DIGJAM LIMITED — Audit Report / Information 2023

May 29, 2023

DIGJAM LIMITED

Secretarial Department: Aerodrome Road, Jamnagar – 361 006, India. Tel.: +91 (0288) 2712972-73 E-mail: cosec@digjam.co.in

May 29, 2023

BSE Ltd. Corporate Relationship Department, 1st Floor, New Trading Ring, Rotunda Building, P.J. Towers, Dalal Street, Fort, Mumbai 400 001

Code No. 539979

National Stock Exchange of India Ltd. Listing Department, 'Exchange Plaza', C/1, Block G, Bandra-Kurla Complex, Bandra (E), Mumbai 400 051

Symbol "DIGJAMLMTD"

Dear Sir,

Sub: Outcome of the Meeting of the Board of Directors held on May 29, 2023

Ref: Disclosure under Regulation 30 and 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations")

This has reference to our letter dated May 22, 2023 and in accordance with Regulation 33 and Regulation 30 read with Schedule III of the SEBI Regulations, we hereby inform you that the Board of Directors of the Company at their Meeting held today i.e., Monday, May 29, 2023, inter-alia, has transacted the following items of business:

• 1. Approved the audited financial results [standalone] for the quarter / year ended on March 31, 2023 of the Company.
• 1. Approved the Appointment of Sri Pankaj Gharat as Chief Financial Officer (KMP) of the Company with effect from May 29, 2023.

The details as required under Regulation 30 read with Schedule III of the Listing Regulations and SEBI Circular No. CIR/CFD/CMD/4/2015 dated September 9, 2015 is enclosed herewith as Annexure – 1.

1. Resignation of Sri Punit A. Bajaj from the position of Company Secretary and Compliance Officer and also as the Key Managerial Personnel of the Company with effect from June 30, 2023.

The details as required under Regulation 30 read with Schedule III of the Listing Regulations and SEBI Circular No. CIR/CFD/CMD/4/2015 dated September 9, 2015 is enclosed herewith as Annexure – 2.

• 1. Eighth Annual General Meeting of the members of the Company is scheduled to be held on Friday, September 22, 2023 through Video Conference / Other Audio-Visual Means.
• 1. In this regard, please find enclosed a copy of each of the following:
  • a. the audited financial results [standalone] for the quarter / year ended on March 31, 2023, reviewed by the Audit Committee and taken on record by the Board

DIGJAM LIMITED

of Directors, today i.e. May 29, 2023 pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("the Listing Regulations").

b. the Audit Reports of M/s. Nayan Parikh & Co., Chartered Accountants and the Statutory Auditors of the Company certifying the audit of the financial results (standalone) of the Company for the quarter / year ended on March 31, 2023 pursuant to regulation 33 of the Listing Regulations.

The same is being also uploaded on the Company's website: www.digjam.co.in.

The meeting of the Board of Directors of the Company commenced at 11:30 A.M and concluded at 02:50 P.M.

Please display this notice on the website of the Exchange for information of all concerned.

Thanking you,

Yours faithfully, For DIGJAM Limited HARDIK BHARAT PATEL Digitally signed by HARDIK BHARAT PATEL Date: 2023.05.29 17:12:01 +05'30'

(Hardik B. Patel) Chairman and Whole Time Director

Encl: as above

Annexure – I

Appointment of Sri Pankaj Gharat as Chief Financial Officer (KMP):

Further, in compliance of Regulation 30 of the Listing Regulations read with SEBI circular no. CIR/CFD/CMD/4/2015 dated September 9, 2015, please find below the following disclosures:

Reason for change viz.	Appointment to fill up vacancy due toresignation of Chief
appointment,	Financial Officer.
resignation,removal,
death or otherwise;
Date of appointment /	May29, 2023
cessation (as
applicable) & term of
appointment
Brief Profile:	Sri Pankaj Gharat, aged about 36years, is a Fellow member
	of the Institute of Chartered Accountants of India and a
	qualified Company Secretary. He is having expertise in
	auditing, finance and general management and is having an
	experience of over 13 years in industry. Prior to joining
	Digjam Limited he has served as a CFO of Being Human
	Clothing and Banswara Syntex Limited.
Disclosure of	Not Applicable
relationships between
Directors interse
Manager and KMPs

Further, pursuant to Regulation 30(5) of the Listing Regulations, we would like to inform that Sri Pankaj Gharat, Chief Financial Officer of the Company is authorized by the Board to make the disclosures to the stock exchanges with regard to material events or information. His contact details are as under:

Name	Designation	Contact No.	Email Id
SriPankaj Gharat	Chief Financial Officer	0288-2712972	cosec@digjam.co.in

Secretarial Department: Aerodrome Road, Jamnagar – 361 006, India. Tel.: +91 (0288) 2712972-73 E-mail: cosec@digjam.co.in

Annexure – II

Resignation of Sri Punit A. Bajaj as Company Secretary and Compliance Officer of the Company:

Sr.	Details of events that needs to be	Information of such event (s)
No.	provided
1.	Name	Sri Punit A. Bajaj
2.	Reasonforchangeviz.appointment, resignation, removal,	Resignation due to personaloccupancy.
	death or otherwise;	The Board of Directors in their Board
		MeetingheldonMay29,2023has
		accepted his resignation.
3.	Date of appointment/ cessation (as	June30, 2023
	applicable) & term of appointment
4.	Brief Profile:	Not Applicable
5.	Disclosure of relationships between	Not Applicable
	Directors inter se Manager and
	KMPs
6.	Disclosure in terms of Regulation	Sri Punit A. Bajajhas confirmedthatthere
	30 read with Clause 7B of Part A of	is no other material reason for the said
	Schedule III of SEBI Regulation.	resignation.

NAYAN PARIKH $CO.$ $&$

(REGISTERED) CHARTERED ACCOUNTANTS

OFFICE NO. 9, 2ND FLOOR, JAIN CHAMBERS, 577, S.V. ROAD, BANDRA (WEST), MUMBAI 400050, INDIA. PHONE: (91-22) 2640 0358, 2640 0359

Independent Auditor's Report on Audit of Annual Financial Results and Review of Quarterly Financial Results of Digjam Limited pursuant to the Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulation, 2015

To The Board of Directors Digiam Limited Mumbai

Opinion and Conclusion

JMBAI

We have (a) audited the Financial Results for the year ended March 31, 2023 and (b) reviewed the Financial Results for the quarter ended March 31, 2023 (refer "Other Matters" section below), which were subject to limited review by us, both included in the accompanying "Statement of Financial Results for the Quarter and Year ended March 31, 2023" of Digiam Limited ("the Company"), ("the Statement"), being submitted by the Company pursuant to the requirements of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations").

$(a)$ Opinion on Annual Financial Results

In our opinion and to the best of our information and according to the explanations given to us, the Financial Results for the year ended March 31, 2023:

• (i) is presented in accordance with requirements of Regulation 33 of the Listing Regulations, and
• (ii) gives a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian Accounting Standards and other accounting principles generally accepted in India of the net loss and other comprehensive income and other financial information of the Company for the year then ended.

Conclusion on Unaudited Financial Results for the quarter ended March 31, 2023 (b)

With respect to the Financial Results for the quarter ended March 31, 2023, based on our review conducted as stated in paragraph (b) of Auditor's Responsibilities section below, nothing has come to our attention that causes us to believe that the Financial Results for the quarter ended March 31, 2023, prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

Basis for Opinion on the Audited Financial Results for the year ended March 31, 2023

We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under ARI/section 143(10) of the Companies Act, 2013 ("the Act"). Our responsibilities under those Standards are further described in paragraph (a) of Auditor's Responsibilities section below.

We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ("ICAI") together with the ethical requirements that are relevant to our audit of the Financial Results for the year ended March 31, 2023 under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics issued by ICAI. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion.

Management's Responsibilities for the Statement

This Statement which includes the Financial Results is the responsibility of the Company's Management and approved by the Board of Directors for the issuance. The Financial Results for the year ended March 31, 2023 has been compiled from the related audited financial statements. This responsibility includes the preparation and presentation of the Financial Results for the quarter and year ended March 31, 2023 that give a true and fair view of the net loss and other comprehensive income and other financial information of the Company in accordance with the recognition and measurement principles laid down in Indian Accounting Standards ("Ind AS") prescribed under section 133 of the Act read with the relevant rules issued thereunder and other accounting principles generally accepted in India 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 Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Financial Results, the Board of Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, 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.

The Board of Directors are also responsible for overseeing the financial reporting process of the Company.

Auditor's Responsibilities

$(a)$ Audit of the Financial Results for the year ended March 31, 2023

Our objectives are to obtain reasonable assurance about whether the Financial Results for the year ended March 31, 2023 as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is 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 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 Annual 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. However, under section $143(3)$ (i) of the Act, we are also responsible for expressing our opinion through a separate report on the complete set of financial statements on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
• Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors in terms of the requirements specified under Regulation 33 of the Listing Regulations.
• $\bullet$ Conclude on the appropriateness of the Board of Directors' use 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 Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the statement 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 auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the Annual Financial Results, including the disclosures, and whether the Annual Financial Results represent the underlying transactions and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the Annual Financial Results of the Company to express an opinion on the Annual Financial Results.

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.

$(b)$ Review of the Financial Results for the quarter ended March 31, 2023

We conducted our review of the Financial Results for the quarter ended March 31, 2023 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 ICAI. A review of interim financial information consists of making inquiries, primarily of the Company's personnel 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 SAs specified under section 143(10) of the Act 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.

Other Matters

The Statement includes the results for the quarter ended March 31, 2023 being the balancing figures between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year, which were subject to limited review by us. Our report on the Statement is not modified in respect of this matter.

Place: Mumbai Dated this 29th day of May 2023

For Nayan Parikh &Co. Chartered Accountants Firm Registration No. 107023W

PARIKA necessed $\frac{1}{2}$ MUMBAI Y. Naravana Partner Red Acco Membership No. 060639 UDIN:23060639BGRYVC9664

STATEMENT OF FINANCLAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2023

						(Re In Lakhsi
		For Quarter ended			For Year ended
		Mareh 31,	December 31. March 31.		March 31.	March 31.
	Particulars	2023	2022	2022	2023	2022
		Refer Note 6 Uaaudited		Refer Note	Audited	Audited
	Income
	Revenuc from operations	717	893	765	3,321	3. 122
	Other Income			180	89	482
	Total Income	734	908	045	3.410	3.604
2	Expenses
	a) Cost of materials consunmed	137	273	182	870	760
	b) Purchases of stock-in-trade	125	124	294	586	894
		7	(173)	(19)	(211)	(859)
	c) Changes in inentories of finishcd goods, work-in-progress
	and stock-in-trade
	d) Employee bencfits expense	17	359	291	1.362	1.214
	<) FinancC c Costs	108		89	411	198
	Depreciation and amortisation		16	57	102	225
	) Oher Expenscs	261	334	164	L,120	L054
	Total Expenses	970	1072	958	4.240	.486
3	Profit / (Loss) before Tax and Exceptional Items (1-2)	(236)	(164)	(13)	(830)
4	Exceptional Items (Net)		390	(1)	390
	Profit and (Loss) Before Tax (34)		(554)	(12)	(1,220)	118
6	Tx Expense (Net)	(236)
	7 Profit and Loss Aner Tax (5-6)	(236)	(554)	(121	(1,220)	118
8	Other comprebensive income (Bet of tax)
	Items that will not be dassificd to Profit or (loss)
	(i) Remncasurcmcnts ol sof the defincd benefit plan			53	33	32
	Other comprchcnsive Income/ (Loss)				33	32
	Total comprebessive Iocome I (loss) for the period/year (78)	(227)	(546)	40 T	(1,187)	150
	10/share)Paid-up Equity Share Capital (Face value:	2,000	2,000	2,000	2.000	2.000
	1Other cquity cxcuding revaluation reserve				807	1.995
	Earnings per Share (of10 cach) (not annualiscd) () before &after extraordinary items: - Basic & Diluted	(L.18)	(2.77)	(0.06)	(6.10)	0.59

For and on Behalfof the Board of Directors For DIGJAM Limited

Hardik Bharat Patel Chaimn &Whole-Time Director DIN: 00s90663

Mumbai May 29, 2023

	(Rs In Lakhs)
		As at	As at
		March 31.	March 3L.
SI,	Particulars	2023	2022
		Audited	Audited
	JASSETS
	Non-Current Assets
	Property. Plant and Equipment	5.949	11,751
	Capital Work-in-progres		2
	Other Intangible Assets	2
	Financial Assets
	. Other financial assets	20	8
	Total Non-Current Assets
		5,971	1,762
	Current Assets
	Inventories		I,667
	Financial Assets	1,866
	oc Rcccivables	938	992
	Cash and cash cquivalents		34
	Current Tax Assets (Net)		22
	Other Curent Assets	5077	138
	Total Current Assets
		2,946	2,853
3	Non- Current Assets - Held for Sale
		5389
	Total Assets	14.306	14,615
B	EQUITY AND LIABILITIES
	Equity
	Equity Share Capital	2,000	2,000
	Other Equity	807	1,995
	Total Equity	2,807	3.995
2	Non-current Liabilities
	Financia Liabilities
	Borrowings	4,832	6,003
	ProvisionsII.	36
	IL Other non-curent liabilities	457	423
	Total Non-curreat Liabilities	5321	6.462
	Current Liabilities
	Financial Liabilities
	L. Borrowings	2,500	2.390
	Trade PayableI
	due to Miro and Small enterprises	14	24
	duc lo other than Micro and Small enterprises	374	743
	IIL Othcr financial liabil1ties	644	687
	Provisions
	Other Current Liabilitics	2,637	307
	Total Current Liabilities	6,178	4,157
	Total Equity and Liabilities	14,306
			14,615

For and on Behalfof the Board of Dircctors. For DIGJAM Limited

Hardik Bharat Patel Chairman& Whole-Time Director DIN 00590663

Mumba, May 29. 2023

Audited standalone Statement of Cash Flows :

(Rs In Lakhs)

		Year ended	Year ended
	Particulars	March 3I.	March 31.
SL.		2023	2022
		Audited	Audited
	Cash Flows from Operating Activities	(1.221)	I18
	Profit before Exceptional Items and Tax
	Adjustments for	102	22
	and Amortisation ExpenseDepreciation :	28	32
	Provisions for Gratuity	30	32
	Provisions for Bonus	2	(0)
	Provisions for Compensated absences		194
	Finance Costs	411
	Interest Income	(1)
	Assets Hckd for Sales Written off	390
	ProvisionsLiabilities no longer required written back	(15)	(59
	(Gainyl.oss on sale of Property. Plant & Equipment (Net)	(61)	(423)
	Asset Discarded
	Provision for Doubtful Trade Reccivables and Bad Debts written off	17
	Operating (Los) / Profit before Working Capital Changes	(313)	131
	Changes in Working Capital:
	Incrcase in Inventories	(200	(754)
	Decrease/(increase) in Trade reccivables	37	(845)
	(IncreaseyDecrease Other financial assets	(12	25
	Decrease Other Curent Assets	62	9
	Incrcase non-current Provisions		21
	Decrease Other non-current liabilities		(5
	(Decrease) Other financial liabilities	(43)	111
	Incrcase Current Provisions
	Increase Other Current Liabilities	2,335
	Incrcase in Trade Payables	(379)	633
	Cash Generalcd from Operations	1.487(8)	(561)
	Income Taxes paid (Net of Rcfund)		(3)
	Net Cash Generated by/(used in) Operating Activities (A)	1.459	(564)
	B.Cash lows from Investing Activities		(38
	JCapital Expenditure on Property, Plant and Equipment and Intangible Assets	(89)	468
	Procceds from sale of Property, Plant and Equipment	21)	429
	Net Casth Flow (used in) / generated from Investing Activities [B]
C	Cash Flow from Fiaancisg Activities	(383)	(19
	Finance CostProcecds from Long Term Borrowings	2,443	2,568
	Repayment of Long-Tem Borowings	(3,517)	(2.397)
	Net Casb Flow w (used in) /generated fron Financing Activities (C]	(1.457)	52
	NET INCREASE IN CASH AND CASH EQUIVALENTS JA+B+C	(19)
	Cash and Cash Equivalents at the beginning of the ycar (Note 7)	34	16
	Cash and Casb Equivalents at the end of the year (Note 7)

The above Stalement has been prepared by using indirect method as per IND AS 7 on Statement of Cash Flows

Notes to Results -

• 1. The above financial results for the quarter and ycar cnded March 31, 2023 have been reviewed by the Audit Conmittce and approved by the Board of Dircctors at its meeting held on May 29, 2022
• 2 These results have becn prepared in accordance with Indian Accounting Standards (Ind AS) prescribcd under section 133 of the Companies Act, 2013 and other recognised accounting practices and poBicies to the extent applicable
• DIGIAM 1.imited ("the Company") underwent a corporate insolvency resolution process under section 31 of he Insolvency and Bankruptcy Code. l6. This process was concluded in the financial year 2020-202I and the Board of Directors Was reconstituted with effect from Novemher 22, 2020 in accordance with the resolution plan that was approved by the Honble National Company Law Tribunal, Ahmedabad Bench which is fully implemented as on date in all respect
• During the year ended March 31, 2023, , 2023, thc Company has discarded Property, Plant and Equipment in the nature of a building amounting to Rs 390 Lakhs class1fied as an cxoeptional item
• As the Company's business activity falls within a single Business Segment in terms of ind AS 108 on "Operating Segment", the financal results are reflective of the information requircd by Ind AS 108.
• Figures for the quarters ended 31, 2023 and March 31, 2022 are the balancing figures betwcen audited figures in respect of the full financial year and the published vear to date figurcs up to the thid ouarter of the relevant financial years in accordancc with applicable Ind AS.

SIGN E FOR BY IDENTIFICATION Mumbai, May 29, 2023 MUMBA CO

For and on behalf of Board of Dircctors For DIGJAM Limited

Lootcl Hardik Bharat Patel Whole-Time Director DIN: 00590663