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

1. This Statement has been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) prescribed under Section 133 of the Companies Act, 2013 and other recognized accounting practices and policies to the extent applicable. Beginning 1st April, 2016, the Company has for the first time adopted Ind AS with a transition date of 1st April, 2015.

2. The format for unaudited results as prescribed in SEBI's circular dated 30th November, 2015 has been modified to comply with the requirements of SEBI's circular dated 5th July, 2016, Ind AS and Schedule III (Division II) to the Companies Act, 2013, applicable to companies that are required to comply with Ind AS.

3. The reconciliation of net profit reported in accordance with previous Indian GAAP for the year ended 31st March, 2016 to Total Comprehensive Income in accordance with Ind AS is given below:

P a r t i c u l a r s Three months ended Year ended

31st March,2016 31st March,2016 (Audited)

(Rs in lakhs) (Rs in lakhs) (Rs in lakhs) (Rs in lakhs)



Net Profit as per Indian GAAP 1,578 6,627

Add / (Less): Adjustment on account of:

i) Impact of measurement of 636 4,983

certain receivables at fair value

ii) Amortisation of Transaction (17) 76

cost pertaining to borrowing

iii) Reclassification of actuarial loss /

(gain) arising in respect of employee defined

benefit scheme, to Other Comprehensive (683) (573)

Income (OCI)

iv) Impact of measurement of 55 (62)

derivative financial instruments at fair value

v) Reversal of Provision made on 2 2

quoted equity instrument under Indian GAAP

vi) Impact of fair valuation of Investments 4 4

in mutual funds

vii) Tax Adjustments 1,059 1,056 (446) 3,984

Net Profit as per Ind AS 2,634 10,611

Other Comprehensive Income, net of income tax (257) 2,511

Total Comprehensive Income for the period 2,377 13,122



4. Reconconciliation between total Equity previously reported (referred to as "Previous GAAP") and Ind AS for the year presented are as under:

Particular Total Equity as

on 31st March,2016

Total Equity as per the Previous GAAP 153,881

Impact of measurement of derivative financial instruments at fair value 151

Impact of measurement of certain receivables at fair value (21,073)

Effect of application of effective interest rate method for 1,465

Amortisation of Transaction Cost



Impact of Measurement of Quoted Equity Instruments at fair value 593

Effect of Amorisation of Employee Loan 5

Proposed Dividend 298

Tax Impact 6,339

Impact of Consolidation of Joint Operations and Extended Arms 330

Total Equity as per Ind AS 141,989

6. Retention money and unbilled revenue not due for collection under the respective contracts and retention money liability to sub-contractors which are not due for payment as at 31.3.2017 have been shown under the head “Other Current Assets” and “Other Current Liabilities” respectively as per Ind AS-32. Further in the opinion of the Management, there is lack of clarity in respect of application of the provisions of Ind AS with regard to measurement of fair value in respect of above items and there has not been any authoritative clarification / interpretation in this regards. The said reasons explain one of the joint auditor's qualification on the same issue in their Audit report on the Company's financial results for the year ended 31st March, 2017.

7. The Company has started arbitration proceedings in respect of certain trade receivable etc. due from a customer aggregating Rs. 10,355 lakhs as at 31st March,2017 which is under legal proceedings including liquidation proceedings. Till disposal of the legal proceedings, the company considers the above amount as good and recoverable. The said reasons explain the Statutory Auditor's qualification on the same issue in their Audit report on the Company's financial results for the year ended 31st March, 2017.

8.The Board of Directors have recommended dividend of Re. 0.50 per Equity Share of face value of Rs. 2/- each for the year ended 31st March,2017.

9. 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 1st June,2017. The Statutory Auditors of the Company have carried out a "Audit" of the results for the Quarter and year ended 31st March, 2017 in terms of Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

10. The figures for the quarter ended 31st March, 2017 and 31st March, 2016 are the balancing figures between audited figures for the full financial year and the year to date published figures upto the quarter ended 31st December, 2016 and 31st December, 2015.