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MT EDUCARE LIMITED Interim / Quarterly Report 2021

Jun 25, 2021

63580_rns_2021-06-26_4383d275-1e5f-4220-90e3-a4ee1bdb8cc9.pdf

Interim / Quarterly Report

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R. O.. : 2nd Flr., “Flying Colors”, Pandit Din Dayal Upadhyay Marg, L.B.S Cross Road, Mulund (W), Mumbai 400080. Ph. : 022-2937700 / 800 / 900 | Fax: 022-25937799 CIN : L80903MH2006PLC163888 Email : [email protected] Website : www.mteducare.com

==> picture [146 x 71] intentionally omitted <==

June 26[th] , 2021

June 26th, 20
To,
The BSE Limited
Phiroze Jeejeebhoy Towers, Dalal
Street, Mumbai- 400001
National Stock Exchange of India Ltd.
Exchange Plaza, Plot no. C/1, G Block, Bandra-
Kurla Complex, Bandra (East)
Mumbai - 400 051
ScripCode : 534312 ScripCode: MTEDUCARE

Dear Sir/ Madam,

Sub: Outcome of Board Meeting held on June 25th, 2021

This is to inform you that the Board of Directors of the Company at its meeting held today i.e., on June 25[th] , 2021 at 7:00 p.m. and concluded at 10:30 p.m. has:

  • 1) Approved the Audited Financial Results of the Company for the fourth quarter and financial year ended March 31, 2021 [Standalone and Consolidated] as per Regulation 33 of SEBI Listing Regulations, 2015.

  • 2) Approved Audited Balance Sheet as at March 31,2021 and Statement of Profit & Loss of the Company along with relevant annexures on Standalone and Consolidated basis prepared under IND-AS, for the Financial Year ended on that date.

  • 3) Statement pursuant to Regulation 33(3) (d) of the SEBI Listing Regulations, on impact of Audit Qualifications (in respect of modified opinion on Standalone and Consolidated Audited Financial Results) is enclosed herewith as per the format prescribed by SEBI vide its circular No. CIR/CFD/CMD/56/2016 dated May 27, 2016.

  • 4) Pursuant to Regulation 30 of the Securities Exchange Board of India (Listing Obligations & Disclosures Requirements) Regulation, 2015 based on recommendation of Nomination and Remuneration Committee, Mr. Parag Ola has been appointed as Whole Time Director and Key Managerial Personnel of the Company w.e.f June 25[th] , 2021. The brief profile of Mr. Parag Ola is attached as Annexure 1.

  • 5) The Key Managerial Personnel under Section 203 of Companies Act,2013 are as below:

  • a. Mr. Parag Ola, Whole Time Director (WTD);

  • b. Mr. Sujeet Chaudhary, Chief Financial Officer (CFO);

  • c. Mr. Ravindra Mishra, Company Secretary (CS)

==> picture [89 x 88] intentionally omitted <==

R. O.. : 2nd Flr., “Flying Colors”, Pandit Din Dayal Upadhyay Marg, L.B.S Cross Road, Mulund (W), Mumbai 400080. Ph. : 022-2937700 / 800 / 900 | Fax: 022-25937799 CIN : L80903MH2006PLC163888 Email : [email protected] Website : www.mteducare.com

==> picture [146 x 71] intentionally omitted <==

We hereby enclose:

  • Audited Financial Results of the Company for the fourth quarter and financial year ended March 31, 2021 [Standalone and Consolidated] as per Regulation 33 of SEBI Listing Regulations, 2015.

  • Statement pursuant to Regulation 33(3) (d) of the SEBI Listing Regulations, on impact of Audit Qualifications (in respect of modified opinion on Standalone and Consolidated Audited Financial Results) is enclosed herewith as per the format prescribed by SEBI vide its circular No. CIR/CFD/CMD/56/2016 dated May 27, 2016.

  • A brief profile of Mr. Parag Ola, as Annexure –I.

Kindly take the same on your records.

Thanking you.

Yours faithfully, For MT Educare Limited

==> picture [95 x 44] intentionally omitted <==

Ravindra Mishra Company Secretary

==> picture [89 x 89] intentionally omitted <==

R. O.. : 2nd Flr., “Flying Colors”, Pandit Din Dayal Upadhyay Marg, L.B.S Cross Road, Mulund (W), Mumbai 400080. Ph. : 022-2937700 / 800 / 900 | Fax: 022-25937799 CIN : L80903MH2006PLC163888 Email : [email protected] Website : www.mteducare.com

==> picture [146 x 71] intentionally omitted <==

Annexure-1

DISCLOSURE OF EVENTS AND INFORMATION PURSUANT TO REGULATION 30 OF SEBI (LISTING OBLIGATIONS ANO DISCLOSURE REQUIREMENTS) REGULATIONS, 2015 READ WITH SEBI CIRCULAR CIR/CFD/CMD/4/20145DATED-SEPTEMBER 09, 2015.

Sr.
No.
Particulars Mr. Parag Ola
1 Reason
for
change
viz.
appointment,
resignation, removal,
death or otherwise
Appointment
2 Date of Appointment /
~~Cessation & term of~~
~~appointment~~;
June 25th, 2021
3 Brief Profile (in case
of Appointment)
He is MBA in Marketing and has over 22 years of
experience. Has worked in companies like Speakwell Skills
Academy, Future Group, Viztar International, Genovate
Solutions and has been associated with Universities, colleges
and Educational Institutes, has good experience in Education
& Training, Government Business in Skill Development and
Livelihood Training in India and abroad. Mr. Ola has played
a vital role in placing more than 20000 candidates in the last
few years in states like UP, Punjab, Gujrat, Maharashtra,
Karnataka and Rajasthan. Mr. Parag Ola has received many
Awards from both Government Organizations for Skill
Development in India and Private Sectors, for his gallant
contribution to the Education & Training Domain.
MT Management has Assigned Karnataka Business to Parag
in May 2020 and since then he has managed all the hurdles,
roadblocks, setbacks and sustained the business. Currently,
he was managingMT Educare business as COO.
Disclosure
of
Relationships between
Directors (in case of
Appointment
of
Director)
Mr. Parag Ola is neither related inter se nor with any other
existing Director(s) of the Company.

==> picture [89 x 89] intentionally omitted <==


































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Para
g Ola
Digitally signed
by Parag Ola
Date:
2021.06.26
00:37:45 +05'30'
SUJEET
KUMAR
CHAUDHARY
Digitally signed by
SUJEET KUMAR
CHAUDHARY
Date: 2021.06.26
00:38:09 +05'30'




















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Independent Auditor’s Report on the Quarterly and Year to Date Audited Standalone Annual 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 MT Educare Limited

Report on the Audit of the Standalone Annual Financial Results

Qualified Opinion

We have audited the accompanying standalone annual financial results of MT Educare Limited (hereinafter referred to as “the Company”), for the quarter ended 31 March 2021 and for the year ended 31 March 2021 (“the Statement” or “Standalone annual financial results”), 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, the aforesaid standalone annual financial results:

  • a) are presented in accordance with the requirements of Regulation 33 of the Listing Regulations, in this regard; and

  • b) except for the possible effect of the matter described in the basis of qualified opinion paragraph below, 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/ (loss) and other financial information of the Company for the quarter ended 31 March 2021 and for the year ended 31 March 2021.

Basis for Qualified Opinion

  • a) The Company have recognized net deferred tax assets of Rs. 6,816.81 lakhs based on the estimate that sufficient taxable profits would be available in future years against which deferred tax asset can be utilized. In our opinion, due to uncertainties arising out of the outbreak of COVID -19 and the existence of unutilized tax losses available, it is uncertain that the Company would achieve sufficient taxable profits in future against which deferred tax asset can be utilized. Accordingly, we are unable to obtain sufficient appropriate audit evidence to corroborate the Management’s assessment of recognition of deferred tax assets as at 31 March 2021. Had the deferred tax asset not been recognized, the net loss for the year ended 31 March 2021 would have been higher by Rs. 6,816.81 lakhs.

  • b) The Company did not obtain/ receive balance confirmation from the most of the customers /creditors and other parties including certain advances other than related parties for the balances as on 31 March, 2021 due to Covid-19 disruption. Hence, we could not obtain external confirmations as required in SA-505, Standards on Auditing and are unable to comment on adjustments or disclosures, if any, that may arise.

  • c) The Company has loans, trade receivables and other receivables of Rs 5,202.72 lakhs (net of provisions) outstanding as at 31 March 2021 from other parties having operations in the education sector, which are overdue. The management is of the opinion that COVID-19 pandemic and the subsequent lockdowns have disrupted the operations of parties in education sector and such outstandings have arisen primarily due to lockdowns and therefore management considers the same as good and recoverable. Accordingly, owing to the aforementioned overdues, we are unable to comment upon adjustments, if any, that may be required to the carrying value of the outstanding receivables and further provisions, if any, required and the consequential impact on the accompanying standalone annual financial results

==> picture [514 x 46] intentionally omitted <==

==> picture [165 x 63] intentionally omitted <==

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 SAs are further described in the Auditor’s Responsibilities for the Audit of the Standalone Annual Financial Results 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 ethical requirements that are relevant to our audit of the standalone financial statements under the provision of the Act and the Rules thereunder, and we have fulfilled our 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 qualified audit opinion.

Material Uncertainty relating to Going Concern

The pandemic Covid-19 has caused an adverse impact on the business operations of the Company and its financial health. The revenue of the Company has declined sequentially for the year ended March 31, 2021 and as a result the Company has been incurring losses. Further, the Company has defaulted in its debt and other obligations. These indicate the existence of uncertainty that may cast doubt on the Company’s ability to continue as a going concern. The appropriateness of assumption of going concern is dependent upon improvement in cash flows through normal operations in post COVID-19, timely monetization of assets and approval of Company's one time restructuring of debts .

Our opinion is not modified in respect of this matter.

Emphasis of Matter

We draw attention to

  • a) Note 6 to the Statement that states that the management has made an assessment of the impact of COVID19 on the Company’s operations, financial performance, and position as at and for the year ended 31 March 2021 and has concluded that there is no impact which is required to be recognized in the standalone annual financial results. Accordingly, no adjustments have been made to the financial results. However, the extent of the impact of the COVID-19 pandemic on the Company’s standalone annual financial results is dependent upon future developments.

  • b) Note 9 to the Statement, relating to recoverability of long outstanding vocational trade receivables and unbilled receivables aggregating to Rs. 1,905.04 lakhs (net of provisions) outstanding as at 31 March 2021, which represent amounts recoverable for various Central and State Government/ Agencies projects in education/skill development sector. Based on internal assessment of the management which includes considering the progress of the discussions with the relevant government parties, past trends, contractual rights and evidence of service delivery, the management is of the view that the aforesaid receivable balances (net of provision) outstanding as at 31 March 2021 are good and recoverable.

  • c) Note 11 regarding invocation of pledge held by one of the promoter of the Company by the lender on account of repayment defaults.

Our opinion is not modified in respect of these matters.

Management’s Responsibilities for the Standalone Annual Financial Results

These standalone annual financial results have been prepared on the basis of standalone annual financial statements. The Company’s Board of Directors are responsible for the preparation and presentation of these standalone annual financial results that give a true and fair view of the net profit and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 of the Act 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 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

==> picture [66 x 61] intentionally omitted <==

==> picture [165 x 63] intentionally omitted <==

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 annual financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone annual 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 is responsible for overseeing the financial reporting process of the Company.

Auditor’s Responsibilities for the Audit of the Standalone annual financial results

Our objectives are to obtain reasonable assurance about whether the standalone annual financial results 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 annual 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 standalone 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 financial 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 through a separate report on the complete set of standalone financial statements on whether the Company has adequate internal financial controls with reference to standalone 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 in the standalone annual financial results made by the management.

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

==> picture [165 x 63] intentionally omitted <==

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 controls 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.

The comparative standalone financial information of the Company for the corresponding quarter ended 31 March 2020 and year ended 31 March 2020 included in these standalone annual financial results were audited by the predecessor auditor who expressed modified conclusion / opinion dated 25 September 2020 on the financial information and financial statements of the Company.

Other matter

The standalone annual financial results includes the results for the quarter ended 31 March 2021 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, as required under the Listing Regulations.

For MGB & Co LLP

Chartered Accountants

Firm Registration Number 101169W/W-100035

Sanjay Kothari Partner Membership Number 048215 Mumbai, 25 June 2021

UDIN: 21048215AAAAGN5287

==> picture [499 x 758] intentionally omitted <==

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==> picture [165 x 62] intentionally omitted <==

Independent Auditor’s Report on the Quarterly and Year to Date Audited Consolidated Annual 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

MT Educare Limited

Report on the Audit of the Consolidated Annual Financial Results

Qualified Opinion

We have audited the accompanying consolidated annual financial results of MT Educare Limited (hereinafter referred to as “the Holding Company” or “ the Company “) and its subsidiaries (the Holding Company and its subsidiaries together referred to as “the Group”), for the quarter ended 31 March 2021 and for the year ended 31 March 2021 (“the Statement” or “consolidated annual financial results”) being submitted by the Holding 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, and based on the consideration of the reports of the other auditors on separate financial statements / financial information of the subsidiaries, the consolidated annual financial results:

a) includes the annual financial results of the following entities:

Holding Company

MT Educare Limited

Subsidiaries

  • i. MT Education Services Private Limited

  • ii. Lakshya Forrum for Competitions Private Limited (formerly Lakshya Educare Private Limited)

  • iii. Chitale’s Personalised Learning Private Limited

  • iv. Sri Gayatri Educational Services Private Limited

  • v. Robomate Edutech Private Limited

  • vi. Letspaper Technologies Private Limited

  • vii. Labh Ventures India Private Limited

  • b) are presented in accordance with the requirements of Regulation 33 of the Listing Regulations, in this regard; and

  • c) except for the possible effect of the matter described in the basis of qualified opinion paragraph below, give 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 consolidated net loss and consolidated other comprehensive income and other financial information of the Group for the quarter ended 31 March 2021 and for the year ended 31 March 2021.

==> picture [66 x 61] intentionally omitted <==

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==> picture [165 x 63] intentionally omitted <==

Basis for Qualified Opinion

  • a) The Company and certain subsidiaries have recognized net deferred tax assets of Rs. 6,981.87 lakhs based on the estimate that sufficient taxable profits would be available in future years against which deferred tax asset can be utilized. In our opinion, due to uncertainties arising out of the outbreak of COVID -19 and the existence of unutilized tax losses available, it is uncertain that the Company and certain subsidiaries would achieve sufficient taxable profits in future against which deferred tax asset can be utilized. Accordingly, we are unable to obtain sufficient appropriate audit evidence to corroborate the Management’s assessment of recognition of deferred tax assets as at 31 March 2021. Had the deferred tax asset not been recognized, the net loss for the year ended 31 March 2021 would have been higher by Rs. 6,981.87 lakhs.

  • b) The Group did not obtain/ receive balance confirmation from the most of the customers /creditors and other parties including certain advances other than related parties for the balances as on 31 March, 2021 due to Covid-19 disruption. Hence, we could not obtain external confirmations as required in SA505, Standards on Auditing and are unable to comment on adjustments or disclosures, if any, that may arise.

  • c) The Group has loans, trade receivables and other receivables of Rs 11,114.92 lakhs (net of provisions) outstanding as at 31 March 2021 , from other parties having operations in the education sector, which are overdue. The management is of the opinion that COVID-19 pandemic and the subsequent lockdowns have disrupted the operations of parties in education sector and such outstandings have arisen primarily due to lockdowns and therefore management considers the same as good and recoverable. Accordingly, owing to the aforementioned overdues, we are unable to comment upon adjustments, if any, that may be required to the carrying value of the outstanding receivables and further provisions, if any, required and the consequential impact on the accompanying consolidated annual financial results.

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 Consolidated Annual Financial Results section of our report. We are independent of the Group 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 statements under the provision of the Act and the Rules thereunder, and we have fulfilled our ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence obtained by us and other auditor in terms of their reports referred to in “Other Matters” paragraph below, is sufficient and appropriate to provide a basis for our qualified audit opinion.

Material Uncertainty relating to Going Concern

The pandemic Covid-19 has caused an adverse impact on the business operations of the Group and its financial health. The revenue of the Group has declined sequentially for the year ended March 31, 2021 and as a result the Group has been incurring losses. Further, the Group has defaulted in its debt and other obligations. These indicate the existence of uncertainty that may cast doubt on the Group’s ability to continue as a going concern. The appropriateness of assumption of going concern is dependent upon improvement in cash flows through normal operations in post COVID-19, timely monetization of assets and approval of Group's one time restructuring of debts.

==> picture [66 x 61] intentionally omitted <==

Our opinion is not modified in respect of this matter.

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Emphasis of Matter

We draw attention to

  • a) Note 6 to the Statement that states that the management has made an assessment of the impact of COVID-19 on the Group’s operations, financial performance, and position as at and for the year ended 31 March 2021 and has concluded that there is no impact which is required to be recognized in the consolidated annual financial results. Accordingly, no adjustments have been made to the financial results. However, the extent of the impact of the COVID-19 pandemic on the Group’s consolidated annual financial results is dependent upon future developments.

  • b) Note 9 to the Statement, relating to recoverability of long outstanding vocational trade receivables and unbilled receivables aggregating to Rs. 3,074.97 lakhs (net of provision) outstanding as at 31 March 2021, which represent amounts recoverable for various Central and State Government/ Agencies projects in education/skill development sector. Based on internal assessment of the management which includes considering the progress of the discussions with the relevant government parties, past trends, contractual rights and evidence of service delivery, the management is of the view that the aforesaid receivable balances (net of provision) outstanding as at 31 March 2021 are good and recoverable.

  • c) Note 11 regarding invocation of pledge held by one of the promoter of the Company by the lender on account of repayment defaults.

Our opinion is not modified in respect of these matters.

Management’s Responsibilities for the Consolidated Annual Financial Results

These consolidated annual financial results have been prepared on the basis of consolidated annual financial statements. The Holding Company’s Board of Directors are responsible for the preparation and presentation of these consolidated annual financial results that give a true and fair view of the consolidated net profit and consolidated other comprehensive income and other financial information of the Group in accordance with the recognition and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Board of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Group 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 accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated annual financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated annual financial results by the Directors of the Holding Company, as aforesaid.

In preparing the consolidated annual financial results, the respective Board of Directors of the companies included in the Group are responsible for assessing the ability of the Group 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 Group or to cease operations, or has no realistic alternative but to do so.

==> picture [66 x 61] intentionally omitted <==

==> picture [165 x 63] intentionally omitted <==

The respective Board of Directors of the companies included in the Group are responsible for overseeing the financial reporting process of the Group.

Auditor’s Responsibilities for the Audit of the Consolidated Annual Financial Results

Our objectives are to obtain reasonable assurance about whether the consolidated annual financial results 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 annual 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 consolidated 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 financial 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 through a separate report on the complete set of consolidated financial statements on whether the Company has adequate internal financial controls with reference to consolidated 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 in the consolidated annual financial results made by the management.

  • Conclude on the appropriateness of the 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 ability of the Group 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 annual 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 Group to cease to continue as a going concern.

  • Evaluate the overall presentation, structure and content of the consolidated annual financial results, including the disclosures, and whether the consolidated annual financial results represent the underlying transactions and events in a manner that achieves fair presentation.

  • Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated annual financial results. We are responsible for the direction, supervision and performance of the audit of the financial results of such entities included in the consolidated annual financial results of which we are independent auditors. For other entities included in the consolidated annual financial results, which have been audited by

==> picture [66 x 61] intentionally omitted <==

==> picture [165 x 63] intentionally omitted <==

other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion

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 controls 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.

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the Listing Regulations, as amended, to the extent applicable.

The comparative consolidated financial information of the Group for the corresponding quarter ended 31 March 2020 and year ended 31 March 2020 included in these consolidated annual financial results were audited by the predecessor auditor who expressed modified conclusion / opinion dated 25 September 2020 on the financial information and financial statements of the Group.

Other Matters

The consolidated annual financial results include the results for the quarter ended 31 March 2021 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 relevant financial year which were subject to limited review by us, as required under the Listing Regulations.

For MGB & Co LLP

Chartered Accountants Firm Registration Number 101169W/W-100035

Sanjay Kothari Partner Membership Number 048215 Mumbai, 25 June 2021 UDIN: 21048215AAAAGO3452
















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  • \ E Š ‹ Œ  Ž   ‘ ‹ ’ “ ”  ’ • “ – — Ž ’ ˜ Œ Ž Œ ™ Œ š › ’ œ ” Œ “ ™ Œ • — Ž ’ ” ¹ “ — ’ — Œ §  › Œ Ž • « Œ • — “ š « ‘ ’ ™ — Œ ˜ — ‹ Œ  ‘ Œ Ž ’ — š  • “   ’ • ˜  — ‹ Œ Ž Ž Œ ™ Œ š › ’ œ ” Œ “   ž “ Ÿ Ÿ – Ÿ Ÿ ¡ ¢ £ — ‹ š Ž ˜ ‘ ’ Ž — š Œ “ – ‹  ¬ Œ › Œ Ž — ‹ Œ « ’ • ’ § Œ « Œ • — š “ ™  •  š ˜ Œ • — — ‹ ’ — ” ’ ¤ ‹ “ ¥ • Œ —   ‘ Ž  › š “ š  • “ ¦   — “ — ’ • ˜ š • § ’ “ “ š «  ” — ’ • Œ   “ ” ´ ¬ š — ‹ Ž Œ ™  › Œ Ž ´  Ž  « ­  › š ˜ Ÿ ¢ – — ‹ Œ ’ — ¨ Ÿ © ’ Ž ™ ‹ £ ª £ Ÿ  Ž  «  — ‹ Œ Ž ‘ ’ Ž — š Œ “ œ ’ ” ’ • ™ Œ “ “ ‹ ’ ” ” œ Œ ’ ˜ Œ ³  ’ — Œ ” ´ Ž Œ ™  › Œ Ž Œ ˜ ¡ ‹ ’ › š • §  ‘ Œ Ž ’ — š  • “ š • — ‹ Œ Œ ˜  ™ ’ — š  • “ Œ ™ —  Ž – ¬ ‹ š ™ ‹ ’ Ž Œ  › Œ Ž ˜  Œ ¡ Š ‹ Œ « ’ • ’ § Œ « Œ • — š “   — ‹ Œ  ‘ š • š  • — ‹ ’ — ­ ® ¯ ° ± ² Ÿ ¢ ‘ ’ • ˜ Œ « š ™ ’ • ˜ — ‹ Œ “  œ “ Œ ³  Œ • — ”  ™ ¤ ˜  ¬ • “ ‹ ’ › Œ ˜ š “ Ž  ‘ — Œ ˜ — ‹ Œ  ‘ Œ Ž ’ — š  • “   ‘ ’ Ž — š Œ “ š • Œ ˜  ™ ’ — š  • “ Œ ™ —  Ž ’ • ˜ “  ™ ‹   — “ — ’ • ˜ š • § “ ‹ ’ › Œ ’ Ž š “ Œ • ‘ Ž š « ’ Ž š ” ´ ˜  Œ —  ”  ™ ¤ ˜  ¬ • “ ’ • ˜ — ‹ Œ Ž Œ   Ž Œ « ’ • ’ § Œ « Œ • — ™  • “ š ˜ Œ Ž “ — ‹ Œ “ ’ « Œ ’ “ §   ˜ ’ • ˜ Ž Œ ™  › Œ Ž ’ œ ” Œ ¡ µ ™ ™  Ž ˜ š • § ” ´ –  ¬ š • § —  — ‹ Œ ’   Ž Œ « Œ • — š  • Œ ˜  › Œ Ž ˜  Œ “ – ¬ Œ ’ Ž Œ  • ’ œ ” Œ —  ™  « « Œ • —  ‘  • ’ ˜ ¶  “ — « Œ • — “ – š  ’ • ´ – — ‹ ’ — « ’ ´ œ Œ Ž Œ ³  š Ž Œ ˜ —  — ‹ Œ ™ ’ Ž Ž ´ š • § › ’ ”  Œ   — ‹ Œ   — “ — ’ • ˜ š • § Ž Œ ™ Œ š › ’ œ ” Œ “ ’ • ˜   Ž — ‹ Œ Ž ‘ Ž  › š “ š  • “ – š  ’ • ´ – Ž Œ ³  š Ž Œ ˜ ’ • ˜ — ‹ Œ ™  • “ Œ ³  Œ • — š ’ ” š « ‘ ’ ™ —  • — ‹ Œ ’ ™ ™  « ‘ ’ • ´ š • § ™  • “  ” š ˜ ’ — Œ ˜ ’ • •  ’ ”  š • ’ • ™ š ’ ” Ž Œ “  ” — “ ¡ 2 { � ^ Y J J : = 6 L 7 U

  • Q 8 6 < V : Q L 6 S < < L @ : ƒ i i i „ º † j i m n o v w » n u u g k m n k ƒ i „ q k K R L L T = \ 8 9 : ‚ º † j i m n o v w ? 8 @ @ : 7 < S = 6 : S : > Q f g ¼ ½ q k q m n o ¾ i k q † j i m n o v w o g n o m

        • � � ^ ‡ 5 ˆ : : < _ V = 5 K V = 6 ` SUJEET KUMAR Digitally signed by SUJEET KUMAR _ V L : Q € L 7 = 7 ? L = > c Q Q L ? : 6 CHAUDHA CHAUDHARY Date: 2021.06.26 RY 00:33:02 +05'30'
  • G X ¿ 5 7 : A G C G 3 W 8 S V = 7 [ = > À = @ \ 8 ˆ _ V = L 6 @ = 7 8 Q Y 5 K L < _ 8 @ @ L < < : : ‡ ; K f G X ¿ 5 7 : A G C G 3 ‡ < = < 5 < 8 6 Y 5 K L < 8 6 S € 8 6 y  Á ‰ _ 8 E [ [ P € L 6 @ W : U L S < 6 = < L 8 7 O 8 E 3 C 3 3 Z M  ;  f 3 C C C B X ‡ = 7 ˆ = À 8 < V = 6 L P = 6 < 7 : 6 y : @ \ : 6 S V L J O 8 E C N F G 3 X G X ¿ 5 7 : A G C G 3