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Regd. Office: Texcellence Complex, Near Anupam Cinema, Khokhra, Ahmedabad - 380 02I, lndia. Phone 297-79-67777000 r Fax 291-79-22773061 e E-mail :[email protected] CIN No : 199999Gf 1982PtC005253

6tt February, 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 oflndia Ltd Exchange Plaza Stt Floor, Plot no. C/L, GBlock Bandra Kurla Complex, Bandra [East), Mumbai - 400051. SECURITY CODE NO. ASHIMASYN

Dear Sir,

Sub: t. Outcome of the Board meeting held on Saturday, 6tt'February, 2021 2. Unaudited Standalone and Consolidated Financial Results for the quarter and nine months ended on 31't December, 2020
Ref Regulation 30 read with Regulation 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. 6th February 2021, have approved the Unaudited Standalone and Consolidated Financial Results for the quarter and nine months both ended on 3l't December,2020.

Pursuant to Regulation 30 and 33 of the SEBI [LODR), Regulations, 2015, we enclose herewith the following:

1. Unaudited Standalone Financial Results of the Company for the quarter and nine months both ended on 31't December, 2020 alongwith Limited Review Report.
1. Unaudited Consolidated Financial Results of the Company for the quarter and nine months both ended on 3l".t December, 2020 alongwith Limited Review ort.

The meeting of Board of Directors commenced at I l: 3\ and concluded at il 1Qtra.m.

We request you to kindly bring the above information to the notice of the members.

6c-?)

\*lti-..--"

ELL

Thanking you, Yours faithfully,

Limited

Thaker Secretary Encl: As above

Visit us at http://www.ashima.in T E x C E N C E

	ASHIMA LIMITED
	REGD. OFFICE:TEXCELLENCE COMPLEX, NEAR ANUPAM CINEMA, KHOKHARA AHMEDABAD-380 021, GUJARAT, INDIA
	CIN: L99999GJ1982PLC005253
	E.MAIL: [email protected] # PHONE:91-79-67777000 # FAX:91-79-22773061

	STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED ON 31ST DECEMBER , 2020
	(Rs. in Lacs, except per share data)
					Year to date figures for
			Quarter ended			the period ended on
Sr.No.	Particulars		31/12/2020 30/09/2020 31/12/2019 31/12/2020 31/12/2019 31/03/2020				Year ended
(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
				Unaudited			Audited

1	Income from Operations
	(a) Revenue from Operations	4,866	3,587	8,334	9,276	22,808	28,544
	(b) Other Income	456	227	64	869	282	776
	Total Income	5,322	3,814	8,398	10,145	23,090	29,320
2	Expenses
	(a) Cost of material consumed	1,989	1,198	3,146	3,740	10,533	13,545
	(b) Purchase of stock-in-trade	179	49	158	229	546	672
	(c) Changes in inventories of Finished goods, work-in-progress and stock-in-trade	608	843	1,397	1,152	1,238	1,174
	(d) Employee benefits expense	1,139	891	1,176	2,680	3,457	4,491
	(e) Finance costs	96	78	78	214	80	203
	(f) Depreciation and amortization expense	118	120	126	352	418	537
	(g) Other expenses	1,432	1,037	2,192	3,039	7,053	9,036
	Total Expenses	5,562	4,214	8,273	11,406	23,325	29,658
3	Profit/(Loss) before exceptional items and tax	(240)	(400)	125	(1,261)	(235)	(339)
$\overline{4}$	Exceptional items
5	Profit/(Loss) before tax	(240)	(400)	125	(1,261)	(235)	(339)
6	Tax Expense
	(a) Current tax
	(b) Deferred tax
7	Profit/(Loss) for the period	(240)	(400)	125	(1,261)	(235)	(339)
8	Other Comprehensive Income
	Items that will not be reclassified to profit or loss :
	-----Re-measurement losses on post employement defined benefit plans						(93)
	----- Income tax effect
9	Total Comprehensive Income	(240)	(400)	125	(1,261)	(235)	(431)
10	Paid up share capital (par value Rs.10/- each, fully paid) (See Note - 11)	19,166	19,166	19,166	19,166	19,166	19,166
11	Other equity excluding revaluation reserve						MAD
12	Earnings per share [EPS] (of Rs. 10/- each) (not annualised)
	Basic and diluted EPS before Exceptional items [in Rs.]	(0.13)	(0.21)	0.07	(0.66)	(0.12)	(0.18)
	Basic and diluted EPS after Exceptional items [in Rs.]	(0.13)	(0.21)	0.07	(0.66)	(0.12)	(0.18)

These financial results have been reviewed by the Audit committee and have been approved by the Board of Directors at their respective meetings held on 6th February 202
above ults for the ouarter and Nine months ended on st 2020 have been prepared n accordance with the Companies lndian Accounting 2 The res othe recognised accounting practices and pol cres to the Standards) Rules, 20 5 (rnd AS) prescribed under Section JJ of the Compan ies Act, 201 J, and applicable. December,
J The format of the above results as prescribed in SEBI's Circular CIR/CFD/C[/D11512015 dated 30th November,2015 has been modified to comply with requirements of SEBl,s Circular dated Sth July,2016, lnd AS and Schedule lll [Division ll] to the Companies Act' 2013.
4 The Statutory Auditors of the Company have carried out a "Limited Review" of the above results as per Regulation 33 of the SEBI [Listing obligation and Disclos Requirementsl Regulations, 201 5'
tr The company has one segment of activity namely "Textiles"
Figures of previous periods have been reg rouped rearranged wherever necessary
6 7 defe rred tax AS nd AS- 2 on "lncome Taxes" there is net deferred tax asset for the past years and for the period up to J st As As regards per a matter of prudence the company has not recognised the said deferred tax asset. December,2020.
I [Vlarch 2020, the WHO declared COVlD- 1 I global pandemic. Consequently, Governmenl of ndia declared nation-wide lockdown from 24th March 2020. n and its financial position It of subdued activity in the textile market. The Company has an adverse impact on operational performance of the company AS a res u been facing liquidity crunch due to e uspensi QN of operations and has been strivino to manaqe its cashflows withi n the limitations. a

After lifting of the lockdown, the Company had resumed its business operations on a gradual basis in line with the guidelines issued by the Government authorities' The improvement in business situation has further continued during the quarter ended 31st December,2020, with recovery in volumes, though it is still below precovid levels. Therefore, results for the quarter and nine months ended 31st December, 2o2o are not comparable to previous corresponding period results-

Considering the situation the Company has reviewed the possible mpacts of COVtD- I on the carrying amounts of its ASSETS and liabl lities. Accordi ng ly, from the provis lons made for Rs. 97 lacs AS diminution tn val ue of fi nished goods stock and Rs. 24 lacs AS allowance for expected credit loss on balances the financial S of the previous year no further provisioning has been made during the quarter and nl ne months ended 3'l st December 2020 There tn have been instances of cheques not bei honou not been any significant reduction in sales realisation duri ng the quarter As regards trade receivables there ng by parties CASES, for which the company has take n proper legal actions, but thris does not confirm any credit loss tn such CASCS AS of now The mpact n some the vary in future periods depending on future developments on Covid- 1 I front and its impact on the business of company

The Company does not anticipate any challenges in its ability to continue as going concern. ln lhis unusual and diflicult business situation, the Company has taken measures foreffective cost management. The Company is monitoring the situation as il evolves in the future.

Code Social Security 2020 has been notified in the Official Gazette on 2gth September 2020 The effective date has not been notified and the rules are I The on Code becomes eflective and the rules lramed thereu to be framed The Company will ASSESS the impact of the Code and will account for the same once the are published.
10 The financial results of the Company are available at the websites of BSE Ltd. at www.bseindia.com, National Stock Exchange of lndia Ltd. at www'nseindia'com and at www.ashima-in.
11 Figures are rounded olf to the nearest Rupees in lacs'

FOR ASHIMA LIMITED

0/i,rr,0i \ J;'i N 'JI

CHINTAN N. PARIKH AHMEDABAD 6TH FEBRUARY 2021 CHAIRMAN & MANAGING DIRECTOR

7th Floor, Heritage Chambers B/h. Bikanerwala, Olf S.M. Fload, Nr, Azad Society, Nehru Nagar, Ahmedabad-380 015. Phone : (B) 079 - 2647 2O0O E mail : contact @ mmsco in Website : www.mmsco.in

AHMEDABAD " MUMBAI- BANGALORE cFlArl TAT,I

Limited Review Report on Unaudited Quarterly Standalone Financial Results of Ashima Limited pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

The Board of Directors, .Ashima Limited Ahmedabad

1. We have reviewed the accompanying statement of Unaudited Standalone Financial Results of Ashima Limited ['the Company'], for the quarter and nine months ended on December 31, 2020 ['the Statement'] attached herewith, being submitted by the company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015, read with SEBt Circular No. CIR/CFD /f AC/62/2016 dated 5'h July, 2016 as amended by SEBI Circular No. crR/cFD/cMDt/4412019 dated 29'h March, 2019.
1. This statement, which is the responsibility of the Company's Management and approved by Company's the Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the lndian Accounting Standard - 34, "lnteilm Finoncial Reporting", prescribed under Section 133 of the Companies Act, 20L3 read with relevant rules issued thereunder and other accounting principles generally accepted in lndia. Our responsibility is to issue a report on this statement based on our review.
3, We conducted our review in accordance with the Standard on Review Engagement (SRE) 2410, "Review of tnterim Finoncial lnformation Performed by the lndependent Auditor of the Cntity'' issued by the Institute of Chartered Accountants of lndia. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the statements are free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides Iess assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.
1. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with applicable lnd-AS prescribed under section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other recognized accounting practices and policies generally accepted in lndia, has not disclosed the information required to be disclosed in terms of Regulation 33 of the 5EBl (Listing Obligations and Disclosure Requirements)Regulations,2015 includingthe manner in which it isto be disclosed, orthat it contains any material misstatement.

Place: Ahmedabad

Date: 6th February, 202L

UDIN:! I 102 6 S I A hAh A&6ttO

For Mukesh M. Shah & Co Chartered Accountants Firm Regn. No" 106625W

Suvrat S. Shah Pa rtne r Membership No. 102651

	CIN: L99999GJ1982PLC005253		REGD. OFFICE:TEXCELLENCE COMPLEX, NEAR ANUPAM CINEMA, KHOKHARA AHMEDABAD-380 021, GUJARAT, INDIA
	E.MAIL : [email protected] # PHONE:91-79-67777000 # FAX:91-79-22773061
	STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED ON 31ST DECEMBER , 2020
			(Rs. in Lacs, except per share data)
					Year to date figures for
			Quarter ended31/12/2020 30/09/2020 31/12/2019 31/12/2020 31/12/2019 31/03/2020			the year ended on	Year ended
	Particulars
Sr.No.	(2)	(3)	(4)	(5)	(6)	(7)	(8)
(1)			Unaudited			Audited


$\mathbf{1}$	Income from Operations	4,866	3,587	8,334	9,276	22,808	28,544
	(a) Revenue from Operations	456	227	64	869	282	776
	(b) Other Income	5,322	3,814	8,398	10,145	23,090	29,320
	Total Income
$\overline{2}$	Expenses	1,989	1,198	3,146	3,740	10,533	13,545
	(a) Cost of material consumed	179	49	158	229	546	672
	(b) Purchase of stock-in-trade	608	843	1,397	1,152	1,238	1,174
	(c) Changes in inventories of Finished goods, work-in-progress and stock-in-trade	1,139	891	1,176	2,680	3,457	4,491
	(d) Employee benefits expense	96	78	78	214	80	203
	(e) Finance costs	118	120	126	352	418	537
	(f) Depreciation and amortization expense	1,432	1,037	2,192	3,039	7,053	9,036
	(g) Other expenses	5,562	4,214	8,273	11,406	23,325	29,658
	Total Expenses	(240)	(400)	125	(1,261)	(235)	(339)
3	Profit/(Loss) before exceptional items and tax	30	(0)	$\Omega$	29	0	$\Omega$
4	Share of Profit/(Loss) of Associate	(211)	(400)	125	(1, 232)	(235)	(338)
5	Profit/(Loss) before exceptional items and tax
6	Exceptional items	(211)	(400)	125	(1, 232)	(235)	(338)
	Profit/(Loss) before tax
8	Tax Expense
	(a) Current tax
	(b) Deferred tax	(211)	(400)	125	(1, 232)	(235)	(338)
9	Profit/(Loss) for the period
10	Other Comprehensive Income
	Items that will not be reclassified to profit or loss :						(93)
	-----Re-measurement losses on post employement defined benefit plans
	----- Income tax effect	(211)	(400)	125	(1, 232)	(235)	(431)
11	Total Comprehensive Income	19,166	19,166	19,166	19,166	19,166	19,166
12	Paid up share capital (par value Rs.10/- each, fully paid) (See Note - 11)
13	Other equity excluding revaluation reserve	$\mathbf{v}$
14	Earnings per share [EPS] (of Rs. 10/- each) (not annualised)	(0.11)	(0.21)	0.07	(0.64)	(0.12)	(0.18)
	Basic and diluted EPS before Exceptional items [in Rs.]	(0.11)	(0.21)	0.07	(0.64)	(0.12)	(0.18)
	Basic and diluted EPS after Exceptional items [in Rs.]

Ahmodahad

MA L

NOTES:

These financial results have been reviewed by the Audit Committee and have been approved by the Board of Directors at their respective meetings held on 6th $\mathbf{1}$
The above results for the Quarter and Nine months ended on 31st December, 2020 have been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS), prescribed under Section 133 of the Companies Act, 2013, and other recognised accounting practices and policies to the extent $\overline{2}$
The format of the above results as prescribed in SEBI's Circular CIR/CFD/CMD/15/2015 dated 30th November, 2015 has been modified to comply with the 3 requirements of SEBI's Circular dated 5th July, 2016, Ind AS and Schedule III [Division II] to the Companies Act, 2013.
The Statutory Auditors of the Company have carried out a "Limited Review" of the above results as per Regulation 33 of the SEBI [Listing Obligation and Disclosure $\overline{4}$ Requirements] Regulations, 2015.
The company has one segment of activity namely "Textiles".
5 Figures of previous periods have been regrouped / rearranged wherever necessary.
As regards deferred tax as per Ind AS-12 on "Income Taxes", there is a net deferred tax asset for the past years and for the period up to 31st December, 2020. As a 6 $\overline{7}$ matter of prudence, the company has not recognised the said deferred tax asset.
In March 2020, the WHO declared COVID-19 a global pandemic. Consequently, Government of India declared a nation-wide lockdown from 24th March 2020.This has an adverse impact on operational performance of the company and its financial position as a result of subdued activity in the textile market. The Company has 8 been facing liquidity crunch due to suspension of operations and has been striving to manage its cashflows within the limitations.

After lifting of the lockdown, the Company had resumed its business operations on a gradual basis in line with the guidelines issued by the Government authorities. The improvement in business situation has further continued during the quarter ended 31st December, 2020, with recovery in volumes, though it is still below pre-Covid levels. Therefore, results for the quarter and nine months ended 31st December, 2020 are not comparable to previous corresponding period results.

Considering the situation, the Company has reviewed the possible impacts of COVID-19 on the carrying amounts of its assets and liabilities. Accordingly, apart from the provisions made for Rs.197 lacs as diminution in value of finished goods stock and Rs.124 lacs as allowance for expected credit loss on receivables balances in the financials of the previous year, no further provisioning has been made during the quarter and nine months ended 31st December, 2020. There has not been any significant reduction in sales realisation during the quarter. As regards trade receivables, there have been instances of cheques not being honoured by parties in some cases, for which the company has taken proper legal actions, but this does not confirm any credit loss in such cases as of now. The impact may vary in future periods, depending on future developments on Covid-19 front and its impact on the business of the company.

The Company does not anticipate any challenges in its ability to continue as going concern. In this unusual and difficult business situation, the Company has taken measures for effective cost management. The Company is monitoring the situation as it evolves in the future.

The Code on Social Security 2020 has been notified in the Official Gazette on 29th September 2020. The effective date has not been notified and the rules are yet to be framed. The Company will assess the impact of the Code and will account for the same once the Code becomes effective and the rules framed thereunder are 9 published.
10 The Consolidated results include results of an associate company accounted for using the equity method.
11 The financial results of the Company are available at the websites of BSE Ltd. at www.bseindia.com, National Stock Exchange of India Ltd. at www.nseindia.com and at www.ashima.in.
12 Figures are rounded off to the nearest Rupees in lacs.

FOR ASHIMA LIMITED

Chinesi Paneda

CHINTAN N. PARIKH CHAIRMAN & MANAGING DIRECTOR

AHMEDABAD 6TH FEBRUARY, 2021 7th Floor, Heritage Chambers B/h. Bikanerwala, Off S.M. Road, Nr. Azad Society, Nehru Nagar, Ahmedabad-38O 015' Phone : (B) 079 '2647 2OOO E mail : contact@mmsco in Website : www.mmsco in

I cuAsr$Ilgn J!*csulqre Nl s I AHMEDABAD " MUMBAI - BANGALOHE

Limited Review Report on Unaudited Quarterly Consolidated Financial Results of Ashima Limited pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

To,

The Board of Directors, Ashima Limited Ahmedabad

L. We have reviewed the accompanying statement of unaudited Consolidated financial results of Ashima Limited ['the Parent'] and M/s shardul Garments Private Limited ['the associate'] [the Parent and its associate together referred to as'the Group'] for the quarter and nine month ended on December 31, 2020['the Statement'J attached herewith, being submitted by the Parent pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulation,2015, read with SEBI Circular No. CIR/CFD/FAC/62120L6 dated Sth July,20L6 as amended by SEBI Circular No. CIR/CFD/CMD1./44/2019 dated 29th March, 201.9.
1. This statement, which is the responsibility of the Parent's Management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles la id down in the lndian Accounting Standard - 34, " lnterim finoncial Reporting" , prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to issue a report on this statement based on our review.
1. We conducted our review in accordance with the Standard on Review Engagement (SRE) 2410, "Review of lnterim Finonciol tnformation Performed by the tndependent Auditor of the Entity''issued by the lnstitute of Chartered Accountants of lndia. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the statements are free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8)of the SEBI (Listing Obligations and Disclosure Requirements)Regulations,2015, as amended, to the extent apPlicable.

1. Based on our review conducted and procedures performed as stated in Paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Ind-AS and other accounting principles generally accepted in lndia, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.
1. We did not review the interim financial information of associate included in the consolidated unaudited financial results; whose interi m financial information reflect total revenues of { NIL Lakhs for the quarter and nine months ended December 3L, 2020, total net p rofit after tax of { 30

7th Floor, Heritage Chambers B/h. Bikanerwala, Off S.M. Road, Nr. Azad Society, Nehru Nagar, Ahmedabad-38O 015 Phone i (B) 079 - 2647 2OOO E mail : [email protected] Website :www.mmsco.in

cH&tlTsBru effr0!", l.elfTs I AHMEDABAD . MUMBAI, BANGALORE

{ 29 Lakhs for the quarter and nine months ended December 31,2020 respectively and total comprehensive profit of t 30 Lakhs and { 29 Lakhs for the quarter and nine months ended December 31",2020 respectively, as considered in the statement. These interim financial information have been reviewed by other: auditors whose reports have been furnished to us by the Management and our conclusion on the statement, in so far as it relates to the amounts and disclosures included in respect of this subsidiary is based solely on the reports of the other auditors,

our conclusion on the statement is not modified in respect of these matters.

Place: Ahmedabad

Date: 6th February, 2021

UD|N: 2 r t026slhD Rff AR+al I

lll tilrilj l;3ijil,

For Mukesh M. Shah & Co Chartered Accountants Firm Regn. No. 106625W

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Suvrat S. Shah Partner Membership No. i.02651

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Ashima Ltd Interim / Quarterly Report 2021

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Ashima Ltd — Interim / Quarterly Report 2021

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