BF Utilities Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2021
Auditor and Management Disclosures and Notes for the annual results dated 31 Mar 2021
Notes:
1 The above results were reviewed by the Audit Committee and approved by the Board of Directors of the Company at its meeting held on 14 June, 2021.
2 Certain litigations by and against the Company and subsidiaries of the Company are pending in various Courts, and the matter is subjudice. No cognizance thereof is taken in the above results, pending final outcome of the cases.
3 Nandi Highway Developers Ltd. (NHDL), Nandi Infrastructure Corridor Enterprises Ltd. (NICE), Nandi Economic Corridor Enterprises Ltd. (NECE) and Avichal Resources Pvt. Ltd (Avichal), which are the subsidiaries of the Company, are in the process of finalising their accounts for the financial year ended 31st March, 2021 and hence, they have not yet submitted the said audited financials to the Company.
The Company will publish consolidated results, once the audited accounts of all the above-mentioned subsidiaries are made available to the Company.
4 Corona virus (COVID -19) has badly affected the world economy, including India. COVID-19 has affected the business activities of the Company.
However, the Company does not anticipate any major challenge in meeting its Financial obligations, on long term basis and does not carry any risk in the recoverability and carrying values of its assets including advances given for specific purpose to the subsidiary companies and does not anticipate any additional liability as at the Balance Sheet date.
There may be a fall in the fair value of investments in equities, which the Company expects to be temporary in nature, since all the investments are held for long term basis and as a promoter of the respective subsidiary companies.
The Company will closely monitor any material changes that may take place in future that may impact its business.
• Impact on revenue:
The majority of source of income of the Company is in the form of sale of power and related products. Impact on business activity of consumer / customer has affected revenue from sale of power.
However, impact assessment of COVID – 19 is a continuing process given the
uncertainties associated with its nature and duration, and the Company will evaluate the same at a regular interval.
5. Accounting standard Ind AS 116- Accounting for leases came into force on 1st day of April, 2019. There is no material impact of Ind AS 116 on the financial statements of the Company, therefore, effect of the same is not considered.
6. Figures for the quarter ended March 31, 2021 and March 31, 2020 represent the difference between audited figures for the financial year and the limited reviewed figures for the nine months period ended on December 31, 2020 and December 31, 2019 respectively.
7. The Company has reclassified previous period’s / year’s figures to confirm to current year’s classification.