Akash Infra-Projects Ltd. இன் கணக்கு குறிப்புகள்

Mar 31, 2021

Valuation technique used to determine fair value:

Specific valuation techniques used to value financial instruments include:

- Company has invested in equity share of “The Gandhinagar Urban Co-op Bank Ltd.” as it is requirement for bank account operation. Therefore, the amount invested is considered as fair value.

Fair Value of Financial Assets & Liabilities measured at amortised cost

- The carrying amounts of trade receivables, trade payables, capital creditors and cash and cash equivalents are considered tobe the same as their fair values, due to their short-term nature.

- The fair values of non-current borrowings are based on discounted cash flows using a current borrowing rate. They areclassified as level 3 fair values in the fair value hierarchy due to the use of unobservable inputs, including own credit risk. They are subsequently measured at amortised cost at balance sheet date.

. Financial Risk Management

The Company''s activities expose it to market risk, liquidity risk and credit risk. This note explains the sources of

risk which the entity is exposed to.

Credit Risk Management

Company assesses and manages credit risk based on internal credit rating system. The finance function consists

of a separate team who assesses and maintains an internal credit rating system. Internal credit rating is performed

on for each class of financial instruments with different characteristics.

The company is making no provision on Trade Receivables based on Expected Credit Loss Model (ECL).

Liquidity Risk

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due and to close out market positions. Due to the dynamic nature of the underlying businesses, Company treasury maintains flexibility in funding by maintaining availability under committed credit lines.

Management monitors rolling forecasts of the Company''s liquidity position and cash and cash equivalents on the basis of expected cash flows. This is generally carried out at local level in the operating companies of the Company in accordance with practice and limits set by the Company. These limits vary by location to take into account the liquidity of the market in which the entity operates. In addition, the Company''s liquidity management policy involves projecting cash flows in major currencies and considering the level of liquid assets necessary to meet these, monitoring balance sheet liquidity ratios against internal and external regulatory requirements and maintaining debt financing plans.

Market Risk Management Foreign Currency Risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Company does not exposure outstanding on receivables or payables at the end of the reporting period but is exposed to foreign exchange risk as investment in subsidiary. Investment in subsidiary is measured at cost, so no impact on profit or loss and total equity.

Price Risk

The Company''s exposure to equity securities price risk arises from investments held by the Company and classified in the balance sheet at fair value through profit or loss.

To manage its price risk arising from investments in equity securities, the Company diversifies its portfolio. Diversification of the portfolio is done in accordance with the limits set by the Company.

Cash flow and fair value interest rate risk

The Company''s main interest rate risk arises from long-term borrowings with variable rates, which expose the Company to cash flow interest rate risk. During 31 March 2021 and 31 March 2020, the Company''s borrowings at variable rate were mainly denominated in INR.

The Company''s fixed rate borrowings are carried at amortised cost. They are therefore not subject to interest rate risk as defined in Ind AS 107, since neither the carrying amount nor the future cash flows will fluctuate because of a change in market interest rates.

. Segment information

In line with Ind AS 108 operating segments and basis of the review of operations being done by the senior management, the operations of the group fall under civil construction business which is considered to be the only reportable segment by the management. The Company is principally engaged in a single business segment viz., “civil construction” which is also the major revenue generating product.

. Contingent Liabilities and Assets

(a) Contingent Liabilities not provided for are Rs. 2500Lacs (Previous year-Rs. 3700 Lacs), being bank guarantees issued by Punjab National Bank, Gandhinagar on behalf of the company.

(b) The company has been claiming Income Tax benefit under section 80IA(4) of the Income Tax Act,1961 from year to year. The Income Tax Assessing officer has disallowed the company''s such claim from assessment year 2003-04 to 2011-12 till date. The company preferred appeals against the said disallowance and the appeals for AY 2003.04 to AY 2007.08 are pending with ITAT Ahmedabad.

For assessment year 2008-09 to 2013-14 the company''s claim u/s 80IA(4) is allowed by the Income Tax department.

Further, the Company has paid the entire tax liabilities for A.Y. 2003.04 to 2007.08 due to such disallowance.

(c) In continuation with our note No. 2(c) of the Schedule of notes to the Accounts for the earlier year 2017-18 with regard to rent and interest of Rs 2,30,77,329/- demand raised by the Ahmedabad Muncipal Corporation (AMC) - the company has denied this claims of the AMC and between the legal passe the H''ble Gujarat High Court had appointed Shri H.B. Antony as Arbitrator. However due to his sad demise the Court has appointed Shri S. I. Patel in his place and proceedings are underway at present and company is expecting favorable award in its favor. Looking to this the company has still not provided for the said Rent, Interest thereon.

(d) There are certain disputes with AMC with regards to the quality of road construction and this has resulted in overdue payment of Rs 26.53 Crores from AMC. The Company however treats these as good, though overdue on the basis of proceedings going on at present.

(e) Company has available as MAT Credit under Income tax rules. However, company has recognized assets only when it availed. MAT Available for ended AY 21-22 of Rs 2,82,32,739/-.

f) The Company had made a petition (vide Petition No.177 of 2018) under Arbitration Act as per the guidelines of H''ble Gujarat High Court against GIDC., Modasa for the work “Upgradation of existing road, Approach,SWD, slab culvert and water supply at GIDC., Modasa Industrial Estate under A.I.I. Scheme” for not releasing the work order and work even after Company has given necessary security deposit and Bank Guarantee.

The Arbitrator Shri K.S. Jhaveri had given award in favor of the Company for Rs. 49,37,049/- on 31.05.2021 as has been appointed by Gujarat High Court after the First arbitrator late Shri H.B. Antani passed away on 24.08.2020.

The Company’s management has booked the above amount as income in the year under review

i.e.FY 2020-21 considering the following facts.

i. Had the said work order was not cancelled, we could have completed the work within one year as per the tender condition and booked the income in 2019-20

ii. Had the First Arbitrator not expired, he could have awarded the same in FY 2020-21

iii. On the date of award, the audit for FY 2020-21 was not completed.

Impact of the CoVID-19 pandemic on the business

All the operations were disrupted since mid of March, 2021 and were partially resumed from early May, 2021. The condition is estimated to come back to normalcy by First half of the Financial year 2021-22.

Ability to maintain operations including the factories/units/office spaces functioning and closed down.

The operations at project site and Corporate Office has been resumed and the company is adhering to the safety norms prescribed by the Government of India, related to Social Distancing, mandatory wearing of face mask, face cover, proper sanitization of work place and working with the reduced work force to maintain social distancing. Amidst the crisis, the safety of our employees has been our top-most priority and the Company has taken several measures to ensure their well-being. All employees have been instructed to download the Aarogyasetu app launched by the Government of India. We have curtailed the number of employees working at the plants. At the Registered office of the Company also limited number of employees is called for carrying out operations. Schedule, if any, for restarting the operations:

As stated above, the Company has partially commenced the operation. Based on the availability of raw material at regular level and migrating back labourers from other states, the Company will commence the operations at other sites also.

However, we expect that all the plants would be operative by July 2021.

Steps taken to ensure smooth functioning of operations:

All the locations/plants/ office spaces, where the Company is operating, have been sanitized to ensure safety of the work force of the Company. All safety protocols such as temperature checking, maintaining social distancing, sanitizing and washing hands at regular intervals are being adhered very stringently.

Estimation of the future impact of COVID-19 on its operations:

Considering the fact that the situation is exceptional and is changing dynamically, the Company is not in a position to gauge with certainty, the future impact on its operations. However, the Company is confident about adapting to the changing business environment and respond suitably to fulfill the needs of its customers. While the urgent reverse migration of the migrant work force poses challenges, the Company is quite confident that the demand situation will pick up progressively.

Details of impact of CoVID-19 on listed entity’s:

• Capital and financial resources - The Company has availed for Working Capital Term Loan (WCTL) under Government of India''s guaranteed Emergency credit line. The Company has also implemented stringent cost control measures across the organization to conserve cash to address any evolving situation resulting from the pandemic.

• Profitability—It is not effected as the company had taken necessary measures in cost reduction.

• Liquidity position- the Company has confident to meet its commitments for maintaining Liquidity position.

• Ability to service debt and other financing arrangements: The Company has sufficient cash funds to meet up the debt obligations on timely basis.

• Assets: The Company does not foresee any challenge in realizing/recovering its assets.

• Internal financial reporting and control: There is no material impact on internal financial reporting and control.

• Supply chain: The Company is also in constant touch with its key vendors and is working with them to mutually partner each other to propel the business forward.

• Demand for its products/services: It will continue at netural.

Existing contracts/agreements where non-fulfillment of the obligations by any party will have significant impact on the listed entity’s business:

The Company is well positioned to fulfill its obligations and existing contracts/arrangements. At present, we do not foresee any contract/agreements which will have significant impact on the business in case of non-fulfilment of obligations by any party.

44. Previous year''s figures have been rearranged and reclassified wherever necessary to correspond with the current year. The statement of financial position as disclosed for the quarter ended 31^st March, 2021 financial results have been reclassified or rearranged due to changes in financial reporting requirements arising from the new or revised standards or interpretations or change in the use of one or more optional exemptions from full retrospective application as permitted under Ind AS 101.

45. Authorization of Financial statements

The financial statements for the year ended 31st March, 2021 were approved by the Board of Directors on 30^th June, 2021.

---

Mar 31, 2018

Notes to Account

PARTICULARS	As At 31/03/2018 Amt.	As At 31/03/2017 Amt.
Note 1 Share Capital a) Shareholder''s Fund
SHARE CAPITAL
Authorised 1 10,00,000 Equity Shares of Rs.10/- each	110000000	110000000
Issued Equity Shares of Rs.10/- each	75882670	75882670
Subscribed Equity Shares of Rs.10/- each	75882670	75882670
Paid up Equity Shares of Rs. 10/- each	75882670	75882670
TOTAL:	75882670	75882670

(i) Details of shares held by each shareholder holding more than 5% shares:

Class of shares / Name of shareholder	As at 31 March, 2018		As at 31 March, 2017
	Number of shares held	% holding in that class of shares	Number of shares held	% holding in that class of shares
Equity shares with voting rights Yoginkumar H.Patel	1813600	23.90%	1813600	23.90%
Ambusinh P.Gol	1813600	23.90%	1813600	23.90%
Premalsinh P.Gol	400000	5.27%	400000	5.27%
Dineshbhai H.Patel	400000	5.27%	400000	5.27%

PARTICULARS	As At 31/03/2018 Amt.			As At 31/03/2017 Amt.
NOTE 2-RESERVES AND SURPLUS (a) Securities premium account		203221330		203221330
(b) General reserve		51400000		51400000
Opening Balance of General Reserve	51400000		51400000
Opening Balance of Profit and Loss	342421067		298005900
Less:-Dividend for FY 2016-17	-7588267
Dividend Distribution Tax	-1544793
Add- Profit of the year	19565686	352853693	44415167	342421067
Closing Balance		607475023		597042397

Note 3 - Long-term borrowings #

Secured
HDFC Bank- Term Loan	4992122	10056011
CITI Bank Ltd	16285704	0
Yes Bank Ltd	4636296	0
Total	25914122	10056011

Note 4 - Other long-term liabilities

(a) Trade Payables:
(i) Trade /security deposits received (Sub Let)	102539864	88729316
Total	102539864	88729316

PARTICULARS	As At 31/03/2018 Amt.	As At 31/3/2017 Amt.
Note 5 - Short-Term Borrowings
(a) Loans repayable on demand
Oriental Bank of Commerce (Cash Credit)	202281621	32564363
CITI Bank Ltd	8834885
Yes Bank Ltd	2432605
HDFC Bank Ltd	10422066	7230391
Total	223971177	39794754

Note 6 - Trade payables *

Trade payables:
Creditors for Expenses	19788860	6305176
Creditors for Goods	150119342	10817942
Creditors Sub Let	67541645	79113358
Creditors for Capital Goods	556181	411556
Creditors- Others	508728	629499
Total	238514756	97277531

Note 7 -Other current liabilities©

(j) Other payables
(i) Statutory remittances (Contributions to PF and ESIC,
Withholding Taxes, Excise Duty, VAT, Service Tax, etc.)	0	403,428
(viii) Others
(b) TDS Payable	1733916	3455326
(c) VAT Payable	20450	1473393
Total	1754366	5332147

Note 8 - Short-term provisions

(b)	Provision - Others:
	i) income Tax Payable	5250177	11308423
	(ii) Provision for EPF/ESIC Payable	117094	147723
	(iii) Provision for salary & Wages	6668712	4152777
	(iv) GST Payable	1083112
	(v) Provision for Expenses	8026546	3887064
	Total	21145641	19495987

Details of Fixed Assets & Depreciation ( As per books of Accounts) As on 31/03/2018

Sr.	Name of Assets	Opg. Bal. As on 01/04/''17	Gross Block		Clg. Bal As. On 31/03/''18	Depreciation		Dep. deducted			Net Block
			Addition	Deduction		Dep. Op. Bal	Dep. Rate %	Dep. for the yr	Adjustment / Deduction	Dep Clg Bal	As at 31.03.18	As at 31.03.17
1	Air Conditioner	1963959	457808	90000	2331767	1534595	31.23%	224906	84575	1674926	656841	429364
2	Computer and Software	1820007	156342	0	1976349	1711175	63.16%	87640	0	1798815	177534	108832
3	Electrification	9437510	0	0	9437510	7058671	25.89%	598711	0	7657382	1780128	2378839
4	Factory Building	6764461	3319620		10084081	4108729	9.50%	325273		4434002	5650079	2655732
5	Building Renovation	12547205	0	0	12547205	3850580	4.87%	423526	0	4274106	8273099	8696625
6	Furniture & Fixture	5243423	850595	0	6094018	4539416	25.89%	371536	0	4910952	1183066	704007
7	Laboratory Equipments	1370235	0		1370235	1086977	18.10%	65414		1152391	217844	283258
8	Fountain &
	Decoration
	Equipments	1553777	0	0	1553777	1476088	31.23%	0	0	1476088	77689	77689
9	Land (Free Hold)	1690291			1690291	0	0.00%			0	1690291	1690291
10	Motor Car	11973226	6258401	90000	18141627	6365136	31.23%	2990735	0	9355871	8785756	5608090
11	Office & Canteen
	Equipments	2258532	186017	0	2444549	1978546	45.07%	166686	0	2145232	299317	279986
12	Kitchen
	Equipments	1881811		0	1881811	1753074	31.23%	40204		1793278	88533	128737
13	Fun Equipments	776341		0	776341	737524	31.23%			737524	38817	38817
14	Office Building	2459537			2459537	2035081	4.87%	40323		2075404	384133	424456
15	Plant & Machinery	164747038	12975127	3402074	174320091	102916439	22.09%	15968855	2025914	116859380	57460711	61830599
16	Scooter & Bike	1314852	0	40630	1274222	402530	25.89%	222244	38297	586477	687745	912322
17	Storage Equipment	1613529	0	47224	1566305	609717	18.10%	199732	4496	804953	761352	1003812
18	Tools	1010165			1010165	738938	22.09%	59748		798686	211479	271227
19	Tractor and Trailer	46514			46514	44188	1 00%			44188	2326	2326
20	Tubewell	1803921	0		1803921	1416323	45.07%	139032		1555355	248566	387598
21	Party Plot Development	3315604		0	3315604	2652485	20.00%	663119		3315604	0	663119
22	Televisions	425090		0	425090	360950	31.23%	20030		380980	44110	64140
23	Vehicles	40179832	24888410	0	65068242	25175885	31.23%	8476721	0	33652606	31415636	15003947
	Total	276196860	49092320	3669928	321619252	172553047		31084435	2153282	201484200	120135052	103643814

	As at 31 March, 2018		As at 31 March, 2017
	Unquoted	Total	Unquoted	Total
Note 10 - Non-current investments
Investments (At cost): Unquoted Equity Shares
(i) of subsidiaries Akash Infra Inc.,	855750	855750	855750	855750
(18750 Shares of Rs. 45.64/- each fully paid
(ii) of associates Akash PetrolumPvt Ltd	1200000	1200000	1200000	1200000
(1,20,000 Equity Shares as at 31/03/18 of Rs.10-/each fully paid) Akash Residency & Hospitality Pvt Ltd (1,20,000 Equity Shares as at 31/03/18 of Rs.10-/each fully paid)	1200000	1200000	1200000	1200000
(iii) of other entities ''- The Gandhinagar Urban Co-op Bank Ltd. (500 Equity Shares of Rs. 1 0/- each fully pah	5000 d)	5000	5000	5000
Total	3,260,750	3,260,750	3260750	3260750

PARTICULARS		As At 31/03/2018 Amt.	As At 31/3/2017 Amt.
Note 11 Long-term loans and advances (Assets)
(a)	Security deposits AUDA	5364873	12060347
	Depo. Leasehold Land (Derol & Khoraj )	25000000	25000000
	Sabarmati Gas Ltd.	71277	71277
	GEB	107510	107510
	Labour Commissioner	10800	10800
	GSPC Ltd. - Deposit	88815	88815
	SGST Deposite	2984372
	UGVCL	1826007	1650308
	Akash Residency & Hospitality Pvt. Ltd	0	60782158
	Depo. - Torrent Power	1486850	1486850
	Adani Gas Ltd (Depo)	1660000	1660000
		38600504	102918065
(i)	Service Tax credit receivable	8245	8245
(ii)	SGST\CGST Refundable	18942444
(iii)	VAT Refundable	0	3011745
(iv)	TDS receivable TDSAY-05-06 to AY 15-16	48877453	36291505
		67828142	39311495
	Total	106428606	142229560
Note 12 - Other Non-Current Assets
_	FDR(Dena Bank)	16560	16560
_	FDR(GNCB)	21810	21810
NSE	Security Deposit	0	2550000
NSE	Int. free security Deposit	34867	34867
	Total	73237	2623237

	As at 31 March, 2017		As at 31 March, 2016
	Quoted	Total	Unquoted	Total
Note 13 Current investments - Investment in Mutual Funds			50,000,000	50,000,000

PARTICULARS	As At 31/03/2018 Amt.	As At 31/3/2017 Amt.
Note 14 - Inventories
(At lower of cost and net realisable value)
(a) Raw materials	28090217	29592680
Goods-in-transit
(b) Work-in-progress	107500000	67043418
Goods-in-transit
(c) Consumable items (Power & Fuel)	2860685	2868914
Total	138450902	99505012
Note 15 - Trade Receivables
Trade receivables outstanding for a period exceeding six months from the date they were due for payment #	519229095	158030581
Unsecured, considered good	181345262	149701659
Total	700574357	307732240
Note 16 - Cash and cash equivalents
(a) Cash on hand	1176234	1076507
(b) Balances with banks
(i) In current accounts
''-State Bank Of India	27502	62431
''-Oriental Bank Of Commerce (Akash)	11226	10004425
-HDFC Bank & Credit Card (Pathika)	60253	218608
''-Oriental Bank Of Commerce (Pathika)	1149181	5598
(ii) In deposit accounts (Refer Note (i) below)
-FDR(O.B.C)	104268155	83726679
-FDR(S.S.N.N.L)	3580000	5665000
- Balances held as margin money or security against
borrowings, guarantees and other commitments (Refer Note (i) below)
-FDR(O.B.C{B.G.})	38954955	54970351
Total	149227505	155729599

PARTICULARS		As At 31/03/2018 Amt.	As At 31/03/2017 Amt.
Note 17 - Short-term loans and advances
(a)	Security deposits	1823157	2326399
	Secured, considered good
(b)	Loans and advances to employees
	Unsecured, considered good	141433	78052
(c)	Prepaid expenses - Unsecured, considered good
	(For e.g. Insurance premium, Annual maintenance contracts, etc.)	2733050	3092848
(d)	Others (specify nature)
	Deposit to Suppliers	9964	9964
	D.G.Vanzara	12000	0
	Akash Infra Inc	25000	0
	IDS Receivable -Magma Fincorp	2609	2609
	IDS Receivable -IOCL	0	59470
	Adv. To Suppliers	72881246	58757146
	Sub Total	77628459	64326488

Note: Short-term loans and advances include amounts due from: Firms in which any director is a partner (give details per firm) Private companies in which any director is a director or member (give details per company)

Akash Petroleum Private Limited	0	1533268
Aadhyashakti Minings P. Ltd.	42147255	44076841
Total	42147255	45610109

Note 18 - Other current assets
(iv) Others Interest Recievable	2295095	3019005
Total
	2295095	3019005

Revenue from operations Sch-19
Works Income (Govt.)	1291028841	878758027
Works Income (Others)	65806432	9082926
Sales(Pathikashram)	36692485	32310590
Room Rent Income	8227630	7413009
Benquet Hall Income	3245289	2392478
Party Plot Income	0	0
Total	1405000676	929957030

Other Income Sch-20
Scrap Sales	5238	0
Interest Income	10060868	9042514
Interest on Income Tax Refund	181520	1468643
Rent Income	600000	600000
Discount and Rebate	34994530	0
Prior Period Income	152811	0
Profit on jave statement	89332	0
Profit\Loss on Sales of Assets	268341	347101
Other Income	349	75313
Total	46312989	11533571