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Sunbourne 2020 Annual Report.pdf

Sunbourne 2020 Annual Report

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SUNBOURNE DEVELOPERS PRIVATE LIMITED
Standalone Financial Statements for period 01/04/2019 to 31/03/2020
[700300] Disclosure of general information about company
Unless otherwise specified, all monetary values are in INR
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Corporate identity number U45200GJ2005PTC046759
Permanent account number of entity AAFCA7525C
Address of registered office of company
A D A N I H O U S E N R
MITHAKHALICIRCLE
NAVRANGPURA , Ahmedabad
, Ahmedabad , GUJARAT ,
INDIA - 380009
Type of industry
C o m m e r c i a l a n d
Industrial
Date of board meeting when final accounts were approved 20/07/2020
Date of start of reporting period 01/04/2019 01/04/2018
Date of end of reporting period 31/03/2020 31/03/2019
Nature of report standalone consolidated Standalone
Content of report Financial Statements
Description of presentation currency INR
Level of rounding used in financial statements Actual
Type of cash flow statement Indirect Method
Whether company is maintaining books of account and other relevant
books and papers in electronic form
Yes
Complete postal address of place of maintenance of computer
servers (storing accounting data)
Plot No B-7, Sec -132,
N o i d a U P
201301
Name of city of place of maintenance of computer servers (storing
accounting data)
Noida
Name of state/ union territory of place of maintenance of
computer servers (storing accounting data)
Noida (UP)
Pin code of place of maintenance of computer servers (storing
accounting data)
201301
Name of district of place of maintenance of computer servers
(storing accounting data)
Noida
ISO country code of place of maintenance of computer servers
(storing accounting data)
91 (IN)
Name of country of place of maintenance of computer servers
(storing accounting data)
INDIA
Phone (with STD/ ISD code) of place of maintenance of computer
servers (storing accounting data) 079-25555650
Disclosure of principal product or services [Table] ..(1)
Unless otherwise specified, all monetary values are in INR
Types of principal product or services [Axis] 1
01/04/2019
to
31/03/2020
Disclosure of general information about company [Abstract]
Disclosure of principal product or services [Abstract]
Disclosure of principal product or services [LineItems]
Product or service category (ITC 4 digit) code 9953
Description of product or service category Construction
Turnover of product or service category 49,72,29,971
Highest turnover contributing product or service (ITC 8 digit) code 99531110
Description of product or service Construction
Turnover of highest contributing product or service 49,72,29,971
2
SUNBOURNE DEVELOPERS PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020
[700600] Disclosures - Directors report
Details of directors signing board report [Table] ..(1)
Unless otherwise specified, all monetary values are in INR
Directors signing board report [Axis] 1
01/04/2019
to
31/03/2020
Details of signatories of board report [Abstract]
Details of directors signing board report [LineItems]
Name of director signing board report [Abstract]
First name of director
KALAGARLA
MADHUSUDANA
RAO
Designation of director CHAIRMAN
Director identification number of director 08499420
Date of signing board report 20/07/2020
Details of principal business activities contributing 10% or more of total turnover of company [Table] ..(1)
Unless otherwise specified, all monetary values are in INR
Principal business activities of company [Axis]
Product/service 1
[Member]
01/04/2019
to
31/03/2020
Details of principal business activities contributing 10% or more of total turnover of company [Abstract]
Details of principal business activities contributing 10% or more of total turnover of company
[LineItems]
Name of main product/service
Construction of
Buildings
Description of main product/service
Construction of
Buildings
NIC code of product/service 0041
Percentage to total turnover of company 100.00%
3
SUNBOURNE DEVELOPERS PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020
Unless otherwise specified, all monetary values are in INR
01/04/2019
to
31/03/2020
Disclosure in board of directors report explanatory [TextBlock]
Textual information (1)
[See below]
Description of state of companies affair
The State of Company’s
a f f a i r s : I n t h e
y e a r 2 0 1 9 - 2 0 , t h e
Company’s sales income
was 4972.30 lakhs. During
the year the company
incurred net loss before
t a x o f R s . 2 2 2 4 . 0 3
lakhs
Disclosure relating to amounts if any which is proposed to carry to any
reserves
As Below
Disclosures relating to amount recommended to be paid as dividend
D i v i d e n d : Y o u r
D i r e c t o r s d o n o t
recommend any dividend
on equity shares for the
y e a r u n d e r
review.
Details regarding energy conservation
Textual information (2)
[See below]
Details regarding technology absorption
Textual information (3)
[See below]
Details regarding foreign exchange earnings and outgo
Ø Foreign Exchange
E a r n i n g s A n d
O u t g o D u r i n g t h e
period under review,
there was no foreign
exchange Earnings and
Outgo.
Disclosures in director’s responsibility statement
Textual information (4)
[See below]
Details of material changes and commitment occurred during period
affecting financial position of company
Textual information (5)
[See below]
Particulars of loans guarantee investment under section 186 [TextBlock]
Textual information (6)
[See below]
Particulars of contracts/arrangements with related parties under section
188(1) [TextBlock]
Textual information (7)
[See below]
Details of contracts/arrangements/transactions not at arm's length
basis [Abstract]
Whether there are contracts/arrangements/transactions not at arm's
length basis
No
Details of material contracts/arrangements/transactions at arm's
length basis [Abstract]
Whether there are material contracts/arrangements/transactions at
arm's length basis
No
Details of statement indicating manner in which formal
annual evaluation made by board of its performance and of its
committees and individual directors [TextBlock]
Textual information (8)
[See below]
Disclosure of extract of annual return as provided under section 92(3)
[TextBlock]
Textual information (9)
[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
SUNBOURNE DEVELOPERS
PRIVATE LIMITED
Details of shareholding pattern of top 10 shareholders [Abstract]
Disclosure of statement on declaration given by independent directors
under section 149(6) [TextBlock]
As Below
Disclosure for companies covered under section 178(1) on
directors appointment and remuneration including other matters
provided under section 178(3) [TextBlock]
As Below
Disclosure of statement on development and implementation of risk
management policy [TextBlock]
As Below
Details on policy development and implementation by company on
corporate social responsibility initiatives taken during year
[TextBlock]
As Below
Disclosure as per rule 8(5) of companies accounts rules 2014 [TextBlock]
Disclosure of financial summary or highlights [TextBlock]
Textual information (10)
[See below]
Disclosure of change in nature of business [TextBlock] As Below
4
SUNBOURNE DEVELOPERS PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020
Details of directors or key managerial personnels who were
appointed or have resigned during year [TextBlock]
Textual information (11)
[See below]
Disclosure of companies which have become or ceased to be its
subsidiaries, joint ventures or associate companies during
year [TextBlock]
As Below
Details relating to deposits covered under chapter v of companies act
[TextBlock]
As Below
Details of deposits which are not in compliance with requirements
of chapter v of act [TextBlock]
As Below
Details of significant and material orders passed by
regulators or courts or tribunals impacting going concern
status and company’s operations in future [TextBlock]
Textual information (12)
[See below]
Details regarding adequacy of internal financial controls with
reference to financial statements [TextBlock]
Textual information (13)
[See below]
Disclosure of appointment and remuneration of director or
managerial personnel if any, in the financial year [TextBlock]
As Below
Details of remuneration of director or managerial personnel [Abstract]
Statement showing details of employees of company under
rule 5(2) and (3) of companies appointment and
remuneration of managerial personnels rules 2014
[TextBlock]
Textual information (14)
[See below]
Number of meetings of board [pure] 10
Details of signatories of board report [Abstract]
Name of director signing board report [Abstract]
5
SUNBOURNE DEVELOPERS PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020
Textual information (1)
Disclosure in board of directors report explanatory [Text Block]
Dear Shareholders,
Your Directors are pleased to present the 15th Annual Report along with the audited accounts of your Company for the financial year ended on
March 31, 2020.
Meetings of the Board:
During the year under review, Ten Board Meetings were held viz. on 25th May, 2019, 05th July, 2019, 18th July, 2019, 08th August, 2019, 09th
November, 2019, 25th September, 2019, 08th November, 2019, 25th November, 2019, 25th December, 2019 and 28th January, 2020. The
intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013.
Name of Directors
Meetings
Held Attended
Mr. Sunil Sharma 10 10
Mr. Gajanan Lawande 2 2
Mr. Madhusudana Rao Kalagarla 8 8
During the year under review, One Extra Ordinary General Meetings were held viz. on 24th February, 2020.
Deposits:
During the year under review, your Company has not accepted any deposits within the meaning of Section 73 of Companies Act, 2013 and the
rules made thereunder
Transfer to Reserves
6
SUNBOURNE DEVELOPERS PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020
The Company have not transferred any amount to the Reserve for the financial year ended March 31, 2020
Business 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.
Subsidiaries, Joint ventures and Associate Companies:
The company is wholly owned subsidiary of Adani Infrastructure and Developers Private Limited. The Company does not have any Subsidiaries
or Joint venture or Associate Companies.
Auditors & Auditors Report:
Board in their meeting held on 20th July, 2020, decided to re-appoint M/s. Dharmesh Parikh & Co., Chartered Accountants, (Firm registration
no.112054W), who have given their consent to act as Statutory Auditors and are eligible for re-appointment. Members are requested to re-appoint
the auditors.
The Notes to the financial statements referred in the Auditors Report are self-explanatory and therefore do not call for any comments under
Section 134 of the Companies Act, 2013
Secretarial Audit Report:
Since the Company does not fall within the class of Companies as mentioned in section 204(1) of the Companies Act, 2013 read with the
applicable rules made thereunder relating to Secretarial Audit Report, the Company has not appointed any Company Secretary in Practice as
Secretarial Auditor and therefore the said Secretarial Audit Report is not annexed to this report. Accordingly, the comments of the Directors on
qualifications, reservations or adverse remarks in the Secretarial Audit Report is not applicable.
Prevention of Sexual Harassment at Workplace:

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Sunbourne 2020 Annual Report.pdf

  • 1. SUNBOURNE DEVELOPERS PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 [700300] Disclosure of general information about company Unless otherwise specified, all monetary values are in INR 01/04/2019 to 31/03/2020 01/04/2018 to 31/03/2019 Corporate identity number U45200GJ2005PTC046759 Permanent account number of entity AAFCA7525C Address of registered office of company A D A N I H O U S E N R MITHAKHALICIRCLE NAVRANGPURA , Ahmedabad , Ahmedabad , GUJARAT , INDIA - 380009 Type of industry C o m m e r c i a l a n d Industrial Date of board meeting when final accounts were approved 20/07/2020 Date of start of reporting period 01/04/2019 01/04/2018 Date of end of reporting period 31/03/2020 31/03/2019 Nature of report standalone consolidated Standalone Content of report Financial Statements Description of presentation currency INR Level of rounding used in financial statements Actual Type of cash flow statement Indirect Method Whether company is maintaining books of account and other relevant books and papers in electronic form Yes Complete postal address of place of maintenance of computer servers (storing accounting data) Plot No B-7, Sec -132, N o i d a U P 201301 Name of city of place of maintenance of computer servers (storing accounting data) Noida Name of state/ union territory of place of maintenance of computer servers (storing accounting data) Noida (UP) Pin code of place of maintenance of computer servers (storing accounting data) 201301 Name of district of place of maintenance of computer servers (storing accounting data) Noida ISO country code of place of maintenance of computer servers (storing accounting data) 91 (IN) Name of country of place of maintenance of computer servers (storing accounting data) INDIA Phone (with STD/ ISD code) of place of maintenance of computer servers (storing accounting data) 079-25555650 Disclosure of principal product or services [Table] ..(1) Unless otherwise specified, all monetary values are in INR Types of principal product or services [Axis] 1 01/04/2019 to 31/03/2020 Disclosure of general information about company [Abstract] Disclosure of principal product or services [Abstract] Disclosure of principal product or services [LineItems] Product or service category (ITC 4 digit) code 9953 Description of product or service category Construction Turnover of product or service category 49,72,29,971 Highest turnover contributing product or service (ITC 8 digit) code 99531110 Description of product or service Construction Turnover of highest contributing product or service 49,72,29,971
  • 2. 2 SUNBOURNE DEVELOPERS PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 [700600] Disclosures - Directors report Details of directors signing board report [Table] ..(1) Unless otherwise specified, all monetary values are in INR Directors signing board report [Axis] 1 01/04/2019 to 31/03/2020 Details of signatories of board report [Abstract] Details of directors signing board report [LineItems] Name of director signing board report [Abstract] First name of director KALAGARLA MADHUSUDANA RAO Designation of director CHAIRMAN Director identification number of director 08499420 Date of signing board report 20/07/2020 Details of principal business activities contributing 10% or more of total turnover of company [Table] ..(1) Unless otherwise specified, all monetary values are in INR Principal business activities of company [Axis] Product/service 1 [Member] 01/04/2019 to 31/03/2020 Details of principal business activities contributing 10% or more of total turnover of company [Abstract] Details of principal business activities contributing 10% or more of total turnover of company [LineItems] Name of main product/service Construction of Buildings Description of main product/service Construction of Buildings NIC code of product/service 0041 Percentage to total turnover of company 100.00%
  • 3. 3 SUNBOURNE DEVELOPERS PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Unless otherwise specified, all monetary values are in INR 01/04/2019 to 31/03/2020 Disclosure in board of directors report explanatory [TextBlock] Textual information (1) [See below] Description of state of companies affair The State of Company’s a f f a i r s : I n t h e y e a r 2 0 1 9 - 2 0 , t h e Company’s sales income was 4972.30 lakhs. During the year the company incurred net loss before t a x o f R s . 2 2 2 4 . 0 3 lakhs Disclosure relating to amounts if any which is proposed to carry to any reserves As Below Disclosures relating to amount recommended to be paid as dividend D i v i d e n d : Y o u r D i r e c t o r s d o n o t recommend any dividend on equity shares for the y e a r u n d e r review. Details regarding energy conservation Textual information (2) [See below] Details regarding technology absorption Textual information (3) [See below] Details regarding foreign exchange earnings and outgo Ø Foreign Exchange E a r n i n g s A n d O u t g o D u r i n g t h e period under review, there was no foreign exchange Earnings and Outgo. Disclosures in director’s responsibility statement Textual information (4) [See below] Details of material changes and commitment occurred during period affecting financial position of company Textual information (5) [See below] Particulars of loans guarantee investment under section 186 [TextBlock] Textual information (6) [See below] Particulars of contracts/arrangements with related parties under section 188(1) [TextBlock] Textual information (7) [See below] Details of contracts/arrangements/transactions not at arm's length basis [Abstract] Whether there are contracts/arrangements/transactions not at arm's length basis No Details of material contracts/arrangements/transactions at arm's length basis [Abstract] Whether there are material contracts/arrangements/transactions at arm's length basis No Details of statement indicating manner in which formal annual evaluation made by board of its performance and of its committees and individual directors [TextBlock] Textual information (8) [See below] Disclosure of extract of annual return as provided under section 92(3) [TextBlock] Textual information (9) [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 SUNBOURNE DEVELOPERS PRIVATE LIMITED Details of shareholding pattern of top 10 shareholders [Abstract] Disclosure of statement on declaration given by independent directors under section 149(6) [TextBlock] As Below Disclosure for companies covered under section 178(1) on directors appointment and remuneration including other matters provided under section 178(3) [TextBlock] As Below Disclosure of statement on development and implementation of risk management policy [TextBlock] As Below Details on policy development and implementation by company on corporate social responsibility initiatives taken during year [TextBlock] As Below Disclosure as per rule 8(5) of companies accounts rules 2014 [TextBlock] Disclosure of financial summary or highlights [TextBlock] Textual information (10) [See below] Disclosure of change in nature of business [TextBlock] As Below
  • 4. 4 SUNBOURNE DEVELOPERS PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Details of directors or key managerial personnels who were appointed or have resigned during year [TextBlock] Textual information (11) [See below] Disclosure of companies which have become or ceased to be its subsidiaries, joint ventures or associate companies during year [TextBlock] As Below Details relating to deposits covered under chapter v of companies act [TextBlock] As Below Details of deposits which are not in compliance with requirements of chapter v of act [TextBlock] As Below Details of significant and material orders passed by regulators or courts or tribunals impacting going concern status and company’s operations in future [TextBlock] Textual information (12) [See below] Details regarding adequacy of internal financial controls with reference to financial statements [TextBlock] Textual information (13) [See below] Disclosure of appointment and remuneration of director or managerial personnel if any, in the financial year [TextBlock] As Below Details of remuneration of director or managerial personnel [Abstract] Statement showing details of employees of company under rule 5(2) and (3) of companies appointment and remuneration of managerial personnels rules 2014 [TextBlock] Textual information (14) [See below] Number of meetings of board [pure] 10 Details of signatories of board report [Abstract] Name of director signing board report [Abstract]
  • 5. 5 SUNBOURNE DEVELOPERS PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Textual information (1) Disclosure in board of directors report explanatory [Text Block] Dear Shareholders, Your Directors are pleased to present the 15th Annual Report along with the audited accounts of your Company for the financial year ended on March 31, 2020. Meetings of the Board: During the year under review, Ten Board Meetings were held viz. on 25th May, 2019, 05th July, 2019, 18th July, 2019, 08th August, 2019, 09th November, 2019, 25th September, 2019, 08th November, 2019, 25th November, 2019, 25th December, 2019 and 28th January, 2020. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013. Name of Directors Meetings Held Attended Mr. Sunil Sharma 10 10 Mr. Gajanan Lawande 2 2 Mr. Madhusudana Rao Kalagarla 8 8 During the year under review, One Extra Ordinary General Meetings were held viz. on 24th February, 2020. Deposits: During the year under review, your Company has not accepted any deposits within the meaning of Section 73 of Companies Act, 2013 and the rules made thereunder Transfer to Reserves
  • 6. 6 SUNBOURNE DEVELOPERS PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 The Company have not transferred any amount to the Reserve for the financial year ended March 31, 2020 Business 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. Subsidiaries, Joint ventures and Associate Companies: The company is wholly owned subsidiary of Adani Infrastructure and Developers Private Limited. The Company does not have any Subsidiaries or Joint venture or Associate Companies. Auditors & Auditors Report: Board in their meeting held on 20th July, 2020, decided to re-appoint M/s. Dharmesh Parikh & Co., Chartered Accountants, (Firm registration no.112054W), who have given their consent to act as Statutory Auditors and are eligible for re-appointment. Members are requested to re-appoint the auditors. The Notes to the financial statements referred in the Auditors Report are self-explanatory and therefore do not call for any comments under Section 134 of the Companies Act, 2013 Secretarial Audit Report: Since the Company does not fall within the class of Companies as mentioned in section 204(1) of the Companies Act, 2013 read with the applicable rules made thereunder relating to Secretarial Audit Report, the Company has not appointed any Company Secretary in Practice as Secretarial Auditor and therefore the said Secretarial Audit Report is not annexed to this report. Accordingly, the comments of the Directors on qualifications, reservations or adverse remarks in the Secretarial Audit Report is not applicable. Prevention of Sexual Harassment at Workplace:
  • 7. 7 SUNBOURNE DEVELOPERS PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 During the year under review, there was no complaint filed with the Company pertaining to sexual harassment. Vigil Mechanism/Whistle Blower Policy: The Company has formulated a Whistle Blower Policy to establish a vigil mechanism for Directors and Employees of the Company to report to the management concerns about unethical behaviour, actual or suspected fraud or violation of the policy. Corporate Social Responsibility: The Company is not required to constitute a Corporate Social Responsibility Committee as it does not fall within purview of Section 135(1) of the Companies Act, 2013 and hence it is not required to formulate policy on corporate social responsibility. Acknowledgement: Your Directors have pleasure in taking this opportunity to thank the Government Agencies, bankers and all other personnel for their continued support and confidence reposed in the Company. Textual information (2) Details regarding energy conservation Ø Conservation of energy, technology absorption etc. Since your Company is not a manufacturing Company, the information pertaining to Conservation of Energy and Technology Absorption as stipulated under Section 134(3) (m) of the Companies Act, 2013 read with applicable rules made thereunder is not applicable to the Company. Textual information (3) Details regarding technology absorption Ø Conservation of energy, technology absorption etc. Since your Company is not a manufacturing Company, the information pertaining to Conservation of Energy and Technology Absorption as stipulated under Section 134(3) (m) of the Companies Act, 2013 read with applicable rules made thereunder is not applicable to the Company.
  • 8. 8 SUNBOURNE DEVELOPERS PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Textual information (4) Disclosures in director’s responsibility statement Directors’ Responsibility Statement: Pursuant to the requirements under Section 134(5) of the Companies Act, 2013, with respect to Directors’ Responsibility Statement, your Directors hereby confirm the following: a. that in the preparation of the annual financial statements, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any; b. that such accounting policies have been selected and applied consistently and judgement and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2020 and of the profit and loss of the Company for the year ended on that date; c. that proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; d. that the annual financial statements have been prepared on a going concern basis; e. that proper internal financial controls were in place and that the financial control were adequate and were operating effectively; f. that proper systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating effectively. Textual information (5) Details of material changes and commitment occurred during period affecting financial position of company Material changes and commitments, if any, affecting the financial position of the Company which have occurred between the end of the financial year of the Company to which the financial statements relate and the date of the report: There are no material changes and commitments affecting the financial position of the Company which have occurred between the end of the financial year 2019-20 of the company to which the financial statements relate and the date of this report. Textual information (6) Particulars of loans guarantee investment under section 186 [Text Block] Particulars of Loans, Guarantee or Investment: The particulars of loans, guarantees and investments have been disclosed in the financial statements.
  • 9. 9 SUNBOURNE DEVELOPERS PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Textual information (7) Particulars of contracts/arrangements with related parties under section 188(1) [Text Block] 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 (IAS-24) has been made in the notes to the Financial Statements. Textual information (8) Details of statement indicating manner in which formal annual evaluation made by board of its performance and of its committees and individual directors [Text Block] Formal Annual Evaluation: As your Company is neither a Listed Company nor a public company having a paid up capital of Rs. 25 crores or more, the statement indicating the manner in which formal annual evaluation has been made by the Board of its own performance and that of its committees and individual directors is not applicable.
  • 10. 10 SUNBOURNE DEVELOPERS PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Textual information (9) Disclosure of extract of annual return as provided under section 92(3) [Text Block] Extract of Annual Return: The details forming part of the extract of the Annual Return in form MGT 9 is annexed herewith as “Annexure-A”. ANNEXURE ‘A’ TO BOARD’S 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 : U45200GJ2005PTC046759 Registration Date : 13th September, 2005 Name of the Company : Sunbourne Developers Private Limited Category / Sub-Category of the Company : Company limited by Shares / Indian Non – Government Company Address of the Registered office and contact details : Adani House, Near Mithakhali Circle, Navrangpura, Ahmedabad-380 009 Whether listed company : No, Unlisted Company
  • 11. 11 SUNBOURNE DEVELOPERS PRIVATE 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 : N.A. 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 of Buildings 0041 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 Pvt. Ltd (APPL) U45201GJ1995PTC026067 Ultimate Holding Co. 100 2(46) Adani Infrastructure And Developers Pvt. Ltd (AIDPL) U45201GJ2006PTC066449 Holding Co. 100 2(46) IV. SHARE HOLDING PATTERN (EQUITY SHARE CAPITAL BREAKUP AS PERCENTAGE OF TOTAL EQUITY)
  • 12. 12 SUNBOURNE DEVELOPERS PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 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* 899,990 10 900,000 100% 899,990 10 900,000 100% Nil e) Banks/FI -- -- -- -- -- -- -- -- -- f) Any Others -- -- -- -- -- -- -- -- -- Sub Total(A)(1) 2 Foreign a) NRIs-Individuals -- -- -- -- -- -- -- -- -- b) Other-Individuals -- -- -- -- -- -- -- -- -- c) Bodies Corporate -- -- -- -- -- -- -- -- -- d) Banks/FI -- -- -- -- -- -- -- -- -- e) Any Other -- -- -- -- -- -- -- -- -- Sub Total(A)(2) -- -- -- -- -- -- -- -- --
  • 13. 13 SUNBOURNE DEVELOPERS PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Total Shareholding of Promoter and Promoter Group (A)= (A)(1)+(A)(2) 899,990 10 900,000 100% 899,990 10 900,000 100% 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 -- -- -- -- -- -- -- -- -- b) Individuals -- -- -- -- -- -- -- -- --
  • 14. 14 SUNBOURNE DEVELOPERS PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 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) 899,990 10 900,000 100% 899,990 10 900,000 100% Nil * Shares held by AIDPL including one nominee of AIDPL. ii) Shareholding of Promoter Shareholders Name No of Shares held at the beginning of the year No. of Shares held at the end of the year % Change during the year Demat Physical Total % of total Shares Demat Physical Total % of total Shares 1 Adani Infrastructure and Developers Private Limited (AIDPL)* 899,990 10 900,000 100% 899,990 10 900,000 100% Nil
  • 15. 15 SUNBOURNE DEVELOPERS PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 * Shares held by AIDPL including one nominees of AIDPL. 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 Date wise Increase / Decrease in Promoters Shareholding during the year specifying the reasons for increase / decrease (e.g. allotment / transfer / bonus/ sweat equity etc.): No change during the year At the end of the year No change during the year iv) Shareholding Pattern of top ten Shareholders (other than Directors, Promoters and Holders of GDR and ADRs) For each of the Top 10 Shareholder Shareholding at the beginning of the year Shareholding at the end of the year No. of Shares % of total shares of the Company No. of Shares % of total shares of the Company Nil*
  • 16. 16 SUNBOURNE DEVELOPERS PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 * Entire Shares of the Company are held by holding company i.e. AIDPL including one nominee of AIDPL 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 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.) Particulars Secured Loans excluding deposits Unsecured Loans* Deposits Total Indebtedness Indebtedness at the beginning of the financial year i) Principal Amount 5,29,93,73,364 11,71,36,81,512* Nil 17,01,30,54,876 ii) Interest due but not paid Nil Nil Nil Nil iii) Interest accrued but not due 3,94,80,088 Nil Nil 3,94,80,088 Total (i+ii+iii) 5,33,88,53,452 11,71,36,81,512* Nil 17,05,25,34,964
  • 17. 17 SUNBOURNE DEVELOPERS PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Change in Indebtedness during the financial year ? Addition 2,31,87,51,652 12,79,01,57,043 Nil 15,10,89,08,695 ? Reduction (1,58,55,77,498) (5,78,00,00,000) Nil (7,36,55,77,498) Net Change 73,31,74,154 7,01,01,57,043 Nil 7,74,33,31,197 Indebtedness at the end of the financial year i) Principal Amount 6,03,25,47,518 18,72,38,38,555* Nil 24,75,63,86,073 ii) Interest due but not paid Nil Nil Nil Nil iii) Interest accrued but not due 4,30,86,176 Nil Nil 4,30,86,176 Total (i+ii+iii) 6,07,56,33,694 18,72,38,38,555* Nil 24,79,94,72,249 *Includes CCDs of Rs.1171,36,81,512/- VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL A. Remuneration to Managing Director, Whole-time Directors and/or Manager: (Amount in Rs.) Sr No Particulars of Remuneration Managing Director/ Manager Whole Time Director Total Amount 1 Gross salary a) Salary as per provisions contained in section 17(1) of the Income-tax Act, 1961 -- -- -- b) Value of perquisites u/s 17(2) Income-tax Act, 1961 -- -- -- c) Profits in lieu of salary under section 17(3) Income-tax Act, 1961 -- -- -- 2 Stock Option - -- -- --
  • 18. 18 SUNBOURNE DEVELOPERS PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 3 Sweat Equity -- -- -- 4 Commission - as % of profit -- -- -- - others, specify -- -- -- 5 Others, please specify PF, Gratuity, Medical, arrears, -- -- -- Total (A) -- -- -- Ceiling as per the Act* * not applicable to private companies B. Remuneration to other Directors: (Amount in Rs.) Sr No Particulars of Remuneration Other Directors Total Amount 1 Independent Directors a) Fee for attending board, committee meetings b) Commission -- -- c) Others, please specify -- -- Total (1) 2 Other Non-Executive Directors -- -- a) Fee for attending board, committee meetings --
  • 19. 19 SUNBOURNE DEVELOPERS PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 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 Total Amount 1 Gross salary -- -- -- a) Salary as per provisions contained in section 17(1) of the Income-tax Act, 1961 -- -- -- b) Value of perquisites u/s 17(2) Income-tax Act, 1961 -- -- -- c) Profits in lieu of salary under section 17(3) Income-tax Act, 1961 -- -- -- 2 Stock Option -- -- -- 3 Sweat Equity -- -- -- 4 Commission -- - as % of profit -- -- -- - others, specify -- -- -- 5 Others, please specify -- -- -- Total (A) --
  • 20. 20 SUNBOURNE DEVELOPERS PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 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 B. Directors Penalty None Punishment Compounding C. Other Officers in default Penalty None Punishment Compounding
  • 21. 21 SUNBOURNE DEVELOPERS PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 For and on behalf of the Board Place: Ahmedabad Sunil Sharma Date: 20.07.2020 Chairman (DIN: 02372553) Registered Office: Adani House, Near Mithakhali Circle, Navrangpura, Ahmedabad-380 009 Gujarat, India CIN: U45200GJ2005PTC046759
  • 22. 22 SUNBOURNE DEVELOPERS PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Textual information (10) Disclosure of financial summary or highlights [Text Block] Financial Results/Highlights: (Rs. in lakhs) Particulars For the year ended 31st March, 2020 For the year ended 31st March, 2019 Revenue from operations 4972.30 2798.51 Other Income 3063.50 83.73 Total Revenue 8035.80 2882.24 Expenditure for the year excluding Depreciation and Amortization Exp. 9244.89 6086.32 Profit or (Loss) before Depreciation and Amortization Exp. (1209.09) (3204.08) Less: Depreciation and Amortization Exp. 1014.94 1016.66 Profit or (Loss) after Depreciation and Amortization Exp. But before Tax (2224.03) (4220.74) Tax Expense (Including Deferred Tax) --- --- Profit or (Loss) After tax (2224.03) (4220.74)
  • 23. 23 SUNBOURNE DEVELOPERS PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Textual information (11) Details of directors or key managerial personnels who were appointed or have resigned during year [Text Block] Directors Key Managerial Personnel: During the year under review, Mr. Madhusudana Rao Kalagarla was appointed as Additional Director of the Company w.e.f. 5th July, 2019 and Mr. Gajanan Lawande, Director of the company resigned on 5th July, 2019. As on date, Mr. Sunil Sharma and Mr. Madhusudana Rao Kalagarla are the Directors of your Company. Your Company being Private Limited Company, none of the Directors are required to retire by rotation. Since the Company does not fall within the category as mentioned in section 149(4) of the Companies Act, 2013 read with the rules made thereunder requiring the appointment of Independent Directors, a statement in this Report relating to declaration by Independent Director under sub-section(6) of section 149 of the Companies Act, 2013 is not applicable to the Company. Pursuant to the provisions of Section 203 of the Companies Act, 2013 read with the applicable rules made thereunder your Company is not required to appoint any Key Managerial Personnel (KMP).
  • 24. 24 SUNBOURNE DEVELOPERS PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Textual information (12) Details of significant and material orders passed by regulators or courts or tribunals impacting going concern status and company’s operations in future [Text Block] Significant and material orders passed by the regulators or courts or tribunals impacting the going concern status of the Company: There are no significant and material orders passed by the Regulators or Courts or Tribunals which would impact the going concern status and the Company’s future operations. Textual information (13) Details regarding adequacy of internal financial controls with reference to financial statements [Text Block] Internal financial control system and their adequacy: The Company has an adequate internal financial control system, commensurate with the size, scale and complexity of its operations. The Internal Audit Department monitors and evaluates the efficacy and adequacy of internal control system in the Company, its compliance with operating systems, accounting procedures and policies of the Company
  • 25. 25 SUNBOURNE DEVELOPERS PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Textual information (14) Statement showing details of employees of company under rule 5(2) and (3) of companies appointment and remuneration of managerial personnels rules 2014 [Text Block] Particulars of Employees: The Company have 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. [700500] Disclosures - Signatories of financial statements Details of directors signing financial statements [Table] ..(1) Unless otherwise specified, all monetary values are in INR Directors signing financial statements [Axis] 1 2 01/04/2019 to 31/03/2020 01/04/2019 to 31/03/2020 Details of signatories of financial statements [Abstract] Details of directors signing financial statements [Abstract] Details of directors signing financial statements [LineItems] Name of director signing financial statements [Abstract] First name of director SUNIL KALAGARLA Middle name of director MADHUSUDANA Last name of director SHARMA RAO Designation of director DIRECTOR DIRECTOR Director identification number of director 02372553 08499420 Date of signing of financial statements by director 20/07/2020 20/07/2020
  • 26. 26 SUNBOURNE DEVELOPERS PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 [700400] Disclosures - Auditors report Disclosure of auditor's qualification(s), reservation(s) or adverse remark(s) in auditors' report [Table] ..(1) Unless otherwise specified, all monetary values are in INR Auditor's qualification(s), reservation(s) or adverse remark(s) in auditors' report [Axis] Auditor's favourable remark [Member] Clause not applicable [Member] 01/04/2019 to 31/03/2020 01/04/2019 to 31/03/2020 Disclosure of auditor's qualification(s), reservation(s) or adverse remark(s) in auditors' report [Abstract] Disclosure of auditor's qualification(s), reservation(s) or adverse remark(s) in auditors' report [LineItems] Disclosure in auditors report relating to fixed assets The company does not have any Fixed Assets. Accordingly, the provisions of paragraph 3 (i) (a) and (b) of the Order are not applicable Disclosure in auditors report relating to inventories Textual information (15) [See below] Disclosure in auditors report relating to loans Textual information (16) [See below] Disclosure in auditors report relating to compliance with Section 185 and 186 of Companies Act, 2013 Textual information (17) [See below] Disclosure in auditors report relating to deposits accepted Textual information (18) [See below] Disclosure in auditors report relating to maintenance of cost records Textual information (19) [See below] Disclosure in auditors report relating to statutory dues [TextBlock] As Below Disclosure relating to regularity in payment of undisputed statutory dues [TextBlock] Textual information (20) [See below] Disclosure relating to disputed statutory dues [TextBlock] Textual information (21) [See below] Disclosure in auditors report relating to default in repayment of financial dues Textual information (22) [See below] Disclosure in auditors report relating to public offer and term loans used for purpose for which those were raised Textual information (23) [See below] Disclosure in auditors report relating to fraud by the company or on the company by its officers or its employees reported during period Textual information (24) [See below] Disclosure in auditors report relating to managerial remuneration Textual information (25) [See below] Disclosure in auditors report relating to Nidhi Company In our opinion, the Company is not a nidhi Company. Accordingly the provisions of Clauses 3 (xii) of the Order are not applicable Disclosure in auditors report relating to transactions with related parties Textual information (26) [See below] Disclosure in auditors report relating to preferential allotment or private placement of shares or convertible debentures Textual information (27) [See below] Disclosure in auditors report relating to non-cash transactions with directors or persons connected with him Textual information (28) [See below] Disclosure in auditors report relating to registration under section 45-IA of Reserve Bank of India Act, 1934 In our opinion, 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
  • 27. 27 SUNBOURNE DEVELOPERS PRIVATE 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 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 GOTHI KANTILAL GOVABHAI Firms registration number of audit firm 112054W Membership number of auditor 127664 Address of auditors 303/304, MILESTONE, OPP T V TOWER, DRIVE IN ROAD, THALTEJ, AHMEDABAD - 380 054 Permanent account number of auditor or auditor's firm AAGFD1279G SRN of form ADT-1 S42729939 Date of signing audit report by auditors 20/07/2020 Date of signing of balance sheet by auditors 20/07/2020 Unless otherwise specified, all monetary values are in INR 01/04/2019 to 31/03/2020 Disclosure in auditor’s report explanatory [TextBlock] Textual information (29) [See below] Whether companies auditors report order is applicable on company Yes Whether auditors' report has been qualified or has any reservations or contains adverse remarks No Textual information (15) Disclosure in auditors report relating to inventories The inventory has been physically verified by the management during the year. In our opinion, the frequency of verification is reasonable. The discrepancies noticed on verification between the physical stocks and the book records were not material and have been properly dealt with in the books of account. Textual information (16) 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 (17) Disclosure in auditors report relating to compliance with Section 185 and 186 of Companies Act, 2013 According to the information and explanations given to us and representations made by the Management, the Company has complied with the provisions of section 185 of the Act. Further based on the information and explanation given to us, being an infrastructure company, provisions of section 186 of the Companies Act, 2013 is not applicable to the Company and hence not commented upon.
  • 28. 28 SUNBOURNE DEVELOPERS PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Textual information (18) Disclosure in auditors report relating to deposits accepted 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. Textual information (19) Disclosure in auditors report relating to maintenance of cost records According to the information and explanation given to us, the maintenance of cost records under section 148(1) of the Act as prescribed by the Central Government is not applicable to the company. Textual information (20) Disclosure relating to regularity in payment of undisputed statutory dues [Text Block] According to the information and explanations given to us and on the basis of our examination of the records of the Company, the statutory dues payable by company including income tax, Goods and Service 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 provident fund, employee state insurance, duty of excise and custom.
  • 29. 29 SUNBOURNE DEVELOPERS PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Textual information (21) Disclosure relating to disputed statutory dues [Text Block] According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, 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. According to the records of the Company and representations made by the Management, there are no statutory dues as mentioned in paragraph 3(vii)(a) which have not been deposited on account of any dispute except followingis the disputed amounts in respect of income tax statute: Name of Statue Nature of the Dues Forum where dispute is pending Amount In Rs. Amount Paid under protest (in Rs.) Period to which the amount relates Income tax Act Income Tax Assessing Authority 2,19,658 --- 2007-08 Textual information (22) Disclosure in auditors report relating to default in repayment of financial dues Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that the Company has not defaulted in repayment of dues to any bank, financial Institutions and debenture holder. Company has not taken any loan from the government. Textual information (23) Disclosure in auditors report relating to public offer and term loans used for purpose for which those were raised Based upon the audit procedures performed and the information and explanations given by the management, the company has not raised moneys by way of initial public offer or further public offer (including debt instruments) during the year. The term Loan availed by the Company have been applied for the purpose for which they were raised. Textual information (24) Disclosure in auditors report relating to fraud by the company or on the company by its officers or its employees reported during period During the course of our examination of the books and records of the company, carried out in accordance with the generally accepted auditing practice in India, and according to the information and explanation given to us, we have neither come across any instance of fraud on or by the company, or on the Company by its officers or employees, noticed or reported during the year.
  • 30. 30 SUNBOURNE DEVELOPERS PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Textual information (25) Disclosure in auditors report relating to managerial remuneration 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 not been paid/provided. Accordingly the provisions of Clauses 3(xi) of the Order are not applicable Textual information (26) 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 (27) Disclosure in auditors report relating to preferential allotment or private placement of shares or convertible debentures 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. Textual information (28) Disclosure in auditors report relating to non-cash transactions with directors or persons connected with him According to the information and explanations given to us and 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 Clauses 3(xv) of the Order are not applicable to the Company.
  • 31. 31 SUNBOURNE DEVELOPERS PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Textual information (29) Disclosure in auditor’s report explanatory [Text Block] Independent Auditor’s Report To the Members of Sunbourne Developers Private Limited Report on the audit of the Financial Statements Opinion We have audited the accompanying Financial Statements of Sunbourne Developers Private 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 “Financial Statements”). In our opinion and to the best of our information and according to the explanations given to us, read with our comments in the Emphasis of Matter paragraph below, the aforesaid 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, and its Losses,total comprehensive Loss, its cash flows and changes in equity for the year ended on that date. Basis for Opinion We conducted our audit of the 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 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 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 financial statements. Emphasis of Matter
  • 32. 32 SUNBOURNE DEVELOPERS PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 We draw your attention to Note 39 to the Financial Statements which explains the management’s assessment of the financial impact due to the lock-down and other restrictions and conditions related to the COVID - 19 pandemic situation, for which a definitive assessment of the impact in the subsequent period is highly dependent upon circumstances as they evolve. Our opinion is not modified in respect of this matter. Other Information 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, 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 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. Management’s Responsibility for the 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 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
  • 33. 33 SUNBOURNE DEVELOPERS PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. In preparing the 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 are responsible for overseeing the Company’s financial reporting process. Auditor’s Responsibility Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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 financial statements. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: · Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. · Obtain an understanding of internal 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. · 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
  • 34. 34 SUNBOURNE DEVELOPERS PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. · Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. 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;
  • 35. 35 SUNBOURNE DEVELOPERS PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 c) the Balance Sheet, the Statement of Profit and Loss (including other comprehensive income), the Statement of Cash Flows and the Statement of Changes in Equity dealt with by this Report are in agreement with the books of account; d) in our opinion, the aforesaid 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”; 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 has disclosed the impact of pending litigations on its financial position in its e financial statements – Refer Note 30 to the financial statements; ii. The Company did not have any long-term contracts including derivative 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.
  • 36. 36 SUNBOURNE DEVELOPERS PRIVATE 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 not been paid /provided. Accordingly, reporting under section 197(16) of the Act is not applicable. RE: SUNBOURNE DEVELOPERS PRIVATE LIMITED ANNEXURE – B TO THE INDEPENDENT AUDITOR’S REPORT Referred to in paragraph 2(f) of the Independent Auditor’s Report of even date to the members of Sunbourne Developers Private Limitedon the financial statement for the year ended 31stMarch, 2020. Report on the Internal Financial Controls under Clause i of sub-section 3 of section 143 of the Companies Act 2013 (the act). Opinion We have audited the internal financial controls over financial reporting of the Sunbourne Developers Private Limited(the company) as of 31st March, 2020 in conjunction with our audit of the 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 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
  • 37. 37 SUNBOURNE DEVELOPERS PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 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. Auditor’s 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 onAuditing, 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.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 assessedrisk. The procedures selected depend on the auditor’sjudgment, 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. Meaning of Internal Financial Controls over FinancialReporting 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
  • 38. 38 SUNBOURNE DEVELOPERS PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 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 financialreporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. [700700] Disclosures - Secretarial audit report Unless otherwise specified, all monetary values are in INR 01/04/2019 to 31/03/2020 Disclosure in secretarial audit report explanatory [TextBlock] Whether secretarial audit report is applicable on company No Whether secretarial audit report has been qualified or has any observation or other remarks No
  • 39. 39 SUNBOURNE DEVELOPERS PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 [110000] Balance sheet Unless otherwise specified, all monetary values are in INR 31/03/2020 31/03/2019 31/03/2018 Balance sheet [Abstract] Assets [Abstract] Non-current assets [Abstract] Property, plant and equipment 0 0 Investment property 1,245,30,38,761 1,258,64,13,489 Other intangible assets 0 0 Non-current financial assets [Abstract] Non-current investments 0 0 Loans, non-current 500,00,00,000 0 Other non-current financial assets 3,08,32,267 59,93,750 Total non-current financial assets 503,08,32,267 59,93,750 Other non-current assets (A) 10,94,42,373 (B) 9,19,38,822 Total non-current assets 1,759,33,13,401 1,268,43,46,061 Current assets [Abstract] Inventories 1,92,111 9,10,000 Current financial assets [Abstract] Current investments 0 0 Trade receivables, current 1,51,87,583 2,02,37,065 Cash and cash equivalents 1,39,58,456 2,73,63,974 Bank balance other than cash and cash equivalents 20,82,27,652 19,49,73,640 Loans, current 687,90,39,886 160,68,69,489 Other current financial assets 1,03,29,966 8,53,038 Total current financial assets 712,67,43,543 185,02,97,206 Other current assets 32,15,99,781 20,15,89,130 Total current assets 744,85,35,435 205,27,96,336 Total assets 2,504,18,48,836 1,473,71,42,397 Equity and liabilities [Abstract] Equity [Abstract] Equity attributable to owners of parent [Abstract] Equity share capital 90,00,000 90,00,000 90,00,000 Other equity -286,56,59,380 -264,32,55,661 Total equity attributable to owners of parent -285,66,59,380 -263,42,55,661 Non controlling interest 0 0 Total equity -285,66,59,380 -263,42,55,661 Liabilities [Abstract] Non-current liabilities [Abstract] Non-current financial liabilities [Abstract] Borrowings, non-current 399,89,79,487 503,72,87,163 Other non-current financial liabilities 13,64,65,871 9,54,15,419 Total non-current financial liabilities 413,54,45,358 513,27,02,582 Provisions, non-current 0 0 Other non-current liabilities 7,07,85,319 7,51,19,561 Total non-current liabilities 420,62,30,677 520,78,22,143 Current liabilities [Abstract] Current financial liabilities [Abstract] Borrowings, current 1,972,38,38,555 1,171,36,81,512 Trade payables, current (C) 16,91,15,235 (D) 11,64,21,744 Other current financial liabilities 106,68,34,075 31,90,20,456 Total current financial liabilities 2,095,97,87,865 1,214,91,23,712 Other current liabilities 273,24,89,674 1,44,52,203 Provisions, current 0 0 Total current liabilities 2,369,22,77,539 1,216,35,75,915 Total liabilities 2,789,85,08,216 1,737,13,98,058 Total equity and liabilities 2,504,18,48,836 1,473,71,42,397
  • 40. 40 SUNBOURNE DEVELOPERS PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Footnotes (A) Income Tax Assets (Net) : 53826224 Other Non-current Assets : 55616149 (B) Income Tax Assets (Net) : 36746945 Other Non-current Assets : 55191877 (C) - micro enterprise & small enterprise : 10707979 - creditors other than micro enterprise and small enterprise : 158407256 (D) - micro enterprise & small enterprise : 0 - creditors other than micro enterprise and small enterprise : 116421744 [210000] Statement of profit and loss Earnings per share [Table] ..(1) Unless otherwise specified, all monetary values are in INR Classes of equity share capital [Axis] Equity shares 1 [Member] 01/04/2019 to 31/03/2020 01/04/2018 to 31/03/2019 Statement of profit and loss [Abstract] Earnings per share [Abstract] Earnings per share [Line items] Basic earnings per share [Abstract] Basic earnings (loss) per share from continuing operations [INR/shares] -247.12 [INR/shares] -468.97 Basic earnings (loss) per share from discontinued operations [INR/shares] 0 Total basic earnings (loss) per share [INR/shares] -247.12 [INR/shares] -468.97 Diluted earnings per share [Abstract] Diluted earnings (loss) per share from continuing operations [INR/shares] -247.12 [INR/shares] -468.97 Diluted earnings (loss) per share from discontinued operations [INR/shares] 0 Total diluted earnings (loss) per share [INR/shares] -247.12 [INR/shares] -468.97
  • 41. 41 SUNBOURNE DEVELOPERS PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Unless otherwise specified, all monetary values are in INR 01/04/2019 to 31/03/2020 01/04/2018 to 31/03/2019 Statement of profit and loss [Abstract] Income [Abstract] Revenue from operations 49,72,29,971 27,98,51,384 Other income 30,63,50,221 83,72,510 Total income 80,35,80,192 28,82,23,894 Expenses [Abstract] Cost of materials consumed 0 0 Changes in inventories of finished goods, work-in-progress and stock-in-trade 0 0 Employee benefit expense 0 0 Finance costs 74,78,68,359 46,34,13,541 Depreciation, depletion and amortisation expense 10,14,94,475 10,16,65,993 Other expenses 17,66,21,077 14,52,18,601 Total expenses 102,59,83,911 71,02,98,135 Profit before exceptional items and tax -22,24,03,719 -42,20,74,241 Total profit before tax -22,24,03,719 -42,20,74,241 Tax expense [Abstract] Total tax expense 0 0 Total profit (loss) for period from continuing operations -22,24,03,719 -42,20,74,241 Total profit (loss) for period -22,24,03,719 -42,20,74,241 Comprehensive income OCI components presented net of tax [Abstract] Whether company has other comprehensive income OCI components presented net of tax No No Other comprehensive income net of tax [Abstract] Components of other comprehensive income that will not be reclassified to profit or loss, net of tax [Abstract] Other comprehensive income, net of tax, gains (losses) on revaluation 0 0 Total other comprehensive income that will not be reclassified to profit or loss, net of tax 0 0 Total other comprehensive income 0 0 Total comprehensive income -22,24,03,719 -42,20,74,241 Comprehensive income OCI components presented before tax [Abstract] Whether company has comprehensive income OCI components presented before tax No No Other comprehensive income before tax [Abstract] Total other comprehensive income 0 0 Total comprehensive income -22,24,03,719 -42,20,74,241 Earnings per share explanatory [TextBlock] Earnings per share [Abstract] Basic earnings per share [Abstract] Diluted earnings per share [Abstract]
  • 42. 42 SUNBOURNE DEVELOPERS PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 [400200] Statement of changes in equity Statement of changes in equity [Table] ..(1) Unless otherwise specified, all monetary values are in INR Components of equity [Axis] Equity [Member] Equity attributable to the equity holders of the parent [Member] 01/04/2019 to 31/03/2020 01/04/2018 to 31/03/2019 31/03/2018 01/04/2019 to 31/03/2020 Other equity [Abstract] Statement of changes in equity [Line items] Equity [Abstract] Changes in equity [Abstract] Comprehensive income [Abstract] Profit (loss) for period -22,24,03,719 -42,20,74,241 -22,24,03,719 Changes in comprehensive income components 0 0 0 Total comprehensive income -22,24,03,719 -42,20,74,241 -22,24,03,719 Other changes in equity [Abstract] Deductions to reserves [Abstract] Other deductions to reserves 0 0 0 Total deductions to reserves 0 0 0 Total other changes in equity 0 0 0 Total increase (decrease) in equity -22,24,03,719 -42,20,74,241 -22,24,03,719 Other equity at end of period (A) -286,56,59,380 -264,32,55,661 -222,11,81,420 -286,56,59,380 Footnotes (A) Retained earnings are the profits that the Company has earned till date, less any transfers to general reserve, dividends or other distributions paid to shareholders. Statement of changes in equity [Table] ..(2) Unless otherwise specified, all monetary values are in INR Components of equity [Axis] Equity attributable to the equity holders of the parent [Member] Reserves [Member] 01/04/2018 to 31/03/2019 31/03/2018 01/04/2019 to 31/03/2020 01/04/2018 to 31/03/2019 Other equity [Abstract] Statement of changes in equity [Line items] Equity [Abstract] Changes in equity [Abstract] Comprehensive income [Abstract] Profit (loss) for period -42,20,74,241 -22,24,03,719 -42,20,74,241 Changes in comprehensive income components 0 0 0 Total comprehensive income -42,20,74,241 -22,24,03,719 -42,20,74,241 Other changes in equity [Abstract] Deductions to reserves [Abstract] Other deductions to reserves 0 0 0 Total deductions to reserves 0 0 0 Total other changes in equity 0 0 0 Total increase (decrease) in equity -42,20,74,241 -22,24,03,719 -42,20,74,241 Other equity at end of period -264,32,55,661 -222,11,81,420 -286,56,59,380 -264,32,55,661
  • 43. 43 SUNBOURNE DEVELOPERS PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Statement of changes in equity [Table] ..(3) Unless otherwise specified, all monetary values are in INR Components of equity [Axis] Reserves [Member] Retained earnings [Member] 31/03/2018 01/04/2019 to 31/03/2020 01/04/2018 to 31/03/2019 31/03/2018 Other equity [Abstract] Statement of changes in equity [Line items] Equity [Abstract] Changes in equity [Abstract] Comprehensive income [Abstract] Profit (loss) for period -22,24,03,719 -42,20,74,241 Changes in comprehensive income components 0 0 Total comprehensive income -22,24,03,719 -42,20,74,241 Other changes in equity [Abstract] Deductions to reserves [Abstract] Other deductions to reserves 0 0 Total deductions to reserves 0 0 Total other changes in equity 0 0 Total increase (decrease) in equity -22,24,03,719 -42,20,74,241 Other equity at end of period -222,11,81,420 -286,56,59,380 -264,32,55,661 -222,11,81,420 Statement of changes in equity [Table] ..(4) Unless otherwise specified, all monetary values are in INR Components of equity [Axis] Other retained earning [Member] Other equity components [Member] 01/04/2019 to 31/03/2020 01/04/2018 to 31/03/2019 31/03/2018 01/04/2019 to 31/03/2020 Other equity [Abstract] Statement of changes in equity [Line items] Equity [Abstract] Changes in equity [Abstract] Comprehensive income [Abstract] Profit (loss) for period -22,24,03,719 -42,20,74,241 0 Changes in comprehensive income components 0 0 Total comprehensive income -22,24,03,719 -42,20,74,241 0 Other changes in equity [Abstract] Deductions to reserves [Abstract] Other deductions to reserves 0 0 0 Total deductions to reserves 0 0 0 Total other changes in equity 0 0 0 Total increase (decrease) in equity -22,24,03,719 -42,20,74,241 0 Other equity at end of period -286,56,59,380 -264,32,55,661 -222,11,81,420 0
  • 44. 44 SUNBOURNE DEVELOPERS PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Statement of changes in equity [Table] ..(5) Unless otherwise specified, all monetary values are in INR Components of equity [Axis] Other equity components [Member] Other comprehensive income, others [Member] 01/04/2018 to 31/03/2019 01/04/2019 to 31/03/2020 01/04/2018 to 31/03/2019 Other equity [Abstract] Statement of changes in equity [Line items] Equity [Abstract] Changes in equity [Abstract] Comprehensive income [Abstract] Profit (loss) for period 0 0 0 Total comprehensive income 0 0 0 Other changes in equity [Abstract] Deductions to reserves [Abstract] Other deductions to reserves 0 0 0 Total deductions to reserves 0 0 0 Total other changes in equity 0 0 0 Total increase (decrease) in equity 0 0 0 Other equity at end of period 0 0 0
  • 45. 45 SUNBOURNE DEVELOPERS PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 [320000] Cash flow statement, indirect Unless otherwise specified, all monetary values are in INR 01/04/2019 to 31/03/2020 01/04/2018 to 31/03/2019 31/03/2018 Statement of cash flows [Abstract] Whether cash flow statement is applicable on company Yes Yes Cash flows from used in operating activities [Abstract] Profit before tax -22,24,03,719 -42,20,74,241 Adjustments for reconcile profit (loss) [Abstract] Adjustments for finance costs 74,78,68,359 46,34,13,541 Adjustments for decrease (increase) in inventories 7,17,889 -9,10,000 Adjustments for decrease (increase) in trade receivables, current 11,79,417 -1,71,98,417 Adjustments for decrease (increase) in other current assets -4,72,92,504 1,94,05,994 Adjustments for decrease (increase) in other non-current assets -4,24,272 60,73,874 Adjustments for other financial assets, non-current -13,57,440 -7,03,050 Adjustments for other financial assets, current 0 20,41,33,402 Adjustments for increase (decrease) in trade payables, current 5,26,79,790 -4,00,12,928 Adjustments for increase (decrease) in other current liabilities 271,80,37,471 -99,46,279 Adjustments for increase (decrease) in other non-current liabilities -43,34,242 0 Adjustments for depreciation and amortisation expense 10,14,94,475 10,16,65,993 Adjustments for other financial liabilities, current -1,77,73,556 -21,38,44,872 Adjustments for other financial liabilities, non-current 4,37,83,213 3,80,19,594 Other adjustments to reconcile profit (loss) -30,63,37,383 -83,72,510 Other adjustments for non-cash items -8,10,75,272 -7,23,36,591 Total adjustments for reconcile profit (loss) 320,71,65,945 46,93,87,751 Net cash flows from (used in) operations 298,47,62,226 4,73,13,510 Income taxes paid (refund) 1,70,79,280 18,96,058 Net cash flows from (used in) operating activities 296,76,82,946 4,54,17,452 Cash flows from used in investing activities [Abstract] Interest received 27,14,57,599 86,65,599 Other inflows (outflows) of cash (A) -1,025,16,38,176 (B) -13,08,31,015 Net cash flows from (used in) investing activities -998,01,80,577 -12,21,65,416 Cash flows from used in financing activities [Abstract] Proceeds from borrowings (C) 1,032,89,08,696 (D) 282,00,00,000 Repayments of borrowings (E) 259,50,78,241 (F) 231,21,94,662 Interest paid 73,47,38,342 42,23,89,863 Net cash flows from (used in) financing activities 699,90,92,113 8,54,15,475 Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes -1,34,05,518 86,67,511 Net increase (decrease) in cash and cash equivalents -1,34,05,518 86,67,511 Cash and cash equivalents cash flow statement at end of period 1,39,58,456 2,73,63,974 1,86,96,463 Footnotes (A) Proceeds from sale of Investment Property : 57267310 Investment in Properties : 0 Non Current Loans Given to related parties : -5000000000 Current Loans Given to related parties (Net) : -5272170397 Change in Bank Deposit (Other than Cash equivalent) : -36735089 (B) Proceeds from sale of Investment Property : 0 Investment in Properties : -38946932 Non Current Loans Given to related parties : 0 Current Loans Given to related parties (Net) : -71749531 Change in Bank Deposit (Other than Cash equivalent) : -20134552 (C) Proceeds from Current borrowings (net) : 8010157043 Proceeds from Non Current borrowings : 2318751653 (D) Proceeds from Current borrowings (net) : 0 Proceeds from Non Current borrowings : 2820000000 (E) Repayment of Current borrowings (net) : 0 Repayment of Non Current Borrowings : -2595078241 (F) Repayment of Current borrowings (net) : -1239290000 Repayment of Non Current Borrowings : -1072904662
  • 46. 46 SUNBOURNE DEVELOPERS PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 [610100] Notes - List of accounting policies Unless otherwise specified, all monetary values are in INR 01/04/2019 to 31/03/2020 01/04/2018 to 31/03/2019 Disclosure of significant accounting policies [TextBlock] Textual information (30) [See below] As Below
  • 47. 47 SUNBOURNE DEVELOPERS PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Textual information (30) Disclosure of significant accounting policies [Text Block] Corporate information Adani Developers Private Limited (the Company) is primarily engaged in the business of construction, development and sale of real estate properties. The Company is a private limited company and a wholly-owned subsidiary of Adani Infrastructure and Developers Private Limited. The Company has launched it's prestigious project at Bandra Kurla Complex named "Inspire" By Adani.Presentlly, the company has leased out the premises to various parties.The Company has changed its name to Sunbourne Developers Private Limited vide Fresh Certificate of Incorporation dated 29th November, 2017 issued by Registrar of Companies, Ahmedabad Basis of preparation Statement of compliance The Financial Statements of the Company have been prepared in accordance with Indian Accounting Standards (Ind AS) notified under section 133 of the Companies Act, 2013, read with the Companies (Indian Accounting Standards) Rules, 2015 amended from time to time and other accounting principles generally accepted in India. Basis of Preparation and presentation The Financial Statements have been prepared on a going concern basis under the historical cost convention except for Investments in mutual funds and certain financial assets and liabilities that are measured at fair values whereas net defined benefit (asset)/ liability is valued at fair value of plan assets less defined benefit obligation at the end of each reporting period, as explained in the accounting policies below. The financial statements are presented in INR except when otherwise stated. Significant accounting policies Investment Property Investment Property includes land & building appurtenant thereto that are held for earning rental income or capital appreciation or both. Investment property are property that is not intended to be sold in ordinary course of Business.
  • 48. 48 SUNBOURNE DEVELOPERS PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Investment properties are measured initially at cost, including transaction costs. Subsequent to initial recognition, investment properties are stated at cost less accumulated depreciation and accumulated impairment loss, if any. Though the group measures investment property using cost based measurement, the fair value of investment property is disclosed in the notes. Fair values are determined based on an annual evaluation performed by an accredited external independent valuer applying a valuation model recommended by the International Valuation Standards Committee. Investment properties are derecognised either when they have been disposed of or when they are permanently withdrawn from use and no future economic benefit is expected from their disposal. The difference between the net disposal proceeds and the carrying amount of the asset is recognised in profit or loss in the period of de recognition. Depreciation is provided using straight-line method as specified in Schedule II to the Companies Act, 2013. Estimated useful life of assets are determined based on technical parameters / assessments. Depreciation on Investment Property acquired / disposed off during the year is provided on pro-rata basis with reference to the date of addition / disposal. Financial Instruments Recognition and measurement Trade receivables and debt securities issued are initially recognised when they originate. All other financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instruments. A financial asset and financial liability is initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit and loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit and loss are recognised immediately in the Statement of Profit and Loss . Financial assets and financial liabilities are offset when the Company has a legally enforceable right (not contingent on future events) to off-set the recognised amounts either to settle on a net basis, or to realise the assets and settle the liabilities simultaneously Financial assets Initial recognition and measurement On initial recognition, a financial asset is measured at; - Amortised Cost; - FVTOCI - debt investment; - FVTOCI - equity investment; or - FVTPL Subsequent measurement
  • 49. 49 SUNBOURNE DEVELOPERS PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 For purposes of subsequent measurement, financial assets are classified based on assessment of business model in which they are held. This assessment is done for portfolio of the financial assets. The relevant categories are as below: i) At amortised cost Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and which are not classified as financial assets at fair value through profit and loss or for-sale fair value through profit and loss. Subsequently, these are measured at amortized cost using the effective interest method less any impairment losses. These include trade receivables, finance receivables, balances with banks, short-term deposits with banks, other financial assets and investments with fixed or determinable payments. These assets are held for the purpose of collecting contractual cash flows which represent solely payment of principal and interest. ii) At fair value through Other comprehensive income (FVOCI) A financial asset is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: the asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. iii) At fair value through profit and loss (FVTPL) Financial assets which are not measured at amortised cost and are held for trading are measured at FVTPL. Fair value changes related to such financial assets including derivative contracts are recognised in the Statement of Profit and Loss . Business Model Assessment The Company makes an assessment of the objectives of the business model in which a financial asset is held because it best reflects the way business is managed and information is provided to management. The assessment of business model comprises the stated policies and objectives of the financial assets, management strategy for holding the financial assets, the risk that affects the performance etc. Further management also evaluates whether the contractual cash flows are solely payment of principal and interest considering the contractual terms of the instrument. Derecognition of financial assets The Company derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Company neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control of the financial asset. On derecognition of a financial asset in its entirety, the difference between the assets carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss that had been recognised in other comprehensive income and accumulated in equity is recognised in the Statement of Profit and Loss if such gain or loss would have otherwise been recognised in the Statement of Profit and Loss on disposal of that financial asset. Impairment of Financial assets The Company applies the expected credit loss model for recognising impairment loss on financial assets measured at amortised cost, trade receivables and other contractual rights to receive cash or other financial asset.
  • 50. 50 SUNBOURNE DEVELOPERS PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Expected credit losses rate the weighted average of credit losses with the respective risks of default occurring as the weights. Credit loss is the difference between all contractual cash flows that are due to the Company in accordance with the contract and all the cash flows that the Company expects to receive (i.e. all cash shortfalls), discounted at the original effective interest rate. The Company estimates cash flows by considering all contractual terms of the financial instrument through the expected life of that financial instrument. When making the assessment of whether there has been a significant increase in credit risk since initial recognition, the Company uses the change in the risk of a default occurring over the expected life of the financial instrument instead of the change in the amount of expected credit losses. To make that assessment, the Company compares the risk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition and considers reasonable and supportable information, that is available without undue cost or effort, that is indicative of significant increases in credit risk since initial recognition. For trade receivables or any contractual right to receive cash or another financial asset that result from transactions that are expedient as permitted under Ind AS 109. Expected credit loss allowance on trade receivables is computed based on a provision matrix which takes into account historical credit loss experience and adjusted for forward looking information. At every reporting date, the historical observed default rates are updated and changes in the forward-looking estimates are analysed. Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets. Financial liabilities and equity instruments Classification as debt or equity Debt and equity instruments issued by the Company are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. Equity instruments An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Company are recognised at the proceeds received, net of direct issue costs. Financial liabilities All financial liabilities are measured at amortised cost using the effective interest method or at FVTPL. Financial liabilities at amortised cost Financial liabilities that are not held-for-trading and are not designated as at FVTPL are measured at amortised cost at the end of subsequent accounting periods. The carrying amounts of financial liabilities that are subsequently measured at amortised cost are determined based on the effective interest method. Interest expense that is not capitalised as part of costs of an asset is included in the 'Finance costs' line item in the Statement of Profit and Loss. The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the net carrying amount on initial recognition.
  • 51. 51 SUNBOURNE DEVELOPERS PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Trade and other payables are recognised at the transaction cost, which is its fair value, and subsequently measured at amortised cost. Financial liabilities at FVTPL A financial liability may be designated as at FVTPL upon initial recognition if: such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise; the financial liability whose performance is evaluated on a fair value basis, in accordance with the Company's documented risk management; Fair value changes related to such financial liabilities including derivative contracts like forward currency contracts and options to hedge the Company's foreign currency risks are recognised in the Statement of Profit and Loss . Derecognition of financial liabilities The Company derecognises financial liabilities when, and only when, the Companys obligations are discharged, cancelled or have expired. An exchange with a lender of debt instruments with substantially different terms is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. Similarly, a substantial modification of the terms of an existing financial liability is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in the Statement of Profit and Loss . Derivative Financial Instruments Initial recognition and subsequent measurement The Company uses derivative financial instruments, such as forward currency contracts and options to hedge its foreign currency risk. Derivatives are initially measured at fair value. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are generally recognised in the Statement of Profit and Loss as Foreign Exchange (Gain) / Loss except those relating to borrowings, which are separately classified under Finance Cost. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. Expenses are net of taxes recoverable, where applicable. Use of Estimates and Judgements The preparation of the Company’s financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures including contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.
  • 52. 52 SUNBOURNE DEVELOPERS PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Key Sources of Estimation uncertainty: The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. Existing circumstances and assumptions about future developments may change due to market changes or circumstances arising that are beyond the control of the Company. Such changes are reflected in the assumptions when they occur. i) Fair value measurement of financial instruments In estimating the fair value of financial assets and financial liabilities, the Company uses market observable data to the extent available. Where such Level 1 inputs are not available, the Company establishes appropriate valuation techniques and inputs to the model. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgment is required in establishing fair values. Judgments include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about these factors could affect the reported fair value of financial instruments. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: • Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities. • Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. • Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. ii) Taxes Deferred tax assets are recognised for unused tax credits to the extent that it is probable that taxable profit will be available against which the credits can be utilised. Significant management judgment is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits together with future tax planning strategies. iii) Impairment of non-financial assets Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data for similar assets or observable market prices less incremental costs for disposing of the asset. The value in use calculation is based on a discounted future cashflows model. The recoverable amount is sensitive to the discount rate used for the discounted future cashflows model as well as the expected future cash-inflows and the growth rate used. vi) Recognition and measurement of provision and contingencies The Company recognises a provision if it is probable that an outflow of cash or other economic resources will be required to settle the provision. If an outflow is not probable, the item is treated as a contingent liability. Risks and uncertainties are taken into account in measuring a provision
  • 53. 53 SUNBOURNE DEVELOPERS PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 vii) Estimation of uncertainties relating to the global health pandemic from COVID-19. The company has considered the possible effects that may result from the pandemic relating to COVID-19 on the carrying amounts of its investments property, loans and other receivables. In developing the assumptions relating to the possible future uncertainties in the global economic conditions because of this pandemic, the company , as at the date of approval of these financial statements has used internal and external sources of information including economic forecasts. [610200] Notes - Corporate information and statement of IndAs compliance Unless otherwise specified, all monetary values are in INR 01/04/2019 to 31/03/2020 01/04/2018 to 31/03/2019 Disclosure of corporate information notes and other explanatory information [TextBlock] Statement of Ind AS compliance [TextBlock] As Below As Below Whether there is any departure from Ind AS No No Whether there are reclassifications to comparative amounts No No Description of reason why reclassification of comparative amounts is impracticable As Below As Below Description of nature of necessary adjustments to provide comparative information As Below As Below Disclosure of significant accounting policies [TextBlock] Textual information (31) [See below] As Below
  • 54. 54 SUNBOURNE DEVELOPERS PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020 Textual information (31) Disclosure of significant accounting policies [Text Block] Corporate information Adani Developers Private Limited (the Company) is primarily engaged in the business of construction, development and sale of real estate properties. The Company is a private limited company and a wholly-owned subsidiary of Adani Infrastructure and Developers Private Limited. The Company has launched it's prestigious project at Bandra Kurla Complex named "Inspire" By Adani.Presentlly, the company has leased out the premises to various parties.The Company has changed its name to Sunbourne Developers Private Limited vide Fresh Certificate of Incorporation dated 29th November, 2017 issued by Registrar of Companies, Ahmedabad Basis of preparation Statement of compliance The Financial Statements of the Company have been prepared in accordance with Indian Accounting Standards (Ind AS) notified under section 133 of the Companies Act, 2013, read with the Companies (Indian Accounting Standards) Rules, 2015 amended from time to time and other accounting principles generally accepted in India. Basis of Preparation and presentation The Financial Statements have been prepared on a going concern basis under the historical cost convention except for Investments in mutual funds and certain financial assets and liabilities that are measured at fair values whereas net defined benefit (asset)/ liability is valued at fair value of plan assets less defined benefit obligation at the end of each reporting period, as explained in the accounting policies below. The financial statements are presented in INR except when otherwise stated. Significant accounting policies Investment Property Investment Property includes land & building appurtenant thereto that are held for earning rental income or capital appreciation or both. Investment property are property that is not intended to be sold in ordinary course of Business.