Ajcon Global Services Ltd. — Annual Report 2021

Jun 21, 2021

To Date: June 21, 2021 The Manager Department of Corporate Services 25th Floor, PJ Towers Dalal Street Mumbai-400001

Dear Sir/ Madam,

Scrip Code: 511692 Subject: Outcome of Board Meeting and submission of Audited Standalone and Consolidated Financial Results for the quarter and year ended 31.03.2021

Pursuant to Regulation 30 read with Scheduled III and Regulation 33 of the Securities and Exchange Board of India(Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform that the Board of Directors of the Company at its meeting held today at 3;30 pm at June 21,2021 inter-alia, approved the following:

• 1. Approved the Audited Financial Results (standalone and consolidated) for the quarter and year ended on 31st March, 2021.
• 1. Approved the Audit Report issued by Statutory Auditors of the Company on Audited Financial Results of the Company for the quarter and year ended on 31st March, 2021.
• 1. Noted the CEO/ CFO Certificate received in accordance with Regulation 33(2) (a) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
• 1. Noted the Compliances under listing Regulations with Stock Exchange for the Quarter and half year ended on 31st March, 2021
• 1. Noted the transactions with related parties during the Quarter ended 31^sMarch, 2021
• 1. Approved the omnibus approval for the related party transactions to be entered during the FY 2021-22.
• 1. Pursuant to section 91 of Companies Act, 2013 and Regulation 42 of SEBI (LODR) Regulation, 2015, please note that the Register of Members and Share Transfer books of the Company will remain closed from 07th day of August, 2021 to 12 day of August, 2021. (both days inclusive).
• 1. Approved the appointed of Mr. Anuj Ajmera who retired by rotation and was eligible for reappointment.
• 1. Approved the Board Report of the Company for the Financial Year 2020-21 along with Annexures.
• 1. Took note of Secretarial Auditors Report for the Financial Year ended 31st March, 2021
• 1. Approved the Notice of 34 rd Annual General Meeting of the company scheduled to be held on 12th day of August, 2021.
• 1. Appointed M/s. Kothari H. & Associates as scrutinizer and CDSL for the purpose of e-voting at the ensuing Annual General Meeting.

We are enclosing herewith the following documents for your records as under:-

• a) Standalone & Consolidated Annual Audited Financial Results of the Company for the quarter and year ended 31st March, 2021
• b) Auditor's Report on quarterly Standalone & Consolidated Financial Results and year to date financial results of the Company for the quarter and year ended 31st March, 2021
• c) Declaration pursuant to Regulation 33 (3) (d) of the SEBI (Listing Obligation and Disclosure Requirements) (Amendments) Regulations, 2016 for unmodified Audit Report.

The Meeting of the Board of Directors concluded at 5:00PM with vote of thanks. You are requested to kindly take the same on records.

Thanking You, Yours Sincerely,

For Ajcon Global Services Ltd.

ASHOK MANIKCHA ND AJMERA Digitally signed by ASHOK MANIKCHAND AJMERA DN: c=IN, o=AJCON GLOBAL SERVICES LTD, ou=MANAGEMENT, 2.5.4.20=aa43b02d5d0111f5c4bd94846bd 9f05470b090bd1881e2b4f5182bc204f190 7f, postalCode=400063, st=MAHARASHTRA, serialNumber=207b8e14efc1d31f790bfafb ad777e882b93245d1dd3c9b21b8afdaf8e4 d06b4, cn=ASHOK MANIKCHAND AJMERA Date: 2021.06.21 17:09:34 +05'30'

Ashok Ajmera (Managing Director)

	AJCON GLOBAL SERVICES LIMITED
	STATEMENT OF AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31st MARCH,2021
	(Rs. In Lacs)
			STANDALONE						CONSOLIDATED
PARTICULAR		QUARTER ENDED			YEAR ENDED		QUARTER ENDED			YEAR ENDED
								31.03.2021 31.12.2020 31.03.2020 31.03.2021 31.03.2020 31.03.2021 31.12.2020 31.03.2020 31.03.2021			31.03.2020
			Unaudited Audited		Audited	Audited	Audited	Unaudited	Audited	Audited	Audited
1	a) Revenue from Operations
	Fees & Brokerage income	178.90	93.63	118.83	433.73	499.02	178.90	93.63	118.83	433.73	499.02
	Sale of Products	489.65	875.26	932.86	4,136.75	2,182.60	489.65	875.26	932.86	4,136.75	2,182.60
	Net Gain on fair value change	-	44.41	-	138.10	-	0.28	44.43	-	138.38	-
	Other Operating Income	(4.08)	(3.90)	(19.14)	(0.97)	(29.61)	(4.08)	(3.90)	(19.14)	(0.92)	(29.57)
	Interest income	-	-	-	-	-	(4.79)	22.23	13.23	75.22	115.62
	Total Revenue from Operation	664.47	1,009.40	1,032.55	4,707.61	2,652.02	659.96	1,031.65	1,045.78	4,783.16	2,767.67
	b) Other Income	96.19	1.91	3.10	102.93	13.83	105.48	1.91	2.34	112.31	55.73
	Total Revenue ( a + b)	760.66	1,011.31	1,035.66	4,810.54	2,665.85	765.44	1,033.56	1,048.11	4,895.47	2,823.41
2	Expenditure
	a) Cost of Sales	481.67	892.45	941.22	4,126.45	2,189.30	481.67	892.45	941.22	4,126.45	2,189.30
	b) Net Loss on fair value change	118.58	-	156.47	-	203.32	118.58	-	156.82	-	204.35
	c) Employee Benefit Expenses	53.15	60.72	47.95	207.25	204.17	62.39	66.10	55.87	229.11	237.75
	d) Depreciation and Amortization	9.19	10.22	10.24	39.85	40.41	9.19	10.22	10.24	39.85	40.41
	e) Finance Cost	11.58	13.05	14.96	57.29	63.49	9.12	21.91	21.30	91.89	123.10
	f) Administrative & Other Expenses	46.74	45.21	41.84	225.77	121.47	55.17	57.40	68.98	251.54	180.31
	Total Expenditure	720.92	1,021.64	1,212.68	4,656.62	2,822.16	736.13	1,048.07	1,254.43	4,738.85	2,975.21
3 4	Profit/(Loss) before Exceptional item (1-2) Exceptional Item	39.74 -	(10.32) -	(177.02) -	153.92 -	(156.31) -	29.31 -	(14.51) -	(206.31) -	156.61 -	(151.80) -
5	Profit/(Loss) before Extra-ordinary items (3-4)	39.74	(10.32)	(177.02)	153.92	(156.31)	29.31	(14.51)	(206.31)	156.61	(151.80)
6	Tax Expenses	0.48	(19.29)	(0.06)	(0.74)	1.40	(1.43)	(19.90)	(7.65)	(0.21)	2.61
7	Profit/(Loss) for the period (5-6)	39.26	8.97	(176.96)	154.67	(157.71)	30.74	5.39	(198.66)	156.82	(154.42)
8	Minority Interest (-)	-	-	-	-	-	(1.94)	(0.73)	(2.67)	0.36	0.59
9	Net Profit after minority interest (7-8)	39.26	8.97	(176.96)	154.67	(157.71)	32.68	6.12	(195.99)	156.47	(155.01)
10	Other Comprehensive Income a) Item that will not be reclassified to profit and
	loss	-	-	-	-	-	-	-	-	-	-
	b) Item that will be reclassified to profit and loss
	Other Comprehensive Income for the period	-	-	-	-	-	-	-	-	-	-
	(a+b)	-	-	-	-	-	-	-	-	-	-
11	Total Comprehensive Income (9+10) Paid up equity share capital ( face value Rs.	39.26	8.97	(176.96)	154.67	(157.71)	32.68	6.12	(195.99)	156.47	(155.01)
12	10/- per share)	611.62	611.62	611.62	611.62	611.62	611.62	611.62	611.62	611.62	611.62
13	Earning per share (before and after extraordinary Items) (Equity share of Rs. 10/- each) (EPS not
	annualised)
	Basic & Diluted	0.64	0.15	(2.89)	2.53	(2.58)	0.53	0.10	(3.20)	2.56	(2.53)

ASHOK	Digitally signed by ASHOK MANIKCHAND AIMFRA DN: c=IN, o=AJCON GLOBAL SERVICES LTD.
MANIKCHA	ou=MANAGEMENT. 2.5.4.20maa43b02d5d0111f5c4bd94846bd9f0 547060906d1881e2b4f5182bc204f1907f. postalCode=400063.st=MAHARASHTRA. serialNowbare 20268a14efr1d31f7006febarb
ND AJMERA	777e882b93245d1dd3c9b21b8afdaf8e4d06b 4, cn=ASHOK MANIKCHAND AJMERA Date: 2021.06.21 17:21:28 +05'30"

Standalone Balance Sheet As at March 31, 2021

			(` in Lacs)
Particulars	Note No	As at March 31, 2021	As at March 31, 2020
ASSETS
1. Financial Assets
(a) Cash and cash equivalents	3	163.62	25.12
(b) Bank balance other than (a) above	4	62.76	61.64
(c) Receivables	5
(I) Trade receivables		94.19	200.28
(II) Other receivables		0.00	0.00
(d) Loans	6	0.00	143.65
(e) Investments	7	315.27	315.27
(f) Other financial assets	8	154.93	204.48
Sub-total		790.78	950.45
2. Non-Financial Assets
(a) Current tax assets (net)		0.00	0.00
(b) Deferred tax assets (net)		0.00	0.00
(c) Property, Plant and Equipment	9	148.17	126.93
(d) Right of use assets	10	28.90	49.92
(e) Intangible assets under development		0.00	0.00
(f) Other intangible assets		0.00	0.00
(g) Other non–financial assets	11	8.63	11.34
(h) Inventories		964.05	825.95
Sub-total		1149.75	1014.15
Total		1,940.53	1,964.59
LIABILITIES AND EQUITY
LIABILITIES
(1) Financial Liabilities
(a) Payables
(I) Trade payables	12
(i) Total outstanding dues of micro		0.00	0.00
enterprises (ii) Total outstanding dues of creditors other than (II) Other payables		171.97	59.45
(i) Total outstanding dues of micro enterprises (ii) Total outstanding dues of creditors other		0.00 53.45	0.00 24.49
than (b) Borrowings (Other than debt securities)	13	158.00	452.29
(c) Other financial liabilities	14	56.75	82.24
Sub-total		440.17	618.48
(2) Non-Financial Liabilities
(a) Current tax liabilities (net)		0.00	0.00
(b) Deferred tax liabilities (net)	15	1.16	5.09
(c) Provisions	16	12.42	8.92
(d) Other non–financial liabilities		0.00	0.00
Sub total		13.58	14.00
(3) EQUITY
(a) Equity share capital	17	611.62	611.62
(b) Other equity	18	875.16	720.49
Sub total		1,486.78	1,332.11
Total		1,940.53	1,964.59

Standalone Cash Flow Statement For the year ended March 31, 2021

		(` in Lacs)
Particulars	For the year ended March 31, 2021	For the year ended March 31, 2020
Cash Flows From Operating Activities
Net Profit/(Loss) before taxation, and extraordinary item	153.92	-156.31
Adjustments for:
Depreciation & Amortisation	39.85	40.41
Employee Stock Option Expenses	0.00	0.00
Provisions for Gratuity	0.00	0.00
Provisions for Leave Encashment	0.00	0.00
Interest Expenses	0.00	0.00
Capital Gain on Investments	0.00	0.00
Interest Income	0.00	0.00
Net Loss/(Gain) on Fair Value of Investments	0.00	0.00
Net Loss/(Gain) on sale of PPE & Intangible Assets	0.00	0.00
Operating Profit](Loss) Before Working Gapital Ghanges	193.77	-115.90
(Increase)/Decrease in Trade Receivables	106.09	-77.97
(Increase)/Decrease in Loans	143.65	-60.40
(Increase)/Decrease in Other Financial Assets	49.55	18.81
(Increase)/Decrease in Inventory	-138.10	203.32
(Increase)/Decrease in Other Non–Financial Assets	2.71	-7.29
Increase/(Decrease) in Provisions	3.51	-11.29
Increase/(Decrease) in Trade Payables	112.52	-0.71
Increase/(Decrease) in Other Payables	28.96	4.73
(Increase)/Decrease in Other Financial Liabilities	-25.49	-14.76
Increase/(Decrease) in Other Non–Financial Liabilities	0.00	1.29
Cash Generated From Operations Taxes	477.17 3.18	-60.17 0.00
Net cash flow from](used in) operating activities (A)	473.99	-60.17
Cash Flows From Investing Activities
(Purchase)/Sale of PPE & Intangible Assets (net)	-105.69	-3.83
(Purchase) / Sale Investments (Including in subsidiaries)	65.61	0.00
Capital Gain on Investment	0.00	0.00
Interest received	0.00	0.00
Net cash flow from](used in) investing activities (B)	-40.07	-3.83
Cash Flows From Financing Activities
Decrease in Bank Deposits	0.00	0.00
Increase in Share Capital	0.00	0.00
Increase in Share Premium (Net of share Issue Expenses)	0.00	0.00
Borrowed/ Repayment of Borrowings (Net)	-294.29	67.28
Interest Expenses	0.00	0.00
Net cash flow from](used in) financing activities (C)	-294.29	67.28
Net increase](decrease) in Gash and Gash Equivalents (A+B+C)	139.62	3.28
Cash and Cash Equivalents at beginning of Year	86.76	83.48
Cash and Cash Equivalents at end of Period	226.38	86.76

Consolidated Balance Sheet As at March 31, 2021

			(` in Lacs)
Particulars	Note No	As at March 31, 2021	As at March 31, 2020
ASSETS
1. Financial Assets
(a) Cash and cash equivalents	3	166.06	26.66
(b) Bank balance other than (a) above	4	62.76	61.64
(c) Receivables	5
(I) Trade receivables		97.37	203.28
(II) Other receivables		0.00	0.00
(d) Loans	6	1844.14	2387.67
(e) Investments	7	141.72	141.72
(f) Other financial assets	8	175.07	215.62
Sub-total		2,487.13	3,036.60
2. Non-Financial Assets
(a) Current tax assets (net)		0.00	0.00
(b) Deferred tax assets (net)		0.00	0.00
(c) Property, Plant and Equipment	9	148.35	127.11
(d) Right of use assets	10	28.90	49.92
(e) Intangible assets under development		0.00	0.00
(f) Other intangible assets		0.00	0.00
(g) Other non–financial assets	11	11.27	13.92
(h) Inventories		964.57	826.31
Sub-total		1153.09	1017.26
Total		3,640.22	4,053.86
LIABILITIES AND EQUITY
LIABILITIES
(1) Financial Liabilities
(a) Payables
(I) Trade payables	12
(i) Total outstanding dues of micro		0.00	0.00
enterprises (ii) Total outstanding dues of creditors other		171.97	59.45
than (II) Other payables
(i) Total outstanding dues of micro enterprises (ii) Total outstanding dues of creditors other		0.00	0.00
than (b) Borrowings (Other than debt securities)		116.66	100.91
(c) Other financial liabilities	13 14	1239.09 57.48	1906.63 88.58
Sub-total		1,585.19	2,155.57
(2) Non-Financial Liabilities
(a) Current tax liabilities (net)		0.00	0.00
(b) Deferred tax liabilities (net)	15	1.20	5.13
(c) Provisions	16	18.89	15.06
(d) Other non–financial liabilities		0.00	0.00
(e) Minority Interest	17	145.95	145.59
Sub total		166.05	165.78
(3) EQUITY
(a) Equity share capital	18	611.62	611.62
(b) Other equity	19	1,277.36	1,120.90
Sub total		1,888.98	1,732.52
Total		3,640.22	4,053.86

Consolidated Cash Flow Statement For the year ended March 31,

		(` in Lacs)
Particulars	For the year ended March 31, 2021	For the year ended March 31, 2020
Cash Flows From Operating Activities
Net Profit/(Loss) before taxation, and extraordinary item	156.78	(151.81)
Adjustments for:
Depreciation & Amortisation	39.85	40.41
Employee Stock Option Expenses	0.00	0.00
Provisions for Gratuity	0.00	0.00
Provisions for Leave Encashment	0.00	0.00
Interest Expenses	0.00	0.00
Capital Gain on Investments	0.00	0.00
Interest Income	0.00	0.00
Net Loss/(Gain) on Fair Value of Investments	0.00	0.00
Net Loss/(Gain) on sale of PPE & Intangible Assets	0.00	0.00
Operating Profit](Loss) Before Working Gapital Ghanges	196.63	-111.40
(Increase)/Decrease in Trade Receivables	105.91	(77.97)
(Increase)/Decrease in Other Receivables	0.00	1.14
(Increase)/Decrease in Loans	543.53	-98.50
(Increase)/Decrease in Other Financial Assets	40.55	37.35
Increase/(Decrease) in Inventory	-138.25	204.86
(Increase)/Decrease in Other Non–Financial Assets	2.64	-7.48
Increase/(Decrease) in Provisions	3.83	-20.58
Increase/(Decrease) in Trade Payable	112.52	-0.71
Increase/(Decrease) in Other Payable	15.75	17.28
(Increase)/Decrease in Other Financial Liabilities	-31.10	-15.14
Increase/(Decrease) in Other Non–Financial Liabilities	0.00	0.01
Cash Generated From Operations	852.02	-71.14
Taxes	3.88	1.21
Net cash flow from](used in) operating activities (A)	848.14	-72.35
Cash Flows From Investing Activities
(Purchase)/Sale of PPE & Intangible Assets (net)	-105.69	-3.83
(Purchase) / Sale Investments (Including in subsidiaries)	65.61	0.00
Capital Gain on Investment	0.00	0.00
Interest received	0.00	0.00
Net cash flow from](used in) investing activities (B)	-40.07	-3.83
Cash Flows From Financing Activities
Decrease in Bank Deposits	0.00	0.00
Increase in Share Capital	0.00	0.00
Increase in Share Premium (Net of share Issue Expenses)	0.00	0.00
Borrowed/ Repayment of Borrowings (Net)	-667.54	78.95
Interest Expenses	0.00	0.00
Net cash flow from](used in) financing activities (C)	-667.54	78.95
Net increase](decrease) in Gash and Gash Equivalents (A+B+C)	140.52	2.76
Cash and Cash Equivalents at beginning of Year	88.30	85.54
Cash and Cash Equivalents at end of Period	228.82	88.30

Notes

• 1. The above Audited Financial Results of the Company for the Quarter and Year ended on March 31, 2021 have been reviewed by the Audit Committee and approved by the Board of Directors in the Meeting held on June 21, 2021.The Statutory Auditors have conducted audit of these results in terms of Regulation 33 of the Securities Exchange Board of India (Listing Obligations and Disclosures Requirements) Regulations, 2015, as amended.
• 1. The consolidated results of the Company include limited reviewed results of the subsidiaries Ajcon Finance Ltd., Ajcon Comtrade Pvt. Ltd. and Kanchanmanik Securities Pvt. Ltd.
• 1. Other income for the quarter and year ended March 31, 2021 includes Rs. 93.46 Lakhs (net) representing sale of some fixed asset. Hence not comparable with previous quarter/year.
• 1. The novel coronavirus (COVID-19) pandemic continues to spread across the globe including India. COVID-19 has taken its toll on not just human life, but business and financial markets too. With substantial increase in COVID-19 cases across different parts of the country, governments have introduced a variety of measures to contain the spread of the virus, including, lockdowns, and restrictions on movement of people and goods across different geographies. Stock broking services, being part of Capital Market operations have been declared as an essential services and accordingly the Company has faced no business interruption on account of the lockdowns. However, the activities other than stock broking like Corporate Advisory Services was affected due to lock down. In case there is a disruption in the functioning of capital markets, the business of the Company may be affected. There has been no material change in the controls or processes followed in the closing of the financial statements of the Company. The management has, at the time of approving the financial statements, assessed the potential impact of the COVID-19 pandemic on the Company. Based on the current assessment, the management is of the view that impact of COVID-19 on the operations of the Company and the carrying value of assets and liabilities is minimal. The ongoing COVID-19 situation may result in some changes in the overall economic and market conditions, which may in turn have an impact on the operations of the Company.
• 1. The figures for the quarter ended March 31, 2021 and March 31, 2020 represents the balance between audited financial in respect of the full financial year and those published till the third quarter of the respective financial years.
• 1. The Code on Social Security, 2020 ('Code') relating to employee benefits during employment and post-employment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified and the final rules/interpretation have not yet been issued. The Company will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective.
• 1. There Is no reportable segment pursuant to Ind AS-108.

• Figures pertaining to previous year/periods have been re-grouped and re-arranged wherever necessary

For Ajcon Global Services Limited ASHOK MANIKCHAND Digitally signed by ASHOK MANIKCHAND AJMERA DN: c=IN, o=AJCON GLOBAL SERVICES LTD, ou=MANAGEMENT, 4f5182bc204f1907f, postalCode=400063, st=MAHARASHTRA,

3c9b21b8afdaf8e4d06b4, cn=ASHOK MANIKCHAND AJMERA

Ashok Ajmera

AJMERA

Date: June 21, 2021 Managing Director Place: Mumbai Scrip Code:511692

Partners: F.C.A. CA Sohan Chaturvedi CA Devanand Chaturvedi F.C.A. F.C.A. CA Chaturvedi VN F.C.A. CA Noshir B Captain F.C.A. CA Rajiv Chauhan CA Vimal Sethia CA Neha Gupta

A.C.A.

$A.C.A.$

Chaturvedi Sohan & Co.

Chartered Accountants FRN-118424W

INDEPENDENT AUDITOR'S REPORT

Independent Auditor's Report on the Standalone Quarterly and Year to date Audited Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

To

Board of Directors M/s. Ajcon Global Services Ltd. Report on the audit of the Standalone Financial Results

Opinion

We have audited the accompanying statement of quarterly and year to date standalone financial results of M/s. Ajcon Global Services Limited (the company) for the quarter ended March 31, 2021 and for the year ended March 31, 2021, attached herewith, being submitted by the company pursuant to the requirement 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:

• are presented in accordance with the requirements of Regulation 33 of the Listing L. Regulations in this regard; and
• $\mathbb{H}$ . give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable 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 March 31, 2021.

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 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 financial statements 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, is sufficient and appropriate to provide a basis for our opinion.

Management's Responsibilities for the Standalone Financial Results

These standalone financial results have been prepared on the basis of standalone annual financial statement. The Company's Board of Directors are responsible for the preparation of these 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 applicable accounting standard prescribed under section 133 of the Act read `with relevant rules issued thereunder and other accounting principal generally accepted in India and in compliance in 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.

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 $\bullet$ 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 estimatesluate and related disclosures made by the Board of Directors.
• 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 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 $\bullet$ results, including the disclosures, and whether the 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.

Other Matter

The Statement includes the result for the quarter ended March 31, 2021 being the balancing figure between the audited figure in respect of the full financial year March 31. 2021 and the published unaudited year to date figures up to the third quarter of the current financial year, which were subject to a limited review by us, as required under the Listing Regulations.

For Chaturyedi Sohan & Co. Chartered Accountants $F.R.N.:118424W$

Cap/my Noshir B. Captian

(Partner) M.No. 009889 UDIN: 21009889AAAABH2899

Place: Mumbai Date:21.06.2021 Partners: CA Sohan Chaturvedi F.C.A. CA Devanand Chaturvedi F.C.A. F.C.A. CA Chaturvedi VN F.C.A. CA Noshir B Captain CA Rajiv Chauhan F.C.A. $A.C.A.$ CA Vimal Sethia A.C.A. CA Neha Gupta

Chaturvedi Sohan & Co. Chartered Accountants

FRN-118424W

INDEPENDENT AUDITOR'S REPORT

Independent Auditor's Report on quarterly and year to date Audited Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

To Board of Directors M/s. Aicon Global Services Ltd.

Report on the audit of the Consolidated Financial Results

Opinion

We have audited the accompanying statement of quarterly and year to date consolidated I -financial results ('the Statement') of Ajcon Global Services Limited ('the Holding Company') and its subsidiaries (the Holding Company and its subsidiaries together referred to as 'the Group') for the year ended 31 March 2021, attached herewith, 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'), including relevant circulars issued by the SEBI from time to time.

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 on separate audited financial statements of the subsidiaries, the aforesaid consolidated financial results:

includes the audited financial results of the following entities L.

a) Ajcon Finance limited

• b) Ajcon Comtrade Pvt. Ltd.
• c) Kanchanmanik Securities Pvt. Ltd.
• is presented in accordance with the requirements of Regulation 33 of the Listing 11. Regulations, as amended; and
• give a true and fair view in conformity with the applicable Indian Accounting $III.$ Standard('Ind AS') prescribed under section 133 of the Companies, 2013 ('the Act') read

with relevant rules issued thereunder, and other accounting principal generally accepted in India, of the consolidated net profit after tax and other financial information of the group for the year ended March 31, 2021.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing ('SAs') specified under section 143(10) of the Act. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Statement 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 ('the ICAI') together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act, 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 is sufficient and appropriate to provide a basis for our opinion.

Management's Responsibilities for the Consolidated Financial Results

These Consolidated financial results have been prepared on the basis of the consolidated annual financial statements.

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 financial information of the Group in accordance with the Indian Accounting Standard 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 respective Board of Directors either intends to liquidate the Group or to cease operations, or has 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 Companies.

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

Our objectives are to obtain reasonable assurance about whether the consolidated 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 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 $\bullet$ 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.

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

• 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 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 consolidated financial results, including the disclosures, and whether the 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.

Other Matter

The consolidated Financial Results include the Audited Financial Results of three subsidiaries, whose financial results includes total assets of Rs. 1979.32 Lakhs as at March, 2021, total revenue of Rs. 4.78 Lakhs for the quarter and Rs. 84.93 Lakhs for the year ended , total net loss after tax of Rs. 8.52 Lakhs for the quarter and net profit after tax of Rs. 2.16 Lakhs for the year ended and net cash inflow of Rs. 2.44 lakhs for the year ended March 31, 2021 as considered in the statement which have been audited by their respective independent auditors.

The independent auditors' reports on the financial statements 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.

The Statement includes the result for the quarter ended March 31, 2021 being the balancing figure between the audited figure in respect of the full financial year March 31, 2021 and the published unaudited year to date figures up to the third quarter of the current financial year, which were subject to a limited review by us, as required under the Listing Regulations.

edi S

For Chaturvedi Sohan & Co. Chartered Accountants F.R.N.: 118424W

Nashir B.Captian (Partner) M.No. 009889 UDIN: 21009889AAAABI7803

Place: Mumbai Date:21/06/2021

To Date: June 21, 2021 The Manager Department of Corporate Services 25th Floor, PJ Towers Dalal Street Mumbai-400001

Dear Sir/ Madam,

Subject: Declaration pursuant to Regulation 33 (3) (d) of the SEBI (Listing Obligation and Disclosure Requirements) (Amendments) Regulations, 2016.

Declaration

I, Ashok Ajmera (DIN:00812092) Chairman and Managing Director of the Company , hereby declare that Statutory Auditors of the Company, M/s. Chaturvedi Sohan & Co.. , Chartered Accountants, having Firm Reg. No. 118424W have issued an Audit Report with unmodified opinion on standalone and consolidated Annual Audited Financial Results for the quarter and year ended March 31, 2021

For Ajcon Global Services Ltd. ASHOK MANIKCHAND AJMERA Digitally signed by ASHOK MANIKCHAND AJMERA DN: c=IN, o=AJCON GLOBAL SERVICES LTD, 2.5.4.20=aa43b02d5d0111f5c4bd94846bd9f05470b090b d1881e2b4f5182bc204f1907f, postalCode=400063, serialNumber=207b8e14efc1d31f790bfafbad777e882b9 Date: 2021.06.21 17:10:38 +05'30'

Ashok Ajmera (Chairman & Managing Director)