tax Asset will be adjusted against future projected profit and current tax liability, once the Resolution Plan which is under process of finalisation will be approved by the Lenders.

10 Asset cover for the Non-convertible debentures issued by the Company is not in line with LODR requirement as also as per terms of Debenture Trust Deed.

11 The above results, after review by the Audit Committee, have been approved and taken on record by the Board of Directors at its meeting held on 14th August, 2024. The Statutory Auditors of the Company have carried out a Limited Review of the results for the quarter ended 30th June, 2024 in terms of Regulation 33 and 52 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

12 The figures for the quarter ended 31st March, 2024 are the balancing figures between audited figures for the full financial year 31st March, 2024 and unaudited year to date published figures upto the quarter ended 31st December, 2023.

13 The figures for the previous period's relating to results have been regrouped / rearranged wherever necessary to conform to current period.