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Cravatex Ltd. Interim / Quarterly Report 2021

Feb 12, 2021

63129_rns_2021-02-12_d0c36724-48b5-44ce-a509-7518bb124ae9.pdf

Interim / Quarterly Report

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SUDHANSHU HARIPRASAD NAMDEO Digitally signed by SUDHANSHU HARIPRASAD NAMDEO DN: c=IN, o=Personal, 2.5.4.20=394b9521177af24120361971f37d5f99caf1e3c8b2c0bcc0d48b576156d26193, postalCode=410218, st=Maharashtra, serialNumber=ed5747e3e6b898fec2d221861890d0b5acbfee35124932f1bd649a2993918105, cn=SUDHANSHU HARIPRASAD NAMDEO Date: 2021.02.12 18:34:10 +05'30'

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RAJESH KUMAR BATRA Digitally signed by RAJESH KUMAR BATRA DN: c=IN, o=Personal, 2.5.4.20=652a4d1e03911a90e5ce615289ce50d276dd2da5420276aa8030f4da4f1297d6, postalCode=400006, st=Maharashtra, serialNumber=d9b5572e2758cfcfedc19d72c4f017d2178ed8edd4fcf21ca3e8d4f568e0271c, cn=RAJESH KUMAR BATRA Date: 2021.02.12 18:29:11 +05'30'
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Limited Review Report on Unaudited Standalone Financial Results of Cravatex Limited for the quarter ended 31 December 2020 pursuant to the Regulation 33 of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 as amended

To The Board of Directors Cravatex Limited

  • 1) We have reviewed the accompanying statement of unaudited financial results of Cravatex Limited (‘The Company’) for the period ended 31[st] December 2020. 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.

  • 2) 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 whether the financial statements are free of material misstatement.

  • 3) 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.

  • 4) 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.

For GPS & Associates Chartered Accountants Firm Reg No: 121344W

Place: Mumbai Date: 12[th] February 2021

Harivijay Digitally signed by Harivijay yashwant yashwant gurjar Date: 2021.02.12 gurjar 17:42:41 +05'30' H.Y. Gurjar (Partner) M.No.: 032485 UDIN: 21032485AAAABI2215

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RAJESH KUMAR BATRA Digitally signed by RAJESH KUMAR BATRA DN: c=IN, o=Personal, 2.5.4.20=652a4d1e03911a90e5ce615289ce50d276dd2da5420276aa8030f4da4f1297d6, postalCode=400006, st=Maharashtra, serialNumber=d9b5572e2758cfcfedc19d72c4f017d2178ed8edd4fcf21ca3e8d4f568e0271c, cn=RAJESH KUMAR BATRA Date: 2021.02.12 18:27:23 +05'30'

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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

  1. 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 31[st] December 2020 (“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.

  2. 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.

  3. 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.

  4. 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.

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

  6. a. Cravatex Brands Limited and

  7. b. BB (UK) Limited.

  8. c. BB Europe GmbH

  9. 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.

  10. We did not review the interim financial results of 2 subsidiaries included in the consolidated unaudited financial results, whose interim financial results reflect total revenues of Rs.33,792.95lakhs, total net loss after tax of Rs.,1943.45Lakhs and total comprehensive loss of Rs.1956.40lakhs, for the Nine months ended December 31, 2020, as considered in the consolidated unaudited financial results. These interim financial results 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 these subsidiaries, is based solely on the report of the other auditor and the procedures performed by us as stated in paragraph 3 above.

  11. The consolidated unaudited financial results includes the interim financial results of 1 step down subsidiary which have not been reviewed by their auditors, whose interim financial results reflect a total revenue of Rs. NIL total net profit/(loss) after tax of Rs.NIL and total comprehensive income / loss of Rs.NIL for the Nine months ended December 31, 2020, as considered in the consolidated unaudited financial results. According to the information and explanations given to us by the Management, these interim financial results are not material to the Group.

  12. Our conclusion on the Statement is not modified in respect of the 2 matters stated at para 7 and 8 above.

For GPS & Associates Chartered Accountants Firm Reg No: 121344W

Place: Mumbai Date : 12[th] February 2021

Harivijay Digitally signed by Harivijay yashwant yashwant gurjar Date: 2021.02.12 gurjar 17:41:47 +05'30' H.Y. Gurjar (Partner) M.No.: 032485 UDIN: 21032485AAAABJ6040