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

Note:

1. The above mentioned audited results were reviewed by the Audit Committee and approved by the Board of Directors of the Company at its meeting held on 30th June 2021.

2. The Statutory auditors of the Company have carried out an audit of the above results for the quarter and year to date ended March 31, 2021. The Auditors’ opinion on quarterly and year to date standalone financial results of the company is unmodified.

3. Previous period/year figures have been regrouped / rearranged, wherever necessary, to confirm with the current period classification.

4. The financial results of the Company have been prepared in accordance with Indian Accounting Standards (“Ind AS”) prescribed under Section 133 of the Companies Act, 2013 read with relevant rules thereunder and in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and SEBI circular dated July 5, 2016.

5. The figures for the quarter ended March 31, 2021 and March 31, 2020 are the balancing figures between audited figures in respect of the full financial year and the year-to-date published figures up to the quarter ended December 31, 2020 and December 31, 2019 respectively.

6. Disclosure of assets and liabilities as per Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 for the year ended 31st March, 2021 is given as per Annexure “I” attached.

7. Previously the Company has elected to exercise the option permitted under section 115 BAA of the Income Tax Act, 1961 as introduced by the Taxation Laws (Amendment) ordinance 2019, Accordingly, the Company has recognized the provision for Income tax for the year ended March 31, 2021 also.

8. The Company has taken into account all the possible impacts of COVID-19 in preparation of standalone financial statements, including but not limited to its assessment of, liquidity and going concern assumption, recoverable values of its financial and non-financial assets and impact on revenue recognition owing to changes in cost of fixed price contracts. The Company has carried out this assessment based on available internal and external sources of information up to the date of approval of standalone financial statements and believes that the impact of COVID-19 is not material to these financial statements and expects to recover the carrying amount of its assets. The impact of COVID-19 on the standalone financial statements may differ from that estimated as at the date of approval of these standalone financial statements owing to the nature and duration of COVID-19.

9. Under Ind AS the management has identified two operating segments (i.e. Erection, Commissioning, Supervision & Annual Maintenance Contract and Trading Activities). Accordingly necessary information on reportable segments is given as per Annexure “II” attached.

10. Information in Investor complaints in pursuant to clause 41 of the Listing Agreement for the quarter ended 31st March 2021: beginning 00; received 00; disposed off 00; and pending 00.