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Adani Estates 2020 Annual Report.pdf

Adani Estates 2020 Annual Report

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ADANI ESTATES PRIVATE LIMITED
Standalone Financial Statements for period 01/04/2019 to 31/03/2020
[700300] Disclosure of general information about company
Unless otherwise specified, all monetary values are in INR
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Name of company
ADANI ESTATES PRIVATE
LIMITED
Corporate identity number U45300GJ2005PTC046949
Permanent account number of entity AAFCA6390M
Address of registered office of company
ADANI HOUSE NR MITHAKHALI
CIRCLE , NAVRANGPURA ,
Ahmedabad , Ahmedabad ,
GUJARAT , INDIA - 380009
Type of industry
C o m m e r c i a l a n d
Industrial
Date of board meeting when final accounts were approved 23/07/2020
Date of start of reporting period 01/04/2019 01/04/2018
Date of end of reporting period 31/03/2020 31/03/2019
Nature of report standalone consolidated Standalone
Content of report Financial Statements
Description of presentation currency INR
Level of rounding used in financial statements Actual
Type of cash flow statement Indirect Method
Whether company is maintaining books of account and other relevant
books and papers in electronic form
Yes
Complete postal address of place of maintenance of computer
servers (storing accounting data)
Plot No B-7, Sec – 132,
N o i d a , U P
201301
Name of city of place of maintenance of computer servers (storing
accounting data)
Noida
Name of state/ union territory of place of maintenance of
computer servers (storing accounting data)
Noida (UP)
Pin code of place of maintenance of computer servers (storing
accounting data)
201301
Name of district of place of maintenance of computer servers
(storing accounting data)
Noida
ISO country code of place of maintenance of computer servers
(storing accounting data)
91 (IN)
Name of country of place of maintenance of computer servers
(storing accounting data)
INDIA
Phone (with STD/ ISD code) of place of maintenance of computer
servers (storing accounting data) 079-25555650
Disclosure of principal product or services [Table] ..(1)
Unless otherwise specified, all monetary values are in INR
Types of principal product or services [Axis] 1
01/04/2019
to
31/03/2020
Disclosure of general information about company [Abstract]
Disclosure of principal product or services [Abstract]
Disclosure of principal product or services [LineItems]
Product or service category (ITC 4 digit) code 9953
Description of product or service category CONSTRUCTION
Turnover of product or service category 177,24,46,174
Highest turnover contributing product or service (ITC 8 digit) code 99531110
Description of product or service
O n e a n d
two-dwelling
residential buildings
Turnover of highest contributing product or service 177,24,46,174
2
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020
[700600] Disclosures - Directors report
Details of principal business activities contributing 10% or more of total turnover of company [Table] ..(1)
Unless otherwise specified, all monetary values are in INR
Principal business activities of company [Axis]
Product/service 1
[Member]
01/04/2019
to
31/03/2020
Details of principal business activities contributing 10% or more of total turnover of company [Abstract]
Details of principal business activities contributing 10% or more of total turnover of company
[LineItems]
Name of main product/service CONSTRUCTION
Description of main product/service CONSTRUCTION
NIC code of product/service 0041
Percentage to total turnover of company 100.00%
Particulars of holding, subsidiary and associate companies [Table] ..(1)
Unless otherwise specified, all monetary values are in INR
Particulars of companies [Axis] 1 2
01/04/2019
to
31/03/2020
01/04/2019
to
31/03/2020
Particulars of holding, subsidiary and associate companies [Abstract]
Particulars of holding, subsidiary and associate companies [LineItems]
Name of company
Adani Properties Private
Limited
Adani Infrastructure and
Developers private Limited
Address of company
SHIKHAR NR ADANI
HOUSEMITHAKHALI
S I X R O A D
NAVRANGPURA
AHMEDABAD
10th Floor, Shikhar
Building, Near Adani
house, Mithakhali Six
Roads, Navrangpura,
Ahmedabad, Gujarat - 380
009
Country of incorporation of company INDIA INDIA
CIN of company U45201GJ1995PTC026067 U45201GJ2006PTC066449
Type of company Private Company Private Company
Percentage of shares held 100.00% 75.00%
Applicable section 2(46) 2(46)
Details of directors signing board report [Table] ..(1)
Unless otherwise specified, all monetary values are in INR
Directors signing board report [Axis] 1
01/04/2019
to
31/03/2020
Details of signatories of board report [Abstract]
Details of directors signing board report [LineItems]
Name of director signing board report [Abstract]
First name of director KALAGARLA
Middle name of director MADHUSUDANA
Last name of director RAO
Designation of director Director
Director identification number of director 08499420
Date of signing board report 23/07/2020
3
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020
Unless otherwise specified, all monetary values are in INR
01/04/2019
to
31/03/2020
Disclosure in board of directors report explanatory [TextBlock]
Textual information (1)
[See below]
Description of state of companies affair
Textual information (2)
[See below]
Disclosure relating to amounts if any which is proposed to carry to any
reserves
As Below
Disclosures relating to amount recommended to be paid as dividend
Dividend: Directors
do not recommend any
dividend on equity shares
for the year under
review.
Details regarding energy conservation
Textual information (3)
[See below]
Details regarding technology absorption
Textual information (4)
[See below]
Details regarding foreign exchange earnings and outgo
Textual information (5)
[See below]
Disclosures in director’s responsibility statement
Textual information (6)
[See below]
Details of material changes and commitment occurred during period
affecting financial position of company
Textual information (7)
[See below]
Particulars of loans guarantee investment under section 186 [TextBlock]
Particulars of Loans,
G u a r a n t e e o r
Investment:
T h e
particulars of loans,
guarantees and
investments have been
disclosed in the
f i n a n c i a l
statements.
Particulars of contracts/arrangements with related parties under section
188(1) [TextBlock]
Textual information (8)
[See below]
Details of contracts/arrangements/transactions not at arm's length
basis [Abstract]
Whether there are contracts/arrangements/transactions not at arm's
length basis
No
Details of material contracts/arrangements/transactions at arm's
length basis [Abstract]
Whether there are material contracts/arrangements/transactions at
arm's length basis
No
Details of statement indicating manner in which formal
annual evaluation made by board of its performance and of its
committees and individual directors [TextBlock]
Textual information (9)
[See below]
Disclosure of extract of annual return as provided under section 92(3)
[TextBlock]
Textual information (10)
[See below]
Details of principal business activities contributing 10% or more
of total turnover of company [Abstract]
Particulars of holding, subsidiary and associate companies [Abstract]
Details of shareholding pattern of top 10 shareholders [Abstract]
Disclosure of statement on declaration given by independent directors
under section 149(6) [TextBlock]
As Below
Disclosure for companies covered under section 178(1) on
directors appointment and remuneration including other matters
provided under section 178(3) [TextBlock]
Textual information (11)
[See below]
Disclosure of statement on development and implementation of risk
management policy [TextBlock]
As Below
Details on policy development and implementation by company on
corporate social responsibility initiatives taken during year
[TextBlock]
As Below
Disclosure as per rule 8(5) of companies accounts rules 2014 [TextBlock]
Disclosure of financial summary or highlights [TextBlock]
Textual information (12)
[See below]
Disclosure of change in nature of business [TextBlock] As Below
Details of directors or key managerial personnels who were
appointed or have resigned during year [TextBlock]
As Below
4
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020
Disclosure of companies which have become or ceased to be its
subsidiaries, joint ventures or associate companies during
year [TextBlock]
As Below
Details relating to deposits covered under chapter v of companies act
[TextBlock]
As Below
Details of deposits which are not in compliance with requirements
of chapter v of act [TextBlock]
As Below
Details of significant and material orders passed by
regulators or courts or tribunals impacting going concern
status and company’s operations in future [TextBlock]
Textual information (13)
[See below]
Details regarding adequacy of internal financial controls with
reference to financial statements [TextBlock]
Textual information (14)
[See below]
Disclosure of appointment and remuneration of director or
managerial personnel if any, in the financial year [TextBlock]
As Below
Details of remuneration of director or managerial personnel [Abstract]
Statement showing details of employees of company under
rule 5(2) and (3) of companies appointment and
remuneration of managerial personnels rules 2014
[TextBlock]
Textual information (15)
[See below]
Number of meetings of board [pure] 9
Details of signatories of board report [Abstract]
Name of director signing board report [Abstract]
5
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020
Textual information (1)
Disclosure in board of directors report explanatory [Text Block]
Dear Shareholders,
Your Directors are pleased to present the 15th Annual Report alongwith the audited accounts of your Company for the financial year ended
on March 31, 2020.
Deposits:
During the year under review, your Company has not accepted any deposits within the meaning of Section 73 of Companies Act, 2013 and
the rules made thereunder.
Transfer to Reserves
The Company have not transferred any amount to the Reserve for the financial year ended March 31, 2020.
Meetings of the Board and Shareholders:
During the year under review, 9 Board Meetings were held viz. on 06thMay, 2019, 10thJune, 2019, 25th June, 2019, 05th July, 2019,25th
July, 2019, 15thOctober, 2019, 18th November, 2019, 28thJanuary, 2020 and 04th February, 2020. The intervening gap between the
Meetings was within the period prescribed under the Companies Act, 2013.
Name of Directors
Meetings
Held Attended
Mr. Laxmiprasad Choudhary 9 9
Mr. Madhusudana Rao Kalagarla 5 5
Mr. Ranjan Wazir 4 4
Business Risk Management:
6
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020
Your Company has a formal risk assessment and management system which periodically identifies risk areas, evaluates their consequences,
initiates risk mitigation strategies and implements corrective actions where required.
Subsidiaries, Joint Ventures and Associate Companies:
During the year under review, your Company continues to be wholly owned subsidiary of Adani Infrastructure and Developers Private
Limited. The Company does not have any Subsidiaries or Joint venture or Associate Companies.
Auditors & Auditors Report:
M/s. MBD & Co., Chartered Accountants, (Firm registration no.135129W), were appointed as Statutory Auditors of the Company at the 13th
Annual General Meeting of the Company held on 25th September, 2018 for the period of 5 years (Five Years i.e. up to the AGM to be held
in the year 2023).
The Notes to the financial statements referred in the Auditors Report are self-explanatory and therefore do not call for any comments under
Section 134 of the Companies Act, 2013
Secretarial Audit Report:
Since the Company does not fall within the class of Companies as mentioned in section 204(1) of the Companies Act, 2013 read with the
applicable rules made thereunder relating to Secretarial Audit Report, the Company has not appointed any Company Secretary in Practice as
Secretarial Auditor and therefore the said Secretarial Audit Report is not annexed to this report. Accordingly, the commentsof theDirectors
on qualifications, reservations or adverse remarks in the Secretarial Audit Report is not applicable.
Prevention of Sexual Harassment at Workplace:
During the year under review, there was no complaintfiled with the Company pertaining to sexual harassment.
Vigil Mechanism/Whistle Blower Policy:
The Company has formulated a Whistle Blower Policy to establish a vigil mechanism for Directors and Employees of the Company to report
to the management concerns about unethical behaviour, actual or suspected fraud or violation of the policy.
Acknowledgement:
7
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020
Your Directors have pleasure in taking this opportunity to thank the Government Agencies, bankers and all other personnel for their
continued support and confidence reposed in the Company.
Textual information (2)
Description of state of companies affair
The State of Company’s affairs: In the year 2019-20, the Company’s sales income was Rs.17,724.46 lakhs compared to Rs.29,850.32 lakhs
for the year 2018-19. During the year, the company incurredlossbefore tax of Rs.653.10 lakhs
Textual information (3)
Details regarding energy conservation
Ø Conservation of energy, technology absorption etc. Since your Company is not a manufacturing Company, the information pertaining to
Conservation of Energy and Technology Absorption as stipulated under Section 134(3) (m) of the Companies Act, 2013 read with applicable
rules made thereunder is not applicable to the Company.
Textual information (4)
Details regarding technology absorption
Ø Conservation of energy, technology absorption etc. Since your Company is not a manufacturing Company, the information pertaining to
Conservation of Energy and Technology Absorption as stipulated under Section 134(3) (m) of the Companies Act, 2013 read with applicable
rules made thereunder is not applicable to the Company.
Textual information (5)
Details regarding foreign exchange earnings and outgo
Ø Foreign Exchange Earnings And Outgo The information on conservation of energy, technology absorption and foreign exchange
earnings and outgo stipulated under Section 134 (3) (m) of the Companies Act, 2013 read with rules made thereunder is annexed herewith as
“Annexure-C”. ANNEXURE ‘C’ TO BOARD’S REPORT CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
FOREIGN EXCHANGE EARNINGS AND OUTGO Information as required under Section 134(3) (m) of the Companies Act, 2013 read
with Rule 8(3) of the Companies (Accounts) Rules, 2014 are set out as under: A. Conservation of Energy: - not applicable a) the
steps taken or impact on conservation of energy: b) the steps taken by the company for utilizing alternate sources of energy: c) the
capital investment on energy conservation equipment: B. Technology Absorption: - not applicable (i) the efforts made towards
technology absorption: (ii) the benefits derived like product improvement, cost reduction, product development or import substitution:
(iii) in case of imported technology (imported during the last three years reckoned from the beginning of the financial year) a) the
details of technology imported; b) the year of import; c) whether the technology been fully absorbed; d) if not fully absorbed, areas
where absorption has not taken place, and the reasons thereof; and (iv) the expenditure incurred on Research and Development: C.
Details of Foreign Exchange Earning & Outgo during the year: (Amount in Rs.) Foreign Exchange earnings Nil
Foreign Exchange outgo Nil
8
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020
Textual information (6)
Disclosures in director’s responsibility statement
Directors’ Responsibility Statement: Pursuant to the requirements under Section 134(5) of the Companies Act, 2013, with respect to
Directors’ Responsibility Statement, your Directors hereby confirm the following: a. that in the preparation of the annual financial
statements, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;
b. that such accounting policies have been selected and applied consistently and judgement and estimates have been made that are
reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2020 and of the profit and
loss of the Company for the year ended on that date; c. that proper and sufficient care has been taken for the maintenance of adequate
accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities; d. that the annual financial statements have been prepared on a going concern
basis; e. that proper internal financial controls were in place and that the financial control were adequate and were operating effectively;
f. that proper systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating
effectively.
Textual information (7)
Details of material changes and commitment occurred during period affecting financial position of company
Material changes and commitments, if any, affecting the financial position of the Company which have occurred between the end of the
financial year of the Company to which the financial statements relate and the date of the report: There are no material changes and
commitments affecting the financial position of the Company which have occurred between the end of the financial year 2019-20 of the
company to which the financial statements relate and the date of this report.
Textual information (8)
Particulars of contracts/arrangements with related parties under section 188(1) [Text Block]
Related Party Transactions:
All transactions entered into with Related Parties as defined under the Companies Act, 2013 during the financial year were in the ordinary
course of business and on an arm’s length pricing basis and do not attract the provisions of Section 188(1) of the Companies Act, 2013.
Suitable disclosure as required by the Indian Accounting Standards (Ind AS-24) has been made in the notes to the Financial Statements.
Textual information (9)
Details of statement indicating manner in which formal annual evaluation made by board of its performance and
of its committees and individual directors [Text Block]
Formal Annual Evaluation:
As your Company is neither a Listed Company nor a public company having a paid up capital of Rs. 25 Crores or more, the statement
indicating the manner in which formal annual evaluation has been made by the Board of its own performance and that of its committees and
individual directors is not applicable
9
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020
Textual information (10)
Disclosure of extract of annual return as provided under section 92(3) [Text Block]
Extract of Annual Return:
The details forming part of the extract of the Annual Return in Form MGT-9 is annexed as Annexure B, which forms part of this Report.
ANNEXURE B TO BOARDS REPORT
FORM NO. MGT-9
EXTRACT OF ANNUAL RETURN
As on the financial year ended March 31, 2020
[Pursuant to Section 92(3) of the Companies Act, 2013, and Rule 12(1) of the
Companies (Management and Administration) Rules, 2014]
I. REGISTRATION AND OTHER DETAILS:
CIN : U45300GJ2005PTC046949
Registration Date : 20th October, 2005
Name of the Company : Adani Estates Private Limited
Category / Sub-Category of the Company : Company limited by Shares / Indian Non Government Company
Address of the Registered office and contact details :
Adani House, Nr.Mithakhali Circle, Navrangpura, Ahmedabad -
380 009
Whether listed company : No, Unlisted Company
Name, Address and Contact details of Registrar and Transfer Agent,
if any
: N.A.
10
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020
II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY:
All the business activities contributing 10% or more of the total turnover of the company shall be stated:
Name and description of main Products/Services NIC Code of the Product/ service % to total turnover of the company
Construction 0041 100%
III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES:
Name and address of the Company CIN
Holding/ Subsidiary/
Associate
% of shares
held
Applicable
Section
Adani Properties Private Limited
(APPL)
U45201GJ1995PTC026067 Ultimate Holding Co. 100 2(46)
Adani Infrastructure And Developers Private
Limited
(AIDPL)
U45201GJ2006PTC066449 Holding Co. 75 2(46)
IV. SHARE HOLDING PATTERN (EQUITY SHARE CAPITAL BREAKUP AS PERCENTAGE OF TOTAL EQUITY
i) Category-wise Share Holding
Category of Shareholders
No of Shares
held at the
beginning of
the year
No. of
Shares
held at
the end
of the
year
%
Change
during
the
year
11
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020
Demat Physical
Total
% of total
Shares
Demat Physical
Total
% of total
Shares
A. Promoter
1 Indian
a)
Individuals/
HUF
-- -- -- -- -- -- -- -- --
b) Central Government -- -- -- -- -- -- -- -- --
c) State Government(s) -- -- -- -- -- -- -- -- --
d) Bodies Corporate* -- 75,00,000 75,00,000 75% -- 75,00,000 75,00,000 75% Nil
e) Banks/FI -- -- -- -- -- -- -- -- --
f) Any Others -- -- -- -- -- -- -- -- --
Sub
Total(A)(1)
2 Foreign
a) NRIs-Individuals -- -- -- -- -- -- -- -- --
b) Other-Individuals -- -- -- -- -- -- -- -- --
c) Bodies Corporate -- -- -- -- -- -- -- -- --
d) Banks/FI -- -- -- -- -- -- -- -- --
e) Any Other -- -- -- -- -- -- -- -- --
Sub
Total(A)(2)
-- -- -- -- -- -- -- -- --
Total
Shareholding
of Promoter
and Promoter
Group
(A)=
(A)(1)+(A)(2)
-- 75,00,000 75,00,000 75% -- 75,00,000 75,00,000 75% Nil
12
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020
B. Public shareholding
1 Institutions
a) Mutual Funds/ UTI -- -- -- -- -- -- -- -- --
b) Banks/FI -- -- -- -- -- -- -- -- --
c) Central Govt. -- -- -- -- -- -- -- -- --
d) State Govt. -- -- -- -- -- -- -- -- --
e) Venture Capital Funds -- -- -- -- -- -- -- -- --
f) Insurance Companies -- -- -- -- -- -- -- -- --
g) FII -- -- -- -- -- -- -- -- --
h)
Foreign Venture Capital
Funds
-- -- -- -- -- -- -- -- --
i) Any Other -- -- -- -- -- -- -- -- --
Sub-Total
(B)(1)
2 Non-institutions
a) Bodies Corporate -- -- -- -- -- -- -- -- --
I Indian -- 25,00,000 25,00,000 25% -- 25,00,000 25,00,000 25% Nil
Ii Overseas -- -- -- -- -- -- -- -- --
b) Individuals -- -- -- -- -- -- -- -- --
I
Individuals shareholders
holding nominal share
capital up to Rs 1 lakh
-- -- -- -- -- -- -- -- --
ii
Individual shareholders
holding nominal share
capital in excess of Rs. 1
lakh.
-- -- -- -- -- -- -- -- --
c) Other -- -- -- -- -- -- -- -- --
Sub-Total
(B)(2)
--- -- -- -- -- -- -- -- --
13
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020
Total
Public
Shareholding
(B)=
(B)(1)+(B)(2)
-- -- -- -- -- -- -- -- --
C.
Shares held by
Custodians for GDRs &
ADRs
-- -- -- -- -- -- -- -- --
GRAND
TOTAL
(A)+(B)+(C)
-- 100,00,000 100,00,000 100% -- 100,00,000 100,00,000 100% Nil
* Shares held by AIDPL including one nominee of AIDPL.
Note 1: 25% shares are held by non-promoter, Indian body corporate named Real deal Developers Private Limited
ii) Shareholding of Promoter
Shareholders Name
No of Shares held at
the beginning of the
year
No. of Shares
held at the
end of the
year
%
Change
during
the
year
Demat Physical
Total
% of total
Shares
Demat Physical
Total
% of total
Shares
1
Adani Infrastructure and
Developers Private Limited
(AIDPL)*
-- 75,00,000 75,00,000 75.00 -- 75,00,000 75,00,000 75.00 0.00
Total
75,00,000 75,00,000 100% 75,00,000 75,00,000 100%
0.00
* Shares held by AIDPL including one nominee of AIDPL.
iii) Change in Promoters Shareholding
14
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020
Shareholding at the
beginning of the
year
Cumulative
Shareholding during
the year
No. of Shares
% of total shares of
the Company
No. of
Shares
% of total shares of
the Company
At the beginning of the year
No change during
the year
Date wise Increase / Decrease in Promoters Shareholding during the year specifying
the reasons for increase / decrease (e.g. allotment / transfer / bonus/ sweat equity etc.):
No change during
the year
At the end of the year
No change during
the year
iv) Shareholding Pattern of top ten Shareholders(other than Directors, Promoters and Holders of GDR and ADRs):
For each of the Top 10 Shareholder Shareholding at the beginning of the year Shareholding at the end of the year
No. of Shares % of total shares of the Company No. of Shares % of total shares of the Company
1) Real deal Developers Private Limited 25,00,000 25 25,00,000 25
Total 25,00,000 25 25,00,000 25
v) Shareholding of Directors and Key Managerial Personnel:
For each of the Directors and KMP
Shareholding at the
beginning of the year
Shareholding at
the end of the
year
No. of Shares
% of total shares of
the Company
No. of
Shares
% of total shares
of the Company
15
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020
At the beginning of the year
None.
Date wise Increase / Decrease in Promoters Shareholding during the year specifying the
reasons for increase / decrease (e.g. allotment / transfer / bonus/ sweat equity etc.):
At the end of the year
INDEBTEDNESS:
Indebtedness of the Company including interest outstanding/accrued but not due for payment
(Amount in Rs.)
Particulars Secured Loans excluding deposits Unsecured Loans (*) Deposits Total Indebtedness
Indebtedness at the beginning of the financial year
i) Principal Amount 4,190,850,661 6,610,323,252* - 10,801,173,913
ii) Interest due but not paid - - - -
iii) Interest accrued but not due - - - -
Total (i+ii+iii) 4,190,850,661 6,610,323,252* - 10,801,173,913
Change in Indebtedness during the financial year
Addition 1,423,162,260 2,061,098,295 - 3,484,260,555
Reduction (3,922,982,357) (2,038,849,082) - (5,961,831,439)
Net Change (2,499,820,097) 22,249,213 - (2,477,570,884)
Indebtedness at the end of the financial year -
i) Principal Amount 1,676,421,655 6,632,572,465* - 8,308,994,120
16
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020
ii) Interest due but not paid - - - -
iii) Interest accrued but not due 14,608,909 - - 14,608,909
Total (i+ii+iii) 1,691,030,564 6,632,572,465* - 8,323,603,029
* It includes Compulsorily Convertible Debentures (CCDs) amounted of Rs. 609,45,69,800/-
V. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
A. Remuneration to Managing Director, Whole-time Directors and/or Manager:
Sr No
Particulars of
Remuneration
Managing
Director/
Manager
Director
Total
Amount
1 Gross salary
a) Salary as per provisions contained in section 17(1) of the
Income-tax Act, 1961
-- -- --
b) Value of perquisites u/s 17(2) Income-tax Act, 1961 -- -- --
c) Profits in lieu of salary under section 17(3) Income-tax Act, 1961 -- -- --
2 Stock Option - -- -- --
3 Sweat Equity -- -- --
4 Commission -- -- --
- as % of profit -- -- --
- others, specify -- -- --
5 Others, please specify -- -- --
Total (A) -- -- --
17
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020
Ceiling as per the Act* -- -- --
* Not applicable to private companies
B. Remuneration to other Directors:
(Amount in Rs.)
Sr No Particulars of Remuneration
Other Directors
Total Amount
1 Independent Directors
a) Fee for attending board, committee meetings
b) Commission -- --
c) Others, please specify -- --
Total (1)
2 Other Non-Executive Directors -- --
a) Fee for attending board, committee meetings --
b) Commission -- --
c) Others, please specify -- --
Total (2) --
Total (B) = (1+2)
Total Managerial Remuneration
C. Remuneration to key managerial personnel other than MD/manager/WTD*
Sr No
Particulars of
Remuneration
Key managerial
personnel
(In Rs.)
Total
Amount
(In Rs.)
18
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020
1 Gross salary -- --
a) Salary as per provisions contained in section 17(1) of the Income-tax
Act, 1961
-- --
b) Value of perquisites u/s 17(2) Income-tax Act, 1961 -- --
c) Profits in lieu of salary under section 17(3) Income-tax Act, 1961 -- --
2 Stock Option -- --
3 Sweat Equity -- --
4 Commission
- as % of profit -- --
- others, specify -- --
5 Others, please specify -- --
Total (A)
Ceiling as per the Act -- --
* The Company secretary does not draw salary from the company.
VI. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES:
Type
Section of the
Companies Act
Brief
Description
Details of penalty/ punishment/
compounding fees imposed
Authority
[RD / NCLT/
COURT]
Appeal made, if any
(give details)
A. Company
Penalty
None
19
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020
Punishment
Compounding
B. Directors
Penalty
None
Punishment
Compounding
C. Other Officers
in default
Penalty
None
Punishment
Compounding
For and on behalf of the Board of Directors
Place: Ahmedabad Madhusudana Rao Kalagarla
Date: 23.07.2020 Chairman
(DIN:
08499420)
Registered Office:
Adani House,
20
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020
Nr Mithakhali Circle,Navrangpura,
Ahmedabad 380 009,
Gujarat
CIN:U45300GJ2005PTC046949
Textual information (11)
Disclosure for companies covered under section 178(1) on directors appointment and remuneration including
other matters provided under section 178(3) [Text Block]
Policy on directors’ appointment and remuneration:
The Company does not have any policy on directors’ appointment and remuneration and other matters since the provisions of Section 178 of
the Companies Act, 2013 is not applicable to the Company.
21
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020
Textual information (12)
Disclosure of financial summary or highlights [Text Block]
Financial Results/Highlights:
(Rs. in lakhs)
Particulars
For the year ended 31st
March, 2020
For the year ended 31st
March, 2019
Revenue from operations 17,724.46 29,850.32
Other Income
2,428.67
2,835.55
Total Revenue 20,153.13 32,685.86
Less:
Expenditure for the year excluding Depreciation and
Amortization Exp.
20,798.30 32,390.82
Profit or (Loss) before Depreciation and Amortization Exp. (645.17) 295.04
Less: Depreciation and Amortization Exp. 7.94 7.07
Profit or (Loss) after Depreciation and Amortization Exp.
But before Tax
(653.10) 287.97
Tax Expense (Including Deferred Tax)
44.29 113.87
Profit or (Loss) After tax (697.39) 174.10
22
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020
Textual information (13)
Details of significant and material orders passed by regulators or courts or tribunals impacting going concern
status and company’s operations in future [Text Block]
Significant and material orders passed by the regulators or courts or tribunals impacting the going concern status of the Company:
There are no significant and material orders passed by the Regulators or Courts or Tribunals which would impact the going concern status
and the Company’s future operations
Textual information (14)
Details regarding adequacy of internal financial controls with reference to financial statements [Text Block]
Internal financial control system and their adequacy:
The Company has an adequate internal financial control system, commensurate with the size, scale and complexity of its operations. The
Internal Audit Department monitors and evaluates the efficacy and adequacy of internal control system in the Company, its compliance with
operating systems, accounting procedures and policies of the Company.
23
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020
Textual information (15)
Statement showing details of employees of company under rule 5(2) and (3) of companies appointment and
remuneration of managerial personnels rules 2014 [Text Block]
Particulars of Employees:
The information required under section 197 of the Companies Act, 2013 read with rule 5(2) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 are provided in separate “Annexure-C” forming part of this report.
ANNEXURE ‘C’ TO THE DIRECTORS’ REPORT
Information as per Section 197 of the Companies Act, 2013 read with Rule 5(2) of The Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 of Adani Infrastructure and Developers Private Limited for Financial Year 2019-20
A. Personnel who are in receipt of remuneration aggregating not less than Rs. 1.02 Crores per annum and employed throughout the year.
Name
Age
(Years)
Designation
Gross
remunerations
(Rs.)
Qualification
Experience
(Years)
Date of
Joining
Previous employment
Mr.
Sunil
Bhat 50
Head -
Projects
1,14,66,835/-
Bachelor of Engineering / Bachelor
of Technology - B.E./B.Tech.-1990
More than
25 Years
07-01-2019
Kayjay & Associates,Oberoi
Builders,Sheth Builders,Wimsor
Realty Pvt Ltd
B. Employed for a part of the financial year and were in receipt of remuneration for any part of the financial year at a rate which in
aggregate was not less than Rs. 8.5 lacs per month.
Name Age (Years) Designation Gross remunerations (Rs. In lacs) Qualification
Experience
(Years)
Date of Joining Previous employment
Not applicable
24
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020
Notes: (1) Remuneration mentioned above includes Salary, Contribution to Provident and other funds and other perquisites.
(2) The nature of employment is contractual in all the above cases.
(3) None of the employees is related to any Director of the company.
(4) No individual employee is holding equivalent to or more than 2% of the outstanding shares of the Company as on 31st March,
2020.
[700500] Disclosures - Signatories of financial statements
Details of directors signing financial statements [Table] ..(1)
Unless otherwise specified, all monetary values are in INR
Directors signing financial statements [Axis] 1 2
01/04/2019
to
31/03/2020
01/04/2019
to
31/03/2020
Details of signatories of financial statements [Abstract]
Details of directors signing financial statements [Abstract]
Details of directors signing financial statements [LineItems]
Name of director signing financial statements [Abstract]
First name of director LAXMIPRASAD KALAGARLA
Middle name of director RAMESHWARLAL MADHUSUDANA
Last name of director CHAUDHARY RAO
Designation of director Director Director
Director identification number of director 00006278 08499420
Date of signing of financial statements by director 23/07/2020 23/07/2020
25
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020
[700400] Disclosures - Auditors report
Disclosure of auditor's qualification(s), reservation(s) or adverse remark(s) in auditors' report [Table] ..(1)
Unless otherwise specified, all monetary values are in INR
Auditor's qualification(s), reservation(s) or adverse remark(s) in auditors' report [Axis]
Auditor's
favourable remark
[Member]
Clause not
applicable
[Member]
01/04/2019
to
31/03/2020
01/04/2019
to
31/03/2020
Disclosure of auditor's qualification(s), reservation(s) or adverse remark(s) in
auditors' report [Abstract]
Disclosure of auditor's qualification(s), reservation(s) or adverse remark(s) in
auditors' report [LineItems]
Disclosure in auditors report relating to fixed assets As Below
Disclosure relating to quantitative details of fixed assets
The Company has
maintained proper
records showing full
particulars,
including
quantitative details
and situation of
fixed assets
Disclosure relating to physical verification and material discrepancies of fixed
assets
Textual information
(16) [See below]
Disclosure relating to title deeds of immovable properties
Company does not
own any immovable
properties and thus
the provision of
clause3(i)(c) of the
said order are not
applicable.
Disclosure in auditors report relating to inventories
Textual information
(17) [See below]
Disclosure in auditors report relating to loans
Textual information
(18) [See below]
Disclosure in auditors report relating to compliance with Section 185 and 186 of
Companies Act, 2013
The company has
complied with
provisions of
section 185 and 186
of the companies
Act, 2013 in respect
of loans,
investments,
guarantees and
security.
Disclosure in auditors report relating to deposits accepted
The Company has
not accepted any
deposits and thus
reporting under
clause 3(v) of the
Order is not
applicable to the
Company.
Disclosure in auditors report relating to maintenance of cost records
Textual information
(19) [See below]
Disclosure in auditors report relating to statutory dues [TextBlock] As Below
Disclosure relating to regularity in payment of undisputed statutory dues
[TextBlock]
Textual information
(20) [See below]
Disclosure relating to disputed statutory dues [TextBlock]
Textual information
(21) [See below]
Disclosure in auditors report relating to default in repayment of financial dues
Textual information
(22) [See below]
Disclosure in auditors report relating to public offer and term loans used for
purpose for which those were raised
Textual information
(23) [See below]
Disclosure in auditors report relating to fraud by the company or on the
company by its officers or its employees reported during period
Textual information
(24) [See below]
Disclosure in auditors report relating to managerial remuneration
Textual information
(25) [See below]
Disclosure in auditors report relating to Nidhi Company
The company is not
a Nidhi Company.
Accordingly, the
provisions of Clause
3(xii) of the Order
are not applicable to
the Company.
Disclosure in auditors report relating to transactions with related parties
Textual information
(26) [See below]
26
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020
Disclosure in auditors report relating to preferential allotment or private
placement of shares or convertible debentures
The company has
not made any
preferential
allotment or private
placement of shares
or fully or partly
convertible
debentures during
the year under
review.
Disclosure in auditors report relating to non-cash transactions with directors
or persons connected with him
Textual information
(27) [See below]
Disclosure in auditors report relating to registration under section 45-IA of
Reserve Bank of India Act, 1934
Textual information
(28) [See below]
Details regarding auditors [Table] ..(1)
Unless otherwise specified, all monetary values are in INR
Auditors [Axis] 1
01/04/2019
to
31/03/2020
Details regarding auditors [Abstract]
Details regarding auditors [LineItems]
Category of auditor Auditors firm
Name of audit firm M B D & CO LLP
Name of auditor signing report
Deval Rajnikant
Desai
Firms registration number of audit firm 135129W
Membership number of auditor 132426
Address of auditors
3rd Floor, Shree
Krishna Center,
Near Mithakhali
C i r c l e ,
Navrangpura,
Ahmedabad – 380
009.
Permanent account number of auditor or auditor's firm AAWFM0149A
SRN of form ADT-1 H20375267
Date of signing audit report by auditors 23/07/2020
Date of signing of balance sheet by auditors 23/07/2020
Unless otherwise specified, all monetary values are in INR
01/04/2019
to
31/03/2020
Disclosure in auditor’s report explanatory [TextBlock]
Textual information (29)
[See below]
Whether companies auditors report order is applicable on company Yes
Whether auditors' report has been qualified or has any reservations or
contains adverse remarks
No
Textual information (16)
Disclosure relating to physical verification and material discrepancies of fixed assets
The fixed assets of the company have been physically verified by the management of the Company during the year and no material
discrepancies between the book records and the physical assetshave been noticed.Inour opinion, the frequency of verification is reasonable.
Textual information (17)
Disclosure in auditors report relating to inventories
Physical verification of inventory has been conducted by Management at reasonable intervals. In our opinion, the frequency of verification is
reasonable. On the basis of our examination of the inventory records, in our opinion, the Company is maintaining proper records of
inventory. The discrepancies noticed on physical verification of inventory as compared to book records were not material.
27
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020
Textual information (18)
Disclosure in auditors report relating to loans
The Company has granted unsecured loans to two companies (out of which one is interest free) coveredin the register maintained under
Section 189 of the Companies Act, 2013 (‘the Act’).(a) In our opinion and according to the information and explanations given to us, the
terms and conditions of the grant of such loans are not prejudicial to the interest of the Company. The interest free loan granted by the
company has been received back in full during the year.According to the information and explanations given to us and based on the audit
procedures conducted by us, we are of the opinion that the rate of interest and other terms and conditions of unsecured loans granted by the
Company to companies and limited liability partnerships covered in the register required to be maintained under Section 189 of the Act are
not, prima facie, prejudicial to the interest of the Company.(b) The loans granted are repayable on demand and accordingly, there is no
specific stipulation of the schedule of repayment of principal and interest. We are informed that no demands for repayment are pending as at
the balance sheet date and there has been no default on the part of the parties to whom the money has been lent.(c) There are no overdue
amounts of more than 90 days in respect of the unsecured loans granted to companies by the Company.
Textual information (19)
Disclosure in auditors report relating to maintenance of cost records
We have broadly reviewed the books of account maintained by the Company in respect of products where, pursuant to the rules made by the
Central Government of India, the maintenance of cost records has been prescribed under sub-section (1) of Section 148 of the Act, and are of
the opinion that, prima facie, the prescribed accounts and records have been made and maintained. We have not, however, made a detailed
examination of the records with a view to determine whether they are accurate or complete.
Textual information (20)
Disclosure relating to regularity in payment of undisputed statutory dues [Text Block]
According to the information and explanations given to us and the records of the Company examined by us, in our opinion, the Company is
regular in depositing undisputed statutory dues including income tax, Goods and Service Tax, duty of custom, cess and other statutory dues,
as applicable, with the appropriate authorities.
Textual information (21)
Disclosure relating to disputed statutory dues [Text Block]
According to the information and explanations given to us, no undisputed amounts payable in respect of goods and services tax, cess and
other material statutory dues were outstanding, at the period end, for a period of more than six months from the date they became payable.
Textual information (22)
Disclosure in auditors report relating to default in repayment of financial dues
According to the records of the Company examined by us and the information and explanations given to us, the Company has neither
defaulted in repayment of dues to financial institution or banks nor has it issued any debentures during the year.
28
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020
Textual information (23)
Disclosure in auditors report relating to public offer and term loans used for purpose for which those were raised
In our opinion and according to the information and explanations provided to us, money raised by way of term loans has been applied by the
Company during the year for the purposes for which they were raised, other than temporary deployment, if any, pending application of
proceeds. The Company has not raised money by way of initial public offer or further public offer (including debt instruments).
Textual information (24)
Disclosure in auditors report relating to fraud by the company or on the company by its officers or its employees
reported during period
During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and explanations given to us, we have neither come across any fraud by the
company or any fraud on the company by its officers or employees has been noticed or reported during the year nor have we been informed
of any such case by the Management
Textual information (25)
Disclosure in auditors report relating to managerial remuneration
The Company has not paid or provided any managerial remuneration. Moreover, the company is not a public company hence provision of
section 197 of the Act is not applicable to the company. Accordingly the provision of Clause 3(xii) of Order are not applicable to company.
Textual information (26)
Disclosure in auditors report relating to transactions with related parties
All the transaction with related parties are in compliance with section 177 and 188 of Companies Act, 2013 and the details have been
disclosed in the Financial Statements as required by the applicable accounting standards;
Textual information (27)
Disclosure in auditors report relating to non-cash transactions with directors or persons connected with him
According to the information and explanations given to us and the records of the Company examined by us, the company has not entered into
any non-cash transactions with directors or any person connected to him.
Textual information (28)
Disclosure in auditors report relating to registration under section 45-IA of Reserve Bank of India Act, 1934
The company is not required to be registered under sections 45-IA of the Reserve Bank of India Act, 1934. Accordingly, the provisions of
Clause 3(xvi) of the Order are not applicable to the Company.
29
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020
Textual information (29)
Disclosure in auditor’s report explanatory [Text Block]
INDEPENDENT AUDITORS REPORT
To the Members of Adani Estates Private Limited
Report on the Indian Accounting Standards (Ind AS) Financial Statements
Opinion
We have audited the accompanying financial statements of Adani Estates Private Limited (the Company); having CIN
U45300GJ2005PTC046949, which comprise the Balance Sheet as at March 31, 2020, the Statement of Profit and Loss (including Other
Comprehensive Income), the Cash Flow Statement and the Statement of Changes in Equity for the year ended, and a summary of significant
accounting policies and other explanatory information, which we have signed under reference to this report.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Ind AS financial statements give
the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as at March 31, 2020, and its loss (including other comprehensive income),
its cash flows and the changes in equity for the year ended on that date.
Basis of Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013.
Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the Financial Statements
section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered
Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of
the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
Emphasis of Matter
We draw your attention to Note 40 to the Standalone Financial Statements which explains the managements assessment of the financial
impact due to the lock-down and other restrictions and conditions related to COVID-19 pandemic situation, for which a definitive assessment
of the impact in the subsequent period is highly dependent upon circumstances as they evolve. Our opinion is not modified in respect of this
matter.
Managements Responsibility for the Ind AS Financial Statements
30
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020
The Companys Board of Directors is responsible for matters stated in Section 134(5) of the companies Act, 2013 (the Act) with respect to the
preparation of these Ind AS financial statements that give a true and fair view of the financial position, financial performance (including other
comprehensive income), cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted
in India, including the Indian Accounting Standards specified in the Companies (Indian Accounting Standards) Rules, 2015 (as amended)
under Section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions
of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and
application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation
and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditors Responsibility
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement,
whether due to fraud or error, and to issue an auditors report that includes our opinion. Reasonable assurance is a high level of assurance, but
is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit.
We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit
procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk
of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances.
Under section 143(3)(i) of the Companies Act, 2013, we are also responsible for expressing our opinion on whether the company has
adequate internal financial controls system in place and the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by
management.
Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained,
whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Companys ability to continue as a
going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related
disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as
a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial
statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and
significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
31
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order, 2016 (the order) issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Companies Act 2013, and on the basis of such checks of the books and records of the Company as we
considered appropriate and according to the information and explanations given to us, we give in the Annexure A a statement on the matters
specified in paragraphs 3 and 4 of the Order.
2. As required by section 143 (3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for
the purpose of our audit;
(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of
those books;
(c) The Balance Sheet, Statement of Profit and Loss (including other comprehensive income), and Cash Flow Statement dealt with by this
Report are in agreement with the books of account;
(d) In our opinion, the aforesaid standalone Ind AS financial statements comply with the Accounting Standards specified under Section 133
of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
(e) On the basis of written representations received from the directors as on March 31, 2020, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2020, from being appointed as a director in terms of Section 164 (2) of the Act.
(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness
of such controls, refer to our separate Report in Annexure B.
(g) The company is not a public company hence provision of section 197 of the Act is not applicable to the company.
(h) With respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and
Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
i. The Company does not have any pending litigation which would impact its financial position.
ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
32
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020
iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company during the
year ended March 31, 2020.
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 ofSection 143 of the Companies Act, 2013
We have audited the internal financial controls over financial reporting of Adani Estate Private Limited (“the Company”) as of March 31,
2020 in conjunction with our audit of thestandalone financial statements of the Company for the year ended on that date.
Management’s Responsibility for Internal Financial Controls
The Company’s management is responsible for establishing and maintaining internal financial controls based on the internal control over
financial reporting criteriaestablished by the Company considering the essential components of internal control stated inthe Guidance Note
on Audit of Internal Financial Controls over Financial Reporting issued bythe Institute of Chartered Accountants of India (ICAI). These
responsibilities include the design,implementation and maintenance of adequate internal financial controls that were operatingeffectively for
ensuring the orderly and efficient conduct of its business, including adherence tocompany’s policies, the safeguarding of its assets, the
prevention and detection of frauds anderrors, the accuracy and completeness of the accounting records, and the timely preparation ofreliable
financial information, as required under the Act.
Auditors’ Responsibility
Our responsibility is to express an opinion on the Company's internal financial controls overfinancial reporting based on our audit. We
conducted our audit in accordance withthe Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the“Guidance
Note”) and the Standards on Auditing deemed to be prescribedunder section 143(10) of the Act to the extent applicable to an audit ofinternal
financial controls, bothapplicable to an audit of internal financial controls and both issued by the ICAI. Those Standards and the
GuidanceNote require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether
adequate internal financial controls over financialreporting was established and maintained and if such controls operated effectively in all
materialrespects.
Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial
reporting and their operating effectiveness.Our audit of internal financial controls over financial reporting included obtaining
anunderstanding of internal financial controls over financial reporting, assessing the risk that amaterial weakness exists, and testing and
evaluating the design and operating effectiveness ofinternal control based on the assessed risk. The procedures selected depend on the
auditor’sjudgement, including the assessment of the risks of material misstatement of the financialstatements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion on the Company’s
33
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020
internal financial controls system overfinancial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A company's internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability
of financial reporting and the preparation offinancial statements for external purposes in accordance with generally accepted
accountingprinciples. Acompany's internal financial control over financial reporting includes those policiesand procedures that (1) pertain to
the maintenance of records that, in reasonable detail,accurately and fairly reflect the transactions and dispositions of the assets of the
company; (2)provide reasonable assurance that transactions are recorded as necessary to permit preparationof financial statements in
accordance with generally accepted accounting principles, and thatreceipts and expenditures of the company are being made only in
accordance withauthorizations of management and directors of the company; and (3) provide reasonableassurance regarding prevention or
timely detection of unauthorised acquisition, use, ordisposition of the company's assets that could have a material effect on the financial
statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, includingthe possibility of collusion or improper
management override of controls, material misstatementsdue to error or fraud may occur and not be detected. Also, projections of any
evaluation of theinternal financial controls over financial reporting to future periods are subject to the risk that theinternal financial control
over financial reporting may become inadequate because of changes inconditions, or that the degree of compliance with the policies or
procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financialcontrols system over financial reporting and such
internal financial controls over financialreporting were operating effectively as at March 31, 2020 based on theinternal control over financial
reporting criteria established by the Company considering theessential components of internal control stated in the Guidance Note on Audit
of InternalFinancial Controls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.
34
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020
[700700] Disclosures - Secretarial audit report
Unless otherwise specified, all monetary values are in INR
01/04/2019
to
31/03/2020
Disclosure in secretarial audit report explanatory [TextBlock]
Whether secretarial audit report is applicable on company No
Whether secretarial audit report has been qualified or has any
observation or other remarks
No
35
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020
[110000] Balance sheet
Unless otherwise specified, all monetary values are in INR
31/03/2020 31/03/2019 31/03/2018
Balance sheet [Abstract]
Assets [Abstract]
Non-current assets [Abstract]
Property, plant and equipment 17,09,347 21,06,973
Capital work-in-progress 0 3,06,716
Other intangible assets 0 248
Non-current financial assets [Abstract]
Non-current investments 0 0
Loans, non-current 0 0
Total non-current financial assets 0 0
Other non-current assets (A) 31,48,76,685 (B) 34,28,66,311
Total non-current assets 31,65,86,032 34,52,80,248
Current assets [Abstract]
Inventories 104,10,12,260 235,92,61,336
Current financial assets [Abstract]
Current investments 0 0
Trade receivables, current 7,77,13,513 1,45,87,385
Cash and cash equivalents 71,32,860 3,02,14,525
Bank balance other than cash and cash equivalents 2,98,71,669 3,25,673
Loans, current 673,10,73,290 782,11,47,543
Other current financial assets 1,01,89,999 63,60,456
Total current financial assets 685,59,81,331 787,26,35,582
Other current assets 77,27,06,484 105,98,13,268
Total current assets 866,97,00,075 1,129,17,10,186
Total assets 898,62,86,107 1,163,69,90,434
Equity and liabilities [Abstract]
Equity [Abstract]
Equity attributable to owners of parent [Abstract]
Equity share capital 10,00,00,000 10,00,00,000 10,00,00,000
Other equity (C) 626,90,42,657 (D) 633,88,30,262
Total equity attributable to owners of parent 636,90,42,657 643,88,30,262
Non controlling interest 0 0
Total equity 636,90,42,657 643,88,30,262
Liabilities [Abstract]
Non-current liabilities [Abstract]
Non-current financial liabilities [Abstract]
Borrowings, non-current 51,35,55,911 59,80,25,417
Total non-current financial liabilities 51,35,55,911 59,80,25,417
Provisions, non-current 1,44,52,276 1,04,37,487
Total non-current liabilities 52,80,08,187 60,84,62,904
Current liabilities [Abstract]
Current financial liabilities [Abstract]
Borrowings, current 53,80,02,665 176,57,53,452
Trade payables, current (E) 18,53,20,386 (F) 34,78,64,413
Other current financial liabilities 131,72,14,709 244,41,93,873
Total current financial liabilities 204,05,37,760 455,78,11,738
Other current liabilities 4,70,63,745 3,05,73,715
Provisions, current 16,33,758 13,11,815
Total current liabilities 208,92,35,263 458,96,97,268
Total liabilities 261,72,43,450 519,81,60,172
Total equity and liabilities 898,62,86,107 1,163,69,90,434
Footnotes
(A) Income Tax Assets (Net) : 94632686 Deferred Tax Assets (Net) : 0 Other Non-current Assets : 220243999
(B) Income Tax Assets (Net) : 64290549 Deferred Tax Assets (Net) : 2621863 Other Non-current Assets : 275953899
(C) Instrument Entirely Equity in Nature : 6094569800 Other Equity : 174472857
(D) Instrument Entirely Equity in Nature : 6094569800 Other Equity : 244260462
(E) - micro enterprise & small enterprise : 1535398 - other than micro enterprises & small enterprises : 183784988
(F) - micro enterprise & small enterprise : 20606492 - other than micro enterprises & small enterprises : 327257921
36
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020
[210000] Statement of profit and loss
Earnings per share [Table] ..(1)
Unless otherwise specified, all monetary values are in INR
Classes of equity share capital [Axis] Equity shares 1 [Member]
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Statement of profit and loss [Abstract]
Earnings per share [Abstract]
Earnings per share [Line items]
Basic earnings per share [Abstract]
Basic earnings (loss) per share from continuing operations [INR/shares] -6.97 [INR/shares] 1.74
Basic earnings (loss) per share from discontinued operations [INR/shares] 0
Total basic earnings (loss) per share [INR/shares] -6.97 [INR/shares] 1.74
Diluted earnings per share [Abstract]
Diluted earnings (loss) per share from continuing operations [INR/shares] -0.69 [INR/shares] 0.17
Diluted earnings (loss) per share from discontinued operations [INR/shares] 0
Total diluted earnings (loss) per share [INR/shares] -0.69 [INR/shares] 0.17
37
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020
Unless otherwise specified, all monetary values are in INR
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Statement of profit and loss [Abstract]
Income [Abstract]
Revenue from operations 177,24,46,174 298,50,31,782
Other income 24,28,67,149 28,35,54,510
Total income 201,53,13,323 326,85,86,292
Expenses [Abstract]
Cost of materials consumed 130,99,39,824 288,74,65,811
Changes in inventories of finished goods, work-in-progress and
stock-in-trade
0 0
Employee benefit expense 16,35,58,993 7,33,86,446
Finance costs 37,30,62,824 18,41,25,515
Depreciation, depletion and amortisation expense 7,94,089 7,07,359
Other expenses 23,32,67,922 9,41,04,250
Total expenses 208,06,23,652 323,97,89,381
Profit before exceptional items and tax -6,53,10,329 2,87,96,911
Total profit before tax -6,53,10,329 2,87,96,911
Tax expense [Abstract]
Current tax (A) 44,29,003 (B) 1,13,87,057
Total tax expense 44,29,003 1,13,87,057
Total profit (loss) for period from continuing operations -6,97,39,332 1,74,09,854
Total profit (loss) for period -6,97,39,332 1,74,09,854
Comprehensive income OCI components presented net of tax [Abstract]
Whether company has other comprehensive income OCI components
presented net of tax
No No
Other comprehensive income net of tax [Abstract]
Components of other comprehensive income that will not be
reclassified to profit or loss, net of tax [Abstract]
Other comprehensive income, net of tax, gains (losses) on
remeasurements of defined benefit plans
-48,273 1,11,835
Total other comprehensive income that will not be reclassified
to profit or loss, net of tax
-48,273 1,11,835
Total other comprehensive income -48,273 1,11,835
Total comprehensive income -6,97,87,605 1,75,21,689
Comprehensive income OCI components presented before tax [Abstract]
Whether company has comprehensive income OCI components presented
before tax
No No
Other comprehensive income before tax [Abstract]
Total other comprehensive income -48,273 1,11,835
Total comprehensive income -6,97,87,605 1,75,21,689
Earnings per share explanatory [TextBlock]
Earnings per share [Abstract]
Basic earnings per share [Abstract]
Diluted earnings per share [Abstract]
Footnotes
(A) Current Tax : 842688 Adjustment of earlier years : 3586315
(B) Current Tax : 10336493 Adjustment of earlier years : 1050564
38
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020
[400200] Statement of changes in equity
Statement of changes in equity [Table] ..(1)
Unless otherwise specified, all monetary values are in INR
Components of equity [Axis] Equity [Member]
Equity attributable
to the equity
holders of the
parent [Member]
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
31/03/2018
01/04/2019
to
31/03/2020
Other equity [Abstract]
Statement of changes in equity [Line items]
Equity [Abstract]
Changes in equity [Abstract]
Comprehensive income [Abstract]
Profit (loss) for period -6,97,39,332 1,74,09,854 -6,97,39,332
Changes in comprehensive income components -48,273 1,11,835 -48,273
Total comprehensive income -6,97,87,605 1,75,21,689 -6,97,87,605
Total increase (decrease) in equity -6,97,87,605 1,75,21,689 -6,97,87,605
Other equity at end of period 626,90,42,657 633,88,30,262 632,13,08,573 626,90,42,657
Statement of changes in equity [Table] ..(2)
Unless otherwise specified, all monetary values are in INR
Components of equity [Axis]
Equity attributable to the equity
holders of the parent [Member]
Equity component of financial
instrument [Member]
01/04/2018
to
31/03/2019
31/03/2018
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Other equity [Abstract]
Statement of changes in equity [Line items]
Equity [Abstract]
Changes in equity [Abstract]
Comprehensive income [Abstract]
Profit (loss) for period 1,74,09,854 0 0
Changes in comprehensive income components 1,11,835
Total comprehensive income 1,75,21,689 0 0
Total increase (decrease) in equity 1,75,21,689 0 0
Other equity at end of period 633,88,30,262 632,13,08,573 609,45,69,800 609,45,69,800
Statement of changes in equity [Table] ..(3)
Unless otherwise specified, all monetary values are in INR
Components of equity [Axis]
Equity component
of financial
instrument
[Member]
Reserves [Member]
31/03/2018
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
31/03/2018
Other equity [Abstract]
Statement of changes in equity [Line items]
Equity [Abstract]
Changes in equity [Abstract]
Comprehensive income [Abstract]
Profit (loss) for period -6,97,39,332 1,74,09,854
Changes in comprehensive income components -48,273 1,11,835
Total comprehensive income -6,97,87,605 1,75,21,689
Total increase (decrease) in equity -6,97,87,605 1,75,21,689
Other equity at end of period (A) 609,45,69,800 17,44,72,857 24,42,60,462 22,67,38,773
39
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020
Footnotes
(A) 0 % Compulsorily Convertible Debentures classified as Equity (Refer Note Below) Note: 6,09,45,698 Compulsorily Convertible
Debentures (CCD) each of face value of Rs. 100/- each. The original Debenture Subscription Agreement dated June 06, 2012
provided that 'simple interest rate per annum payable on half yearly basis' to be mutually agreed at the time of allotment, supplement
agreement dated August 6,2012 provided 9% rate of interest for the same. However, supplementary agreement dated September 10,
2012 for the same provided that the discretion to pay interest by the Investee Company shall depend on the viability and visibility of
the project, to the satisfaction of the Investee Company. Accordingly company has decided not to provide/pay interest in the current
financial year. The Conversion period shall be on expiry of 3 years from the date of issuance of the Investor's CCDs, extendable for
further 3 additional one years with the mutual consent of the parties. vide Agreement dated June 06, 2012, supplementary agreement
dated September 10, 2012 for the same provided that the Investor is entitled to 10,15,35,533 no of Equity Shares after conversion.
The company vide agreement date 5th June,2015 agreed to amend and extend the conversion period of three additional one year
period of conversion as mentioned under clause (i) of the Annexure 1 of the original agreement and the period of converting the
CCD's into Equity shares of the company under the original agreement is now agreed and extended until 5th June ,2018 and that the
CCDs have been converted into the Equity Shares of the company at anytime within said extended period of 3 years.
Statement of changes in equity [Table] ..(4)
Unless otherwise specified, all monetary values are in INR
Components of equity [Axis] Retained earnings [Member]
Other retained
earning [Member]
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
31/03/2018
01/04/2019
to
31/03/2020
Other equity [Abstract]
Statement of changes in equity [Line items]
Equity [Abstract]
Changes in equity [Abstract]
Comprehensive income [Abstract]
Profit (loss) for period -6,97,39,332 1,74,09,854 -6,97,39,332
Changes in comprehensive income components -48,273 1,11,835 -48,273
Total comprehensive income -6,97,87,605 1,75,21,689 -6,97,87,605
Total increase (decrease) in equity -6,97,87,605 1,75,21,689 -6,97,87,605
Other equity at end of period 17,44,72,857 24,42,60,462 22,67,38,773 17,44,72,857
Statement of changes in equity [Table] ..(5)
Unless otherwise specified, all monetary values are in INR
Components of equity [Axis] Other retained earning [Member]
01/04/2018
to
31/03/2019
31/03/2018
Other equity [Abstract]
Statement of changes in equity [Line items]
Equity [Abstract]
Changes in equity [Abstract]
Comprehensive income [Abstract]
Profit (loss) for period 1,74,09,854
Changes in comprehensive income components 1,11,835
Total comprehensive income 1,75,21,689
Total increase (decrease) in equity 1,75,21,689
Other equity at end of period 24,42,60,462 22,67,38,773
40
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020
[320000] Cash flow statement, indirect
Unless otherwise specified, all monetary values are in INR
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
31/03/2018
Statement of cash flows [Abstract]
Whether cash flow statement is applicable on company Yes Yes
Cash flows from used in operating activities [Abstract]
Profit before tax -6,53,10,329 2,87,96,911
Adjustments for reconcile profit (loss) [Abstract]
Adjustments for finance costs 37,30,62,824 18,41,25,515
Adjustments for decrease (increase) in inventories 131,82,49,076 296,68,12,145
Adjustments for decrease (increase) in trade receivables, current -6,31,26,129 58,67,82,006
Adjustments for decrease (increase) in other current assets 28,71,06,784 -84,58,74,495
Adjustments for other financial assets, current -22,81,080 -6,00,760
Adjustments for increase (decrease) in trade payables, current -16,25,44,027 4,35,65,159
Adjustments for increase (decrease) in other current liabilities 1,64,90,030 -57,44,70,034
Adjustments for depreciation and amortisation expense 7,94,088 7,07,359
Adjustments for other financial liabilities, current -1,35,65,633 -2,87,13,814
Other adjustments to reconcile profit (loss) (A) -23,83,46,196 (B) -26,92,62,106
Other adjustments for non-cash items (C) 42,88,459 (D) -9,96,131
Total adjustments for reconcile profit (loss) 152,01,28,196 206,20,74,844
Net cash flows from (used in) operations 145,48,17,867 209,08,71,755
Income taxes paid (refund) 3,21,49,276 1,74,94,367
Net cash flows from (used in) operating activities 142,26,68,591 207,33,77,388
Cash flows from used in investing activities [Abstract]
Purchase of property, plant and equipment 89,499 7,42,307
Proceeds from sales of investment property 0 37,66,432
Interest received 23,67,97,733 26,90,69,981
Other inflows (outflows) of cash (E) 111,62,38,158 (F) -334,91,48,504
Net cash flows from (used in) investing activities 135,29,46,392 -307,70,54,398
Cash flows from used in financing activities [Abstract]
Proceeds from borrowings (G) 23,27,39,624 (H) 185,54,75,848
Repayments of borrowings (I) 267,29,82,357 (J) 30,86,24,605
Interest paid 35,84,53,915 52,36,43,746
Net cash flows from (used in) financing activities -279,86,96,648 102,32,07,497
Net increase (decrease) in cash and cash equivalents before effect of
exchange rate changes
-2,30,81,665 1,95,30,487
Net increase (decrease) in cash and cash equivalents -2,30,81,665 1,95,30,487
Cash and cash equivalents cash flow statement at end of period 71,32,860 3,02,14,525 1,06,84,038
Footnotes
(A) Profit on Sale of Fixed Assets : 0 Interest income : -238346196
(B) Profit on Sale of Fixed Assets : -191924 Interest income : -269070182
(C) Provisions : 4288459
(D) Provisions : -996131
(E) Loans (Given to) / Received Back (Net) : 1145784154 Change in Bank Deposit (Other than Cash equivalent) : -29545996
(F) Loans (Given to) / Received Back (Net) : -3349131032 Change in Bank Deposit (Other than Cash equivalent) : -17472
(G) Proceeds/(Repayment) from short-term borrowings (Net) : -1175813727 Proceeds from Long Term Borrowings : 1408553351
(H) Proceeds/(Repayment) from short-term borrowings (Net) : 1240475848 Proceeds from Long Term Borrowings : 615000000
(I) Repayment of Long Term Borrowing : 2672982357
(J) Repayment of Long Term Borrowing : 308624605
41
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020
[610100] Notes - List of accounting policies
Unless otherwise specified, all monetary values are in INR
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Disclosure of significant accounting policies [TextBlock]
Textual information (30)
[See below]
As Below
42
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020
Textual information (30)
Disclosure of significant accounting policies [Text Block]
Corporate information
The company having CIN U45300GJ2005PTC046949, has been incorporated on 20.10.2005 with the object to developing,
appraising, maintaining, operating, and marketing of real estate property. The company had developed Project named "Western
Heights" & "Inspire Hub" comprising of residential and Commercial Units. The Company had also received Occupancy
Certificate for both the projects.
Significant accounting policies
Statement of compliance
The Financial Statements have been prepared in accordance with Indian Accounting Standards (Ind AS) as per The Companies
(Indian Accounting Standards), Rules, 2015 notified under section 133 of The Companies Act, 2013 (the Act) an other relevant
provisions of the Act.
Current versus non-current classification
The Company presents assets and liabilities in the balance sheet based on current/ non-current classification. An asset is treated
as current when it is:
i) Expected to be realized or intended to be sold or consumed in normal operating cycle
ii) Held primarily for the purpose of trading
iii) Expected to be realized within thirty six months after the reporting period, or
iv) Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least thirty six months
after the reporting period
All other assets are classified as non-current.
A liability is current when:
i) It is expected to be settled in normal operating cycle
ii) It is held primarily for the purpose of trading
iii) It is due to be settled within thirty six months after the reporting period, or
iv) There is no unconditional right to defer the settlement of the liability for at least thirty six months after the reporting period
43
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020
The Company classifies all other liabilities as non-current.
Deferred tax assets and liabilities are classified as non-current assets and liabilities respectively.
The operating cycle is the time between the acquisition of assets for processing and their realization in cash and cash
equivalents. The Company has identified thirty six months as its operating cycle.
Inventories
Costs of construction / development expenditure incurred on the Projects are accumulated under Construction
Work-in-progress and the same is valued at cost or net realizable value, whichever is lower.
Construction / development expenditure includes all direct and indirect expenditure incurred on development of land /
construction at site, overheads relating to site management and administration, allocated interest and expenses incidental to the
projects undertaken by the Company.
Net realisable value has been determined based on prevailing average sale price of the property sold during the year as reduced
by future estimated cost of completion to be incurred as determined by the management with the help of technical experts
based on percentage of completion. Such expenses are accumulated under head "Construction Work-In-Progress" till Building
Use permission is received. After Building Use (BU) permission subsequent expenses are being charged off to Profit & Loss
Account.
After receiving BU permission unsold inventories are being treated as Finished Goods and is valued at cost or net realisable
value whichever is lower.
Stores and Construction Materials are valued at lower of cost or net realisable value. cost includes cost of purchase and other
expenses incurred in bringing them to their respective present location and condition. Cost is determined using Weighted
Average Method of Inventory Valuation.
Estimates, Judgments and assumptions
The preparation of the Company’s Ind AS Financial Statements requires management to make judgments, estimates and
assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures,
and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that
require a material adjustment to the carrying amount of assets or liabilities affected in future periods.
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a
significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year,
are described below. The Company based its assumptions and estimates on parameters available when the financial statements
were prepared. Existing circumstances and assumptions about future developments, however, may change due to market
changes or circumstances arising that are beyond the control of the Company. Such changes are reflected in the assumptions
when they occur.
44
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020
i) Impairment of non-financial assets
Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the
higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on
available data for similar assets or observable market prices less incremental costs for disposing of the asset. The value in use
calculation is based on a DCF model. The cash flows are derived from the budget for the next five years and do not include
restructuring activities that The Company is not yet committed to or significant future investments that will enhance the asset’s
performance being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the
expected future cash-inflows and the growth rate used for extrapolation purposes. These estimates are most relevant to
goodwill and other intangibles with indefinite useful lives recognised by the Company.
ii) Taxes
Deferred tax assets are recognised for unused tax credits to the extent that there is virtual certainty that probable that taxable
profit will be available against which the credits can be utilised. Significant management judgment is required to determine the
amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits
together with future tax planning strategies.
iii) Defined benefit plans (gratuity benefits)
The cost of defined benefit gratuity plan and the present value of the gratuity obligation are determined using actuarial
valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future.
These includes the determination of discount rate, future salary increases and mortality rates. Due to complexities involved in
the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All
assumptions are reviewed at each reporting date.
iv) Fair value measurement of financial instruments
When the fair values of financial assets and financial liabilities recorded in the balance sheet cannot be measured based on
quoted prices in active markets, their fair value is measured using valuation techniques including the DCF model. The inputs to
these models are taken from observable markets where possible, but where this is not feasible, a degree of judgment is required
in establishing fair values. Judgments include considerations of inputs such as liquidity risk, credit risk and volatility. Changes
in assumptions about these factors could affect the reported fair value of financial instruments.
iv) Contract Price
Contract price is determined after taking into consideration, including but not limited to, about direct / indirect cost to be
incurred till completion of project, time value of money, estimate in increase in price. The company is required to made
judgments, estimates and assumptions that affect that may effect determination of contract price. Uncertainty about these
assumptions and estimates could result in outcomes that may require a material adjustment to the contract price in future
periods.
Though other Indian Accounting Standards also apply to the company by virtue of The Companies (Indian Accounting
Standards), Rules, 2015 notified under section 133 of The Companies Act, 2013 (the Act) an other relevant provisions of the
Act, no disclosure for the same is being made as the company has not done any transaction to which the said Accounting
Standards apply.
45
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020
[610200] Notes - Corporate information and statement of IndAs compliance
Unless otherwise specified, all monetary values are in INR
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Disclosure of corporate information notes and other explanatory information
[TextBlock]
Statement of Ind AS compliance [TextBlock] As Below As Below
Whether there is any departure from Ind AS No No
Whether there are reclassifications to comparative amounts No No
Description of reason why reclassification of comparative amounts is
impracticable
NA NA
Description of nature of necessary adjustments to provide comparative
information
NA NA
Disclosure of significant accounting policies [TextBlock]
Textual information (31)
[See below]
As Below
46
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020
Textual information (31)
Disclosure of significant accounting policies [Text Block]
Corporate information
The company having CIN U45300GJ2005PTC046949, has been incorporated on 20.10.2005 with the object to developing,
appraising, maintaining, operating, and marketing of real estate property. The company had developed Project named "Western
Heights" & "Inspire Hub" comprising of residential and Commercial Units. The Company had also received Occupancy
Certificate for both the projects.
Significant accounting policies
Statement of compliance
The Financial Statements have been prepared in accordance with Indian Accounting Standards (Ind AS) as per The Companies
(Indian Accounting Standards), Rules, 2015 notified under section 133 of The Companies Act, 2013 (the Act) an other relevant
provisions of the Act.
Current versus non-current classification
The Company presents assets and liabilities in the balance sheet based on current/ non-current classification. An asset is treated
as current when it is:
i) Expected to be realized or intended to be sold or consumed in normal operating cycle
ii) Held primarily for the purpose of trading
iii) Expected to be realized within thirty six months after the reporting period, or
iv) Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least thirty six months
after the reporting period
All other assets are classified as non-current.
A liability is current when:
i) It is expected to be settled in normal operating cycle
ii) It is held primarily for the purpose of trading
iii) It is due to be settled within thirty six months after the reporting period, or
iv) There is no unconditional right to defer the settlement of the liability for at least thirty six months after the reporting period
47
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020
The Company classifies all other liabilities as non-current.
Deferred tax assets and liabilities are classified as non-current assets and liabilities respectively.
The operating cycle is the time between the acquisition of assets for processing and their realization in cash and cash
equivalents. The Company has identified thirty six months as its operating cycle.
Inventories
Costs of construction / development expenditure incurred on the Projects are accumulated under Construction
Work-in-progress and the same is valued at cost or net realizable value, whichever is lower.
Construction / development expenditure includes all direct and indirect expenditure incurred on development of land /
construction at site, overheads relating to site management and administration, allocated interest and expenses incidental to the
projects undertaken by the Company.
Net realisable value has been determined based on prevailing average sale price of the property sold during the year as reduced
by future estimated cost of completion to be incurred as determined by the management with the help of technical experts
based on percentage of completion. Such expenses are accumulated under head "Construction Work-In-Progress" till Building
Use permission is received. After Building Use (BU) permission subsequent expenses are being charged off to Profit & Loss
Account.
After receiving BU permission unsold inventories are being treated as Finished Goods and is valued at cost or net realisable
value whichever is lower.
Stores and Construction Materials are valued at lower of cost or net realisable value. cost includes cost of purchase and other
expenses incurred in bringing them to their respective present location and condition. Cost is determined using Weighted
Average Method of Inventory Valuation.
Estimates, Judgments and assumptions
The preparation of the Company’s Ind AS Financial Statements requires management to make judgments, estimates and
assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures,
and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that
require a material adjustment to the carrying amount of assets or liabilities affected in future periods.
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a
significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year,
are described below. The Company based its assumptions and estimates on parameters available when the financial statements
were prepared. Existing circumstances and assumptions about future developments, however, may change due to market
changes or circumstances arising that are beyond the control of the Company. Such changes are reflected in the assumptions
when they occur.
48
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020
i) Impairment of non-financial assets
Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the
higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on
available data for similar assets or observable market prices less incremental costs for disposing of the asset. The value in use
calculation is based on a DCF model. The cash flows are derived from the budget for the next five years and do not include
restructuring activities that The Company is not yet committed to or significant future investments that will enhance the asset’s
performance being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the
expected future cash-inflows and the growth rate used for extrapolation purposes. These estimates are most relevant to
goodwill and other intangibles with indefinite useful lives recognised by the Company.
ii) Taxes
Deferred tax assets are recognised for unused tax credits to the extent that there is virtual certainty that probable that taxable
profit will be available against which the credits can be utilised. Significant management judgment is required to determine the
amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits
together with future tax planning strategies.
iii) Defined benefit plans (gratuity benefits)
The cost of defined benefit gratuity plan and the present value of the gratuity obligation are determined using actuarial
valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future.
These includes the determination of discount rate, future salary increases and mortality rates. Due to complexities involved in
the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All
assumptions are reviewed at each reporting date.
iv) Fair value measurement of financial instruments
When the fair values of financial assets and financial liabilities recorded in the balance sheet cannot be measured based on
quoted prices in active markets, their fair value is measured using valuation techniques including the DCF model. The inputs to
these models are taken from observable markets where possible, but where this is not feasible, a degree of judgment is required
in establishing fair values. Judgments include considerations of inputs such as liquidity risk, credit risk and volatility. Changes
in assumptions about these factors could affect the reported fair value of financial instruments.
iv) Contract Price
Contract price is determined after taking into consideration, including but not limited to, about direct / indirect cost to be
incurred till completion of project, time value of money, estimate in increase in price. The company is required to made
judgments, estimates and assumptions that affect that may effect determination of contract price. Uncertainty about these
assumptions and estimates could result in outcomes that may require a material adjustment to the contract price in future
periods.
Though other Indian Accounting Standards also apply to the company by virtue of The Companies (Indian Accounting
Standards), Rules, 2015 notified under section 133 of The Companies Act, 2013 (the Act) an other relevant provisions of the
Act, no disclosure for the same is being made as the company has not done any transaction to which the said Accounting
Standards apply.
49
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020
[610300] Notes - Accounting policies, changes in accounting estimates and errors
Unless otherwise specified, all monetary values are in INR
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Disclosure of changes in accounting policies, accounting estimates and errors
[TextBlock]
Disclosure of initial application of standards or interpretations
[TextBlock]
Whether initial application of an Ind AS has an effect on the
current period or any prior period
No No
Disclosure of voluntary change in accounting policy [TextBlock]
Whether there is any voluntary change in accounting policy No No
Disclosure of changes in accounting estimates [TextBlock]
Whether there are changes in acounting estimates during the year No No
[400600] Notes - Property, plant and equipment
Disclosure of additional information about property plant and equipment [Table] ..(1)
Unless otherwise specified, all monetary values are in INR
Classes of property, plant and equipment [Axis] Plant and equipment [Member] Other plant and equipment [Member]
Sub classes of property, plant and equipment [Axis] Owned and leased assets [Member] Owned and leased assets [Member]
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Disclosure of additional information about
property plant and equipment [Abstract]
Disclosure of additional information about
property plant and equipment [Line items]
Depreciation method, property, plant and
equipment
Refer to child
member
Refer to child
member
Refer to child
member
Refer to child
member
Useful lives or depreciation rates, property,
plant and equipment
Refer to child
member
Refer to child
member
Refer to child
member
Refer to child
member
Whether property, plant and equipment are
stated at revalued amount
No No No No
Disclosure of additional information about property plant and equipment [Table] ..(2)
Unless otherwise specified, all monetary values are in INR
Classes of property, plant and equipment [Axis] Other plant and equipment [Member] Furniture and fixtures [Member]
Sub classes of property, plant and equipment [Axis] Owned assets [Member] Owned and leased assets [Member]
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Disclosure of additional information about
property plant and equipment [Abstract]
Disclosure of additional information about
property plant and equipment [Line items]
Depreciation method, property, plant and
equipment
SLM SLM
Refer to child
member
Refer to child
member
Useful lives or depreciation rates, property,
plant and equipment
A S P E R
SCHEDULE-II
A S P E R
SCHEDULE-II
A S P E R
SCHEDULE-II
A S P E R
SCHEDULE-II
Whether property, plant and equipment are
stated at revalued amount
No No No No
Adani Estates 2020 Annual Report.pdf
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Adani Estates 2020 Annual Report.pdf

  • 1. ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 [700300] Disclosure of general information about company Unless otherwise specified, all monetary values are in INR 01/04/2019 to 31/03/2020 01/04/2018 to 31/03/2019 Name of company ADANI ESTATES PRIVATE LIMITED Corporate identity number U45300GJ2005PTC046949 Permanent account number of entity AAFCA6390M Address of registered office of company ADANI HOUSE NR MITHAKHALI CIRCLE , NAVRANGPURA , Ahmedabad , Ahmedabad , GUJARAT , INDIA - 380009 Type of industry C o m m e r c i a l a n d Industrial Date of board meeting when final accounts were approved 23/07/2020 Date of start of reporting period 01/04/2019 01/04/2018 Date of end of reporting period 31/03/2020 31/03/2019 Nature of report standalone consolidated Standalone Content of report Financial Statements Description of presentation currency INR Level of rounding used in financial statements Actual Type of cash flow statement Indirect Method Whether company is maintaining books of account and other relevant books and papers in electronic form Yes Complete postal address of place of maintenance of computer servers (storing accounting data) Plot No B-7, Sec – 132, N o i d a , U P 201301 Name of city of place of maintenance of computer servers (storing accounting data) Noida Name of state/ union territory of place of maintenance of computer servers (storing accounting data) Noida (UP) Pin code of place of maintenance of computer servers (storing accounting data) 201301 Name of district of place of maintenance of computer servers (storing accounting data) Noida ISO country code of place of maintenance of computer servers (storing accounting data) 91 (IN) Name of country of place of maintenance of computer servers (storing accounting data) INDIA Phone (with STD/ ISD code) of place of maintenance of computer servers (storing accounting data) 079-25555650 Disclosure of principal product or services [Table] ..(1) Unless otherwise specified, all monetary values are in INR Types of principal product or services [Axis] 1 01/04/2019 to 31/03/2020 Disclosure of general information about company [Abstract] Disclosure of principal product or services [Abstract] Disclosure of principal product or services [LineItems] Product or service category (ITC 4 digit) code 9953 Description of product or service category CONSTRUCTION Turnover of product or service category 177,24,46,174 Highest turnover contributing product or service (ITC 8 digit) code 99531110 Description of product or service O n e a n d two-dwelling residential buildings Turnover of highest contributing product or service 177,24,46,174
  • 2. 2 ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 [700600] Disclosures - Directors report Details of principal business activities contributing 10% or more of total turnover of company [Table] ..(1) Unless otherwise specified, all monetary values are in INR Principal business activities of company [Axis] Product/service 1 [Member] 01/04/2019 to 31/03/2020 Details of principal business activities contributing 10% or more of total turnover of company [Abstract] Details of principal business activities contributing 10% or more of total turnover of company [LineItems] Name of main product/service CONSTRUCTION Description of main product/service CONSTRUCTION NIC code of product/service 0041 Percentage to total turnover of company 100.00% Particulars of holding, subsidiary and associate companies [Table] ..(1) Unless otherwise specified, all monetary values are in INR Particulars of companies [Axis] 1 2 01/04/2019 to 31/03/2020 01/04/2019 to 31/03/2020 Particulars of holding, subsidiary and associate companies [Abstract] Particulars of holding, subsidiary and associate companies [LineItems] Name of company Adani Properties Private Limited Adani Infrastructure and Developers private Limited Address of company SHIKHAR NR ADANI HOUSEMITHAKHALI S I X R O A D NAVRANGPURA AHMEDABAD 10th Floor, Shikhar Building, Near Adani house, Mithakhali Six Roads, Navrangpura, Ahmedabad, Gujarat - 380 009 Country of incorporation of company INDIA INDIA CIN of company U45201GJ1995PTC026067 U45201GJ2006PTC066449 Type of company Private Company Private Company Percentage of shares held 100.00% 75.00% Applicable section 2(46) 2(46) Details of directors signing board report [Table] ..(1) Unless otherwise specified, all monetary values are in INR Directors signing board report [Axis] 1 01/04/2019 to 31/03/2020 Details of signatories of board report [Abstract] Details of directors signing board report [LineItems] Name of director signing board report [Abstract] First name of director KALAGARLA Middle name of director MADHUSUDANA Last name of director RAO Designation of director Director Director identification number of director 08499420 Date of signing board report 23/07/2020
  • 3. 3 ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Unless otherwise specified, all monetary values are in INR 01/04/2019 to 31/03/2020 Disclosure in board of directors report explanatory [TextBlock] Textual information (1) [See below] Description of state of companies affair Textual information (2) [See below] Disclosure relating to amounts if any which is proposed to carry to any reserves As Below Disclosures relating to amount recommended to be paid as dividend Dividend: Directors do not recommend any dividend on equity shares for the year under review. Details regarding energy conservation Textual information (3) [See below] Details regarding technology absorption Textual information (4) [See below] Details regarding foreign exchange earnings and outgo Textual information (5) [See below] Disclosures in director’s responsibility statement Textual information (6) [See below] Details of material changes and commitment occurred during period affecting financial position of company Textual information (7) [See below] Particulars of loans guarantee investment under section 186 [TextBlock] Particulars of Loans, G u a r a n t e e o r Investment: T h e particulars of loans, guarantees and investments have been disclosed in the f i n a n c i a l statements. Particulars of contracts/arrangements with related parties under section 188(1) [TextBlock] Textual information (8) [See below] Details of contracts/arrangements/transactions not at arm's length basis [Abstract] Whether there are contracts/arrangements/transactions not at arm's length basis No Details of material contracts/arrangements/transactions at arm's length basis [Abstract] Whether there are material contracts/arrangements/transactions at arm's length basis No Details of statement indicating manner in which formal annual evaluation made by board of its performance and of its committees and individual directors [TextBlock] Textual information (9) [See below] Disclosure of extract of annual return as provided under section 92(3) [TextBlock] Textual information (10) [See below] Details of principal business activities contributing 10% or more of total turnover of company [Abstract] Particulars of holding, subsidiary and associate companies [Abstract] Details of shareholding pattern of top 10 shareholders [Abstract] Disclosure of statement on declaration given by independent directors under section 149(6) [TextBlock] As Below Disclosure for companies covered under section 178(1) on directors appointment and remuneration including other matters provided under section 178(3) [TextBlock] Textual information (11) [See below] Disclosure of statement on development and implementation of risk management policy [TextBlock] As Below Details on policy development and implementation by company on corporate social responsibility initiatives taken during year [TextBlock] As Below Disclosure as per rule 8(5) of companies accounts rules 2014 [TextBlock] Disclosure of financial summary or highlights [TextBlock] Textual information (12) [See below] Disclosure of change in nature of business [TextBlock] As Below Details of directors or key managerial personnels who were appointed or have resigned during year [TextBlock] As Below
  • 4. 4 ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Disclosure of companies which have become or ceased to be its subsidiaries, joint ventures or associate companies during year [TextBlock] As Below Details relating to deposits covered under chapter v of companies act [TextBlock] As Below Details of deposits which are not in compliance with requirements of chapter v of act [TextBlock] As Below Details of significant and material orders passed by regulators or courts or tribunals impacting going concern status and company’s operations in future [TextBlock] Textual information (13) [See below] Details regarding adequacy of internal financial controls with reference to financial statements [TextBlock] Textual information (14) [See below] Disclosure of appointment and remuneration of director or managerial personnel if any, in the financial year [TextBlock] As Below Details of remuneration of director or managerial personnel [Abstract] Statement showing details of employees of company under rule 5(2) and (3) of companies appointment and remuneration of managerial personnels rules 2014 [TextBlock] Textual information (15) [See below] Number of meetings of board [pure] 9 Details of signatories of board report [Abstract] Name of director signing board report [Abstract]
  • 5. 5 ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Textual information (1) Disclosure in board of directors report explanatory [Text Block] Dear Shareholders, Your Directors are pleased to present the 15th Annual Report alongwith the audited accounts of your Company for the financial year ended on March 31, 2020. Deposits: During the year under review, your Company has not accepted any deposits within the meaning of Section 73 of Companies Act, 2013 and the rules made thereunder. Transfer to Reserves The Company have not transferred any amount to the Reserve for the financial year ended March 31, 2020. Meetings of the Board and Shareholders: During the year under review, 9 Board Meetings were held viz. on 06thMay, 2019, 10thJune, 2019, 25th June, 2019, 05th July, 2019,25th July, 2019, 15thOctober, 2019, 18th November, 2019, 28thJanuary, 2020 and 04th February, 2020. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013. Name of Directors Meetings Held Attended Mr. Laxmiprasad Choudhary 9 9 Mr. Madhusudana Rao Kalagarla 5 5 Mr. Ranjan Wazir 4 4 Business Risk Management:
  • 6. 6 ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Your Company has a formal risk assessment and management system which periodically identifies risk areas, evaluates their consequences, initiates risk mitigation strategies and implements corrective actions where required. Subsidiaries, Joint Ventures and Associate Companies: During the year under review, your Company continues to be wholly owned subsidiary of Adani Infrastructure and Developers Private Limited. The Company does not have any Subsidiaries or Joint venture or Associate Companies. Auditors & Auditors Report: M/s. MBD & Co., Chartered Accountants, (Firm registration no.135129W), were appointed as Statutory Auditors of the Company at the 13th Annual General Meeting of the Company held on 25th September, 2018 for the period of 5 years (Five Years i.e. up to the AGM to be held in the year 2023). The Notes to the financial statements referred in the Auditors Report are self-explanatory and therefore do not call for any comments under Section 134 of the Companies Act, 2013 Secretarial Audit Report: Since the Company does not fall within the class of Companies as mentioned in section 204(1) of the Companies Act, 2013 read with the applicable rules made thereunder relating to Secretarial Audit Report, the Company has not appointed any Company Secretary in Practice as Secretarial Auditor and therefore the said Secretarial Audit Report is not annexed to this report. Accordingly, the commentsof theDirectors on qualifications, reservations or adverse remarks in the Secretarial Audit Report is not applicable. Prevention of Sexual Harassment at Workplace: During the year under review, there was no complaintfiled with the Company pertaining to sexual harassment. Vigil Mechanism/Whistle Blower Policy: The Company has formulated a Whistle Blower Policy to establish a vigil mechanism for Directors and Employees of the Company to report to the management concerns about unethical behaviour, actual or suspected fraud or violation of the policy. Acknowledgement:
  • 7. 7 ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Your Directors have pleasure in taking this opportunity to thank the Government Agencies, bankers and all other personnel for their continued support and confidence reposed in the Company. Textual information (2) Description of state of companies affair The State of Company’s affairs: In the year 2019-20, the Company’s sales income was Rs.17,724.46 lakhs compared to Rs.29,850.32 lakhs for the year 2018-19. During the year, the company incurredlossbefore tax of Rs.653.10 lakhs Textual information (3) Details regarding energy conservation Ø Conservation of energy, technology absorption etc. Since your Company is not a manufacturing Company, the information pertaining to Conservation of Energy and Technology Absorption as stipulated under Section 134(3) (m) of the Companies Act, 2013 read with applicable rules made thereunder is not applicable to the Company. Textual information (4) Details regarding technology absorption Ø Conservation of energy, technology absorption etc. Since your Company is not a manufacturing Company, the information pertaining to Conservation of Energy and Technology Absorption as stipulated under Section 134(3) (m) of the Companies Act, 2013 read with applicable rules made thereunder is not applicable to the Company. Textual information (5) Details regarding foreign exchange earnings and outgo Ø Foreign Exchange Earnings And Outgo The information on conservation of energy, technology absorption and foreign exchange earnings and outgo stipulated under Section 134 (3) (m) of the Companies Act, 2013 read with rules made thereunder is annexed herewith as “Annexure-C”. ANNEXURE ‘C’ TO BOARD’S REPORT CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO Information as required under Section 134(3) (m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 are set out as under: A. Conservation of Energy: - not applicable a) the steps taken or impact on conservation of energy: b) the steps taken by the company for utilizing alternate sources of energy: c) the capital investment on energy conservation equipment: B. Technology Absorption: - not applicable (i) the efforts made towards technology absorption: (ii) the benefits derived like product improvement, cost reduction, product development or import substitution: (iii) in case of imported technology (imported during the last three years reckoned from the beginning of the financial year) a) the details of technology imported; b) the year of import; c) whether the technology been fully absorbed; d) if not fully absorbed, areas where absorption has not taken place, and the reasons thereof; and (iv) the expenditure incurred on Research and Development: C. Details of Foreign Exchange Earning & Outgo during the year: (Amount in Rs.) Foreign Exchange earnings Nil Foreign Exchange outgo Nil
  • 8. 8 ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Textual information (6) Disclosures in director’s responsibility statement Directors’ Responsibility Statement: Pursuant to the requirements under Section 134(5) of the Companies Act, 2013, with respect to Directors’ Responsibility Statement, your Directors hereby confirm the following: a. that in the preparation of the annual financial statements, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any; b. that such accounting policies have been selected and applied consistently and judgement and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2020 and of the profit and loss of the Company for the year ended on that date; c. that proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; d. that the annual financial statements have been prepared on a going concern basis; e. that proper internal financial controls were in place and that the financial control were adequate and were operating effectively; f. that proper systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating effectively. Textual information (7) Details of material changes and commitment occurred during period affecting financial position of company Material changes and commitments, if any, affecting the financial position of the Company which have occurred between the end of the financial year of the Company to which the financial statements relate and the date of the report: There are no material changes and commitments affecting the financial position of the Company which have occurred between the end of the financial year 2019-20 of the company to which the financial statements relate and the date of this report. Textual information (8) Particulars of contracts/arrangements with related parties under section 188(1) [Text Block] Related Party Transactions: All transactions entered into with Related Parties as defined under the Companies Act, 2013 during the financial year were in the ordinary course of business and on an arm’s length pricing basis and do not attract the provisions of Section 188(1) of the Companies Act, 2013. Suitable disclosure as required by the Indian Accounting Standards (Ind AS-24) has been made in the notes to the Financial Statements. Textual information (9) Details of statement indicating manner in which formal annual evaluation made by board of its performance and of its committees and individual directors [Text Block] Formal Annual Evaluation: As your Company is neither a Listed Company nor a public company having a paid up capital of Rs. 25 Crores or more, the statement indicating the manner in which formal annual evaluation has been made by the Board of its own performance and that of its committees and individual directors is not applicable
  • 9. 9 ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Textual information (10) Disclosure of extract of annual return as provided under section 92(3) [Text Block] Extract of Annual Return: The details forming part of the extract of the Annual Return in Form MGT-9 is annexed as Annexure B, which forms part of this Report. ANNEXURE B TO BOARDS REPORT FORM NO. MGT-9 EXTRACT OF ANNUAL RETURN As on the financial year ended March 31, 2020 [Pursuant to Section 92(3) of the Companies Act, 2013, and Rule 12(1) of the Companies (Management and Administration) Rules, 2014] I. REGISTRATION AND OTHER DETAILS: CIN : U45300GJ2005PTC046949 Registration Date : 20th October, 2005 Name of the Company : Adani Estates Private Limited Category / Sub-Category of the Company : Company limited by Shares / Indian Non Government Company Address of the Registered office and contact details : Adani House, Nr.Mithakhali Circle, Navrangpura, Ahmedabad - 380 009 Whether listed company : No, Unlisted Company Name, Address and Contact details of Registrar and Transfer Agent, if any : N.A.
  • 10. 10 ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY: All the business activities contributing 10% or more of the total turnover of the company shall be stated: Name and description of main Products/Services NIC Code of the Product/ service % to total turnover of the company Construction 0041 100% III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES: Name and address of the Company CIN Holding/ Subsidiary/ Associate % of shares held Applicable Section Adani Properties Private Limited (APPL) U45201GJ1995PTC026067 Ultimate Holding Co. 100 2(46) Adani Infrastructure And Developers Private Limited (AIDPL) U45201GJ2006PTC066449 Holding Co. 75 2(46) IV. SHARE HOLDING PATTERN (EQUITY SHARE CAPITAL BREAKUP AS PERCENTAGE OF TOTAL EQUITY i) Category-wise Share Holding Category of Shareholders No of Shares held at the beginning of the year No. of Shares held at the end of the year % Change during the year
  • 11. 11 ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Demat Physical Total % of total Shares Demat Physical Total % of total Shares A. Promoter 1 Indian a) Individuals/ HUF -- -- -- -- -- -- -- -- -- b) Central Government -- -- -- -- -- -- -- -- -- c) State Government(s) -- -- -- -- -- -- -- -- -- d) Bodies Corporate* -- 75,00,000 75,00,000 75% -- 75,00,000 75,00,000 75% Nil e) Banks/FI -- -- -- -- -- -- -- -- -- f) Any Others -- -- -- -- -- -- -- -- -- Sub Total(A)(1) 2 Foreign a) NRIs-Individuals -- -- -- -- -- -- -- -- -- b) Other-Individuals -- -- -- -- -- -- -- -- -- c) Bodies Corporate -- -- -- -- -- -- -- -- -- d) Banks/FI -- -- -- -- -- -- -- -- -- e) Any Other -- -- -- -- -- -- -- -- -- Sub Total(A)(2) -- -- -- -- -- -- -- -- -- Total Shareholding of Promoter and Promoter Group (A)= (A)(1)+(A)(2) -- 75,00,000 75,00,000 75% -- 75,00,000 75,00,000 75% Nil
  • 12. 12 ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 B. Public shareholding 1 Institutions a) Mutual Funds/ UTI -- -- -- -- -- -- -- -- -- b) Banks/FI -- -- -- -- -- -- -- -- -- c) Central Govt. -- -- -- -- -- -- -- -- -- d) State Govt. -- -- -- -- -- -- -- -- -- e) Venture Capital Funds -- -- -- -- -- -- -- -- -- f) Insurance Companies -- -- -- -- -- -- -- -- -- g) FII -- -- -- -- -- -- -- -- -- h) Foreign Venture Capital Funds -- -- -- -- -- -- -- -- -- i) Any Other -- -- -- -- -- -- -- -- -- Sub-Total (B)(1) 2 Non-institutions a) Bodies Corporate -- -- -- -- -- -- -- -- -- I Indian -- 25,00,000 25,00,000 25% -- 25,00,000 25,00,000 25% Nil Ii Overseas -- -- -- -- -- -- -- -- -- b) Individuals -- -- -- -- -- -- -- -- -- I Individuals shareholders holding nominal share capital up to Rs 1 lakh -- -- -- -- -- -- -- -- -- ii Individual shareholders holding nominal share capital in excess of Rs. 1 lakh. -- -- -- -- -- -- -- -- -- c) Other -- -- -- -- -- -- -- -- -- Sub-Total (B)(2) --- -- -- -- -- -- -- -- --
  • 13. 13 ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Total Public Shareholding (B)= (B)(1)+(B)(2) -- -- -- -- -- -- -- -- -- C. Shares held by Custodians for GDRs & ADRs -- -- -- -- -- -- -- -- -- GRAND TOTAL (A)+(B)+(C) -- 100,00,000 100,00,000 100% -- 100,00,000 100,00,000 100% Nil * Shares held by AIDPL including one nominee of AIDPL. Note 1: 25% shares are held by non-promoter, Indian body corporate named Real deal Developers Private Limited ii) Shareholding of Promoter Shareholders Name No of Shares held at the beginning of the year No. of Shares held at the end of the year % Change during the year Demat Physical Total % of total Shares Demat Physical Total % of total Shares 1 Adani Infrastructure and Developers Private Limited (AIDPL)* -- 75,00,000 75,00,000 75.00 -- 75,00,000 75,00,000 75.00 0.00 Total 75,00,000 75,00,000 100% 75,00,000 75,00,000 100% 0.00 * Shares held by AIDPL including one nominee of AIDPL. iii) Change in Promoters Shareholding
  • 14. 14 ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Shareholding at the beginning of the year Cumulative Shareholding during the year No. of Shares % of total shares of the Company No. of Shares % of total shares of the Company At the beginning of the year No change during the year Date wise Increase / Decrease in Promoters Shareholding during the year specifying the reasons for increase / decrease (e.g. allotment / transfer / bonus/ sweat equity etc.): No change during the year At the end of the year No change during the year iv) Shareholding Pattern of top ten Shareholders(other than Directors, Promoters and Holders of GDR and ADRs): For each of the Top 10 Shareholder Shareholding at the beginning of the year Shareholding at the end of the year No. of Shares % of total shares of the Company No. of Shares % of total shares of the Company 1) Real deal Developers Private Limited 25,00,000 25 25,00,000 25 Total 25,00,000 25 25,00,000 25 v) Shareholding of Directors and Key Managerial Personnel: For each of the Directors and KMP Shareholding at the beginning of the year Shareholding at the end of the year No. of Shares % of total shares of the Company No. of Shares % of total shares of the Company
  • 15. 15 ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 At the beginning of the year None. Date wise Increase / Decrease in Promoters Shareholding during the year specifying the reasons for increase / decrease (e.g. allotment / transfer / bonus/ sweat equity etc.): At the end of the year INDEBTEDNESS: Indebtedness of the Company including interest outstanding/accrued but not due for payment (Amount in Rs.) Particulars Secured Loans excluding deposits Unsecured Loans (*) Deposits Total Indebtedness Indebtedness at the beginning of the financial year i) Principal Amount 4,190,850,661 6,610,323,252* - 10,801,173,913 ii) Interest due but not paid - - - - iii) Interest accrued but not due - - - - Total (i+ii+iii) 4,190,850,661 6,610,323,252* - 10,801,173,913 Change in Indebtedness during the financial year Addition 1,423,162,260 2,061,098,295 - 3,484,260,555 Reduction (3,922,982,357) (2,038,849,082) - (5,961,831,439) Net Change (2,499,820,097) 22,249,213 - (2,477,570,884) Indebtedness at the end of the financial year - i) Principal Amount 1,676,421,655 6,632,572,465* - 8,308,994,120
  • 16. 16 ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 ii) Interest due but not paid - - - - iii) Interest accrued but not due 14,608,909 - - 14,608,909 Total (i+ii+iii) 1,691,030,564 6,632,572,465* - 8,323,603,029 * It includes Compulsorily Convertible Debentures (CCDs) amounted of Rs. 609,45,69,800/- V. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL A. Remuneration to Managing Director, Whole-time Directors and/or Manager: Sr No Particulars of Remuneration Managing Director/ Manager Director Total Amount 1 Gross salary a) Salary as per provisions contained in section 17(1) of the Income-tax Act, 1961 -- -- -- b) Value of perquisites u/s 17(2) Income-tax Act, 1961 -- -- -- c) Profits in lieu of salary under section 17(3) Income-tax Act, 1961 -- -- -- 2 Stock Option - -- -- -- 3 Sweat Equity -- -- -- 4 Commission -- -- -- - as % of profit -- -- -- - others, specify -- -- -- 5 Others, please specify -- -- -- Total (A) -- -- --
  • 17. 17 ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Ceiling as per the Act* -- -- -- * Not applicable to private companies B. Remuneration to other Directors: (Amount in Rs.) Sr No Particulars of Remuneration Other Directors Total Amount 1 Independent Directors a) Fee for attending board, committee meetings b) Commission -- -- c) Others, please specify -- -- Total (1) 2 Other Non-Executive Directors -- -- a) Fee for attending board, committee meetings -- b) Commission -- -- c) Others, please specify -- -- Total (2) -- Total (B) = (1+2) Total Managerial Remuneration C. Remuneration to key managerial personnel other than MD/manager/WTD* Sr No Particulars of Remuneration Key managerial personnel (In Rs.) Total Amount (In Rs.)
  • 18. 18 ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 1 Gross salary -- -- a) Salary as per provisions contained in section 17(1) of the Income-tax Act, 1961 -- -- b) Value of perquisites u/s 17(2) Income-tax Act, 1961 -- -- c) Profits in lieu of salary under section 17(3) Income-tax Act, 1961 -- -- 2 Stock Option -- -- 3 Sweat Equity -- -- 4 Commission - as % of profit -- -- - others, specify -- -- 5 Others, please specify -- -- Total (A) Ceiling as per the Act -- -- * The Company secretary does not draw salary from the company. VI. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES: Type Section of the Companies Act Brief Description Details of penalty/ punishment/ compounding fees imposed Authority [RD / NCLT/ COURT] Appeal made, if any (give details) A. Company Penalty None
  • 19. 19 ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Punishment Compounding B. Directors Penalty None Punishment Compounding C. Other Officers in default Penalty None Punishment Compounding For and on behalf of the Board of Directors Place: Ahmedabad Madhusudana Rao Kalagarla Date: 23.07.2020 Chairman (DIN: 08499420) Registered Office: Adani House,
  • 20. 20 ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Nr Mithakhali Circle,Navrangpura, Ahmedabad 380 009, Gujarat CIN:U45300GJ2005PTC046949 Textual information (11) Disclosure for companies covered under section 178(1) on directors appointment and remuneration including other matters provided under section 178(3) [Text Block] Policy on directors’ appointment and remuneration: The Company does not have any policy on directors’ appointment and remuneration and other matters since the provisions of Section 178 of the Companies Act, 2013 is not applicable to the Company.
  • 21. 21 ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Textual information (12) Disclosure of financial summary or highlights [Text Block] Financial Results/Highlights: (Rs. in lakhs) Particulars For the year ended 31st March, 2020 For the year ended 31st March, 2019 Revenue from operations 17,724.46 29,850.32 Other Income 2,428.67 2,835.55 Total Revenue 20,153.13 32,685.86 Less: Expenditure for the year excluding Depreciation and Amortization Exp. 20,798.30 32,390.82 Profit or (Loss) before Depreciation and Amortization Exp. (645.17) 295.04 Less: Depreciation and Amortization Exp. 7.94 7.07 Profit or (Loss) after Depreciation and Amortization Exp. But before Tax (653.10) 287.97 Tax Expense (Including Deferred Tax) 44.29 113.87 Profit or (Loss) After tax (697.39) 174.10
  • 22. 22 ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Textual information (13) Details of significant and material orders passed by regulators or courts or tribunals impacting going concern status and company’s operations in future [Text Block] Significant and material orders passed by the regulators or courts or tribunals impacting the going concern status of the Company: There are no significant and material orders passed by the Regulators or Courts or Tribunals which would impact the going concern status and the Company’s future operations Textual information (14) Details regarding adequacy of internal financial controls with reference to financial statements [Text Block] Internal financial control system and their adequacy: The Company has an adequate internal financial control system, commensurate with the size, scale and complexity of its operations. The Internal Audit Department monitors and evaluates the efficacy and adequacy of internal control system in the Company, its compliance with operating systems, accounting procedures and policies of the Company.
  • 23. 23 ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Textual information (15) Statement showing details of employees of company under rule 5(2) and (3) of companies appointment and remuneration of managerial personnels rules 2014 [Text Block] Particulars of Employees: The information required under section 197 of the Companies Act, 2013 read with rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are provided in separate “Annexure-C” forming part of this report. ANNEXURE ‘C’ TO THE DIRECTORS’ REPORT Information as per Section 197 of the Companies Act, 2013 read with Rule 5(2) of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 of Adani Infrastructure and Developers Private Limited for Financial Year 2019-20 A. Personnel who are in receipt of remuneration aggregating not less than Rs. 1.02 Crores per annum and employed throughout the year. Name Age (Years) Designation Gross remunerations (Rs.) Qualification Experience (Years) Date of Joining Previous employment Mr. Sunil Bhat 50 Head - Projects 1,14,66,835/- Bachelor of Engineering / Bachelor of Technology - B.E./B.Tech.-1990 More than 25 Years 07-01-2019 Kayjay & Associates,Oberoi Builders,Sheth Builders,Wimsor Realty Pvt Ltd B. Employed for a part of the financial year and were in receipt of remuneration for any part of the financial year at a rate which in aggregate was not less than Rs. 8.5 lacs per month. Name Age (Years) Designation Gross remunerations (Rs. In lacs) Qualification Experience (Years) Date of Joining Previous employment Not applicable
  • 24. 24 ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Notes: (1) Remuneration mentioned above includes Salary, Contribution to Provident and other funds and other perquisites. (2) The nature of employment is contractual in all the above cases. (3) None of the employees is related to any Director of the company. (4) No individual employee is holding equivalent to or more than 2% of the outstanding shares of the Company as on 31st March, 2020. [700500] Disclosures - Signatories of financial statements Details of directors signing financial statements [Table] ..(1) Unless otherwise specified, all monetary values are in INR Directors signing financial statements [Axis] 1 2 01/04/2019 to 31/03/2020 01/04/2019 to 31/03/2020 Details of signatories of financial statements [Abstract] Details of directors signing financial statements [Abstract] Details of directors signing financial statements [LineItems] Name of director signing financial statements [Abstract] First name of director LAXMIPRASAD KALAGARLA Middle name of director RAMESHWARLAL MADHUSUDANA Last name of director CHAUDHARY RAO Designation of director Director Director Director identification number of director 00006278 08499420 Date of signing of financial statements by director 23/07/2020 23/07/2020
  • 25. 25 ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 [700400] Disclosures - Auditors report Disclosure of auditor's qualification(s), reservation(s) or adverse remark(s) in auditors' report [Table] ..(1) Unless otherwise specified, all monetary values are in INR Auditor's qualification(s), reservation(s) or adverse remark(s) in auditors' report [Axis] Auditor's favourable remark [Member] Clause not applicable [Member] 01/04/2019 to 31/03/2020 01/04/2019 to 31/03/2020 Disclosure of auditor's qualification(s), reservation(s) or adverse remark(s) in auditors' report [Abstract] Disclosure of auditor's qualification(s), reservation(s) or adverse remark(s) in auditors' report [LineItems] Disclosure in auditors report relating to fixed assets As Below Disclosure relating to quantitative details of fixed assets The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets Disclosure relating to physical verification and material discrepancies of fixed assets Textual information (16) [See below] Disclosure relating to title deeds of immovable properties Company does not own any immovable properties and thus the provision of clause3(i)(c) of the said order are not applicable. Disclosure in auditors report relating to inventories Textual information (17) [See below] Disclosure in auditors report relating to loans Textual information (18) [See below] Disclosure in auditors report relating to compliance with Section 185 and 186 of Companies Act, 2013 The company has complied with provisions of section 185 and 186 of the companies Act, 2013 in respect of loans, investments, guarantees and security. Disclosure in auditors report relating to deposits accepted The Company has not accepted any deposits and thus reporting under clause 3(v) of the Order is not applicable to the Company. Disclosure in auditors report relating to maintenance of cost records Textual information (19) [See below] Disclosure in auditors report relating to statutory dues [TextBlock] As Below Disclosure relating to regularity in payment of undisputed statutory dues [TextBlock] Textual information (20) [See below] Disclosure relating to disputed statutory dues [TextBlock] Textual information (21) [See below] Disclosure in auditors report relating to default in repayment of financial dues Textual information (22) [See below] Disclosure in auditors report relating to public offer and term loans used for purpose for which those were raised Textual information (23) [See below] Disclosure in auditors report relating to fraud by the company or on the company by its officers or its employees reported during period Textual information (24) [See below] Disclosure in auditors report relating to managerial remuneration Textual information (25) [See below] Disclosure in auditors report relating to Nidhi Company The company is not a Nidhi Company. Accordingly, the provisions of Clause 3(xii) of the Order are not applicable to the Company. Disclosure in auditors report relating to transactions with related parties Textual information (26) [See below]
  • 26. 26 ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Disclosure in auditors report relating to preferential allotment or private placement of shares or convertible debentures The company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review. Disclosure in auditors report relating to non-cash transactions with directors or persons connected with him Textual information (27) [See below] Disclosure in auditors report relating to registration under section 45-IA of Reserve Bank of India Act, 1934 Textual information (28) [See below] Details regarding auditors [Table] ..(1) Unless otherwise specified, all monetary values are in INR Auditors [Axis] 1 01/04/2019 to 31/03/2020 Details regarding auditors [Abstract] Details regarding auditors [LineItems] Category of auditor Auditors firm Name of audit firm M B D & CO LLP Name of auditor signing report Deval Rajnikant Desai Firms registration number of audit firm 135129W Membership number of auditor 132426 Address of auditors 3rd Floor, Shree Krishna Center, Near Mithakhali C i r c l e , Navrangpura, Ahmedabad – 380 009. Permanent account number of auditor or auditor's firm AAWFM0149A SRN of form ADT-1 H20375267 Date of signing audit report by auditors 23/07/2020 Date of signing of balance sheet by auditors 23/07/2020 Unless otherwise specified, all monetary values are in INR 01/04/2019 to 31/03/2020 Disclosure in auditor’s report explanatory [TextBlock] Textual information (29) [See below] Whether companies auditors report order is applicable on company Yes Whether auditors' report has been qualified or has any reservations or contains adverse remarks No Textual information (16) Disclosure relating to physical verification and material discrepancies of fixed assets The fixed assets of the company have been physically verified by the management of the Company during the year and no material discrepancies between the book records and the physical assetshave been noticed.Inour opinion, the frequency of verification is reasonable. Textual information (17) Disclosure in auditors report relating to inventories Physical verification of inventory has been conducted by Management at reasonable intervals. In our opinion, the frequency of verification is reasonable. On the basis of our examination of the inventory records, in our opinion, the Company is maintaining proper records of inventory. The discrepancies noticed on physical verification of inventory as compared to book records were not material.
  • 27. 27 ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Textual information (18) Disclosure in auditors report relating to loans The Company has granted unsecured loans to two companies (out of which one is interest free) coveredin the register maintained under Section 189 of the Companies Act, 2013 (‘the Act’).(a) In our opinion and according to the information and explanations given to us, the terms and conditions of the grant of such loans are not prejudicial to the interest of the Company. The interest free loan granted by the company has been received back in full during the year.According to the information and explanations given to us and based on the audit procedures conducted by us, we are of the opinion that the rate of interest and other terms and conditions of unsecured loans granted by the Company to companies and limited liability partnerships covered in the register required to be maintained under Section 189 of the Act are not, prima facie, prejudicial to the interest of the Company.(b) The loans granted are repayable on demand and accordingly, there is no specific stipulation of the schedule of repayment of principal and interest. We are informed that no demands for repayment are pending as at the balance sheet date and there has been no default on the part of the parties to whom the money has been lent.(c) There are no overdue amounts of more than 90 days in respect of the unsecured loans granted to companies by the Company. Textual information (19) Disclosure in auditors report relating to maintenance of cost records We have broadly reviewed the books of account maintained by the Company in respect of products where, pursuant to the rules made by the Central Government of India, the maintenance of cost records has been prescribed under sub-section (1) of Section 148 of the Act, and are of the opinion that, prima facie, the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examination of the records with a view to determine whether they are accurate or complete. Textual information (20) Disclosure relating to regularity in payment of undisputed statutory dues [Text Block] According to the information and explanations given to us and the records of the Company examined by us, in our opinion, the Company is regular in depositing undisputed statutory dues including income tax, Goods and Service Tax, duty of custom, cess and other statutory dues, as applicable, with the appropriate authorities. Textual information (21) Disclosure relating to disputed statutory dues [Text Block] According to the information and explanations given to us, no undisputed amounts payable in respect of goods and services tax, cess and other material statutory dues were outstanding, at the period end, for a period of more than six months from the date they became payable. Textual information (22) Disclosure in auditors report relating to default in repayment of financial dues According to the records of the Company examined by us and the information and explanations given to us, the Company has neither defaulted in repayment of dues to financial institution or banks nor has it issued any debentures during the year.
  • 28. 28 ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Textual information (23) Disclosure in auditors report relating to public offer and term loans used for purpose for which those were raised In our opinion and according to the information and explanations provided to us, money raised by way of term loans has been applied by the Company during the year for the purposes for which they were raised, other than temporary deployment, if any, pending application of proceeds. The Company has not raised money by way of initial public offer or further public offer (including debt instruments). Textual information (24) Disclosure in auditors report relating to fraud by the company or on the company by its officers or its employees reported during period During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any fraud by the company or any fraud on the company by its officers or employees has been noticed or reported during the year nor have we been informed of any such case by the Management Textual information (25) Disclosure in auditors report relating to managerial remuneration The Company has not paid or provided any managerial remuneration. Moreover, the company is not a public company hence provision of section 197 of the Act is not applicable to the company. Accordingly the provision of Clause 3(xii) of Order are not applicable to company. Textual information (26) Disclosure in auditors report relating to transactions with related parties All the transaction with related parties are in compliance with section 177 and 188 of Companies Act, 2013 and the details have been disclosed in the Financial Statements as required by the applicable accounting standards; Textual information (27) Disclosure in auditors report relating to non-cash transactions with directors or persons connected with him According to the information and explanations given to us and the records of the Company examined by us, the company has not entered into any non-cash transactions with directors or any person connected to him. Textual information (28) Disclosure in auditors report relating to registration under section 45-IA of Reserve Bank of India Act, 1934 The company is not required to be registered under sections 45-IA of the Reserve Bank of India Act, 1934. Accordingly, the provisions of Clause 3(xvi) of the Order are not applicable to the Company.
  • 29. 29 ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Textual information (29) Disclosure in auditor’s report explanatory [Text Block] INDEPENDENT AUDITORS REPORT To the Members of Adani Estates Private Limited Report on the Indian Accounting Standards (Ind AS) Financial Statements Opinion We have audited the accompanying financial statements of Adani Estates Private Limited (the Company); having CIN U45300GJ2005PTC046949, which comprise the Balance Sheet as at March 31, 2020, the Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow Statement and the Statement of Changes in Equity for the year ended, and a summary of significant accounting policies and other explanatory information, which we have signed under reference to this report. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Ind AS financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2020, and its loss (including other comprehensive income), its cash flows and the changes in equity for the year ended on that date. Basis of Opinion We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Emphasis of Matter We draw your attention to Note 40 to the Standalone Financial Statements which explains the managements assessment of the financial impact due to the lock-down and other restrictions and conditions related to COVID-19 pandemic situation, for which a definitive assessment of the impact in the subsequent period is highly dependent upon circumstances as they evolve. Our opinion is not modified in respect of this matter. Managements Responsibility for the Ind AS Financial Statements
  • 30. 30 ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 The Companys Board of Directors is responsible for matters stated in Section 134(5) of the companies Act, 2013 (the Act) with respect to the preparation of these Ind AS financial statements that give a true and fair view of the financial position, financial performance (including other comprehensive income), cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards specified in the Companies (Indian Accounting Standards) Rules, 2015 (as amended) under Section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. Auditors Responsibility Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Companies Act, 2013, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls system in place and the operating effectiveness of such controls. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Companys ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
  • 31. 31 ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Report on Other Legal and Regulatory Requirements 1. As required by the Companies (Auditors Report) Order, 2016 (the order) issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act 2013, and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure A a statement on the matters specified in paragraphs 3 and 4 of the Order. 2. As required by section 143 (3) of the Act, we report that: (a) We have sought and obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the purpose of our audit; (b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books; (c) The Balance Sheet, Statement of Profit and Loss (including other comprehensive income), and Cash Flow Statement dealt with by this Report are in agreement with the books of account; (d) In our opinion, the aforesaid standalone Ind AS financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. (e) On the basis of written representations received from the directors as on March 31, 2020, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2020, from being appointed as a director in terms of Section 164 (2) of the Act. (f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in Annexure B. (g) The company is not a public company hence provision of section 197 of the Act is not applicable to the company. (h) With respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us: i. The Company does not have any pending litigation which would impact its financial position. ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
  • 32. 32 ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company during the year ended March 31, 2020. Report on the Internal Financial Controls under Clause (i) of Sub-section 3 ofSection 143 of the Companies Act, 2013 We have audited the internal financial controls over financial reporting of Adani Estate Private Limited (“the Company”) as of March 31, 2020 in conjunction with our audit of thestandalone financial statements of the Company for the year ended on that date. Management’s Responsibility for Internal Financial Controls The Company’s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control stated inthe Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued bythe Institute of Chartered Accountants of India (ICAI). These responsibilities include the design,implementation and maintenance of adequate internal financial controls that were operatingeffectively for ensuring the orderly and efficient conduct of its business, including adherence tocompany’s policies, the safeguarding of its assets, the prevention and detection of frauds anderrors, the accuracy and completeness of the accounting records, and the timely preparation ofreliable financial information, as required under the Act. Auditors’ Responsibility Our responsibility is to express an opinion on the Company's internal financial controls overfinancial reporting based on our audit. We conducted our audit in accordance withthe Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the“Guidance Note”) and the Standards on Auditing deemed to be prescribedunder section 143(10) of the Act to the extent applicable to an audit ofinternal financial controls, bothapplicable to an audit of internal financial controls and both issued by the ICAI. Those Standards and the GuidanceNote require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financialreporting was established and maintained and if such controls operated effectively in all materialrespects. Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operating effectiveness.Our audit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting, assessing the risk that amaterial weakness exists, and testing and evaluating the design and operating effectiveness ofinternal control based on the assessed risk. The procedures selected depend on the auditor’sjudgement, including the assessment of the risks of material misstatement of the financialstatements, whether due to fraud or error. We believe that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion on the Company’s
  • 33. 33 ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 internal financial controls system overfinancial reporting. Meaning of Internal Financial Controls over Financial Reporting A company's internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation offinancial statements for external purposes in accordance with generally accepted accountingprinciples. Acompany's internal financial control over financial reporting includes those policiesand procedures that (1) pertain to the maintenance of records that, in reasonable detail,accurately and fairly reflect the transactions and dispositions of the assets of the company; (2)provide reasonable assurance that transactions are recorded as necessary to permit preparationof financial statements in accordance with generally accepted accounting principles, and thatreceipts and expenditures of the company are being made only in accordance withauthorizations of management and directors of the company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorised acquisition, use, ordisposition of the company's assets that could have a material effect on the financial statements. Inherent Limitations of Internal Financial Controls over Financial Reporting Because of the inherent limitations of internal financial controls over financial reporting, includingthe possibility of collusion or improper management override of controls, material misstatementsdue to error or fraud may occur and not be detected. Also, projections of any evaluation of theinternal financial controls over financial reporting to future periods are subject to the risk that theinternal financial control over financial reporting may become inadequate because of changes inconditions, or that the degree of compliance with the policies or procedures may deteriorate. Opinion In our opinion, the Company has, in all material respects, an adequate internal financialcontrols system over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 31, 2020 based on theinternal control over financial reporting criteria established by the Company considering theessential components of internal control stated in the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.
  • 34. 34 ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 [700700] Disclosures - Secretarial audit report Unless otherwise specified, all monetary values are in INR 01/04/2019 to 31/03/2020 Disclosure in secretarial audit report explanatory [TextBlock] Whether secretarial audit report is applicable on company No Whether secretarial audit report has been qualified or has any observation or other remarks No
  • 35. 35 ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 [110000] Balance sheet Unless otherwise specified, all monetary values are in INR 31/03/2020 31/03/2019 31/03/2018 Balance sheet [Abstract] Assets [Abstract] Non-current assets [Abstract] Property, plant and equipment 17,09,347 21,06,973 Capital work-in-progress 0 3,06,716 Other intangible assets 0 248 Non-current financial assets [Abstract] Non-current investments 0 0 Loans, non-current 0 0 Total non-current financial assets 0 0 Other non-current assets (A) 31,48,76,685 (B) 34,28,66,311 Total non-current assets 31,65,86,032 34,52,80,248 Current assets [Abstract] Inventories 104,10,12,260 235,92,61,336 Current financial assets [Abstract] Current investments 0 0 Trade receivables, current 7,77,13,513 1,45,87,385 Cash and cash equivalents 71,32,860 3,02,14,525 Bank balance other than cash and cash equivalents 2,98,71,669 3,25,673 Loans, current 673,10,73,290 782,11,47,543 Other current financial assets 1,01,89,999 63,60,456 Total current financial assets 685,59,81,331 787,26,35,582 Other current assets 77,27,06,484 105,98,13,268 Total current assets 866,97,00,075 1,129,17,10,186 Total assets 898,62,86,107 1,163,69,90,434 Equity and liabilities [Abstract] Equity [Abstract] Equity attributable to owners of parent [Abstract] Equity share capital 10,00,00,000 10,00,00,000 10,00,00,000 Other equity (C) 626,90,42,657 (D) 633,88,30,262 Total equity attributable to owners of parent 636,90,42,657 643,88,30,262 Non controlling interest 0 0 Total equity 636,90,42,657 643,88,30,262 Liabilities [Abstract] Non-current liabilities [Abstract] Non-current financial liabilities [Abstract] Borrowings, non-current 51,35,55,911 59,80,25,417 Total non-current financial liabilities 51,35,55,911 59,80,25,417 Provisions, non-current 1,44,52,276 1,04,37,487 Total non-current liabilities 52,80,08,187 60,84,62,904 Current liabilities [Abstract] Current financial liabilities [Abstract] Borrowings, current 53,80,02,665 176,57,53,452 Trade payables, current (E) 18,53,20,386 (F) 34,78,64,413 Other current financial liabilities 131,72,14,709 244,41,93,873 Total current financial liabilities 204,05,37,760 455,78,11,738 Other current liabilities 4,70,63,745 3,05,73,715 Provisions, current 16,33,758 13,11,815 Total current liabilities 208,92,35,263 458,96,97,268 Total liabilities 261,72,43,450 519,81,60,172 Total equity and liabilities 898,62,86,107 1,163,69,90,434 Footnotes (A) Income Tax Assets (Net) : 94632686 Deferred Tax Assets (Net) : 0 Other Non-current Assets : 220243999 (B) Income Tax Assets (Net) : 64290549 Deferred Tax Assets (Net) : 2621863 Other Non-current Assets : 275953899 (C) Instrument Entirely Equity in Nature : 6094569800 Other Equity : 174472857 (D) Instrument Entirely Equity in Nature : 6094569800 Other Equity : 244260462 (E) - micro enterprise & small enterprise : 1535398 - other than micro enterprises & small enterprises : 183784988 (F) - micro enterprise & small enterprise : 20606492 - other than micro enterprises & small enterprises : 327257921
  • 36. 36 ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 [210000] Statement of profit and loss Earnings per share [Table] ..(1) Unless otherwise specified, all monetary values are in INR Classes of equity share capital [Axis] Equity shares 1 [Member] 01/04/2019 to 31/03/2020 01/04/2018 to 31/03/2019 Statement of profit and loss [Abstract] Earnings per share [Abstract] Earnings per share [Line items] Basic earnings per share [Abstract] Basic earnings (loss) per share from continuing operations [INR/shares] -6.97 [INR/shares] 1.74 Basic earnings (loss) per share from discontinued operations [INR/shares] 0 Total basic earnings (loss) per share [INR/shares] -6.97 [INR/shares] 1.74 Diluted earnings per share [Abstract] Diluted earnings (loss) per share from continuing operations [INR/shares] -0.69 [INR/shares] 0.17 Diluted earnings (loss) per share from discontinued operations [INR/shares] 0 Total diluted earnings (loss) per share [INR/shares] -0.69 [INR/shares] 0.17
  • 37. 37 ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Unless otherwise specified, all monetary values are in INR 01/04/2019 to 31/03/2020 01/04/2018 to 31/03/2019 Statement of profit and loss [Abstract] Income [Abstract] Revenue from operations 177,24,46,174 298,50,31,782 Other income 24,28,67,149 28,35,54,510 Total income 201,53,13,323 326,85,86,292 Expenses [Abstract] Cost of materials consumed 130,99,39,824 288,74,65,811 Changes in inventories of finished goods, work-in-progress and stock-in-trade 0 0 Employee benefit expense 16,35,58,993 7,33,86,446 Finance costs 37,30,62,824 18,41,25,515 Depreciation, depletion and amortisation expense 7,94,089 7,07,359 Other expenses 23,32,67,922 9,41,04,250 Total expenses 208,06,23,652 323,97,89,381 Profit before exceptional items and tax -6,53,10,329 2,87,96,911 Total profit before tax -6,53,10,329 2,87,96,911 Tax expense [Abstract] Current tax (A) 44,29,003 (B) 1,13,87,057 Total tax expense 44,29,003 1,13,87,057 Total profit (loss) for period from continuing operations -6,97,39,332 1,74,09,854 Total profit (loss) for period -6,97,39,332 1,74,09,854 Comprehensive income OCI components presented net of tax [Abstract] Whether company has other comprehensive income OCI components presented net of tax No No Other comprehensive income net of tax [Abstract] Components of other comprehensive income that will not be reclassified to profit or loss, net of tax [Abstract] Other comprehensive income, net of tax, gains (losses) on remeasurements of defined benefit plans -48,273 1,11,835 Total other comprehensive income that will not be reclassified to profit or loss, net of tax -48,273 1,11,835 Total other comprehensive income -48,273 1,11,835 Total comprehensive income -6,97,87,605 1,75,21,689 Comprehensive income OCI components presented before tax [Abstract] Whether company has comprehensive income OCI components presented before tax No No Other comprehensive income before tax [Abstract] Total other comprehensive income -48,273 1,11,835 Total comprehensive income -6,97,87,605 1,75,21,689 Earnings per share explanatory [TextBlock] Earnings per share [Abstract] Basic earnings per share [Abstract] Diluted earnings per share [Abstract] Footnotes (A) Current Tax : 842688 Adjustment of earlier years : 3586315 (B) Current Tax : 10336493 Adjustment of earlier years : 1050564
  • 38. 38 ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 [400200] Statement of changes in equity Statement of changes in equity [Table] ..(1) Unless otherwise specified, all monetary values are in INR Components of equity [Axis] Equity [Member] Equity attributable to the equity holders of the parent [Member] 01/04/2019 to 31/03/2020 01/04/2018 to 31/03/2019 31/03/2018 01/04/2019 to 31/03/2020 Other equity [Abstract] Statement of changes in equity [Line items] Equity [Abstract] Changes in equity [Abstract] Comprehensive income [Abstract] Profit (loss) for period -6,97,39,332 1,74,09,854 -6,97,39,332 Changes in comprehensive income components -48,273 1,11,835 -48,273 Total comprehensive income -6,97,87,605 1,75,21,689 -6,97,87,605 Total increase (decrease) in equity -6,97,87,605 1,75,21,689 -6,97,87,605 Other equity at end of period 626,90,42,657 633,88,30,262 632,13,08,573 626,90,42,657 Statement of changes in equity [Table] ..(2) Unless otherwise specified, all monetary values are in INR Components of equity [Axis] Equity attributable to the equity holders of the parent [Member] Equity component of financial instrument [Member] 01/04/2018 to 31/03/2019 31/03/2018 01/04/2019 to 31/03/2020 01/04/2018 to 31/03/2019 Other equity [Abstract] Statement of changes in equity [Line items] Equity [Abstract] Changes in equity [Abstract] Comprehensive income [Abstract] Profit (loss) for period 1,74,09,854 0 0 Changes in comprehensive income components 1,11,835 Total comprehensive income 1,75,21,689 0 0 Total increase (decrease) in equity 1,75,21,689 0 0 Other equity at end of period 633,88,30,262 632,13,08,573 609,45,69,800 609,45,69,800 Statement of changes in equity [Table] ..(3) Unless otherwise specified, all monetary values are in INR Components of equity [Axis] Equity component of financial instrument [Member] Reserves [Member] 31/03/2018 01/04/2019 to 31/03/2020 01/04/2018 to 31/03/2019 31/03/2018 Other equity [Abstract] Statement of changes in equity [Line items] Equity [Abstract] Changes in equity [Abstract] Comprehensive income [Abstract] Profit (loss) for period -6,97,39,332 1,74,09,854 Changes in comprehensive income components -48,273 1,11,835 Total comprehensive income -6,97,87,605 1,75,21,689 Total increase (decrease) in equity -6,97,87,605 1,75,21,689 Other equity at end of period (A) 609,45,69,800 17,44,72,857 24,42,60,462 22,67,38,773
  • 39. 39 ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Footnotes (A) 0 % Compulsorily Convertible Debentures classified as Equity (Refer Note Below) Note: 6,09,45,698 Compulsorily Convertible Debentures (CCD) each of face value of Rs. 100/- each. The original Debenture Subscription Agreement dated June 06, 2012 provided that 'simple interest rate per annum payable on half yearly basis' to be mutually agreed at the time of allotment, supplement agreement dated August 6,2012 provided 9% rate of interest for the same. However, supplementary agreement dated September 10, 2012 for the same provided that the discretion to pay interest by the Investee Company shall depend on the viability and visibility of the project, to the satisfaction of the Investee Company. Accordingly company has decided not to provide/pay interest in the current financial year. The Conversion period shall be on expiry of 3 years from the date of issuance of the Investor's CCDs, extendable for further 3 additional one years with the mutual consent of the parties. vide Agreement dated June 06, 2012, supplementary agreement dated September 10, 2012 for the same provided that the Investor is entitled to 10,15,35,533 no of Equity Shares after conversion. The company vide agreement date 5th June,2015 agreed to amend and extend the conversion period of three additional one year period of conversion as mentioned under clause (i) of the Annexure 1 of the original agreement and the period of converting the CCD's into Equity shares of the company under the original agreement is now agreed and extended until 5th June ,2018 and that the CCDs have been converted into the Equity Shares of the company at anytime within said extended period of 3 years. Statement of changes in equity [Table] ..(4) Unless otherwise specified, all monetary values are in INR Components of equity [Axis] Retained earnings [Member] Other retained earning [Member] 01/04/2019 to 31/03/2020 01/04/2018 to 31/03/2019 31/03/2018 01/04/2019 to 31/03/2020 Other equity [Abstract] Statement of changes in equity [Line items] Equity [Abstract] Changes in equity [Abstract] Comprehensive income [Abstract] Profit (loss) for period -6,97,39,332 1,74,09,854 -6,97,39,332 Changes in comprehensive income components -48,273 1,11,835 -48,273 Total comprehensive income -6,97,87,605 1,75,21,689 -6,97,87,605 Total increase (decrease) in equity -6,97,87,605 1,75,21,689 -6,97,87,605 Other equity at end of period 17,44,72,857 24,42,60,462 22,67,38,773 17,44,72,857 Statement of changes in equity [Table] ..(5) Unless otherwise specified, all monetary values are in INR Components of equity [Axis] Other retained earning [Member] 01/04/2018 to 31/03/2019 31/03/2018 Other equity [Abstract] Statement of changes in equity [Line items] Equity [Abstract] Changes in equity [Abstract] Comprehensive income [Abstract] Profit (loss) for period 1,74,09,854 Changes in comprehensive income components 1,11,835 Total comprehensive income 1,75,21,689 Total increase (decrease) in equity 1,75,21,689 Other equity at end of period 24,42,60,462 22,67,38,773
  • 40. 40 ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 [320000] Cash flow statement, indirect Unless otherwise specified, all monetary values are in INR 01/04/2019 to 31/03/2020 01/04/2018 to 31/03/2019 31/03/2018 Statement of cash flows [Abstract] Whether cash flow statement is applicable on company Yes Yes Cash flows from used in operating activities [Abstract] Profit before tax -6,53,10,329 2,87,96,911 Adjustments for reconcile profit (loss) [Abstract] Adjustments for finance costs 37,30,62,824 18,41,25,515 Adjustments for decrease (increase) in inventories 131,82,49,076 296,68,12,145 Adjustments for decrease (increase) in trade receivables, current -6,31,26,129 58,67,82,006 Adjustments for decrease (increase) in other current assets 28,71,06,784 -84,58,74,495 Adjustments for other financial assets, current -22,81,080 -6,00,760 Adjustments for increase (decrease) in trade payables, current -16,25,44,027 4,35,65,159 Adjustments for increase (decrease) in other current liabilities 1,64,90,030 -57,44,70,034 Adjustments for depreciation and amortisation expense 7,94,088 7,07,359 Adjustments for other financial liabilities, current -1,35,65,633 -2,87,13,814 Other adjustments to reconcile profit (loss) (A) -23,83,46,196 (B) -26,92,62,106 Other adjustments for non-cash items (C) 42,88,459 (D) -9,96,131 Total adjustments for reconcile profit (loss) 152,01,28,196 206,20,74,844 Net cash flows from (used in) operations 145,48,17,867 209,08,71,755 Income taxes paid (refund) 3,21,49,276 1,74,94,367 Net cash flows from (used in) operating activities 142,26,68,591 207,33,77,388 Cash flows from used in investing activities [Abstract] Purchase of property, plant and equipment 89,499 7,42,307 Proceeds from sales of investment property 0 37,66,432 Interest received 23,67,97,733 26,90,69,981 Other inflows (outflows) of cash (E) 111,62,38,158 (F) -334,91,48,504 Net cash flows from (used in) investing activities 135,29,46,392 -307,70,54,398 Cash flows from used in financing activities [Abstract] Proceeds from borrowings (G) 23,27,39,624 (H) 185,54,75,848 Repayments of borrowings (I) 267,29,82,357 (J) 30,86,24,605 Interest paid 35,84,53,915 52,36,43,746 Net cash flows from (used in) financing activities -279,86,96,648 102,32,07,497 Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes -2,30,81,665 1,95,30,487 Net increase (decrease) in cash and cash equivalents -2,30,81,665 1,95,30,487 Cash and cash equivalents cash flow statement at end of period 71,32,860 3,02,14,525 1,06,84,038 Footnotes (A) Profit on Sale of Fixed Assets : 0 Interest income : -238346196 (B) Profit on Sale of Fixed Assets : -191924 Interest income : -269070182 (C) Provisions : 4288459 (D) Provisions : -996131 (E) Loans (Given to) / Received Back (Net) : 1145784154 Change in Bank Deposit (Other than Cash equivalent) : -29545996 (F) Loans (Given to) / Received Back (Net) : -3349131032 Change in Bank Deposit (Other than Cash equivalent) : -17472 (G) Proceeds/(Repayment) from short-term borrowings (Net) : -1175813727 Proceeds from Long Term Borrowings : 1408553351 (H) Proceeds/(Repayment) from short-term borrowings (Net) : 1240475848 Proceeds from Long Term Borrowings : 615000000 (I) Repayment of Long Term Borrowing : 2672982357 (J) Repayment of Long Term Borrowing : 308624605
  • 41. 41 ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 [610100] Notes - List of accounting policies Unless otherwise specified, all monetary values are in INR 01/04/2019 to 31/03/2020 01/04/2018 to 31/03/2019 Disclosure of significant accounting policies [TextBlock] Textual information (30) [See below] As Below
  • 42. 42 ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Textual information (30) Disclosure of significant accounting policies [Text Block] Corporate information The company having CIN U45300GJ2005PTC046949, has been incorporated on 20.10.2005 with the object to developing, appraising, maintaining, operating, and marketing of real estate property. The company had developed Project named "Western Heights" & "Inspire Hub" comprising of residential and Commercial Units. The Company had also received Occupancy Certificate for both the projects. Significant accounting policies Statement of compliance The Financial Statements have been prepared in accordance with Indian Accounting Standards (Ind AS) as per The Companies (Indian Accounting Standards), Rules, 2015 notified under section 133 of The Companies Act, 2013 (the Act) an other relevant provisions of the Act. Current versus non-current classification The Company presents assets and liabilities in the balance sheet based on current/ non-current classification. An asset is treated as current when it is: i) Expected to be realized or intended to be sold or consumed in normal operating cycle ii) Held primarily for the purpose of trading iii) Expected to be realized within thirty six months after the reporting period, or iv) Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least thirty six months after the reporting period All other assets are classified as non-current. A liability is current when: i) It is expected to be settled in normal operating cycle ii) It is held primarily for the purpose of trading iii) It is due to be settled within thirty six months after the reporting period, or iv) There is no unconditional right to defer the settlement of the liability for at least thirty six months after the reporting period
  • 43. 43 ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 The Company classifies all other liabilities as non-current. Deferred tax assets and liabilities are classified as non-current assets and liabilities respectively. The operating cycle is the time between the acquisition of assets for processing and their realization in cash and cash equivalents. The Company has identified thirty six months as its operating cycle. Inventories Costs of construction / development expenditure incurred on the Projects are accumulated under Construction Work-in-progress and the same is valued at cost or net realizable value, whichever is lower. Construction / development expenditure includes all direct and indirect expenditure incurred on development of land / construction at site, overheads relating to site management and administration, allocated interest and expenses incidental to the projects undertaken by the Company. Net realisable value has been determined based on prevailing average sale price of the property sold during the year as reduced by future estimated cost of completion to be incurred as determined by the management with the help of technical experts based on percentage of completion. Such expenses are accumulated under head "Construction Work-In-Progress" till Building Use permission is received. After Building Use (BU) permission subsequent expenses are being charged off to Profit & Loss Account. After receiving BU permission unsold inventories are being treated as Finished Goods and is valued at cost or net realisable value whichever is lower. Stores and Construction Materials are valued at lower of cost or net realisable value. cost includes cost of purchase and other expenses incurred in bringing them to their respective present location and condition. Cost is determined using Weighted Average Method of Inventory Valuation. Estimates, Judgments and assumptions The preparation of the Company’s Ind AS Financial Statements requires management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Company based its assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Company. Such changes are reflected in the assumptions when they occur.
  • 44. 44 ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 i) Impairment of non-financial assets Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data for similar assets or observable market prices less incremental costs for disposing of the asset. The value in use calculation is based on a DCF model. The cash flows are derived from the budget for the next five years and do not include restructuring activities that The Company is not yet committed to or significant future investments that will enhance the asset’s performance being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. These estimates are most relevant to goodwill and other intangibles with indefinite useful lives recognised by the Company. ii) Taxes Deferred tax assets are recognised for unused tax credits to the extent that there is virtual certainty that probable that taxable profit will be available against which the credits can be utilised. Significant management judgment is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits together with future tax planning strategies. iii) Defined benefit plans (gratuity benefits) The cost of defined benefit gratuity plan and the present value of the gratuity obligation are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These includes the determination of discount rate, future salary increases and mortality rates. Due to complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date. iv) Fair value measurement of financial instruments When the fair values of financial assets and financial liabilities recorded in the balance sheet cannot be measured based on quoted prices in active markets, their fair value is measured using valuation techniques including the DCF model. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgment is required in establishing fair values. Judgments include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about these factors could affect the reported fair value of financial instruments. iv) Contract Price Contract price is determined after taking into consideration, including but not limited to, about direct / indirect cost to be incurred till completion of project, time value of money, estimate in increase in price. The company is required to made judgments, estimates and assumptions that affect that may effect determination of contract price. Uncertainty about these assumptions and estimates could result in outcomes that may require a material adjustment to the contract price in future periods. Though other Indian Accounting Standards also apply to the company by virtue of The Companies (Indian Accounting Standards), Rules, 2015 notified under section 133 of The Companies Act, 2013 (the Act) an other relevant provisions of the Act, no disclosure for the same is being made as the company has not done any transaction to which the said Accounting Standards apply.
  • 45. 45 ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 [610200] Notes - Corporate information and statement of IndAs compliance Unless otherwise specified, all monetary values are in INR 01/04/2019 to 31/03/2020 01/04/2018 to 31/03/2019 Disclosure of corporate information notes and other explanatory information [TextBlock] Statement of Ind AS compliance [TextBlock] As Below As Below Whether there is any departure from Ind AS No No Whether there are reclassifications to comparative amounts No No Description of reason why reclassification of comparative amounts is impracticable NA NA Description of nature of necessary adjustments to provide comparative information NA NA Disclosure of significant accounting policies [TextBlock] Textual information (31) [See below] As Below
  • 46. 46 ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Textual information (31) Disclosure of significant accounting policies [Text Block] Corporate information The company having CIN U45300GJ2005PTC046949, has been incorporated on 20.10.2005 with the object to developing, appraising, maintaining, operating, and marketing of real estate property. The company had developed Project named "Western Heights" & "Inspire Hub" comprising of residential and Commercial Units. The Company had also received Occupancy Certificate for both the projects. Significant accounting policies Statement of compliance The Financial Statements have been prepared in accordance with Indian Accounting Standards (Ind AS) as per The Companies (Indian Accounting Standards), Rules, 2015 notified under section 133 of The Companies Act, 2013 (the Act) an other relevant provisions of the Act. Current versus non-current classification The Company presents assets and liabilities in the balance sheet based on current/ non-current classification. An asset is treated as current when it is: i) Expected to be realized or intended to be sold or consumed in normal operating cycle ii) Held primarily for the purpose of trading iii) Expected to be realized within thirty six months after the reporting period, or iv) Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least thirty six months after the reporting period All other assets are classified as non-current. A liability is current when: i) It is expected to be settled in normal operating cycle ii) It is held primarily for the purpose of trading iii) It is due to be settled within thirty six months after the reporting period, or iv) There is no unconditional right to defer the settlement of the liability for at least thirty six months after the reporting period
  • 47. 47 ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 The Company classifies all other liabilities as non-current. Deferred tax assets and liabilities are classified as non-current assets and liabilities respectively. The operating cycle is the time between the acquisition of assets for processing and their realization in cash and cash equivalents. The Company has identified thirty six months as its operating cycle. Inventories Costs of construction / development expenditure incurred on the Projects are accumulated under Construction Work-in-progress and the same is valued at cost or net realizable value, whichever is lower. Construction / development expenditure includes all direct and indirect expenditure incurred on development of land / construction at site, overheads relating to site management and administration, allocated interest and expenses incidental to the projects undertaken by the Company. Net realisable value has been determined based on prevailing average sale price of the property sold during the year as reduced by future estimated cost of completion to be incurred as determined by the management with the help of technical experts based on percentage of completion. Such expenses are accumulated under head "Construction Work-In-Progress" till Building Use permission is received. After Building Use (BU) permission subsequent expenses are being charged off to Profit & Loss Account. After receiving BU permission unsold inventories are being treated as Finished Goods and is valued at cost or net realisable value whichever is lower. Stores and Construction Materials are valued at lower of cost or net realisable value. cost includes cost of purchase and other expenses incurred in bringing them to their respective present location and condition. Cost is determined using Weighted Average Method of Inventory Valuation. Estimates, Judgments and assumptions The preparation of the Company’s Ind AS Financial Statements requires management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Company based its assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Company. Such changes are reflected in the assumptions when they occur.
  • 48. 48 ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 i) Impairment of non-financial assets Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data for similar assets or observable market prices less incremental costs for disposing of the asset. The value in use calculation is based on a DCF model. The cash flows are derived from the budget for the next five years and do not include restructuring activities that The Company is not yet committed to or significant future investments that will enhance the asset’s performance being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. These estimates are most relevant to goodwill and other intangibles with indefinite useful lives recognised by the Company. ii) Taxes Deferred tax assets are recognised for unused tax credits to the extent that there is virtual certainty that probable that taxable profit will be available against which the credits can be utilised. Significant management judgment is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits together with future tax planning strategies. iii) Defined benefit plans (gratuity benefits) The cost of defined benefit gratuity plan and the present value of the gratuity obligation are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These includes the determination of discount rate, future salary increases and mortality rates. Due to complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date. iv) Fair value measurement of financial instruments When the fair values of financial assets and financial liabilities recorded in the balance sheet cannot be measured based on quoted prices in active markets, their fair value is measured using valuation techniques including the DCF model. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgment is required in establishing fair values. Judgments include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about these factors could affect the reported fair value of financial instruments. iv) Contract Price Contract price is determined after taking into consideration, including but not limited to, about direct / indirect cost to be incurred till completion of project, time value of money, estimate in increase in price. The company is required to made judgments, estimates and assumptions that affect that may effect determination of contract price. Uncertainty about these assumptions and estimates could result in outcomes that may require a material adjustment to the contract price in future periods. Though other Indian Accounting Standards also apply to the company by virtue of The Companies (Indian Accounting Standards), Rules, 2015 notified under section 133 of The Companies Act, 2013 (the Act) an other relevant provisions of the Act, no disclosure for the same is being made as the company has not done any transaction to which the said Accounting Standards apply.
  • 49. 49 ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 [610300] Notes - Accounting policies, changes in accounting estimates and errors Unless otherwise specified, all monetary values are in INR 01/04/2019 to 31/03/2020 01/04/2018 to 31/03/2019 Disclosure of changes in accounting policies, accounting estimates and errors [TextBlock] Disclosure of initial application of standards or interpretations [TextBlock] Whether initial application of an Ind AS has an effect on the current period or any prior period No No Disclosure of voluntary change in accounting policy [TextBlock] Whether there is any voluntary change in accounting policy No No Disclosure of changes in accounting estimates [TextBlock] Whether there are changes in acounting estimates during the year No No [400600] Notes - Property, plant and equipment Disclosure of additional information about property plant and equipment [Table] ..(1) Unless otherwise specified, all monetary values are in INR Classes of property, plant and equipment [Axis] Plant and equipment [Member] Other plant and equipment [Member] Sub classes of property, plant and equipment [Axis] Owned and leased assets [Member] Owned and leased assets [Member] 01/04/2019 to 31/03/2020 01/04/2018 to 31/03/2019 01/04/2019 to 31/03/2020 01/04/2018 to 31/03/2019 Disclosure of additional information about property plant and equipment [Abstract] Disclosure of additional information about property plant and equipment [Line items] Depreciation method, property, plant and equipment Refer to child member Refer to child member Refer to child member Refer to child member Useful lives or depreciation rates, property, plant and equipment Refer to child member Refer to child member Refer to child member Refer to child member Whether property, plant and equipment are stated at revalued amount No No No No Disclosure of additional information about property plant and equipment [Table] ..(2) Unless otherwise specified, all monetary values are in INR Classes of property, plant and equipment [Axis] Other plant and equipment [Member] Furniture and fixtures [Member] Sub classes of property, plant and equipment [Axis] Owned assets [Member] Owned and leased assets [Member] 01/04/2019 to 31/03/2020 01/04/2018 to 31/03/2019 01/04/2019 to 31/03/2020 01/04/2018 to 31/03/2019 Disclosure of additional information about property plant and equipment [Abstract] Disclosure of additional information about property plant and equipment [Line items] Depreciation method, property, plant and equipment SLM SLM Refer to child member Refer to child member Useful lives or depreciation rates, property, plant and equipment A S P E R SCHEDULE-II A S P E R SCHEDULE-II A S P E R SCHEDULE-II A S P E R SCHEDULE-II Whether property, plant and equipment are stated at revalued amount No No No No