Capacit'e Infraprojects Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2020
Auditor and Management Disclosures and Notes for the annual results dated 31 Mar 2020
1. Figure of 1155.80 of Right of Use Assets is included in Property, Plant & Machinery which is 64592.91 + 1155.80= 65748.71
2. Figure of 786.93 of Lease Liability is included in Other non-current financial liabilities which is 786.93 + 3853.56=4640.49
1. The above standalone financial results have been prepared in accordance with Indian Accounting Standard as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standard) Rules. 2015 and the Companies (Indian Accounting Standard) Amendment Rules, 2016.
2. The above audited financial results have been reviewed by the Audit Committee and thereafter approved by the Board of Directors at its meeting held on June 18, 2020.
3. The above financial results have been audited by the Statutory Auditors of the Company.
4. Use of Initial Public Offer (IPO) proceeds is summarised as below:For Table, kindly refer Corporate Announcements on www.bseindia.com.
5. Effective April 1,2019 , the Company has adopted Ind AS 116 "Leases", applied to all lease contract existing on April 1,2019 using the modified retrospective approach as per para C8 (c) (ii) of Ind AS 116 - Lease to its leases, effective from annual reporting period beginning April 1,2019.This has resulted in recognizing a right of use assets (an amount equal to the lease liability, adjusted by the prepaid lease rent and deposits discounting) of INR 1,385.22 lakhs as at April 1,2019. In the statement of profit and loss of the current period, operating lease expenses has changed from rent to depreciation cost for the right of use assets and finance cost for interest accrued in lease liability.
Reconciliation for the above effect on statement of profit and loss for the current quarter and year ended March 31,2020 as follows: For Table, kindly refer Corporate Announcements on www.bseindia.com.
6. Tax expenses for the quarter and year ended March 31,2020 reflects changes made vide Taxation Laws Amendment Ordinance 2019. Pursuant to Taxation Law (Amendment) Ordinance, 2019 ("Ordinance") issued by Ministry of Law and Justice (Legislation Department) on September 20, 2019 and which is effective from April 1,2019, domestic companies have an option to pay corporate Income Tax @ 22% + Surcharge and Cess ("New Tax Rate") subject to certain conditions. The Company has made an assessment of the impact of the Ordinance and opted for the New Tax Rate from the financial year 2019-2020. Further due to revised tax rate, there is a reversal of deferred tax liability as on March 31,2020 to the extent of Rs 1.391.99 Lakhs, credit of which has been taken in the face of Statement of Profit & Loss of the current year.
7. The Company's business segment consists of a single segment of'Engineering, Procurement and Construction contracts' (EPC) in accordance with the requirement of Indian Accounting Standard (Ind AS) 108: Operating Segment. Accordingly, no separate segment information has been provided.
8. The Outbreak of Coronavirus (COVID-19) pandemic globally and in India is causing significant disturbance and slowdown of economic activity. Execution of EPC contracts undertaken by the Company were temporarily suspended during nationwide lockdown. Business operations are being resumed in a phased manner in line with directives from the authorities.
The Company has considered internal and external sources of information up to the date of approval of these standalone financial results, in assessing the recoverability of its assets, liquidity, financial position and operations of the Company including impact on estimated construction cost to be incurred towards projects under execution and based on the management's assessment, there is no material impact on the Standalone financial results of the Company.
Considering the uncertainties involved in estimating the impact of this pandemic, the future impact of this pandemic may be different from those estimated as on the date of approval of these Standalone financial results. The uncertainty relating to improvement in economic activity and in the real estate sector may have an impact to the Company's operations in future.
9. Figures for the quarters ended March 31,2020 and March 31,2019 are the balancing figures between the audited figures in respect of the full years and the published figures of nine months ended December 31,2019 and December 31,2018 respectively.
10. Figures for the previous period have been regrouped / reclassified, where necessary, to confirm to the current period classification.