Artson Ltd. - Quarterly/Annual Result Disclosures and Notes dated 30 Jun 2023

Notes:
1. The above Financial Results for the quarter ended 30 June 2023 have been reviewed by the Audit Committee and approved by the Board of Directors at their meetings held on 12 July 2023.
2. The Company operates in only one business segment viz. Supply of Equipment, Steel Structures and Site Services for Mechanical Works.
3. The figures for the quarter ended 31 March 2023 are the balancing figures between the audited figures in respect of the full financial year 31 March 2023 and the published unaudited year to date figures up to period ended 31 December 2022.
4. The accumulated losses of the Company (including other comprehensive income) as at 30 June 2023 stood at Rs. 7,463.79 Lakhs.
On account of the significant accumulated losses and other indicators, the Management, including the Board of Directors of the Company, performed an assessment of the Company's ability to continue as a going concern. Considering the following aspects, the management and the Board of Directors have assessed that the Company would be able to meet its cash flow requirements for the next twelve months from the date of this financial results and have accordingly, prepared this statement on a going concern basis.
a) Tata Projects Limited, Holding Company has provided a letter of support to provide adequate business, financial and operational support to the Company, to enable it to meet its financial obligations and to continue its operations.
b) Review of the approved business plan and the future cash flow projections.