ARTEFACT PROJECTS LTD. Project Management Consultants, Consulting Engineers & Planners Registered & Corporate Office “artefact Towers”, 54/3,Chhatrapati Square, Wardha Road, Nagpur 440.015, Maharashtra, India Phone | #91 -712 - 3025120, 3018260 (10 Lines), Fax No: +91-712- 3025128 Info@artefactprojects.com Email: artefactngp@artefactprojects.com, info®: Website : www.artefactrojects.com, CIN L65910MH1987PLCO44687 Ref. No, - APL/CS/2016-17/6001/ 3.24, 3 February, 2017 To ‘The Manager (CRD) BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Fort Mumbai ~ 400 001 Dear Sir, Scrip code: 531297 Sub: Outcome of Board Meeting held today i.e.3% February, 2017, Pursuant to the provisions of Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the Board of Directors of the ‘Company at its meeting held today i.e. 3* February, 2017, inter alia approved the Standalone Un-audited Financial Results of the Company for the quarter and nine months ended 31 December, 2016, In terms of provisions of Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith the following: a. Standalone Un-Audited Financial Results for the quarter and nine months ended 31 December, 2016. b. Limited Review Report received from the Statutory Auditors of the Company on the said results. ‘The meeting of the Board of Directors commenced at 11.00 a.m. and concluded at 8.30 p.m. Kindly take the above on your record. ‘Thanking you, Yours faithfully, For Artefact Projects Limited Company Secretary & Compliance Officer M.No. ACS 36207ARTEFACT PROJECTS LIMITED sem eee en met nahn, nen ‘Eat: eunmargncorpcs sonnets cm tn: roan STATEMENT OF STANDALONE UNALOTED POUNCUL RESULTS FOR THE QUARTER AND te CNT ENDED DECEABA 3a 2016 ee ‘Quarer ]Goarar ‘Quacar | Nine Mona] Wie Mort] eases remo | sapnte |a Seto cna [van | 7 oe ret [oscember 3, oecembee 3s, Dacember 3, Pareware I ir aa ae ay savates | unnuarac | Unaudtied | Uneudted | Unaudtee | —Auttes nine Fe Options © Rel Income fom Operations Net ot Senco Tax ssos/ sassy] asaen] tangs] 21435) 1ss2 Oe Cperatg income : | Teta income trom Operations (Nat) sass) 9687] a8201] saae0 | sz14a) ts0s2 2 | Cxpenaes 1) Egloyee Benet Expenses 7s] saz09| —t09.22/ arse! seo21| soos 1) Rela & Constancy foot - tensa] 7368 gaz¢| 405.31] 2903! 36180 2 Change in iver of Work Progese isa} ‘ tsa) | 1) Depretton & Amores Expense eas} 2050) 2011/6097) goes 6) Travan & Conveyance srl oa.i2| 4908] r6245| r90te| ens Note Exoerses geo0| aos] 227) zar.2a | tarze) anes ‘otal Expenses ararr| aensa| —san92] 30247] sornte) 435865 » leront ram Operations bore Other Income, Finance Cost & 7 em aerators rare} eras) seo! sort) n0nz2] aaa 4+ | omer eco seas] 2028) sear] 15447] gear, neu * [tom om toa Acie before Face Coat RECHBHONH| soy) apg yeera] aon, sear + |Fesanee coos ross| — e20/ —azs7] 27379) zasae| —2eass * [Prot (Loe) rom Ordinary Activites afar Finsace Coat but I [otoreExcectonal tame (2), veas| se.te] soe) 6az0] sao! asa + | exeopion! name f - - - * | rot ps) from Oranary Actin before ta (708) | reas) crete] oso 6s] aan! asa ‘Texexpanese Cuaeet Tae ame] tas) 2) zaes| teat? coon ‘Mat ead Entemest - - (133 P 960) Deteres Tax axa} or rae) tose] zee) tae 11 | Not ProRy (Lees om Onatnary Acton ater ax (040) saz] oro] 1673] sa20] —a5.24 096 12 | aoeanay tame : . - : 1 Hot Prot (Lone) for te Pero (14-12) eax} zoz0] 873] 3220/4 096 1+ | Pest-op eet sare capil (Fae value of Re. 10 e8en) esaso| 55280 ss260| §8250| sszs0] 220 1 | Reseres excuing Revataten Reserves sper Batance Sheet of | Prous Accounting Yew : - age 10 | Encings ar Shera PS) (Face vale of Re. 10 each) 2 Batic EPS [in Rs) ose} srr) oar} ose) eae 00 Dluted EPS (in Rs) sn 002 ot Anmutaes |Artafact Projects Limited NOTES: 1 ‘The above resus have been reviewed by the Aut Committee and approved & taken on record by the Board of Diectors atts meeting held on Sed February, 2017 he auditors in thelr report on the financial resuits of the Company for the period ended 31st December 2016 have expressed ‘heir inability to comment on the recoverabiity ofthe trad receivables outstanding for more man 6 months, amounting ta Rs 1054.50 Lacs, having regard to the age of those receivables and nan-avalatity of balance conformations and reconciliations ‘Since most of these trade receivables are due from the Govt. departments and outstanding against the long term contracts, the management is confident of recovery in full and in their views no grovision for doubtful debts is necessary against the above ‘amount This was also a subject to qualification in the Independent Auditor's Report an the financial statements of the company {or the year ended March 31, 2016 and in the Review Report on the financial results forthe quarter ended 30th une, 201 ane 30th September 2016, ening reconciliation of service tax collected and paid, the company has not fled the service tax returns since Oclober 2014 ‘The company has recognised the interest on defauit in payment of service tax in the results, Any other impact on the resus on account of above which cannot be quantified at this stage and therefore will be recogniged upon the completion of recon ation ‘ane filing of returns of service tax. This has been quaified by te auditors in thal report on the results and was also a subject 10 ‘ualifcation in the Review Report on the nancial resulta for the quarter ended 30th September 2016. ‘The figures for the comesponding previous periods / year have been restated / regrouped wherever necessary to mate them comparable. ‘Tee company is engaged ony in the business of “Project Consultancy" and hence it has ne other separate reportable segment. For & on behaif of the Board of Directors ‘Artatact Projects Limited Place: Nagpur Siddharth Shah Sanjay Khare Date: 3rd February, 2017 Execulive Director Chit Financial OficerNARESH PATADIA & CO Gita aneaS Chartered Accountants é ; 912-913, Tulsiani Chambers, Opposite Ram Mandir, 212, Nariman Point, Tilak Road, Mahal, Mumbai - 400021 Nagpur - 440 002. INDEPENDENT AUDITOR'S REVIEW REPORT ~ To 2 ‘THE BOARD OF DIRECTORS OF ARTEFACT PROJECTS LIMITED 1. We have reviewed the accompanying statement of Standalone Unaudited Financial Results ("the statement") of ARTEFACT PROJECTS LIMITED (‘the Company”) for the quarter and nine months period ended December 31, 2016, attached herewith, being submitted by the company Pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This Statement is the responsibility of the Company’s Management. and approved by the Board of Directors. Our responsibility is to issue a report on the statement based on our review. 2. We conducted our review in accordance with the Standard on Review Engagement (SRE) 2410, ‘Review of Interim Financial Information by the Independent Auditor of the Entity’ issued by the ia, tandard requires that lors3, Basta for Qualified Conclusion Attention is drawn to ) Note No, 2 to the accompanying Statement of Unaudited Standalone Financial Resulte, wherein the Management of the Company has considered Trade Receivables outstanding for more than 6 months amounting to Rs. 1,054.50 Lacs as good and fully recoverable. in the absence of balance confirmation / reconciliations from the customers Srom a these amounts are due or other alternate audit evidence to corroborate management's assessment of recoverability of these balances and having regard to the age % these balances, we are unable to comment the extent to which these balances are recoverable. = Note no. 3 to the accompanying Statement of Unaudited Standalone 1 Results, regarding the delay in payment of service tax and Non-filing of service tax returns, the impact of which cannot be and will be accounted for as and when determined due to the reason explained in the above referred note. . 4. Qualified Conclusion Based on our review conducted as above, except for the possible effects of the matter described in the Para 3 above basis for qualified conclusion, nothing has come to our attention that causes us to believe that the accompanying statement, prepared in accordance with the applicable Indian Accounting Standards and other accounting practices and principles generally accepted in India, has not disclosed the information Tequired to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, including the manner in which it is to be disclosed or that it contains any material misstatement, For Chaturvedi & Shah For Naresh Patadia & Co. Chartered Accountants Chartered Accountants (Firm Registration No. - 101720W) (Registration No. - 1069; GK & Na R. Korla Nn mA Partner Proprietor és Membership No. - 35629 Membership No. ~ 3509050 Place: Mumbai Place: Nagpur Date : 3" February, 2017 Date : 3" February, 2017 2of?