Nitco Ltd. — Annual Report 2022

Sep 8, 2022

MARBLE MOSAICO	September 8, 2022
Corporate Service Department, BSE Limited Jeejeebhoy Towers Dalal Street, Mumbai - 400 001 Script code: 532722	The Listing Department, National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex, Bandra (E), Mumbai - 400051. Script code: NITCO

Dear Sir/Madam,

Sub: Audited Financial Statements for March 31, 2022 (Revised submission)

Ref: Company's letter dated May 26, 2022 with subject "Outcome of the Board Meeting held today ie. May 26, 2022"

This is with further reference to the Company's letter dated May 26, 2022 with subject Outcome of the Board Meeting held today i.e. May 26, 2022 wherein the Company had interalia informed that pursuant to Regulation 30 & 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board of Directors of the Company at their meeting held on May 26, 2022 has noted / approved the Audited Financial Results (Standalone and Consolidated) of the Company for the quarter and financial year ended March 31, ²⁰²² together with Statement of Assets and Liabilities and Cash Flow Statement as on that date. Also, we have submitted copy of the Audited Financial Results on standalone and consolidated basis for the year ended March 31, 2022 along with notes and Statutory Auditors Report relating thereto,

The Company has changed the classification/ presentation of current maturities of longterm borrowings in the current year & previous year. The current maturities of long-term borrowings (including interest accrued) has now been included in the "Current borrowings" Line item. Previously, current maturities of long-term borrowings and interest accrued were included in 'Other Financial Liabilities' line item. This change has been made pursuant to Notification No. G.S.R. 207(B) dated March 24, 2021 issued by Ministry of Corporate Affairs. Accordingly, please find attached the revised Audited Financial Statements (Standalone and Consolidated) of the Company for the quarter and financial year ended March 31, ²⁰²² together with Statement of Assets and Liabilities and Cash Flow Statement as on that date.

'There are no other changes carried out in the Audited Financial Statements for the quarter and year ended March 31, 2022.

We request you to take the same on your records & oblige.

Thanking you, Yours faithfully,

; ahh. b Eph Ne A

For.N ITCO LIMITED %

Geeta Karira Company Secretary & Co pliarice Officer

'Nayak '@Rane CHARTERED ACCOUNTANTS

INDEPENDENT AUDITOR'S REPORT TO THE BOARD OF DIRECTORS ON AUDITED STANDALONE FINANCIAL RESUTLS OF NITCO LIMITED

OPINION

We have audited the accompanying statement of standalone financial results (the 'statement') of NITCO Limited ("the Company") for the year ended March 31, 2022", attached herewith, being submitted by the company pursuant to the requirement of Regulation 33 of the SEBi (Listing Obligation and Disclosure Requirements) Regulations, 2015 (as amended) (* Listing Regulation") including relevant circulars issued by the SEBI from time to time,

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial results:

• a are presented in. accordance with the requirements of Regulation 33 of the listing ' Regulations, and
• Gi) gives a true and fair view in conformity with the IND AS prescribed under section 133 of the Companies Act 2013(the 'Act'), read with relevant rules issued thereunder, and other accounting principles generally accepted in India of the standalone net loss including other comprehensive income. and other financial information of the
• Company for the quarter and year ended 31% March 2022.

BASIS FOR OPINION

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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 Standalone Financial Results section of our report, We are independent of the Company in accordance with the Cade 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 results under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics, We believe that the audit evidence we have obtained is sufficient and appropriate to provide a.basis for our opinion.

Mumbal Office 7A Wing, 207/202 2nd Floor,Planet Industrial Estate, Subhash Road, ) S! Vile Parle (East) Mumbal- 400057. CA

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Material Uncertainty Related to Going Concern

We draw attention to the following points due to which material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern :

• i, The Company has been continuously making operating losses. During the current financial year ended 31° march 2022 company incurred a net loss of Rs, 125,87 crores ( Rs, 121.36 crore in financial year ended 31" March 2021) thereby resulting in a negative net worth of Rs.194,75 crores.
• ii.' The Company has defaulted in repayment of loan and interest from JMFARC amounting to Rs.334.79 crores,
• ii, Under the restructuring agreement IJMFARC has the right to revoke in the case of -default, the waiver of Rs 546 cr and all the reliefs and concessions granted to the company, As informed by the company they have not yet received any notice from JMFARC,

Having regard to the totality of the facts and circumstances stated above, it is our considered opinion that:the company will be able to continue as a going concern only if it is able to restructure or repay its loan from JFMARC , servicing its debts on the due date and raise required funds ;

Our opinion about the financial statements for the year under review is not modified in respect of this matter. ,

Emphasis of Matters.

• me Refer Note 3, Company has not provided for interest on the outstanding loan of LIC of Rs 18.87 cr as they are hopeful of its restructuring same in line of JMFARC,
• Refer Note no 4 , Additional Director General Foreign Trade (ADGFT) had levied penalty of Rs. 170 crore which is confirmed by the Appellate bench of DGFT , New Delhi. No provision forthe demand is made in the books, Management has received legal opinion that the order is bad in law...
• Pte cr Refer Note no.5 , Revenue Department has raised a demand of Rs 51.08 crore . No provision for the demand is made in the books as company has received interim relief against the order from Bombay High Court.

Our opinion is not modified in respect of this matter.

Management's Responsibilities and those charged with Governance for the Standalone Financial Results

These Standaione annual financial results have been prepared on the basis of the standalone annual statements,

'The Companiy's Management and the Board of Directors are responsible for the preparation of these standalone financial results that give a true and fair view of the net profit/loss and other comprehensive income.and other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 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. 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 itregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, imp, ementation 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 results that give a true and fair view 'and are free from material misstatement, whether due to fraud or error.

In preparing the standalone financial results, the Management and 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 Standalone financial Results

Our gbjectives are to obtain reasonable assurance about whether the standalone 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 cohsidered 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 results, . Poa

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

e Identify and assess the risks of material misstatement of the standalone financial results, whether due to fraud or error, design and perform audit procedures responsive to those tisks, 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.

e Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion.on the effectiveness of the company's interna! control,

e Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.

e 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.

e Evaluate the overall presentation, structure and content of the standalone financial results; -including the disclosures, and whether the financial results represent the underlying transactions and events in a manner that achieves fair presentation.

We commuiiicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiéncies ih internal control that we identify during our audit. ig

We also provide those charged with governance with a statement that we have complied with relevant 'ethidal requirements regarding independence, and to communicate with them all relatidnships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

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Other Matters:

'The standalone annual Financial results include the result for the quarter ended March 31, 2022 being the. balancing figures between the audited figures in respect of the full financial year ended March'31, 2022 and the published unaudited year-to-date figures up to December 31, 2021, being the date of the end of the third quarter of the current financial year, which were subjected to limited review by us,

For Nayak & Rane Chartered Accountants Firm Registration No. naw! Laren — ok i. Partner. M. No. 100788 Place: Mumbai Date: May 26, 2022

INDEPENDENT AUDITOR'S REPORT TO THE BOARD OF DIRECTORS ON AUDITED CONSOLIDATED FINANCIAL RESUTLS OF NITCO LIMITED

OPINION

We have audited the accompanying Statement of Consolidated Financial Results of NITCO LTD ("the Parent") and its subsidiaries (Parent and its subsidiaries together referred to as "the Group"), and its share of the net profit / (loss) after tax and total comprehensive income / loss of its associates and joint ventures for the year ended March 2022("the statement"), being submitted by the Parent company pursuant to the requirement of Regulation 33 of the SEB! (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("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 subsidiaries, associates and jointly controlled entities, the Statement:

	Includes the results of the following entities:
	Sr.No. Name of the Company
iL:	Subsidiaries
—	Nitco Realties Private Limited
	Fellow Subsidiaries
[ro per n	'Maxwealth Properties Pvt. Lid,
o	Meghdoot Properties Pvt. Ltd,
y	Roaring - Lion Properties Pvt, Ltd.
p] o l	Feel Better Housing Pvt. Ltd,
a	Quick-Solution Properties Pvt. Ltd.
! s	Silver-Sky Real Estates Pvt. Ltd.
e	Opera' Properties Pvt. Ltd.
f o	_ -Ferocity Properties Pvt, Ltd.
w	Glamorous Properties Pvt. Ltd,
— @i-	'Nitco IT Parks Pvt. Ltd,
ee	Nitco Aviation Pvt. Ltd,
pee	Aileen Properties Pvt. Ltd.
oo	Quick Innovation Lab Pvt Ltd.

1. Includes the results of the following entities:

Mumbai Office:.A Wing, 201/202 2nd Floor,Planet Industrial Estate, Subhash Road, ( } 1 .) Vile Parte (East) Mumbai- 400057, CA

• 1. Is presented in accordance with the requirements of Regulation 33 of the Listing Regulations, as amended; and
• 1. gives a,true and fair view, in conformity with the applicable accounting standards, and other . accounting principles generally accepted. in India, of consolidated total . comprehensive income (comprising of net [profit/loss] and other comprehensive income/ loss) arid. other financial information of the Group for the year ended March 2022.

Basis for Opinion

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 Financial Results section of our report, We are independent of the Group, its associates and jointly controlled entities 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 Companies Act, 2013 and the Rules thereunder, 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 and other auditors in terms of their reports referred to in "Other Matter" paragraph below, is sufficient and appropriate to provide a basis for our opinion.

Material Uncertainty Related to Going Concern

We draw attention to the following points due to which material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern.

• i. 'the Company has been continuously making operating losses, During the current financial 'year ended 31% march 2022 company incurred a net loss of Rs.125.87 crores ( Rs, 121.36 "crore in financial year ended 31! March 2021) thereby resulting in a negative net worth of Rs,194:75 crotes.
• ii, The Company has defaulted in repayment of loan and interest from JMFARC amounting to Rs,334,79 crores.
• iti, Under the restructuring agreement JMFARC has the right to revoke in the case of default, the waiver of Rs 546 cr and all the reliefs and concessions granted to the company. As informed by the company they have not yet received any notice from JMFARC.

Having regard to the totality of the facts and circumstances stated above, it is our considered opinion that the company will be able to continue as a going concern only if itis able to restructure or repay its loan-from JFMARC , servicing its debts on the due date and raise required funds .

Our opinion about the financial statements for the year under review is not modified in respect of this matter. ©

Emphasis of Matters.

Poy

• Refer Note 3), Company has not provided for interest on the outstanding loan of LIC of Rs 18.87 cr as they are hopeful of its restructuring same in line of JMPARC.
• Refer Note no 4 5 Additional Director General Foreign Trade (ADGFT) had levied penalty of Rs. 170 crore which is confirmed by the Appellate bench of DGFT , New Delhi. No provision for the demand in made in the books. Management has received legal opinion that the order is bad in law.
• Refer Note no 5 , Revenue Department has raised a demand of Rs 51.08 crore . No provision for the demand is made in the books as company has received interim relief against the order from Bombay High Court.

Our opinion is not modified in respect of this matter.

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Management's. Responsibilities for the Consolidated Financial Results

CG "ds These consolidated financial results have been prepared on the basis of the consolidated annual financial statements. -

The Parent Company's Board of Directors are responsible for the preparation and presentation of these consolidated financial results that give a true and fair view of the net profit/ loss and other comprehensive income and other financial information ofthe Group including its associates and jointly controlled entities in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, 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 and of its associates and jointly controlled entities are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group and its associates and jointly controlled entities 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 the desigi, 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 financial results that give a true and fair view atid are,free from material misstatement, whether due to fraud or error, which have been uséd for the purpose of preparation of the consolidated financial results by the Directors of the Holding Company, as aforesaid.

۰,

In preparing the consolidated annual financial results, the Management and the respective Board of Directors of the companies included in the Group and of its associates and jointly controlled entities are responsible for assessing the ability of the Group and of its associates and jointly controlled entifies to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the Group or to cease operations, or has no realistic alternative but todo so.)

The respective Board of Directors of the companies included in the Group and of its associates and jointly controlled entities are responsible for oversecing the financial reporting process of the Group and of its associates and jointly controlled entities.

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

Our objectives are to obtain reasonable assurance about whether the consolidated 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 ig nota 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 results.

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

• e | Identify and assess the risks of material misstatement of the consolidated 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 eryor, as fraud may involve collusion, forgery, intentional omissions, _ misrepresentations, or the overtide of internal control,
• © § Obtain an-understanding of interrial control relevant to the audit in order to design audit _. procedures that are appropriate in the cireumstances, but not for the purpose of expressing . an opinion on the effectiveness of the company's internal control.
• e . Evaluate. the appropriateness of accounting policies used and the reasonableness of . accounting estimates and related disclosures made by the Board of Directors,
• e © 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 ability of the Group and its associates and jointly controlled entities 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 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 causé the Group and its associates and jointly controlled entities to cease to continue as a going concern,

• e Evaluate the overall presentation, structure and content of the consolidated financial results, including .the disclosures, and whether the consolidated financial results represent the underlying transactions and events in a manner that achieves fair presentation.
• e Obtain sufficient appropriate audit evidence regarding the financial results/financial information of the entities within the Group and its associates and jointly controlled entities to' express an opinion on the consolidated Financial Results. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in-the consolidated financial results of which we are the independent auditors. For the other entities included in the consolidated Financial Results, which have been audited by 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 of the Holding Company and such other entities includéd in the consolidated financial resulis of which we are the independent auditors regatding, 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.

We algo 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.

Other Matters

The éonsolids ited Financial Results include the audited.Financial Results of One subsidiary and Thirteen Fellow. Subsidiaries, whose Financial Statements/ financial information reflect Group's share of total, assets of Rs.9563.10 lakhs as at 31.3.2022, Group's share of total revenue of Rs.196.57 lakhs: and Group's share of total net profit/(loss) after tax of Rs. (27.52 lakhs),total comprehensive: income /loss of Rs Nil for the year ended on that date, as considered in the consolidated Financial Results. These audited Financial Results/ financial information have been furnishéd to us by the Board of Directors and our opinion on the consolidated Financial Results, in so far as it relates 'to the amounts and disclosures included in respect of these subsidiaries, associates. and. jointly controlled entities is based solely on such audited Financial Results/financial information. In our opinion and according to the information and explanations given to us by the Board of Directors, these Financial Results / financial information are not material to the Group,

Our opinion on the consolidated Financial Results is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors and the Financial Results/financial information certified by the Board of Directors.

The consolidated annual financial results include the results for the quarter ended 31 March 2022 being the balancing figure 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.

For Nayak & Rane Charfered Accountants Firm Registration No. 117249W="" gt mee

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(Kishore Ik R Partner M.No. 100788 .¥ 3 UDIN NO : 2.40048 SAT QECNGS49 ane

Place:-Mumbai : Date: 26!" May 2022

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NiTCO

LIMITED

Chdirman & Managing Dire: \ \ f \ A

Date :

26-May-2022

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STATEMENT OF ASSETS AND LIABILITIES AS AT MARCH 31, 2022

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TILES MARBLE MOSAICO
STATEMENT OF ASSETS AND LIABILITIES AS AT MARCH 31, 2022	STANDALONE		CONSOLIDATED	{Rs in Lakh)
Particulars	Year ended 31.03.2022	31.03.2021	Year ended 31.03.2022	31.03.2024
Assets	(Audited)	(Audited)	{Audited}	{Audited}
Non-current assets {a} Property, plant & equipment	36,249.14	39,003.26	36,367.39 439.84	39,114.29 477.93
(b) Capital work-in-progress (c} Right-of-use Assets	260.67 70,99	310.76 208.66	70.99 323.77	208.66 323.77
{d} Goodwill On Consolldation {e} Financial assets	: -	-
(1) investments (2) Other Financial assets	694,59 3,419.62	694.59 3,404.93	- 3,419.62	- 3,404.93 1,501.48
(f) Other non-current assets ~ Sub-total - Non-current assets	4,532.21 42,227.22	1,501.48 45,123.68	1532.21 42,153.82	45,028.06
Current assets	6,360.88	7,849,62	6,363.03	7,853.02
(a) Inventories {b} Inventories Real Estate	45,000.00	25,000.00	48,734.30 -	18,734.30
(c) Financial assets (4) Current Investments	- "	~	" 9,661.36	- 9,974.53
(2) Trade receivables (3) Cash and cash equivalents	9,655.00 1,167.08	9,915.25 1,387.62	1,244.00	1,270.77
{4} Loans	5,895.02 26.84	5,930.65 21.77	2,023.00 36.84	2,041.52 21.77
(5) Other Financial assets (d) Other current assets	3,775.44	4,292.92	3,798.08 3,084.24	4,311,714 3,084.24
Asset/ Disposal Group held for sale Sub-total - Current assets	- 41,890.26	- 44,197.83	44,944.83 _	47,288.86 92,516.92
Total - Assets Equity and liabllities	84,117.48	89,321.51	87,098.65
Equity	7,185.90	7,185.90	7,185.90	7,185.90
(a) Equity Share capitat {b) Other equity	{26,661.29}	{14,412,93)	(27,018.32) (1,724.32)	(14,443,26) {1,723.50}
(c) Non-controfling interest Sub-total-Equity	- (19,475.39)	- {6,927.03}!	(21,556.74)	{8,980.86}
Non-current liabilities
(a) Financial liabilities (4} Borrowings	20,002.63 33,93	45,722.55 69.88	26,002,63 33,93	45,722.55 69.88
(2)Lease Liabitities (b) Provisions	214.60	215.33	214.60	245,33
(c) Deferred tax Habilities (Net)	x 20,251.16	- 46,007.76	x 20,251.16	- 46,007.76
Sub-total-Non-current flabilitles Current liabilittes
	61,089.93	29,803.38	61,089.93	29,803.38
Financlat liabilities
Borrowings Trade payables			640.28	616.13
al outstanding dues of micro enterprises and small enterprises;	840.26	616.13
b)} Total outstanding dues of creditors other than micra enterprises and	13,588.22	11,961.73	13,644.61	12,021.45
small enterprises Lease Liabilities	51.63	162.37	\$1.63	162.37
Other financial liabilities	1,867.34 5,766.87	1,839,29 5,548.33	2,083.66 5,862.83	2,047.36 5,606.08
{a} Other current liabilities (b) Provisions	337.46	339.55	338.64	341,55 4,691.70
Liability/ Disposal Group held for sale Sub-total-Current llabilities	: 83,341,741	- 50,240.78	4,691.70 88,404.26 87,098.65	55,290.02 92,316.92

( ⁱf ⁴ | . Place : MUMBAI AS / Vivek Talwar Date : 26-May-2022 . Chairman & Managing Director-:

{

Corporate Office : NITCO Limited, NITCO House, Sheth Govindram Jolly Marg, Kanjur Marg {E) Mumbai ~ 400 042. Tel. 91-22-67302500 / 67521555, Fax: 91-22-25786484, CIN: L26920MH1966PLC016547, Email ; investorgrievances@nitco.in Website: www.nitcoin

Cash
Flow
Sta tem ent
for
the
year
ende d 31st
Marc
h 2022

		Stan dalo	ne			Cons olid	ated
Part icul ars	31.0	3.20 22	31.0	3.20 22	31.0	3.20 22	31.0	3.20 21
A. C Net ASH Profi FL t be OW fore FRO tax M (b OPE efor RAT e e ING xcep AC tion TIVI al TIES tems )		(12, 586. 65)		{12, 136. 08}		(12, 612. 95)		(12, 992. 70}
Adju sted fo r:
'Dep reci atio n & am orti sati on expe nse	3,00 (451 0.38 .58)		3,07 (78. 4.97 91)		3,00 {451 0.38 .59) :		3,07 (18.9 4.97 1)] ,
{Pro fit/ /Los s o n sa le o f Pr oper ty, plan t & equ ipm ent {N et}	6,43 2.61 )		5,36 2.07 ]		6,43 2.61 )		5,36 2.07 ;
Prov Fina isio nce ns costs agai nst curr ent asse ts	1,14 7.36	10,1 28.7 7	2,44 0.31 )	10, 258 .94	1,14 7.35 )	10,1 28.7 5	3,27 9.18 )	14, 697 .31
Oper atin g P rofit be fare Wo rkin g C apit al Chan ges		(2,4 57.8 8)		(1,2 77.1 4)		{2,4 85.2 0)		(1,2 94.3 9)
Work ing capi tal adju stme nts:
Adju stme nt for (ncr ease }/de crea se:	1,13 4.88		943 .33		1,13 6.15		991. 83
(inc reas e)/d ecre ase in i nven tori es	(407 .58} ]		2,96 4.13 )		(344 .66)		2,56 4.13
{Inc (Inc reas reas e}/d e}/d ecre ecre ase ase in tr in an ade d o ther rece re ivab ceiv les able s	235 .28		157. 93		235. 28)		103. 56
Incr ease /(de crea se} in tr ade and othe r p ayab les	2,02 7.44 :		(1,6 83.5 3)		2,04 0.73	3,10 3.03 )	(1,5 79.8 0.66: 6)	2,48 0.32 ]
incr ease /{de erea se) in p rovi	35.5 3	3,02 567. 5.55 671 ]	0.66	2,38 1,10 2.46 5.32 ) }	35.53 }	617. 23		1,18 5.52 )
Taxe Cash Ge s p aid nera (net ted of r from efun : O ds} pera tion s		-		0.00		(0.20 )		0.00:
Net Cash ge nera ted from Op erat ions		567. 67]		1,20 5.32 )		617. 63}		1,1 88. 92
'B. C ASH FL OW FRO M INV EST ING AC TIVI TIES					370 .88		{390 .90)
Net {Pur chas Cash es}/ fl ow Sal (use es P d in rope ) In rty, vest pl ing ant Acti & e viti qui es pme nt (Net )	393. 08	393. 038	(129 .67)	(129 ,67)		370. 88		(190 .90)
C. C Proc ASH eeds FL / ( OW Repa FRO ymen M F t) INA of L NCI ong NG Term ACTI Bo VITI rrow ES ings (N et}	(53.6 7}}		{284 .89}		(53.6 7):		{145 (284 .89) .70}
Pay men t o f te ase liabi lity	(146 .69} 4		(149 279. ,70) 19)		(146 .69) +		279. 19
[Adv ance ag ains t sa le o f su bsid iary	34.0 0]		154. 00)		-		-
Fina Proc nce eeds fr cost om s pa subs id { idia net} ry	(314 .93)		{610 .45}		(814 .93)		(610 .45)
Net Cash fl ow (use d in ) Fi nanc ing Acti viti es		(981 .29)		{611 .85}		(1,0 15.2 9)		(765 .85) ,
Net incr ease in Cash an d C ash Equi vale nts (A+B +C}		{20. 53}		363. 80]		{26. 77}		1,06 229. 7.25 17]
Cash an d C ash Equi vale nts at t he begi nnin g of the yea r		4,38 7.62		823. 82		1,27 0.77 -		(25. 65)
Less: Am oun t d iffe renc e d ue to a sset s he ld f or s ale		-		1,18 7.62 "		1,24 4.00		1270 .77
Cash an d C ash Equi vale nts at t he e nd of t he y ear		1,1 67. 08
Com pon ent s o f ca sh and cash eq uiva lent s						7.23		6.80
Cash on hand		4.93		1,18 3.15 447)		4,23 6.71 )		1,26 3.97 )
Bala nce in c urre nt acca unt and depo sits wit h b anks		1,16 2.15 )		1,38 7.62 !		1,24 4.60		1,27 0.77
Cash an d C ash Equi vale nts at t he end of t he y ear		__ 1,16 7.08 )
							Viv ek Talw ar
Plac e: MUM BAT							ing	Dire ctor
Date : 26- May -29 22

Corporate NITCO Limited, NITCO House, Sheth Govindram Joily Marg, Kanjur Marg (E) Mumbai - 400 042. Office Tel,: 91-22-67302500 / 67521555, Fax 91-22-25786484, CIN: L26920MH1966PLCO16547. Email : investorgrievances@nitco.in Website www nitco.in

{Rs in Lakh)

31.0 22, taud 11,9 84,1 11,9 60,7 22,0 {2,7 (2,0 (2,0 1,64 405 3.20 979 ited 173. 25.0 80.7 73.6 72.8 17.4 85.0 56.3 32.4 4.35 438 5.74 .73 .27 22 ) 6} 0): 64 6 8) 0 Thre 3 8 4 e (Una 31.1 34,9 12,0 42,0 Mon 20,4 22,9 61,5 {1,3 (3,0 {1,3 1,66 udit 2.20 383. 157. 07.3 th 06.3 07.3 79.4 62.8 60.4 47.9 76.3 38.4 (3.45 8.51 ed) - 21 60 10 5 5 Ende 9) 8} 3} 2 8 2 8 } STA d 31.0 11,3 (Aud 11,8 NGA 89,3 22,9 65,9 20,1 13,6 (2,1 1,45 (2,3 3.20 ited 70.1 330. 104. (31. 70.4 21.5 43.2 91.0 LON 35.9 97.5 93.4 59.7 2.21 ~ 21 ) 28) 21 18 9 9 1) 0) 2} 1 0 4 1 E 31.0 40, {aud 22,8 60,7 {12, 40,8 34,1 22,0 (6,1 (6,0 6,43 3.20 867 {123 ited 586. 405. 173. 79.2 32.4 61.5 17 54.0 30.6 56.3 5.74 Year 2.61 .25 ,38} 22 } 65} 48 73 61 8 4) 6) 1 7 4 ende 32.0 (12, (Aud d 32,5 32,4 \$9,3 22,9 65,9 20,1 (6,7 (6,6 §,36 {114. 3.26 136. ited 330. 104. 07.7 59.4 95.6 74.0 21.5 97.9 93.4 12.0 35.9 2.07 08}) 59) 21 ) 2} 18 21 1) 5 7 8 4 0 4 1 Tata Tota Seg Net [Tile Seg Tota Segm Capi Profi [Inte - - Real ~ - - - - Tiles Tiles Tiles Real Real Real Unal l men l s l men tal rest Sale t enta Esta and Seg Rev Segm loca Befo esta esta and t r and t L esta and s/ Emp and l te men enu othe te enta ted/ re te te esul iabil othe Inco loy othe othe Asse t e othe r Tax ts l ed ities r r r ts Profi me Corp rela r rela Asse rela rela fina from ted t orat ted ted ts ted Befo ncia Part Op prod e prod prod prod l re icul erat ucts cost ucts ucts ucts Fina ars ions nce Cost . an d Tax 31.0 tAud 87,0 42,0 11,9 22,8 €3,8 26,7 {2,0 (3,7 1,64 {2,0 544 3.20 ited 405. 85.0 51.5 78.6 98.6 76.1 36.7 23.4 73.1 72.9 48.0 4.26 5.31 .45 22 ) 75 8}: 7} 9 1 3) 8 5 4 8 1 Thre e (Una 31.1 22, 25,1 12,0 12,0 Mon 37,8 64,6 (3,0 {1,3 {1,3 1,66 udit 2.20 832 383. th 502. 07.3 20.1 83.8 52.3 47.0 76.3 60.6 44.6 39.7 {7.49 8.56 .95 ed) 21 2}; 5. 10 8} Ende 14 3} 7 9 2 7 2 } d 31.0 25,0 22,9 (Aud 11,9 11,8 92,3 \$9,0 (3,0 {2,1 (4,4 1,45 3.20 (845 \$0.5 ited 461 330. 02.9 08.0 20.7 70.1 16.9 77.6 05.3 59.7 57.3 2.02 .59) 21] 74 ) 18 3 1) 2} 9 2 7 2 8 6 3} 31.0 {Aud 22,8 {22, 43,0 40,8 87,0 27,2 63,8 26,7 (6,1 (8,0 6,43 3.20 544 (150 ited 613. 499. 405. 76.4 61.5 61.2 81.3 92.4 98.6 16.7 30.6 48.0 Year 2.64 .45 22 95) .70) } 77 75 8 4) 4) 9 2 5 1 9 4 ende 31.0 32, 22, (13, {Aud 25, d (7,2 32,4 25,4 92,3 69,0 5,3 {8,2 695 909 {970 3.20 002 ited	CON SOL IDA TED {Rs. in									20,5 96.0 8	22,2 29.9 5
617. 200. 461. 330. 62.		64.7	25,4 64.7 2	25,6 32.3 3	27,2 52.4 9	[Tota l Seg men t Liabi litie s	20,2 40.1 2	22,2 29.9 5	20,2 40.1 2
	85.6 95.6 55.8 16.9 77.6 Lakh .95 .97 .08 .21) 21 93) 07 } 28 18 5)	74

Plate MUMBAI! Date 26-May-2022

UARTER AND YEAR ENDED MARCH 31, 2022

aN 7s oS S aT DQ } > we a = 3 E a ³ co ram s = wo e 2 a = = 2) a 3S = g & & s 6 6 = = = =o wu ov = aad oO oO = 3 > wh gv Ww uv zZ rE g eed = 2 a a *v ™ ov ws ms foe) © + 2 <a a Zz ao x © a & Ss = x= = an 9 6 az ot 1a) o oO w = ~ nr ou ~ N 8 S a ° NN A & 2 ~~, So me w nN rs) rel wy Li a x Corporate Office : Tel Email investorgrievances@nitco.in Website: www.nitco.in

The above results have been prepared in accordance with the principies and procedures of the Indian Accounting Standards ('Ind AS') as notified under the Companies (Indian Accounting Standards) Rules, 2015 as specified under section 133 of the Companies Act, 2013 and other accounting principles generally accepted India.

2.

in

3, Restructuring of company's debt was approved by JMFARC on January 23, 2018. The company is negotiating with LIC for restructuring of its facility principal amount outstanding Rs. 18.87 crore as on 31.03.2022 on terms similar to restructuring done by JMFARC. Pending negotiations with LIC, the pro considered as Contingent in nature. n for interest amounting to Rs 24.28 crore is

AThe Additional Director General Foreign Trade {ADGFT} had fevied penalty of Rs. 17,000 lakhs for irregular / non fulfilment of export obligation and the same has been confirmed by the Appellate Bench of OGET, New Delhi. The company has been advised that the order is bad in law and accordingly has agitated the matter before the appropriate forum. No provision has been made in the Accounts for the sare.

5, Pursuant to scheme of amalgamation sanctioned by the Hon'ble Bombay High Court with Particle Board india Limited during 2011, a land parcel held by Particle Board india Limited was transferred te the Company. Revenue department has raised a demand for unearned income of Rs, 5,105.88 Lakh in this regard. The company has filed a filed writ petition with the Hon'ble Bombay High Court in respect of same and the writ is pending for hearing. Stay wes granted on 26th March,2018, However same was confirmed as interim relief by order dated G9th September, 2019

New Vardhman Vitrified Pvt. Ltd. (NVVPL} was subsidiary of NITCO limited till L0th December, 2020. NVVPL ceased to be subsidiary with effect from this date. However, the share transfer has not been effected pending NOC from some of the lenders. Accordingly, the assets and liabilities of NVVPL has been classified as Held for Sale in the Statement of Asset and Liabilities and profit/loss have been reported as discontinued operations in the Statement of Profit and Loss.

6.

1. In view of the accumulated losses, 8 provision for Tax has been made for the current year.

8.

9.

The figures of corresponding last and previous quarters are the balancing figures between audited figures in respect of the full financial year and the published year to date figures upto third quarter of the current financial year.

The previous quarter/ year figures are regrouped/ restated/ reclassified/ rearranged, wherever necessary, ta make them comparable.

Date : 26-May-2022

" Place : MUMBA! VivekY{alwar

Corporate Office NITCO Limited, NITCO House, Sheth Govindram Jolly Marg, Kanjur Marg (E} Mumbai - 400 042. 91-22-25786484, CIN L26920MH1966PLC016547. tco.in Website Tel. 91-22-67302500 / 67521555, Fax Email tinves torgr levanci es@n wwwa.nitco.i Ala]

May 26, 2022

Corporate Service Dept.	The Listing Department,
BSE Limited	National Stock Exchange of India Limited
Jeejeebhoy Towers	Exchange Plaza, Bandra Kurla Complex,
Dalal Street,	Bandra (E),
Mumbai — 400 001	Mumbai — 400051.
Script code: 532722	code: NITCO Script

Sub: Declaration on Auditors Report with Unmodified Opinion under Regulation 33 (3) (d) of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015

Dear Sir/Madam,

L Vivek Talwar, Chairman and Managing Director of NITCO Limited (CIN: L26920MH1966PLC016547) having registered office at Plot No 3, Nitco House, Kanjur Village Road, Kanjurmarg East, Mumbai — 400 042, hereby declare that in accordance with Regulation 33 (3) (d) of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, M/s. Nayak & Rane, Chartered Accountant, Statutory Auditors of the Company, have issued an Audit Report with unmodified opinion on Audited Financial Results of the Company (Standalone and Consolidated) for the quarter and year ended on March 31, 2022.

This is for your information and record.

Thanking you, Yours faithfully,

[SE OSE frost MUMBA) 5M BA Ae Cy x wana f ie Ae ctl at é VIVEK TALWAR FoyNITCO ne

CHAIRMAN & MANAGING DIRECTOR DIN: 00043180