Cravatex Ltd. — Interim / Quarterly Report 2020

Nov 13, 2019

Corporate Off Matulya Centre. 2nd Floor. Senapatt Bapat Marg, Lower Parel (W), Mumbai -400 013 GIN L9301 OMH 1951 PLC008546 T +91 22 6666 7474 F +91 22 2497 3210 E 1nfo@cravatex com W www cravatex com

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November 13, 2019

BSE Limited

Department of Corporate Services (DCS-Listing) Phiroze Jeejeebhoy Towers Dalal Street Mumbai - 400 001

Company Code: 509472

Dear Sirs,

• Sub: Unaudited Financial Results for the Quarter and Half Year ended September 30, 2019

• Ref: Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 .

We wish to inform you that the Board of Directors of the Company at their meeting held today, which started at 05:00 p.m. and concluded at 6.05 p.m., have approved the Unaudited Financial Results (Standalone and Consolidated) of the Company for the quarter and half year ended September 30, 2019.

The Unaudited Financial Results (Standalone and Consolidated) of the Company and the Limited Review Report of the Statutory Auditors on the aforesaid results are enclosed.

Kindly take the same on record.

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Company Secretary

Encl : a.a.

Registered Office: Sahas 4th floor 414 2 Veer Savarkar Marg. Prabhadev,. Mumbai - 400 025

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r orporate Off· Matulya C1 ntre 2'ld F >c. r >1 nar at1 Bapat Mar L >wer Jar -.1 'W' �umba1 i Q 11 CIN L11010MH ?i' LC00��46

T ,91226666 7474 F 91222497 3210 E 1flfo@cravatex m W www rvat x co

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(Rupees In Lacs)

(A)Part-1: Statement of Standalone Unaudited Financial Results for the Quarter & Half Year Ended September 30, 2019

					Standalone	Standalone
SN		Pariculars	Quarer ended			SixMonths ended		Yearended
			Sep 30,	Jun30,	Sep 30,	Sep 30,	Sep 30,	March 31,
			2019	2019	2018	2019	2018	2019
I	Revenue from Operations		145.42	3.04	8.71	148.46	18.53	103.95
II	OtherIncome		248.93	111.92	249.57	360.85	347.71	707.70
Ill	TOTALINCOME(I+II)		394.36	114.96	258.28	509.31	366.24	811.65
IV	EXPENSES
	Purchase of Stock-in-Trade		138.29		1.75	138.29	1.75	70.70
	Change in Inventoriesof Stock-in-Trade		0.14	2.62	7.53	2.76	16.49	33.26
	Employee Benefits Expense		29.76	26.63	31.10	56.38	48.12	99.97
	Finance Costs		18.09	18.84	26.34	36.93	53.84	101.59
	Depreciation and Amorisation Expense		20.25	20.12	20.76	40.37	42.36	82.92
	Other Expenses		21.38	21.22	45.05	42.60	68.84	128.0
	TOTAL EXPENSES(IV)		227 .91	89.43	132.53	317.33	231.40	516.44
v	Profit/(Loss)beforeExceptionalItemsand rex (l)·(IV)		166.45	25.53	125.75	191.98	134.84	295.21
VI	txceotnalltems
VII	Profit/(Loss)before 'axtxpenses(V•VI)		166.45	25.53	125.75	191.98	134.84	295.21
VIII	Tax Expenses:
	Current Tax		15.93	5.59	34.00	21.52	34.00	69.50
	Deferred Tal		(13.18)	(2.43)	(2.84)	(15.61)	(S.94)	(11.31)
	ShorI(Elcess) provision	of the earlier period			19.28		19.28	10.58
	Total rextxoense		2.75	3.16	50.44	5.91	47.34	68.77
IX	Proft/(Loss)for the period	(VII·VI)	163.70	22.37	75.31	186.06	87.50	226.44
x	Other ComprehensiveIncome fortheyear							(1.97)
XI	Total ComprehensiveIncome for theyear(IX+X)		163.70	22.37	75.31	186.06	87.50	224.47
XII	EarningsPerEquity Share (Face Value Rs.10each)
	Basic		6.33	0.87	2.91	7.20	3.39	8.69
	Diluted		6.33	0.87	2.91	7.20	3.39	8.69

Notes:

• 1 The above financial results have been reviewed by the Audit Committee and approved by the Board of Directors in their meeting held on November 13, 2019.

• 2 This statement has 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 applicable.

• 3 The Company adopted Indian Accounting Standards (IND AS) from April 01, 2017, and accordingly, these financial results have been prepared in accordance with the recognition and measurement principles in IND AS 34 - Interim Financial Reporting, prescribed under section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder and the other accounting principles generally accepted in India.

• 4 The statutorv auditors have carried out a limited review of the standalone results for the half year & quarter ended September 30, 2019.

• 5 The Company operates only in one primarv business segment.

• 6 The Company has chosen to exercise the option of lower tax rate of 25.17% (inclusive of surcharge and cess) under section llSBAA of the Income Tax Act,1961 as introduced by the raxatton laws (amendment) Ordinance 2019. The full impact of this change has been recognised in the tax expense for the quarter and silC months ended 30th September 2019. This has resulted in reversal of deferred tex liability of Rs.15.61 Lakhs (Net off Mat credit entitlement) on account of remeasurement of deferred tax liability as at 31st March, 2019.

• 7 Figures of the previous period's have been regrouped wherever necessarv to conform to the current period classifications.

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Registered Office· di d 4tt 0.,1 4 , L Ve r Sav rkar M ro Pr n, d I Vur iH 4 )Q ')'."15

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r ( orporate >ff Matulya Centre, 2nd loor, Senapau Bapat Marg, owe, Parel (W), Mumbai 40( 01 3: CIN 93010MH1951PIC008546 -i rn T +9' 22 666� 7474 F •91222497 !210 0 E ntc �< r avatex com W w .cr vatex om

		Rupees in Lacs
(A} Par-II:Statementof StandaloneUnauditedAssets&Liabltles asat September 30,2019
PARTICULRS	Asat 30.0.2019	As at 31.03.2019
	(Unaudited)	(Audited)
ASSETS
!)Non-current Assets
a)Proper, Plant andEquipment	138.67	16.97
b)lnvestment Propery	664.55	672.70
c)Other IntangibleAssets	89.42	98.31
d)Financlal Assets
(i)Investments	3,312.85	3,312.85
{ii)Loans	8.16	8.16
e)Other non-current assets	13.50	13.50
	4,227.14	4,266.48
Z)CurrentAssets
a)lnventories	1.28	4.04
b)FinancialAssets
(1)Investments	180.37	100.77
(ii)Trade receivables	170.07	23.10
(i)Cash and cash equivalents	60.15	83.39
{iv)Bank balances other than(ii)above	6.26	7.56
(v)Others	35.0	35.0
c)Current Tax assets {Net)	87.14	67.40
d)Other current assets	11.06	16.80
	551.34	338.06
TOTAL	4,778.48	4,60.54
EQUIT AND LIABILITIES
EQUIT
a) Equity Sharecapital	258.42	258.42
b) other Equity	3,060.16	2,925.78
	3,318.57	3,18.19
LIABILITIES
(1) Non-current Liabities
a)Financial tb s
i)Borrowings	486.01	491.20
ii)Others	26.18	27.85
b)Oeferred tax liabilities (Net)	90.81	106.42
c)OtherNon-Current Liabities	334.48	338.28
d)Provisions	3.39	3.08
	940.86	966.82
(2) Current Liabities
a)Financial Liabilities
l) Borrowings	70.77	119.60
Ii) Trade payables	156.38	15.31
ii) Others	278.65	291.52
b)Other Current Liabilities	11.96	25.82
c)Provisions	1.28	1.28
	519.05	453.53
TOTAL	4,778.48	4,60.54

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Registered Office: 5 ha 4th +loc r i 14 ' ) V er evarkat Merq. pr t: hadevi fviur ib e �OU C 2

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Corporate Off. Matulya Centre, 2nd. Floor, Senapen Bapat Marg, Lower Parel {W}, Mumbai - 400 013 CIN L 9301 OMH1951 PLC008546

T +91226666 7474 F +91222497 3210

E 1nfo@cravatex.com W www.cravatex com

• (A) Part-111: STATEMENT OF CASH FLOW FOR THE HALF YEAR ENDED 30TH SEPTEMBER, 2019

				Rupees inLacs
		Six Months ended		For the year
	Pariculars	Sep 30,2019	Sep 30, 2018	ended 31st March2019
		(Unaudited)	(Unaudited)	{Audited)
A	Cash flowfromoperating activities
	Net profit beforetax	191.98	134.85	295.21
	Adjustmentsfor:
	Depreciation	40.37	42.36	82.92
	Interest income		(0.88)	(6.18)
	RentIncome	(172.97)	(140.29)	(312.85)
	Gain on Investments		(0.03)	(0.03)
	Loss on debts measured atfairvalue	30.40	40.32	73.94
	Fixed assets written off			11.08
	DividendIncome	(133.14)	(142.99)	(276.60)
	Investment measured atfair value			(0.17)
	Finance Cost	6.54	13.52	27 65
	Operatingprofit before working capitalchanges	(36.83)	(53.13)	(105.03)
	Adjustmentsfor:
	(!ncrease)/Decreasein Trade Receivables	(146.97)	30.67	18.90
	(lncrease)/DecreaseinInventories	2.76	16.49	33.26
	(lncrease)/Decrease in Loans&Advances		3.50	3.50
	(lncrease)/Decrease in OtherAssets	5.74	(64.56)	3.06
	lncrease/(Decrease) in TradePayable	141.08	(24.20)	(20.53)
	lncrease/(Decrease)m Other utns	(32.20)	89.55	(48.20)
	lncrease/(Decrease) in Prcvns	0.31		2.39
	Cash generated fromoperations	(66.12)	(1.67)	(112.65)
	Directaxes Refund/(paid)	(41.26)	27.90	(7.91)
	Net cash from operating activities	(1078)	26.23	(120.56)
B	Cashflow from investingactivities
	Additions to Fixed assets	(1.03)	(0.45)	(0.59)
	Loss onsaleof assets		(0.58)	O.Q3
	PurchaseofInvestments	(79.61)		(100.77)
	SaleofFixedassets		0.87	0.25
	Gainon Investments		0.03	0.20
	OtherBank Balances	1.30	(24.63)	0.93
	Dividend Income	133.14	142.99	276.60
	Rent Income	172.97	140.29	312.85
	lnterest received		0.88	6.18
	Net cash from/(used in) investingactivities	226.78	259.39	495.68
c	Cash flow fromfnancing activities
	RepaymentfromLong-termBorrowings	(35.59)	(137.44)	(414.35)
	Repayment of Short-termBorrowings	(48.83)	(162.82)	53.44
	Interest Paid	(6.54)	(13.52)	(27.65)
	Dividend Paid	(51.68)	(25.84)	(25.84)
	Net cash from/(used in)financing activities	(142.64)	(339.62)	(414.40)
0	Net cash flows during the year(A+B+C)	(23.24)	(54.01)	(39.28)
	Cash and cash eqwvalents(opening balance)	83.39	122.67	122.67
	Cashand cash equivalents (closingbalance)	60.15	68.68	83.39
Notes:

• 1 The above cashflow statement has been prepared under 'indirect Method' as set out in m the Indian Accounting standard-7 on Statement on Cash Flows

By order of the Board For Cravatex limited ��Tl:�� i iv/uA1e � At -I Place: Mumbai Rajesh Batra • I � Date : November 13, 2019 Chairman and Managing Director "(s[<, ..] DIN : 00020764

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Registered Office· Sahas. 4th floor. 414 / 2 Veer Savarkar Marg, Prabhadev,, Mumbai 400 025

QPas��tes Chartered Accountants

Vile Parle: Tel· -+-91 22 26184444 / 33 / 45 / 4646 105/106 Shyamkamal. D-Bu1ldmg. Agarwal Market. V,le Parle (East). Mumbai 400 057

Independent Auditor's Review Report on standalone unaudited quarterly and year to date financial results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended

To The Board of Directors Cravatex Limited

We have reviewed the accompanying statement of unaudited financial results of Cravatex Limited ('The Company') for the period ended 30th September 2019. This statement is the responsibility of the Company's Management and has been approved by the Board of Directors. Our responsibility is to issue a report on these financial statements based on our review.

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. This standard requires that we plan and perform the review to obtain moderate assurance as to wh e financial statemen re free of material misstatement. ether th ts a

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.

Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying statement of unaudited financial results prepared in accordance with applicable accounting standards and other recognized accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 including the manner in which it is to be disclosed, or that it contains any material misstatement.

Place: Mumbai Date: 13[1] h November 2019

For GPS & Associates Chartered Accountants c;,'> Firm Reg No· 2 44W '\ ' fj .r�\ / . /lj \, .,·, .:<t ''{0.:o-:c� r..�;·7 ·-�=--=:"/ H.Y. Gurjar (Partner) M.No.: 032485 UDIN: I A�)AACO I 31?.4

Corporate Off: Matulya Centre, 2nd Floor, Senapatr Bapat Marg, Lower Parel (W), Mumbai 400 013 CIN L93010MH1951PLC008546

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T +91226666 7474 F +91222497 3210

E 1nfo@cravatex.com W www.cravatex.com

						{Rup s InLacs)	{Rup s InLacs)
B)PA	RT·I: Statement of ConsolidatedUnaudited Financial Resultsfor	theQuarter&Half	VearEnded September 30,2019
			Quarterended		Half year	ended	Vear ended
s,. No.	Particulars	September "n 201Q	June 30, 2019	September "n �n10	Sptember '" 2"'"	Sptember �n 2"1o	March31, '"1"
		(Unaudited)	!Unaudited I	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
	Income
' " "'	Revenuefrom Operations Other Income TOTAL INCOME(I+II)	24.270.50 121 31 24,391.8	16,05.64 125.78 16,131.42	20,692.51 103 43 20,795.94	40.276.14 247.0 40,523.22	31.416 93 20.41 31,617.34	71,765.98 415.76 72,181.74
rv	EXPENSES
	Purchase of Stok-in-Trade	17,051.00	11,692.27	18,828.10	28,743 27	25,982.44	55,82370
	Changein Inventories ofStok-in-Trade	(337.46)	128.04	(3,826.93)	[20.42)	(3.30472)	(4,743.79)
	EmployeeBenefits Expense	1,713.81	1,243 65	l,05 83	2,957.46	1,97892	5,212.98
	Finance Costs	288 17	183.63	9857	471.80	209.86	509.39
	Depreciation andAmorisation Expense	29648	29196	13720	588.44	270.50	573.28
	OtherExpenses	4,282.61	2,803 04	3,297.27	7,085.65	S,255.90	13,117.79
	TOTAL EXPENSES(IV)	23,294.61	16,342.59	19,540.04	39,637.20	30,392.90	70,493.35
v	Proflt/(Loss)beforeExceptionalItemsandTax \1)-{IV)	1,097.19	(211.17)	1,255.89	886.02	1,224.44	1,688,39
vr	Exceptional Items
vu	Proft/(LossJbefore'ax Expenses{V - Vl)	1,097.19	(211.17)	1,255.89	886.02	1,224.44	1,688.39
VIII	TaxExpenses.
	Current Tax	306 54	17625	271.43	48279	339.60	593.79
	DeferredTax	(13.18)	(2.43)	(2.83)	(15.61)	(5.93)	1653
	Shor/{Excess) provisionoftheearlierperiod			1928		19.28	11.90
	TotalTaxExpenses	293.36	173.82	287.89	467.18	352.95	622.22
" x	Proftt/(Loss) for theperiod{VII-VI) OtherComprehensiveIncomefortheyear	83.83 (1.88)	(384.99) (188)	968,01	418.8 (3.77)	871.49	1,066.17 {9.50)
xr	TotalComprehensiveIncomeforthe year(IX+X)	801.95	(38.99)	968.01	415.08	871.49	1,056,67
	Net profit attributableto:
	Ownersof the HoldingCompany	803.84	(384.961	968.01	418.88	871so	1.066.20
	Non-ontrollingInterest	(0.01)	(0.03)	00	(0.04)	(0.01)	(O03)
		83.83	(38.99)	968.01	418.8	871.49	1,066.17
	OtherComprehensivelncome/(loss)attributableto:
	OwnersoftheHoldingCompany	(1.89)	(188)		(3.77)		(950)
	Non·controllingInterest	(00)			(0.00)		(0.0)
		(1.89}	(1.88)		(3.77)		{9.50)
	TotalComprehensivelncome/(loss)attributableto:
	OwnersoftheHoldingCompany	801.95	(386.84)	96801	415.11	871.50	1,056.70
	Non-ontrollingInterest	{0.01)	[003)	00	(004)	{0.01)	(0.03)
		81.95	(386,87)	968.01	415.08	871.49	1,056.66
'"	EarningsPerEquityShare (Face vae Rs.10 each) Basic	31.11	{14.90)	37.46	16.21	33.72	41.26
	Diiuted	31.11	(14.90)	37.46	16.21	33.72	41.26

• \B)PART·I: Statement of Consolidated Unaudited Financial Results for the Quarter & Half Vear Ended September 30, 2019

Notes

• 1 The above financial results have been reviewed by the Audit Committee and approved by the Board of Directors in their meeting held on November 12, 2019. The Statutory Auditors of cravatex Limited ('the Company') and its subsrcranes (namely 'Cravatex Brands nmueo' & 88 (UK) Ltd) [the Holding Company and its subsidiary together referred to as 'the Group'] have ca med out limited review of the above results pursuant to Regulation 33 of the secunnes and Exchange Board of India (Listing Obhgatrons and Disclosure Requirements) Regulations, 2015, as amended and have issued an unmodified review opinion. The consolidated financlal results for the quarter and half year ended 30 September 2018, were not subjected to limited review by Statutory Auditors of the Company.

• 2 This statement has been prepared m accordance with the Companies (Indian Accounting Standards) Rules 2015 {Ind AS) prescribed under Section 133 of the Companies Act, 2013 and other recognised accountmg practices and policies to the extent applicable.

• 3 The figures tor the quaner ended September 30, 2019 and September 30, 2018 are the balancmg figures between the unaudited financial results for the half year

• ended September 30, 2019 and the published unaudited financial results for the quarter ended on June 30, 2019 & June 2018 respectively.

• 4 The statutory auditors have earned out a limited review of the consolidated results for the half year ended September 30, 2019.

• S The Imancsal statements of BB {UK) Limited are prepared 1n accordance with United Kingdom Generaly Accepted Accounting Principles (UK GAAP).

• 6 BB (UK) limited has proposed a dividend of 150,000 GBP In its board meeting held on October 31, 2019. This dividend will be recorded m the books of craverex Limited on receipt of the dividend in accordance with IND AS 115

• 7 Previous year/ periods figures have been re-grouped / re-classified wherever necessary

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Registered Office: Sanes. 41h floor, 414 I 2, Veer Savarkar Marg, Prabhadev,, Mumba, 400 025

Corporate Off· Matulya Centre. 2nd Floor, Senapatt Bapat Marg, Lower Parel (W), Mumbai 400 013

' 3: -I rn 0

CIN L93010MH1951PLC008546

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T t91226666 7474 F <91 22 2497 3210

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r 0 t
			(Rupees in Lacs)
(B)PART·II:Statement of ConsolidatedUnaudited Assets&	Liabilitiesasat September 30, 2019
	As at30.09.2019	As	at31.03.2019
Particulars	(Unaudited)		(Audited)
(A)ASSETS
(l)Non·Current assets
(a)Property,Plant and Equipment	868.11		810.97
(b)lnvestment Propery (c)Other Intangible Assets	664.55 5,602.41		672.70 3,287.59
(d)Financial Assets
(i) Loans	164.30		286.76
(ii) Others	31.02		31.02
(e)Other Non-Current Assets	165.51		109.41
TotalNon - Current Assets	7,495.91		S,198.46
(2)Current Assets
(a)Inventories	8,581.00		8,371.59
{b) Financial Assets
(i)lnvestments	180.37		100.77
(ii)Trade receivables	14,431.42		15,003.10
(iii) Cash and cash equivalents	694.74		400.38
(iv) BankBalances other than Cashand Cash Equivalents	73.49		127.42
(v) Others Financial Assets	2,922.27		241.64
{c)Loans and advances	428.70		148.73
(d) Current Tax Assets {Net)	87.14		67.40
(e) Other current assets	485.44		260.44
TotalCurrent Assets	27,884.57		24,721.46
TOTAL ASSETS	35,380.48		29,919.92
(B)EQUITY AND LIABILITIES
(l)EQUITY
(a) Equity Share capital	258.42		258.42
(b) Other Equity	2,106.20		1,719.32
Equity attributable toshareholders ofthe Company	2,364.62		1,977.74
Non-controlling interests	(0.05)		(0.01)
Total Equity	2,364.57		1,977.73
(2)LIABILITIES
(I)Non-CurrentLiabilities
(a)FinancialLiabilities
(i)Borrowings	8,397.01		8,402.20
(ii) Others	445.18		27.85
(b) Provisions	181.96		154.46
(c)Deferred taxliabilities(Net)	141.54		139.97
(d)Other Non-Current Liabilities	553.08		449.05
Total Non CurrentLiabilities	9,718.77		9,173.53
(II)CurrentLiabilities
(a)FinancialLiabilities
(i) Borrowing	4,890.10		3,266.12
(i) Trade payables	3,359.94		2,255.11
(ii) Others	3,973.66		1,292.13
(b)Other Current Liabilities	9,595.09		11,1615
(c)Provisions	1,478.34		794.05
Total Currentliabities	23,297.14		18,768,66
TOTAL EQUITY AND LIABILITIES	35,380.48		29,919.92

Registered Office. Sahas. 4th floor. 4 1 4 2 Veer Savarkar Marg, Prabhadevr. Mumbai 400 O:->S

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Corporate Off Matulya Centre, 2nd. Floor. Senapan Bapat Marg. Lower Parel (W), Mumbai· 400 013 CIN L9301OMH1951 PLC008546

T +91226666 7474 F +91222497 3210

E info@cravatex.com W www cravatex.com

(B) PART·III: STATEMENT OF CASH FLOW FOR THE HALF YEAR ENDED 30TH SEPTEMBER, 2019

						Rupees in Lacs	Rupees in Lacs	Rupees in Lacs
	Pariculars		Aat30th Sept 2019			Aat30th Sept 2018	Aat 31st March 2019
A	Cash flow from operating activities
	Net profit before tax			886.02		1,224.44		1,688.39
	Adjustmentsfor:
	Depreciation			588.44		270.50		573.28
	Interest income			{41.02)		{38.06)		{93.03)
	Rent Income		{164.37)			{113.43)		{277.80)
	Gain on Investments					{17.0S)		{16.01)
	Dividend Income			{4.14)		{0.49)		{1.08)
	FinanceCost			471.80		209.86		509.39
	ProfitI(Loss) on sale ofFixedAssets			{0.07)		{0.04)		{0.39)
	Fixed Assets Written off							11.08
	Loss on debtinstruments measured at FVPL							241.00
	Bad Debts&Provision for bad debts			117.60				247.01
	MTMloss on derivative contracs			{23.9S)		{14.14)		20.19
	Current Yeargain/loss ontranslationof currencies			{21.68)				17.61
	Operating proft before working capital changes		1,808.64			1,521.60		2,919.64
	Adjustments for:
	(lncrease)/Decreasein Trade Receivables			454.08		{7,226.09)		{4,923.4S)
	(lncrease)/Decrease in Inventories		{209.42)			{3,487.33)		{4,743.79)
	(lncrease)/Decreasein Loans&Advances		[157.50)			{71.0S)		{176.54)
	(lncrease)/Decrease in Other Assets		{2.961.74)			{4S.86)		{209.48)
	lncrease/(Decrease) inTrade Payable		1,104.83			322.55		{3,832.74)
	lncrease/{Decrease) mOther Liabilities		1,636.71			8,216.75	10,597.90
	lncrease/(Decrease) in provisions			711.79		402.64		121.17
	Cashgenerated from operations		2,387.39			(366.77)		{247.30)
	Direc taxes Refund/{paid)		{4S0.8SI			{126.12)		{221.89)
	Netcash from operatingactivities		1,936.54			{492.89)		{469.19)
B	Cash flow from investing activities
	Purchase of Fixed assets		{2,945.29)			{14S.S2)		{S77.86)
	Sale of Fixed assets					-		1.43
	Sale/{Purchase) of investments			{SS.66)		412.37		507.07
	Deposits relatingto investment property							98.48
	Gain on sale of Investments					17.05		15.83
	Other Bank Balances			53.93		{28.21)		{12.661
	Dividend Income			4.14		0.49		1.08
	Dividend Paid			{Sl 68)		{2S.84)		{2S.84)
	RentIncome			164.37		113.43		277.80
	lnterest received			41.02		38.06		19.06
	Net cash fromI(usedin)investingactivities		{2,789.17)			381.83		304.40
c	Cashflowfrom financing activities
	Proceeds from Long-term Borrowings			{S.19)		{97.13)		66.82
	Proceedsfrom/ (Repayment) of Short-termBorrowings		1,623 98			508.45		443.43
	Interest Paid			{471.80)		{209.86)		{S09.39)
	Netcash from/(used in)financingactivities		1,146.99			201.46		0.87
0	Net cash flowsduringthe year(A+B+C)			294.36		90.40		{163.93)
	Cash and cash equivalents(opening balance)			400.38		564.30		564.30
Cash and cash equivalents (closingbalance) 694.74 654.69 400.38 Note,The aboveCashFlowStatementhas been prepared underthe 'dtre � out ,n the lnd,an�� Standard (IND AS) 7-"Statement ofCash Flows" �"EX ' � 8' I . ' � :u"l' � tMUMBAI- �J1 " o , �"? f� ( �E,�cc
								--
			•

Registered Office: Sahas. 4th floor 414 . 2 Veer Savarkar Marg, Prebhadev., Mumbai 400 025

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Corporate Off Matulya Centre, 2nd. Floor. Senapati Bapat Marg, Lower Parel[1] W), Mumbai 400 1 � CIN L93010MH1951PLC008546

T t 11226666 7474 F t91 22 2497 3210

==> picture [143 x 49] intentionally omitted <==

E info@r:ravatex. :om W www cravatex com

(B) Part IV-Consolidated Segment information for the Half Year & Quarter ended on September 30, 2019

(B) Part IV-Consoli	dated Segmentinformation f	or theHalfYe	ar&Quartere	nded on Septem	ber30, 2019
							{Rupees in Lacs)
		Unaudited	Results for	Unaudited	Unaudited	Resultsfor	Audited Results
		thequarterended		Resultsfor the	thesixmonths ended		for year ended
	Particulars	30th September		quarterended	30th September		31st March
				>nth , ..--
		2019	2018	2019	2019	2018	2019
SegmentRevenue	(Sales and Other operating
lncomel
· SPORTS		23,076.16	19,446.96	14,900.98	37,977.14	29,175.37	66, 741. 77
· WELNESS		1,049.13	1,245.55	1,104.66	2,153.80	2,241.56	4956.74
-Unallocated		145.20	.	.	145.20	.	67.47
TotalSeement Revenue		24,270.50	20,692.51	16,005.64	40 276.14	31416.93	71.765.98
sezmeot Results
- SPORTS		1,538.77	1,600.66	204.65	1.743.42	1.845.84	3,063.17
-WELNESS		11.63	23.16	-54.05	-42.42	-30.27	289.78
-Unallocated		-202.45	-270.21	-225.00	-427.45	-398.21	-1 083.84
Total Sezment Results		1 347.96	1,353.62	-74.40	1.273.55	1.417.37	2.269.12
Less:Finance Costs		288.17	98.57	183.63	471.80	209.86	509.39
Add/(Less): FinanceIncomeand Other		37.41	0.85	46.86	84.27	16.94	-580.73
unallocable income net ofunallocable
--
Total Profit Before	Tax	1,097.19	1,255.89	-211.17	886.02	1,224.44	1,688.39
Seement Assets
-SPORTS		30,401.88	11,751.70	26,905.60	30,401.88	26,736.54	25,789.78
-WELNESS		2,723.98	-219.11	2,588.22	2,723.98	2,716.43	2,588.22
-Unallocated		2,254.62	-483.95	1,541.92	2,254.62	1, 736.87	1,541.92
TotalSegment Assets		35,380.48	11,048.64	31 035.74	35,380.48	31,189.84	29,919.92
Se2ment Liabilities
- SPORTS		15,826.88	8,503.48	13,396.06	15,826.88	15,49505	13,396.06
- WELNESS		2,068.79	-7,493.82	1,695.00	2,068.79	1,641.17	1,695.00
- Unallocated		15,120.25	8,959.98	12,851.13	15,120.25	12,123.56	12,851.14
Total Segment Liabities		33,015.92	9,969.64	27,942.19	33 015.92	29,259.78	27,942.19

Notes on Segment Information:

1. Segment Revenue, Results,Assets and Liabilities represent amounts identifiable to each of the segments. "Other unallocable income net of unallocable expenditure" mainly includes interest Income, income from current investments (net), expenses on common services not directly identifiable to inlividual segments.

2.Previous period figures have been re-grouped or re-classified wherever necessary, to conform to current period's classification.

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By order of the Board
For Cravatex Limited
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Place: Mumbai
. � [Rajesh Batra ]
Date : November 13, 2019 - Chairman and Managing Director
�t � � �\t,<oP-' '\;, � DIN : 00020764
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Registered Office: Sehas 4t� floor 414 1 2 voe "avarker Marg, Prabhadevr, Mumb .. s 40( OL ...

QPas��tes Chartered Accountants

VIie Parle: Tel: +91 22 2618 44 I 33 I 45 I 4646 105/106 Shyamkamal. D-Bu1ld1ng. Agarwal Market Vile Parle (East). Mumbai 400 057

Independent Auditor's Review Report on consolidated unaudited quarterly and year to date financial results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended

To The Board of Directors Cravatex Limited

• l. We have reviewed the accompanying Statement of Consolidated Unaudited Financial Results of Cravatex Limited (" the Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group"), and its share of the net profit/(loss) after tax and total comprehensive income/loss of its associates and joint ventures for the quarter ended 3Qth September 2019 and year to date from 01" April, 2019 to 30th September, 2019 ("the Statement"). The statement is being submitted by the Parent Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. Attention is drawn to the fact that the consolidated figures for the corresponding quarter and half year ended 30th September 2018 and the consolidated statement of cash flows for corresponding period from 01[51 ] April, 2018 to 30th September, 2018, as reported in these financial results have been approved by the Parent's Board of Directors, but have not been subjected to review.

• 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, and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.

• 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 S nd se uentl does not enable uld ta ards on Auditing and con q y us to obtain assurance that we wo

become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

1. We also performed procedures in accordance with the circular no. CIR/CFD/CMDl/ 44/2019 dated March 29, 2019 issued by the SEBI under Regulation 33 (8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable. , ·.-:_.-�'"' r; . -- -�, ·�1 '",•\ 11:', , . . ,: ) ) vi. /-J '-"' - - - · .. , �t;!· . -;J�'/

QJ?s��tes Chartered Accountants

1. The Statement includes the results of the following entities:

2. a. Cravatex Limited

3. b. Cravatex Brands Limited and

4. c. BB (UK) Limited.

5. 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 branch auditors and other auditors referred to in paragraph 7 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 Indian Accounting Standard and other accounting principles generally accepted in India, 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.

6. We did not review the interim financial results of both subsidiaries included in the consolidated unaudited financial results, whose interim financial results reflect total assets of 6581.61 Lakhs, total revenues of Rs.40,170.62 lakhs, total net profit after tax of Rs.232.78 Lakhs and total comprehensive income of Rs.229.01 lakhs, for the half year ended September 30, 2019, as considered in the consolidated unaudited financial results, which have been reviewed by their respective independent auditors. The independent auditor's review reports on interim financial results of these entities 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 in respect of these subsidiaries is based solely on the report of such auditors and procedures performed by us as stated in paragraph 3 above.

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

8. We were neither engaged to review, nor have we reviewed the comparative figures for the quarter and half year ended on September 30, 2018 accordingly, we do not express any conclusion on the consolidated results in the Statement for the quarter and half year ended June 30, 2018. As set out in Note 1 to the Statement, these figures have been furnished by the Management.

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

Place: Mumbai Date: 13[1h ] November 2019

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For GPS & Associates
Chartered Accountants
, . Firm Reg No: 2 344W
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