Ashima Ltd — Interim / Quarterly Report 2021

Jun 7, 2021

Regd. Office : Texcellence Complex, Near. Anupam Cinema, Khokhra, Ahmedabad - 380 021, India. Fax: 91-79-22773061 Phone: 91-79-67777000 . E-mail: texcellence@ashima.in CIN No: L99999GJ1982PLC005253

Date: 05.06.2021

To. BSE Limited Corporate Relationship Department, 25th Floor, P J Towers, Dalal Street, Fort, Mumbai - 400001 SECURITY CODE NO. 514286

To.

National Stock Exchange of India Ltd Exchange Plaza 5th Floor, Plot no. C/1, G Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400051. SECURITY CODE NO. ASHIMASYN

Dear Sir.

Sub: 1. Outcome of the Board meeting held on Saturday, 5th June, 2021

• 1. Audited Standalone and Consolidated Financial Results for the quarter and year both ended on 31st March, 2021
• Ref: Regulation 30 read with Reg. 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI LODR Regulations")

With reference to the captioned subject matter, we hereby inform you that the Board of Directors of the Company at its meeting held today i.e. 5th June, 2021 have approved the Audited Standalone and Consolidated Financial Results for the quarter and year both ended on 31st March, 2021.

In terms of second proviso to Regulation 33(3)(d) of the SEBI LODR Regulations, we hereby declare that the Statutory Auditors have issued the Audit Reports with unmodified opinion on Standalone and Consolidated Financial Results of the Company for the quarter and year ended on 31st March, 2021.

Pursuant to Regulation 30 and 33 of the SEBI LODR Regulations, we enclose herewith the following:

• 1. Audited Standalone and Consolidated Financial Results of the Company for the quarter and year both ended March 31, 2021 alongwith Auditors' Report by M/s. Mukesh M. Shah & Co., Statutory Auditors of the Company.
• 1. Statement of Assets and Liabilities along with the Cashflow Statement for the year ended on 31st March, 2021.
• 1. Declaration in respect of unmodified opinion on the aforesaid Audited Financial Results.

The meeting of Board of Directors commenced at 2:12 p.m. and concluded at 12:38 p.m.

You are requested to take the above on your records and bring this to the Notice of all concerned.

E

Thanking you, A Yours faithfully. For Ashima Emited Dipak Thaker Company Secretary

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	ASHIMA LIMITED
	REGD. OFFICE:TEXCELLENCE COMPLEX, NEAR ANUPAM CINEMA, KHOKHARA AHMEDABAD-380 021, GUJARAT, INDIA
	CIN: L99999GJ1982PLC005253
	E.MAIL : texcellence@ashima.in # PHONE:91-79-67777000 # FAX:91-79-22773061
	STATEMENT OF AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED ON 31ST MARCH, 2021					(Rs. in Lacs, except per share data)
			Quarter ended		Year ended	31/03/2020
		31/03/2021	31/12/2020	31/03/2020	31/03/2021	(7)
Sr.No.	Particulars	(3)	(4)	(5)	(6)	Audited
(1)	(2)	Audited	Unaudited	Audited	Audited
						28.544
1	Income from Operations	4,872	4,866	5,732	14,147	776
	(a) Revenue from Operations	250	456	479	1,119	29,320
	(b) Other Income	5,122	5,322	6,211	15,266
	Total Income					13.545
$\mathbf{z}$	Expenses	2,152	1,989	2,975	5,892	672
	(a) Cost of material consumed	144	179	163	374	1,174
	(b) Purchase of stock-in-trade	423	608	(118)	1,575	4,491
	(c) Changes in inventories of Finished goods, work-in-progress and stock-in-trade	951	1,139	1,034	3,631	203
	(d) Employee benefits expense	104	96	114	317	537
	(e) Finance costs	111	119	127	463
	(f) Depreciation and amortization expense	1,135	1,432	2,034	4,175	9,036
	(g) Other expenses	5,020	5,562	6,329	16,426	29,658(338)
	Total Expenses	102	(240)	(118)	(1, 160)
3	Profit/(Loss) before exceptional items and tax					(338)
4	Exceptional items	102	(240)	(118)	(1, 160)
5	Profit/(Loss) before tax
6	Tax Expense	17			17
	(a) Tax adjustment for earlier years					(338)
	(b) Deferred tax	85	(240)	(118)	(1, 177)
	Profit/(Loss) for the period7
	Other Comprehensive Income8
	Items that will not be reclassified to profit or loss :	(25)		(93)	(25)	(93)
	-----Re-measurement losses on post employement defined benefit plans
	----- Income tax effect	60	(240)	(211)	(1, 201)	(431
	Total Comprehensive Income9	19,166	19,166	19,166	19,166	19,166
	Paid up share capital (par value Rs.10/- each, fully paid) (See Note - 11)10				1,856	3,05
	Other equity excluding revaluation reserve11
	Earnings per share [EPS] (of Rs. 10/- each) (not annualised)12	0.04	(0.13)	(0.06)	(0.61)	(0, 1)
	Basic and diluted EPS before Exceptional items [in Rs.]	0.04	(0.13)	(0.06)	(0.61)	(0.1)
	Basic and diluted EPS after Exceptional items [in Rs.]

Campagnes Paulin

NOTES:These financial results have been(lndCompanies (lndian Accounting Standards) Rules ?015March, 2021 have been prepared ln accordance with thee nded on 3 stand YearThe above results {or the Quarterpractices and policies 1o the extent applicable.2Companies Act, 2013, and othe recognised accountingprescribed U nder Section 33 olthe,sof SEBI'5 has been modified to comply with the requirementsD/1 51201 5 dated 30th Nove mber, 201clR/CFD/CMCirculartn SEBI'sformat of the above results AS prescribedThee3IDivisio n rl to the Companies Act, 20to date ligures uptolnd AS and Schedule illand the published yearyeardated 5th July, 201Athe full linancialoltn respectthe audited liguresbalancing figures beMeenquarter ended 3 St March, 2021 are theoltheThe ligures4into Real Estate business but has not commenced business activitY duringyeatof the current financialthird quarteronly namely cotton textiles. It has decided to enlersegmentCompanY ts engaged into one businesstor the year.Thereporting ts required5primary segmentadvances. Therefore, noexcept some transactions olbusinessyearnecessary,up to 31 st March, 2021 As a matter of prudencewhereverrearrangedprevious periods have been regroupedand for the periodotpastyearsFigurestheasset IortaxIS a net delerredTraxes" there"lncomelnd AS.12 onas pertaxAs regards defened7tax asset.volumes and profitabilitY duri ng the year, However consideringcompany has not recognised the said deferredofIinancial performance of the CompanY tn termsandoperationsThe Covid-1 pandemic had an adverse impact on theIto exactly quantifY the impact olCovld-1ts ditficultoperations,complexitY ofthe businessduring re-opening periodresulted tn sluggish markets and lower demandwhichlockdown and other restrictions have disrupted the Company's operations,operations. ln orderto normal level ofto come closeryearcompanyoftheone more quarterfortheSince the beginningmore thanlock-down and itlookunderwas almostthe yeatolcost contro strategies, which yielded good results.The tirst quarterand lhereaftertighterpursuedcircumstances, the companythe adverse impact ofchangedPartlY mitigateloss on receivables balances during the financialexpected creditforfinished goods and Rs. 24 lacs as allowancenot sufler lossesdiminution tn value olthe CompanY didyear aslacs asquaderof thecurrent197had provided Rs.lasthave been reversed ln theThe companyHowever the sameCovid-9.impact ofpossibleconsidering2020,ended March 3receivables during the yeatloss onany creditinventory upon sale orrealisation ofassets, inventory, receivables, advances, property plantlinancialsamounts ofpandemic, the CompanY has reviewed the carryingrealization of these assets may vary depending ontheCovid-1ofConsidering the continuing impactactual impact o nprovisioning IS required to be made. Theassets and othernoofend and confirmed thatwatch these developments and revrew carrying coslsat the financial yearequipment, etc.company The company willthethe business oland its impact ondevelopments on Covid- 9 fronttn its ability to continue AS going concern.anticipate any challengesCompanY does noiat reasonable intervals. Theaspectsof cancellation and pending issue olnewtn termsot mergerincluding E PS are after giving ettect31 2020Decemberendedand quarteryeatthe previous financialolofiguresTheyearfinancialthecurrentdatehas been done duringand its etfecilvereceived Presidential assent tn September 2020shares, whichduring employment and post-employment('Code') relating to employee benefit2020Social SecuritY,The code of10once its effective.impact ofCodeand record theCompnaY willassessbe notified. Theyettolndia Ltd. at www.nseindia.com and at www'ashima'in'Figures are rounded ofl to the nearest Rupees in lacs'The financial results of the Company are available at the websites ol BSE Ltd' at www.bseindia.com, National Stock Exchange of1112iiiWFOR ASHIMA LIMITEDCHINTAN N. PARIKH& MANAGINGCHAIRMANAHMEDABAD	respective meetings held on 5rh June, 202of D irectors at their
	reviewed by the Audit Committee and have bee n approved by theBoard
	20215th

STANOALONE STATEMENT OF ASSETS AND I-IABILITIES AS AT 31ST MARCH' 2021		tn
ASSETS
1 Non Current Assets	13,391	13,83 5
PropertY, Plant and EquiPment	7L	69
Capital work-in-Progress	2l	26
Other lntangible Assets
Financial Assets		352
(i) lnvestments	268	273
(li) Other Financial Assets	290	82
Other Non-Current Assets	458	599
Assets for Current Tax (Net)	t4,499	ts,237
Total Non'Current Assets
2 Current Assets	3,680	5,838
lnventories
Financial Assets	300	L,276
(i) lnvestments	L,4t7	t,648
(ii) Trade Receivables	9t7	1,105
(iii) Cash and cash equivalents	4,363	622
(iv) Bank Balance other than Cash and Cash Equivalents	63	2,004
(v) Loans	236	7,200
(vi) Other Current Financial Assets	t,L87	834
Other Current Assets	358
Non current Assets classified as held for sale	t2,szl	14,s26
Total Current Assets
TOTAL ASSETS	21,o20	763
EQUITY AND TIABILITIES
1 EquitY		19,166
(i) Equity Share CaPital	19,156
(ii) Other Equity		22,223
Total Equity	21,022
2 Non-currentLiabilities
Financial Liabilities		2,165
(i) Borrowings	1,854	88
(ii) Other Financial Liabilities	57	24252
Total Non-Current Financial tlabllities	t,9t2
3 current Liabilities
Financial Liabilities
(i) Trade PaYables
total outstanding dues of micro enterprises and small enterprise:
total outstanding dues of creditors other than rnicro and small enterprise:	2,086	3,854
(ii) Other Financlal Liabilities	t,206	t,22551
Other Current Liabilities	726
Provisions	69	148
Total Current Liabilities	4,086	5,288
	27
Total EQU IW AND TIABILITIES

\ For, ASHIMA

@ CHAIRMAN & MANAGING DIRESIOR CHINTAN N. PARIKH

AHMEDABAD 5th June 2021

ASHIMA TIMITED
STANDATONE STATEMENT OF CASH FLOW FOR THE YEAR ENDEO
Particulars		Year ended March 31,
	202t			2020
(A) Cash flow from Operatlnt Activities
Proflt/(Loss) before Erceptional ltems and Tax		(1,1sel		(33s1
Adjustments for:
Depreciation and impairment	463		537
lnterest Expnses	290		150
lnterest income	(5e6)		(305)
(Gain)/loss on Property, Plant and Equipment sold/ discarded (net)	33		(2s1)
(Gain)/Loss on lnvestment	17)		(71)
lmpairment allowance provision on Trade Receivables
Reversal on lmpairment allowance on Trade Receivables	lL24l	(411	:'o	154
Operating Profit before Worklng Capltal Changes		(1,200)		(184)
Adiustments for chanBes in workint capital :
(lncrease)/decrease in trade receivables	354		716
(lncrease)/decrease in loans & advances and other assets	1534)		37
(lncrease)/decrease in inventories	2,158		1,495
lncrease/(decrease) in trade payables	(1,769)		(1,s47)
lncrease/(decrease) in other liabilities and provisions	162	271	(160)	542
Cash cenerated from/(used ln) operations		(e2el		357
lncome taxes (Paid)/Refund received		125		34
Net Cashflow from Operatlng Actlvltles		(804)		391
{B) Cash flow from investing Activities
Purchase of Property, Plant and Equipments	(83)		(808)
Purchase of investment			(117)
. Proceeds from sale of Property, Plant and Equipments	1098		2,279
Proceeds from sale of investment	1333		38
Proceeds from/(investment in ) bank deposits (with original maturity over 3	13,742]l		(245)
months)			246	1332
lnterest received	669	17241		1,332
Net Cashflow from lnvestinB Activities		1724)
(C) Cash flow from Financing Activitles
Proceeds from (Repayment of) long term borrowings	(3se)		(337)
Proceeds from (Repayment of) short term borrowings			(34)
Short Term Loans (Given)/repayment by party	1,941		lL,479l
Interest Expneses paid	1242)	1,340	(101)	(1,9511
Net Cashflow from Financins Activltles		1,340		(1.9511
Net lncrease/(Decreasel in Cash and Cash Equivalents (A+B+Cl		(1881		.228)
Add: Cash and bank balances at the beginnlng of the year		1,105		1,333
Cash and bank balances at the end of the year		9L7		1,105

ft/^i/" :iirl:;:iiAbad ffi ;-r-i -qlt

ASHIMA TIMITED
STATEMENT OF CASH FTOW FOR THE YEAR ENOED MARCH	?L,2O2LI in Lacs
at the end of theconsist	and balance with banks as follows:
Detalls of cash and cash equivalents	As at March 31,
	2021	2020
Balances with banks in current accounts	907	1,095
Cash on hand	9	10
Cash and cash equivalent as per note no, 12	9t7	1,105

1. The above cash flow statement has been prepared as per the "lndirect method" set out in the lndian Accounting Standard (lnd As) - 7 statement of Cash Flows.

2. Figures in bracket indicate cash outflow.

3. Previous year figures have been regrouped and recast wherever necessary to confirm to current year's classification.

June, 2021 s FOR ASHIMA ililmedai:.rd ,,.,..: .r CHINTAN N. PARIKH CHAIRMAN & MANAGING DIRECTOR

7th Floor, Heritage Chambers - B/h. Bikanenivala, Off S.M. Boad, Nr. i\zad Society, Nehru Nagar, Ahmedabad-38O OiS. , '. Phone : (B) 079 - 2647 2O0O E mail : contact@mmsco.in Webslte : www.mmsco,in :

MUKESH M. SHAH & CO.

:CH EBEO OUNTA AHMEDABAD,. MUMBAI. BANGALORE

lndependent Auditors' Report on Annual standalone Financial Results and review of quarterly Standalone financiat results of Ashlma Limlted pursuant to Regutation 33 of ,fr" Sigliii*;i obtigations and"DiscJosurleRequirementslRegulation,2015, "r rr";J.-ol eJ v: s'rE JLur

To,

The Board of Directors, Ashima Limited Ahmedabad

Opinion

we have audited the accompanying statement of financial results of Ashima Limited [,,the company"l, for the quarter and year ended on March gL, 2027 [,,the statement"] attacrreJ herewith, being submitted by the company pursuant to the requirements of Regulation gE of tne sEBl [Listing obligations and Disclosure Requirements] Regulation, 2015, read with sEBt circulai No'. crR/cFD/FAc/62/20L6 dated sth Juty, 2016 as amendea lv: sEai 'cir*r* No. CIR/CFD/CM Dtl4 /ZOLg dated 29th March, ZOL},

ln our opinion and to the best of our information and according to the explanations given to us these financial results:

• i' are presented in accordance with the requirements of Regulation 33 of the Listing
• Regulations in this regard; and ii' gives a true and fair view in conformity with the recognition and measurement principles laid down in the lndian accounting standards and other iccounting principles generally accepted in lndia of the net loss and oth.r.orprehensive in.or.-rno otherfinancial information for

we conducted our audit in accordance with the standards on Audjting (sAs) sp'ecified under section 143(10) of the Companies Act, 2013 (the Act). our responsiUiiitie, under those strr;.;d, ;;; further described in the Auditoris Responsibilities for the Audit of the Financial Results section of oqr reporti we are independent of the company in accordance with the Code of Ethics issued by lhe lnstitute of Chartered Accountants of lndia together with the ethicat r;qrir;;;is that are 1elevant to our audit of the financial results under ihe pioririonr'of il;;".;;i.;'a;i,t or, the Rules thereunder, and we have fulfilled our other ethical responsibilities in "no ...oiirn.e with these requirements and the code of Ethics. we betieve that the auiit eviden;;.;;;; ;taineJ is sufficierit and appropriate to provide a basis for our opinion.

Emphasis of Matters

we draw attention to Note 8 to the accompanying financial statements, which describe management's assessment of unceftainty relating to t'he-effects of the covlD-lg pandemic on the company's operations and other related mattei. our opinion is not moaiiiJ i"-r"rp!ct of this matter.

Management's Responsibilities for the Statement

These quarterly financial results as well as the year the basis of the annual financial statements. to date financial results have been piepared on

7th Floor, Heritage Chambers B/h. Bikanerwala, Off S.M. Road, Nr. Azad Society, Nehru Nagar, Ahmedabad-380 015. Phone: (B) 079 - 2647 2000 E mail: contact@mmsco.in Website : www.mmsco.in

MUKESH M. SHAH & CO.

CHARTERED ACCOUNTANTS AHMEDABAD . MUMBAI . BANGALORE

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 recognition and measurement principles laid down in Indian Accounting Standard 34, 'Interim Financial Reporting' prescribed under Section 133 of the Act readwith 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 financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the 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 Financial Results

Our objectives are to obtain reasonable assurance about whether the 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 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 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.
• 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

B/h. Bikanerwala, Off S.M. Fload, : Nr. Azad Soclety, Nehru Nagar, Ahmedabad-380 O1S. Phone : (B) 079 - 2647 2O0O E mail : contact@mmsco.ln Website:www.mmsco,in ' ,

MUKESH M. SHAH & CO.

C H A RT E.R E D A C C.O U NT-A NTS AHMEOABAD. MUMBAI . BANGALORE

related to events or'conditions that may cast significant doubt on the company,s ability to continue as a going concern. lf we'conclude that a material uncertainty exi5ts, we are required to draw attention in our.audito/s report to the related disclosures in the Financial Results or, if such disclosures arb inadequate, to modify our opinion. Our conctusions are based on the audit evidence obtained up to the date of our auditor's report. no*.*i;rrir* .r"r,r *'."ii,i"il may cause. the Company to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the Financial Resutts, including the disclosures, and whether the Financial Results represent the underlyirc irril..,i;n, unj'ur.n* 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 ,rait nnaings, inciuding .rv js;ifi;ri deficiencies in internal control that we identify during our audit.

We also provide those charged with Sovernance with a statement that we have complied with relevant ethical requirements regarding independence, and to communi.rt. *ith-,fr", ;ii relationships and other matters that may r:easonably be thought to oear on o;;j;1";.;l"nce, and

The annual financial results include the results for the quarter ended 31r, March,l2021 being the balance figures between the audited'figures in respect oitne full financialyear and the published year to date figur:es up to the third !u..t., of the current iinancial year. our ,"port on the statement is not modified in respect of this matter.

Place: Ahmedabad Date: June 5,2021 UDIN: 2l to26 t, a6afi 91 L+oet

For Mukesh M. Shah & Co Chartered Accountants Firm Regn. No.10G62SW

Suvrat S. Shah Partner Membership No. 102G51 ASHIMA LIMITED

REGD. OFFICE:TEXCELLENCE COMPLEX, NEAR ANUPAM CINEMA, KHOKHARA AHMEDABAD-380 021, GUJARAT, INDIA

CIN: L99999GJ1982PLC005253

E.MAIL: texcellence@ashima.in # PHONE:91-79-67777000 # FAX:91-79-22773061

STATEMENT OF AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED ON 31ST MARCH, 2021

					(Rs. in Lacs, except per share data)
			Quarter ended		Year ended
Sr.No.	Particulars	31/03/2021	31/12/2020	31/03/2020	31/03/2021	31/03/2020
(1)	(2)	(3)	(4)	(5)	(6)	(7)
		Audited	Unaudited	Audited	Audited	Audited
1	Income from Operations
	(a) Revenue from Operations	4,872	4,866	5,732	14,147	28,544
	(b) Other Income	250	456	479	1,119	776
	Total Income	5,122	5,322	6,211	15,266	29,320
2	Expenses
	(a) Cost of material consumed	2,152	1,989	2,975	5,892	13,545
	(b) Purchase of stock-in-trade	144	179	163	374	672
	(c) Changes in inventories of Finished goods, work-in-progress and stock-in-trade	423	608	(118)	1,575	1,174
	(d) Employee benefits expense	951	1,139	1,034	3,631	4,491
	(e) Finance costs	104	96	114	317	203
	(f) Depreciation and amortization expense	111	119	127	463	537
	(g) Other expenses	1,135	1,432	2,034	4,175	9,036
	Total Expenses	5,020	5,562	6,329	16,426	29,658
	Profit/(Loss) before exceptional items and tax	102	(240)	(118)	(1, 160)	(338)
	Share of Profit/(Loss) of Associate	(0)	30	(0)	29
	Profit/(Loss) before exceptional items and tax	102	(210)	(118)	(1, 130)	(338)
	Exceptional items
	Profit/(Loss) before tax	102	(210)	(118)	(1, 130)	(338)
8	Tax Expense
	(a) Tax adjustment for earlier years	17			17
	(b) Deferred tax
	Profit/(Loss) for the period	85	(210)	(118)	(1, 147)	(338)
10	Other Comprehensive Income
	Items that will not be reclassified to profit or loss :
	-----Re-measurement losses on post employement defined benefit plans	(25)		(93)	(25)	(93)
	----- Income tax effect
11	Total Comprehensive Income	61	(210)	(211)	(1, 172)	(431)
12	Paid up share capital (par value Rs.10/- each, fully paid) (See Note - 11)	19,166	19,166	19,166	19,166	19,166
13	Other equity excluding revaluation reserve
14	Earnings per share [EPS] (of Rs. 10/- each) (not annualised)
	Basic and diluted EPS before Exceptional items [in Rs.]	0.04	(0.11)	(0.06)	(0.60)	(0.18)
	Basic and diluted EPS after Exceptional items [in Rs.]	0.04	(0.11)	(0.06)	(0.60)	(0.18)

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	ods and Rs.124 lacs as alowance for expected credit loss on receivables balances during.--- -^ *-i-,,+i;;:"""HiUi:XljJ"illi:.t i1l?1ln::SffiJ"J"'J.lr1':."Ji:l'"j"3"t"% .,e. However, t" ."."'i"J"G"n i",",""d in the rast quarter or the current vear assale or any credit loss on receivables during the year'Company did not suffer to"sus inieatisation of in'-nio'y'pon
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1112	Figures are rounded ofl to the nearest Rupees in lacs'rnr r rqinn the eouitv methrcompany accounted lor using the equity method'The Consolidated results include results of .nof lndia Ltd. at www'nseindia'com andThe tinanciar resurts of the company are avairabre at the wetsitls of BSE Ltd. at www.bseindia.com, National stock Exchange"""o"Lt"
13	l- "i,ir&www.ashima'inFOR,lhmedabad
	CHINTAN N. PARIKH& MANAGINGAHMEDABADCHAIRMAN

5th 2021

	Particulars	As at 31/03/2021	As at 31/03/2020
		Audited	Audited
	ASSETS
	Non Current Assets$\mathbf{1}$	13,391	13,835
	Property, Plant and Equipment	71	69
	Capital work-in-progress	21	26
	Other Intangible Assets
	Financial Assets		219
	(i) Investments	268	273
	(ii) Other Financial Assets	290	82
	Other Non-Current Assets	458	599
	Assets for Current Tax (Net)		15,104
	Total Non-Current Assets	14,499
	2 Current Assets		5,838
	Inventories	3,680
	Financial Assets
	(i) Investments	300	1,276
	(ii) Trade Receivables	1,417	1,648
	(iii) Cash and cash equivalents	917	1,105
	(iv) Bank Balance other than Cash and Cash Equivalents	4,363	622
	(v) Loans	63	2,004
	(vi) Other Current Financial Assets	236	1,200
	Other Current Assets	1,187	834
	Non current Assets classified as held for sale	254
		12,418	14,526
	Total Current Assets
	TOTAL ASSETS	26,917	29,630
B	EQUITY AND LIABILITIES
	1 Equity
	(i) Equity Share Capital	19,166	19,166
	(ii) Other Equity	1,753	2,924
		20,919	22,090
	Total Equity
	2 Non-Current Liabilities
	Financial Liabilities	1,854	2,165
	(i) Borrowings	57	88
	(ii) Other Financial Liabilities	1,912	2,252
	Total Non-Current Financial Liabilities
	3 Current Liabilities
	Financial Liabilities
	(i) Trade Payablestotal outstanding dues of micro enterprises and small enterprises
	total outstanding dues of creditors other than micro and small enterprise:	2,086	3,854
		1,206	1,225
	(ii) Other Financial Liabilities	726	61
	Other Current Liabilities	69	148
	Provisions	4,086	5,288
	Total Current Liabilities
	Total EQUITY AND LIABILITIES	26,917	4.630
		Amirai Pauldon

CHINTAN N. PARIKH CHAIRMAN & MANAGING DIRECTOR

AHMEDABAD 5th June 2021

ASHIMA TIMITEO	YEAR ENDED	2021
CONSOTIDATED STATEMENT OT CASH FLOW FOR	< in Lacs
		Yeal ended
Particulars	202L		2020
Cash fGw from OPeratlnE Activlties
Profit/(Loss) before Exceptlonal ltems and Tax		(1,130)		(33s)
Adjustments for:
Depreciation and imPairment			537
lnterest ExPenses
lnterest income
(Gain)/Loss on Property, Plant and Equipment sold/ discarded (net)
Share of (Profit)/Loss of Associate (Refer Note No 47)
(Gain)/Loss on lnvestment	l7)
lmpairment allowance provision on Trade Receivables			t24
Reversal on lmpairment allowance on Trade Receivables
Operating-Profi t before Working Capital Changes		(1,200)		(18s)
Adiustments for chan8e3 in workinB GaPital :
(lncrease)/decrease in trade receivables	354
(lncrease)/decrease in loans & advances and other assets	(634)
(lncrease)/decrease in inventories			1,495
lncrease/(decrease) in trade payables			(1,s47)
lncrease/(decrease) in other liabilities and provisions		277		542
Cash Generated from/(used in) Operatlons		(e2e)
tncohe taxes (Paid)/Refund received		t25		34
ActivitiesfromNet		(804)		391
(B) Cash flow from investing Activities
Purchase of Property, Plant and Equipments	(83)		(808)
Purchase of investment			(117)
Proceeds from sale of Property, Plant and Equipments	1098		2,2L9
Proceeds from sale of investment			38
Proceeds from/(investment in ) bank deposits (with original maturity over 3	lt,742l		(246)
months)
received	559	17241		13321,332
ActivitiesNet Cashflow from		1724
Cash flowlrom Financing Activities	(3ssl
Proceeds from (Repayment of ) long term borrowings			(34)
Proceeds from (Repayment of ) short term borrowings
Short Term Loans (Given)/repayment by party		1,:l4C		(1,9511
lnterestActivitiesNet Cashflow from		1,340		(1,9s1)
in Cash and Cash Equivalents (A+B+clNet		(1881		(228)
Cash and bank balances at the beginning of the year				!,
Cash and bank balances at the end of the year

41* tiJ :r ,.. ,- ", t'. f,eii{

ASHIMA TIMITED
2021.MARCHFTOW FORTHE YEAROF
withashand andoftheat thecashCash	< ln Lacs
	As at March
cash and	2021	2020
Balances with banks in current accounts	9079	1,09510
on hand	9L7
note no.asand cash
outflow.2) Figures in bracket indicate cashI regrouped and recast wherever necessary to confirm to current year's classification'3) Previous year figures have been
TOR ASHIMA LIMITED	,;'. i1	tt.I}intda*ac
CHINTAN N. PARIKHAHMEDABADCHAIRMAN & MANAGING DIRECTORlune,2021		@

i

7th Floor, Herilage Chambers B/h. Bikanerwala, O.ff S.M. Road, Nr, Azad Society, Nehru Nagar, Ahmedabad-3g0 015. .Phone : (B) 079 - 2647 ZOOO E mail : contaci@mmsco.in Website : www.mmsco.in

MUKESH M. SHAH & CO.

,CHART.ERE ACC TANT'S AHMEDABAD. MUMBAI. BANGALORE

lndependent AuditorJ Report on Annual conscitidated Financial Results and review of quarterly Consolidated financiat resutts of Ashima timited pursuant t;;dhil;; ;;';"" ;ilil;;; obligations and Discrosure Requirements) Regutatioi,zoii : -- '

To,

The Boar:d of Directors of Ashima Limited Ahmedabad

Opinion

we have audited the accompanying statement of consolidated financial results of Ashima Limited ["the company"] and shardul Garments Private Limited ["its Associate,,] [togethet,"r"rr"i,r;;';;;; Group"l, for the quarter and year ended on March gr, zo)r i'ir,e ilt.rlna,iattachel ,r"r.*t, 0"i", submitted bv the companv pursuant to the requiremenir "f *.sri;,i;; r;;i;;.=rrr, (Listing obligations and Disctosure Requirements) Regulation, 2ols, read with sEBt circular No. clR/cFD/FAC/6212076 dated 5th July, 2016.r ur.nd.d bysEBt circular No. ctR/cFD t(jjuoltiitziii

ln our opinion and to the best of our information and accordi ng to the explanations given to us these financial results:

• i' are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and ii' gives a true and fair view in conformity with the recognition and measurement principles laid down' in the lndian accounting standards and other u.."rrti"g pril,pl;;;;ffiily accepted in lndia of the net loss and other comprehensive income and other financial information for the

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 responsibiliti.r;;da;;"r;"r";;;;;;;r*; described in the Auditor's Responsibilities for the Audit of the Consolidated rinuniiar n"ril;;"ir; ;; our report' We are independent of the Group in accordance with tr,.tcoau or-r,r,i.r-,,*rr"i-ir'in. lnstitute of Chartered Accountants of lndia ["the tcAl"] together with the uiil..i,.qri;;;;il.l ;;; relevant to our audit of the consolidated financiat resutts-und"r *'" p;;ril;;;;;;il;;o;""r'o.i zlfs 3na the Rules thereunder, and we have iulfilled our other ethical responsibilities in accordance with these requirements and the code of Ethics. we believe that the .uoit eiJen.; "i,.i."6 uv ,r;;; the other auditors in terms of their report referred t, i;toth;;M;i,"rrl""i"r-6|il1;;;t;;;;; appropriate to provide a basis for our opinion.

Emphasis of Matters :

We draw attention to Note 8-to the accompanying consolidated financial staternents, which describe management's assessment of uncertainty relatinj to ffre enects of the covlD-lg puno.ric on it,. company's operations and other relaied matturr. ow opinion is not mooiried in respect of this matter, .

Management's Responsibilities for the consoridated Financiar Resurts

ted financial results have been These quarterly financial results as well as the year to date consoliia prepared on the basis of the annualfinancialstatements,

7th Floor, Herilage Chambers B/h. Bikanerwala, Ofl S.M: Road, Nr. Azad Society, Nehru Nagar, Ahmedabad-380 015. Phone : (B) 079 - 2647 2OOO E mail ; contact@mmsco,in Website :www.mmsco.in ,

MUKESH M. SHAH & CO.

CHARTERED ACCOUNTANTS I AHMEDABAD . MUMBAI . BANGALORE

The Company's Board of Directbr:s are responsible for the preparation of Consolidated financial results that give a true and fair view of the consolidated net profit and consolidated other compr,ehensive income and other financial lnformation in accordance with the recognition and. measurement principles laid down in lndian Accounting Standard 34,.'lnterim Financial Reporting' prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting,principles generally aqcepted in lndia and in, compliance with Regulation 33 of the Listing Regulations. This responsibility also inctudes maintenance of adequate accounting records in accordince with the provisions of the Act for safeguarding of the assets of the Group and for preventing and detecting frauds and other irregularities; selection andrapplication of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, imjlementation and maintenance of adequate internal financial controls that were operating e*ectively for ensuring the accuracy and completeness ofthe 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,

In preparing the Consolidated financial results, the Board of Directors are responsible for assessing the Group's ability to continue as a going concerh, 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 Group's financial reporting process.

Auditorrs Responsibilities for the Audit of the Consolidated Financial Results '

Our objectives are to obta jn'reasonable assurat)ce 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 aSSregate, 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 professionaljudgment and maintain professional skepticism throughout the audit. We also:

• o ldentify and assess the risks of material misstatemen, o, ,n" Consolidated Financial Results, whether due to fraud or error, design and perforrn 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
• o 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 opinionontheeffectivenessoftheCompgny,sinternalcontrol.
• r Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related dlsclosures made by the Board of Directors.
• o 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 Groupl5 ability to continue as a going concern. lf we conclude that a material uncertainty exists, we are required to draw

7th Floor, Heritage Chambers . . B/h. Bikanerwala, Off S.M. Road, Nr. Azad Society, Nehru Nagar, Ahmedabad-S8O 0'!5. Phone : (B) 079 - 2647 2000 E mail : contacl@mmsco.in Website : www.mmsco.in

MUKESH M. SHAH & CO.

cHARTER Eg AC'COUNTANTS AHMEDABAD. MUMBAI. BANGALORE

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 trrnrration, and events in a mannerthat achieves f2i3'. 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 Matters

• o We did not audit the financial statements of associate, whose financial statements reflect total assets of Rs. 565.34 Lacs as at March 31, IOZL, total revenue of Rs. Nil and net cash outflows amounting to Rs. 0.18 Lacs for the year ended on that date, as considered in the consolidated financial statements. These financial statements/financial information have been audited by other auditors whose reports have been furnished to us by the Management and our opinion on the consolidated financialstatements, in so far as it relatesto ttie'amounts and disclosures included inl respect of associate, and our report in terms of sub:'sections (3)and (11)of section.143 of.the Act, . insofar as it relates to the aforesaid associate is based solely on the reports of the other auditors.
• . The Consolidated financial results include the results for the quarter ended March 3,7,,202!being the balancing figures between the audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the current financial year, which were subject to limited review by us. Our report on the statement is not modified in respect of this matter.

Place: Ahmedabad Date: June 5,2021 uDrN: 21 )D;L651-ha++ gu z6trt

For Mukesh M. Shah'& Co Chartered Accountants

Flrm Regn. No.105625W I s

Suvrat S. Shah Partner Membership No.102651

Regd. Office : Texcellence Complex, Near. Anupam Cinema, Khokhra, Ahmedabad - 380 021, India. Phone: 91-79-67777000 $\bullet$ Fax : 91-79-22773061 E-mail : texcellence@ashima.in $\bullet$ CIN No: L99999GJ1982PLC005253

Date: 05.06.2021

To. BSE Limited Corporate Relationship Department, 25th Floor, P J Towers, Dalal Street, Fort, Mumbai - 400001 SECURITY CODE NO. 514286

To,

National Stock Exchange of India Ltd Exchange Plaza 5th Floor, Plot no. C/1, G Block, Bandra Kurla Complex. Bandra (East), Mumbai - 400051. SECURITY CODE NO. ASHIMASYN

Dear Sir,

Sub: Declaration in respect of Unmodified Opinion on Audited Standalone and Consolidated Financial Results for the quarter and year both ended on 31st March, 2021.

Ref: Regulation 33(3)(d) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

We hereby declare that the Statutory Auditors of the Company, M/s Mukesh M. Shah & Co, Chartered Accountants, Ahmedabad (Firm reg. no. 106625W) have issued an Audit Report with Unmodified Opinion on Audited Standalone and Consolidated Financial Results of the Company for the quarter and year both ended on 31st March, 2021.

The declaration is given in compliance to second proviso of Reg. 33(3)(d) of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, as amended by the SEBI (Listing Obligations and Disclosure Requirements) (Amendment), Regulations 2016, vide notification no. SEBI/LAD-NRO/GN/2016-17/001, dated 25th May, 2016.

Please take the above on record.

Thanking You, Yours Faithfully,

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For Ashima Limited

Chintan N. Parikh

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Chairman & Managing Director

Ł Visit us at http://www.ashima.in

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