Nimbus Projects Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2021

Notes:



1. The above financial results of the Company for the quarter and year ended 31st March 2021 were reviewed by the Statutory Auditors, Audit Committee and then approved by the Board of Directors at its meeting held on 29th June, 2021.

2. The Company has aligned its policy of Revenue Recognition with Ind-ASS 115 “ Revenue from Contract with customers” which is effective from 01.04.2018. Application of this standard does not have any impact on the revenue recognition and measurement.

3. Share of loss from Joint Venture Partnership Firms for the quarter and year ended 31.03.2021 is based on its audited financial results prepared under Indian Accounting Standards ("Ind AS"), which have been subjected to audit by the respective Statutory Auditors of the Jointly controlled Venture Partnership Firms.

4. The Company is engaged only in real estate development and related activities and hence there are no reportable segments as per Ind AS 108 - Operating segments.

5. Subsequent to the reporting period, the Company has issued equity shares on preferential basis and made the allotment for Rs. 3.40 crore on 02nd June, 2021. In line with objects of the issue, proceeds from the issue have been utilized towards Capital Contribution in Partnership Firm (engaged in developing housing project) and part redemption of outstanding redeemable preference shares of the Company.

6. Disclosure of COVID-19, Pandemic on the Company:

The Company has considered internal and certain external sources of information including economic forecasts and industry reports up to the date of approval of the financial statements in determining the impact on various elements of its financial statements. The Company has used the principles of prudence in applying judgments, estimates and assumptions and based on the current estimates, the Company expects no impairment in carrying value of Investments and other Assets of the company. The eventual outcome of impact of the global health pandemic may be different from those estimated as on the date of approval of these financial statements, the Company will continue to monitor developments to identify significant uncertainties in future periods, if any.



7. Previous Year figures have been regrouped/recast wherever necessary.