Vascon Engineers Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2021

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 May 31, 2021. The above results have been audited by the Statutory Auditors of the Company and expressed an unqualified opinion for the quarter and year ended March 31, 2021.

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

3. The Group has reported segment information as per Indian Accounting Standard 108 "Operating Segments" (Ind AS 108) 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:

5. Engineering, Procurement and Construction (EPC)

6. Real Estate Development

7. Manufacturing and BMS (Building Management System)

4. 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 internal and external 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.


5. Employee Benefit expense for the year ended March 31, 2021 includes provision of Rs.500 Lakhs as ex-gratia to Mr R.Vasudeven, executive chairman of company on account of commendable services rendered to the company in previous years as per recommendation by nomination remuneration committee, in board meeting dated July 14,2020.

6. During the year, one of the subsidiary GMP Technical Solutions Private Limited has redeemed 60000 number of 0,001% redeemable, non-cumulative preference shares of Rs. 100 each at par, out of accumulated surplus of the said subsidiary company.

7. During the year, one of the the subsidiary GMP Technical Solutions Private Limited has applied to appropriate authority; for winding up of its non-operating foreign subsidiary viz, " GMP Technical Solutions FZE" and is in process of taking necessary statutory approvals in India.

8. The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the company towards Provident Fund and Gratuity. The effective date from which the changes are applicable is yet to be notified and the rules for quantifying the financial impact are yet to be framed. The Company will complete its evaluation and will give appropriate impact in its financial statements in the period in which, the Code becomes effective and the related rules to determine the financial impact are published.


9. The Board of the Director of the Vascon EPC Limited in their meeting held on 26th February 2021 & the members in their Extraordinary General Meeting held on 26th March 2021, have accorded consent to the striking off the name of 'Vascon EPC Limited1 one of the non-operative wholly owned subsidiaries of the company. The same is in the process as on date.

10. During the quarter & year ended 31st March 2021, the company has alloted an agreegate of 4,000,000 equity share's, face value of Rs. 10 each to the eligible employees upon exercise of stock options scheme under ESOP scheme 2017. Consequent upon the said allotment of shares, the total paid up equity share capital of the Company has increased to Rs. 18,214 Lakhs (Eighteen thousand two hundred and fourteen Lakhs) representation the 1821.37 lakhs equity shares of Rs. 10 each.

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