Cravatex Ltd. — Audit Report / Information 2021

Jun 29, 2021

Cf< A " r:_

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					(RU$NiLO}	(RU$NiLO}
(Al	Stotementof AudieSt1nlone�in�I Relsfor the	Qurer&YeorEne on �rc		31,2021
				Stanalone
		Qurter Ened			Ye,r Ene
SN	Partilrs	(Audited)	!Audite)	(Unudite)	(Audite)	(Audite)
		31.3.2021	31.3.020	31.12.020	31.3.2021	31.3.020
'	Renu, from Oprotlons	20.11	57.83	82.05	230.76	242.07
" "'	Oer Incom TOTALINCOME(I �l)	131.85 151.96	91.45 149.8	647.67 729.72	1,02.39 1,233.15	711.44 953.1
I	EPENSES
	Purchase of Stok·in·Trede	19.11	55.0	78.15	219.73	228.33
	Cha naelnInventorie of Stok·ln-Trode	0.01	.		0.01	2.78
	Emplot SneftEpnse	25.52	29.29	25.95	94.48	114.81
	Finance Cost	17.8	18.49	17.92	65.34	8. 7
	Dpreciationand AorisationEpnse	19.20	18.83	23.24	73.59	84.87
	OerEpnses	59.13	82.49	57.07	161.37	187.36
	TOTAL EPENSE (I)	140.77	20.17	202.	61452	698.22
v	Proft/(lo )bfore Epti�I Items•nT•x(l)·(I)	11.19	(5.9)	527.39	618.63	255.29
V	Ecrptionalltrms		.
VIO	Profr/(lo )bforeTax Epnses(V·V)	11.19	(5.9)	527.9	618.63	255.9
VIII	TaxEpnsrs:
	Currrnt Tax		.	81.5	81.50	44.53
	OfrrreTax	(33.73)	(1.78)	(11.89)	(39.50)	(21.9)
	ShorI(Ecrss)proision of thr rarlier prio
	Tot•I T•x Epn	(33.73}	(t.78)	69.61	42.0	23.14
" x	Proft/(lo )for the prk(V-VI) OrComprehrnsivrIncomefortr yrar	44.92 (1.96)	(53.tt) (5.32)	457.78	576.63 (1.96)	232.15 (5.32)
"	Tot•ICmprehense Inmeforthe v•r(I•X)	42.96	(58.43)	457.78	574.67	226.3
'"	ErninasPerEquiySreIF. vee Rs10e.h) 8sic	1.74	(2.0)	17.72	22.31	8.98
	Dilute	1.74	(2.0)	17.72	22.31	8.98

Notes:

• 1 Thr above fin•ncial results heve been revirwrd by the Audit Commitltt and approved by thr 8o•rd of Oirrctors In their mtttin& hrld on Junr 29, 2021.

• 2 Thr Soard of Oirrctors have rrcommended a dividend of 4" ( at thr rate of Rs.0.40 per share of Rs.10/· each) on 75,75,000 Non· c veruere Cumulative Rrdttmab1r preference Sharrs alloned on 12/04/2016 for the flnancial veer 2020-21, subjrct to approval of the sharrholdrrs at the Annual Grnrral Mt lna:.

• 3 The Soard of Oirrctors heve rrcommrnded a final dividend of 3°" ( at the rate of Rs.3.00/· Per Equity share) for the financial year ended 31 March,2021, subject to the approval of the members In the Annual General Mt ina.

• 4 This statement has bttn prepared In accordance with the Companlts (Indian A ountlna: Standards) Rul,s 2015 (Ind AS) prtscribed under Srction 133 of th, Companits Act. 2013 and oth,r rrcoa:nlsed accountina: practicts and pclicr,s to th, extent applicable.

• 5 The Statement includes the results for the quarter ended 31 March 2021 and 31 March 2020 bein& the r6idual fiaure betwe-en th, audited fiaur,s in resprct of the NII financi11I year ,nded 31 March 2021 and 31 March 2020 and th, published unaudited year to date fia:ures up to the third quart,r of th, current financial year and previous financial y,ar r,spectivety, which wrre subjrct to limited review by us, as required under the Listina Rqulations.

• 6 The Company operates only in one primary business seament.

• 7 Fiaur,s of the previous periods hav, bttn rrclassed wherever necessary to conform to the current period classifications.

coe.:

CR A E

			Ru�sin Iec
{Al Par-II; Statement of	Standalone AuditedAsets&	Libities for the Perio Ended	Marc 31,2021
	PARTCULRS	As et31.03.2021	As,t31.3.2020
		(Audit�)	(Audit�)
ASES
!}Non-rrent Asets
1)Propr,Plant and	Equipment	41.43	110.33
b)lnvestmnt Propr		624.34	640.73
c)Rieht of use asset		112.70	.
d)Otherlntanaible A	et	62.75	8.53
e)FinancialA et
(i)lnvest�nt		3,312.85	3,312.85
(ii)Lans		30.50	8.16
fOher non-current asset		13.50	13.50
		4,198.07	4,166.0
2}Crrent Assets
a)lnventorles		1.25	1.26
b)FinancialA et		.	.
(i)Investment		722.51	197.58
(ii)Trade receivables		15.28	62.85
(iii}�sh end cash equeteot		51.69	13.67
(Iv) Bank balances other than(i)above		5.20	6.9
{v)Ohers		12.92	3.67
c)Cummt Tax asset (Net)		6.57	74.91
d)Othercurrent asset		13.35	13.0
		882.77	373.9
TOTAL		5,080.4	4,539.98
EQUI AND LIBILfE
EQUI
a)Equit Share capital		258.42	258.42
b)otherEquit		3.598.0	3.09.22
		3,856.48	3,307.6
LIBILfE
{1}Non,rrentL�bilities
1)Fimmci1Iubus
i)Brrowinas		398.83	388.88
ii)Ohers		215.48	28.20
b)Dferred tu ues (Net)		45.54	85.03
c)OtherNon·Current ubtns		325.22	328.94
d)Proisions		5.11	5.0
		99.18	836.13
{2}CurrentL�bilities
a)Financialuees
I) Brrowln1		.	9.92
ii)Tradepay1bles		9.34	8.59
ii)Others		196.55	287.58
b)Oher Currentliabilities		27.92	17.81
c)Provisions		0.37	0.31
		234.18	396.21
TOTAL		5,00.	4,539.98

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Rupees in l.ocs

(A) Part-Ill: Statement of C.sh Flo- for the Period Ended on M•rch 31, 2021

		For the	For the	year"nd<	year"nd<	year"nd<	year"nd<	year"nd<	year"nd<
	Parilan	March31,2021				March			31, 2020
		IAud;edl				IAudited|
A	Csh Ro" fromoperatina aivties
	Net profitbfore tax	618.63							255.28
	Adiustmsnhfr
	Oprecietion	73.59							84.87
	Interestincome	(4.26)							(2.42)
	Rentln,ome	(332.U)							(331.94)
	Gainonln-stment	-							(0.54)
	Loss on debt meesured at fairvelue	65.27							54.03
	Fh,ed asset writen of	33.85							16.54
	Loss onsaleof Propr, Plant and Equipment	10.89							-
	Balances Writen of/(Wrlten Sack)	(11.0)							35.0
	DividendIncome	(540.81)							(274.70)
	lnvestr t measuredatfairvalue	(9.02)							0.55
	FinanceCost	007							8.20
	Operatina proft before workine cptalchnaes	(94.9)							(:55.U)
	Adiustmcohfr
	(lncrease)/DcreaseIn Tr•de Receiv•bles	47.57							(39.75)
	(lncre•se)/Ocre•seInInventories	0.02							2.78
	(lncre•se)/Ocre•sein Lo•ns&Av•nces	(22.34)							-
	(lncrease)/Ocreasein Oher Aset	(9.56)							0.0
	lncre•sef(Ocre•se)InTr•de P•v•blc	(6.25)							65.28
	lncrease/(Ocre•se)inOher L/abillties	4.44							{21.30)
	lncre•sc/(Ocre•se)InProvisions	0.0							(4.28)
	cshcenerated fromoperations	(134.93)							(152.29)
	Directta>es Refund/(paid)	(67.15)							(52.04)
	Netcsh fromoper•tinc eivities	(202.)							(20.3)
B	Cshflowfrom invest in£ acivities
	A itions to fixede ssee	(4.42)							(1.03)
	Purch•seof,,vestment	(524.93)							(97.36)
	seieofFixed•sset	4.25							-
	G•I"onInvestment	9.02							0.54
	Oher 8a"k 8ala,ces	1.70							0.66
	DividendIncome	540.81							274.70
	RentIncome	332.12							331.94
	Interestreceived	4.26							2.42
	NetcshfromI(usedin)investinceivities	362.1							511.86
c	csh flowfromfnnncelde,
	Rep•yment fromLnc·term Borrowinc	(86.88)							(156.0)
	Rep•vmentofShor-term 8rrowinc	(9.92)							(10.69)
	InterestP•ld	(0.07)							(8,20)
	DividendP•id	(25.84)							(103.37)
	NetcshfromI(usedin)fnnnaeivities	(122.71)							(377.25)
D	Nct cshfowsdurlnathe year(A•BJ	38.02							(69.72)
	Csh•ndc•shequiv•lcnt (opnine b•l•nce)	13.67							83.39
	csh•ncsh equivalents (closinabloe)	51.69							13.67
" •Te aecve c•shflow st•tement h•s bnprcp•redunder"ind lndi•nA ountincstand•rd-7on Statement onCashFlow		irectMetho'e s set out						ininthe
		ForCravatex Limited
		�Jesh aoa
Pla:Mumbi		Chirmanan		Man			ina Oir�or
Dted:29.06.2021		DIN,02076								I

QJ?s��tes Chartered Accountants

VIie Parle: Tel: +9122 2618 4 / 33 I 45 I 4646 I 105/106 Shyamkamal, D-Bullding. Agarwal Market, Vile Parle (East), Mumbai 400 057

TO THE BOARD OF DIRECTORS OF Cravatex Limited

Report on the audit of the Standalone Financial Results

Opinion

We have audited the accompanying standalone quarterly financial results of Cravatex Ltd. for the quarter ended March 31, 2021 and the year to date results for the period from April 1, 2020 to 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)

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

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

• II. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable 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 ended March 31, 2021 as well as the year to date results for the period from April 1, 2020 to 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 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 results under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

These quarterly financial results as well as the year to date standalone financial results have Directors are responsible for the preparation of these financial results that give a true and fair view of the net profit/loss and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting scribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India

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QPas��tes Chartered Accountants

and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone financial results, the Board of Directors are responsible for 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.

process.

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 level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial results.

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

• Identify and assess the risks of material misstatement of the standalone financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of

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

• 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 e that a material

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QPas��tes Chartered Accountants

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 to continue as a going concern.

• Evaluate the overall presentation, structure and content of the standalone financial 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.

For GPS & Associates Chartered Accountants Firm's Registration No: 121344W

Place: Mumbai Date : 29th June, 2021

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H. Y. Gurjar Partner Membership No: 032485 UDIN: 21032485AAAABV1989

CR A E

					(Rupt	(Rupt	inLa)
(BlPar-: Statementof AudiedConsidateFinnl Reslsfor		the Qarer&Year Ene o Mart 31,2021
			QuarerEe		Ye1r	tnt
"- No.	Parilrs	31.3.2021	31.12.020	31.3.2020	31.3.021	31.3.020
		(Audite)	(Unudite)	(Audite)	l•"•el	(Audite)
	Inome
I	R!tnu, from Oprations	16,454.70	15,43.96	18,834.13	53,187.67	86,46.73
II	OherIncome	648.37	244.48	10.62	1,431.32		525.79
Ill	TOTALINCOMEIt+)	17,1036	15,675.44	18,93.75	5,618.9	86,952
IV	EPENS
	Pure hast of Stok-in-Trad,	13,8.24	8,50.33	14,485.19	36,765.03	59,313.0
	Can1einInventories of Stok-in-Trade	(3,09.84)	2,103.16	(725.95)	1339.01	1,252.4
	Emploe Bnefit Epnse	2,142.24	1,523.46	1,761.6	6,416.33	7,08.86
	Financt Cst	328.23	356.9	383.52	1,432.14	1,320.10
	Oprtiation and Aorisation Epnse	419.78	434.66	448.87	1,744.23	1,498.0
	OerEpnses	4,423.64	2,822.41	4,778.28	11,575.6	16,75.57
	TOTAL EPENSES(I)	18,024.29	1S,749.1	21,131.55	57,94.6	87,33.5
v	Proft/{loss) bforeEceptinl Iems ind Tix (1)-(IJ	1921.23}	(73.7)	12,187.)	(2,975.271		(242.531
VI	Eceptional Items	.	.	.	.		.
VII	Prof/(Lo )bfore Ta EpenseIV-VI)	(921.3}	{73.7}	(2,187.)	(2,975.7)		(242.3)
VI	Tax Epnses:
	Current Tax	70.39	16615	(279.13)	445.0		587.01
	Dferred Tax	(33.74)	(11.89)	(18)	(39.5)		(21.39)
	Shor/(buss)provisionof the earlier prio	(322.16)	2.41	(3366)	(319.76)		(3366)
	TotalTax Epnses	(285.1)	156.76	{617.9)	85.78		228.9
IX	Prof/llo ) for the prio (VII·VI)	1635.71)	{23.3}	(1,570.1)	(3,01.5)		(471A7)
x	Oer ComprehensiveIncomefortheyear	(39.68)	(4.31)	(13.6)	(52.63)		(13.36)
XI	Tot1I Cmprehense Inmefor the year (IX+ X)	1675.9)	(234.65)	(1,58.7)	(3,113.6)		(48.3)
	Nlt proft attriltabllto:
	Dl:softe Holdin1 Cmpany	(635.68)	(230.31)	(1,570.18)	(3,0.1)		(471.41)
	Non-ontroln1Interest	(0.03)	(0.02)	(0.03)	(0.15)		(0.07)
		1635.71)	(230.331	(1,570.1)	(3,01,)		(471A7)
	oherComprehenselnme/(lo l attributabeto:
	Ol:sof theHoldin1 Cmpany	(39.68)	(4.31)	(13.36)	(52.63)		(13.36)
	Non·controln1Interest	10.01	10.01	10.01	10.01		10.01
		(39.6)	(4.1}	(13.36)	(52.3)		(13.6)
	Tot1IComprehensielnome/(l )attributableto:
	OersoftHoldintCmpany	(675.36)	(234.63)	(1,583.54)	(3,113.54)		(484.77)
	Non-controllin1Interest	I0.031	10.021	I0.03)	I0.15)		(0.07)
		{675.9)	(23.65)	(1,53.57)	(3,113.69}		(48.3}
XII	EmilPerEquiyShre (FaV1lueRs.10eah}
	"" Dlue	(24.6) (24.)	(8.91) (81)	(6.76) (6.76)	(118.45) (118.45)		{18.4} {18.4}

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(Ru�es in Locs}

(8) Par-II: Statement of Cnslidate Audited Assets & libitiefor the Year Ened	(8) Par-II: Statement of Cnslidate Audited Assets & libitiefor the Year Ened	on March 31, 2021
Partilrs	As•t31.3.021 (Audite)	As at31-.2020 (Audit,}
(A)ASSE
(l)Non-urn,nt essets
(a)Propr,Plant and Equipment	1.471.17	1,767.21
(b)tnvestment Propr	624.34	64.73
(c)Riaht to lease asset	3,07.37	3,98.15
(d)Oher lntanaibleA et	2,502.84	l,898.13
(e)Financial A et
(i)Loans	577.27	595.82
(ii)Others	29.08	30.34
(fOherNon-Current A et	62.74	273.61
Total Non· Current Asets	8,314.1	10,113.9
(2)Current Asets
(a)Inventories	8,50.38	8,161.33
(b) flranclal A et
(i)lnvestert	1,479.38	2,455.87
(ii)Trade receivables	14,305.11	16,942.71
(i)csh •nd cash equivalent	3,524.69	3,922.78
{iv)Bank Balances other than Csh and Csh
Equivalent	82.62	1,08.77
(vi Ohers fimmcialA et	759.91	454.57
(c)lans andadvances	323.42	305.85
(d) CurrentTex A et (Net)	6.57	74.91
(e) Oher currentesset	1,159.6	749.73
Total CurrentAie\$	30,195.6	3,076.2
TOTALASSES	38,510.49	4,19.1
(&)EQUIANO LJA81LJTE
(l)EQUI
(1)EquitSharecapital	258.42	258.42
(b)OtherEquit	(306.65)	(36.77)
Equit attributableto shrehldersoftheCompny	(2828.24)	(102.35)
Non-controlllnainterest	7524.0	710.37
TotalEquity	4,695.2	7,07.2
(2)LI81LfE
(I)Non-urrentLibilities
(1)FinancialLiabities
(i) Borrowinas	8,416.74	8,328.88
(ii)Others	2,666.66	3,434.88
(b)Provisions	20.24	219.54
(cl Dferredtxllabltles (Net)	82.97	119.55
(d)OtherNon-CurrentUabitles	778.4	721.28
Total NonCurrentLibilities	12,149.01	12,824.13
(11) CurrentLibities
(1)Fln1ncl1ILiabilities
(i) 8orrowina	7,049.41	7,742.40
(Tradepayables	2,297.11	4,207.35
(ii)Others	3,582.45	3,28.88
(b)OtherCurrentLiebities	8,103.89	8,829.67
(clProvisions	632.81	299.0
TotalCurrentLibilities	21,665.67	24,359.6
TOTALEQUIANDLIBILfE	38,510.49	4,19.51

CR A E

				Ru�s in Loc
(Bl	Per-I:Con.lidcte AuditedCsh FlowSt•tement for theveerEned on M•rc31,2021
	P1rilrs	for theyearEnde 31s Marc2021	For theyear Ended 31sMarch2020
A	Cshfowfromoperetin&oiities
	Net profitbfore tax	(2,975.28)		(242.53}
	Adjustmentsfor:
	Dpreciation	1,744,23		1.498.04
	interestincome	(122.0)		(113.47}
	Re1tIncome	(314.67)		(314.74}
	GainonInvestmnt	(34.12)		(0.54}
	DividendIncome	(6.48)		(7.77)
	FinanceCst	1.432.14		1.320.10
	Unrealls�exchaneeaain(net)	{3.22)		8.19
	ProfitI{Lss) on saleof fixed A et	89.66		-
	fixed Aset Writen of	33.85		16.54
	Loss ondebtInstrument meesuredat FPL	67.9		29.0
	Bad Dbt&Provision for bad debt	625.12		218.17
	MTMloss onderivative contract	(0.75)		(31.59)
	Current Year 11ln/loss on translation of currencies	126.01		74.44
	Operatin& profit before workin& cpitalchenaes	662.7		2,525.5
	Adjustmentsfor:	-		-
	(lncrease)/DcreaseinTrade Receivables	2,012.48		1,368.83
	(lncrease)!DcreaseinInventories	(339.05)		1,252.40
	(lncrease)!DcreaseinLoans&Avances	(17.56)		(156.86)
	(lncrease)/Dcreasein OtherA et	(50 35)		(693.9)
	lncrease/(Dcreese)InTradePayable	{l.97.01)		619.68
	lncrease/(Dcreese)InOterLlabltles	(449.48)		(892.11)
	lncreese/(Dcreese)inprovisions	268.15		(564.66)
	Cashaenerated fromoprations	(274.44)		3,459.22
	DiretaxesPaid/(Refundr-lved)	(108.01)		(256.7)
	Netcshfromoperatin& aivities	(382.46)		3,202.5
•	Csh flowfrom investin1 aivities
	(Purchese}/SaleofFixedasset	(267.79)		(810.37)
	Sale/(Purchese) ofinvestment	978.50		(2,322.52)
	Dposit reletin&toinvestmentpropr	18.55		(61.05)
	GainonsaleofInvestment	3412		054
	MovementinOherBankBalances	926.14		(881.35}
	Dividend Income	6.48		7.77
	RentIncome	314.67		314.74
	Interest received	44.75		18.75
	Netcsh from /(usedin) investin& aivities	2,055.42		(3,733.47)
c	Cshfow fromfnnn& aivities
	ProtdsofIssueof preferenceshares bysubsidiar Company	699.99		2,999.99
	DividendPaid	(25.84)		(119.19)
	Cshpayment forprincipalporion ofleaseliebllt	(640.0)		(470.0)
	Proedsfrom/(Repayment) ofIona-termBrrowin&	87.85		(73.32)
	Protds from/(Repayment) ofShor-termBrrowin1s	(76.89}		2.725.63
	InterestPaid	(1,432.14)		ll.320.10)
	Netcsh from/(used in)fnnin&aivities	12,071-)		3,74.01
		-		-
0	Net,sh fwsdurinatheveer (A+B)	(398.8}		3,211.9
		-		-
	Cshendcashequivalent (opnln&balance)	3,922.78		710.88
	Cashandcashequivalent (dosin&balance)	3,524.69		3,922.78

CR A E

						R�iL«
(8) P•rt-11:CnteAudile S1men1Informtin forthQrer&Year ene o Mrc31,2021.
			QrterEeon		Ye•• ene o
Partilrs		31.3.021	31.12.020	31.3.020	31.3.021	31.3.020
		(Aui N)	{U,iteJ	{Auie)	{Auie)	(AuiteJ
ment leeneses•nOhr	r•tin" Ie
-SPR		15.585.88	14.724.14	17.959.33	5.79.41	82.173.54
-W£LE		848.95	624.57	819.6	2 111.SS	4 051.83
• Un•llo•ted		19.86	82.25	55.14	230.71	239.37
To1.•ment liene		16 45.70	1500.9	taA3.l3	53187.7	86A6.73
mentlelh
-SPA		11.021.45	701.0	11.037.72	546.76	2.93.9
•W£LE5		15.63	(8.35	(41.61	247 23	51 24
-Unelloeted		2.12	1136.15	207.41	S356	176.43
Toll S•ment Resls		186.0	48.9	l 286.74	l297.55	228.71
�u·fln•nceCt		328.23	357.0	383.Sl	1,432.lS	1.320 10
A /(1ess):financeIncomand Oer	unalloableInco	275.19	(201.16)	(517.54)	(245 57)	(1,203.14)
ntt of unalloablt H<nd1turt
Toti Prof Bfort Tp		1921.	(73.7	12 187.	12.975.7	1242.31
mentAssh
·SPRn		34,1;3.48	31.743.53	37.529.48	34.143.48	37,529.48
• W£LE		1442.71	1565.51	2 ; 8.02	1442.71	2.418.02
• Unalloattd		2,924.30	2,938.74	4,243.02	2.924.30	4,24302
Tot. S•ment Aneh		5 510A9	36247.78	44 19.51	38510A9	419.1
mentllblilie
•SPI		17.870.0	14.677.25	19.485.19	17.870.0	19,485.19
•W£LE5		1,24120	1.29811	1.876 28	1,24120	1.876 28
•Unalloated		14.703.38	14,835 45	15,822.02	14,703.38	15,822.02
Tot.S.mentllblitie1		33,14.	S,10.1	37,183A9	33,814.	37183A9

......

I.The above financial results have been re-viewe< Uml!ed ("the Companv'J and Its subsldlar!es (namely 'Cravat<:">< Brands Limited' & 88 (UIC) Ud) and Its st,:,p down subsldiarv (namely '88 Europe GmbH') (the Holdin.t Companv and its subsidiarv to1eth,:,r r,:,f,:,rred to as 'ee Group'] hav,:, carried out limited review of the above results pursuant to Reau1ation 33 of the Securities and fxchanae Board of India (Ustlna Obll1111tlons and Olsclosur,:, Requlremenu) Reaulatlons, 2015. as amended and have Issued an unmodified review opinion.

1. This statement has been prepared In accordance with the Companies !Indian Accountin1 Standards) Rules 2015 (Ind AS) prescribed under Section 133 of the Com�nles Act. 2013 and other recoanlsed accountina practices and pollcles to the extent applicable.

2. The flaures for the quarter ended March 31. 2021 and March 31, 2020 art' the residual fi&ures betwff:n the Audited financial results for th,:, veer ,:,nded March 31, 2021 and March 31, 201 and the restated unaudited financial results for the nine months ended on December 31, 2019 & December 31. 2020 respectively. The restated unaudited Financial results for the 9 months ended on OK,:,mber 31, 2019 and Clec<'mber 31. 2020 have been approved by th,:, board of directors of the parent companv but havt' not been subject to limited review by the statutorv auditors.

3. Seament Revenue, Results, Assets and Liabilities represent amounts Identifiable to each of the seaments. "Other unallocable Income n,:,t of unallocable upendlturt'" ma,nlv lndud,:,s lntu,:,st Income, Income from currt'nt lnvesun..nts (n,:,t), t'Xpenus on co on se,vlcu not direct!',' Identifiable to Individual se1ments.

4. Pursuant to th,:, scheme of A ansement !'th,:, �heme') approved by the National Companv Law Tribunal ("the Nell·). Mumbai Bench vlde Its order dated March 25, 2021, Prollne India Limited (th,:, Merced Underti1kin1) whert' common control exists, meraed with Cravatex Brands Umlted (subsldlarv of the companv) with effect from �rll 1. 2020 !'the apPQlnted d•te'). As per �pend I• C of

Ind AS 103 • Business Combinations, the flnanclet lnformalion In the consolidated financial slalements ln respect of prior periods

Is restated as If the buslnus comblnatlon had o ured from the beainnln1 of th,:, pr,:,cedlna period In the flnancfal statements,

Irrespective of the actual date of the combination. A ordlnalv, business combination Is accounted with effect from �rU 1 2019. As

a result, th,:, aroup has aiven t"ff<:"cl to the mtraer by restatlna the flnandals of the previous .,...ar. Pursuant to the scheme Cravate• Brands limited will allot 55,04,435 Compulsory Convert,ble Preference Shares (CCPS) of Rs. 100 each to the erstwhile shareholders of the mersed undertaktn&.

1. Th,:, statuton1 auditors h111v,:, carrlt'd out III stetuton, audit of th,:, consolld111ted r,:,su1ts for the ar ,:,nded March 31, 2021.

2. Previous veer I periods fi.,u,es have been re-.,rou I re-classified wherever nec:essan,.

PIKe : Mumbai Oate: June 29 2021

Bv order of the Board For Cravat<'• limited Rat<:'Sh Blltra Chairm11n and Manqina; Director OIN : 00020764

QJ?s��tes Chartered Accountants

VIie Parle: Tel: +9122 2618 4 / 33 I 45 I 4646 I 105/106 Shyamkamal, D-Bullding. Agarwal Market, Vile Parle (East), Mumbai 400 057

Independent Auditor's Report on annual consolidated financial results of Cravatex Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

To the Board of Directors of Cravatex Limited

Report on the audit of the Consolidated Financial Results

Opinion

We have audited the accompanying Statement of Consolidated Financial Results of Cravatex Ltd and its subsidiaries (holding company and its subsidiaries together referred to March 2021 and for the period from April 1[st] ,2020 to March 31[st] ,2021 holding company pursuant to the requirement of Regulation 33 of the SEBI (Listing

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

• a. includes the results of the following entities:

• i. Cravatex Brands Limited Subsidiary

• ii. BB (UK) Limited Wholly Owned Subsidiary

• iii. BB Euro GmBH Wholly Owned Step Down Subsidiary

• b. is presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended; and

• c. give a true and fair view in conformity with the applicable accounting standards, and other accounting principles generally accepted in India, of net profit/loss and other comprehensive income and other financial information of the Group for the year ended March 31[st] ,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 Consolidated Financial Results section of our report. We are independent of the Group, its associates and jointly controlled entities 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,

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QPas��tes Chartered Accountants

2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us and other auditors in terms of paragraph below, is sufficient and appropriate to provide a basis for our opinion.

the preparation and presentation of these consolidated financial results that give a true and fair view of the net profit/ loss and other comprehensive income and other financial information of the Group including its associates and jointly controlled entities in accordance with the recognition and 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 and of its associates and jointly controlled entities 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 its associates and jointly controlled entities 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 and of its associates and jointly controlled entities are responsible for assessing the ability of the Group and of its associates and jointly controlled entities 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 and of its associates and jointly controlled entities are responsible for overseeing the financial reporting process of the Group and of its associates and jointly controlled entities.

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 s 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:

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QPas��tes Chartered Accountants

• Identify and assess the risks of material misstatement of the consolidated financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion o

• 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 Bo accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group and its associates and jointly controlled entities to continue as a going concern. If we conclude that 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 associates and jointly controlled entities to cease to continue as a going concern.

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

• Obtain sufficient appropriate audit evidence regarding the financial results/financial information of the entities within the Group and its associates and jointly controlled entities 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.

Materiality is the magnitude of misstatements in the consolidated financial results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the consolidated financial results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the consolidated financial results.

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.

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QPas��tes Chartered Accountants

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

Other Matters

The consolidated Financial Results include the audited Financial Results of three subsidiaries, whose Financial Statements reflect of Rs.37,275 lacs as at March 31[st] ,2021, 53,990lacs after tax of Rs. 3,034lacs for the year ended March 31[st] ,2021, as considered in the consolidated Financial Results, which have been audited by their respective independent auditors. The information 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.

Attention is drawn to Note 3 to the Statement which includes the results for the Quarter ended 31 March, 2021 and 31 March, 2020 being the balancing figure between audited figures in respect of the full financial year and the restated unaudited year to date figures up to the third quarter of the respective financial year which were not subject to limited review by us but are approved by the board of directors of the parent company.

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.

Place: Mumbai Date : 29[th] June, 2021

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For GPS & Associates Chartered Accountants Firm's Registration No: 121344W H. Y. Gurjar Partner Membership No: 032485 UDIN: 21032485AAAABW5754