Emami Realty 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:
(a) The above Audited Standalone and Consolidated Financial Results of the Company for the Quarter and Year ended 31st March, 2021 have been reviewed and recommended by the Audit Committee and approved by the Board of Directors of the Company in their respective meetings held on 30th June, 2021.
(b) The figures for the quarter ended 31st March, 2021 are the balancing figures between the audited figures in respect of the full financial year and the published year to date figures upto the third quarter of the respective financial year.
(c) The Company has decided to exercise the option permitted under Section 115BAA of the Income Tax Act, 1961 as introduced by the Taxation Laws (Amendment) Act, 2019 from the current financial year. Accordingly, the provision for income tax and deferred tax balances have been recorded/remeasured using the new tax rate and the resultant impact is recognized in the current period Statement of Profit and Loss.
(d) The financial Accounts of M/s Bengal Emami Housing Limited and M/s Swan Housing & Infra Private Limited associates of the Company and M/s Lohitka Properties LLP, Mumbai in which Company is 10% partner, not being ready have not been taken into consolidated results for the quarter and year ended 31st March 2021 and the impact thereof has been judged as non-material.
(e) The Company has assessed the possible effects that may result from the pandemic COVID-19 on the carrying amount of Receivables, Inventories, Investments and other assets/ liabilities. Based on the internal and external sources of information, the Company is of the view that as on date of approval of these financial results, the impact of COVID-19 is not material. However, the impact assessment of COVID-19 is a continuing process given its nature and duration. The Company will continue to closely observe the evolving scenario and take into account any future developments arising out of the same.
(f) The Board of Directors at its meeting held on 5th March, 2020 and the Members of the Company at the meeting convened pursuant to the Order of the Hon’ble National Company Law Tribunal (“NCLT”) on 4th March 2021, have approved the Scheme of Arrangement for demerger of Real Estate Undertaking of Oriental Sales Agencies (India) Private Limited (“Scheme”) between Oriental Sales Agencies (India) Private Limited and the Company. As per the above Scheme, the appointed date is 1st April, 2019. The Company has filed confirmation petition with the Hon’ble NCLT and the final hearing in the matter has been fixed for 5th July, 2021.
(g) The Company operates in a single business segment i.e. Real Estate Development.
Point 8:
3months/ 6months ended
Current Tax: Rs. (89.33)
Income Tax paid/Refund for Earlier years: Rs. (79.84)
Total: Rs. (169.17)
Year to date figures for current period ended
Current Tax: Rs. 0
Income Tax paid/Refund for Earlier years: Rs. (79.84)
Total: Rs. (79.84)
Trade Payables:
Total outstanding dues of Micro Enterprises and Small Enterprises – Rs. 39.63
Total outstanding dues of creditors other than Micro Enterprises and Small Enterprises – Rs. 1,630.91
Total – Rs. 1,670.54
Notes to Statement of Cash Flow Statement
Cash flows from used in operating activities (in lakhs)
Other adjustments for which cash effects are investing or financing cash flow:
Profit on Sale of Investment Property Rs. (2.88)
Profit on sale of Units of Mutual Funds Rs. (4.32)
Profit on Sale of Non Current Investments Rs. (6,400.54)
Profit on sale of fixed Assets Rs. (2.12)
Income from Investment measured at amortised cost Rs. (255.48)
Total Rs. (6,665.34)
Other inflows (outflows) of cash:
Current Tax Assets (Net) Rs. 481.42
Adjustments for other financial assets, non-current:
Loans non-current Rs. (8.05)
Non-Current Other Financial Assets Rs. 139.00
Total Rs. 130.95
Adjustments for other financial assets, current:
Loans Rs. (6,083.24)
Other Financial Assets Rs. 274.02
Total Rs. (5,809.22)
Cash flows from used in investing activities
Other inflows (outflows) of cash:
Sale of units of Mutual Funds Rs. 5204.32
Purchase of units of Mutual Funds Rs. (5,200.00)
Proceeds from Non Current Investments Rs. 25,800.63
Investments in Non Current Investments Rs. (891.00)
(Investments in)/ Proceeds from Fixed Deposit Rs. 39.91
Total Rs. 24,953.86
Notes to Statement of Cash Flows
1. Reconciliation of Cash and Cash Equivalents as per the Statement of Cash Flows
Cash and Cash Equivalents as per the above comprise of the following:
Standalone
Period ended 31-Mar-2021 Year ended
31-Mar-2021
Cash and Cash Equivalents
1,230.08 1,230.59
Bank Overdraft which forms an integral part of cash management system (17,653.02) (17,653.02)