CITI Threads (India) Limited

Registered Office: Unit : Modern Woollens Hamirgarh Road, Pragati Path, Near Transport Nagar, Bhilwara-311001 (Rajasthan) India Tel: 91-1482-241801, Fax: 297924, Email: [email protected] Website: www.modernwoollens.com CIN: L17115RJ1980PLC002075

Date: 30/06/2021

Scanned With Camps

To,

The Manager, BSE Limited Phiroze Jeejeebhoy Towers. Dalal Street.

Mumbai - 400023 Scrip Code: 500282 The Manager, National Stock Exchange of India Ltd. Exchange Plaza, C-1, Block G, Bandra Kurla Complex,

Bandra East, Mumbai-400051 Scrip Code: MODTHREAD

Dear Sir/Madam,

Sub.: Submission of Audited Financial Results for the quarter and year ended 31st March, 2021

This is to inform you that in terms of Regulation 33 of SEBI (Listing obligations and Disclosure Requirements) Regulations, 2015 as amended, we hereby enclose a copy of the Audited Financial Results (Standalone) for the quarter and year ended 31st March, 2021 along with the Auditor's report thereon given by the statutory auditor of the Company, which were approved by the Board of Directors at their meeting held today i..e. 30/06/2021, commenced at 4.30 P.M. and concluded at 5.30 P.M.

This is for your information and records.

Thanking You,

Yours faithfully, FOR Modern Threads (India) Limited

B.LSONNI

(BANWARI LAL SAINI) Company Secretary & Compliance Officer Membership No.: A 12576

Encl: as above

Goval D. Kumar & Co.

CHARTERED ACCOUNTANTS

207-208, Om Textile Tower, Pur Road, Bhilwara-311001(Raj.) Phone No 01482-241554 Mail: - [email protected]

Auditors Report on Quarterly Financial Results and Year to date Financial Results of the Company Pursuant to Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015

To The Board of Directors of Modern Threads (India) Limited

Report on Audit of Standalone Financial Results

Qualified Opinion

We have audited the accompanying statement of quarterly and year to date Standalone financial results of Modern Threads (India) Limited (the "company") for the quarter ended March 31, 2021 and for the year ended March 31, 2021 (the "statement") attached herewith, being submitted by the company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations 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 effect of the matters described in the basis for qualified opinion section of our report, these standalone Ind As Financial Results:

is presented in accordance with the requirements of Listing Regulations in this regard; and
give a true and fair view in conformity with the applicable accounting standards and other accounting principles generally accepted in India, of the net Profit and other comprehensive income and other financial information of the company for the quarter and the year ended 31st March, 2021.

Basis for Qualified Opinion

i. The company has not provided for Interest (Dividend) on cumulative redeemable preference shares for the quarter ended 31.03.2021 Rs. 1.06 Lakhs and for the year ended 31.03.2021 Rs. 55.25 Lakhs (cumulative Rs. 1306.39 Lakhs up to 31.03.2021).
ii. Balances of trade payables and trade receivables are subject to confirmation and consequential adjustments, if any.

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Companies Act, 2013 ("the Act"). Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the 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 together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules there under, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our qualified opinion.

Goyal D. Kumar & Co.

CHARTERED ACCOUNTANTS 207-208, Om Textile Tower, Pur Road, Bhilwara-311001(Raj.) Phone No 01482-241554 Mail: - [email protected]

Material Uncertainty related to going Concern

We draw attention to Note 3 in the financial statements, where the company had made a reference to The Board of Industrial and Financial Reconstruction (BIFR) based on audited accounts for the financial ended 31st March, 2004 and BIFR in the hearing held on 12th December, 2005 had declared the company as sick industrial company u/s 3(1)(o) of the SICA Act. Consequent to abatement of Sick Industrial Companies (Special Provision) Act, 1985, the company has not filed rehabilitation/ revival scheme to NCLT under Insolvency and Bankruptcy Code. The company has accumulated losses with its net worth continuing to stand fully eroded and the financial statements of the company have been prepared on going concern as the Debentures, term loan and accrued interest has been settled and only balance Rs. 75 Lakhs is payable till 31st March 2022. The company is expecting compliance of term of settlement and liability will be written back on discharge of full payment.

Our opinion is not modified in this matter.

Emphasis of Matters

We draw attention to: Note 6 to the accompanying Statement, which describes the effects of uncertainties relating to COVID-19 pandemic outbreak on the Company's operations and management's evaluation of its impact on the accompanying Statement as at the balance sheet date, the extent of which is significantly dependent on future developments.

Our opinion is not modified in this matter.

Management's Responsibilities for the Financial Results

The statement has been prepared on the basis of annual financial statements. The Board of Directors of the company are responsible for preparation and presentation of the statement that gives a true and fair view of the net profit and other comprehensive income of the company, and financial information in accordance with the applicable Indian accounting standards prescribed under Section 133 of the Act read with relevant rules issued there under 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 statement, 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 Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Financial Results

Our objectives are to obtain reasonable assurance about whether the statement 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 the statement.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional KUM skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the statement, wh d or error. design and perform audit procedures responsive to those risks, and obtain au s sufficient

Goval D. Kumar & Co.

CHARTERED ACCOUNTANTS

207-208, Om Textile Tower, Pur Road, Bhilwara-311001(Raj.)

Phone No 01482-241554 Mail: - [email protected]

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. 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 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.
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 financial results 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 statement, including the disclosures, and $\bullet$ whether the statement represents the underlying transactions and events in a manner that achieves fair presentation.

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.

Other Matter

The statement includes the result for the quarter ended 31st March, 2021 being the balancing figure between the audited figures in respect of the full financial year ended March 31, 2021 and the published unaudited year to date figures up to the third quarter of the current financial year, which were subjected to a limited review by us, as required under the Listing Regulations.

For Goval D. Kumar & Co. Chartered Accountants Firm Registration No. 007817C

D.K. Goval Proprietor Membership No. 076713 $UDIN - 21076713 AAAES8366$

Place: Bhilwara Date: 30/06/2021

Threads (India) Limited

Registered Office:

Unit: Modern Woollens

Hamirgarh Road, Pragati Path, Near Transport Nagar, BHILWARA-311001 (Rajasthan) INDIA Tel: +91-1482-241801, Fax:297924, Email: [email protected] Website: www.modernwoollens.com / CIN:L17115RJ1980PLC002075

Statement of Standalone audited Financial Results for the Quarter and Year ended 31/03/2021

Particulars	Quarter Ended			Year ended
	31-03-2021	31-12-2020	31-03-2020	31-03-2021	31-03-2020
	Un-audited	Un-audited	Un-audited	Un-audited	Audited
1. Income
(a) Revenue from Operations	4.245.46	4,557.98	5,356.97	14.713.09	20,058.98
(b) Other Income	186.56	13.30	928.57	253.93	2,406.97
Total income	4,432.02	4,571.28	6,285.54	14,967.02	22,465.95
2. Expenses
(a) Cost of Materials consumed	2,864.88	2,398.25	3,151.33	8,748.51	12,680.28
(b) Purchase of stock-in-trade
(c) Changes in inventories of finished goods,	(291.91)	280.61	247.48	302.95	551.94
work-in-progress and stock-in-trade
(d) Employee benefits expense	567.99	538.20	558.23	1,879.04	2,242.70
(e) Finance costs	140.54	0.38	(23.41)	148.82	12.14
(f)Depreciation and amortisation expense	59.56	73.22	105.28	276.74	301.50
(g)Other expenses
Manufacturing Expenses	822.68	730.13	740.40	2,599.53	3,339.83
Administrative and Selling Expenses	303.30	238.58	227.03	909.40	1,011.56
	4,467.04	4,259.37	5,006.34	14,864.99	20,139.95
Total Expenses	(35.02)	311.91	1,279.20	102.03	2,326.00
3. Profit/(Loss) before exceptional items and Tax (1-2)				70.00	210.00
4. Exceptional Items (Refer Note 5)	(35.02)	311.91	1,279.20	172.03	2,536.00
5. Profit/(loss) before tax (3-4)			0.12		0.12
6. Tax expense	(35.02)	311.91	1,279.08	172.03	2,535.88
7. Net Profit / (Loss) after tax (5 -6)
8. Other Comprehensive Income	35.46	(0.73)	(6.07)	33.27	2.96
(a) Items that will not be reclassified to profit or loss
(net of Tax) (Refer Note 9)	$\blacksquare$
(b) Items that will be reclassified to profit or loss
(net of Tax)			(6.07)	33.27	2.96
Other Comprehensive Income for the period (8a+8b)	35.46	(0.73)311.18	1,273.01	205.30	2,538.84
9. Total Comprehensive Income (7 + 8)	0.44
10. Paid-up equity share capital			3,477.52	3,477.52	3,477.52
(Face Value of the Share Rs.10 /-)	3,477.52	3,477.52		(15, 391.49)	(15,596.79)
11. Other Equity excluding revaluation reserve
12. Earnings Per Share (Basic/Diluted) in Rs.				0.49	7.29
	(0.10)	0.90	3.68
(a) Basic	(0.10)	0.90	3.68	0.49	7.29

Marketing Office Plants: L Yarn Division

PITI Threads (India) Limited

Registered Office:

Unit: Modern Woollens

SEGMENTWISE REVENUE, RESULTS, ASSETS AND LIABILITIES FOR THE QUARTER AND YEAR ENDED 31ST MARCH,2021 $\Delta$ $\Delta$ $\Delta$ $\Delta$

Particulars	Quarter Ended			Year ended
	31-03-2021	31-12-2020	31-03-2020	31-03-2021	31-03-2020
	Un-audited	Un-audited	Un-audited	Un-audited	Audited
1. Segment Revenue
(a) Woollen	2502.25	2894.62	4087.08	9386.21	14347.02
(b) Synthetic Yarn	1743.21	1663.36	1269.89	5326.88	5711.96
(c) Others	0.00	0.00	0.00	0.00	0.00
Total	4245.46	4557.98	5356.97	14713.09	20058.98
Less: Inter Segment Sales	0.00	0.00	0.00	0.00	0.00
Net sales/Revenue from Operations	4245.46	4557.98	5356.97	14713.09	20058.98
2. Segment Results
Profit / (Loss) before tax, Finance Costs & Exceptional item
(a) Woollen	202.88	193.04	1044.42	398.46	2403.93$-65.79$
(b) Synthetic Yarn	$-97.36$	119.25	211.37	$-147.61$
(c) Others	0.00	0.00	0.00	0.00	0.00
Total	105.52	312.29	1255.79	250.85	2338.14
Less: i) Finance Costs	140.54	0.38	$-23.41$	148.82	12.14
Less: ii) other Unallocable exp net off unallocable income	0.00	0.00	0.00	0.00	0.00
Profit/(Loss) before tax and exceptioonal item	$-35.02$	311.91	1279.20	102.03	2326.00
Add: iii) Exceptional items	70.00	0.00	0.00	70.00	210.00
Total Profit/(Loss) Before Tax	34.98	311.91	1279.20	172.03	2536.00
3. Segment Assets
(a) Woollen	8267.04	8650.51	8937.94	8267.04	8937.94
(b) Synthetic Yarn	2829.49	2454.72	2564.92	2829.49	2564.92
(c) Others	1150.86	1150.85	1141.50	1150.86	1141.50
Total	12247.39	12256.08	12644.36	12247.39	12644.36
4. Segment Liabilities
(a) Woollen	2598.06	2766.18	3091.99	2598.06	3091.99
(b) Synthetic Yarn	12713.07	12624.08	12821.41	12713.07	12821.41
(c) Others	8850.23	8850.23	8850.23	8850.23	8850.23
Total	24161.36	24240.49	24763.63	24161.36	24763.63

Place: Bhilwara Date: 30-June-2021

For and on behalf of the Board of D Modern Threads (India) Limited

Rajesh Ranka Chairman & Managing Director DIN:03438721

PM Threads (India) Limited

Registered Office:

Unit: Modern Woollens

Hamirgarh Road, Pragati Path, Near Transport Nagar, BHII WARA-311001 (Rajasthan) INDIA Tel: +91-1482-241801, Fax:297924, Email: [email protected] Website: www.modernwoollens.com / CIN:L17115RJ1980PLC002075

Notes:-

The above financial results have been reviewed by the Audit Committee and approved by the Board of Directors at $\mathbf{1}$ their meeting held on 30.06.2021.
These financial results have been prepared in accordance with the recognition and measurement principles of $\overline{2}$ applicable Indian Acccounting Standards ("Ind AS") notified under the companies (Indian Accounting Standards) Rules, 2015, as ammended, as specified in section 133 of the Companies Act, 2013, except stated otherwise.
The company based on audited accounts for the financial year ended 31st March, 2004 had been declared as a sick $\overline{3}$ industrial company u/s 3(1)(o) of the SICA Act by The Board of Industrial and Financial Reconstruction (BIFR) in the hearing held on 12th December, 2005. Consequent to abatement of Sick Industrial Companies (Special Provision) Act, 1985 w.e.f. 01/12/2016, the company has not filed rehabilitation/ revival scheme to NCLT under Insolvency and Bankruptcy Code. The company has accumulated losses with its net worth continuing to stand fully eroded and the financial statements of the company have been prepared on going concern, as the non current secured borrowings have been settled and only balance Rs.75 Lakhs is payable till 31.03.2022. The company is expecting compliance of term of settlement and liability will be written back on discharge of full payment
The company has not provided for interest (Dividend) on cumulative redeemable preference shares for the Quarter $\Delta$ ended 31-03-2021 Rs. 1.06 Lakhs (cumulative Rs. 1306.39 Lakhs up to 31-03-2021). The company has not provided Interest (Dividend) in view of accumulated losses and also in process of settlement of remaining redeemable preference share capital.
The company has settled redeemable Preference Share Capital of Rs. 100 Lakhs at Rs. 30 Lakhs and balance Rs. 70 5 Lakhs has been recognised as exceptional items(Income). The company is in process of settlement of remaining redeemable Preference Share Capital of Rs. 325 Lakhs.
The outbreak of COVID-19 pandemic had disrupted regular business operations of the Company due to the lock down 6 restrictions and other emergency measures imposed by the Government from time to time. The business operations have recommenced on a limited scale post relaxation of lockdowns. The management has taken into account the possible impacts of known events, upto the date of the approval of these financial results, arising from COVID-19 pandemic on the carrying value of the assets and liabilities as at 31st March 2021. However, there exists significant estimation uncertainty in relation to the future impact of COVID-19 pandemic on the Company and, accordingly, the actual impact in future may be different from those presently estimated. The Company will continue to monitor any material change to the future economic conditions and consequential impact on the financial Statements.
Balances of trade payables and trade receivable are subject to confirmation and consequential adjustments, if any. $\overline{7}$
Share Application Money Rs. 1450 Lakhs has been raised pursuant to restructuring / settlement scheme submitted to BIFR but consequent to abatement of Sick Industrial Companies (Special Provision) Act, 1985 w.e.f. $\mathbf{R}$ 01/12/2016, it become refundable.
Provision for Income Tax has not been made in view of accumulated losses and deferred tax asset has not recognised $\mathbf{Q}$ in the financial statement as a matter of prudence.
10 Figures for the previous periods, wherever necessary have been regrouped/reclassified to conform to the current periods presentation.

Place: Bhilwara Date: 30-June-2021 Modern Threads (India) Limited

For and on behalf of the Board of Directors

(Rajesh Ranka) Chairman & Managing Director DIN:03438721

PITI Threads (India) Limited

Registered Office:

Unit: Modern Woollens

STATEMENT OF ASSETS AND LIABILITIES

		As at	As at
		31.03.2021	31.03.2020
	ParticularsASSETS
	Non-Current Assets
		3495.96	3591.8
$\mathbf{a}$	Property, Plant and Equipment
b	Capital Work-in-progress	414.24	421.38
$\mathbf{C}$	Right Of Use Asset	20.02	26.69
d	Intangible assets
e	Intangible assets under development
$\ddot{\tau}$	Financial Assets
	il Investments	1.13	1.09
	iil Other Financial assets	246.80	275.83
е	Income Tax Assets	24.05	34.57
f	Other non-current assets	259.63	267.16
	Total Non-current Assets (A)	4,461.83	4,618.52
	Current Assets
a	Inventories	3927.14	4241.72
b	Financial Assets
i1	Investments
	Trade Receivables	1596.5	2281.71
Ħ		1734.33	1138.96
	iii Cash and Cash Equivalents	45.51	.51.08
	iv Bank Balances other than iii above	19.32	31.31
	v Other Financial Assets	462.76	281.06
c	Other Current Assets
	Total Current Assets (B)	7,785.56	8,025.8412,644.36
	Total Assets (A+B)	12,247.39
	EQUITY AND LIABILITIES
	EquityEquity Share Capital	3.477.52	3,477.52
$\mathbf{a}$$\mathbf b$	Other Equity	(15, 391.49)	(15, 596.79)
	Total Equity (A)	(11, 913.97)	(12, 119.27)
	Non Current Liabilities
$\mathbf{a}$	Financial Liabilities
	Borrowings	18874.85	18874.850.48
	Lease liabilities	0.49329.19	333.53
$\mathbf b$	Provisions	19,204.53	19,208.86
	Total Non Current Liabilities (B)Current Liabilities
$\mathbf{a}$	Financial Liabilities
ĩ.	Borrowings	29.03	26.16
$\mathbf{ii}$	Lease liabilities	0.02
iii	Trade Payables	95.38	119.46
	(a) total outstanding dues of micro enterprises
	and small enterprises(b) total outstanding dues of creditors other than	1717.15	2080.5
	micro enterprises and small enterprises
m	Other Financial Liabilities	2307.16	2559.57
b	Other Current Liabilities	778.32	734.88
$\mathbb C$	Provisions	29.77	34.20
	Total Current Liabilities (C)	4,956.83	5,554.77
		12,247.39	12,644.36
	Total Equity and Liabilities (A+B+C)WARA

Marketing Office Plants: L Yarn Division

dern Threads (India) Limited Registered Office:

Unit: Modern Woollens

Cash Flow Statement for the Year ended 31st March, 2021				RS in Lakhs
Particulars	For the year ended31st March, 2021		For the year ended31st March, 2020
A. Cash flow from operating activities
Profit before exceptional items and tax	102.03		2,326.00
Adjustments for:
Depreciation and amortisation	276.74		301.50
Finance costs	148.82		12.14
Loss/(Profit) on sale of Property, Plant and Equipment	7.47		1.35
Gain on Sale of Investments	(16.56)		(43.45)
Income Tax			(0.12)
Remeasurement of employee benefits (Net)	33.27		2.96
		551.77		2,600.38
Operating profit / (loss) before working capital changes		551.77		2,600.38
Changes in working capital:
Adjustments for (increase) / decrease in operating assets:
Inventories	314.58		611.90
Trade receivables	685.21		(443.73)
Other non-current financial assets	29.03		(72.25)
Other current financial assets	11.99		(15.53)
Other current assets	(181.70)		(7.92)
Other non-current assets	7.53		82.48
Adjustments for increase / (decrease) in operating liabilities:
Trade payables	(387.43)		(168.74)
Borrowings	2.87		26.16
Other Financial Liabilities	(152.41)		(2339.32)
Other non-current Financial Liabilities	0.01		0.48
Other current liabilities	43.44		3.12
Other current Financial Liabilities	0.02
Other long-term liabilities	(4.34)		53.61
Provisions	(4.43)		7.71
Bank balance other then cash & cash equivalents	5.57	369.94	(15.03)	(2277.06)
Cash generated from operations		921.71		323.32
Net income tax (paid) / refunds		10.52		(8.68)
Net cash flow from / (used in) operating activities (A)		932.23		314.64

$\sqrt{3}$

em Threads (India) Limited

Registered Office:

Unit: Modern Woollens

Hamirgarh Road, Pragati Path, Near Transport Nagar, BHILWARA-311001 (Rajasthan) INDIA

Tel:+91-1482-241801, Fax:297924, Email: [email protected] Website: www.modernwoollens.com / CIN:L17115RJ1980PLC002075

B. Cash flow from investing activities
Purchase of Property, plant and equipment	(226.07)		(231.87)
(including capital work in progress)
Additions to ROU on adoption of Ind AS 116			(0.48)
Proceeds from sale of Property, plant and equipment	51.51		15.83
		(174.56)		(216.52)
Net cash flow from / (used in) investing activities (B)		(174.56)		(216.52)
C. Cash flow from financing activities
Purchase of Mutual funds	(1,315.00)		(3156.00)
Proceeds from sale of mutual funds	1,331.56		3199.45
Finance costs	(148.82)		(12.14)
linvestment	(0.04)		(0.03)
Redemption of preference share	(30.00)	(162.30)	(90.00)	(58.72)
Net cash flow from / (used in) financing activities (C)		(162.30)		(58.72)
Net increase / (decrease) in Cash and cash equivalents	$(A+B+C)$	595.37		39.40
Cash and cash equivalents at the beginning of the year		1,138.96		1,099.56
Cash and cash equivalents at the end of the year (Refer NoteNo. 10)		1,734.33		1,138.96

Place: Bhilwara Date: 30-June-2021

For and on behalf of the Board of Directors Modern Threads (India) Limited

(Rajesh Ranka) Chairman & Managing Director

PITI Threads (India) Limited

Registered Office:

Unit: Modern Woollens

				(zin Lakhs)
1	SI.No.	Particulars	Audited Figures (asreported beforeadjusting forqualifications)	Adjusted Figures(audited figuresafter adjusting forqualifications)
	$\overline{1}$ .	Turnover / Total income	14967.02	14967.02
	2.	Exceptional Items*	70.00	70.00
	3.	Total Expenditure	14864.99	14920.24
	4.	Net Profit/(Loss) (1+2-3)	172.03	116.78
	5.	Earnings Per Share	0.49	0.34
	6.	Total Assets	12247.39	12247.39
	7.	Total Liabilities	24161.36	25467.75
	8.	Net Worth**	(11913.97)	(13220.36)
	9.	Any other financial item(s) (as felt appropriate by themanagement)	Nil	Nil
		* The company has settled redeemable Preference Share Capital of ₹100 Lakhs at ₹30 Lakhs and balance ₹70Lakhs has been shown as exceptional items.

ern Threads (India) Limited

Registered Office:

Unit: Modern Woollens

Hamirgarh Road, Pragati Path, Near Transport Nagar, BHILWARA-311001 (Rajasthan) INDIA Tel: +91-1482-241801, Fax:297924, Email: [email protected]

Website: www.modernwoollens.com / CIN:L17115RJ1980PLC002075

	a. Details of Audit Qualification :
	Interest (Dividend) on cumulative redeemable preference shares amounting to ₹55.25 lakhs for the(i)year (Cumulative ₹1306.39 lakhs up to 31.03.2021) has not been provided in view of accumulated
	losses.
	(ii) Balances of trade payables and trade receivables are subject to confirmation and consequentialAdjustments, if any.
	Material Uncertainty related to going ConcernThe company had made a reference to The Board of Industrial and Financial Reconstruction (BIFR) basedon audited accounts for the financial ended 31st March, 2004 and BIFR in the hearing held on 12thDecember, 2005 had declared the company as sick industrial company u/s 3(1)(o) of the SICA Act.Consequent to abatement of Sick Industrial Companies (Special Provision) Act, 1985, the company has notfiled rehabilitation/ revival scheme to NCLT under Insolvency and Bankruptcy Code. The company hasaccumulated losses with its net worth continuing to stand fully eroded and the financial statements of thecompany have been prepared on going concern as the Debentures, term loan and accrued interest hasbeen settled and only balance ₹75 Lakhs is payable till 31 st March 2022. The company is expectingcompliance of term of settlement and liability will be written back on discharge of full payment.Emphasis of MattersThe effects of uncertainties relating to COVID-19 pandemic outbreak on the Company's operations andmanagement's evaluation of its impact on the financial Statement as at the balance sheet date, the extent
b.	Type of Audit Qualification: Qualified Opinion
$\mathsf{C}$ .	Frequency of qualification : Repetitive
	d For Audit Qualification(i) where the impact is quantified by the auditor, Management's Views:For the Audit Qualifications Company is in process of settlement with respective preference shareholders.
	e. For Audit Qualification(s) where the impact is not quantified by the auditor:
	(i) Management's estimation on the impact of audit qualification: Unable to Estimate
	(ii) If management is unable to estimate the impact, reasons for the same:For qualification (ii) the company is in process of identifying liability of trade Payables and tradereceivables.

Threads (India) Limited

Registered Office:

Unit: Modern Woollens

Ш. Signatories:

For Modern Threads (India) Limited

Rajesh Ranka Chairman & Managing Director

Chairman of Audit Committee

For Modern Threads (India) Limited

P.K. Nahar Chief Financial Officer

Place: Bhilwara Date: 30/June/2021

Refer Our Audit Report dated June 30, 2021 on Financial results of the Company

BHILWARA

For Goyal D. Kumar & Co. Chartered Accountants (FRN. 007817C)

$2010$

Marketing Office Plants: Yarn Division

AI assistant

Modern Thread (India) Ltd. Interim / Quarterly Report 2021

63978_rns_2021-06-30_6f60233c-f719-447c-8b6c-0a8bc620c7be.pdf

CITI Threads (India) Limited

Sub.: Submission of Audited Financial Results for the quarter and year ended 31st March, 2021

Goval D. Kumar & Co.