PATEL ENGINEERING LIMITED. q tel STANDALONE AND CONSOLIDATED DALANCE SHEET AS AT MARCH 31,2015, (Rs. In Crores) ‘STANDALONE CONSOLIDATED. March 31,2015 March 31, 2014 a T March 31,2015 March 31, 2014 I. EOUTrY AND LIABILITIES 1 Shareholders’ funds (2) Share capital 768 7.68 768 768 (©) Reserves and suxplus 1691.63 1,606.69 1985.02 1785.15 2 Minority Interest : : pars 12933 3 Non-current liabilities () Long-term borrowings 1,675.68 124.21 2368.27 1380.76 () Deferred Tax Liability (Net) - : 13.98 1748 (©) Other Long term liabilities 608.09 607 506.37 548.40 (2) Long-term provisions 3a 3.24 493 470 4 Curront liabilities @ Short-torm borrowings 2,056.23 2,082.61 2421.53 2304.80 () Trade payables 582,32 51158 867.5 868.42 (© Other current liabilities 300.18 a7 14037.73 1106470 (@) Short-term provisions 126 134] 18 197 Sons 3739.25 3003.06 TOTAL 7aaa.is In. assers 1 Non-curcent assets (a) Fixed assets i, Tangible assets 2121 24495 onas7 639.35 i, Intangible assets 027 193) 0.29 197 lil, Goodwill on Consolidation . : 33.28 38.4 fv. Capital work-in-progress 423 2B7T 267 38 (© Non-current investments 605.70 nat (6) Deferred Tax Assets (Net) 10.3 3.10 - - (@) Long-term loans and advances STATI "1208.0 1119.28 877.06 (€) Non Current Bank Deposits 7.06 Lad 707 184 (Non Current Trade Receivables 852.68 898,94, 34831 900.08 (g} Other Non current asset - 3655 2a87| 2 Current assets @ Investment Current : () Inventories 3.03640 2,524.27 (0 Trade receivables 438.13, 37193 (@) Cash and cash equivalents 81.56 107.28 (©)Short-term loans and advances 539.56 949.42| (8 Other current assets TOTAL 3,968.82 331438 867.77 539.46 15209 18795 716.73, 116202 06s 185, Mumbai July 23, 2015,PARTE (QUARTER ENDED PARTICULARS SToRaOS | seaaanie Unandited | Unandited 1. income from operations (j)Insome frm operations (ne) oxen s1997 (0) Other Operating Income soon 2 ‘Total Income from Operations (net) rei ae 2. Bspenses 5) Coe of Contac ') Employes bonis expense ©) Depreciation Ot Kapensee ‘Tota Expenses |S. Proithtore Finance Coat and Exoptioaal Meme (314) 6. Finance cot 7. Prof am onary atvites before Exceptional Hem and ax (5-6) sie Perc ems (refer to note 5 ) ea 616 025 oss 768 oor 0asare. evonezra., Patel ee ees _ STANDALONE. ‘CONSOLIDATED ] RD Tana a PARTICULARS suoams | sazzms | sto2ne | steams | 310204 | seoszs | suena [A PARTICULARS OF SHAREHOLDING s7omgsi 9.75%) 22881 974%] Parcentagy of hares (58% of theft shareholding of promatr and premotr group) Percentage of shares (a 2% ofthe total share capt fthe cemeny) 1) Non encumbered ‘Numbers of Shares -Percetage of shares (a % ofthe tal shareholding of promoter aad promote rnp) sxa21a7a 62.70%] 100.00%| sisi) 50.26% ssaniav 00.00%] 50.26%] PARTICULARS Notes: 4. The above Conia fincas were reviewed by the Audit Commits and approved and taken on rocord by the Board a her meeting held an July 23,2015, The Standatoe ress ofthe company was revizwed by the ait ‘omnis sn proved and taken on recon bythe Boer at their meting held on June 18,2015 and repertd io Stok echange on te same day 2 The Company as chsen the eption of publishing standalone ress on quartet basi, therefore, quart comparative consolidated fnacialafrsation sno provid. 3, The consolidsod financial sates ofthe compa have been combined ona ine-yslne bars alter eliinating ints group tranectous, The consid financial ssterect inchs $ oversassbsiiaies, 16 Indian subsidiaries, 2 “iy comtoted eats. Further. the thare of proviso 6 asscites sr ls inched and one azo yet fo commence commer operations 4: Financial ets ofthe overseas sobre ave tanto nto indian Rupees ng the average exchange russ pevilng daring the psiod and cer monctary nan monetary its are arated at closing re, Netcxchange rie dizence ‘sracognized as Foreign Fxchange Trane Reserve, '5:Ths net impact on profit duo to difference in suid and unaudited account of AST Const I, 2 suiiar of the company for FY 2012-13 amounting fo Ro. 7.76 core has bon reflect a Pio Peo lems in he PY, and RS (0.47 erore with repost to FY 2013-14 praising to decease 1 labs been rede frm curt tax expan, 6 eptonl ema incade rovers back of service ax and VAT input credit of Rs 30.16 tres due by compensation ‘owands ay possession of Rs. 14.9 coves in Patel Rely (india) Lino, (PRIL abs of tn company. 47 Mie Pane At, 2009 bas amend Section 014 (4 ofthe asoe Tix At 1961 by isting a pation tothe id ston tometer Ap 1, 2000 ppg to wate bei thro avaible The copay ‘led «weit ston with High Cour of Mumba fo calling constttonal vty fr insetion of xanaton wih eropectv ect and wit his bon edad. Recs the pple vy Del thatthe company eed ese ‘ai daduton en cetan projects. Accordingly, the comesponting exes poviion fer the x of Ra 60.06 crores ha bon acted and eo wo Reserve sees8, The Alloimecr Commits at its meting on March 21,2014 slots 69,79,191 Optionally Convertible converted into 64,17,174 Eauity dus of Re] and alloted @ Rs, 575 Gincindng premium of ts, 56.5-Ox Apel 13,2014, the blanc 561,957 OCPS were convert ino 5,61,957 Eat shares of Re. and alloted @ ‘premium of, 565) in te of Chuger VIL of EBT CDR) Repalatons 2009. 9. The Consolidated results othe Company ns tre reprtable busines segmeats, "Civil Comsrcton and thro ite sbsidiricn "Real Etats” ae "Oe" 10, The provision fr taxis eaeulate in secordance withthe tax le applicable othe current finenal ye; 11, Consent to tho fatodction of stele ofthe Companies Act 2013, the use ifsf cata asts has ben revised. Acordingly deprecation forthe quarter highrby Ra3.05 corsa forthe year ishigherby 3.8 cores and jsiment to accoeulted bance of etaned earings R049 cers forthe eae, 13-1 Salis Dt Lil CLSDL- sc dom iy fh ompany in Mar es nthe antares 99 yur vlan 4h te 2015 LDL as ie tie ‘eminston fom the Gov. of Maura forthe lease, and SDI. under procs of responding o such nie, I may alsa be ote at sp the lene agreement the only enue wet the lense xb emit is the aes payenet of ee tw Hay buted th cient the Cretan ead Don pid sere cfs coos of con af renin ered SD. cont ring tn ew the Govt of Marisa dete and wl pre wi he Got of Masia t,t iso each by LSDL ft ens of othe and si ven th in possession ofthe land and has ongoing works beng caradouton the eid land. 14, PRIL is inthe process of sing complin! wit seton 209 (apoiniment of Key menageral personnel ofthe Companies Act 2013. 15, Forthe Standalone eats igre of st quarto are the balancing fires betwen abdited figures in repos of fil Siaasial year andthe published Yeardo-Date igus upto the third quatro the cst nani you. 16, The previous pid figres has boenrercuped /varangod wherever nesoseary fo the purpose of cmmpaisn. for Pat ing Lite pa Oe Mumbai sly 23, 2018 DirectorPATEL ENGINEERING tro. Regd. Office : Patel Estate Road, Jogeshwari (W) , Mumbai- 400 102 AUDITED CONSOLIDATED SEGMENT INFORMATION FOR THE YEAR ENDED. MARCH 31, 2018 Rs. in crore YEAR ENDED Ponte 31.03.2015 | 31.03.2014 Audited Audited 1, Segmental Revenue a) Civil Construction 3,298.31 3,357.30 b) Real Estate 117.07 343.82 6) Others : ool 2. Segment Results Profit / (Loss) before Tax and Finance Cost 8) Civil Construction 527.45 420.36 b) Real Estate 20.50 89.12 ¢) Others (12.20) (12.51) Less = Finance Cost (516.95)| (437.86) Prior Items - (7.76) Exceptional Items 1533 Hrotal Profit Before Tax 34.13 5135 3. Capital Employed (Segment Assets - Segment Liabilities) a) Civil Construction 5,283.85 4,555.38 b) Real Estate 875.71 743.12 o) Others 942.27 827.35 for Patel Engineering Ltd an Mumbai July 23, 2015 DirectorCAB. K, Vatsaraj Com, FCA. CAL Mayur: Kisnadwala BCom, CA Nitesh K. Dedhia BCom, ACA. Vatsaraj CHARTERED ACCOUNTANTS First Floor, Fort Chambers, ‘C’ Block, 65, Tamarind Lane, Fort, Mumbai - 400 023. Tel. : +91-22 2265 3931 Telefax : +91-22 22704515 ws Report On Consolidated Year to Date Results of the Company Pursuant to the Clause 41 of the Listing Agreement To, Board of Directors of Patel Engineering Ltd We have audited the consolidated financial results of Patel Engineering Ltd (the Company) and its subsidiaries, its jointly controlled entities and ils share in its associates for the period from April 1, 2014 to March 31, 2015 attached herewith, being submitted by the company Pursuant to the requirement of clause 41 of the Listing Agreement except for the disclosures regarding ‘Public Shareholding’ and ‘Promoter and Promoter Group Shareholding’ which have been traced from disclosures made by the management and have not been audited by us. Management's Responsibility for the Consolidated Financial Statements These consolidated financial results are the responsibility of the company’s management and accordingly have been prepared by them. These quarterly financial results as well as the year to date financial results have been prepared on the basis of the interim financial statements, which are the responsibility of the Company’s management, Auditors’ Responsil ity Our responsibility is to express an opinion on these consolidated financial results based on our audit of such consolidated financial statements, which have been prepared in accordance with the recognition and measurement principles Iaid down in Accounting Standards (AS) 25, Interim Financial Reporting, specified under Section 133 of the Companies Act, 2013 read with Fourth Floor, Bharat House, 104, Mumbai Samachar Marg, Fort, Mumbai - 400 001 Phone : +91-22-4069 3900/08 « Fax : +91-22-4069 3910 » E-mail : admin@vatsarajco.Rule 7 of the Companies (Accounts) Rule 2014 and other accounting principles. generally accepted in India, We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial results are free of material misstatement(s). An audit includes examining, on a test basis, evidence supporting the amounts disclosed as financial results, An audit also includes assessing the accounting principles used and significant estimates made by management, We believe that our audit provides a reasonable basis for our opinion, Other Matters We did not audit the financial statements of 16 subsidiaries and 2 Joint Venture included in the consolidated financial results, whose consolidated financial statements reflect net total assets of Rs 691.03 Crores, total revenue of Rs. 1015.62 Crores, Group's share of net profit of Rs, 22.55 Crores and net cash flows amounting to Rs, (0.19) Crores for the year then ended and 4 Associates companies whose Share of net loss is Rs 2.01 Crores, These financial statements and other financial information have been audited by other auditors whose reports have been farnished to us, and our opinion on the consolidated financial statement, to the extent they have been derived from such financial statements is based solely on the report of such other auditors. We have placed reliance on the unaudited financial statements as certified by the management Of 5 subsidiaries inciuded in the consolidated financial statement, whose consolidated financial statements reflect net total assets of Rs 100.17 Crores, total revenue of Rs, 96.14 Crores, Group's share of net loss of Rs, 6.94 Crores and net cash flows amounting to Rs. (4.38) Crores for the year ‘then ended and 2 Associate company whose Share of Profit is Rs. 0.23 Crores. Emphasis of Matter a, Note no.12 of the Consolidated Financial results of the Company for the year ended March 31, 2015, regarding the Subsidiary Patel Energy Resource Ltd (PERL) wherein their auditors without qualifying their opinion have drawn attention with respect to: i. Investments made and loans and advances extended to subsidiaries/wholly owned subsidiaries of the PERL. The management is of the view that no provision isronsicluscd nucessary al this stage in respect of these nvestments/Joans, considering, the Jong term nature of these investments /loans. fi, adoption of “Guing concer” basis of accounting despite continncus/significant losses, based on future and Jong term potential of the projects in which th Investments have been made. iii, legal opinion obtained by the PERL, based on which management is of the view that the Company is not a Non-Banking Financial Company (NBFC) in terms of the directions of Reserve Bank of India (RBI). They have relied on such legal opinion. b. Note no.13 and 14 of the Consolidated Financial results of the Company for the year ended March 31, 2015, regarding the Subsidiary Patel Realty India Ltd (PRIL) wherein their auditors without qualifying their opinion have drawn attention with respect to: i, The attention drawn by the auditor of the Mauritius Based Subsidiary Waterfront Developers Ltd and its Subsidiaries, thereof (Waterfront), a Subsidiary of Patel Realty (India) Ltd thereof (PRIL), in respect of the receipt of Notice dated June 4, 2015 from Government of Mauritius for termination of Lease Agreement for Land entered on December 11, 2009 with Les Salines Development Ltd (a step down subsidiaries of Waterfront). In this case, Waterfront is confident of resolving the issue with the Government of Mauritius in due course. ii, PRIL is in process of compliance with the provision of Section 203 of the Act (pertaining to appointment of Key Managerial Personnel i.e. Managing Director and Chief Financial Officer). Opinion In our opinion and to the best of our information and according to the explanations given to us, and upon consideration of reports of other auditors, these consolidated financial results: (i) include the financial results of the entities as per Annexure 1; (i) have been presented in accordance with the requirements of clause 41 of the Listing Agreement in this regard; and (ii) give a true and fair view of the consolidated net profit and other financial information for the consolidated year to date results for the period from April 1 2014 to March 31, 2015.Further, we also report that we have on the basis of the books of account and other records and information and explanations given to us by the management also verified the consolidated number of shares as well a8 percentage of shareholdings in respe of aggregate amount of consolidated public shareholdings, as furnished by the Company in terms of dause 35 of the Listing Agreement and found the same to be correct, Tor Vatsaraj & Co. Chartered Accountants FRN: 111327W \ rele. CA Nitesh K Dedhia ‘Partner Eee eae M. No. 114893 Date: 23% July 2015Annexure Consolidation of the following entity as per Accounting Standard - 22 "Consolidated Financial Lof the Auditors Report Statements” sete | SriNo. [Name ofthe Subsidiary 1__| Patel Realty (India] Limited (Consolidated) 2 Patel Energy Resource Limited (Consolidated) 3.__| Michigan Engineers Private Limited (Consolidated) 4__| Shreeanant Construction Private Limited 5_| Energy Design Private Limited 6 _| Patel Lands Limited 7_| Patel Patron Private Limited 8 _| Patel Engineers Private Limited (Consolidated) 9. | Pandora Infra Private Limited 10 _| Shashvat Land Projects Private Limited 11 _| Patel Engineering Lanka Ltd. (Consolidated) 12 _ | Vismaya Constructions Private Limited 13 | Bhooma Realities Private Limited 14 _| Friends Nirman Private Limited 15 _ | Patel Concrete & Quarries Private Limited 16__ | ASI Constructors, Inc (Consolidated) 17 _ | Patel Engineering infrastructure Limited 18 | Patel Engineering Mauritius Limited (Consolidated) 19 _ | Patel Engineering Singapore Pte Limited_ (Consolidated) 20 _ | Patel Engineering, Inc (Consolidated) 21 _| Zeus Minerals Trading Private Limited Consolidation of the following entity as per Accounting Standard -27 "Financial Reporting of Interest in Joint Venture" Sr.No. | Name of the Joint Venture 1_| Patel Michigan 3V 2 [CIco Patelsv Consolidation of the following entity as per Accounting Standard - 23 " Accounting for Investment in Associates in Consolidated Financial Statements” Sr. No. Name of the Associates 1 Patel KNR Heavy Infrastructure Limited Raichur Sholapur Transmission Company Limited Patel-KNR Infrastructure Limited Terra Land Developers Limited Pan Realtors Private Limited ACP Tollways Private Limited