DCW Ltd. — Annual Report 2021

May 21, 2021

DCWLIMITED
	May 21, 2021
National Stock Exchange of India LimitedExchange Plaza Bldg.5th Floor, Plot No.C-1'G' Block, Near Wockhardt,Bandra Kurla ComplexMumbai 400 051.Fax:26598237 /38DCWScrip Code:	BSE LimitedDepartmentCorporateofServices,1st floor, New Trading RingRotunda Building,Phiroze Jeejeebhoy Towers,Dalal Street, Mumbai- 400 001.Fax : 22723121/3719/ 2037/2039Scrip Code :500117
Dear Sir/Madam,OutcomeMeetingBoardheldSub.:ofRegulation 30 of the Securities and Exchange Board of India (ListingObligations and Disclosure Requirements) Regulations, 2015	Maytermson202121,inof
Pursuant to provisions of SEBI (Listing Obligations and Disclosure Requirements)Regulations,wewishinformyou2015,thattoCompany at its meeting held today i.e. May 21, 2021, inter alia, have approved:	BoardDirectorsthetheofof
AuditedFinancialResultsthethe(i)ofFinancial Year ended March 31, 2021, and	the 4Companyquarterandfor
Re-AppointmentMaheshMr.of(ii)executive Independent Director on the Board of Directors of the Companyfor a second term of 5 years w.e.f. June 28,rotation, subject to the approval of the Members of the Company at theirMeeting.	VennelkantiNon03633359)(DIN:as2021, not liable to retire by
Mahesh VennelkantiMr.relatednotisCompany.per SEBIFurther,circularasdebarred from holding the office of Director by virtue of any order passed"by SEBI or any other statutory authority.	anyDirectorsthetheoftoofdated June 20,2018,henotis

Sub.: Outcome of Board Meeting held on May 21, 2021 in terms of Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

• (i) the Audited Financial Results of the Company for the 4 quarter and Financial Year ended March 31, 2021, and
• (ii) | Re-Appointment of Mr. Mahesh Vennelkanti (DIN: 03633359) as Nonexecutive Independent Director on the Board of Directors of the Company for a second term of 5 years w.e.f. June 28, 2021, not liable to retire by rotation, subject to the approval of the Members of the Company at their Meeting.

Accordingly, we are enclosing herewith:

• (i) A copy of Audited Financial Results of the Company for the 4 quarter and Financial Year ended March 31, 2021.
• (ii) | Audit Report on the Financial Results of the Company for the 4' quarter and Financial Year ended March 31, 2021, issued by M/s Chhajed Doshi, Statutory Auditors of the Company.
• (iii) A brief profile of Mr. Mahesh Vennelkanti (DIN: 03633359) as mentioned in "Annexure - I",

We hereby state that the Company's Statutory Auditors M/s Chhajjad & Doshi, have issued audit report with an unmodified opinion on the Financial Results for the Financial Year ended on March 31, 2021.

The Board Meeting commenced at 11:30 a.m. (IST) and concluded at $30 p.m. (IST).

These results are also being made available on the website of the Company at www.dewltd.com

This is for your information and records.

Name? Dilip Barji General Manager (Legal) & Company Secretary Membership No, ACS-22527

DCW LIMITED HEAD OFFICE : "NIRMAL" 3RD FLOOR, NARIMAN POINT, MUMBAI-400 021. TEL.: 2287 1914, 2287 1916, 2202 0743 TELEFAX: 22 2202 8838 REGISTERED OFFICE : DHRANGADHRA - 363 315 (GUJRAT STATE) Email: ho@dewltd.com, Website: www.dowltd.com, CIN-L24110GJ1939PLC000748

Annexure - |

BRIEF PROFILE OF MR. MAHESH VENNELKANTI (DIN: 03633359)

Mr. Mahesh Vannelkanti holds bachelor's degree in Technology and has an overall 40 years of experience in leading and shaping Indian and multi-national organizations across situations, as a growth leader, turnaround leader and in entrepreneurial ventures. He has served as a CEO and Managing Directors of various Indian and multi-national organizations.

DCW LIMITED

HEAD OFFICE : "NIRMAL" 3RD FLOOR, NARIMAN POINT, MUMBAI-400 021. TEL.: 2287 1914, 2287 1916, 2202 0743 TELEFAX: 22 2202 8838 REGISTERED OFFICE : DHRANGADHRA - 363 315 (GUJRAT STATE) Email: ho@dewltd.com, Website: www.dcwltd.com, CIN-L24110GJ1939PLC000748

CHHAJED & DOSHI CHARTERED ACCOUNTANTS

Auditor's Report _on Quarterly and Annual Financial Results pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

The Board of Directors DCW Limited Mumbai

• 1. We have audited the accompanying statement of financial results of DCW Limited ('the company') for the quarter and year ended 31° March 2021 attached herewith being submitted by the company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended, read with SEBI Circular No CIR/CFD/FAC/62/2016 dated July 5, 2016.
• 1. The preparation of these financial results is the responsibility of the Company's Management in accordance with applicable Indian Accounting Standards ('Ind AS') specified under section 133 of the Companies Act, 2013, read with relevant rules and has been approved by the Board of directors at their meeting held on 21% May, 2021.
• 1. Our responsibility is to express an opinion on these financial results based on our audit of such Standalone Ind AS financial statements, which have been prepared in accordance with the Accounting Standards notified under Section 133 of the Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014 and other accounting principles generally accepted in India. Attention is drawn to the fact that the figures for the quarter ended March 31, 2021 as reported in these results are the balancing figures between the audited figures in respect of the year ended March 31, 2021 and the published year to date figures up to the end of the third quarter of the relevant financial year. Also, the figures up to the end of the third quarter had only been reviewed and not subjected to audit. he

1. Basis of Qualified Opinion

ee

ss

The company's trade receivables are subject to confirmation as at year 31" March 2021, possible effect(s) of the same on assets, liabilities and profit, if any, is not ascertainable.

We conducted our audit in accordance with the Standard on auditing specified under section 143(10) of the Companies Act, 2013.

Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts disclosed as financial results.

The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the Statement, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company's preparation and fair presentation of the Statement in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the Company's internal financial control with reference to the Statement.

—audit also includes evaluating the appropriateness of the accounting policies used and the 'reasonableness of the accounting estimates made by the Management, as well as evaluating the overall Y eae roe \ of the Statement. We believe that our audit provides a reasonable basis for our Opinion. on

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Head Office: 101 Hubtown Solaris, Near East West Flyover, N. S. Phadke Marg, Andheri (E), Mumbai 400069 "== Phone: 022-61037878 e Fax: 022-61037879 «© Email: info@endindia.com &

CHHAJED & DOSHI CHARTERED ACCOUNTANTS

5. Qualified Opinion

In our opinion and to the best of our information and according fo the explanations given to us, except for effects / possible effects of matters stated in paragraph 4 above, these quarterly and annual financial results:

• |. aré presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 in this regard: and
• ii. give a true and fair view of the net profit for the quarter as well as net profit for the year ended March 31, 2021.

6. Emphasis of Matters

• i. We draw attention to Note No. 3 to the financial statements which describe the uncertainty related to the outcome of the petitions/appeals filed by the company in the matter of:
  • a. electricity tax demand of Rs. 6429.26 lakhs on captive power generated and other matters during the period 2003 to 2019;
  • b. custom duty demand of Rs. 3164.60 lakhs of coal imported and other matters by the company during 2011 and 2012: and
  • c. Execution of assignment deeds of the lands at Sahupuram works in respect of which the state government has issued notice of repossession and demanded lease rent for the period occupied by the company. The land is treated as freehold.

No provision has been made for the aforesaid demands in view of the factors stated in the said note.

ii. Effects of COVID-19: We draw attention to Note 6, which describes the impact of the outbreak of coronavirus (COVID-19) on the business operations of the company. In view of highly uncertain economic environment, a definitive assessment of the impact on the subsequent periods is highly dependent upon circumstances as they evolve.

Our opinion is not modified in respect of these matters.

CA. Piylish Chhajed | Partne M. No. 108090

Place: Mumbai Date: 21% May, 2021 UDIN: 21108090AAAABG8349

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Head Office: 101 Hubtown Solaris, Near East West Flyover, N. S. Phadke Marg, Andheri (E), Mumbai 400069 « Phone: 022-61037878 « Fax: 022-61037879 «© Email: info@endindia.com

DCW LIMITED

		DCW LIMITEDRegistered office : Dhrangadhra - 363315 (Gujarat)
		Head Office	:'Nirmal', Nariman Point, Mumbai - 400021.
LIMITEDWebsite: www.dcwltd.com, Telephone: 22871914/16.Telefax: 22 22028838, E-mail: ho@dcwltd.com
CIN: L24110GJ1939PLC000748AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2021:					(Rs. In Lacs)
		QUARTER ENDED		YEARENDED	YEARENDED
PARTICULARS	31.03.2021Audited	31.12.2020Unaudited	31.03.2020Audited	31.03.2021Audited	31.03.2020Audited
REVENUE1. Revenue From Operations2. Other Income	45,567.95727.63	38,607.98169.93	29,259.09455.90	1,45,426.171,133.19	1,27,727.68853.87
3. TOTAL INCOME4. EXPENSES	46,295.58	38,777.91	29.814.99	1,47,559.36	1,28,581.55
a. Cost of materials consumedb. Purchase of stock-in-tradec. Changes in inventories of finished goods	26,129.067.26370.09	22, 513.23108.03	15,914.8845.66	78,118.13150.03	55.058.3070.20
d. Employee benefits expensee. Finance Cost	2,746.553,618.34	(2,200.78)3,448.592,732.31	(614.25)3,240.232,896.85	(2,658.92)13,312.9711,967.43	(1,531.96)12,251.9310,745.27
f. Depreciationg. Other expenses:	2,220.40	2,188.60	2.187.44	8,737.13	8,720.79
Power & FuelOther Expenses5. TOTAL EXPENSES	4,407.504,924.3144,423.51	4,850.304,042.7437,783.02	4,743.344.991.7133,405.86	19,475.0517,090.031,46,191.85	20.333.7716,899.091,32,547.39
6. Profit / (Loss) before exceptional items and tax	1,872.07	994.89	(3,590.87)	1,367.51	(3,965,84)
7. Exceptional items8. Profit / (Loss) before tax	$\rightarrow$1,872.07	$\bullet$994.89	٠(3, 590.87)	÷1,367.51
Tax expense :a. Current tax	250.00	×	¥	250.00	(3,965,84)
b. Deferred tax9. TOTAL TAX EXPENSE	975.111,225.11	375.30375.30	(1.685, 13)(1.085.13)	738.20988.20	(1.289.68)(1, 289.68)
10. Net Profit / (Loss) For the period11. Other Comprehensive Income / (Loss)	646.96	619.59	(2.505.74)	379.31	(2.676.16)
A i) Items that will not be reclassified to profit or loss(Acturial gain / (loss) on employee defined benefit fund recognised	(63.97)	37.16	69.73	47.50	148.62
in Other Comprehensive Income)A ii) Income tax relating to items that will will not be reclassified to profit or lossB i) Items that will not be reclassified to profit or loss	22.42٠	(13.01)	(24.06)÷.	(16.60)Ξ	(52.02)
B ii) Income tax relating to items that will be reclassified to profit or lossTotal Other Comprehensive Income	(41.55)	24.15	44.67	30.90	96.60
12. Total Comprehensive Income	605.40	643.74	(2,461.07)	410.21	(2,579.56)
13. Paid-up equity share capital (Face value of Rs. 2/- each)	5,220.61	5,220.61	5,220.61	5,220.61	5,220.61
14. Earnings per share (Basic and Diluted)	0.25	0.24	(0.96)	0.15	(1.12)
* Not annualised
SEGMENT REVENUE, RESULTS AND CAPITAL EMPLOYED :		QUARTER ENDED		YEARENDED	PREVIOUSYEAR END
PARTICULARS	31.03.2021Audited	31.12.2020Unaudited	31.03.2020Audited	31.03.2021Audited	31.03.2020Audited
Segment Revenue : (Gross Income)a. Soda Ashb. Caustic Soda	4,489.228.090.70	5,060.056,571.06	4.192.4210.435.79	17,869.5335,570.97	19,826.4946,752.96
c. Synthetic Iron Oxide Pigmentd. PVCe. CPVC	2,245.3725,915.864,590.89	1,710.3920,790.004,254.62	1,446.7610,859.892.151.75	5,977.3170.815.8714,857.25	3,963.7045,409.8810,294.88
e. Others / UnallocatedGross Sales from operation	235.9145,567.95	211.8638,607.98	272.4829,359.09	1,335.241,46,426.17	1,479.771,27,727.68
ii. Segment Results : (Profit before Interest and Tax)a. Soda Ashb. Caustic Soda	28.46(700.99)	301.93(1, 186, 87)	572.99(22.16)	663.43(1,355.09)	3,473.655,327.84
c. Synthetic Iron Oxide Pigmentd. PVC	(50.38)4,740.04	(279.29)3,604.56	(526.18)(949.31)	(1.109.63)10.721.59	(2,239.98)(1,795.05)
e. CPVCOthers / UnallocatedTotal:	1,419.3453.945,490.41	1,257.7219.153,727.20	189.6640.97(694.02)	3.831.91577.6313,334.94	1,264.80748.186,779.43
Less : InterestExceptional Items - (Profit) / Loss	3,618.34	2,732.31	2,896.85	11,967.43	10,745.27
TOTAL PROFIT BEFORE TAXiii. Capital Employed (Segment Assets)a. Soda Ash	1,872.0730,587.13	994.8930,696.61	(3,590.87)29,564.35	1,367.5130,587.13	(3, 965.84)29,564.35
b. Caustic Sodac. Synthetic Iron Oxide Pigment	50,769.1139,051.25	51,550.3739,766.69	50.167.4940.606.70	50.769.1139.051.25	50,167.4940,606.70
d. PVCe. CPVCOthers / Unallocated	21,554 9527,396.2011,792.70	21,807.8726,513.9311,783.45	18,864.B429.174.7210,721.41	21,554.9527.396.2011,792.70	18,864.8429,174,7210,721.41
Total:iii. Capital Employed (Segment Liability)	1,81,151.35	1,84,128.92	1,79,099.51	1,81,151.35	1,79,099.51
a. Soda Ashb. Caustic Sodac. Synthetic Iron Oxide Pigment	5,085.1412,904.341,763.10	5,854.2112,001.393,938.69	5.460.2718,259.151,884.76	5.085.1412.904.341,763.10	5,460.2718,259.151,884.76
d. PVCe. CPVCf. Others / Unallocated	25,725.922,549.789,491.40	21,393.693,080.115,578.63	23,013.333,019.889,680.86	25,726.922,549.789,491.40	23,013.333,019.889,680.86

aadiinaisistiku kirka tuli haraaa ilistairisti
a. Soda Ash	4,489.22	5,060.05	4.192.42	17,869.53	19,826.49
b. Caustic Soda	8,090.70	6,571.06	10.435.79	35,570.97	46,752.96
Synthetic Iron Oxide PigmentIc.	2,245.37	1,710.39	1,446.76	5,977.31	3,963.70
d. PVC	25,915.86	20,790.00	10,859.89	70,815.87	45,409.88
e. CPVC	4,590.89	4,254.62	2.151.75	14,857.25	10,294.88
e. Others / Unallocated	235.91	211.86	272.48	1,335.24	1,479.77
Gross Sales from operation	45,567.95	38,607.98	29,359.09	1,46,426.17	1,27,727.68
ii. Segment Results: (Profit before Interest and Tax)
a. Soda Ash	28.46	301.93	572.99	663.43	3,473.65
b. Caustic Soda	(700.99)	(1, 186.87)	(22.16)	(1.355.09)	5,327.84
Synthetic Iron Oxide Pigment	(50.38)	(279.29)	(526.18)	(1.109.63)	(2,239.98)
d. PVC	4,740.04	3,604.56	(949.31)	10.721.59	(1,795.05)
e. CPVC	1,419.34	1,267.72	189.68	3.831.91	1,264.80
Others / Unallocated	53.94	19.15	40.97	577.63	748.18
Total:	5,490.41	3,727.20	(694.02)	13,334.94	6,779.43
Less : Interest	3,618.34	2,732.31	2,896.85	11,967.43	10,745.27
Exceptional Items - (Profit) / Loss
TOTAL PROFIT BEFORE TAX	1,872.07	994.89	(3,590.87)	1,367.51	(3, 965.84)
iii. Capital Employed (Segment Assets)
a. Soda Ash	30,587.13	30,696.61	29,564.35	30,587.13	29,564.35
Caustic Sodab.	50,769.11	51,550.37	50.167.49	50.769.11	50,167.49
Synthetic Iron Oxide Pigment	39,051.25	39,766.69	40,606.70	39.051.25	40,606.70
d. PVC	21,554 95	21,807.87	18,864.84	21,554.95	18,864.84
e. CPVC	27,396.20	26,513.93	29.174.72	27.396.20	29.174.72
Others / Unallocated	11,792.70	11,783.45	10.721.41	11,792.70	10,721.41
Total:	1,81,151.35	1,84,128.92	1,79,099.51	1,81,151.35	1,79,099.51
iii. Capital Employed (Segment Liability)
a. Soda Ash	5,085.14	5,854.21	5.460.27	5.085.14	5,460.27
Caustic Sodab.	12,904.34	12,001.39	18.259.15	12.904.34	18,259.15
Synthetic Iron Oxide PigmentC.	1,763.10	3,938.69	1,884.76	1,763.10	1,884.76
d. PVC	25,725 92	21,393.69	23,013,33	25,725.92	23,013.33
e. CPVC	2,549.78	3,080.11	3,019.88	2,549.78	3,019.88
Others / Unallocated	9,491.40	5,578.63	9,680.86	9.491.40	9,680.86
Total :	57,519.67	51,846.72	61,318.25	57,519.67	61,318.25

STATEMENT OF ASSETS & LIABILITIES :

STATEMENT OF ASSETS & LIABILITIES :
Particulars	As at 31.03.2021 As af 37.03.2020Audited	Audited
ASSETS
4. Non Current Assets
(a) Property, Plant and Equipment	1,40,691.76	146,698.85
(b) Capital work in progressFinancial Assets	381.10	1246.75
(c)(i) Investments	0.88	0.86
(il) Loans	1,055.70	73844
(ii) Other Financial Assets	3738.83)	415.63,
c} Income Tax Assets (Net)d) Other Non-Gurrent Assets	137.85399.05	146.66332.38
Sub total - Non current assets	1,46,406.05	9,49,579.27
2. Current assets
(a) Inventories(b) Financial Assets:	16,908.77	17,707, 59
(i) Trade receivables	9,519.96	7,267.51
(il) Cash and Gash equivalents	5,000.50	870.07
(ii) Bank Balances Other than above	7244.88	4,146, 98
(ivy) Loans(c) Other Current assets	4719.862,324.22	164.313,636.06
Sub total - Current assets	41,918.99	33,786.46
TOTAL ASSETS	1,87,524,24	1,83, 365.79
EQUITY AND LIABILITIES
A. Equity(a) Equity Share Capital	5,220.61	6,220.61
(b) Other Equity	63,498.94	62,560,439
Total - Equity	68,779.55	67,781.04
B. LiabilitiesWNon- Current liabilities1
(a) Financial Liabilities:
Long Term Borrowings	52,273.70	46,791.10
Other Financial Liabilities(0) Provisions	3,737.611,532.37	T01241,366.41
(c) Deferred Tax Liabilities (net)	6,155.38	5,400.58
(d) Other Non Current liabilities	979.49	1,048 76
Total - Non Current liabilities2. Current liabilities	64,678.55	55,558.09
(a) Financial Liabilities
(i) Short Term Borrowings	6,511.81	6,961.35
(i) Trade payables
Dues to Micro and Small EnterprisesBues to Other than Micro.and Small Enterprises	796.5829,001.79	692.2437,629.26
(ii) Other Financial liabilities	7,688.51	12,627.51
(b) Provisions	558.40	471,76
(c) Other Current liabilitiesTotal - Current liabilities	9,568.0554,126.14	8244.4860,026.60
TOTAL - EQUITY AND LIABILITIES	1,87,524,.24	4,83,365.73
Cash Flow Statement for the year ended 31% March 2021

STATEMENT OF ASSETS & LIABILITIES :
Particulars	As at 31.03.2021 As af 37.03.2020Audited	Audited
ASSETS
4. Non Current Assets(a) Property, Plant and Equipment(b) Capital work in progress	1,40,691.76381.10	146,698.851246.75
Financial Assets(c)
(i) Investments(il) Loans	0.881,055.70	0.8673844
(ii) Other Financial Assets	3738.83)	415.63,
c} Income Tax Assets (Net)d) Other Non-Gurrent Assets	137.85399.05	146.66332.38
Sub total - Non current assets	1,46,406.05	9,49,579.27
2. Current assets
(a) Inventories(b) Financial Assets:	16,908.77	17,707, 59
(i) Trade receivables	9,519.96	7,267.51
(il) Cash and Gash equivalents(ii) Bank Balances Other than above	5,000.507244.88	870.074,146, 98
(ivy) Loans	4719.86	164.31
(c) Other Current assetsSub total - Current assets	2,324.2241,918.99	3,636.0633,786.46
TOTAL ASSETS	1,87,524,24	1,83, 365.79
EQUITY AND LIABILITIESA. Equity
(a) Equity Share Capital	5,220.61	6,220.61
(b) Other Equity	63,498.94	62,560,439
Total - EquityB. Liabilities	68,779.55	67,781.04
WNon- Current liabilities1
(a) Financial Liabilities:Long Term Borrowings	52,273.70	46,791.10
Other Financial Liabilities	3,737.61	T0124
(0) Provisions(c) Deferred Tax Liabilities (net)	1,532.376,155.38	1,366.415,400.58
(d) Other Non Current liabilities	979.49	1,048 76
Total - Non Current liabilities2. Current liabilities	64,678.55	55,558.09
(a) Financial Liabilities
(i) Short Term Borrowings(i) Trade payables	6,511.81	6,961.35
Dues to Micro and Small Enterprises	796.58	692.24
Bues to Other than Micro.and Small Enterprises	29,001.79	37,629.26
(ii) Other Financial liabilities(b) Provisions	7,688.51558.40	12,627.51471,76
(c) Other Current liabilities	9,568.05	8244.48
Total - Current liabilitiesTOTAL - EQUITY AND LIABILITIES	54,126.141,87,524,.24	60,026.604,83,365.73
Cash Flow Statement for the year ended 31% March 2021
ParticularsA.Cash flow from Operating Activities	For the year ended 31.3.2021			For the year ended 37.3.2020
Net profit before tax		1,367.51		(3,965.84)
Adjustments for : Non cash ItemsDepreciation and amortisation expense	8.737.138		8,720.79
Unrealized Exchange Less / (Gain)	11.28		1,123.91
Finance CostsInterest income	14,967.43(407.50)		10,745.27(246.73)
(Profit) / Loss on Sale of Assat (NET)	0.54		74.83
Income Recognized Against Capital GrantProvisions made/(written back) during current year	(89.27)253.60		(69.28)253.02
Unclaimed belances written back	14.72	20,507.92	(297.03)	20,004.79
Operating profit before working capital changesAdjustments for : Working Capital		21,875.43		16,538.95
Trade receivables & cther current assets	(896.16)		(2,064.65)
Long term loans & advancesinventories	(385.13)792.82		1,690.21(6,470.31)
Trade and other payables	4,013.15	524.68	7.79159	1.94684
Cash generation from operations		22,400,141		18,285.79
Unrealized Exchange Lass / (Gain)Direct taxes paid (Net off Refund)		(11.28)B81		(1,423.81)(209.39)
Net cash flow from operating activities		22,397.64		16,952.49
B. Cash flow from Investing Activities
Purchase of fixed AssetsSale of Fixed Assets	(1,785.97)16.09,		(1,874.55)19.838
Fixed Deposit with Bank	(6,949.77)		(2,990.34)
	407.50	(8,312.14)	246.73	(4,298 ,28)
Interest income
Net cash used in Investing activitiesiC. Cash flow from Financing Activities
Proceeds-from issue of share capital	-		7,207.73
Proceeds from Long-Term BorrowingsRepayment of Long Term Borrowings (term loans)	46,697.00(43,454.82)		20,358.00(19,798.06)
Short Term Borrowings (Net)	150.46		(9,058.14),
Unpaid Dividends transferred to Investor Education and Protection FundFinance Casts	(11.35)(13,212.81)		(10:56)(10,577.23}
Lease Liability paid	(21.91)		(21,32)
Net cash used in financing activities		(9,853.42)		(11,899.55)
Net increase / (Decrease) in Cash and Cash equivalents		4,232.07		754,65
Opening Cash and Cash EquivalentsClosing Cash and Cash Equivalents		870.015,000.50		175.36870.01

NOTES :	1, The above financial results are drawn in accordance with the accounting policies consistently followed by the Company, The results have been reviewed by the Audit Committee and
approved by the Board of Directors at their meeting held on May 21, 2021.(indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) Amendment Rules, 2016,3, Inthe matter of	2. The results for the quarter and year ended 37st March, 2027 are in compliance with IND-AS as prescribed under section 133 of the Companies Act 2013 read with Rule 3 of the Companies
Madras High Court. No pravision is considered necessary by the management for the Electricity Tax demand.	A. Tamit Nadu Electricity Tax demand of Rs. 6429.26 lacs in respect of captive power generated at Sahupuram unit for the period 2003 to 2019 & others, the Company has been jegally advisedand is hopeful of favourable outcome before the Supreme Court on the invalidily of and the retrospective application of the Amending Act of 2003 and in the writ petition filed before the Hon'ble
before CESTAT, Accordingly no provision has been made in the accounts.	B. Inrespect of demand of differential duty of Customs of Rs. 3164.60 lacs in respect of coal imports in earlier years the Company has bsen legally advised thal it has the fair chance of successC. Inthe matter of re-possession notice issued by the State Government and demand of lease rent relating to land at Sahupuram works for which the assignment deeds are stil ta be executed,
Company as per Sec.53A of the Transfer of Property Act. Accordingly the said land is treated as freehold".	the Company has been legally advised that it has very good case and hence the ownership of the land would be evntually transferred in the name of the4, During the year ended 31st March, 2021, the Campany has received Rs. 362.92 Crores on allotment of Non Convertible Debentures & Rs.60 Crores on allotment of Optionally Convertible
Debentures.	5. In pursuance of Section 115BAA of the income tax act, 1961 notified by the Government of India through taxation Law (Ammendment) Ordiance 2019, Company hasan option of shifting tolower tax rate along with consequent reduction in certain tax incentives. The company is in process of evaluating the option and the impact, if any, thereof shall be taken at the time of exercising Ihe option.
Covid-19 Impact Analysis :6.	"The outbreak of corona virus (COVID-19) pandemic globally and in India is causing disturbance and slowdown of economic activity, The Company's operations and revenue during the current quarterwere impacted due lo COVID-19. The Company has taken into account the possible impact of COVID-19 In preparation of the unaudited financial results, including its assessment of recoverable value
7. The Deferred Tax includes MAT Credit Entitlement and reversal of MAT Credit unutilised.	of its assets based on internal and external information upto the date of approval of these unaudited financial results and current indicators of future economic conditions."&. The figures for the last quarter are the balancing figures between the audited figures in respect of the full financial year and the year to date published figures upto the third quarter of the financial year.9. The figures for the corresponding previous periods have been restated / regrouped wherever necessary, lo make them comparable.
QQ	For and on behalf of the Board of Directors
Place : Mumbai
Dated : 21" May, 2021	Pramod Kumar JainChairman & Managing DirectorDCW LIMITED - Manufacturers of CHEMICALS THAT MAKE INDUSTRIES HUM
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