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

1. The Unaudited standalone financial results of the Company for the Quarter ended 30th June, 2023 have been prepared in accordance with the Indian Accounting Standards ("Ind As") as prescribed under section 133 of the Companies Act, 2013 read with the Companies (India Accounting Standards) Rules, 2015, as ammended.
2. The above unaudited standalone financial results of the Company forthe Quarter ended 30th June, 2023 have been reviewed by the Audit Committee on 12th August, 2023 and thereafter approved by the Board of Directors at their meeting held on 12th August, 2023.
3. The Company has adopted Ind AS 116 "Leases" effective April 01, 2019, using modified retrospective method. The Company has applied the standard to all its leases with the cumulative impact recognized on the date of initial application i.e. April 01, 2019.
4. Complaints lying pending as on 30-06-2023 - NIL.
5.Complaints Received during the year - NIL
6. Complaints disposed off during the year - NIL
7. Complaints lying unsolved as on 12.08.2023 - NIL
8. In respect of borrowing from Canara Bank, the company has entered into One Time Settlement ("OTS") of the liabilities with its lenders for Rs. 11,150.00 lakhs on [14.02.2022]. The first Installment of Rs. 6.00 crs under OTS letter dated 14th February, 2022, was duly liquidated by the Company and bank has also released Karjat property Dist: Raigad. However, we have again approached the bank for further restructuring of the liabilities. Pending confirmation of the same from bank regarding acceptance of the same or otherwise and non-receipt of balance confirmation, the company has continued to provide the interest on outstanding balances in the books of account in accordance with applicable accounting standards. Impact of excess / reversal of liabilities if any shall be made on receipt of the confirmation from the banks. Further, pending the receipt of confirmation from the bank, the company has continued to classify the outstanding balance of loans as non-current liabilities’.
9. The Company is in the process of getting the liability restructured and the promoter confident to revive the business and infuse the required funding to address the negative net worth of the company thereby enlarging the business opportunities. Accordingly the company has continued to prepare its financial statements on ‘Going Concern Basis’.
10.* The Statutory Auditor have issued Independent Auditor Report on the above Unaudited Financial Results for the Quarter Ended 30th June, 2023
11. The figures of the previous periods have been regrouped wherever necessary to conform to the current period presentation.