Bliss GVS Pharma Limited — Board/Management Information 2021

Jan 21, 2021

BLISS GVS PHARMA LTD. ca.s.s

January 21, 2021

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Dear Sir/Madam,

Subject: Outcome of Board Meeting held on Thursday, January 21, 2021

We would like to inform you that, Board Meeting of the Company was held today i.e. on Thursday, January 21, 2021 at the registered office of the Company. In pursuant to regulation 30 and 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board has considered and approved the following matters amongst others:

• 1. The Unaudited Standalone and Consolidated Financial Results for the quarter and nine months ended December 31, 2020. A copy of unaudited financial results along with the Limited Review Report of the Auditors of the Company are enclosed herewith as 'Annexure-1'
• 1. Appointment of Mr. Gagan Harsh Sharma (DIN: 07939421) as an Additional Director (Executive Director) of the Company w.e.f. January 21, 2021. Mr. Sharma is not holding any shares of the Company as on date. He is related to Promoter and Director of the Company. Brief Profile and Disclosure pursuant to SEBI circular no. CIR/ CFD / CMD / 4/ 2015 dated September 09, 2015 is enclosed herewith as 'Annexure -II'.

In continuation to this, this is hereby affirm that, Mr. Gagan Harsh Sharma is not debarred from holding the office of director by virtue of any SEBI order or any other authority.

The meeting of the Board of Directors commenced at 04:30 p.m. and concluded at 09:30 p.m.

Kindly take the above information on your record and acknowledge.

Thanking you.

Yours faithfully, For Bliss GVS Pharma Limited

Vipul Thak Chief Financi Encl: As above

Factory: Regd. Office: 102, Hyde P rk, Saki Vihar Road, Andheri (East), Mumbai - 400 072, INDIA. TEL. : (+91) 2) 42160000/ 28505387 • FAX. : (+91) (22) 28563930, Email: info@blissgvs.com •Website: www.blissgvs.com • CIN - L24230MH1984PLC034771 Plot No. 10 & 11 Survey No. 38/1, Dewan Udyog Nagar, Aliyali Village, Tai. & Dist. Palghar - 401 404.

Tel. (+91) (02525) 252713 • Fax: (+91) (02525) 255257. • Ernail: factory@blissgvs.com

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Notes:

• ¹The above results which are published in accordance with Regulation 33 of the SEBI (Listing Obligation & Disclosure Requirements), 2015 have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on January 21, 2021. The financial results are in accordance with the Indian Accounting Standards (Ind AS) as prescribed under Section 133 of the Companies Act, 2013 read with relevant rules in this regard.
• 2 The current quarter results have been subject to a limited review by the statutory auditors of the company. The statutory auditors, Kalyaniwalla & Mistry LLP have issued report with unmodified opinion on the Standalone and Consoliclated Financial results.
• 3 As the Company's business activity falls within a single operating segment viz "Pharmaceutical and Healthcare" J no segment information is disclosed.
• 4 The Indian Parliament has approved the Code on Social Securitv, 2020 which would impact the contributions by the company towards Provident Fund and Gratuity. The Ministry of Labour and Employment has released draft rules for the Code on Social Security, 2020 on November 13, 2020. However, the date on which the code will come into effect has not beern notified. The Company and its Indian subsidiaries will assess the impact and will record any related impact in the period once the code becomes effective.
• 5 The Company has considered the possible effects that may result from pandemic relating to COVID-19 in the preparation of these interim financial statements including the recoverability of carrying amounts of financial and non financial assets. In developing the assumptions relating to the possible future uncertainties in the global economic conditions because of COVID-19,.the company has, at the date of approval of these financial statements, used internal and external sources of information including credit reports and related information and economic forecasts and expects that the carrying amount of these assets will be recovered. The impact of COVID-19 on the company's financial statements may differ from that estimated as at •:1e date of approval of these lr.terlm financial statements.
• 6 E.-, .plovee Benefit b,pe11s2., '1"!::.ludes Sh;:;; i' Based Payment on account of ESOP Ssheme, 2019 of Rs. 685.60 L;iKh:: as per lnd AS 102 for nine month ended .Oecernber. 31, 2020. Under this scheme the outstanding number of options are ~1,66,000 as at December 31, 202CJ.
• 7 Exceptional items for financial year ended March 31, 2020 includes Rs. 1,338 Lakhs on account of write off of investments in a step down subsidiary namely Eco Rich Cosmetics India Pvt. Ltd. due to loss of control w.e.f. January 1, 2020.
• 8 Previous year figures have been regrouped/reclassified wherever necessary.

For BLISS GVS PHARMA LIMITED

S. N. Karnath Managing Director

KALYANIWALLA & MISTRYLLP

CHARTERED ACCOUNTANTS

To,

The Board of Directors, Bliss GVS Pharma Limited, 102, Hyde Park, Saki Vihar Road, Andheri (East), Mumbai 400 072.

LIMITED REVIEW REPORT

• 1. We have reviewed the accompanying Statement of Unaudited Standalone Financial Results of Bliss GVS Pharma Limited ("the Company"), for the quarter and nine months ended December 31, 2020 ("the Statement"), attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligati.ons and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations").
• 1. This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India. Our responsibility is to issue a report on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagement (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the financial 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 provide less 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 Statement has not been prepared in all material respects in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, and has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations including the manner in which it is to be disclosed, or that it contains any material misstatement.

• We draw attention to our reliance on the management representation in respect of the recoverability of the company's investment in, loans given, Interest accrued and Trade receivable to two of its subsidiaries and two step-down subsidiaries aggregating to Rs. 6,684.50 Lakhs.

Our opinion is not modified in respect of this matter.

For KAL YANIWALLA & MISTRY LLP CHARTERED ACCOUNTANTS Firm Registration No. 104607W/W100166

Sai Venkata Ramana Damarla Partner Membership No. 107017 UDIN: .,21-1.0·1017-A-A A f\tr:! 5 191- Place: Mumbai Dated: January 21, 2021.

KALYANIWALLA & MISTRYLLP

To, The Board of Directors, Bliss GVS Pharma Limited, 102, Hyde Park, Saki Vihar Road, Andheri (East), Mumbai -400 072.

LIMITED REVIEW REPORT

• 1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of Bliss GVS Pharma Limited ("the Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group") for the quarter and nine months ended December 31, 2020 ("the Statement"),attached herewith, being submitted by tlle Parent pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations").
• 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 laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, read with relevant rules issued thereunder, as applicable and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. 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. The Statement includes the financial results of the following includes:

A. Incorporated in India:

• 1. Kremoint Pharma Limited, India
• 1.1. Eipii Exports Private Limited, India

B. Incorporated outside India:

1. Bliss GVS International Pte. Ltd., Singapore 2.1. Greenlife Bliss Healthcare Limited, Nigeria

2. 1. Bliss GVS Clinic Healthcare Pte. Ltd., Singapore
3. 1. Asterisk Lifesciences Limited (UK), United Kingdom
4. 4.1. Asterisk Lifesciences (GH) Limited, Ghana
5. 1. Based on our review and procedures conducted as above, 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 recognised accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.
6. 1. We did not review the financial statements of 7 subsidiaries included in the statement, whose financial results reflect the Group's share for the quarter and nine months ended December 31, 2020 for the under mentioned items. These financial statements and other financial information have been reviewed by other auditors whose reports have been furnished to us by the management, and our opinion on the consolidated financial results, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries and to the extent, they have been derived from such financial statements is based on the report of such other auditors.

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Our conclusion on the Statement is not modified in respect of the above matter.

For KAL YANIW ALLA AND MISTRY LLP CHARTERED ACCOUNTANTS Firm Registration No. 104607W/Wl00166

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Sai Venkata Ramana Damarla Partner Membership No. 107017 UDIN: a 1.1.ofo11 AAA/~ A 'Jl( ~ B2? Place: Mumbai, Date: January 21, 2021.

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