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Adani Infrastructure and Management Services 2020 Annual Report.pdf

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ADANI INFRASTRUCTURE MANAGEMENT SERVICES 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 Crores of INR
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Name of company
ADANI INFRASTRUCTURE
MANAGEMENT SERVICES
LIMITED
Corporate identity number U74999GJ2017PLC097813
Permanent account number of entity AAPCA6798M
Address of registered office of company
Adani Corporate House,
Shantigram, , Near
Vaishno Devi Circle, S.
G. Highway, Khodiyar, ,
Ahmedabad , GUJARAT ,
INDIA - 382421
Type of industry
Commercial and
Industrial
Date of board meeting when final accounts were approved 28/10/2020
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 Crores
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)
P l o t N o - B - 7
, S e c t o r - 1 3 2 ,
Noida (UP). 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)
Uttar Pradesh.
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 Crores of 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]
Description of product or service category
Textual information
(1) [See below]
Turnover of product or service category 506.64
Description of product or service
Textual information
(2) [See below]
Turnover of highest contributing product or service 506.64
2
ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020
Textual information (1)
Description of product or service category
providing services of Operations and Maintenance to the Companies engaged in the Infrastructure Development Businesses including but not
limited to generation and distribution of Thermal Power, generation and distribution of Renewable Power, Setting up of Transmission
systems, development of Roads, Development of Ports facility and all other infrastructural facilities.
Textual information (2)
Description of product or service
providing services of Operations and Maintenance to the Companies engaged in the Infrastructure Development Businesses including but not
limited to generation and distribution of Thermal Power, generation and distribution of Renewable Power, Setting up of Transmission
systems, development of Roads, Development of Ports facility and all other infrastructural facilities.
[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 Crores of 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/erection
and maintenance of
p o w e r ,
telecommunication
and transmission
lines
Description of main product/service
Construction/erection
and maintenance of
p o w e r ,
telecommunication
and transmission
lines
NIC code of product/service 42202
Percentage to total turnover of company 100.00%
Details of directors signing board report [Table] ..(1)
Unless otherwise specified, all monetary values are in Crores of 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 ANIL KUMAR
Last name of director GUPTA
Designation of director DIRECTOR
Director identification number of director 06859132
Date of signing board report 28/10/2020
3
ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020
Unless otherwise specified, all monetary values are in Crores of INR
01/04/2019
to
31/03/2020
Disclosure in board of directors report explanatory [TextBlock]
Textual information (3)
[See below]
Description of state of companies affair
Textual information (4)
[See below]
Disclosure relating to amounts if any which is proposed to carry to any
reserves
I n o r d e r t o c o n s e r v e
r e s o u r c e s f o r
operational purposes as
w e l l a s e x p a n s i o n o f
business, your Directors
have not recommended any
R e s e r v e f o r t h e
year.
Disclosures relating to amount recommended to be paid as dividend
I n o r d e r t o c o n s e r v e
r e s o u r c e s f o r
operational purposes as
w e l l a s e x p a n s i o n o f
business, your Directors
have not recommended any
dividend on equity shares
f o r t h e
year.
Details regarding energy conservation
Textual information (5)
[See below]
Details regarding technology absorption
Textual information (6)
[See below]
Details regarding foreign exchange earnings and outgo
( R s . I n
Crores) Particulars 2019-20 2018-19 Foreign
e x c h a n g e e a r n e d
- - - - F o r e i g n
e x c h a n g e o u t g o
4.39 155.63
Disclosures in director’s responsibility statement
Textual information (7)
[See below]
Details of material changes and commitment occurred during period
affecting financial position of company
Textual information (8)
[See below]
Particulars of loans guarantee investment under section 186 [TextBlock]
Textual information (9)
[See below]
Particulars of contracts/arrangements with related parties under section
188(1) [TextBlock]
Textual information (10)
[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
Disclosure of extract of annual return as provided under section 92(3)
[TextBlock]
Textual information (11)
[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]
Name of company
ADANI INFRASTRUCTURE
MANAGEMENT SERVICES
LIMITED
Details of shareholding pattern of top 10 shareholders [Abstract]
Disclosure of statement on declaration given by independent directors
under section 149(6) [TextBlock]
N O T
APPLICABLE
Disclosure for companies covered under section 178(1) on
directors appointment and remuneration including other matters
provided under section 178(3) [TextBlock]
N O T
APPLICABLE
Disclosure of statement on development and implementation of risk
management policy [TextBlock]
Textual information (12)
[See below]
Details on policy development and implementation by company on
corporate social responsibility initiatives taken during year
[TextBlock]
C S R P r o v i s i o n s a r e
applicable to Company but
n e e d n o t t o r e q u i r e
C o n t r i b u t e a n y
amount.
Disclosure as per rule 8(5) of companies accounts rules 2014 [TextBlock]
4
ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020
Disclosure of financial summary or highlights [TextBlock]
Textual information (13)
[See below]
Disclosure of change in nature of business [TextBlock]
N O T
APPLICABLE
Details of directors or key managerial personnels who were
appointed or have resigned during year [TextBlock]
Textual information (14)
[See below]
Disclosure of companies which have become or ceased to be its
subsidiaries, joint ventures or associate companies during
year [TextBlock]
NOT APPLICABLE
Details relating to deposits covered under chapter v of companies act
[TextBlock]
N O T
APPLICABLE
Details of deposits which are not in compliance with requirements
of chapter v of act [TextBlock]
N O T
APPLICABLE
Details of significant and material orders passed by
regulators or courts or tribunals impacting going concern
status and company’s operations in future [TextBlock]
T h e r e a r e n o
significant and material
o r d e r s p a s s e d b y t h e
Regulators or Courts or
Tribunals which would
impact the going concern
status and the Company’s
f u t u r e
operations.
Details regarding adequacy of internal financial controls with
reference to financial statements [TextBlock]
Textual information (15)
[See below]
Disclosure of appointment and remuneration of director or
managerial personnel if any, in the financial year [TextBlock]
D u r i n g t h e y e a r , t h e r e
w e r e n o c h a n g e s i n
composition of the Board
o f D i r e c t o r s o f t h e
Company.
Details of remuneration of director or managerial personnel [Abstract]
Number of meetings of board [pure] 9
Details of signatories of board report [Abstract]
Name of director signing board report [Abstract]
5
ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020
Textual information (3)
Disclosure in board of directors report explanatory [Text Block]
ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED
3RD ANNUAL REPORT 2019-‘20
BOARD OF DIRECTORS:
Mr. Vneet S Jaain Director
Mr. Anil Kumar Gupta Director
Mr. Jigar Thakkar Director
AUDITORS:
M/s. Dharmesh Parikh & Co.
Chartered Accountants
Ahmedabad
REGISTERED OFFICE:
Adani Corporate House,
Shantigram,
Near Vaishno Devi Circle,
S. G. Highway, Khodiyar,
6
ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020
Ahmedabad – 382421
DIRECTORS' REPORT
Dear Shareholders,
Your Directors are pleased to present the 3rd Annual Report along with the audited accounts of your Company for the Financial Year ended
31st March, 2020.
Financial Highlights:
The audited financial statements of the Company as on March 31, 2020 are prepared in accordance with the relevant applicable IND AS
and provisions of the Companies Act, 2013 (“Act”).
The financial highlight of your Company for the year ended 31st March, 2020 is summarized as below:
(Rs. in Crores.)
Particulars
For the year 31st March, 2020 For the year ended 31st March, 2019
Revenue from operations 506.64 144.08
Other Income 96.19 0.33
Total Revenue 602.83 144.41
Operating & Administrative Expenses 477.28 136.58
Operating Profit before Interest and Tax 125.55 7.83
Finance Costs 95.47 0.14

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Adani Infrastructure and Management Services 2020 Annual Report.pdf

  • 1. ADANI INFRASTRUCTURE MANAGEMENT SERVICES 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 Crores of INR 01/04/2019 to 31/03/2020 01/04/2018 to 31/03/2019 Name of company ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Corporate identity number U74999GJ2017PLC097813 Permanent account number of entity AAPCA6798M Address of registered office of company Adani Corporate House, Shantigram, , Near Vaishno Devi Circle, S. G. Highway, Khodiyar, , Ahmedabad , GUJARAT , INDIA - 382421 Type of industry Commercial and Industrial Date of board meeting when final accounts were approved 28/10/2020 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 Crores 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) P l o t N o - B - 7 , S e c t o r - 1 3 2 , Noida (UP). 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) Uttar Pradesh. 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 Crores of 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] Description of product or service category Textual information (1) [See below] Turnover of product or service category 506.64 Description of product or service Textual information (2) [See below] Turnover of highest contributing product or service 506.64
  • 2. 2 ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Textual information (1) Description of product or service category providing services of Operations and Maintenance to the Companies engaged in the Infrastructure Development Businesses including but not limited to generation and distribution of Thermal Power, generation and distribution of Renewable Power, Setting up of Transmission systems, development of Roads, Development of Ports facility and all other infrastructural facilities. Textual information (2) Description of product or service providing services of Operations and Maintenance to the Companies engaged in the Infrastructure Development Businesses including but not limited to generation and distribution of Thermal Power, generation and distribution of Renewable Power, Setting up of Transmission systems, development of Roads, Development of Ports facility and all other infrastructural facilities. [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 Crores of 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/erection and maintenance of p o w e r , telecommunication and transmission lines Description of main product/service Construction/erection and maintenance of p o w e r , telecommunication and transmission lines NIC code of product/service 42202 Percentage to total turnover of company 100.00% Details of directors signing board report [Table] ..(1) Unless otherwise specified, all monetary values are in Crores of 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 ANIL KUMAR Last name of director GUPTA Designation of director DIRECTOR Director identification number of director 06859132 Date of signing board report 28/10/2020
  • 3. 3 ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Unless otherwise specified, all monetary values are in Crores of INR 01/04/2019 to 31/03/2020 Disclosure in board of directors report explanatory [TextBlock] Textual information (3) [See below] Description of state of companies affair Textual information (4) [See below] Disclosure relating to amounts if any which is proposed to carry to any reserves I n o r d e r t o c o n s e r v e r e s o u r c e s f o r operational purposes as w e l l a s e x p a n s i o n o f business, your Directors have not recommended any R e s e r v e f o r t h e year. Disclosures relating to amount recommended to be paid as dividend I n o r d e r t o c o n s e r v e r e s o u r c e s f o r operational purposes as w e l l a s e x p a n s i o n o f business, your Directors have not recommended any dividend on equity shares f o r t h e year. Details regarding energy conservation Textual information (5) [See below] Details regarding technology absorption Textual information (6) [See below] Details regarding foreign exchange earnings and outgo ( R s . I n Crores) Particulars 2019-20 2018-19 Foreign e x c h a n g e e a r n e d - - - - F o r e i g n e x c h a n g e o u t g o 4.39 155.63 Disclosures in director’s responsibility statement Textual information (7) [See below] Details of material changes and commitment occurred during period affecting financial position of company Textual information (8) [See below] Particulars of loans guarantee investment under section 186 [TextBlock] Textual information (9) [See below] Particulars of contracts/arrangements with related parties under section 188(1) [TextBlock] Textual information (10) [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 Disclosure of extract of annual return as provided under section 92(3) [TextBlock] Textual information (11) [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] Name of company ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Details of shareholding pattern of top 10 shareholders [Abstract] Disclosure of statement on declaration given by independent directors under section 149(6) [TextBlock] N O T APPLICABLE Disclosure for companies covered under section 178(1) on directors appointment and remuneration including other matters provided under section 178(3) [TextBlock] N O T APPLICABLE Disclosure of statement on development and implementation of risk management policy [TextBlock] Textual information (12) [See below] Details on policy development and implementation by company on corporate social responsibility initiatives taken during year [TextBlock] C S R P r o v i s i o n s a r e applicable to Company but n e e d n o t t o r e q u i r e C o n t r i b u t e a n y amount. Disclosure as per rule 8(5) of companies accounts rules 2014 [TextBlock]
  • 4. 4 ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Disclosure of financial summary or highlights [TextBlock] Textual information (13) [See below] Disclosure of change in nature of business [TextBlock] N O T APPLICABLE Details of directors or key managerial personnels who were appointed or have resigned during year [TextBlock] Textual information (14) [See below] Disclosure of companies which have become or ceased to be its subsidiaries, joint ventures or associate companies during year [TextBlock] NOT APPLICABLE Details relating to deposits covered under chapter v of companies act [TextBlock] N O T APPLICABLE Details of deposits which are not in compliance with requirements of chapter v of act [TextBlock] N O T APPLICABLE Details of significant and material orders passed by regulators or courts or tribunals impacting going concern status and company’s operations in future [TextBlock] T h e r e a r e n o significant and material o r d e r s p a s s e d b y t h e Regulators or Courts or Tribunals which would impact the going concern status and the Company’s f u t u r e operations. Details regarding adequacy of internal financial controls with reference to financial statements [TextBlock] Textual information (15) [See below] Disclosure of appointment and remuneration of director or managerial personnel if any, in the financial year [TextBlock] D u r i n g t h e y e a r , t h e r e w e r e n o c h a n g e s i n composition of the Board o f D i r e c t o r s o f t h e Company. Details of remuneration of director or managerial personnel [Abstract] Number of meetings of board [pure] 9 Details of signatories of board report [Abstract] Name of director signing board report [Abstract]
  • 5. 5 ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Textual information (3) Disclosure in board of directors report explanatory [Text Block] ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED 3RD ANNUAL REPORT 2019-‘20 BOARD OF DIRECTORS: Mr. Vneet S Jaain Director Mr. Anil Kumar Gupta Director Mr. Jigar Thakkar Director AUDITORS: M/s. Dharmesh Parikh & Co. Chartered Accountants Ahmedabad REGISTERED OFFICE: Adani Corporate House, Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar,
  • 6. 6 ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Ahmedabad – 382421 DIRECTORS' REPORT Dear Shareholders, Your Directors are pleased to present the 3rd Annual Report along with the audited accounts of your Company for the Financial Year ended 31st March, 2020. Financial Highlights: The audited financial statements of the Company as on March 31, 2020 are prepared in accordance with the relevant applicable IND AS and provisions of the Companies Act, 2013 (“Act”). The financial highlight of your Company for the year ended 31st March, 2020 is summarized as below: (Rs. in Crores.) Particulars For the year 31st March, 2020 For the year ended 31st March, 2019 Revenue from operations 506.64 144.08 Other Income 96.19 0.33 Total Revenue 602.83 144.41 Operating & Administrative Expenses 477.28 136.58 Operating Profit before Interest and Tax 125.55 7.83 Finance Costs 95.47 0.14
  • 7. 7 ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Profit/(Loss) Before Tax 30.08 7.69 Tax Expense (Including Deferred Tax) 7.96 2.05 Profit / (Loss) After tax 22.12 5.64 Other Comprehensive Income 0.10 (0.31) Total Comprehensive Income for the Period/year 22.22 5.33 Financial Performance of the Company: Your Company has recorded total income to the tune of Rs. 602.83 Crores during the financial year 2019-20 compared to Rs. 144.41 Crores in the corresponding previous financial year. Net Profit for the financial year 2019-20 is Rs. 22.12 Crores as compared to Profit of Rs. 5.64 Crores in the previous financial year. Earnings per share stood at Rs. 22120.35 on face value of Rs. 10 each. Dividend: In order to conserve resources for operational purposes as well as expansion of business, your Directors have not recommended any dividend on equity shares for the year. Material changes and commitments: No material changes and commitments have occurred between the end of financial year of the company and the date of this report affecting the financial position of the company as at 31st March, 2020. Deposits:
  • 8. 8 ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 During the year under review, your Company has not accepted any deposits within the meaning of Section 73 of the Companies Act, 2013 read with rules made thereunder. Subsidiaries, Joint Ventures and Associate Companies: As at March 31, 2020, Your Company continues to be Wholly–owned Subsidiary (“WOS”) of Adani Properties Private Limited (“APPL”). Since the Company is WOS of APPL, the financials of the Company is consolidated in the financials of APPL pursuant to the provisions of Section 129, 134 and 136 of the Companies Act, 2013 read with rules framed thereunder and the Company is therefore not required to prepare the consolidated financial statements separately. Particulars of Loans, Guarantee or Investment: The provisions of Section 186 of the Companies Act, 2013, with respect to a loan, guarantee or security is not applicable to the Company as the Company is engaged in providing infrastructural facilities and is exempted under Section 186 of the Companies Act, 2013. The Company has not made any investment during the year under review. Directors & Key Managerial Personnel: During the year, there were no changes in composition of the Board of Directors of the Company. Ø Retirement by Rotation : Pursuant to the requirements of the Companies Act, 2013 and Articles of Association of the Company, Mr. Anil Gupta is liable to retire by rotation and being eligible offers himself for re-appointment. Directors’ Responsibility Statement: Pursuant to Section 134(5) of the Companies Act, 2013, the Board of Directors, to the best of their knowledge and ability, state the following:
  • 9. 9 ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 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; 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 loss of the Company for the year ended on that date; 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; that the annual financial statements have been prepared on a going concern basis; that proper internal financial controls were in place and that the financial control were adequate and were operating effectively; that proper systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating effectively. Secretarial Standards: During the year under review, your company has complied with all the applicable Secretarial Standards. No. of Board Meetings: In compliance with the Companies Act, 2013 and the rules made thereunder, where permitted, Directors are provided the facility to join the proceedings of the meeting through video conferencing. During the period under review, The Board of Directors met 9 (Nine) times on 15th April, 2019, 27th May, 2019, 5th August, 2019, 4th October, 2019, 20th October, 2019, 11th November, 2019, 3rd December, 2019, 30th January, 2020, 3rd February, 2020 and 29th February, 2020. The maximum time gap between any two meetings is not more than 120 days. The attendance of each Director at the Board Meetings held during the year under review is as under: Name of Directors Meetings Held Attended Mr. Vneet S Jaain 9 9
  • 10. 10 ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Mr. Anil Kumar Gupta 9 9 Mr. Jigar Maneklal Thakkar 9 9 Board Evaluation: The Board adopted a formal mechanism for evaluating its performance as well as that of its Committees and individual Directors, including the Chairman of the Board. The exercise was carried out through a structured evaluation process covering various aspects of the Board functioning such as composition of the Board & committees, experience & competencies, performance of specific duties & obligations, contribution at the meetings and otherwise, independent judgment, governance issues etc. Risk Management: 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. Committees of the Board: Corporate Social Responsibility Committee (CSR): The Present members of the Corporate Social Responsibility Committee are of Mr. Jigar Thakkar, Mr. Vneet S Jaain and Mr. Anil Kumar Gupta. During the year under review a Meeting of CSR Committee was held on 5th August, 2019. The Company has identified Primary Education, Community Health, Sustainable Livelihood Development and Rural Infrastructure Development as the core sectors for CSR. The role and functions of the CSR Committee are in conformity with the requirements of Section 135 of the Companies Act, 2013 and the rules made thereunder. The Annual Report on CSR activities is annexed, which forms part of this report. The Company was incorporated on 09/06/2017 and has not completed three financial years from its incorporation. In view of this, the Company is not required to comply with the Provisions of Section 135(5) of the Companies Act, 2013.
  • 11. 11 ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Related Party Transactions: All the related party transactions entered into during the financial year were in the ordinary course of business and on an arm’s length pricing basis and none of the transactions with the related parties fall under the scope of Section 188(1) of the Companies Act, 2013. Accordingly, the disclosure of related party transactions as required under Section 134(3)(h) of the Companies Act, 2013 in Form AOC 2 is not applicable. Suitable disclosure as required by the Indian Accounting Standards (Ind AS 24)has been made in the notes to the Financial Statements. 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. Internal control systems and their adequacy: The Company has an Internal 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. Based on the report of internal audit function, process owners undertake corrective action in their respective areas and thereby strengthen the controls. Disclosure in relation to the Sexual Harassment of Women at workplace (prevention, prohibition & redressal) Act, 2013: As per the requirement of The Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013 and rules made thereunder, your Company has constituted Internal Complaints Committee which is responsible for redressal of complaints related to sexual harassment. Auditors & Auditors’ Report: Earlier, on the recommendation of the Board, in the year of 2017-18, M/s Dharmesh Parikh & Co., Chartered Accountants, has been appointed as Statutory Auditors of the Company from the conclusion of the 01st Annual General Meeting in the year of 2017-18 till the conclusion of 06th Annual General Meeting i.e. 2023. Notes to the financial statements referred in the Auditors Report are self-explanatory and therefore do not call for any comments under
  • 12. 12 ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Section 134 of the Companies Act, 2013. Shifting of Registered Office: The registered office of the Company has been shifted to Adani Corporate House, Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad – 382421 with effect from 23rd June, 2020. Audit Qualification: There were no qualifications, reservation or adverse remarks given by Statutory Auditors of the Company. Extract of Annual Return: The details forming part of the extract of the Annual Return in Form MGT-9 are annexed as an Annexure-A herewith, which forms part of this Report. Insurance: The Company has taken appropriate insurance for all assets against foreseeable perils. Particulars of Employees: The Company has not employed any individual whose remuneration falls within the purview of the limits prescribed under the provisions of Section 197 of the Companies Act, 2013, read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. A. Personnel who are in receipt of remuneration aggregating not less than Rs. 102 lacs per annum and employed throughout the year: Nil
  • 13. 13 ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 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: Nil Disclosures pertaining to remuneration of top ten employees of the company as required under Section 197(12) of the Act read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are provided as Annexure C to this Report. Cost Records: Requirement of maintenance of cost records as specified by the central government under subsection (1) of section 148 of the companies act, 2013 is not applicable to the company. Conservation of Energy, Technology Absorption, 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 Rule, 8 of the Companies (Accounts) Rules, 2014, as amended from time to time is annexed as an Annexure-B to this report. Acknowledgement: Your Directors have pleasure in taking this opportunity to thank, Government Agencies, bankers and all other personnel of their continued support and co-operation to the Company. FOR AND ON BEHALF OF THE BOARD OF DIRECTORS DATE : 28.10.2020 PLACE: AHMEDABAD ANIL KUMAR GUPTA CHAIRMAN
  • 14. 14 ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Annexure-A ANNEXURE TO DIRECTORS’ 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 : U74999GJ2017PLC097813 Registration Date : 09th June, 2017 Name of the Company : Adani Infrastructure Management Services Limited Category / Sub-Category of the Company : Company limited by Shares Address of the Registered office and contact details : Adani Corporate House, Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad – 382421 Whether listed company : Unlisted
  • 15. 15 ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Name, Address and Contact details of Registrar and Transfer Agent, if any : LINK INTIME INDIA PRIVATE LIMITED 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/erection and maintenance of power, telecommunication and transmission lines 42202 100 III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES: Name and address of the Company CIN/GLN Holding/ Subsidiary/ Associate % of shares held Applicable Section Adani Properties Private Limited U45201GJ1995PTC026067 Holding Company 100% 2(46)
  • 16. 16 ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 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 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 9994 06 10,000 100% 9994 06 10,000 100% Nil e) Banks/FI -- -- -- -- -- -- -- -- -- f) Any Others -- -- -- -- -- -- -- -- -- Sub Total(A)(1) 9994 06 10,000 100% 9994 06 10,000 100% Nil 2 Foreign a) NRIs-Individuals -- -- -- -- -- -- -- -- -- b) Other-Individuals -- -- -- -- -- -- -- -- -- c) Bodies Corporate -- -- -- -- -- -- -- -- --
  • 17. 17 ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 d) Banks/FI -- -- -- -- -- -- -- -- -- e) Any Other -- -- -- -- -- -- -- -- -- Sub Total(A)(2) -- -- -- -- -- -- -- -- -- Total Shareholding of Promoter and Promoter Group (A)= (A)(1)+(A)(2) 9994 06 10,000 100% 9994 06 10,000 100% Nil 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 -- -- -- -- -- -- -- -- -- Ii Overseas -- -- -- -- -- -- -- -- --
  • 18. 18 ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 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 (specify) -- -- -- -- -- -- -- -- -- Sub-Total (B)(2) -- -- -- -- -- -- -- -- Total Public Shareholding (B)= (B)(1)+(B)(2) -- -- -- -- -- -- -- -- -- C. Shares held by Custodians for GDRs & ADRs -- -- -- -- -- -- -- -- -- GRAND TOTAL (A)+(B)+(C) 9994 06 10,000 100% 9994 06 10,000 100% Nil 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 Properties Private Limited * 9994 06 10,000 100% 9994 06 10,000 100% Nil * Shares held by Adani Properties Private Limited (APPL) including six nominees of APPL iii) Change in Promoters’ Shareholding
  • 19. 19 ADANI INFRASTRUCTURE MANAGEMENT SERVICES 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 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 Adani Properties Private Limited* 10,000 100% 10,000 100% *Shares held by APPL including nominees 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
  • 20. 20 ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 At the beginning of the year None of the Directors and Key Managerial Personnel hold share in the Company except, Mr. Vneet S Jaain are holding one share each as nominee of Adani Properties Private Limited. 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 V. INDEBTEDNESS Indebtedness of the Company including interest outstanding/accrued but not due for payment (Amount in Rs) Secured Loans excluding deposits Unsecured Loans Deposits Total Indebtedness Indebtedness at the beginning of the financial year i) Principal Amount - 383000000 383000000 ii) Interest due but not paid - - - - iii) Interest accrued but not due - 900690 - 900690 Total (i+ii+iii) - 383900690 - 383900690 Change in Indebtedness during the financial year · Addition 8000000000 2138562744 - 10138562744 · Reduction 355610090 - - 355610090 Net Change 7644389910 2138562744 9782952654 Indebtedness at the end of the financial year
  • 21. 21 ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 i) Principal Amount 7644389910 2522463434 - 10166853344 ii) Interest due but not paid - - - - iii) Interest accrued but not due 65618082.19 189430618.48 - 255048700.67 Total (i+ii+iii) 7710007992 2711894052.48 - 10421902044.4 VI.REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL A. Remuneration to Managing Director, Whole-time Directors and/or Manager: l Sr No Particulars of Remuneration Not Applicable 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
  • 22. 22 ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 B. Remuneration to other Directors: (Amount in Rs.) Sr No Particulars of Remuneration Not Applicable 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
  • 23. 23 ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Sr No Particulars of Remuneration Not Applicable 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 VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES:
  • 24. 24 ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 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 Punishment Compounding B. Directors Penalty None Punishment Compounding C. Other Officers in default Penalty None Punishment Compounding
  • 25. 25 ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Annexure – B To the Directors’ Report CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO A. Conservation of Energy: (i) Steps taken or impact on conservation of energy:
  • 26. 26 ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 · AIMSL helped different Customer to Install additional 0.39 MW renewable energy project in this year to optimize the power consumptions from conventional energy sources · AIMSL helped different customer for ESG initiatives like harvesting of Rainwater, Auxiliary consumption through Green sources, land utilization through green cover, avoiding single use plastic etc. · Replace compact florescent lamp ( CFL ) with LED device in current year as well · High Efficiency Lighting control, Motors, Pumps and Fans installation in current year as well (ii) Steps taken by the company for utilizing alternate sources of energy: At present we are Providing Operation and Maintenance Services to different Customer. We have advised our Customer for use of renewable energy source (Solar) as an alternate source of energy. (iii) Capital investment on energy conservation equipment: NIL B. Technology Absorption: Adopting the best technologies in our business is essential in ensuring and maintaining global benchmarks in performance. We ensure this through our in house engineering and adopting best technologies available in the market. We have advised our customers for new technology by way of remote operation of cluster of substations from single location. Advised customers for creation of Asset Health Dashboards for analytics of health of assets. C. Foreign Exchange Earnings and Outgo: The particulars relating to foreign exchange earnings and outgo during the year under review are as under: (Rs. In Crores) Particulars 2019-20 2018-19 Foreign exchange earned -- --
  • 27. 27 ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Foreign exchange outgo 4.39 155.63
  • 28. 28 ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Annexure-C Sr No. Name Age (yrs) Designation Gross Remuneration Qualification Exp (yrs) Date of joining Previous Employment MULA RAVI 50 Associate Vice President - Operations & Maintenance 6207006 Bachelor of Engineering / Bachelor of Technology - B.E./B.Tech.-1996; Diploma in Engineering or Diploma in Technical Education-2011 31 05/02/2010 GVK POWER AND INFRASTRUCTURE LTD.,INDOTHERMA SYNTHETICS LTD,JINDAL POWER LTD,NAGARJUN FERTILIZER LTD.,OSWAL CHEMICAL & FERTILIZER LTD.,TERENE FIBERS INDIA LTD. SUBRATA KUMAR AICH 52 Associate General Manager - Operation & Maintenance 5401421 Bachelor of Engineering / Bachelor of Technology - B.E./B.Tech.-2002 23 07/06/2010 JSL LTD,TATA POWER,TENUGHAT VIDYUT NIGAM LTD AVESH KUMAR SINGH 47 Associate General Manager - Techno Commercial 4717720 Bachelor of Engineering / Bachelor of Technology - B.E./B.Tech.-2014 25 17/11/2010 GMR GROUP,INDORMA SYNTHETICS (I) LTD.,RELIANCE POWER LTD.,VEDANTA ALUMINIUM LTD. VIDYADHAR MULAY 49 Associate General Manager -O&M 4534200 Bachelor of Engineering / Bachelor of Technology - B.E./B.Tech.-2007; Master of Business Administration - M.B.A.-2007 27 25/03/2011 RELIANCE INFRA JAIRAJ BAYAD 53 Head - AENOC 4461320 Others-1998 28 13/07/2009 MSPGCL Associate
  • 29. 29 ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 RAVICHANDRAN SUBRAMANYAM 58 General Manager - Operations & Maintenance 4323651 Bachelor of Engineering / Bachelor of Technology - B.E./B.Tech.-1993 34 13/07/2009 NA MILAN POPAT 52 Associate General Manager - Operations & Maintenance 3818984 Bachelor of Engineering / Bachelor of Technology - B.E./B.Tech.-1996 30 02/07/2018 Aspen Infrastructure,Essar Power Gujarat Limited,Gujarat Energy Transmission Corporation Ltd VINAY SORTE 49 General Manager - Operations & Maintenance 3809728 Bachelor of Engineering / Bachelor of Technology - B.E./B.Tech.-1999 36 17/12/2007 Powergrid corporation of India Limite,Reliance Infrastructure Limited,Reliance Infrastructure Limited KAMAL KAK 46 Associate General Manager -Operations & Maintenance 3172308 Bachelor of Engineering / Bachelor of Technology - B.E./B.Tech.-1998; Higher Secondary Certificate - HSC-1991; Secondary School Certificate - SSC-1989 21 25/04/2016 CHASHMITA ENGINEERS PRIVATE LTD,GRASIM INDUSTRIES LTD,TORRENT POWER LTD,ULTRATECH CEMENT LTD ATUL SADARIA 41 Senior Manager - Operations & Maintenance 3078606 Bachelor of Engineering / Bachelor of Technology - B.E./B.Tech.-2004; Diploma in Engineering or Diploma in Technical Education-1998; Diploma in Engineering or Diploma in Technical Education-2010; Others-2000; Post Graduate Diploma in Business Management - PGDBM-2019; Secondary School Certificate - SSC-1995 19 17/07/2010 KORES INDIA LTD.,RELIANCE INDUSTRIES LTD.,SURAT ELECTRICITY COMPANY,TORRENT POWER LTD.,TORRENT POWER LTD. ********** Textual information (4) Description of state of companies affair Your Company has recorded total income to the tune of Rs. 602.83 Crores during the financial year 2019-20 compared to Rs. 144.41 Crores in the corresponding previous financial year. Net Profit for the financial year 2019-20 is Rs. 22.12 Crores as compared to Profit of Rs. 5.64 Crores in the previous financial year. Earnings per share stood at Rs. 22120.35 on face value of Rs. 10 each.
  • 30. 30 ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Textual information (5) Details regarding energy conservation A. Conservation of Energy: (i) Steps taken or impact on conservation of energy: · AIMSL helped different Customer to Install additional 0.39 MW renewable energy project in this year to optimize the power consumptions from conventional energy sources · AIMSL helped different customer for ESG initiatives like harvesting of Rainwater, Auxiliary consumption through Green sources, land utilization through green cover, avoiding single use plastic etc. · Replace compact florescent lamp ( CFL ) with LED device in current year as well · High Efficiency Lighting control, Motors, Pumps and Fans installation in current year as well (ii) Steps taken by the company for utilizing alternate sources of energy: At present we are Providing Operation and Maintenance Services to different Customer. We have advised our Customer for use of renewable energy source (Solar) as an alternate source of energy. (iii) Capital investment on energy conservation equipment: NIL Textual information (6) Details regarding technology absorption A. Technology Absorption: Adopting the best technologies in our business is essential in ensuring and maintaining global benchmarks in performance. We ensure this through our in house engineering and adopting best technologies available in the market. We have advised our customers for new technology by way of remote operation of cluster of substations from single location. Advised customers for creation of Asset Health Dashboards for analytics of health of assets. Textual information (7) Disclosures in director’s responsibility statement Pursuant to Section 134(5) of the Companies Act, 2013, the Board of Directors, to the best of their knowledge and ability, state the following: 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; 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 loss of the Company for the year ended on that date; 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; that the annual financial statements have been prepared on a going concern basis; that proper internal financial controls were in place and that the financial control were adequate and were operating effectively; that proper systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating effectively. Textual information (8) Details of material changes and commitment occurred during period affecting financial position of company No material changes and commitments have occurred between the end of financial year of the company and the date of this report affecting the financial position of the company as at 31st March, 2020. Textual information (9) Particulars of loans guarantee investment under section 186 [Text Block] The provisions of Section 186 of the Companies Act, 2013, with respect to a loan, guarantee or security is not applicable to the Company as the Company is engaged in providing infrastructural facilities and is exempted under Section 186 of the Companies Act, 2013. The Company has not made any investment during the year under review.
  • 31. 31 ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Textual information (10) Particulars of contracts/arrangements with related parties under section 188(1) [Text Block] All the related party transactions entered into during the financial year were in the ordinary course of business and on an arm’s length pricing basis and none of the transactions with the related parties fall under the scope of Section 188(1) of the Companies Act, 2013. Accordingly, the disclosure of related party transactions as required under Section 134(3)(h) of the Companies Act, 2013 in Form AOC 2 is not applicable. Suitable disclosure as required by the Indian Accounting Standards (Ind AS 24)has been made in the notes to the Financial Statements.
  • 32. 32 ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Textual information (11) Disclosure of extract of annual return as provided under section 92(3) [Text Block] 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 : U74999GJ2017PLC097813 Registration Date : 09th June, 2017 Name of the Company : Adani Infrastructure Management Services Limited Category / Sub-Category of the Company : Company limited by Shares Address of the Registered office and contact details : Adani Corporate House, Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad – 382421 Whether listed company : Unlisted Name, Address and Contact details of Registrar and Transfer Agent, if any : LINK INTIME INDIA PRIVATE LIMITED 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:
  • 33. 33 ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Name and description of main Products/Services NIC Code of the Product/ service % to total turnover of the company Construction/erection and maintenance of power, telecommunication and transmission lines 42202 100 III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES: Name and address of the Company CIN/GLN Holding/ Subsidiary/ Associate % of shares held Applicable Section Adani Properties Private Limited U45201GJ1995PTC026067 Holding Company 100% 2(46) IV. SHARE HOLDING PATTERN (EQUITY SHARE CAPITAL BREAKUP AS PERCENTAGE OF TOTAL EQUITY) i) Category-wise Share Holding No. of
  • 34. 34 ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Category of Shareholders No of Shares held at the beginning of the year Shares held at the end of the year % Change during the year 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 9994 06 10,000 100% 9994 06 10,000 100% Nil e) Banks/FI -- -- -- -- -- -- -- -- -- f) Any Others -- -- -- -- -- -- -- -- -- Sub Total(A)(1) 9994 06 10,000 100% 9994 06 10,000 100% Nil 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 9994 06 10,000 100% 9994 06 10,000 100% Nil
  • 35. 35 ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 (A)= (A)(1)+(A)(2) 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 -- -- -- -- -- -- -- -- -- 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 (specify) -- -- -- -- -- -- -- -- -- Sub-Total
  • 36. 36 ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 (B)(2) -- -- -- -- -- -- -- -- Total Public Shareholding (B)= (B)(1)+(B)(2) -- -- -- -- -- -- -- -- -- C. Shares held by Custodians for GDRs & ADRs -- -- -- -- -- -- -- -- -- GRAND TOTAL (A)+(B)+(C) 9994 06 10,000 100% 9994 06 10,000 100% Nil 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 Properties Private Limited * 9994 06 10,000 100% 9994 06 10,000 100% Nil * Shares held by Adani Properties Private Limited (APPL) including six nominees of APPL iii) Change in Promoters’ Shareholding 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
  • 37. 37 ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 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 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 Adani Properties Private Limited* 10,000 100% 10,000 100% *Shares held by APPL including nominees 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 At the beginning of the year None of the Directors and Key Managerial Personnel hold share in the Company except, Mr. Vneet S Jaain are holding one share each as nominee of Adani Properties Private Limited. 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
  • 38. 38 ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 V. INDEBTEDNESS Indebtedness of the Company including interest outstanding/accrued but not due for payment (Amount in Rs) Secured Loans excluding deposits Unsecured Loans Deposits Total Indebtedness Indebtedness at the beginning of the financial year i) Principal Amount - 383000000 383000000 ii) Interest due but not paid - - - - iii) Interest accrued but not due - 900690 - 900690 Total (i+ii+iii) - 383900690 - 383900690 Change in Indebtedness during the financial year · Addition 8000000000 2138562744 - 10138562744 · Reduction 355610090 - - 355610090 Net Change 7644389910 2138562744 9782952654 Indebtedness at the end of the financial year i) Principal Amount 7644389910 2522463434 - 10166853344 ii) Interest due but not paid - - - - iii) Interest accrued but not due 65618082.19 189430618.48 - 255048700.67 Total (i+ii+iii) 7710007992 2711894052.48 - 10421902044.4 VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
  • 39. 39 ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 A. Remuneration to Managing Director, Whole-time Directors and/or Manager: l Sr No Particulars of Remuneration Not Applicable 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 B. Remuneration to other Directors:
  • 40. 40 ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 (Amount in Rs.) Sr No Particulars of Remuneration Not Applicable 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 Not Applicable 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
  • 41. 41 ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 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 VII. 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 Punishment Compounding
  • 42. 42 ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 B. Directors Penalty None Punishment Compounding C. Other Officers in default Penalty None Punishment Compounding Textual information (12) Disclosure of statement on development and implementation of risk management policy [Text Block] 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.
  • 43. 43 ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Textual information (13) Disclosure of financial summary or highlights [Text Block] The audited financial statements of the Company as on March 31, 2020 are prepared in accordance with the relevant applicable IND AS and provisions of the Companies Act, 2013 (“Act”). The financial highlight of your Company for the year ended 31st March, 2020 is summarized as below: (Rs. in Crores.) For the year 31st March, 2020 For the year ended 31st March, 2019 Particulars Revenue from operations 506.64 144.08 Other Income 96.19 0.33 Total Revenue 602.83 144.41 Operating & Administrative Expenses 477.28 136.58 Operating Profit before Interest and Tax 125.55 7.83 Finance Costs 95.47 0.14 Profit/(Loss) Before Tax 30.08 7.69 Tax Expense (Including Deferred Tax) 7.96 2.05 Profit / (Loss) After tax 22.12 5.64 Other Comprehensive Income 0.1 -0.31 Total Comprehensive Income for the Period/year 22.22 5.33
  • 44. 44 ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Textual information (14) Details of directors or key managerial personnels who were appointed or have resigned during year [Text Block] Pursuant to the requirements of the Companies Act, 2013 and Articles of Association of the Company, Mr. Anil Gupta is liable to retire by rotation and being eligible offers himself for re-appointment Textual information (15) Details regarding adequacy of internal financial controls with reference to financial statements [Text Block] The Company has an Internal 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. Based on the report of internal audit function, process owners undertake corrective action in their respective areas and thereby strengthen the controls. [700500] Disclosures - Signatories of financial statements Details of directors signing financial statements [Table] ..(1) Unless otherwise specified, all monetary values are in Crores of 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 JIGAR ANIL KUMAR Middle name of director MANEKLAL Last name of director THAKKAR GUPTA Designation of director DIRECTOR DIRECTOR Director identification number of director 08276831 06859132 Date of signing of financial statements by director 28/10/2020 28/10/2020
  • 45. 45 ADANI INFRASTRUCTURE MANAGEMENT SERVICES 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 Crores of INR Auditor's qualification(s), reservation(s) or adverse remark(s) in auditors' report [Axis] Auditor's favourable remark [Member] 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 (i) The company does not have any property, plant and equipment. Accordingly the provisions of paragraph 3 (i) (a) to (c) of the Order are not applicable. Disclosure in auditors report relating to inventories Textual information (16) [See below] Disclosure in auditors report relating to loans Textual information (17) [See below] Disclosure in auditors report relating to compliance with Section 185 and 186 of Companies Act, 2013 Textual information (18) [See below] Disclosure in auditors report relating to deposits accepted Textual information (19) [See below] Disclosure in auditors report relating to maintenance of cost records Textual information (20) [See below] Disclosure in auditors report relating to 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 (x) No fraud by the Company or on the Company by its officers or employees have been noticed or reported during the period covered by our audit. Disclosure in auditors report relating to managerial remuneration Textual information (24) [See below] Disclosure in auditors report relating to Nidhi Company (xii) As the Company is not a Nidhi Company and the Nidhi Rules, 2014 are not applicable to it. Accordingly the provisions of paragraph 3 (xii) of the Order are not applicable. Disclosure in auditors report relating to transactions with related parties Textual information (25) [See below] Disclosure in auditors report relating to preferential allotment or private placement of shares or convertible debentures Textual information (26) [See below] 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]
  • 46. 46 ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Details regarding auditors [Table] ..(1) Unless otherwise specified, all monetary values are in Crores of 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 DHARMESH PARIKH & CO. Name of auditor signing report SHAH CHIRAG JITENDRA Firms registration number of audit firm 112054W Membership number of auditor 122510 Address of auditors 303/304,"Milestone", N r . Drive-in-Cinema,Opp. T. V Tower, Thaltej, Ahmedabad-380 054 Permanent account number of auditor or auditor's firm AAGFD1279G SRN of form ADT-1 Z99999999 Date of signing audit report by auditors 28/10/2020 Date of signing of balance sheet by auditors 28/10/2020 Unless otherwise specified, all monetary values are in Crores of 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 in auditors report relating to inventories (ii) The Company being in the service industry is primarily carrying inventory in the nature of stores and spares and do not hold any inventory as defined in Indian Accounting Standard 2 on Valuation of Inventories at the year end. Accordingly the provisions of paragraph 3 (ii) of the Order is not applicable. Textual information (17) Disclosure in auditors report relating to loans According to the information and explanation given to us and the records produced to us for our verification, the company has not granted loans, secured or unsecured to companies, firms, Limited Liability Partnerships or other parties covered in the register maintained under section 189 of the Companies Act, 2013. Accordingly the provisions of paragraph 3 (iii) (a) to (c) of the Order are not applicable. Textual information (18) Disclosure in auditors report relating to compliance with Section 185 and 186 of Companies Act, 2013 (iv) According to the information and explanations given to us and representations made by the Management, the Company has not done any transactions covered under section 185 and 186 in respect of loans, investments, guarantees and security. Accordingly the provisions of paragraph 3 (iv) of the Order are not applicable. Textual information (19) Disclosure in auditors report relating to deposits accepted (v) According to the information and explanations given to us, the Company has not accepted any deposits from the public and hence the directives issued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevant provisions of the Act and the Companies (Acceptance of Deposit) Rules, 2015 with regard to the deposits accepted from the public are not applicable.
  • 47. 47 ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Textual information (20) Disclosure in auditors report relating to maintenance of cost records (vi) As informed to us, the maintenance of cost records under section 148(1) of the Act as prescribed by the Central Government are not applicable to the company. Accordingly the provisions of paragraph 3 (vi) of the Order are not applicable. Textual information (21) Disclosure in auditors report relating to statutory dues [Text Block] (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted/ accrued in the books of account in respect of undisputed statutory dues including income tax, goods and service tax, duty of customs, value added tax, cess and other material statutory dues have been regularly deposited during the year by the Company with the appropriate authorities. As explained to us, the Company did not have any dues on account of employees’ state insurance, provident fund and duty of excise. According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, sales tax, service tax, duty of customs, goods and service tax, cess and other material statutory dues were in arrears as at 31 March 2020 for a period of more than six months from the date they became payable.(b) According to the records of the Company and information and explanation given to us, following statutory dues as mentioned in paragraph 3(vii)(a) which have not been deposited on account of any dispute. Name of the Statute Nature of the Dues Forum Where dispute is pending Amount (Rs.) * Amount Paid Under Protest (Rs) Period to which the amount Relates Income Tax Act Tax CIT (Appeal) 67,356 -- 2018 - 2019 Total 67, 356 -- Textual information (22) Disclosure in auditors report relating to default in repayment of financial dues (viii) According to the records of the Company examined by us and the information and explanation given to us, the Company has not defaulted in repayment of dues of loans or borrowings to any bankers. The Company has neither taken any loans or borrowings from the Government, financial institution nor issue any debentures. Textual information (23) Disclosure in auditors report relating to public offer and term loans used for purpose for which those were raised (ix) The Company did not raised moneys by way of initial public offer or further public offer (including debt instruments). In our opinion, the term Loans availed during the year, were applied for the purposes for which the loans were obtained. Textual information (24) Disclosure in auditors report relating to managerial remuneration (xi) According to the information and explanations given to us and on the basis of our examination of the records of the Company, managerial remuneration has been paid / provided in accordance with the requisite approval mandated by the provisions of Section 197 read with Schedule V to the Act. Textual information (25) Disclosure in auditors report relating to transactions with related parties As per information and explanation given to us and on the basis of our examination of the records of the Company, all the transaction with related parties are in compliance with section177 and 188 of Companies Act 2013 and all the details have been disclosed in financial statements as required by the applicable Indian Accounting Standards. Textual information (26) Disclosure in auditors report relating to preferential allotment or private placement of shares or convertible debentures xiv) According to the information and explanations given to us and on the basis of our examination of the records, the Company has not made any preferential allotment or private placement or not issued any debenture during the year under review. Accordingly the provisions of paragraph 3(xiv) of the Order are not applicable.
  • 48. 48 ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Textual information (27) Disclosure in auditors report relating to non-cash transactions with directors or persons connected with him (xv) According to the information and explanations given to us and on the basis of our examination of the records, Company has not entered into any non-cash transactions with any director or any person connected with him. Accordingly the provisions of paragraph 3(xv) of the Order are not applicable to the Company. Textual information (28) Disclosure in auditors report relating to registration under section 45-IA of Reserve Bank of India Act, 1934 (xvi) According to the information and explanations given to us, the company is not required to be registered under section 45 IA of the Reserve Bank of India Act, 1934 and accordingly, the provisions of clause 3(xvi) of the Order are not applicable..
  • 49. 49 ADANI INFRASTRUCTURE MANAGEMENT SERVICES 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 Auditor’s Report To the Members of Adani Infrastructure Management Services Limited Report on the audit of the Standalone Financial Statements Opinion We have audited the accompanying Standalone Financial Statements of Adani Infrastructure Management Services Limited (“the Company”), which comprise the Balance Sheet as at 31st March, 2020, the Statement of Profit and Loss (including other comprehensive income), the Statement of Cash Flows and the Statement of Changes in Equity for the year then ended, and a summary of significant accounting policies and other explanatory information (herein after referred to as “Standalone Financial Statements”). In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 (“the Act”) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, (“Ind AS”) and other accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March, 2020, the profit and total comprehensive income, changes in equity and its cash flows for the year ended on that date. Basis for Opinion We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing specified under section 143(10) of the Act (SAs). Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Standalone 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 (ICAI) together with the independence requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules made there under, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements. Other Information
  • 50. 50 ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 The Company’s board of directors is responsible for the preparation of the other information. The other information comprises the information included in the Management Discussion and Analysis, Board’s Report including Annexures to Board’s Report, Business Responsibility Report, Corporate Governance and Shareholder’s Information, but does not include the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Independent Auditor’s Report To the Members of Adani Infrastructure Management Services Limited (Continue) Management’s Responsibility for the Standalone Financial Statements The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (“the Act”) with respect to the preparation and presentation of these Standalone 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 applicable Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Act, read with the Companies (Indian Accounting Standards) Rules, 2015, as amended. 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 Standalone Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
  • 51. 51 ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 In preparing the standalone financial statements, management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. The Board of Directors is responsible for overseeing the Company’s financial reporting process. Auditor’s Responsibility Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s 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 standalone 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 standalone 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 financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, 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. Independent Auditor’s Report To the Members of Adani Infrastructure Management Services Limited (Continue)
  • 52. 52 ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 · 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 Company’s 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 standalone 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 standalone financial statements, including the disclosures, and whether the standalone 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. Report on Other Legal and Regulatory Requirements 1. As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”) issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in “Annexure A” statement on the matters specified in the paragraph 3 and 4 of the Order, to the extent applicable. 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 purposes 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, the Statement of Profit and Loss, the Statement Cash Flows and the Statement of Changes in Equity dealt with by this Report are in agreement with the books of account;
  • 53. 53 ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 d) in our opinion, the aforesaid Standalone Financial Statements comply with the Indian Accounting Standards specified under Section 133 of the Act, read with the Companies (Indian Accounting Standards) Rules, 2015, as amended; e) on the basis of the written representations received from the directors as on 31st March, 2020 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 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”; Independent Auditor’s Report To the Members of Adani Infrastructure Management Services Limited (Continue) g) With respect to the other matters to be included in the Auditor’s 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 litigations which would impact on its financial position; ii. The Company did not have any long term contracts including derivatives contracts for which there were any material foreseeable losses; iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.
  • 54. 54 ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 3. With respect to the matters to be included in the Auditor’s Report in accordance with the requirements of section 197(16) of the Act, as amended: According to the information and explanations given to us and on the basis of our examination of the records of the Company, managerial remuneration has been paid /provided, in accordance with requisite approval mandated by the provisions of Section 197(16) of the Act. For, DHARMESH PARIKH & CO. Chartered Accountants Place : Ahmedabad Firm Reg. No. 112054W Date : 28th October, 2020. Chirag Shah Partner Membership No. 122510 UDIN: 20122510AAAASJ9531 ANNEXURE - A TO THE INDEPENDENT AUDITOR’S REPORT RE: ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED (Referred to in Paragraph 1 of our Report of even date) The Annexure referred to in our Independent Auditor’s Report to the members of the Company on the standalone Ind AS financial statements for the year ended 31 March 2020, we report that:
  • 55. 55 ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 (i) The company does not have any property, plant and equipment. Accordingly the provisions of paragraph 3 (i) (a) to (c) of the Order are not applicable. (ii) The Company being in the service industry is primarily carrying inventory in the nature of stores and spares and do not hold any inventory as defined in Indian Accounting Standard 2 on Valuation of Inventories at the year end. Accordingly the provisions of paragraph 3 (ii) of the Order is not applicable. (iii) According to the information and explanation given to us and the records produced to us for our verification, the company has not granted loans, secured or unsecured to companies, firms, Limited Liability Partnerships or other parties covered in the register maintained under section 189 of the Companies Act, 2013. Accordingly the provisions of paragraph 3 (iii) (a) to (c) of the Order are not applicable. (iv) According to the information and explanations given to us and representations made by the Management, the Company has not done any transactions covered under section 185 and 186 in respect of loans, investments, guarantees and security. Accordingly the provisions of paragraph 3 (iv) of the Order are not applicable. (v) According to the information and explanations given to us, the Company has not accepted any deposits from the public and hence the directives issued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevant provisions of the Act and the Companies (Acceptance of Deposit) Rules, 2015 with regard to the deposits accepted from the public are not applicable. (vi) As informed to us, the maintenance of cost records under section 148(1) of the Act as prescribed by the Central Government are not applicable to the company. Accordingly the provisions of paragraph 3 (vi) of the Order are not applicable. (vii) (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted/ accrued in the books of account in respect of undisputed statutory dues including income tax, goods and service tax, duty of customs, value added tax, cess and other material statutory dues have been regularly deposited during the year by the Company with the appropriate authorities. As explained to us, the Company did not have any dues on account of employees’ state insurance, provident fund and duty of excise. According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, sales tax, service tax, duty of customs, goods and service tax, cess and other material statutory dues were in arrears as at 31 March 2020 for a period of more than six months from the date they became payable.
  • 56. 56 ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Annexure - A to the Independent Auditor’s Report RE: Adani Infrastructure Management Services Limited (Continue) (Referred to in Paragraph 1 of our Report of even date) (b) According to the records of the Company and information and explanation given to us, following statutory dues as mentioned in paragraph 3(vii)(a) which have not been deposited on account of any dispute. Name of the Statute Nature of the Dues Forum Where dispute is pending Amount (Rs.) * Amount Paid Under Protest (Rs) Period to which the amount Relates Income Tax Act Tax CIT (Appeal) 67,356 -- 2018 - 2019 Total 67, 356 -- (viii) According to the records of the Company examined by us and the information and explanation given to us, the Company has not defaulted in repayment of dues of loans or borrowings to any bankers. The Company has neither taken any loans or borrowings from the Government, financial institution nor issue any debentures. (ix) The Company did not raised moneys by way of initial public offer or further public offer (including debt instruments). In our opinion, the term Loans availed during the year, were applied for the purposes for which the loans were obtained. (x) No fraud by the Company or on the Company by its officers or employees have been noticed or reported during the period covered by our audit.
  • 57. 57 ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 (xi) According to the information and explanations given to us and on the basis of our examination of the records of the Company, managerial remuneration has been paid / provided in accordance with the requisite approval mandated by the provisions of Section 197 read with Schedule V to the Act. (xii) As the Company is not a Nidhi Company and the Nidhi Rules, 2014 are not applicable to it. Accordingly the provisions of paragraph 3 (xii) of the Order are not applicable. (xiii) As per information and explanation given to us and on the basis of our examination of the records of the Company, all the transaction with related parties are in compliance with section177 and 188 of Companies Act 2013 and all the details have been disclosed in financial statements as required by the applicable Indian Accounting Standards. (xiv) According to the information and explanations given to us and on the basis of our examination of the records, the Company has not made any preferential allotment or private placement or not issued any debenture during the year under review. Accordingly the provisions of paragraph 3(xiv) of the Order are not applicable. (xv) According to the information and explanations given to us and on the basis of our examination of the records, Company has not entered into any non-cash transactions with any director or any person connected with him. Accordingly the provisions of paragraph 3(xv) of the Order are not applicable to the Company. Annexure - A to the Independent Auditor’s Report RE: Adani Infrastructure Management Services Limited (Continue) (Referred to in Paragraph 1 of our Report of even date) (xvi) According to the information and explanations given to us, the company is not required to be registered under section 45 IA of the
  • 58. 58 ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Reserve Bank of India Act, 1934 and accordingly, the provisions of clause 3(xvi) of the Order are not applicable.. For, DHARMESH PARIKH & CO. Chartered Accountants Place : Ahmedabad Firm Reg. No. 112054W Date : 28th October, 2020. Chirag Shah Partner Membership No. 122510 UDIN: 20122510AAAASJ9531 ANNEXURE-B TO THE INDEPENDENT AUDITOR’S REPORT RE: ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Report on the Internal Financial Controls under Clause i of sub-section 3 of section 143 of the Companies Act 2013 (the act). Opinion
  • 59. 59 ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 We have audited the internal financial controls over financial reporting of the company as of 31st March, 2020 in conjunction with our audit of the Standalone Financial Statements of the company for the year ended on that date. In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31st March 2020, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India. Management’s Responsibilities 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 criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the Guidance Note) issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013. Auditors’ Responsibility Our responsibility is to express an opinion on the Company's internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the Guidance Note) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company’s internal financial controls system over financial reporting.
  • 60. 60 ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Annexure – B to the Independent Auditor’s Report RE: Adani Infrastructure Management Services Limited (continue) (Referred to in Paragraph 2(f) of our Report of even date) 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 of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal financial control over financial reporting includes those policies and 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 preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition 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, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. For, DHARMESH PARIKH & CO. Chartered Accountants
  • 61. 61 ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Place : Ahmedabad Firm Reg. No. 112054W Date : 28th October,2020. Chirag Shah Partner Membership No. 122510 UDIN: 20122510AAAASJ9531 [700700] Disclosures - Secretarial audit report Unless otherwise specified, all monetary values are in Crores of INR 01/04/2019 to 31/03/2020 Disclosure in secretarial audit report explanatory [TextBlock] Whether secretarial audit report is applicable on company No
  • 62. 62 ADANI INFRASTRUCTURE MANAGEMENT SERVICES LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 [110000] Balance sheet Unless otherwise specified, all monetary values are in Crores of INR 31/03/2020 31/03/2019 31/03/2018 Balance sheet [Abstract] Assets [Abstract] Non-current assets [Abstract] Property, plant and equipment 0 0 Other intangible assets 0 0 Non-current financial assets [Abstract] Non-current investments 0 0 Loans, non-current 1,012.87 27.53 Other non-current financial assets 0.01 0 Total non-current financial assets 1,012.88 27.53 Other non-current assets 3.05 1.86 Total non-current assets 1,015.93 29.39 Current assets [Abstract] Inventories 0.17 0 Current financial assets [Abstract] Current investments 0 0 Trade receivables, current 150.68 67.99 Cash and cash equivalents 34.7 1.29 Loans, current 0.19 0.1 Other current financial assets 30.52 0.03 Total current financial assets 216.09 69.41 Other current assets 19 6.3 Total current assets 235.26 75.71 Total assets 1,251.19 105.1 Equity and liabilities [Abstract] Equity [Abstract] Equity attributable to owners of parent [Abstract] Equity share capital 0.01 0.01 0.01 Other equity 31.87 9.65 Total equity attributable to owners of parent 31.88 9.66 Non controlling interest 0 0 Total equity 31.88 9.66 Liabilities [Abstract] Non-current liabilities [Abstract] Non-current financial liabilities [Abstract] Borrowings, non-current 702.65 0 Other non-current financial liabilities 0.74 1.89 Total non-current financial liabilities 703.39 1.89 Provisions, non-current 3.81 2.71 Total non-current liabilities 707.2 4.6 Current liabilities [Abstract] Current financial liabilities [Abstract] Borrowings, current (A) 252.16 (B) 38.3 Trade payables, current (C) 125.46 (D) 41.88 Other current financial liabilities 114.8 8.14 Total current financial liabilities 492.42 88.32 Other current liabilities 19.1 2.03 Provisions, current 0.59 0.49 Total current liabilities 512.11 90.84 Total liabilities 1,219.31 95.44 Total equity and liabilities 1,251.19 105.1 Footnotes (A) Borrowings : 252.16 (B) Borrowings : 38.3 (C) Total outstanding dues of micro enterprises and small enterprises : 4.02 Total outstanding dues of creditors other than micro enterprises and small enterprises : 121.44 (D) Total outstanding dues of micro enterprises and small enterprises : 2.59 Total outstanding dues of creditors other than micro enterprises and small enterprises : 39.29
  • 63. 63 ADANI INFRASTRUCTURE MANAGEMENT SERVICES 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 Crores of INR Classes of equity share capital [Axis] Equity shares [Member] Equity shares 1 [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 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] 22,120.35 [INR/shares] 5,640.1 [INR/shares] 22,120.35 [INR/shares] 5,640.1 Total basic earnings (loss) per share [INR/shares] 22,120.35 [INR/shares] 5,640.1 [INR/shares] 22,120.35 [INR/shares] 5,640.1 Diluted earnings per share [Abstract] Diluted earnings (loss) per share from continuing operations [INR/shares] 22,120.35 [INR/shares] 5,640.1 [INR/shares] 22,120.35 [INR/shares] 5,640.1 Total diluted earnings (loss) per share [INR/shares] 22,120.35 [INR/shares] 5,640.1 [INR/shares] 22,120.35 [INR/shares] 5,640.1