Khandwala Securities Ltd. — Interim / Quarterly Report 2021

Jun 29, 2021

Vikas Building, Ground Floor. Green Street. Fort, Mumbai - 400 023. Tel.: (B) 91-22-4076 7373 · Fax: 91-22-4076 7377/78 Website: www.kslindia.com . CIN No.: L67120MH1993PLC070709

$(De, In the left)$

KHANDWALA SECURITIES LIMITED

Regd. Office : Vikas Bldg, Ground floor, Green Street, Fort, Mumbai - 400 023

STANDALONE AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021

	Sr. Particulars		Quarter Ended		Year Ended	ILAN HERMAN
No.		31.03.2021	31.12.2020	31.03.2020	31.03.2021	31.03.2020
		(Audited)	(Unaudited)	(Audited)	(Audited)	(Audited)
1	Revenue from Operations	142.91	70.88	50.13	359.63	273.54
$\overline{2}$	Other Income	(66.07)	7.13	61.95	17.73	88.46
3	Total $(1+2)$	76.84	78,00	112.08	377.35	362.00
$\blacktriangleleft$	Expenses
	a) Cost of materials consumed	$\qquad \qquad \blacksquare$	$\overline{\phantom{a}}$	÷.
	b) Purchases of Stock-in-Trade
	c) Changes in inventories of finished goods work-in-progress and Stock-in-Trade	0.92	(0.01)	2.47	0.92	9.47
	d) Employee benefits expense	81.27	87.14	49.96	250.32	242.15
	e) Finance Cost	17,40	18,39	50.18	73.99	81.70
	1) Depreciation and amortization expense	4.02	8.16	5.69	27.75	27.97
	g) Other Expenses	85.47	48.30	241.41	194.05	363.23
	Total Expenses	189.07	161.98	349.71	547.03	724.52
	5 Profit / (Loss) before Exceptional and Extraordinary items and Tax$(3-4)$	(112.23)	(83.97)	(237.62)	(169.68)	(362.52)
6	Exceptional Items
$\overline{7}$	Profit / (Loss) before Extraordinary Items and Tax (5.6)	(112.23)	(83.97)	(237.62)	(169.68)	(362.52)
8	Extraordinary Items
9	Profit / (Loss) before Tax (7 - 8)	(112.23)	(83.97)	(237.62)	(169.68)	(362.52)
	10 Tax Expenses
	Current tax
	Deferred tax	(0.77)	(1.45)	(0.31)	(4.68)	(3.82)
	Total Tax Expenses	(0.77)	(1.45)	(0.31)	(4.68)	(3.82)
	11 Profit / (Loss) for the period from continuing operations (9-10)	(111.46)	(8253)	(237.31)	(165.00)	(358.70)
	12 Profit / (Loss) from discontinuing operations before tax
	13 Tax expense of discontinuing operations
14	Profit / (Loss) from Discontinuing operations after tax (12-13)
15	Profit / (Loss) for the period $(11 + 14)$	(111.46)	(82.53)	(237.31)	(165.00)	(358.70)
16	Other Comprehensive Income
	A) - Amount of item that will not be reclassified to Profit and loss	0.14	$\ddot{\phantom{a}}$	(0.60)	0.14	(0.60)
	- income lax relating to items that will not be reclassifed to profit and
	loss
	B) - Amount of item that will not be reclassified to Profit and loss- income tax relating to items that will not be reclassifed to profit and
	loss
17	Total Comprehenasive Income for the period (15+16) (ComprisingProfit/(Loss) and other Comprehensive Income for the period)	(111.31)	(82.53)	(237.91)	(164.86)	(359.30)
18	Paid-Up Equity Share Capital (Face Value Rs.10/- Per Share)	1,193.90	1,193,90	1,193.90	1,193.90	1,193.90
19	Reserves excluding Revaluation Reserve				863.59	1,031.06
20	Earning Per Share before Extraordinary Items
	a) Basic	(0.93)	(0.69)	(1.99)	(1.38)	(3.00)
	b) Diluted	(0.93)	(0.69)	(1.99)	(1.38)	(3.00)
	21 Earning Per Share after Extrordinary Items
	a) Basic	(0.93)	(0.69)	(1.99)	(1.38)	(3.00)
	b) Diluled	(0.93)	(0.69)	(1.99)	(1.38)	(3.00)

Wealth Visionaries

STANDALONE AUDITED SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR QUARTER AND YEAR ENDED MARCH 31, 2021

						(Rs. In lakhs)
Sr.	Particulars		Quarter Ended		Year Ended
No.		31.03.2021(Audited)	31.12.2020(Unaudited)	31.03.2020(Audited)	31.03.2021(Audited)	31.03.2020(Audited)
$\mathbf{1}$	Segment Revenue
a)	Investment / Stock Operations	(3.50)	9.97	(10.20)	66.36	63.51
b)	Feebased Operations	146.42	60.91	60.33	293.27	210.03
c)	Other Unallocated Revenue	(66.06)	7.13	61.95	17.73	88.46
	Total	76.85	78.00	112.08	377.35	362.00
	Less : Intersegment Revenue
	Net Income / (Loss) from operations	76.85	78.00	112.08	377.35	362.00
$\overline{\mathbf{2}}$	Segment Results Profit/ (loss) before interest and tax
a)	Investment / Stock Operations	(7.04)	9.26	(225.00)	58.63	(167.09)
b)	Feebased Operations	21.82	(36.74)	2.21	(27.89)	(63.74)
	Total	14.78	(27.48)	(222.80)	30.74	(230.84)
	Less : Interest	17.40	18.39	50.18	73.99	81.70
	Other unallocable Expenditure net of unallocable revenue	(109.61)	(38.10)	35.36	(126.43)	(49.98)
	Total Net profit/ (Loss) before Tax	(112.23)	(83.97)	(237.62)	(169.68)	(362.52)
3	Segment Assets
a)	Investment / Stock Operations	441.18	452.48	455.13	441.18	455.13
b)	Feebased Operations	2,295.89	2.292.32	2,074.20	2,295.89	2,074.20
C)	Unallocated	1,460.55	1,490.14	1,521.82	1,460.55	1,521.82
	Total Assets	4,197.62	4,234.94	4,051.15	4,197.62	4,051.15
4	Segment Liabilities
a)	Investment / Stock Operations	0.01	0.01	0.02	0.01	0.02
b)	Feebased Operations	1,339.83	1,189.12	943.72	1,339.83	943.72
C)	Unallocated	106.25	104.39	108.52	106.25	108.52
	Total Liabilities	1,446.09	1,293.52	1,052.26	1,446.09	1,052.26
5	Capital Employed (Segment Assests- Segment Liabilities)
a)	Investment / Stock Operations	441.17	452.47	455.11	441.17	455.11
b)	Feebased Operations	956.06	1,103.20	1,130.48	956.06	1,130.48
c)	Unallocated	1,354.30	1,385.75	1,413.29	1,354.30	1,413.29
	Total Capital Employed	2,751.53	2,941.42	2,998.89	2,751.53	2,998.89

Wealth Visionaries

STANDALONE STATEMENT OF ASSETS & LIABILITIES AS ON 31st MARCH 2021

	As At	As At
Particulars	March 31, 2021	March 31, 2020
	(Audited)	(Audited)
ASSETSA
(1) Non Current Assets
(a) Property, Plant and Equipment	533.82	553.78
(b) Intangible assets	11.39	6.18
(c) Financial Assets
(i) Investments	434.50	449.83
(ii) Loans	1,470.67	882.67
(iii) Others	216.69	216.69
(d) Deferred tax assets (net)	21.15	16.48
(e) Other non-current assets	145.49	160.75
(2) Current Assets
Financial Assests
(i) Investments	6.64	5.26
(ii) Trade receivables	683.60	939.09
(iii) Cash and cash equivalents	4.94	5.81
(iv) Bank balances other than (iii) above	630.47	786.72
(v) Loans	24.32	23.35
(vi) Other current assets	14.70	4.54
Total Assets	4,198.39	4,051.15
EQUITY AND LIABILITIESB
(1) Equity
(a) Equity Share Capital	1,193.90	1,343.90
(b) Other Equity	863.59	1,031.06
Non Current Liabilities(2)
(a) Financial Liabilities
(i) Borrowings	694.04	623.93
(b) Provisions	18.26	16.00
(c) Other non-current liabilities	3.90	1.65
Current Liabilities(3)
(a) Financial Liabilities
(i) Trade payables	1,243.78	998.38
(b) Other current liabilities	180.92	36.24
Total Equity And Liabilities	4,198.39	4,051.15
		NOW,

Wealth Visionaries

STANDALONE CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2021

Particulars	For the Year ended March 31, 2021		For the Year ended March 31, 2020
A. Cash flow from operational activities
Net (Loss)/Profit before tax adjusted for prior period items
and excess provisions for tax written back		(169.71)		(362, 52)
Adjustments for:
Depreciation	27.75		27.97
Interest Income	(15.49)
Finance Cost	73.99		(18.46)81.70
Unrealised Gains On Mark to Market of F&O Stock	2.97		6.39
Provision for Dimunition in Investments/ Stock	0.92		9.47
Lease Rentals
Other Comprehensive Expenses	0.14		(30.00)
Interest on Income Tax Refund	(0.28)		(0.60)
Provision for MAT	(2.61)
Sundry Debit Balance written off	1.95
Sundry Credit Balance Written Back	(1.05)		3.01
Dividend Income			(41.71)
	(1.74)		(1.10)
		86.56		36.67
		(83.15)		(325.85)
Operating profit before working capital changes
Adjustments for:
Inventories	(5.17)		(5.89)
Trade Receivables & Other Receivables	(328.16)		406.83
Current Liabilities & Provision	395.64		(430.03)	(29.09)
Cash generated from operations		(83.15)		(354.93)
Direct taxes Refunded / (paid)
Net cash (used in) / generated from operating activities		(83.15)		(354.93)
B. Cash flow from investing activities
Sale / (Purchase) of fixed assets (Net)	(13.00)		(6.65)
Sale/ (Purchase) of Investments (Net of purchase)	15.33		(50.19)
Interest received	13.59		15.68
Dividend received	1.64		1.00
Net cash (used in) / generated from investing activities		17.57		(40.16)
C. Cash flow from financing activities
(Repayment)/Proceeds from long term borrowings(Net)	70.11		134.88
(Repayment)/Proceeds from Preference shares	(150.00)
(Repayment)/Proceeds from short term borrowings(Net)
Interest and other Finance charges	(73.99)		(81.70)
Net cash (used in) / generated from financing activities		(153.87)		53.18
Net increase/(decrease) in cash and cash equivalents		(157.14)		(341.92)
Cash and Cash equivalents (opening balance)	792.53		1,134.45
Cash and Cash equivalents (closing balance)	635.41		792.53
		(157.12)		(341.92)

Wealth Virianories

Notes:

• 1. The above audited standalone financial results of the Company for the quarter and year ended March 31, 2021 have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at their respective meetings held on June 29, 2021.
• 1. The Company had adopted Indian Accounting Standards (Ind AS) from April 1, 2017 with a transition date of April 1, 2016 and accordingly these financial results have been prepared in accordance with the recognition and measurements principles laid down in the applicable Ind AS prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and the other accounting principles generally accepted in India.
• 1. The above results are after considering the diminution in the value of the shares held as stock-intrade.
• 1. The figures for the quarter ended 31st March 2021 and 31st March 2020 are 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 respective financial year.
• 1. The Company has evaluated the implications of Covid-19 pandemic and has determined there is no significant impact on its financial position and performance. The Company has taken into account the possible impact of Covid-19 in preparation of the audited standalone financial results including assessments of recoverable value of its assets such as trade receivables, inventories, other assets, etc., and current indicators of future economic conditions. The Company will continue to closely monitor any material changes arising out of future economic conditions and impact on its business.
• 1. Figures of the previous periods have been re-grouped/re-classified wherever considered necessary to make them comparable with the current period's classification.

For and on behalf of the Board of Directors. Khandwala Securities Limited

PALAmobal

Paresh J. Khandwala Managing Director

Place: Mumbai Date: June 29, 2021

Vikas Building, Ground Floor, Green Street, Fort, Mumbai - 400 023. Tel.: (B) 91-22-4076 7373 · Fax: 91-22-4076 7377/78 Website: www.kslindia.com . CIN No.: L67120MH1993PLC070709

KHANDWALA SECURITIES LIMITED

Regd. Office : Vikas Bldg, Ground floor, Green Street, Fort, Mumbai - 400 023

CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021

Sr.	Particulars		Quarter Ended		(Rs. In lakhs)Year Ended
No.		31.03.2021	31.12.2020	31.03.2020	31.03.2021	31.03.2020
		(Audited)	(Unaudited)	(Audited)	(Audited)	(Audited)
1	Revenue from Operations	142.91	70.88	50.13	359.63	273.54
$\overline{\mathbf{c}}$	Other Income	(66.07)	7.13	61.95	17.73	88.47
3	Total $(1+2)$	76.84	78.00	112.09	377.36	362.01
4	Expenses
	a) Cost of materials consumed			$,$
	b) Purchases of Stock-in-Trade
	c) Changes in inventories of finished goods work-in-progress and Stock-in-Trade	0.92	(0.01)	2.47	0.92	9.47
	d) Employee benefits expense	81.27	87.14	49.96	250.32	242.15
	e) Finance Cost	17.40	18,39	50.22	73.99	81.73
	f) Depreciation and amortization expense	4.02	8.16	5.69	27.75	27.97
	g) Other Expenses	85.61	48,30	241.43	194.19	363.31
	Total Expenses	189.21	161.98	349.76	547.16	724.64
5	Profit / (Loss) before Exceptional and Extraordinary items and Tax	(112.36)	(83.97)	(237.67)	(169.81)	(362.63)
	$(3-4)$
6	Exceptional Items			(237.67)		(362.63)
7	Profit / (Loss) before Extraordinary Items and Tax (5-6)	(112.36)	(83.97)		(169.81)
89	Extraordinary Items	(112.36)	(83.97)	(237.67)	(169.81)	(362.63)
10	Profit / (Loss) before Tax (7 - 8)Tax Expenses
	Current tax
	Deferred tax	(0.77)	(1.45)	(0.31)	(4.68)	(3.82)
	Total Tax Expenses	(0.77)	(1.45)	(0.31)	(4.68)	(3.82)
11	Profit / (Loss) for the period from continuing operations (9-10)	(111.59)	(82.53)	(237.36)	(165.13)	(358.81)
12	Profit / (Loss) from discontinuing operations before tax
13	Tax expense of discontinuing operations
14	Profit / (Loss) from Discontinuing operations after tax (12-13)
15	Profit / (Loss) for the period (11 + 14)	(111.59)	(82.53)	(237.36)	(165.13)	(358.81)
16	Other Comprehensive Income			(0.60)	0.14	(0.60)
	A) - Amount of item that will not be reclassified to Profit and loss	0.14	۰
	- Income tax relating to items that will not be reclassifed to profit and		٠
	lossB) - Amount of item that will not be reclassified to Profit and loss			$\blacksquare$
	- Income tax relating to items that will not be reclassifed to profit andloss
	17 Total Comprehenasive Income for the period (15+16) ( Comprising	(111.45)	(82.53)	(237.96)	(164.99)	(359.40)
	Profit/(Loss) and other Comprehensive Income for the period)
	18 Paid-Up Equity Share Capital (Face Value Rs. 10/- Per Share)	1,193.90	1,193.90	1,193.90	1,193.90	1,193.90
	19 Reserves excluding Revaluation Reserve		۰		801.18	968.78
	20 Earning Per Share before Extraordinary Items
	a) Basic	(0.93)	(0.69)	(1.99)	(1.38)	(3.01)
	b) Diluted	(0.93)	(0.69)	(1.99)	(1.38)	(3.01)
	21 Earning Per Share after Extrordinary Items
	a) Basic	(0.93)	(0.69)	(1.99)	(1.38)	(3.01)
	b) Diluted	(0.93)	(0.69)	(1.99)	(1.38)	(3.01)

Wealth Visionaries

CONSOLIDATED AUDITED SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR QUARTER AND YEAR ENDED MARCH 31, 2021

						(Rs. In lakh
Sr.	Particulars		Quarter Ended		Year Ended
No.		31.03.2021(Audited)	31.12.2020(Unaudited)	31.03.2020(Audited)	31.03.2021(Audited)	31.03.2020(Audited)
1	Segment Revenue
a)	Investment / Stock Operations	(3.50)	9.97	(10.20)	66.36	63.5
D)	Feebased Operations	146.41	60.91	60.33	293.27	210.0
C)	Other Unallocated Revenue	(66.07)	7.13	61.95	17.73	88.4
	Total	76.84	78.00	112.09	377.36	362.0
	Less : Intersegment Revenue
	Net Income / (Loss) from operations	76.84	78.00	112.09	377.36	362.0
$\overline{\mathbf{2}}$	Segment Results Profit/ (loss) before interest and tax
a)	Investment / Stock Operations	(7.04)	9.26	(225.00)	58.63	(167.0
b)	Feebased Operations	21.82	(36.74)	2.26	(27.89)	(63.7)
	Total	14.78	(27.48)	(222.74)	30.74	(230.8)
	Less : Interest	17.40	18.39	50.22	73.99	81.7
	Other unallocable Expenditure net of unallocable revenue	(109.74)	(38.10)	35.28	(126.56)	(50.0)
	Total Net profit/ (Loss) before Tax	(112.36)	(83.97)	(237.67)	(169.81)	(362.6)
3	Segment Assets
a)	Investment / Stock Operations	103.75	127.77	117.70	103.75	117.7
b)	Feebased Operations	2,308.90	2,292.32	2,087.00	2,308.90	2,087.0
C)	Unallocated	1.722.74	1,752.62	1,784.23	1,722.74	1,784.2
	Total Assets	4,135.39	4,172.71	3,988.92	4,135.39	3,988.9
4	Segment Liabilities
a)	Investment / Stock Operations	0.01	0.01	0.02	0.01	0.0
b)	Feebased Operations	1,339.83	1.189.12	943.72	1.339.83	943.7
C)	Unallocated	106.43	104.44	108.57	106,43	108.5
	Total Liabilities	1,446.27	1,293.57	1.052.31	1.446.27	1,052.3
5	Capital Employed (Segment Assests- Segment Liabilities)
a)	Investment / Stock Operations	103.74	127.76	117.68	103.74	117.6
b)	Feebased Operations	969.08	1,103.20	1,143.28	969.08	1,143.2
C)	Unallocated	1,616.31	1,648.18	1,675.66	1,616.31	1,675.6
	Total Capital Employed	2,689.12	2,879.15	2,936.61	2,689.12	2,936.6

Wealth Visionnier

CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2021

	(Rs. in lakhs)
	As At	As At
Particulars	March 31, 2021	March 31, 2020
	(Audited)	(Audited)
ASSETSA
(1) Non Current Assets
(a) Property, Plant and Equipment	533.82	553.78
(b) Intangible assets	11.39	6.18
(c) Goodwill on Consolidation	259.77	259.77
(d) Financial Assets
(i) Investments	97.00	112.33
(ii) Loans	1,471.54	884.01
(iii) Others	216.69	216.69
(e) Deferred tax assets (net)	21.15	16.48
(f) Other non-current assets	145.49	160.75
(2) Current Assets
Financial Assests
(i) Investments	6.71	5.33
(ii) Trade receivables	684.03	939.51
(iii) Cash and cash equivalents	5.81	6.68
(iv) Bank balances other than (iii) above	630.73	786.79
(v) Loans	24.61	23.35
(vi) Other current assets	27.42	17.27
Total Assets	4,136.16	3,988.92
EQUITY AND LIABILITIESB
$(1)$ Equity
(a) Equity Share Capital	1,193.90	1,343.90
(b) Other Equity	801.18	968.78
(2) Non Current Liabilities
(a) Financial Liabilities
(i) Borrowings	694.04	623.93
(b) Provisions	18.26	16.00
(c) Other non-current liabilities	3.90	1.65
(3) Current Liabilities
(a) Financial Liabilities
(i) Trade payables	1,243.96	998.42
(b) Other current liabilities	180.92	36.24
Total Equity And Liabilities	4,136.16	3,988.92

Wealth Divina

CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2021

Particulars		For the Year ended March 31, 2021		For the Year ended March 31, 2020
A. Cash flow from operational activities
	Net (Loss)/Profit before tax adjusted for prior period items
	and excess provisions for tax written back		(169.81)		(362.63)
Adjustments for:
Depreciation		27.75		27.97
Interest Income		(15.49)		(18.46)
Finance Cost		73.99		81.73
	Unrealised Gains On Mark to Market of F&O Stock	2.97		6.39
	Provision for Dimunition in Investments/ Stock	0.92		9.47
Lease Rentals				(30.00)
	Other Comprehensive Expenses	0.14		(0.60)
	Interest on Income Tax Refund	(0.28)
Provision for MAT		(2.61)
	Sundry Debit Balance written off	1.95		3.01
	Sundry Credit Balance Written Back	(1.05)		(41.71)
Dividend Income		(1.74)		(1.10)
			86.55		36.70
			(83.25)		(325.93)
	Operating profit before working capital changes
Adjustments for:
Inventories		(5.18)		(5.89)
	Trade Receivables & Other Receivables	(327.98)		406.95
	Current Liabilities & Provision	395.78	62.62	(430.00)	(28.95)
Cash generated from operations			(20.63)		(354.88)
Direct taxes Refunded / (paid)
	Net cash (used in) / generated from operating activities		(20.63)		(354.88)
B. Cash flow from investing activities
Sale / (Purchase) of fixed assets (Net)		(13.00)		(6.65)
	Sale/ (Purchase) of Investments (Net of purchase)	15.33		(50.19)
Interest received		13.59		15.68
Dividend received		1.64		1.00
	Net cash (used in) / generated from investing activities		17.57		(40.16)
C. Cash flow from financing activities
	(Repayment)/Proceeds from long term borrowings(Net)	70.11		134.88
	(Repayment)/Proceeds from Preference shares	(150.00)
	(Repayment)/Proceeds from short term borrowings(Net)
Interest and other Finance charges		(73.99)		(81.73)
	Net cash (used in) / generated from financing activities		(153.87)		53.15
	Net increase/(decrease) in cash and cash equivalents		(156.93)		(341.89)
	Cash and Cash equivalents (opening balance)	793.47		1,135.37
	Cash and Cash equivalents (closing balance)	636.54		793.47
			(156.93)		(341.89)
				$\Omega$

$L$ la a $0 + R$ $1$ ;

Notes:

• 1. The above audited consolidated financial results of the Company for the quarter and year ended March 31, 2021 have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at their respective meetings held on June 29, 2021.
• 1. The Company had adopted Indian Accounting Standards (Ind AS) from April 1, 2017 with a transition date of April 1, 2016 and accordingly these financial results have been prepared in accordance with the recognition and measurements principles laid down in the applicable Ind AS prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and the other accounting principles generally accepted in India.
• 1. The above results are after considering the diminution in the value of the shares held as stock-intrade.
• 1. The figures for the quarter ended 31st March 2021 and 31st March 2020 are 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 respective financial year.
• 1. The Company has evaluated the implications of Covid-19 pandemic and has determined there is no significant impact on its financial position and performance. The Company has taken into account the possible impact of Covid-19 in preparation of the audited consolidated financial results including assessments of recoverable value of its assets such as trade receivables, inventories, other assets, etc., and current indicators of future economic conditions. The Company will continue to closely monitor any material changes arising out of future economic conditions and impact on its business.
• 1. Figures of the previous periods have been re-grouped/re-classified wherever considered necessary to make them comparable with the current period's classification.

For and on behalf of the Board of Directors. Khandwala Securities Limited

P. Hordiel

Paresh J. Khandwala Managing Director

Place: Mumbai Date: June 29, 2021

$L_{\text{loc}}$ Visioneries

Independent Auditor's Review Report on the Quarterly and Year to date Audited Standalone 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 OF KHANDWALA SECURITIES LIMITED

Qualified Opinion

We have audited the accompanying statement of Standalone Financial Results of Khandwala Securities Limited ("the Company") for the quarter and year ended on 31st March, 2021 (the "Statement"), attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").

In our opinion and to the best of our information and according to the explanations given to us, except for the effects of the matters described in the Basis for qualified opinion paragraph below, these standalone quarterly as well as the year to date 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 Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, ("Ind AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2021, the profit and total comprehensive income, changes in equity and its cash flows for the year April 1 2020, to March 31, 2021.

Basis for Qualified Opinion.

We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing specified under section 143(10) of the Act (SAs). Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Standalone Financial Statements 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 (ICAI) together with the independence requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements. However we draw your kind attention to the following qualifications to the audit opinion of the financial statements produced as under:-

1. The Company had advanced application money towards purchase of shares of Rs 216.69 lakhs which is outstanding for a period of 228 months as at the end of the year. In the absence of information regarding the status of the allotment or the net worth of the entities in which the company made applications, we are unable to ascertain the extent to which an amount of Rs 216.69 lakhs is recoverable and

accordingly, the effect thereof on the financial statements cannot be ascertained. However, it has been noted and confirmed after looking at relevant documents that at present the said matter is under litigation and pending for hearing before the Hon'ble High Court of Mumbai.

1. Long-Term deposits to various companies of Rs 530.00 lakhs are subject to subsequent adjustments. We are unable to ascertain the recoverability of these amounts, as the Company has not made any provisions for the same in the standalone financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. In addition to the matter described in the Basis for Qualified Opinion section we have determined the matters described below to be the key audit matters to be communicated in our report.

Sr.No.	Key Audit Matter	Auditor's Response
1.	There has been an increase in brokerageIncome as compared to the brokerageIncome of last year.	We have observed that in the last quarter ofthe Financial year, the volume of transactionshas increased at a decent rate therebyresulting in a good amount of brokerageIncome. This is the consequence of strategicchanges made by the management of thecompany. We have verified the tradeshappened from the summary generated fromthe company's software (SOHAM) and foundthe same to be in order.
2.	The Company has made redemption of itsPreference Share capital.	We have noticed that the company has madethe redemption of its preference share capitalon 30.03.2021 and made the payment for anamount of Rs 15,000,000 (Rupees One CroreFifty Lakhs Only).

Information other than the Standalone Financial Statements and Auditor's Report Thereon.

The Company's Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the Management Discussion and Analysis, Board's Report including Annexures to Board's Report, Business Responsibility Report, Corporate Governance and Shareholder's Information, but does not include the standalone financial statements and our auditor's report thereon. Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated. If, based on the work we have

performed, we conclude that there is a material misstatement of this other information; we are required to report that fact. We have nothing to report in this regard.

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance, total comprehensive income, changes in equity and cash flows of the Company in accordance with the Ind AS and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding 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 statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone financial statements, management is 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 management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

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

Auditor's Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are 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 standalone financial statements.

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 statements, 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 financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system 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 management.

• Conclude on the appropriateness of management's 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 standalone financial statements 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 standalone financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the financial statements 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 financial statements.

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.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

For Aniket Kulkarni& Associates Chartered Accountants Registration No. 130521W ARNI

CHARTERED ACCOUNTANTS M. No. 127246

Aniket Kulkarni Proprietor Membership No.127246 Place: Mumbai Date: - June 29th, 2021 UDIN: 21127246AAAAPV8558

Independent Auditor's Review Report on the Quarterly and Year to date Audited Consolidated 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 OF KHANDWALA SECURITIES LIMITED

Qualified Opinion

We have audited the accompanying statement of Consolidated Financial Results of Khandwala Securities Limited ("the Company") for the quarter and year ended on 31st March, 2021 (the "Statement"), attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations")

In our opinion and to the best of our information and according to the explanations given to us, except for the effects of the matters described in the Basis for qualified/modified opinion paragraph below, these consolidated quarterly as well as the year to date 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 Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, ("Ind AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2021, the profit and total comprehensive income, changes in equity and its cash flows for the year April 1 2020, to March 31, 2021.

Basis for Qualified Opinion.

We conducted our audit of the Consolidated financial statements in accordance with the Standards on Auditing specified under section 143(10) of the Act (SAs). Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Consolidated Financial Statements 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 (ICAI) together with the independence requirements that are relevant to our audit of the Consolidated financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the consolidated financial statements. However we draw your kind attention to the following qualifications to the audit opinion of the financial statements produced as under:-

1. The Company had advanced application money towards purchase of shares of Rs 216.69 lakhs which is outstanding for a period of 228 months as at the end of the year. In the absence of information regarding the status of the allotment or the net worth of the entities in which the company made applications, we are unable to ascertain the extent to which an amount of Rs 216.69 lakhs is recoverable and

accordingly, the effect thereof on the financial statements cannot be ascertained. However, it has been noted and confirmed after looking at relevant documents that at present the said matter is under litigation and pending for hearing before the Hon'ble High Court of Mumbai.

1. Long-Term deposits to various companies of Rs 530.00 lakhs are subject to subsequent adjustments. We are unable to ascertain the recoverability of these amounts, as the Company has not made any provisions for the same in the consolidated financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. In addition to the matter described in the Basis for Qualified Opinion section we have determined the matters described below to be the key audit matters to be communicated in our report.

Sr.	Key Audit Matter	Auditor's Response
No.
1.	There has been an increase in brokerageIncome as compared to the brokerageIncome of last year.	We have observed that in the last quarter ofthe Financial year, the volume of transactionshas increased at a decent rate therebyresulting in a good amount of brokerageIncome. This is the consequence of strategicchanges made by the management of thecompany. We have verified the tradeshappened from the summary generated fromthe company's software (SOHAM) and foundthe same to be in order.
2.	The Company has made redemption of itsPreference Share capital.	We have noticed that the company has madethe redemption of its preference share capitalon 30.03.2021 and made the payment for anamount of Rs 15,000,000 (Rupees One CroreFifty Lakhs Only).

Information other than the Consolidated Financial Statements and Auditor's Report Thereon.

The Company's Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the Management Discussion and Analysis, Board's Report including Annexures to Board's Report, Business Responsibility Report, Corporate Governance and Shareholder's Information, but does not include the consolidated financial statements and our auditor's report thereon. Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the Consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Consolidated financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated. If, based on the work we have

performed, we conclude that there is a material misstatement of this other information; we are required to report that fact. We have nothing to report in this regard.

Management's Responsibility for the Consolidated Financial Statements

The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these Consolidated financial statements that give a true and fair view of the financial position, financial performance, total comprehensive income, changes in equity and cash flows of the Company in accordance with the Ind AS and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding 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 Consolidated financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Consolidated financial statements, management is 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 management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

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

Auditor's Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are 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 Consolidated financial statements.

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 Consolidated financial statements, 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 financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system 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 management.

• Conclude on the appropriateness of management's 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 Consolidated financial statements 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 consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the consolidated financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the financial statements 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 financial statements.

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.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

For Aniket Kulkarni& Associates Chartered Accountants Registration No. 130521 W

Aniket Kulkarni Proprietor Membership No.127246 Place: Mumbai Date: - June 29th, 2021 UDIN: 21127246AAAAPW5003

KHANDWALA SECURITIES LIMITED CIN: L67120MH1993PLC070709 Reg. Off: Ground Floor, Vikas Building, Green Street, Fort, Mumbai - 400 023. Tel. No:- 91-22-40767373; Fax No:- 91-22-40767377; Website: www.kslindia.com

ANNEXURE II

Statement on Impact of Audit Qualifications (for audit report with modified opinion) submitted along-with Annual Financial Results - (Standalone)

		Statement on Impact of Audit Qualifications for the Financial Year ended March 31, 2021[See Regulation 33/52 of the SEBI (LODR)(Amendment) Regulations, 2016]
I.	Sl. No.	Particulars	Audited Figures(as reportedbefore adjustingfor qualifications)(Rs in lakhs)	Adjusted Figures(audited figuresafter adjusting forqualifications)(Rs in lakhs)
	$\mathbf{1}$	Turnover/Total Income	377.35	377.35
	$\overline{2}$	Total Expenditure	547.03	547.03
	3	Net Profit/(Loss)	(165.00)	(165.00)
	$\overline{4}$	Earnings Per Share	(1.38)	(1.38)
	5	Total Assets	4198.39	4198.39
	6	Total Liabilities	2140.90	2140.90
	7	Net Worth	2057.49	2057.49
	8	Any other financial items (as feltappropriate by the management)
	a.1.	Details of Audit QualificationThe Company had advanced application money towards purchase of shares of Rs 216.69lakhs which is outstanding for a period of 228 months as at the end of the year. In theabsence of information regarding the status of the allotment or the net worth of theentities in which the company made applications, we are unable to ascertain the extentto which an amount of Rs 216.69 lakhs is recoverable and accordingly, the effect thereofon the financial statements cannot be ascertained. However, it has been noted andconfirmed looking at relevant documents that at present the said matter is underlitigation and pending for hearing before the Hon'ble High Court at Mumbai.2. Long-Term deposits to various companies of Rs 530.00 lakhs are subject to subsequentadjustments. We are unable to ascertain the recoverability of these amounts, as theCompany has not made any provisions for the same in the standalone financialstatements.
	b.c.	Type of Audit Qualification: Qualified OpinionFrequency of Qualification: Repetitive
	d.	For Audit Qualification(s) where the impact is quantified by the auditor,Management's Views: Not Applicable

Management's Views: Not Applicable

	e.	For Audit Qualification(s) where the impact is not quantified by the auditor:
	i.Management's estimation on the impact of audit qualification
		1. The Share Application Money for an amount of Rs. 216.69 Lacs is outstanding for aperiod of 228 months as at date of Balance Sheet date, for which the financialstatements are in the process of being obtained. The Company has initiated legalproceedings against the other party for recovery of the said application money alongwith interest thereon, under Section 138 of the Negotiable Instruments Act, 1881. Atpresent, the matter is pending for hearing before the Hon'ble High Court at Mumbai.
		2. Long-term Deposits which were given to M/s. Shree Rama Polysynth Private Ltd andM/s. Vimpasan Investments Private Ltd are still outstanding as at March 31, 2021, fortotal aggregate amount of Rs. 530.00 lakhs. Since the Company is not in the receipt ofany interests on the said deposits since long period, the Company has not accountedany interest on the said deposits. The Company has already commenced the processto initiate legal proceedings against them for recovery of the said deposits.
f.		If management is unable to estimate the impact, reasons for the same:
	Not Applicable
g.	Auditor's comments on (i) or (ii) aboveAs per Auditor's Report
Ш	Signatories
		Philodel
	CEO/Managing Director	(Paresh Khandwala)
		Of handwal

$\tilde{\alpha}$

$\mathcal{N}$ $\sqrt{2}$

	JENTVEL
• Audit Committee Chairman	(Homiar N. Vakil)
Statutory Auditor۰	CHARTERSPerukani ((Aniket Kulkarni)
Place: Mumbai

$\label{eq:3.1} \phi^{(12)}(k)$

$\frac{1}{2}$

$\label{eq:2.1} \begin{array}{c} \mathcal{E} \ \mathcal{E} \ \end{array}$

$\frac{1}{\sqrt{2}}\int_{0}^{\sqrt{2}}\frac{1}{\sqrt{2}}\left( \frac{1}{\sqrt{2}}\right) \left( \frac{1}{\sqrt{2}}\right) \left( \frac{1}{\sqrt{2}}\right) \left( \frac{1}{\sqrt{2}}\right) \left( \frac{1}{\sqrt{2}}\right) \left( \frac{1}{\sqrt{2}}\right) \left( \frac{1}{\sqrt{2}}\right) \left( \frac{1}{\sqrt{2}}\right) \left( \frac{1}{\sqrt{2}}\right) \left( \frac{1}{\sqrt{2}}\right) \left( \frac{1}{\sqrt{2}}\right) \left( \frac{1}{\sqrt{2}}$

$\begin{array}{c} \mathbb{R}^3 \times \mathbb{R}^3 \times \mathbb{R}^3 \times \mathbb{R}^3 \times \mathbb{R}^3 \times \mathbb{R}^3 \times \mathbb{R}^3 \times \mathbb{R}^3 \times \mathbb{R}^3 \times \mathbb{R}^3 \times \mathbb{R}^3 \times \mathbb{R}^3 \times \mathbb{R}^3 \times \mathbb{R}^3 \times \mathbb{R}^3 \times \mathbb{R}^3 \times \mathbb{R}^3 \times \mathbb{R}^3 \times \mathbb{R}^3 \times \mathbb{R}^3 \times \mathbb{R}^3 \times \mathbb$

$\mathbb{R}^n$

KHANDWALA SECURITIES LIMITED

CIN: L67120MH1993PLC070709

Reg. Off: Ground Floor, Vikas Building, Green Street, Fort, Mumbai - 400 023. Tel. No:- 91-22-40767373; Fax No:- 91-22-40767377; Website: www.kslindia.com

ANNEXURE II

Statement on Impact of Audit Qualifications (for audit report with modified opinion) submitted along-with Annual Financial Results - (Consolidated)

Statement on Impact of Audit Qualifications for the Financial Year ended March 31, 2021[See Regulation 33/52 of the SEBI (LODR)(Amendment) Regulations, 2016]
Ι.	Sl. No.	Particulars	Audited Figures(as reportedbefore adjustingfor qualifications)(Rs in lakhs)	Adjusted Figures(audited figuresafter adjusting forqualifications)(Rs in lakhs)
	$\mathbf{1}$	Turnover/Total Income	377.36	377.36
	$\overline{2}$	Total Expenditure	547.16	547.16
	3	Net Profit/(Loss)	(165.13)	(165.13)
	$\overline{4}$	Earnings Per Share	(1.38)	(1.38)
	5	Total Assets	4136.16	4136.16
	6	Total Liabilities	2141.08	2141.08
	7	Net Worth	1995.08	1995.08
	8	Any other financial items (as feltappropriate by the management)

$II.$ Audit Qualification:

a. Details of Audit Qualification

1. The Company had advanced application money towards purchase of shares of Rs 216.69 lakhs which is outstanding for a period of 228 months as at the end of the year. In the absence of information regarding the status of the allotment or the net worth of the entities in which the company made applications, we are unable to ascertain the extent to which an amount of Rs 216.69 lakhs is recoverable and accordingly, the effect thereof on the financial statements cannot be ascertained. However, it has been noted and confirmed after looking at relevant documents that at present the said matter is under litigation and pending for hearing before the Hon'ble High Court at Mumbai.

2. Long-Term deposits to various companies of Rs 530.00 lakhs are subject to subsequent adjustments. We are unable to ascertain the recoverability of these amounts, as the Company has not made any provisions for the same in the consolidated financial statements.

b. Type of Audit Qualification: Qualified Opinion

c. Frequency of Qualification: Repetitive
For Audit Qualification(s) where the impact is quantified by the auditor,d.Management's Views: Not Applicable
e.	For Audit Qualification(s) where the impact is not quantified by the auditor:
i. Management's estimation on the impact of audit qualification
1. The Share Application Money for an amount of Rs. 216.69 Lacs is outstanding for aperiod of 228 months as at date of Balance Sheet date, for which the financialstatements are in the process of being obtained. The Company has initiated legalproceedings against the other party for recovery of the said application money alongwith interest thereon, under Section 138 of the Negotiable Instruments Act, 1881. Atpresent, the matter is pending for hearing before the Hon'ble High Court at Mumbai.
2. Long-term Deposits which were given to M/s. Shree Rama Polysynth Private Ltd andM/s. VimpasanInvestments Private Ltd are still outstanding as at March 31, 2021, fortotal aggregate amount of Rs. 530.00 lakhs. Since the Company is not in the receipt ofany interests on the said deposits since long period, the Company has not accountedany interest on the said deposits. The Company is in the process to initiate legalproceedings against them for recovery of the said deposits.
f.	If management is unable to estimate the impact, reasons for the same:
Not Applicable
g.	Auditor's comments on (i) or (ii) above
As per Auditor's Report
SignatoriesIII
CEO/Managing Director	PALhowdrah
	(Paresh Khandwala)
$\bullet$ CFO	Khandwals
	(Pranav Khandwala)

$\hat{\theta}$

	JENTVEL
• Audit Committee Chairman	(Homiar N. Vakil)
• Statutory Auditor	Holkaini(Aniket Kulkarni)
Place: Mumbai
Date: 29/06/2021

$\ddot{\phi}$

$\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{$

$\sim$

$\mathbf{r}$ $\ddot{\phantom{a}}$

$_{\nu}$

$\sim$

$\label{eq:2.1} \frac{1}{\alpha} \left( \frac{1}{\alpha} \right)^{\alpha} \frac{1}{\alpha} \left( \frac{1}{\alpha} \right)^{\alpha}$

$\begin{array}{ccc}\n\frac{1}{2} & \frac{1}{2} & \frac{1}{2} \ \frac{1}{2} & \frac{1}{2} & \frac{1}{2}\n\end{array}$

$\ddot{\phantom{0}}$

$\ddot{\phantom{0}}$