- The directors have summarized the financial performance and key financial figures of Adani Estates Private Limited for the financial year 2020-21.
- There were no significant changes that affected the company's financial position between the financial year end and the date of the report.
- The directors do not recommend any dividend for the year and have not transferred any amount to reserves.
- Details regarding related party transactions, board meetings, internal financial controls, and appointment of directors have been provided.
Adani Developers (later renamed Sunbourne) 2013 Annual Report.pdfHindenburg Research
The document is an auditor's report for Adani Developers Private Limited for the period of April 1, 2011 to March 31, 2012. The auditor gave an unqualified opinion and did not note any qualifications, reservations or adverse remarks. Specifically, the auditor stated that the company maintained proper records of fixed assets, conducted physical verification of inventories, and complied with statutory dues payments. The auditor also confirmed the company had an adequate internal control and internal audit system.
The document discusses the history and development of chocolate over centuries. It details how cocoa beans were first used by Mesoamerican cultures before being introduced to Europe, where it became popular in drinks and confections. The document also notes that modern chocolate production methods were established in the 19th century to allow chocolate to be consumed on a larger scale worldwide.
The document contains the annual report of Adani Estates Private Limited for the financial year 2019-20. It includes information such as the company's principal business activities, details of subsidiaries and associates, composition of the board of directors, extracts from financial statements, and disclosures as required under various acts. The company was involved in construction activities and reported a sales income of Rs. 177.24 crores compared to Rs. 298.5 crores in the previous year, incurring a loss before tax of Rs. 6.53 crores.
Carmichael Rail and Port Singapore Holdings 2015 Annual Report.pdfHindenburg Research
This document contains the audited financial statements of Carmichael Rail and Port Singapore Holdings Pte Ltd and its subsidiaries for the financial year from 28 August 2014 to 31 March 2015. It reported a net loss of $25.1 million for the year, with total current liabilities exceeding total current assets by $67.5 million, resulting in net liabilities of $25.2 million. Going concern assumptions apply on the basis of loan facilities provided by related Adani group companies.
The document is the director's report of Sunbourne Developers Private Limited for the financial year 2019-2020. It summarizes that the company's sales income was Rs. 4972.30 lakhs for the year but incurred a net loss before tax of Rs. 2224.03 lakhs. It discloses that 10 board meetings were held during the year and no dividend is recommended. The report also provides brief details on energy conservation, technology absorption, foreign exchange earnings/outgo, and extracts of annual return as required by law.
The Board of Directors of Adani Infra (India) Limited provided a summary of the company's financial performance for the financial year ended March 31, 2021 in their report. Key highlights included total income of Rs. 2638.48 Crore compared to Rs. 1790.39 Crore in the previous year. Profit after tax was Rs. 12.11 Crore compared to Rs. 5.17 Crore previously. The Board did not recommend a dividend for the financial year. Material developments during the year included conversion and redemption of debentures and issuance of new debentures.
Sunbourne (previously Adani Developers) 2012 Annual Report.pdfHindenburg Research
The document is an auditor's report on the financial statements of Adani Developers Private Limited for the period of April 1, 2011 to March 31, 2012. The auditor issued a clean report and did not note any qualifications. However, the auditor drew attention to an interest free loan given to a related party where the terms of repayment were not specified. The auditor was unable to comment on the regularity of repayment of this loan.
Adani Developers (later renamed Sunbourne) 2013 Annual Report.pdfHindenburg Research
The document is an auditor's report for Adani Developers Private Limited for the period of April 1, 2011 to March 31, 2012. The auditor gave an unqualified opinion and did not note any qualifications, reservations or adverse remarks. Specifically, the auditor stated that the company maintained proper records of fixed assets, conducted physical verification of inventories, and complied with statutory dues payments. The auditor also confirmed the company had an adequate internal control and internal audit system.
The document discusses the history and development of chocolate over centuries. It details how cocoa beans were first used by Mesoamerican cultures before being introduced to Europe, where it became popular in drinks and confections. The document also notes that modern chocolate production methods were established in the 19th century to allow chocolate to be consumed on a larger scale worldwide.
The document contains the annual report of Adani Estates Private Limited for the financial year 2019-20. It includes information such as the company's principal business activities, details of subsidiaries and associates, composition of the board of directors, extracts from financial statements, and disclosures as required under various acts. The company was involved in construction activities and reported a sales income of Rs. 177.24 crores compared to Rs. 298.5 crores in the previous year, incurring a loss before tax of Rs. 6.53 crores.
Carmichael Rail and Port Singapore Holdings 2015 Annual Report.pdfHindenburg Research
This document contains the audited financial statements of Carmichael Rail and Port Singapore Holdings Pte Ltd and its subsidiaries for the financial year from 28 August 2014 to 31 March 2015. It reported a net loss of $25.1 million for the year, with total current liabilities exceeding total current assets by $67.5 million, resulting in net liabilities of $25.2 million. Going concern assumptions apply on the basis of loan facilities provided by related Adani group companies.
The document is the director's report of Sunbourne Developers Private Limited for the financial year 2019-2020. It summarizes that the company's sales income was Rs. 4972.30 lakhs for the year but incurred a net loss before tax of Rs. 2224.03 lakhs. It discloses that 10 board meetings were held during the year and no dividend is recommended. The report also provides brief details on energy conservation, technology absorption, foreign exchange earnings/outgo, and extracts of annual return as required by law.
The Board of Directors of Adani Infra (India) Limited provided a summary of the company's financial performance for the financial year ended March 31, 2021 in their report. Key highlights included total income of Rs. 2638.48 Crore compared to Rs. 1790.39 Crore in the previous year. Profit after tax was Rs. 12.11 Crore compared to Rs. 5.17 Crore previously. The Board did not recommend a dividend for the financial year. Material developments during the year included conversion and redemption of debentures and issuance of new debentures.
Sunbourne (previously Adani Developers) 2012 Annual Report.pdfHindenburg Research
The document is an auditor's report on the financial statements of Adani Developers Private Limited for the period of April 1, 2011 to March 31, 2012. The auditor issued a clean report and did not note any qualifications. However, the auditor drew attention to an interest free loan given to a related party where the terms of repayment were not specified. The auditor was unable to comment on the regularity of repayment of this loan.
The document is the Directors' Report of REHVAR INFRASTRUCTURE PRIVATE LIMITED for the financial year 2020-21. It summarizes the key financial highlights including a net loss for the year. It also provides details such as the number of board meetings held, an extract of the annual return, and the Directors' Responsibility Statement. The Directors are hopeful about future growth but unable to recommend a dividend or transfer funds to reserves due to losses incurred during the year.
The document is the director's report from the annual financial statements of PMC Projects (India) Private Limited for the period of April 1, 2020 to March 31, 2021. It summarizes the company's financial performance including revenues of Rs. 21,59,584 and a net loss of Rs. 11,39,18,846. It provides details on the board of directors and key managerial personnel, material changes, loans and investments, deposits, subsidiaries and associates, and the director's responsibility statement.
Adani Infrastructure Management Services 2022 Annual Report.pdfHindenburg Research
The document is the annual report of Adani Infrastructure Management Services Limited for the period of April 1, 2021 to March 31, 2022. It includes information such as the company name and corporate identity number, addresses of registered offices, principal business activities, shareholding patterns, indebtedness details, and directors' details. The principal business activity contributing 100% of the turnover is construction/erection and maintenance of power, telecommunication and transmission lines.
This document is a show cause notice from the Directorate of Revenue Intelligence to Adani Power Maharashtra Limited and Adani Power Rajasthan Limited regarding gross overvaluation of goods imported by the companies. Intelligence indicated the Adani group was inflating import invoices through an intermediary company in Dubai called Electrogen Infra FZE to siphon money abroad. Documents obtained from banks show Electrogen Infra FZE had close ties to the Adani group, including a former Adani employee as its representative. The notice questions imports made by the two Adani companies on the basis of inflated invoices from Electrogen Infra FZE.
This document is a Form 388 lodged with the Australian Securities and Investments Commission (ASIC) by North Queensland Export Terminal Holdings Pty Ltd. It includes the company's financial statements and audit report for the year ended 31 March 2022.
The audit report issued by BDO Audit Pty Ltd includes an unmodified opinion and states that the financial statements give a true and fair view of the company's financial position and comply with Australian accounting standards. However, the audit report also draws attention to a material uncertainty about the company's ability to continue as a going concern.
The document includes details of the company such as its name, ACN, auditor, and financial year end date. It also certifies that the
The document contains financial statements for Pinnacle Trade and Investment Pte. Ltd. for the year ended 31 March 2021. It includes a statement of financial position, statement of comprehensive income, statement of changes in equity, statement of cash flows, and notes to the financial statements. It also includes a Directors' Statement and an Independent Auditor's Report. The company reported a net loss of EUR 1,589,002 for the year ended 31 March 2021 and had total liabilities of EUR 224,383,332, exceeding its total capital deficiency.
The directors presented the 20th annual report of the company. Some key details include:
- Net profit for the year was Rs. 36.88 million compared to Rs. 84.05 million in the previous year.
- 16 board meetings were held during the year and attendance of directors is provided.
- 2 CSR committee meetings were held and attendance is provided.
- The directors ensured compliance with accounting standards and laws in preparing financial statements.
- No independent directors are required since the company is private limited.
- Statutory auditors were appointed until the 24th AGM to be held in 2025.
- Particulars of loans, guarantees and investments are disclosed in financial statements.
This document discusses import contracts between Adani Power Maharashtra Ltd (APML) and Adani Power Rajasthan Ltd (APRL) with Sichuan Machinery & Equipment FZE (later known as Electrogen Infra FZE) for equipment to set up power generation projects. It notes that APML and APRL imported equipment on a turnkey basis from Sichuan/Electrogen for phases I-III of a project in Maharashtra and a project in Rajasthan. The imports were registered for duty-free clearance under project import regulations. The customs department alleges over-valuation in these imports routed through an intermediary. The adjudication authority dropped the show cause notice issued to the parties. The customs appeal
This document provides corporate information and financial statements for Gudami International Pte Ltd for the year ended 31 March 2007. It includes details such as the board of directors, registered office, auditors, directors' shareholdings, balance sheet, profit and loss statement, cash flow statement, and notes to the financial statements. The key information is that Gudami International is a Singapore-incorporated company involved in imports and exports, with Chang Chung-Ling and Chew Bee Choo listed as directors, and it reported a net profit of $89,072 for the financial year ended 31 March 2007.
This document summarizes an investigation conducted by the Directorate of Revenue Intelligence (DRI) into alleged misdeclaration of export values of cut and polished diamonds by six companies between 2004-2005 and 2005-2006. The DRI analyzed import/export trends and found a large spike in diamond imports from and exports to specific countries that coincided with new export promotion schemes. One company, Adani Exports Ltd., saw its diamond exports increase over 500% while other major exporters did not see similar growth. Simultaneous searches were conducted at several company premises. The document outlines background information found on the six noticed companies, including Adani Exports Ltd. which saw its exports rise from Rs. 377 crores to over Rs. 7
This document is the first 4 pages of a 464 page report by the Karnataka Lokayukta regarding an investigation into illegal mining activities in Bellary, Tumkur, and Chitradurga districts on referral from the Government of Karnataka. It provides background on the scope and terms of reference for the investigation, which include examining illegalities and irregularities in mining leases, transportation permits, environmental clearances, losses to the government, and instances of political interference. The report will look into specific allegations of corruption and complicity by government authorities in illegal mining operations that deprived the state of revenues.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive function. Exercise causes chemical changes in the brain that may help protect against developing mental illness and improve symptoms for those who already suffer from conditions like anxiety and depression.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
This document summarizes the financial statements of Milestone Tradelinks Private Limited for the period of April 1, 2014 to March 31, 2015. It provides details such as the company name, corporate identity number, address, type of industry, date of board meeting when accounts were approved, and nature of the report. It also includes information on shareholding patterns, details of contracts/arrangements not at arm's length, and details of the top ten shareholders.
Adani Infrastructure and Management Services 2020 Annual Report.pdfHindenburg Research
The document provides financial highlights and other details from the Directors' Report of Adani Infrastructure Management Services Limited for FY 2019-20. It summarizes that the company's total income increased to Rs. 602.83 crores from Rs. 144.41 crores in the previous year. Net profit for FY 2019-20 was Rs. 22.12 crores compared to Rs. 5.64 crores in the previous year. No dividend was recommended to conserve resources for operations and business expansion. There were no changes to the board of directors or material changes affecting the company's financial position during the year.
The document is the annual report of Adani Logistics Limited for the financial year 2020-2021. It provides details of the company's financial performance including total income of Rs. 80,810.01 lakhs and profit for the year of Rs. 11,066.39 lakhs. It discusses the company's operational performance including details of logistics parks, CFS/Exim yards operated, and future expansion plans. It also provides information on subsidiaries and changes during the year.
The document is the Directors' Report of REHVAR INFRASTRUCTURE PRIVATE LIMITED for the financial year 2020-21. It summarizes the key financial highlights including a net loss for the year. It also provides details such as the number of board meetings held, an extract of the annual return, and the Directors' Responsibility Statement. The Directors are hopeful about future growth but unable to recommend a dividend or transfer funds to reserves due to losses incurred during the year.
The document is the director's report from the annual financial statements of PMC Projects (India) Private Limited for the period of April 1, 2020 to March 31, 2021. It summarizes the company's financial performance including revenues of Rs. 21,59,584 and a net loss of Rs. 11,39,18,846. It provides details on the board of directors and key managerial personnel, material changes, loans and investments, deposits, subsidiaries and associates, and the director's responsibility statement.
Adani Infrastructure Management Services 2022 Annual Report.pdfHindenburg Research
The document is the annual report of Adani Infrastructure Management Services Limited for the period of April 1, 2021 to March 31, 2022. It includes information such as the company name and corporate identity number, addresses of registered offices, principal business activities, shareholding patterns, indebtedness details, and directors' details. The principal business activity contributing 100% of the turnover is construction/erection and maintenance of power, telecommunication and transmission lines.
This document is a show cause notice from the Directorate of Revenue Intelligence to Adani Power Maharashtra Limited and Adani Power Rajasthan Limited regarding gross overvaluation of goods imported by the companies. Intelligence indicated the Adani group was inflating import invoices through an intermediary company in Dubai called Electrogen Infra FZE to siphon money abroad. Documents obtained from banks show Electrogen Infra FZE had close ties to the Adani group, including a former Adani employee as its representative. The notice questions imports made by the two Adani companies on the basis of inflated invoices from Electrogen Infra FZE.
This document is a Form 388 lodged with the Australian Securities and Investments Commission (ASIC) by North Queensland Export Terminal Holdings Pty Ltd. It includes the company's financial statements and audit report for the year ended 31 March 2022.
The audit report issued by BDO Audit Pty Ltd includes an unmodified opinion and states that the financial statements give a true and fair view of the company's financial position and comply with Australian accounting standards. However, the audit report also draws attention to a material uncertainty about the company's ability to continue as a going concern.
The document includes details of the company such as its name, ACN, auditor, and financial year end date. It also certifies that the
The document contains financial statements for Pinnacle Trade and Investment Pte. Ltd. for the year ended 31 March 2021. It includes a statement of financial position, statement of comprehensive income, statement of changes in equity, statement of cash flows, and notes to the financial statements. It also includes a Directors' Statement and an Independent Auditor's Report. The company reported a net loss of EUR 1,589,002 for the year ended 31 March 2021 and had total liabilities of EUR 224,383,332, exceeding its total capital deficiency.
The directors presented the 20th annual report of the company. Some key details include:
- Net profit for the year was Rs. 36.88 million compared to Rs. 84.05 million in the previous year.
- 16 board meetings were held during the year and attendance of directors is provided.
- 2 CSR committee meetings were held and attendance is provided.
- The directors ensured compliance with accounting standards and laws in preparing financial statements.
- No independent directors are required since the company is private limited.
- Statutory auditors were appointed until the 24th AGM to be held in 2025.
- Particulars of loans, guarantees and investments are disclosed in financial statements.
This document discusses import contracts between Adani Power Maharashtra Ltd (APML) and Adani Power Rajasthan Ltd (APRL) with Sichuan Machinery & Equipment FZE (later known as Electrogen Infra FZE) for equipment to set up power generation projects. It notes that APML and APRL imported equipment on a turnkey basis from Sichuan/Electrogen for phases I-III of a project in Maharashtra and a project in Rajasthan. The imports were registered for duty-free clearance under project import regulations. The customs department alleges over-valuation in these imports routed through an intermediary. The adjudication authority dropped the show cause notice issued to the parties. The customs appeal
This document provides corporate information and financial statements for Gudami International Pte Ltd for the year ended 31 March 2007. It includes details such as the board of directors, registered office, auditors, directors' shareholdings, balance sheet, profit and loss statement, cash flow statement, and notes to the financial statements. The key information is that Gudami International is a Singapore-incorporated company involved in imports and exports, with Chang Chung-Ling and Chew Bee Choo listed as directors, and it reported a net profit of $89,072 for the financial year ended 31 March 2007.
This document summarizes an investigation conducted by the Directorate of Revenue Intelligence (DRI) into alleged misdeclaration of export values of cut and polished diamonds by six companies between 2004-2005 and 2005-2006. The DRI analyzed import/export trends and found a large spike in diamond imports from and exports to specific countries that coincided with new export promotion schemes. One company, Adani Exports Ltd., saw its diamond exports increase over 500% while other major exporters did not see similar growth. Simultaneous searches were conducted at several company premises. The document outlines background information found on the six noticed companies, including Adani Exports Ltd. which saw its exports rise from Rs. 377 crores to over Rs. 7
This document is the first 4 pages of a 464 page report by the Karnataka Lokayukta regarding an investigation into illegal mining activities in Bellary, Tumkur, and Chitradurga districts on referral from the Government of Karnataka. It provides background on the scope and terms of reference for the investigation, which include examining illegalities and irregularities in mining leases, transportation permits, environmental clearances, losses to the government, and instances of political interference. The report will look into specific allegations of corruption and complicity by government authorities in illegal mining operations that deprived the state of revenues.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive function. Exercise causes chemical changes in the brain that may help protect against developing mental illness and improve symptoms for those who already suffer from conditions like anxiety and depression.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
This document summarizes the financial statements of Milestone Tradelinks Private Limited for the period of April 1, 2014 to March 31, 2015. It provides details such as the company name, corporate identity number, address, type of industry, date of board meeting when accounts were approved, and nature of the report. It also includes information on shareholding patterns, details of contracts/arrangements not at arm's length, and details of the top ten shareholders.
Adani Infrastructure and Management Services 2020 Annual Report.pdfHindenburg Research
The document provides financial highlights and other details from the Directors' Report of Adani Infrastructure Management Services Limited for FY 2019-20. It summarizes that the company's total income increased to Rs. 602.83 crores from Rs. 144.41 crores in the previous year. Net profit for FY 2019-20 was Rs. 22.12 crores compared to Rs. 5.64 crores in the previous year. No dividend was recommended to conserve resources for operations and business expansion. There were no changes to the board of directors or material changes affecting the company's financial position during the year.
The document is the annual report of Adani Logistics Limited for the financial year 2020-2021. It provides details of the company's financial performance including total income of Rs. 80,810.01 lakhs and profit for the year of Rs. 11,066.39 lakhs. It discusses the company's operational performance including details of logistics parks, CFS/Exim yards operated, and future expansion plans. It also provides information on subsidiaries and changes during the year.
Ebix Payment Services Private Limited Fiscal Year End 2021 Financial StatementsHindenburg Research
The document is the director's report of EBIX Payment Services Private Limited for the financial year ending March 31, 2021. It provides details such as the names of directors signing the report, principal business activities contributing over 10% of turnover, and extracts of annual returns. It summarizes the company's performance, proposes to transfer profits to reserves, and notes the resignation of two directors during the year. The report also covers CSR initiatives, risk management, internal controls, and the convening of an annual general meeting.
The document provides financial statements for PMC Projects (India) Private Limited for the period of April 1, 2016 to March 31, 2017. It includes information on the company such as its corporate identity number, address, nature of business, and disclosure of principal products. It also contains the director's report which discusses items such as the number of board meetings held, extract of annual return, and director's responsibility statement.
The Directors' Report summarizes the financial performance and state of affairs of PMC Projects (India) Private Limited for the financial year ending March 31, 2019. It provides highlights such as total revenue of Rs. 12.98 crores compared to Rs. 151.07 crores last year. Net profit was Rs. 0.36 crores with EPS of Rs. 1.27. No dividend is recommended in order to conserve resources. There were no changes to the board of directors or key managerial personnel during the year.
The directors have presented the annual report and audited financial statements for the year ended March 31, 2018. Some key highlights include:
- Revenue from operations increased to Rs. 151.07 crores from Rs. 51.39 crores the previous year.
- Net profit for the year was Rs. 1.28 crores compared to Rs. 7.86 crores last year.
- No dividend was recommended due to lack of distributable profits.
- Mr. Ambar Dave was appointed as an additional director and Mr. Kailash Verma and Mr. Swadesh Mathura resigned from their positions as directors.
The auditor's report summarizes that:
1) The company has maintained proper records of fixed assets and physical verification was conducted.
2) Statutory dues have generally been regularly deposited with the authorities.
3) There were no material uncertainties that may cast doubt on the company's ability to continue as a going concern.
Adani Infrastructure and Management Services 2019 Annual Report.pdfHindenburg Research
Adani Infrastructure Management Services Limited reported total revenue of Rs. 144.41 crores for FY 2018-19 compared to Rs. 49.77 crores in the previous year. The profit after tax increased to Rs. 5.64 crores from Rs. 4.25 crores last year. The board has not recommended any dividend for FY 2018-19 in order to conserve resources for operational purposes and business expansion.
The auditor's report summarizes the audit of PMC Projects (India) Private Limited's financial statements for the period ending March 31, 2011. The auditor conducted the audit in accordance with auditing standards and obtained necessary information to provide an opinion. The auditor stated that the company maintained proper records and books of accounts. The financial statements were prepared in accordance with accounting standards and gave a true and fair view. No fraud or statutory dues defaults were reported. The auditor provided an unqualified opinion on the financial statements.
Adani Infrastructure and Management Services 2021 Annual Report.pdfHindenburg Research
The document is the annual report of Adani Infrastructure Management Services Limited for the period of April 1, 2020 to March 31, 2021. It provides details such as the name and address of the company, its principal business activities, details of its holding and subsidiary companies, shareholding pattern, and indebtedness. It also includes disclosures mandated under various sections of Company Law such as the director's report, annual return, internal financial controls, and details of remuneration of directors.
Adani Infrastructure and Management Services 2018 Annual Report.pdfHindenburg Research
- Adani Infrastructure Management Services Limited is an infrastructure management company incorporated in 2017 and headquartered in Ahmedabad, India.
- It is a wholly owned subsidiary of Adani Properties Private Limited and is engaged in the business of construction, erection and maintenance of power, telecommunication and transmission lines.
- In its first year of operations from June 2017 to March 2018, the company reported a turnover of Rs. 49.49 crore from its core business activities.
This document summarizes the key details from the standalone financial statements of Next Gen Films Private Limited for the period of April 1, 2017 to March 31, 2018. It provides the company's corporate identity number, permanent account number, nature of business as film production, and registered office address in Mumbai. The principal business activity contributing over 94% of total turnover is film production and distribution. The company has 10,000 shares held by 2 promoters/directors.
The document is the standalone balance sheet of PMC Projects (India) Private Limited for the period of April 1, 2012 to March 31, 2013. It includes details such as the name and address of the company, details of the directors and auditors, disclosures from the director's report on the company's performance, status of statutory dues, and the auditor's report. The auditor's report contains standard disclosures and does not note any qualifications.
The auditor's report provides an unmodified opinion on the financial statements of Pmc Projects (India) Private Limited for the period 01/04/2013 to 31/03/2014. The auditor found that the company has maintained proper records of fixed assets, inventories and loans. Internal control procedures for purchase, sale and fixed assets were adequate. The company has not accepted any deposits from the public. Statutory dues have generally been regularly paid, with no material disputed amounts. No frauds were reported during the period.
This document summarizes the annual report of PMC Projects (India) Private Limited for the financial year ending March 31, 2016. It discusses the approval of a Scheme of Arrangement for the demerger of Howe Engineering Projects from PMC Projects. It also provides brief details on energy conservation, technology absorption, and foreign exchange earnings. The directors' responsibility statement and notes on risk management are also included.
The document is the condensed consolidated interim financial statements of Hyundai Capital Services, Inc. and its subsidiaries for the period ended March 31, 2020. It includes the condensed consolidated statements of financial position, comprehensive income, changes in equity, and cash flows. Key information includes total assets of W32.24 trillion as of March 31, 2020, profit for the period of W85.86 billion, and total comprehensive income for the period of W24.37 billion.
This document provides details from the annual return of Emerging Power Singapore Pte. Ltd. for the financial year ending before 31 August 2018. It lists the company's details such as address, directors, secretary, auditor, share capital, shareholders, and financial period end of 31 March 2018. The company has not held its annual general meeting yet and is exempt from audit as a small company under the Companies Act.
This document is a sample business investment plan for a Significant Investor visa applicant intending to invest $5 million in a private company in Australia. The plan provides details about the company, including its history, products/services, management/ownership, finances, and how the investment will be used and benefit the company. It outlines that the $5 million will be used to expand the company's operations and undertake a large-scale property development project over the next 4 years. Additional funding will come from other investors and loans if more than $5 million is required.
This document is the condensed consolidated interim financial statements of Hyundai Capital Services, Inc. and its subsidiaries for the period ending March 31, 2021. It includes the condensed consolidated statement of financial position, condensed consolidated statements of comprehensive income, changes in equity, and cash flows, as well as notes to the financial statements. The independent auditors' review report verifies that the financial statements were prepared according to accounting standards and that the review did not find any material misstatements.
- The document is the consolidated interim financial statements of Hyundai Card Co., Ltd. and subsidiaries as of September 30, 2020 and December 31, 2019.
- As of September 30, 2020, total assets were KRW 19.1 trillion, total liabilities were KRW 15.7 trillion, and total equity was KRW 3.4 trillion.
- Major assets included card assets of KRW 15.5 trillion, securities of KRW 1.4 trillion, and property and equipment of KRW 329 billion. Major liabilities included borrowings of KRW 13.1 trillion and other liabilities of KRW 2.6 trillion.
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This SEC complaint alleges that Stephen Burns, former CEO of electric vehicle company Lordstown Motors, made negligent and materially inaccurate statements about pre-orders for Lordstown's pickup truck. Specifically, Lordstown claimed to have over 27,000 pre-orders from commercial fleets based on non-binding letters of intent, but the company had no effective processes for vetting customers or tracking pre-orders. The SEC alleges Burns' statements about pre-orders created an unrealistic depiction of demand in violation of securities laws.
The document is a letter from Nathan Anderson to the Board of Directors, Executives and Auditors of Tingo Group Inc. listing 38 questions regarding Tingo Group's business operations and financials. The questions raise serious doubts about the legitimacy of Tingo's reported revenues, customer and supplier relationships, licenses and permits. Key issues highlighted include a lack of evidence for Tingo's claimed cash balances, inventory, export volumes and mobile network operations.
1) Osirius Group LLC filed a complaint against Ideanomics Inc. in the United States District Court for the Eastern District of Michigan. Osirius provided engineering services to Via Motors from July 2022 to December 2022, invoicing Via Motors monthly. Via Motors failed to pay the invoices, owing Osirius over $2 million.
2) Ideanomics acquired Via Motors in January 2023 and had previously agreed to pay any remaining debt owed by Via Motors to Osirius. However, Ideanomics failed to pay the outstanding amount owed for Osirius' services.
3) Osirius is suing Ideanomics for breach of contract and
This 6-page legal document outlines the charges in a criminal case. It describes the defendant and their alleged crimes, which include wire fraud and aggravated identity theft. Further details are provided about the scheme, the victims impacted, and evidence collected. If convicted on all counts, the defendant faces a maximum penalty of 32 years in prison and $1 million in fines.
1) Acuitas Capital invested $20 million in Ideanomics in exchange for preferred stock and warrants that were convertible into Ideanomics common stock. However, Ideanomics has now refused to honor Acuitas Capital's requests to convert these securities, in breach of their agreement.
2) Ideanomics claims the investment agreement is "null and void" due to unrelated allegations against the CEO of Acuitas Capital, but these allegations do not excuse Ideanomics' contractual obligations.
3) Prompt relief is needed because Ideanomics has admitted it may not be able to continue as a going concern. Unless ordered to honor the conversion requests, the value of Acuitas Capital's remaining
This document outlines the terms and conditions of a private offering of $750 million in senior secured notes issued by Adani Green Energy Limited. The notes will pay 4.375% annual interest and mature in 2024. The notes are being offered only to qualified institutional buyers in the US and offshore purchasers in reliance on exemptions from securities registration laws. The notes will be listed on the Singapore Exchange and India INX and secured by certain assets of the issuer described in security documents. The proceeds are subject to restrictions on use and transfer.
This document is an annual return form for a private company limited by shares called Milestone Tradelinks Private Limited. It provides details about the company's registration, activities, shareholding, directors and key managerial personnel, meetings, and attendance of directors. Some key details include the company's registered office in Ahmedabad, its main business activity of wholesale trading, total paid up capital of Rs. 407,000, and that directors Rajesh Rameshchandra Vora and Manish Amrutlal Shah each hold 0 shares as of the financial year end.
Chang Chien-Ting holds significant beneficial ownership in PMC Projects (India) Pvt. Ltd. through PMC Infra Limited, a company registered in Mauritius. Chang holds 100% of PMC Infra Limited and exercises his significant beneficial interest in PMC Projects (India) Pvt. Ltd. by virtue of shares held in PMC Infra Limited. He declares this significant beneficial ownership in PMC Projects (India) Pvt. Ltd. as required by Section 90(1) of the Companies Act of India. The declaration provides details of Chang such as his address, date of birth, occupation, and nationality. It specifies the nature of his indirect holding in PMC Projects (India) Pvt.
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Endeavour Trade and Investment Ltd was incorporated on April 29, 2021 as a private limited company in Mauritius for global business. The company has 3 directors - Mittra Subir, Seewooruttun Indranathsingh, and Toorabally Shakill Ahmad. Amicorp (Mauritius) Limited serves as the management company and secretary since the company's incorporation.
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1. ADANI ESTATES PRIVATE LIMITED
Standalone Financial Statements for period 01/04/2020 to 31/03/2021
[700300] Disclosure of general information about company
Unless otherwise specified, all monetary values are in INR
01/04/2020
to
31/03/2021
01/04/2019
to
31/03/2020
Name of company
ADANI ESTATES PRIVATE
LIMITED
Corporate identity number U45300GJ2005PTC046949
Permanent account number of entity AAFCA6390M
Address of registered office of company
ADANI HOUSENR MITHAKHALI
CIRCLE , NAVRANGPURA ,
Ahmedabad , Ahmedabad ,
GUJARAT , INDIA - 380009
Type of industry
C o m m e r c i a l a n d
Industrial
Date of board meeting when final accounts were approved 09/06/2021
Date of start of reporting period 01/04/2020 01/04/2019
Date of end of reporting period 31/03/2021 31/03/2020
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
01/04/2020
to
31/03/2021
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 121,86,83,213
Highest turnover contributing product or service (ITC 8 digit) code 99531110
Description of product or service
O n e a n d
two-dwelling
residential buildings
Turnover of highest contributing product or service 121,86,83,213
2. 2
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2020 to 31/03/2021
[700600] Disclosures - Directors report
Details of principal business activities contributing 10% or more of total turnover of company [Table] ..(1)
Unless otherwise specified, all monetary values are in INR
Principal business activities of company [Axis]
Product/service 1
[Member]
01/04/2020
to
31/03/2021
Details of principal business activities contributing 10% or more of total turnover of company [Abstract]
Details of principal business activities contributing 10% or more of total turnover of company
[LineItems]
Name of main product/service CONSTRUCTION
Description of main product/service CONSTRUCTION
NIC code of product/service 0041
Percentage to total turnover of company 100.00%
Details of directors signing board report [Table] ..(1)
Unless otherwise specified, all monetary values are in INR
Directors signing board report [Axis] 1
01/04/2020
to
31/03/2021
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 MILAN
Last name of director JOSHI
Designation of director Chairman
Director identification number of director 08970914
Date of signing board report 09/06/2021
3. 3
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2020 to 31/03/2021
Unless otherwise specified, all monetary values are in INR
01/04/2020
to
31/03/2021
Disclosure in board of directors report explanatory [TextBlock]
Textual information (1)
[See below]
Description of state of companies affair
Textual information (2)
[See below]
Disclosure relating to amounts if any which is proposed to carry to any
reserves
The Company have not
transferred any amount
to the Reserve for the
financial year ended
M a r c h 3 1 ,
2021
Disclosures relating to amount recommended to be paid as dividend
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 (3)
[See below]
Details regarding technology absorption
Textual information (4)
[See below]
Details regarding foreign exchange earnings and outgo
Textual information (5)
[See below]
Disclosures in director’s responsibility statement
Textual information (6)
[See below]
Details of material changes and commitment occurred during period
affecting financial position of company
Textual information (7)
[See below]
Particulars of loans guarantee investment under section 186 [TextBlock]
The particulars of
loans, guarantees and
investments have been
d i s c l o s e d i n t h e
f i n a n c i a l
statements
Particulars of contracts/arrangements with related parties under section
188(1) [TextBlock]
Textual information (8)
[See below]
Details of contracts/arrangements/transactions not at arm's length
basis [Abstract]
Whether there are contracts/arrangements/transactions not at arm's
length basis
No
Details of material contracts/arrangements/transactions at arm's
length basis [Abstract]
Whether there are material contracts/arrangements/transactions at
arm's length basis
No
Details of statement indicating manner in which formal
annual evaluation made by board of its performance and of its
committees and individual directors [TextBlock]
Textual information (9)
[See below]
Disclosure of extract of annual return as provided under section 92(3)
[TextBlock]
Textual information (10)
[See below]
Details of principal business activities contributing 10% or more
of total turnover of company [Abstract]
Particulars of holding, subsidiary and associate companies [Abstract]
Name of company
ADANI ESTATES 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]
NA
Disclosure for companies covered under section 178(1) on
directors appointment and remuneration including other matters
provided under section 178(3) [TextBlock]
Textual information (11)
[See below]
Disclosure of statement on development and implementation of risk
management policy [TextBlock]
Textual information (12)
[See below]
Details on policy development and implementation by company on
corporate social responsibility initiatives taken during year
[TextBlock]
Textual information (13)
[See below]
Disclosure as per rule 8(5) of companies accounts rules 2014 [TextBlock]
Disclosure of financial summary or highlights [TextBlock]
Textual information (14)
[See below]
4. 4
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2020 to 31/03/2021
Disclosure of change in nature of business [TextBlock]
NA
Details of directors or key managerial personnels who were
appointed or have resigned during year [TextBlock]
Textual information (15)
[See below]
Disclosure of companies which have become or ceased to be its
subsidiaries, joint ventures or associate companies during
year [TextBlock]
Textual information (16)
[See below]
Details relating to deposits covered under chapter v of companies act
[TextBlock]
NA
Details of deposits which are not in compliance with requirements
of chapter v of act [TextBlock]
NA
Details of significant and material orders passed by
regulators or courts or tribunals impacting going concern
status and company’s operations in future [TextBlock]
T h e r e a r e n o
significant and material
orders passed by the
Regulators or Courts or
Tribunals which would
impact the going concern
status and the Company’s
f u t u r e
operations
Details regarding adequacy of internal financial controls with
reference to financial statements [TextBlock]
Textual information (17)
[See below]
Disclosure of appointment and remuneration of director or
managerial personnel if any, in the financial year [TextBlock]
A S
PROVIDED
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 (18)
[See below]
Disclosure of details of establishment of vigil mechanism [TextBlock]
Textual information (19)
[See below]
Number of meetings of board [pure] 8
Details of signatories of board report [Abstract]
Name of director signing board report [Abstract]
5. 5
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2020 to 31/03/2021
Textual information (1)
Disclosure in board of directors report explanatory [Text Block]
DIRECTORS' REPORT
Dear Shareholders,
Your Directors are pleased to present the 16th Annual Report along with the audited accounts of your Company for the financial year ended
on March 31, 2021.
Financial Results/Highlights
(Rs. in lakhs)
Particulars
For the year ended 31st
March, 2021
For the year ended 31st
March, 2020
Revenue from operations 12,186.83 17,724.46
Other Income
2,407.67 2,428.67
Total Revenue 14,594.50 20,153.13
Less:
Expenditure for the year excluding Depreciation and
Amortization Exp.
14,195.51 20,798.30
Profit or (Loss) before Depreciation and Amortization Exp. 398.99 (645.17)
Less: Depreciation and Amortization Exp. 6.86 7.94
Profit or (Loss) after Depreciation and Amortization Exp.
But before Tax
392.13 (653.10)
Tax Expense (Including Deferred Tax)
74.08 44.29
6. 6
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2020 to 31/03/2021
Profit or (Loss) After tax 318.05 (697.39)
Dividend:
Directors do not recommend any dividend on equity shares for the year under review.
The State of Companys affairs:
In the year 2020-21, the Companys sales income was Rs. 12,186.83 lakhs compared to Rs. 17,724.46 lakhs for the year 2019-21. During the
year, the company incurred loss before tax of Rs.392.13 lakhs.
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 2020-21 of the company to which the financial statements relate and the date of this report.
Deposits:
During the year under review, your Company has not accepted any deposits within the meaning of Section 73 of Companies Act, 2013 and
the rules made thereunder.
Transfer to Reserves
The Company have not transferred any amount to the Reserve for the financial year ended March 31, 2021.
7. 7
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2020 to 31/03/2021
Particulars of Loans, Guarantee or Investment:
The particulars of loans, guarantees and investments have been disclosed in the financial statements.
Meetings of the Board and Shareholders:
During the year under review, 8 Board Meetings were held viz. on 11th May, 2020, 23rd July, 2020, 24th August, 2020, 28th October, 2020,
25th November, 2020, 12th December, 2020, 01st March, 2021 and 22nd March, 2021. The intervening gap between the Meetings was
within the period prescribed under the Companies Act, 2013.
Name of Directors
Meetings
Held Attended
Mr. Laxmiprasad Choudhary 5 5
Mr. Madhusudana Rao Kalagarla 5 5
Mr. Milan Joshi 3 3
Mr. Rajesh Jain 3 3
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.
Related Party Transactions:
All transactions entered into with Related Parties as defined under the Companies Act, 2013 during the financial year were in the ordinary
course of business and on an arms length pricing basis and do not attract the provisions of Section 188(1) of the Companies Act, 2013.
Suitable disclosure as required by the Indian Accounting Standards (Ind AS-24) has been made in the notes to the Financial Statements.
8. 8
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2020 to 31/03/2021
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 Companys future operations.
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.
Subsidiaries, Joint Ventures and Associate Companies:
During the year under review, your Company continues to be wholly owned subsidiary of Adani Infrastructure and Developers Private
Limited. The Company does not have any Subsidiaries or Joint venture or Associate Companies.
Directors and Key Managerial Personnel:
During the year, Mr. Madhusudana Rao Kalagarla and Mr. Laxmiprasad Choudhary resigned as Director w.e.f. 25th November, 2020 and
Mr. Milan Joshi and Mr. Rajesh Jain were appointed as an additional directors w.e.f. 25th November, 2020.
During the year under review, Mr. Krunal Jain, Company Secretary of the Company resigned w.e.f. 24th August, 2020
As on date, Mr. Milan Joshi and Mr. Rajesh Jain are the Directors of your Company and the Company does not have whole time Company
Secretary currently and the Company is searching the right candidate for the said post.
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.
Your Company being Private Limited Company, none of the Directors are required to retire by rotation.
9. 9
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2020 to 31/03/2021
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.
Policy on directors appointment and remuneration:
The Company does not have any policy on directors appointment and remuneration and other matters since the provisions of Section 178 of
the Companies Act, 2013 is not applicable to the Company.
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, 2021 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;
10. 10
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2020 to 31/03/2021
f. that proper systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating
effectively.
Auditors & Auditors Report:
Board in their meeting held on 9th June, 2021, decided to re-appoint M/s. Shah Dhandharia & Co LLP, Chartered Accountants (Firm
registration no.118707W), 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:
Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the rules made thereunder, the Company has appointed Paliwal &
Co., Practicing Company Secretary to undertake the Secretarial Audit of the Company. The Secretarial Audit Report for FY 2020-21 is
annexed which forms part of this report as Annexure-C. There are no qualifications or reservations or adverse remarks or disclaimer given by
Secretarial Auditors of the Company.
Prevention of Sexual Harassment at Workplace:
During the year under review, there was no complaint filed with the Company pertaining to sexual harassment.
Vigil Mechanism/Whistle Blower Policy:
11. 11
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2020 to 31/03/2021
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 has constituted Corporate Social Responsibility (CSR) Committee and has framed a CSR Policy the present members of the
Corporate Social Responsibility Committee are Mr. Milan Joshi (Chairman) and Mr. Rajesh Jain (Member).
The role and functions of the CSR Committee are in conformity with the requirements of Section 135 of the Companies Act, 2013 read with
rules made thereunder.
The Company considers Education, Community Health, Sustainable Livelihood Development, Rural Infrastructure Development and such
other sectors available for spending under its CSR activities and through Adani Foundation is identifying an area out of the above for its CSR
activities.
The Average net profit/ (loss) of the Company for last three financial years is in negative so the Company did not require to spent any
amount towards the CSR.
Extract of Annual Return:
The details forming part of the extract of the Annual Return in Form MGT-9 is annexed as Annexure A, which forms part of this Report.
Particulars of Employees:
The Company has not employed any individual whose remuneration falls within the purview of the limits prescribed under the provisions of
Section 197 of the Companies Act, 2013, read with rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014.
Conservation of Energy, Technology Absorption, Foreign Exchange Earning and Outgo:
12. 12
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2020 to 31/03/2021
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.
Foreign Exchange Earnings And Outgo
The information on conservation of energy, technology absorption and foreign exchange earnings and outgo stipulated under Section 134 (3)
(m) of the Companies Act, 2013 read with rules made thereunder is annexed herewith as Annexure-C.
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.
For and on behalf of the Board of Directors
Place: Ahmedabad Milan Joshi
Date: 09.06.2021 Chairman
(DIN: 08970914)
Registered Office:
Adani House,
Nr Mithakhali Circle, Navrangpura,
13. 13
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2020 to 31/03/2021
Ahmedabad 380 009,
Gujarat
CIN: U45300GJ2005PTC046949
Textual information (2)
Description of state of companies affair
In the year 2020-21, the Company’s sales income was Rs. 12,186.83 lakhs compared to Rs. 17,724.46 lakhs for the year 2019-21. During the
year, the company incurred loss before tax of Rs.392.13 lakhs.
Textual information (3)
Details regarding energy conservation
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 A. Conservation of Energy: - not applicable a) the steps taken or impact on conservation of energy: b) the steps taken
by the company for utilizing alternate sources of energy: the capital investment on energy conservation equipment
Textual information (4)
Details regarding technology absorption
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 A. Technology Absorption: - not applicable (i) the efforts made towards technology absorption: (ii) the benefits
derived like product improvement, cost reduction, product development or import substitution: (iii) in case of imported technology
(imported during the last three years reckoned from the beginning of the financial year) a) the details of technology imported; b) the
year of import; c) whether the technology been fully absorbed; d) if not fully absorbed, areas where absorption has not taken place, and
the reasons thereof; and (iv) the expenditure incurred on Research and Development:
Textual information (5)
Details regarding foreign exchange earnings and outgo
The information on conservation of energy, technology absorption and foreign exchange earnings and outgo stipulated under Section 134 (3)
(m) of the Companies Act, 2013 read with rules made thereunder is annexed herewith as “Annexure-C”. C. Details of Foreign Exchange
Earning & Outgo during the year: (Amount in Rs.) Foreign Exchange earnings Nil Foreign Exchange outgo Nil
14. 14
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2020 to 31/03/2021
Textual information (6)
Disclosures in director’s responsibility statement
Directors’ Responsibility Statement: Pursuant to the requirements under Section 134(5) of the Companies Act, 2013, with respect to
Directors’ Responsibility Statement, your Directors hereby confirm the following: a. that in the preparation of the annual financial
statements, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;
b. that such accounting policies have been selected and applied consistently and judgement and estimates have been made that are
reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2021 and of the profit and
loss of the Company for the year ended on that date; c. that proper and sufficient care has been taken for the maintenance of adequate
accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities; d. that the annual financial statements have been prepared on a going concern
basis; e. that proper internal financial controls were in place and that the financial control were adequate and were operating effectively;
f. that proper systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating
effectively
Textual information (7)
Details of material changes and commitment occurred during period affecting financial position of company
There are no material changes and commitments affecting the financial position of the Company which have occurred between the end of the
financial year 2020-21 of the company to which the financial statements relate and the date of this report.
Textual information (8)
Particulars of contracts/arrangements with related parties under section 188(1) [Text Block]
Related Party Transactions:
All transactions entered into with Related Parties as defined under the Companies Act, 2013 during the financial year were in the ordinary
course of business and on an arm’s length pricing basis and do not attract the provisions of Section 188(1) of the Companies Act, 2013.
Suitable disclosure as required by the Indian Accounting Standards (Ind AS-24) has been made in the notes to the Financial Statements
Textual information (9)
Details of statement indicating manner in which formal annual evaluation made by board of its performance and
of its committees and individual directors [Text Block]
Formal Annual Evaluation:
As your Company is neither a Listed Company nor a public company having a paid up capital of Rs. 25 Crores or more, the statement
indicating the manner in which formal annual evaluation has been made by the Board of its own performance and that of its committees and
individual directors is not applicable
15. 15
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2020 to 31/03/2021
Textual information (10)
Disclosure of extract of annual return as provided under section 92(3) [Text Block]
Extract of Annual Return:
The details forming part of the extract of the Annual Return in Form MGT-9 is annexed as “Annexure – A”, which forms part of this Report.
ANNEXURE ‘A’ TO BOARD’S REPORT
FORM NO. MGT-9
EXTRACT OF ANNUAL RETURN
As on the financial year ended March 31, 2021
[Pursuant to Section 92(3) of the Companies Act, 2013, and Rule 12(1) of the
Companies (Management and Administration) Rules, 2014]
I. REGISTRATION AND OTHER DETAILS:
CIN : U45300GJ2005PTC046949
Registration Date : 20th October, 2005
Name of the Company : Adani Estates Private Limited
Category / Sub-Category of the Company : Company limited by Shares / Indian Non – Government Company
Address of the Registered office and contact details :
Adani House, Nr. Mithakhali Circle, Navrangpura, Ahmedabad -
380 009
Whether listed company : No, Unlisted Company
Name, Address and Contact details of Registrar and Transfer Agent,
if any
: N.A.
16. 16
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2020 to 31/03/2021
II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY:
All the business activities contributing 10% or more of the total turnover of the company shall be stated:
Name and description of main Products/Services NIC Code of the Product/ service % to total turnover of the company
Construction 0041 100%
III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES:
Name and address of the Company CIN
Holding/ Subsidiary/
Associate
% of shares
held
Applicable
Section
Adani Properties Private Limited
(APPL)
U45201GJ1995PTC026067 Ultimate Holding Co. 100 2(46)
Adani Infrastructure And Developers Private
Limited
(AIDPL)
U45201GJ2006PTC066449 Holding Co. 75 2(46)
IV. SHARE HOLDING PATTERN (EQUITY SHARE CAPITAL BREAKUP AS PERCENTAGE OF TOTAL EQUITY
i) Category-wise Share Holding
No of Shares
held at the
beginning of
No. of
Shares
held at
%
Change
17. 17
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2020 to 31/03/2021
Category of Shareholders the year the end
of the
year
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* -- 75,00,000 75,00,000 75% -- 75,00,000 75,00,000 75% Nil
e) Banks/FI -- -- -- -- -- -- -- -- --
f) Any Others -- -- -- -- -- -- -- -- --
Sub
Total(A)(1)
2 Foreign
a) NRIs-Individuals -- -- -- -- -- -- -- -- --
b) Other-Individuals -- -- -- -- -- -- -- -- --
c) Bodies Corporate -- -- -- -- -- -- -- -- --
d) Banks/FI -- -- -- -- -- -- -- -- --
e) Any Other -- -- -- -- -- -- -- -- --
Sub
Total(A)(2)
-- -- -- -- -- -- -- -- --
Total
Shareholding
of Promoter
and Promoter
Group
-- 75,00,000 75,00,000 75% -- 75,00,000 75,00,000 75% Nil
18. 18
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2020 to 31/03/2021
(A)=
(A)(1)+(A)(2)
B. Public shareholding
1 Institutions
a) Mutual Funds/ UTI -- -- -- -- -- -- -- -- --
b) Banks/FI -- -- -- -- -- -- -- -- --
c) Central Govt. -- -- -- -- -- -- -- -- --
d) State Govt. -- -- -- -- -- -- -- -- --
e) Venture Capital Funds -- -- -- -- -- -- -- -- --
f) Insurance Companies -- -- -- -- -- -- -- -- --
g) FII -- -- -- -- -- -- -- -- --
h)
Foreign Venture Capital
Funds
-- -- -- -- -- -- -- -- --
i) Any Other -- -- -- -- -- -- -- -- --
Sub-Total
(B)(1)
2 Non-institutions
a) Bodies Corporate -- -- -- -- -- -- -- -- --
I Indian -- 25,00,000 25,00,000 25% -- 25,00,000 25,00,000 25% Nil
Ii Overseas -- -- -- -- -- -- -- -- --
b) Individuals -- -- -- -- -- -- -- -- --
I
Individuals shareholders
holding nominal share
capital up to Rs 1 lakh
-- -- -- -- -- -- -- -- --
ii
Individual shareholders
holding nominal share
capital in excess of Rs. 1
lakh.
-- -- -- -- -- -- -- -- --
c) Other -- -- -- -- -- -- -- -- --
19. 19
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2020 to 31/03/2021
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)
-- 100,00,000 100,00,000 100% -- 100,00,000 100,00,000 100% Nil
* Shares held by AIDPL including one nominee of AIDPL.
Note 1: 25% shares are held by non-promoter, Indian body corporate named Real deal Developers Private Limited
ii) Shareholding of Promoter
Shareholders Name
No of Shares held at
the beginning of the
year
No. of Shares
held at the
end of the
year
%
Change
during
the
year
Demat Physical
Total
% of total
Shares
Demat Physical
Total
% of total
Shares
1
Adani Infrastructure and
Developers Private Limited
(AIDPL)*
-- 75,00,000 75,00,000 75.00 -- 75,00,000 75,00,000 75.00 0.00
Total
75,00,000 75,00,000 100% 75,00,000 75,00,000 100%
0.00
* Shares held by AIDPL including one nominee of AIDPL.
20. 20
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2020 to 31/03/2021
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
1) Real deal Developers Private Limited 25,00,000 25 25,00,000 25
Total 25,00,000 25 25,00,000 25
v) Shareholding of Directors and Key Managerial Personnel:
For each of the Directors and KMP
Shareholding at the
beginning of the year
Shareholding at
the end of the
year
No. of Shares
% of total shares of
the Company
No. of
Shares
% of total shares
of the Company
21. 21
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2020 to 31/03/2021
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
III. 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 51,35,55,911 6,632,572,465* - 7,14,61,28,376
ii) Interest due but not paid - - - -
iii) Interest accrued but not due - - - -
Total (i+ii+iii) 51,35,55,911 6,632,572,465* - 7,14,61,28,376
Change in Indebtedness during the financial year
· Addition - - - -
· Reduction (4,54,07,001) (46,62,77,810) - (51,16,84,811)
Net Change (4,54,07,001) (46,62,77,810) - (51,16,84,811)
Indebtedness at the end of the financial year
22. 22
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2020 to 31/03/2021
i) Principal Amount 46,81,48,910 6,17,72,94,655* - 6,64,54,43,565
ii) Interest due but not paid - - - -
iii) Interest accrued but not due - - - -
Total (i+ii+iii) 46,81,48,910 6,17,72,94,655* - 6,64,54,43,565
* It includes Compulsorily Convertible Debentures (CCDs) amounted of Rs. 609,45,69,800/-
V. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
A. Remuneration to Managing Director, Whole-time Directors and/or Manager:
Sr No
Particulars of
Remuneration
Managing
Director/
Manager
Director
Total
Amount
1 Gross salary
a) Salary as per provisions contained in section 17(1) of the
Income-tax Act, 1961
-- -- --
b) Value of perquisites u/s 17(2) Income-tax Act, 1961 -- -- --
c) Profits in lieu of salary under section 17(3) Income-tax Act, 1961 -- -- --
2 Stock Option - -- -- --
3 Sweat Equity -- -- --
4 Commission -- -- --
- as % of profit -- -- --
- others, specify -- -- --
5 Others, please specify -- -- --
Total (A) -- -- --
Ceiling as per the Act* -- -- --
23. 23
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2020 to 31/03/2021
* Not applicable to private companies
B. Remuneration to other Directors:
(Amount in Rs.)
Sr No Particulars of Remuneration
Other Directors
Total Amount
1 Independent Directors
a) Fee for attending board, committee meetings
b) Commission -- --
c) Others, please specify -- --
Total (1)
2 Other Non-Executive Directors -- --
a) Fee for attending board, committee meetings --
b) Commission -- --
c) Others, please specify -- --
Total (2) --
Total (B) = (1+2)
Total Managerial Remuneration
C. Remuneration to key managerial personnel other than MD/manager/WTD
Sr No
Particulars of
Remuneration
Key managerial
personnel
(In Rs.)
Total
Amount
(In Rs.)
24. 24
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2020 to 31/03/2021
1 Gross salary -- --
a) Salary as per provisions contained in section 17(1) of the Income-tax
Act, 1961
-- --
b) Value of perquisites u/s 17(2) Income-tax Act, 1961 -- --
c) Profits in lieu of salary under section 17(3) Income-tax Act, 1961 -- --
2 Stock Option -- --
3 Sweat Equity -- --
4 Commission
- as % of profit -- --
- others, specify -- --
5 Others, please specify -- --
Total (A)
Ceiling as per the Act -- --
VI. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES:
Type
Section of the
Companies Act
Brief
Description
Details of penalty/ punishment/
compounding fees imposed
Authority
[RD / NCLT/
COURT]
Appeal made, if any
(give details)
A. Company
Penalty
None
Punishment
Compounding
25. 25
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2020 to 31/03/2021
B. Directors
Penalty
None
Punishment
Compounding
C. Other Officers
in default
Penalty
None
Punishment
Compounding
For and on behalf of the Board of Directors
Place: Ahmedabad Milan Joshi
Date: 09.06.2021 Chairman
(DIN: 08970914)
Registered Office:
Adani House,
Nr Mithakhali Circle, Navrangpura,
Ahmedabad 380 009,
Gujarat
CIN: U45300GJ2005PTC046949
26. 26
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2020 to 31/03/2021
Textual information (11)
Disclosure for companies covered under section 178(1) on directors appointment and remuneration including
other matters provided under section 178(3) [Text Block]
Policy on directors’ appointment and remuneration:
The Company does not have any policy on directors’ appointment and remuneration and other matters since the provisions of Section 178 of
the Companies Act, 2013 is not applicable to the Company
Textual information (12)
Disclosure of statement on development and implementation of risk management policy [Text Block]
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
27. 27
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2020 to 31/03/2021
Textual information (13)
Details on policy development and implementation by company on corporate social responsibility initiatives taken
during year [Text Block]
The Company has constituted Corporate Social Responsibility (CSR) Committee and has framed a CSR Policy the present members of the
Corporate Social Responsibility Committee are Mr. Milan Joshi (Chairman) and Mr. Rajesh Jain (Member).
The role and functions of the CSR Committee are in conformity with the requirements of Section 135 of the Companies Act, 2013 read with
rules made thereunder.
The Company considers Education, Community Health, Sustainable Livelihood Development, Rural Infrastructure Development and such
other sectors available for spending under its CSR activities and through Adani Foundation is identifying an area out of the above for its CSR
activities.
The Average net profit/ (loss) of the Company for last three financial years is in negative so the Company did not require to spent any
amount towards the CSR.
28. 28
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2020 to 31/03/2021
Textual information (14)
Disclosure of financial summary or highlights [Text Block]
Financial Results/Highlights:
(Rs. in lakhs)
Particulars
For the year ended 31st
March, 2021
For the year ended 31st
March, 2020
Revenue from operations 12,186.83 17,724.46
Other Income
2,407.67 2,428.67
Total Revenue 14,594.50 20,153.13
Less:
Expenditure for the year excluding Depreciation and
Amortization Exp.
14,195.51 20,798.30
Profit or (Loss) before Depreciation and Amortization Exp. 398.99 (645.17)
Less: Depreciation and Amortization Exp. 6.86 7.94
Profit or (Loss) after Depreciation and Amortization Exp.
But before Tax
392.13 (653.10)
Tax Expense (Including Deferred Tax)
74.08 44.29
Profit or (Loss) After tax 318.05 (697.39)
29. 29
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2020 to 31/03/2021
Textual information (15)
Details of directors or key managerial personnels who were appointed or have resigned during year [Text Block]
Directors and Key Managerial Personnel:
During the year, Mr. Madhusudana Rao Kalagarla and Mr. Laxmiprasad Choudhary resigned as Director w.e.f. 25th November, 2020 and
Mr. Milan Joshi and Mr. Rajesh Jain were appointed as an additional directors w.e.f. 25th November, 2020.
During the year under review, Mr. Krunal Jain, Company Secretary of the Company resigned w.e.f. 24th August, 2020
As on date, Mr. Milan Joshi and Mr. Rajesh Jain are the Directors of your Company and the Company does not have whole time Company
Secretary currently and the Company is searching the right candidate for the said post.
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.
Your Company being Private Limited Company, none of the Directors are required to retire by rotation.
Textual information (16)
Disclosure of companies which have become or ceased to be its subsidiaries, joint ventures or associate companies
during year [Text Block]
Subsidiaries, Joint Ventures and Associate Companies:
During the year under review, your Company continues to be wholly owned subsidiary of Adani Infrastructure and Developers Private
Limited. The Company does not have any Subsidiaries or Joint venture or Associate Companies
30. 30
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2020 to 31/03/2021
Textual information (17)
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
31. 31
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2020 to 31/03/2021
Textual information (18)
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 has not employed any individual whose remuneration falls within the purview of the limits prescribed under the provisions of
Section 197 of the Companies Act, 2013, read with rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014
Information as per Section 197 of the Companies Act, 2013 read with Rule 5(2) of The Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 of Adani Infrastructure and Developers Private Limited for Financial Year 2020-21
A. Personnel who are in receipt of remuneration aggregating not less than Rs. 1.02 Crores per annum and employed throughout the year.
Name
Age
(Years)
Designation
Gross
remunerations
(Rs.)
Qualification
Experience
(Years)
Date of
Joining
Previous employment
Mr.
Jackbastian
Nazareth 54
CEO
2,02,08,481/-
B.E (Civil) and MBA
(Marketing & Finance)
More than
30 Years
15-06-2020
Hiranandani,
Shobha Developers
Mr. Sunil Bhat 53
Vice President -
Head – Project
1,14,36,637/- B.E (Construction)
More than
25 Years
07-01-2019
Radius Developers,
Windsor Realty, Oberoi
Realty
B. Employed for a part of the financial year and were in receipt of remuneration for any part of the financial year at a rate which in
aggregate was not less than Rs. 8.5 lacs per month.
Name Age (Years) Designation Gross remunerations (Rs. In lacs) Qualification
Experience
(Years)
Date of Joining Previous employment
Not applicable
32. 32
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2020 to 31/03/2021
Notes: (1) Remuneration mentioned above includes Salary, Contribution to Provident and other funds and other perquisites.
(2) The nature of employment is contractual in all the above cases.
(3) None of the employees is related to any Director of the company.
(4) No individual employee is holding equivalent to or more than 2% of the outstanding shares of the Company as on 31st March, 2021.
Textual information (19)
Disclosure of details of establishment of vigil mechanism [Text Block]
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.
33. 33
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2020 to 31/03/2021
[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
01/04/2020
to
31/03/2021
01/04/2020
to
31/03/2021
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 RAJESH MILAN
Last name of director JAIN JOSHI
Designation of director Director Director
Director identification number of director 08970945 08970914
Date of signing of financial statements by director 09/06/2021 09/06/2021
34. 34
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2020 to 31/03/2021
[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]
01/04/2020
to
31/03/2021
01/04/2020
to
31/03/2021
Disclosure of auditor's qualification(s), reservation(s) or adverse remark(s) in
auditors' report [Abstract]
Disclosure of auditor's qualification(s), reservation(s) or adverse remark(s) in
auditors' report [LineItems]
Disclosure in auditors report relating to fixed assets as below
Disclosure relating to quantitative details of fixed assets
The company has
maintained proper
records showing full
particulars,
including
quantitative details
and situation of
fixed assets
Disclosure relating to physical verification and material discrepancies of fixed
assets
Textual information
(20) [See below]
Disclosure relating to title deeds of immovable properties
The title deeds of
immovable
properties (Land),
as disclosed in the
financial statements,
is held in the name
of the Company
Disclosure in auditors report relating to inventories
Textual information
(21) [See below]
Disclosure in auditors report relating to loans
Textual information
(22) [See below]
Disclosure in auditors report relating to compliance with Section 185 and 186 of
Companies Act, 2013
Textual information
(23) [See below]
Disclosure in auditors report relating to deposits accepted
Textual information
(24) [See below]
Disclosure in auditors report relating to maintenance of cost records
Textual information
(25) [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
(26) [See below]
Disclosure relating to disputed statutory dues [TextBlock]
Textual information
(27) [See below]
Disclosure in auditors report relating to default in repayment of financial dues
Textual information
(28) [See below]
Disclosure in auditors report relating to public offer and term loans used for
purpose for which those were raised
Textual information
(29) [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
(30) [See below]
Disclosure in auditors report relating to managerial remuneration
Textual information
(31) [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
(32) [See below]
Disclosure in auditors report relating to preferential allotment or private
placement of shares or convertible debentures
Textual information
(33) [See below]
Disclosure in auditors report relating to non-cash transactions with directors
or persons connected with him
Textual information
(34) [See below]
35. 35
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2020 to 31/03/2021
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
Details regarding auditors [Table] ..(1)
Unless otherwise specified, all monetary values are in INR
Auditors [Axis] 1
01/04/2020
to
31/03/2021
Details regarding auditors [Abstract]
Details regarding auditors [LineItems]
Category of auditor Auditors firm
Name of audit firm
Shah Dhandharia &
Co. LLP
Name of auditor signing report
K A R A N
DINESHBHAI
AMLANI
Firms registration number of audit firm
118707W /
W100724
Membership number of auditor 193557
Address of auditors
807, Abhijeet - I,
Mithakali SIx R o a
d s , Navrangpura,
Ahmedabad -
380009, Gujarat
Permanent account number of auditor or auditor's firm AAGFM7049H
SRN of form ADT-1 T18405605
Date of signing audit report by auditors 09/06/2021
Date of signing of balance sheet by auditors 09/06/2021
Unless otherwise specified, all monetary values are in INR
01/04/2020
to
31/03/2021
Disclosure in auditor’s report explanatory [TextBlock]
Textual information (35)
[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 (20)
Disclosure relating to physical verification and material discrepancies of fixed assets
As explained to us, fixed assets, according to the practice of the Company, are physically verified by the management at reasonable intervals,
in a phased verification programme, which, in our opinion, is reasonable, looking to the size of the Company and the nature of its business
Textual information (21)
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 (22)
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
36. 36
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2020 to 31/03/2021
Textual information (23)
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
Textual information (24)
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 (25)
Disclosure in auditors report relating to maintenance of cost records
We have broadly reviewed the books of accounts maintained by company in respect of products where, pursuant to the rules made by Central
Government of India, the maintenance of cost records have been prescribed under subsection (1) of section 148 of the Act and are of the
opinion that, prima facie the prescribed accounts and records have been made and maintained. We have not, however, made detailed
examination of records with a view to determine whether they are accurate or complete
Textual information (26)
Disclosure relating to regularity in payment of undisputed statutory dues [Text Block]
(a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts
deducted/ accrued in the books of account in respect of undisputed statutory dues including income tax, Goods and Service Tax, value added
tax, cess and other material statutory dues have been generally 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,employees’ state insurance,duty of customs
and excise. (b) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, Goods
and Service Tax, value added tax, cess and other material statutory dues were in arrears as at 31st March 2021, for a period of more than six
months from the date they became payable
Textual information (27)
Disclosure relating to disputed statutory dues [Text Block]
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
Textual information (28)
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.During the year company has not taken any loan from financial Institutions, the
government or through issue of debenture
Textual information (29)
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). In our opinion and as per information and
explanation given by the management, the fund raised through term loan during the year have been applied for the purpose for which it was
raised
37. 37
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2020 to 31/03/2021
Textual information (30)
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, noticed or reported during the year
Textual information (31)
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 (32)
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 where applicable and all the details have been disclosed in
financial statements as required by the applicable Accounting Standards
Textual information (33)
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 (34)
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
38. 38
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2020 to 31/03/2021
Textual information (35)
Disclosure in auditor’s report explanatory [Text Block]
Independent Auditors Report
To the Members of Adani Estate Private Limited
Report on the audit of the Financial Statements
Opinion
We have audited the accompanying Financial Statements of Adani Estate Private Limited (the Company), which comprise the Balance Sheet
as at 31st March, 2021, 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, 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,
2021, and its profit, total comprehensive income, 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 Auditors Responsibilities for the Audit of the Financial
Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of
Chartered Accountants of India (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 ICAIs 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.
Other Information
The Companys 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, Boards Report including Annexures to Boards Report, but does not
include the financial statements and our auditors report thereon.
39. 39
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2020 to 31/03/2021
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.
Managements Responsibility for the Financial Statements
The Companys 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
generallyaccepted in India, including the applicable Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Act, read
with the Companies (Indian Accounting Standards) Rules, 2015, as amended.
This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding
the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of
adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the 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 Companys 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 Companys financial reporting process.
Auditors Responsibility
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement,
whether due to fraud or error, and to issue an auditors report that includes our opinion. Reasonable assurance is a high level of assurance, but
is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit.
We also:
40. 40
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2020 to 31/03/2021
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 managements use of the going concern basis of accounting and, based on the audit evidence
obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Companys ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors 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 auditors 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.
Other Matter
The financial statement of the company for the year ended 31stMarch, 2020 were audited by another firm (or firm of auditors) who expressed
an unmodified opinion on those financial statements in their report dated 23rd July,2020.
41. 41
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2020 to 31/03/2021
Our report is not modified in respect of above matters.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order, 2016 (the Order) issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in Annexure A statement on the matters specified in the paragraph 3 and 4 of the Order, to
the extent applicable.
2. As required by section 143(3) of the Act, we report that:
a. we have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the
purposes of our audit;
b. in our opinion proper books of account as required by law have been kept by the Company so far as it appears from our examination of
those books;
c. the Balance Sheet, the Statement of Profit and Loss (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, 2021 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2021 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 Auditors Report in accordance with Rule 11 of the Companies (Audit and
Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
42. 42
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2020 to 31/03/2021
i. The Company does not have any pending litigations which would impact its financial position;
ii. The Company did not have any long-term contracts including derivative contracts for which there were any material
foreseeable losses.
iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the
Company.
3. With respect to the matters to be included in the Auditors 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.
For, SHAH DHANDHARIA & CO LLP
Chartered Accountants
Place: Ahmedabad Firm Reg. No. 118707W/W100724
Date: 09/06/2021
Karan Amlani
Partner
Membership No. 193557
UDIN 21193557AAAADA8683
43. 43
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2020 to 31/03/2021
44. 44
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2020 to 31/03/2021
RE: ADANI ESTATE PRIVATE LIMITED
ANNEXURE A TO THE INDEPENDENT AUDITORS REPORT
(Referred to in Paragraph 1 of our Report of even date)
The Annexure referred to in our Independent Auditors Report to the members of the Company on the Financial Statements for the year ended
31st March, 2021, we report that:
(i) (a) The company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.
(b) As explained to us, fixed assets, according to the practice of the Company, are physically verified by the management at reasonable
intervals, in a phased verification programme, which, in our opinion, is reasonable, looking to the size of the Company and the nature of its
business.
(c) The title deeds of immovable properties (Land), as disclosed in the financial statements, is held in the name of the Company.
(ii) 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.
(iii) According to the information and explanation given to us and the records produced to us for our verification, the company has not
granted loans, secured or unsecured to companies, firms, Limited Liability Partnerships or other parties covered in the register maintained
under section 189 of the Companies Act, 2013. Accordingly the provisions of paragraph 3 (iii) (a) to (c) of the Order are not applicable.
(iv) According to the information and explanations given to us and representations made by the Management, the Company has 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.
(v) 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.
45. 45
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2020 to 31/03/2021
(vi) We have broadly reviewed the books of accounts maintained by company in respect of products where, pursuant to the rules made
by Central Government of India, the maintenance of cost records have been prescribed under subsection (1) of section 148 of the Act and are
of the opinion that, prima facie the prescribed accounts and records have been made and maintained. We have not, however, made detailed
examination of records with a view to determine whether they are accurate or complete.
(vii) (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company,
amounts deducted/ accrued in the books of account in respect of undisputed statutory dues including income tax, Goods and Service Tax,
value added tax, cess and other material statutory dues have been generally 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,employees state insurance,duty
of customs and excise.
(b) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, Goods and Service
Tax, value added tax, cess and other material statutory dues were in arrears as at 31st March 2021, for a period of more than six months from
the date they became payable.
(c) 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
(viii) 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.During the year company has not taken any loan from financial Institutions, the
government or through issue of debenture.
(ix) 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). In our opinion and as per information and
explanation given by the management, the fund raised through term loan during the year have been applied for the purpose for which it was
raised.
(x) 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, noticed or reported during the year.
(xi) According to the information and explanations given to us and on the basis of our examination of the records of the Company,
managerial remuneration has not been paid/provided. Accordingly the provisions of Clauses 3(xi) of the Order are not applicable.
(xii) In our opinion, the Company is not a nidhi Company. Accordingly the provisions of Clauses 3 (xii) of the Order are not applicable.
46. 46
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2020 to 31/03/2021
(xiii) As per information and explanation given to us and on the basis of our examination of the records of the Company, all the transaction
with related parties are in compliance with section177 and 188 of Companies Act 2013 where applicable and all the details have been
disclosed in financial statements as required by the applicable Accounting Standards.
(xiv) According to the information and explanations given to us and on the basis of our examination of the records, the Company has not
made any preferential allotment or private placement or not issued any debenture during the year under review. Accordingly the provisions of
paragraph 3(xiv) of the Order are not applicable.
(xv) According to the information and explanations given to us and on the basis of our examination of the records, Company has not entered
into any non-cash transactions with any director or any person connected with him. Accordingly the provisions of Clauses 3(xv) of the Order
are not applicable to the Company.
(xvi) 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.
For, SHAH DHANDHARIA & CO LLP
Chartered Accountants
Place : Ahmedabad Firm Reg. No. 118707W/W100724
Date : 09/06/2021
Karan Amlani
Partner
Membership No. 193557
UDIN 21193557AAAADA8683
47. 47
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2020 to 31/03/2021
RE: ADANI ESTATE PRIVATE LIMITED
ANNEXURE B TO THE INDEPENDENT AUDITORS REPORT
Referred to in paragraph 2(f) of the Independent Auditors Report of even date to the members of AdaniEstate Private Limitedon the financial
statement for the year ended 31stMarch, 2021.
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 Adani Estate Private Limited(the company) as of 31st March,
2021 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, 2021, 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.
Managements Responsibilities for Internal Financial Controls
The Companys 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 efficient conduct of its business, including adherence to companys policies, the safeguarding of its assets, the
prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable
financial information, as required under the Companies Act, 2013.
Auditors Responsibility
Our responsibility is to express an opinion on the Company's internal financial controls over financial reporting based on our audit. We
conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the Guidance
Note) and the Standards 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
48. 48
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2020 to 31/03/2021
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
auditorsjudgment, 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 Companys
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
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.
For, SHAH DHANDHARIA & CO LLP
Chartered Accountants
Place : Ahmedabad Firm Reg. No. 118707W/W100724
Date : 09/06/2021
Karan Amlani
Partner
49. 49
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2020 to 31/03/2021
Membership No. 193557
UDIN -21193557AAAADA8683
[700700] Disclosures - Secretarial audit report
Details of signatories of secretarial audit report [Table] ..(1)
Unless otherwise specified, all monetary values are in INR
Signatories of secretarial audit report [Axis] 1
01/04/2020
to
31/03/2021
Details of signatories of secretarial audit report [Abstract]
Details of signatories of secretarial audit report [LineItems]
Category of secretarial auditor Individual
Name of secretarial audit firm Paliwal & Co.
Name of secretarial auditor signing report
A L P E S H
RAMESHBHAI
PALIWAL
Firms registration number of secretarial audit firm I2013GJ1046200
Membership number of secretarial auditor 32500
Certificate of practice number of secretarial auditor 12119
Date of signing secretarial audit report 21/07/2021
Unless otherwise specified, all monetary values are in INR
01/04/2020
to
31/03/2021
Disclosure in secretarial audit report explanatory [TextBlock]
Textual information (36)
[See below]
Whether secretarial audit report is applicable on company Yes
Whether secretarial audit report has been qualified or has any
observation or other remarks
No
50. 50
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2020 to 31/03/2021
Textual information (36)
Disclosure in secretarial audit report explanatory [Text Block]
SECRETARIAL AUDIT REPORT FOR THE FINANCIAL YEAR
ENDED 31 MARCH 2021
[Pursuant to section 204(1) of the Companies Act, 2013 and Rule 9 of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014]
To,
The Members,
ADANI ESTATES PRIVATE LIMITED
Adani House, Nr. Mithakhali Six Roads, Navrangura, Ahmedabad, Gujarat-380009, India
I have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good corporate practices by
M/S. ADANI ESTATES PRIVATE LIMITED (hereinafter called ‘the Company). Secretarial Audit was conducted in a manner that provided
me a reasonable basis for evaluating the corporate conducts/statutory compliances and expressing my opinion thereon.
Based on my verification of the Company’s books, papers, minute books, forms and returns filed and other records maintained by the
Company and also the information provided by the Company, its officers, agents and authorized representatives during the conduct of
secretarial audit, I hereby report that in my opinion, the Company has, during the audit period covering the financial year ended on 31 March,
2021 (‘Audit Period’) complied with the statutory provisions listed hereunder and also that the Company has proper Board-processes and
compliance-mechanism in place to the extent, in the manner and subject to the reporting made hereinafter:
I have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company for the financial year
ended on 31 March, 2021 according to the provisions of:
(i) The Companies Act, 2013 (the Act) and the rules made there under;
(ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the rules made there under; (Not Applicable to the Company during the
51. 51
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2020 to 31/03/2021
Audit Period)
(iii) The Depositories Act, 1996 and the Regulations and Bye-laws framed there under; (Not Applicable to the Company during the Audit
Period).
(iv) The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act,1992 (‘SEBI Act’): —
a. The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011; (Not Applicable to
the Company during the Audit Period)
b. The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992; (Not Applicable to the Company during
the Audit Period)
c. The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 (Not applicable to
theCompany during the Audit Period);
d. The Securities and Exchange Board of India (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999;
e. The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008; (Not applicable to the Company
during the Audit Period)
f. The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding the
Companies Act and dealing with client; (Not applicable to the Company during the Audit Period)
g. The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009; (Not applicable to the Company during the
Audit Period); and
h. The Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998; (Not applicable to the Company during the Audit
Period).
I have also examined compliance with the applicable clauses of the following:
52. 52
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2020 to 31/03/2021
(i) Secretarial Standards issued by The Institute of Company Secretaries of India
(ii) The Uniform Listing Agreement entered into by the Company with Stock Exchanges pursuant to the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 and other applicable regulations /guidelines/circulars as may be issued by SEBI from time to
time. (Not Applicable to the Company during the Audit Period)
During the period under review the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines, Standards, etc.
mentioned above subject to the following observations/qualification: Nil
I further report that, having regard to the compliance system prevailing in the Company and on examination of the relevant documents and
records in pursuance thereof, on test-check basis, the Company has complied with the following laws applicable specifically to the Company:
i. Real Estate (Regulation and Development) Act, 2016
I further report that the Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-Executive
Directors and Independent Directors required, if any.
The changes in the composition of the Board of Directors that took place during the period under review were carried out in compliance with
the provisions of the Act.
Adequate notice is given to all directors to schedule theBoard Meetings, agenda and detailed notes on agenda were sent at least seven days in
advance, and a system exists for seeking and obtaining further information and clarifications on the agenda items before the meeting and for
meaningful participation at the meeting.
All decisions at Board Meetings and Committee Meetings are carried out with requisite majority as recorded in the minutes of the meetings
of the Board of Directors or Committee of the Board, as the case may be.
I further report that there are adequate systems and processes in the Company commensurate with the size and operations of the company to
monitor and ensure compliance with applicable laws, rules, regulations and guidelines.
For, Paliwal & Co.
53. 53
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2020 to 31/03/2021
Date: 21.07.2021
Place: Ahmedabad
(Formerly Known as
Alpesh Dhandhlya & Associates)
Company Secretaries
______________
Alpesh Paliwal
Proprietor
COP: 12119
UCN: I2013GJ1046200
Peer Review Registration Number: 508/2017
UDIN: A032500C000667123
To,
The Members,
ADANI ESTATES PRIVATE LIMITED
Adani House, Nr. Mithakhali Six Roads,
Navrangura, Ahmedabad,
Gujarat-380009, India
Our report of even date is to be read along with this letter:
1. Maintenance of Secretarial record is the responsibility of the management of the Company. Our responsibility is to express an opinion
on these secretarial records based on our audit.
2. We have followed the audit practices and process as were appropriate to obtain reasonable assurance about the correctness of the
contents of the Secretarial records. The verification was done on test basis to ensure that correct facts are reflected in Secretarial records. We
believe that the process and practices, we followed provide a reasonable basis for our opinion.
3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company and we have not
verified the various compliance requirement of the Real Estate (Regulation and Development) Act, 2016 and wherever necessary, we have
relied upon the management representation provided by the Company.
54. 54
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2020 to 31/03/2021
4. Wherever required, we have obtained the Management representation about the Compliance of laws, rules and regulations and happening
of events etc.
5. The Compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the responsibility of the
management. Our examination was limited to the verification of procedure on test basis.
6. The Secretarial Audit report is neither an assurance as to the future viability of the Company nor of the efficacy or effectiveness with
which the management has conducted the affairs of the Company.
Date: 21.07.2021
Place: Ahmedabad
For, Paliwal & Co.
(Formerly Known as
Alpesh Dhandhlya & Associates)
Company Secretaries
______________
Alpesh Paliwal
Proprietor
COP: 12119
UCN: I2013GJ1046200
Peer Review Registration Number: 508/2017
UDIN: A032500C000667123
55. 55
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2020 to 31/03/2021
[110000] Balance sheet
Unless otherwise specified, all monetary values are in INR
31/03/2021 31/03/2020 31/03/2019
Balance sheet [Abstract]
Assets [Abstract]
Non-current assets [Abstract]
Property, plant and equipment 24,37,966 17,09,347
Other intangible assets 0 0
Non-current financial assets [Abstract]
Non-current investments 0 0
Loans, non-current 0 0
Total non-current financial assets 0 0
Other non-current assets (A) 11,51,15,767 (B) 31,48,76,685
Total non-current assets 11,75,53,733 31,65,86,032
Current assets [Abstract]
Inventories 13,49,72,196 104,10,12,260
Current financial assets [Abstract]
Current investments 0 0
Trade receivables, current 0 7,77,13,513
Cash and cash equivalents 4,27,36,340 71,32,860
Bank balance other than cash and cash equivalents 3,59,238 2,98,71,669
Loans, current 614,46,28,756 673,10,73,290
Other current financial assets 5,64,89,081 1,01,89,999
Total current financial assets 624,42,13,415 685,59,81,331
Other current assets (C) 81,68,57,698 (D) 77,27,06,484
Total current assets 719,60,43,309 866,97,00,075
Total assets 731,35,97,042 898,62,86,107
Equity and liabilities [Abstract]
Equity [Abstract]
Equity attributable to owners of parent [Abstract]
Equity share capital 10,00,00,000 10,00,00,000 10,00,00,000
Other equity (E) 630,22,58,452 (F) 626,90,42,657
Total equity attributable to owners of parent 640,22,58,452 636,90,42,657
Non controlling interest 0 0
Total equity 640,22,58,452 636,90,42,657
Liabilities [Abstract]
Non-current liabilities [Abstract]
Non-current financial liabilities [Abstract]
Borrowings, non-current 46,81,48,910 51,35,55,911
Total non-current financial liabilities 46,81,48,910 51,35,55,911
Provisions, non-current 2,23,33,382 1,44,52,276
Total non-current liabilities 49,04,82,292 52,80,08,187
Current liabilities [Abstract]
Current financial liabilities [Abstract]
Borrowings, current 8,27,24,855 53,80,02,665
Trade payables, current (G) 6,57,15,225 (H) 18,53,20,386
Other current financial liabilities 16,42,50,407 131,72,14,709
Total current financial liabilities 31,26,90,487 204,05,37,760
Other current liabilities 10,30,92,301 4,70,63,745
Provisions, current 50,73,510 16,33,758
Total current liabilities 42,08,56,298 208,92,35,263
Total liabilities 91,13,38,590 261,72,43,450
Total equity and liabilities 731,35,97,042 898,62,86,107
56. 56
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2020 to 31/03/2021
Footnotes
(A) Other Non-current Assets : 87193999 Income Tax Assets (Net) : 27921768
(B) Other Non-current Assets : 220243999 Income Tax Assets (Net) : 94632686
(C) Other Current Assets : 816857698
(D) Other Current Assets : 772706484
(E) Instrument Entirely Equity in Nature : 6094569800 Other Equity : 207688652
(F) Instrument Entirely Equity in Nature : 6094569800 Other Equity : 174472857
(G) - micro enterprise & small enterprise : 266913 - other than micro enterprises & small enterprises : 65448312
(H) - micro enterprise & small enterprise : 1535398 - other than micro enterprises & small enterprises : 183784988
[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 [Member] Equity shares 1 [Member]
01/04/2020
to
31/03/2021
01/04/2019
to
31/03/2020
01/04/2020
to
31/03/2021
01/04/2019
to
31/03/2020
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] 3.18 [INR/shares] -6.97 [INR/shares] 3.18 [INR/shares] -6.97
Basic earnings (loss) per share from
discontinued operations
[INR/shares] 0 [INR/shares] 0
Total basic earnings (loss) per share [INR/shares] 3.18 [INR/shares] -6.97 [INR/shares] 3.18 [INR/shares] -6.97
Diluted earnings per share [Abstract]
Diluted earnings (loss) per share from
continuing operations
[INR/shares] 0.29 [INR/shares] -6.97 [INR/shares] 0.29 [INR/shares] -6.97
Diluted earnings (loss) per share from
discontinued operations
[INR/shares] 0 [INR/shares] 0
Total diluted earnings (loss) per share [INR/shares] 0.29 [INR/shares] -6.97 [INR/shares] 0.29 [INR/shares] -6.97
57. 57
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2020 to 31/03/2021
Unless otherwise specified, all monetary values are in INR
01/04/2020
to
31/03/2021
01/04/2019
to
31/03/2020
Statement of profit and loss [Abstract]
Income [Abstract]
Revenue from operations 121,86,83,213 177,24,46,174
Other income 24,07,67,230 24,28,67,149
Total income 145,94,50,443 201,53,13,323
Expenses [Abstract]
Cost of materials consumed 89,82,69,516 130,99,39,824
Changes in inventories of finished goods, work-in-progress and
stock-in-trade
0 0
Employee benefit expense 18,40,42,128 16,35,58,993
Finance costs 16,96,00,581 37,30,62,824
Depreciation, depletion and amortisation expense 6,85,790 7,94,089
Other expenses 16,76,39,714 23,32,67,923
Total expenses 142,02,37,729 208,06,23,653
Profit before exceptional items and tax 3,92,12,714 -6,53,10,330
Total profit before tax 3,92,12,714 -6,53,10,330
Tax expense [Abstract]
Current tax (A) 74,08,032 (B) 44,29,003
Total tax expense 74,08,032 44,29,003
Total profit (loss) for period from continuing operations 3,18,04,682 -6,97,39,333
Total profit (loss) for period 3,18,04,682 -6,97,39,333
Comprehensive income OCI components presented net of tax [Abstract]
Whether company has other comprehensive income OCI components
presented net of tax
No No
Other comprehensive income net of tax [Abstract]
Components of other comprehensive income that will not be
reclassified to profit or loss, net of tax [Abstract]
Other comprehensive income, net of tax, gains (losses) on
remeasurements of defined benefit plans (C) 14,11,114 (D) -48,273
Total other comprehensive income that will not be reclassified
to profit or loss, net of tax
14,11,114 -48,273
Total other comprehensive income 14,11,114 -48,273
Total comprehensive income 3,32,15,796 -6,97,87,606
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 14,11,114 -48,273
Total comprehensive income 3,32,15,796 -6,97,87,606
Earnings per share explanatory [TextBlock]
Earnings per share [Abstract]
Basic earnings per share [Abstract]
Basic earnings (loss) per share from continuing operations [INR/shares] 3.18 [INR/shares] -6.97
Total basic earnings (loss) per share [INR/shares] 3.18 [INR/shares] -6.97
Diluted earnings per share [Abstract]
Diluted earnings (loss) per share from continuing operations [INR/shares] 0.29 [INR/shares] -6.97
Total diluted earnings (loss) per share [INR/shares] 0.29 [INR/shares] -6.97
Footnotes
(A) Current Tax : 8250720 Adjustment of earlier years : -842688
(B) Current Tax : 842688 Adjustment of earlier years : 3586315
(C) - Reimbursement of Defined Benefit Plans : 1885709 - Income Tax Effect relating to above item : -474595
(D) - Reimbursement of Defined Benefit Plans : -48273 - Income Tax Effect relating to above item : 0