Aegis Logistics Ltd. — Annual Report 2020

Jun 22, 2020

June 22, 2020

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To, The Secretary, Capital Market Operations Market Operations Department, The National Stock Exchange of India Ltd. The BSE Ltd. Exchange Plaza, 5[th] Fl., Plot No.C/1, Phiroze Jeejeebhoy Towers, G Block, Bandra-Kurla Complex, Dalal Street, Fort, Bandra (E), MUMBAI – 400 023. MUMBAI – 400 051. Scrip Code : 500003 Scrip Code : AEGISCHEM

Dear Sir,

Sub.: Outcome of Board Meeting

Pursuant to regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we have to inform you that the Board of Directors of the Company at their meeting held today i.e. June 22, 2020, have considered and approved inter-alia :

1. Approved Audited Financial Results (Standalone & Consolidated) for the financial year ended March 31, 2020. A copy of the same along with the Auditor’s Report thereon is enclosed for your records.

It is hereby declared that the Statutory Auditors of the Company i.e. M/s. CNK and Associates LLP, Chartered Accountants (with Firm Regn. No.101961W/W-100036), has issued Audit Reports with unmodified opinion(s) in respect of the Standalone and Consolidated financial statements of the Company for the year ended March 31, 2020;

1. Approved Audited Annual Accounts (Standalone & Consolidated) for the financial year ended March 31, 2020;

2. Recommended Final dividend @ 120 % i.e. Re. 1.20 per share (face value of Re.1 each) for the financial year ended March 31, 2020, subject to approval of members at the Annual General Meeting.

The Meeting of the Board of Directors of the Company commenced at 4.30 p.m. and concluded at 6.35 p.m.

Kindly take the same on record.

Thanking you.

Yours faithfully, For AEGIS LOGISTICS LIMITED

MONICA TANAY GANDHI Digitally signed by MONICA TANAY GANDHI DN: c=IN, o=Personal, postalCode=400103, st=Maharashtra, 2.5.4.20=bfcd0496b6ad8dbe85c6e295131edf2724fb1f75dbab3e12cc362421518aee99, serialNumber=35515a2f6b0d07209007b815dfe26589133732d888953a51287c5c2eb3d4f728, cn=MONICA TANAY GANDHI Date: 2020.06.22 18:41:16 +05'30'

MONICA GANDHI COMPANY SECRETARY

Encl.: as above

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Narain Chambers, 5th Floor, M. G. Road, Vile Parle (E), Mumbai - 400 057 Tel.: +91-22-62507600

Mistry Bhavan, 3rd Floor, Dinshaw Vachha Road, Churchgate, Mumbai - 400 020 Tel.: +9l-22-6623 0600

INDEPENDENT AUDITOR’S REPORT TO THE BOARD OF DIRECTORS OF AEGIS LOGISTICS LIMITED

Report on the Standalone Financial Results

Opinion

We have audited the accompanying Statement of Standalone Financial Results (the Standalone Financial Results) of Aegis Logistics Limited (the Company) for the quarter and year ended 31[st] March, 2020 attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“Listing Regulations”).

In our opinion and to the best of our information and according to the explanations given to us these Standalone Financial Results:

• i. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and

• ii. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian accounting standards and other accounting principles generally accepted in India of the net profit and other comprehensive income and other financial information for the quarter and year ended 31[st] March, 2020.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013 (the Act). Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Standalone Financial Results for the quarter and year ended 31[st] March 2020 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 together with the ethical requirements that are relevant to our audit of the Standalone Financial Results for the quarter and year ended 31[st] March 2020 under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Management’s Responsibilities for the Standalone Financial Results

The Statement of Standalone Financial Results for the quarter and year ended 31[st] March 2020 has been prepared on the basis of the Ind AS Standalone Financial Statements for the year ended 31[st] March 2020 and the unaudited results for the quarters during the year ended 31[st] March 2020. The Company’s Board of Directors are responsible for the preparation of these Standalone financial results that give a true and fair view of the net profit and Other Comprehensive Income and other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Standalone financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error.

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In preparing the Standalone Financial Results, the Board of Directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going

concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Standalone Financial Results

Our objectives are to obtain reasonable assurance about whether the Standalone Financial Results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Standalone Financial Results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the Standalone Financial Results, 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 control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.

• Evaluate the appropriateness of disclosures made by the Board of Directors in terms of the requirements specified under Regulation 33 of Listing Regulations.

• Conclude on the appropriateness of the Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Standalone financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the Standalone financial results, including the disclosures, and whether the Standalone financial results 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.

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Other Matter

On account of lockdown consequent to outbreak of Covid-19 pandemic, we were unable to participate in the year end physical verification of inventory that was carried out by the Management. Consequently, we have performed alternate procedures as per the guidance provided in SA 501 “Audit Evidence – Specific Consideration for Selected Items” to audit the existence of inventory as at the year end and have obtained sufficient appropriate audit evidence to issue our unmodified opinion on the Standalone Financial Results.

Our opinion is not modified in respect of this matter.

Date: 22[nd] June, 2020 Place: Mumbai

For CNK & Associates LLP Chartered Accountants Firm Registration No.: 101961W/W-100036 D.P.Sapre Partner Membership No.: 040740 UDIN: 20040740AAAAAM1985

			(Rs. in Lakhs except per share data) AEGIS LOGISTICS LIMITED STANDALONE STATEMENT OF AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH 2020	(Rs. in Lakhs except per share data) AEGIS LOGISTICS LIMITED STANDALONE STATEMENT OF AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH 2020	(Rs. in Lakhs except per share data) AEGIS LOGISTICS LIMITED STANDALONE STATEMENT OF AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH 2020	(Rs. in Lakhs except per share data) AEGIS LOGISTICS LIMITED STANDALONE STATEMENT OF AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH 2020	(Rs. in Lakhs except per share data) AEGIS LOGISTICS LIMITED STANDALONE STATEMENT OF AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH 2020	(Rs. in Lakhs except per share data) AEGIS LOGISTICS LIMITED STANDALONE STATEMENT OF AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH 2020
			Particulars	Quarter ended			Year ended
				31.03.2020	31.12.2019 31.03.2019		31.03.2020	31.03.2019
				Audited	Unaudited	Audited	Audited	Audited
	1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19	Revenue from operations Other income TOTAL INCOME (1+2) EXPENSES Purchases of stock-in-trade Changes in Inventories of finished goods, work in process and stock in trade Employee benefits expense Expenses as per Employee Stock Purchase Plan Finance costs Depreciation and amortisation expense Other expenses TOTAL EXPENSES Profit / (Loss) before tax (3-4) Tax expenses Profit for the period/ year (5-6) Other Comprehensive Income (Net of Taxes) TOTAL COMPREHENSIVE INCOME FOR THE PERIOD / Year (7+8) Paid up Equity Share Capital (Face value Re.1 per share) Earnings per equity share (Face value of Re. 1 each) (not annualised, except for the year ended 31.03.20 and 31.03.19) Basic (in Rs) Diluted (in Rs) Paid up Debt Capital Reserves Excluding Revaluation Reserves Capital Redemption Reserve (also included in 13 above) Debenture Redemption Reserve (also included in 13 above) Net worth Debt Equity Ratio (no. of times) Debt Service Coverage ratio (DSCR)(no.of times) Interest Service Coverage ratio(ISCR)(no.of times)**		23,538 2,821 26,359 12,270 1,282 1,066 4,214 518 1,065 2,408 22,823 3,536 91 3,445 (66) 3,379 3,397 1.01 0.98	21,679 200 21,879 13,266 (1,452) 900 4,214 608 946 2,228 20,710 1,169 405 764 (2) 762 3,397 0.22 0.22	16,635 126 16,761 8,306 604 1,189 - 504 661 3,126 14,390 2,371 1,158 1,213 35 1,248 3,340 0.37 0.37	85,972 6,654 92,626 49,721 191 3,832 23,879 2,269 3,797 8,595 92,284 342 (2,127) 2,469 (72) 2,397 3,397 0.73 0.70 8,605 97,128 131 - 1,00,525 0.09 0.39 1.15	70,706 2,030 72,736 40,693 (899) 4,180 - 2,135 2,516 11,416 60,041 12,695 3,833 8,862 (7) 8,855 3,340 2.65 2.65 9,380 77,685 131 625 81,026 0.12 3.86 6.95

• Paid - up Debt Capital = Long-term Debts plus Current maturities of Long-term debts. ** Debt - Equity Ratio = Long-term Debts / (Equity + Reserves) *** DSCR = Earnings before Interest & Tax / (Interest Expense + Principal Repayment on Long Term Debts during the period) **** ISCR= Earnings before Interest & Tax / Interest Expense

See accompanying notes to the financial results

AEGIS LOGISTICS LIMITED

STANDALONE STATEMENT OF AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH 2020

						(Rs. in Lakhs)
	PARTICULARS	Quarter ended			Year	ended
		31.03.2020	31.12.2019	31.03.2019	31.03.2020	31.03.2019
		Audited	Unaudited	Audited	Audited	Audited
	Segment Revenue Liquid Terminal Division Gas Terminal Division	4,331 19,207	4,359 17,320	3,652 12,983	16,569 69,403	13,777 56,929
	Net Sales / Income from Operations	23,538	21,679	16,635	85,972	70,706
	Segment Results Liquid Terminal Division Gas Terminal Division	2,127 4,371	2,237 4,293	1,611 2,531	8,055 15,176	4,973 12,150
	sub-total	6,498	6,530	4,142	23,231	17,123
	Less: Finance Cost Other un-allocable expenditure (net) Add : Interest Income	518 3,443 999	608 4,852 99	504 1,341 74	2,269 22,068 1,448	2,135 2,521 228
	Total Profit Before Tax	3,536	1,169	2,371	342	12,695
	Segment Assets Liquid Terminal Division Gas Terminal Division Unallocable	1,13,023 32,666 26,877	1,13,685 25,561 26,441	93,308 12,622 19,591	1,13,023 32,666 26,877	93,308 12,622 19,591
	Total	1,72,566	1,65,687	1,25,521	1,72,566	1,25,521
	Segment Liabilities Liquid Terminal Division Gas Terminal Division Unallocable	22,305 20,236 5,452	27,977 17,698 3,853	6,977 3,318 12,922	22,305 20,236 5,452	6,977 3,318 12,922
	Total	47,993	49,528	23,217	47,993	23,217
	Capital employed Liquid Terminal Division Gas Terminal Division Unallocable	90,718 12,430 21,425	85,708 7,863 22,588	86,331 9,304 6,669	90,718 12,430 21,425	86,331 9,304 6,669
	Total	1,24,573	1,16,159	1,02,304	1,24,573	1,02,304

		(Rs. in Lakhs) AEGIS LOGISTICS LIMITED STANDALONE STATEMENT OF AUDITED ASSETS AND LIABILITIES AS AT 31ST MARCH 2020	(Rs. in Lakhs) AEGIS LOGISTICS LIMITED STANDALONE STATEMENT OF AUDITED ASSETS AND LIABILITIES AS AT 31ST MARCH 2020	(Rs. in Lakhs) AEGIS LOGISTICS LIMITED STANDALONE STATEMENT OF AUDITED ASSETS AND LIABILITIES AS AT 31ST MARCH 2020	(Rs. in Lakhs) AEGIS LOGISTICS LIMITED STANDALONE STATEMENT OF AUDITED ASSETS AND LIABILITIES AS AT 31ST MARCH 2020
		Particulars	As at 31st March, 2020	As at 31st March, 2019
			Audited	Audited
		ASSETS Non-current assets
		Property, plant and equipment Capital work-in-progress Other intangible assets Financial assets i. Investments a) Investments in subsidiaries b) Other investments ii. Loans iii.Other financial assets	1,12,470 21,074 85 4,612 1 59 809	78,964 12,349 97 4,600 1 54 815
		Current tax assets (net) Other non-current assets	2,400 1,001	2,046 5,524
		Total - Non-Current Assets	1,42,511	1,04,450
		Current assets Inventories Financial assets i. Investments ii. Trade receivables iii. Cash and cash equivalents vi. Bank balances other than (iii) above v. Other financial assets - Loans vi. Other financial assets Other current assets	2,851 - 5,563 6,580 3,720 - 5,929 5,412	2,733 13 4,028 331 4,186 739 3,787 5,254
		Total - Current Assets	30,055	21,071
		TOTAL - ASSETS	1,72,566	1,25,521
		EQUITY AND LIABILITIES Equity Equity Share capital Other equity	3,397 97,128	3,340 77,686
		Total Equity	1,00,525	81,026
		LIABILITIES Non-current liabilities Financial liabilities i. Borrowings ii. Other financial liabilities Provisions Deferred tax liabilities (Net) Other non-current liabilities	4,850 27,821 1,179 2,964 132	4,907 468 1,005 8,334 158
		Total - Non-current liabilities	36,946	14,872
		Current liabilities Financial liabilities i. Borrowings ii. Trade payables Total outstanding dues of creditors of micro enterprises and small enterprises Total outstanding dues of creditors other than micro enterprises and small enterprises iii. Other financial liabilities Other current liabilities Provisions Current tax liabilities(Net)	15,443 - 2,474 14,106 2,116 353 603	11,900 - 3,642 11,066 1,807 256 952
		Total - Current liabilities	35,095	29,623
		Total liabilities	72,041	44,495
		TOTAL - EQUITY AND LIABILITIES	1,72,566	1,25,521

AEGIS LOGISTICS LIMITED

Standalone Statement of condensed audited Cash	Flow for theyear ended	March 31,2020
		(Rs. in Lakhs)
	For the year ended	For the year ended
	31st March, 2020	31st March, 2019
Cash flow from operating activities
Profit before tax	342	12,695
Operating profit before working capital changes	24,039	15,594
Net cash from operating activities (A)	16,544	14,360
Net cash (used in) investing activities (B)	(5,556)	(3,871)
Net cash (used in) financing activities (C)	(4,739)	(11,240)
Net increase in cash and cash equivalents (A+ B+ C)	6,249	(751)
Cashand cashequivalents as at the beginning ofthe year	331	1,082
Cash and cash equivalents as at the end of theyear	6,580	331

AEGIS LOGISTICS LIMITED

STANDALONE STATEMENT OF AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH 2020

NOTES:

• 1 The above Standalone Financial Results have been reviewed by the Audit Committee and approved by the Board of Directors at the meeting held on 22nd June,2020.

• 2 The Company has adopted Ind AS 116, effective annual reporting period beginning 1st April, 2019 and applied the standard to its leases, retrospectively, with the cumulative effect of initially applying the Standard, recognised on the date of initial application (1st April, 2019). Accordingly, the Company has not restated comparative information, instead, the cumulative effect of initially applying this standard has been recognised as an adjustment to the opening balance of retained earnings as on 1st April, 2019. This has resulted in recognising a right-of-use asset of Rs.24,569.53 lakh and a corresponding lease liability of Rs.30,358.31 lakh by adjusting retained earnings net of taxes of Rs 2,077.39 lakh (net of deferred tax) and Capital work in progress of Rs.2,254.55 lakh as at 1st April, 2019. In the Statement of Profit and Loss for the current period, the nature of expenses in respect of operating leases has changed from lease rent in previous periods to depreciation cost for the right-to-use asset and finance cost for interest accrued on lease liability.

• 3 During the year, the Company has allotted 56,66,667 equity shares of the face value of Re. 1/- each to the eligible employees upon exercise as per the stock purchase plan by them.Consequent upon the said allotment, the total paid up equity share capital of the Company has increased to Rs.33,96,66,667/- (Rupees Thirty Three crore ninety six lakh sixty six thousand six hundred and sixty

• 4 The Company has adopted option available under section 115 BAA of the Income Tax Act, 1961 as per the Taxation Laws (Amendment) Ordinance Act, 2019. Accordingly, tax expenses, deferred tax assets, liabilities have been recomputed and impact of this has been recognised in the Statement of profit and Loss for the year ended on March 31, 2020.

• 5 The figures for the fourth quarter ended March 31, 2020 in the above financial results are the balancing figures between the audited figures for the full financial year and the year to date unaudited figures published up to the nine months ended December, 31, 2019 which were subjected to limited review.

• 6 The Debt Service Coverage and Interest Service Coverage ratio have been calculated after considering expenses of Employees as per Stock Purchase Plan aggregating Rs.23,879 lakh during the year ended March 31, 2020. Further, the ratios after excluding expenses as per Employees Stock Purchase Plan would be : Debt Service Coverage ratio would be 3.93 and Interest Service Coverage ratio would be 11.67

• 7 In view of the outbreak of Coronavirus (COVID-19) pandemic globally and in India, the Company’s business operations were temporarily disrupted. The Company has considered the possible effects, if any, that may result from the pandemic on the carrying amounts of assets after considering internal and external sources of information including the possible future uncertainties in the global economic conditions as at the date of approval of these financial results and has determined that none of these balances require a material adjustment to their carrying value. The Company continues to closely monitor the rapidly changing situation.

• 8 The Board of Directors at their meeting held on 22nd June, 2020 have recommended an Final Dividend of Rs. 1.20 per share for the year 2019-20.

For and on behalf of the Board

Digitally signed by RAJ CHANDARIA DN: c=UK, o=Personal, postalCode=W22TD, st=LONDON, RAJ 2.5.4.20=76d8aad40991296d4c29c1de439b5c9ccd6af312bd8f80c3304bc1f8d14640a f, CHANDARIA serialNumber=6350173a1ab0d706e860c2801f05e49f9d579325f33ac691bcc88e242ec 472ad, cn=RAJ CHANDARIA Date: 2020.06.22 17:57:08 +05'30' Raj K. Chandaria Chairman and Managing Director Place: Mumbai DIN : 00037518 Date: 22nd June,2020.

Narain Chambers, 5th Floor, M. G. Road, Vile Parle (E), Mumbai - 400 057 Tel.: +91-22-62507600

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Mistry Bhavan, 3rd Floor, Dinshaw Vachha Road, Churchgate, Mumbai - 400 020 Tel.: +9l-22-6623 0600

INDEPENDENT AUDITOR’S REPORT TO THE BOARD OF DIRECTORS OF AEGIS LOGISTICS LIMITED

Report on the audit of the Consolidated Financial Results

Opinion

We have audited the accompanying Statement of Consolidated Financial Results (the Consolidated Financial Results) of Aegis Logistics Limited (“Holding company”) and its Subsidiaries (Holding Company and the Subsidiaries together referred to as “the Group”), for the quarter and year ended 31[st] March, 2020 (“the Statement”), being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“Listing Regulations”).

In our opinion and to the best of our information and according to the explanations given to us, and based on the consideration of the reports of the other auditors on separate financial statements/ financial information of Subsidiaries, the Statement:

a. Includes the results of the following entities:

Parent: Aegis Logistics Limited

Subsidiaries:

• i. Aegis Gas (LPG) Private Limited (Subsidiary Company)

• ii. Konkan Storage System (Kochi) Private Limited (Subsidiary Company)

• iii. Sealord Containers Limited (Subsidiary Company)

• iv. Hindustan Aegis LPG Limited (Subsidiary Company)

• v. Eastern India LPG Company Private Limited (Subsidiary Company)

• vi. Aegis Terminal (Pipavav) Limited (Subsidiary Company)

• vii. Aegis LPG Logistics (Pipavav) Limited (Subsidiary Company)

• viii. Aegis International Marine Services Pte Limited (Subsidiary Company)

• ix. Aegis Group International Pte Limited (Subsidiary Company)

• b. Is presented in accordance with the requirements of Regulation 33 of the Listing Regulations, as amended; and;

• c. Gives a true and fair view, in conformity with the applicable Indian accounting standards, and other accounting principles generally accepted in India, of consolidated total comprehensive income (comprising of net profit and other comprehensive income) and other financial information of the Group for the quarter and year ended 31[st] March, 2020.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013 (the Act). Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Results for the quarter and year ended 31[st] March 2020 section of our report. We are independent of the Group, in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the Consolidated Financial Results for the quarter and year ended 31[st] March 2020 under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us and other auditors in terms of their reports referred to in “Other Matter” paragraph below, is sufficient and appropriate to provide a basis for our opinion.

Management’s Responsibilities for the Consolidated Financial Results

The Statement of Consolidated Financial Results for the quarter and year ended 31[st] March 2020 have been prepared on the basis of the Ind AS Consolidated Financial Statements for the year ended 31[st] March 2020 and the unaudited results for the quarters during the year ended 31[st] March 2020.

The Holding Company’s Board of Directors are responsible for the preparation and presentation of these Consolidated Financial Results that give a true and fair view of the net profit and Other Comprehensive Income and other financial information of the Group in accordance with the recognition and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Board of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group 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 the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Consolidated Financial Results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the Consolidated Financial Results by the Directors of the Holding Company, as aforesaid.

In preparing the Consolidated Financial Results, the respective Board of Directors of the companies included in the Group are responsible for assessing the ability of the Group to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group are responsible for overseeing the financial reporting process of the Group.

Auditor’s Responsibilities for the Audit of the Consolidated Financial Results

Our objectives are to obtain reasonable assurance about whether the Consolidated Financial Results for the quarter and year ended 31[st] March 2020 as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Consolidated Financial Results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the Consolidated Financial Results, 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 control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.

• Evaluate the appropriateness of disclosures made by the Board of Directors in terms of the requirements specified under Regulation 33 of Listing Regulations.

• Conclude on the appropriateness of the Board of Directors’ 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 ability of the Group to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Consolidated Financial Results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the Consolidated Financial Results, including the disclosures, and whether the Consolidated Financial Results represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial results/financial information of the entities within the Group to express an opinion on the Consolidated Financial Results. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the Consolidated Financial Results of which we are the independent auditors. For the other entities included in the Consolidated Financial Results, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

We communicate with those charged with governance of the Holding Company and such other entities included in the Consolidated Financial Results of which we are the independent auditors 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.

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the Listing Regulations, as amended, to the extent applicable.

Other Matter

• (a) The Consolidated Financial Results include the audited Financial Results of Five Subsidiaries, whose Financial Results reflect Group’s share of total assets of Rs. 89,541.24 lakhs as at 31[st] March 2020, Group’s share of total revenue of Rs.11,218.02 lakhs and Rs.43,180.44 lakhs for the quarter and year ended 31[st] March 2020 respectively, Group’s share of total net profit after tax of Rs.3,888.44 lakhs and Rs.14,612.01 lakhs for the quarter and year ended 31[st] March, 2020 respectively, Group’s share of Total Comprehensive Income of Rs.1,576.98 lakhs and Rs.14,611.02 lakhs for the quarter ended and year ended 31[st] March, 2020 respectively and Group’s share of Net Cash Flows of Rs.6,873.54 lakhs and Rs.8,646.06 lakhs for the quarter and year ended 31[st] March, 2020 as considered in the Consolidated Financial Results, which have been audited by their respective independent auditors. The Independent Auditors’ Reports on Standalone Financial Results of these entities have been furnished to us and our opinion on the Consolidated Financial Results, in so far as it relates to the amounts and disclosures included in respect of these entities, is based solely on the report of such auditors and the procedures performed by us are as stated in paragraph above.

Our opinion on the Consolidated Financial Results is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors and the Financial Results/Financial Information certified by the Board of Directors.

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• (b) On account of lockdown consequent to outbreak of Covid-19 pandemic, the auditors were unable to participate in the year end physical verification of inventory that was carried out by the Management. Consequently, alternate procedures as per the guidance provided in SA 501 “Audit Evidence – Specific Consideration for Selected Items” to audit the existence of inventory as at the year-end were performed to obtain sufficient appropriate audit evidence to issue our unmodified opinion on the Consolidated Financial Statements.

Our opinion is not modified in respect of this matter.

For CNK & Associates LLP Chartered Accountants Firm Registration No.: 101961W/W-100036 D.P. Sapre Partner Membership No.: 040740

Place: Mumbai Date: 22[nd] June, 2020

UDIN: 20040740AAAAAL9124

			(Rs. in Lakhs except per share data) AEGIS LOGISTICS LIMITED CONSOLIDATED STATEMENT OF AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH 2020	(Rs. in Lakhs except per share data) AEGIS LOGISTICS LIMITED CONSOLIDATED STATEMENT OF AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH 2020	(Rs. in Lakhs except per share data) AEGIS LOGISTICS LIMITED CONSOLIDATED STATEMENT OF AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH 2020	(Rs. in Lakhs except per share data) AEGIS LOGISTICS LIMITED CONSOLIDATED STATEMENT OF AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH 2020	(Rs. in Lakhs except per share data) AEGIS LOGISTICS LIMITED CONSOLIDATED STATEMENT OF AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH 2020	(Rs. in Lakhs except per share data) AEGIS LOGISTICS LIMITED CONSOLIDATED STATEMENT OF AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH 2020	(Rs. in Lakhs except per share data) AEGIS LOGISTICS LIMITED CONSOLIDATED STATEMENT OF AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH 2020
			Particulars	Quarter ended			Year ended
				31.03.2020	31.12.2019	31.03.2019	31.03.2020	31.03.2019
				Audited	Unaudited	Audited	Audited	Audited
	1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19	Revenue from operations Other income TOTAL INCOME (1+2) EXPENSES Purchases of stock-in-trade Changes in Inventories of finished goods, work in process and stock in trade Employee benefits expense Expenses as per Employee Stock Purchase Plan Finance costs Depreciation and amortisation expense Other expenses TOTAL EXPENSES Profit before tax (3-4) Tax expenses Current Tax Tax adjustment in respect of earlier years Deferred Tax (Including Minimum Alternate Tax) Total Tax expenses Profit for the period/ year (5-6) Attributable to : Owners of the company Non Controlling Interest Other Comprehensive Income (Net of Taxes) Attributable to : Owners of the company Non Controlling Interest TOTAL COMPREHENSIVE INCOME FOR THE PERIOD / YEAR (7+8) Attributable to : Owners of the company Non Controlling Interest Paid up Equity Share Capital (face value Re.1 per share) Earnings per equity share (Face value of Re. 1 each) (not annualised, except for the year ended 31.03.20 and 31.03.19) Basic (in Rs) Diluted (in Rs) Paid up Debt Capital Reserves Excluding Revaluation Reserves Capital Redemption Reserve (also included in 13 above) Debenture Redemption Reserve (also included in 13 above) Net worth Debt Equity Ratio (no. of times) Debt Service Coverage ratio (DSCR)(no.of times) Interest Service Coverage ratio (ISCR)(no.of times) **		1,24,165 1,947 1,26,112 1,03,318 1,551 1,480 4,214 786 1,868 4,298 1,17,515 8,597 1,415 1,097 1,427 3,939 4,658 3,411 1,247 (63) (63) - 4,595 3,348 1,247 3,397 1.00 0.97	2,16,863 460 2,17,323 1,99,083 (2,155) 1,235 4,214 941 1,719 3,525 2,08,562 8,761 2,845 (23) 16 2,838 5,923 4,990 933 (3) (3) - 5,920 4,987 933 3,397 1.47 1.42	1,85,264 366 1,85,630 1,68,313 735 1,490 - 719 1,308 4,413 1,76,978 8,652 1,930 547 (846) 1,631 7,021 6,170 851 39 39 - 7,060 6,209 851 3,340 1.85 1.85	7,18,325 3,284 7,21,609 6,47,569 (378) 5,124 23,879 3,312 6,871 14,476 7,00,853 20,756 7,075 1,074 (790) 7,359 13,397 9,959 3,438 (73) (73) - 13,324 9,886 3,438 3,397 2.94 2.84 8,605 1,62,064 5,822 - 1,65,461 0.05 2.82 7.27	5,61,582 819 5,62,401 5,04,600 (803) 5,153 - 2,619 5,054 15,545 5,32,168 30,233 6,949 155 (2,082) 5,022 25,211 22,139 3,072 (9) (9) - 25,202 22,130 3,072 3,340 6.63 6.63 10,880 1,35,787 5,422 1,910 1,39,127 0.08 6.24 12.54
		* Paid - up Debt Capital = Long-term Debts plus Current maturities of Long-term debts. Debt - Equity Ratio = Long-term Debts / (Equity + Reserves) DSCR = Earnings before Interest & Tax / (Interest Expense + Principal Repayment on Long Term Debts during the year) *** ISCR= Earnings before Interest & Tax / Interest Expense
		See accompanying notes to the financial results

AEGIS LOGISTICS LIMITED

CONSOLIDATED STATEMENT OF AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH 2020

					(Rs. in Lakhs)	(Rs. in Lakhs)
	PARTICULARS		Quarter ended		Year ended
		31.03.2020	31.12.2019	31.03.2019	31.03.2020	31.03.2019
		Audited	Unaudited	Audited	Audited	Audited
	Segment Revenue Liquid Terminal Division Gas Terminal Division	5,331 1,18,834	5,475 2,11,388	4,684 1,80,580	20,754 6,97,571	18,280 5,43,302
	Net Sales / Income from Operations	1,24,165	2,16,863	1,85,264	7,18,325	5,61,582
	Segment Results Liquid Terminal Division Gas Terminal Division	2,702 10,744	2,963 11,470	2,265 8,302	10,507 39,007	7,833 28,690
	sub-total	13,446	14,433	10,567	49,514	36,523
	Less: Finance Cost Other un-allocable expenditure (net) Add : Interest Income	786 5,310 1,247	941 5,075 344	719 1,430 234	3,312 27,831 2,385	2,619 4,165 494
	Total Profit Before Tax	8,597	8,761	8,652	20,756	30,233
	Segment Assets Liquid Terminal Division Gas Terminal Division Unallocable	1,30,888 1,33,930 27,252	1,27,741 1,50,586 30,239	1,15,354 1,16,395 11,119	1,30,888 1,33,930 27,252	1,15,354 1,16,395 11,119
	Total	2,92,070	3,08,566	2,42,868	2,92,070	2,42,868
	Segment Liabilities Liquid Terminal Division Gas Terminal Division Unallocable	23,420 61,801 7,018	23,908 87,446 6,058	7,647 51,815 12,922	23,420 61,801 7,018	7,647 51,815 12,922
	Total	92,239	1,17,412	72,384	92,239	72,384
	Capital employed Liquid Terminal Division Gas Terminal Division Unallocable	1,07,468 72,129 20,234	1,03,833 63,140 24,181	1,07,707 64,580 (1,803)	1,07,468 72,129 20,234	1,07,707 64,580 (1,803)
	Total	1,99,831	1,91,154	1,70,484	1,99,831	1,70,484

	(Rs. in Lakhs) AEGIS LOGISTICS LIMITED CONSOLIDATED STATEMENT OF AUDITED ASSETS AND LIABILITIES AS AT 31ST MARCH 2020	(Rs. in Lakhs) AEGIS LOGISTICS LIMITED CONSOLIDATED STATEMENT OF AUDITED ASSETS AND LIABILITIES AS AT 31ST MARCH 2020	(Rs. in Lakhs) AEGIS LOGISTICS LIMITED CONSOLIDATED STATEMENT OF AUDITED ASSETS AND LIABILITIES AS AT 31ST MARCH 2020	(Rs. in Lakhs) AEGIS LOGISTICS LIMITED CONSOLIDATED STATEMENT OF AUDITED ASSETS AND LIABILITIES AS AT 31ST MARCH 2020
	Particulars	As at 31st March, 2020	As at 31st March, 2019
		Audited	Audited
	ASSETS Non-current assets Property, plant and equipment Capital work-in-progress Other intangible assets Goodwill Financial assets i. Investments iii.Other financial assets Current tax assets (net) Deferred tax assets (net) Other non-current assets	1,69,659 22,011 86 125 1 1,270 2,589 4,732 1,606	1,32,650 12,066 99 125 1 1,265 2,172 9,536 9,117
	Total - Non-Current Assets	2,02,079	1,67,031
	Current assets Inventories Financial assets i. Investments ii. Trade receivables iii. Cash and cash equivalents iv. Bank balances other than (iii) above v. Other financial assets Other current assets	4,211 730 45,403 22,247 4,097 6,467 6,836	3,380 1,043 22,852 35,341 5,951 753 6,517
	Total - Current Assets	89,991	75,837
	TOTAL - ASSETS	2,92,070	2,42,868
	EQUITY AND LIABILITIES Equity Equity Share capital Other equity	3,397 1,62,064	3,340 1,35,788
	Equity attributable to owners of the Company	1,65,461	1,39,128
	Non ControllingInterest	9,060	7,481
	Total Equity	1,74,521	1,46,609
	LIABILITIES Non-current liabilities Financial liabilities i. Borrowings ii. Other financial liabilities Provisions Deferred tax liabilities (Net) Other non-current liabilities	4,850 31,646 1,391 3,090 132	5,657 2,046 1,169 8,344 158
	Total - Non-current liabilities	41,109	17,374
	Current liabilities Financial liabilities i. Borrowings ii. Trade payables	16,705	12,996
	Total outstanding dues of creditors of micro enterprises and small enterprises Total outstanding dues of creditors other than micro enterprises and small enterprises	-	-
		40,155	48,533
	iii. Other financial liabilities Other current liabilities Provisions Current tax liabilities(Net)	13,827 3,702 402 1,649	12,538 2,652 290 1,876
	Total - Current liabilities	76,440	78,885
	Total liabilities	1,17,549	96,259
	TOTAL - EQUITY AND LIABILITIES	2,92,070	2,42,868

AEGIS LOGISTICS LIMITED

Consolidated Statement of audited condensed Cash Flow for the year ended 31st March, 2020

AEGIS LOGISTICS LIMITED Consolidated Statement of audited condensed Cash Flow for the year ended 31st March, 2020	AEGIS LOGISTICS LIMITED Consolidated Statement of audited condensed Cash Flow for the year ended 31st March, 2020	AEGIS LOGISTICS LIMITED Consolidated Statement of audited condensed Cash Flow for the year ended 31st March, 2020
	(Rs. in Lakhs)
Particulars	For the year ended 31st March, 2020	For the year ended 31st March, 2019
	Audited	Audited
Cash flow from operating activities Profit before tax Operating profit before working capital changes Net cash from operating activities (A) Net cash flow (used in) investing activities (B) Net cash generated from financing activities (C) Net increase in cash and cash equivalents (A+ B+ C) Cash and cash equivalents as at the beginning of the year Cash and cash equivalents as at the end of theyear	20,756 52,346 14,631 (15,141) (12,584) (13,094) 35,341	30,233 37,370 55,630 (15,468) (14,312) 25,849 9,492
	22,247	35,341

AEGIS LOGISTICS LTD

CONSOLIDATED STATEMENT OF AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH 2020

NOTES:

1 The above Consolidated Financial Results have been reviewed by the Audit Committee and approved by the Board of Directors at the meeting held on 22nd June,2020.

• 2 The following Subsidiaries have been considered for the purpose of preparing Consolidated Financial Results as per Ind AS 110 on “Consolidated Financial Statements”.

Name of the Subsidiary Company	Ownership Interest in %
Aegis Gas LPG Private Limited Hindustan Aegis LPG Limited Aegis International Marine Services Pte. Limited Aegis LPG Logistics (PIPAVAV) Limited Konkan Storage Systems (Kochi) Private Limited Sea Lord Containers Limited Eastern India LPG Co. (Private) Limited Aegis Group International Pte. Limited Aegis Terminal (PIPAVAV) Limited	100.00% 60.00% 100.00% 80.30% 100.00% 100.00% 100.00% 100.00% 100.00%

3 The Company has opted to publish only Consolidated Financial Results. The Stand-alone Financial Results of the Company for the quarter and year ended 31st March, 2020 will be available on the websites of the Company viz. www.aegisindia.com, Bombay Stock Exchange Ltd. viz. www.bseindia.com and National Stock Exchange of India Ltd. viz. www.nseindia.com. Additional information on Standalone basis is as follows:

alone basis is as follows:
PARTICULARS	Quarter ended			Year ended
	31.03.2020	31.12.2019	31.03.2019	31.03.2020	31.03.2019
	Audited	Unaudited	Audited	Audited	Audited
Revenue from operations	23,538	21,679	16,635	85,972	70,706
Profit before Tax	3,536	1,169	2,371	342	12,695
Profit after Tax	3,445	764	1,213	2,469	8,862
TOTAL COMPREHENSIVE INCOME	3,379	762	1,248	2,397	8,855

4 The Company has adopted Ind AS 116, effective annual reporting period beginning 1st April, 2019 and applied the standard to its leases, retrospectively, with the cumulative effect of initially applying the Standard, recognised on the date of initial application (1st April, 2019). Accordingly, the Company has not restated comparative information, instead, the cumulative effect of initially applying this standard has been recognised as an adjustment to the opening balance of retained earnings as on 1st April, 2019. This has resulted in recognising a right-of-use asset of Rs. 26,212 lakh and a corresponding lease liability of Rs. 32,321 lakh by adjusting retained earnings net of taxes of Rs.2,289 lakh (net of deferred tax), Non-controling interest of Rs.16 lakhs and Capital work in progress of Rs.2,255 lakh as at 1st April, 2019. In the Statement of Profit and Loss for the current period, the nature of expenses in respect of operating leases has changed from lease rent in previous periods to depreciation cost for the right-to-use asset and finance cost for interest accrued on 5 Other Expenditure includes the provision of Commission Rs.800 lakh for the year ended 31st March, 2020 to the Managing Directors which is dependent upon the net profit determinable u/s 198 of the Companies Act, 2013 at the year end.

• 6 During the year, the Company has allotted 56,66,667 equity shares of the face value of Re. 1/- each to the eligible employees upon exercise as per the stock purchase plan by them.

Consequent upon the said allotment, the total paid up equity share capital of the Company has increased to Rs.33,96,66,667/- (Rupees Thirty Three crore ninety six lakh sixty six thousand six hundred and sixty seven).

7 The Debt Service Coverage and Interest Service Coverage ratio have been calculated after considering expenses of Employees as per Stock Purchase Plan aggregating Rs.23,879 lakh during the year ended March 31, 2020. Further, the ratios after excluding expenses as per Employees Stock Purchase Plan would be : Debt Service Coverage ratio would be 5.62 and Interest Service Coverage ratio would be 14.48

8 In view of the outbreak of Coronavirus (COVID-19) pandemic globally and in India, the Group’s business operations were temporarily disrupted. The Group has considered the possible effects, if any, that may result from the pandemic on the carrying amounts of assets after considering internal and external sources of information including the possible future uncertainties in the global economic conditions as at the date of approval of these consolidated financial results and has determined that none of these balances require a material adjustment to their carrying value. The Group continues to closely monitor the rapidly changing situation.

• 9 Pursuant to the Taxation Law (Amendment) Ordinance, 2019 (“Ordinance”) issued by Ministry of Law and Justice (Legislative Department) on September 20, 2019, domestic companies have the option to pay corporate tax at 22% plus applicable surcharge and cess (“New tax rate”) subject to certain conditions. Based on the assessment, Holding company of the Group has chosen to exercise the option of New tax rate. Accordingly where it has chosen to exercise New tax rate, the company has made the provision for current and deferred tax at the rate of 25.168%.

For rest of the companies, the Group has chosen to continue with existing tax structure.

10 The figures for the fourth quarter ended 31st March, 2020 in the above financial results are the balancing figures between the audited figures for the full financial year and the year to date unaudited figures published up to the nine months ended 31st December, 2019 which were subjected to limited review.

• 11 The 10.20% Non-Convertible Redeemable Privately Placed Debentures outstanding of Rs.840 lakh as on 31st March, 2020 are secured by way of mortgage of specific immovable properties of the Company situated at Trombay on pari passu basis. The asset cover is more than the principal amount of these debentures and credit agencies viz. 'India Ratings and Research' and 'CARE ratings' have assigned 'Ind AA / Stable' (new) and 'CARE AA (Double A)' ratings respectively.

Principal amount of Rs.830 lakh and interest amount of Rs.171 lakh was paid on 27/5/2019, on the previous due date. The last due date for repayment of principal of Rs.840 lakh was due on 25th May, 2020 and principal along with interest payment of Rs.86 lakhs was duly repaid. 12 The Board of Directors at their meeting held on 22nd June, 2020 have recommended an Final Dividend of Rs. 1.20 per share for the year 2019-20.

For and on behalf of the Board

RAJ CHANDARIA Digitally signed by RAJ CHANDARIA DN: c=UK, o=Personal, postalCode=W22TD, st=LONDON, 2.5.4.20=76d8aad40991296d4c29c1de439b5c9ccd6af312bd8f80c3304bc1f8d14640af, serialNumber=6350173a1ab0d706e860c2801f05e49f9d579325f33ac691bcc88e242ec472ad, cn=RAJ CHANDARIA Date: 2020.06.22 18:01:24 +05'30' Raj K. Chandaria Chairman and Managing Director Place: Mumbai DIN : 00037518 Date: 22nd June,2020.