Nitco Ltd. — Interim / Quarterly Report 2022

Feb 9, 2022

February 09, 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	Script code: NITCO

Dear Sir/Madam,

Sub: Outcome of the Board Meeting held today i.e. February 09, 2022

Pursuant to Regulation 30 & 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), we hereby inform that the Board of directors of the Company at their meeting held on February 09, 2022, has noted/ approved the following:-

• 1. Limited Review Report for the quarter ended December 31, 2021;
• 1. Unaudited Financial Results (Standalone & Consolidated) of the Company for the quarter ended December 31, 2021.

The Meeting of Board of Director's commenced at 12:00 Noon and concluded at ::L!:ts_p .m.

Kindly treat this as a disclosure under Regulation 30(6) of the Listing Regulations, read with Para A of Part A of Schedule III of the said regulations.

Thanking you.

v MANAGING DIRECTOR

Corporate Office: NITCO Limited, NITCO House, Sheth Govindram Jolly Marg, Kanjur Marg (East), Mumbai- 400 042. Tel.: 91-22-67302500 167521555, Fax: 91-22-25786484. CIN: L26920MH1966PLC016547. Email: investorgrievances@nitco.in, Website: www. nitco.in

To,

INDEPENDENT AUDITOR'S LIMITED REVIEW REPORT ON STANDALONE UNAUDITED QUARTERLY FINANCIAL RESULTS OF NITCO LIMITED PURSUANT TO THE REGULATION 33 OF THE SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015 (AS AMENDED)

TO THE BOARD OF DIRECTORS OFNITCO LIMITED

• 1. We have reviewed the accompanying Statement of .unaudited standalone financial results ("the Statement") of NITCO Limited ("the Company") for the quarter ended December 31, 2021.
• 1. This statement is the responsibility of the Company's Management and has been approved by the Board of Directors. Our responsibility is to issue a report on these financial statements based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagement (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditors of the Entity"' issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statements are free of material misstatement. A review is limited primarily to enquiries of company personnel and analytical procedures applied to financial data and thus provide less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.
• 1. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying statement of unaudited financial results prepared in accordance with applicable accounting standards and other recognized accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 including the manner in which it is to be disclosed, or that it contains any material misstatement.

5. Material Uncertainty Related to Going Concern :

1 We draw attention to following Points due to which material uncertainty exist that may cast significant have been prepared as a going concern:

Mumbai Office: A Wing, 201/202 2nd Floor, Planet Industrial Estate, Subhash Road, Vile Parle (East) Mumbai- 400057 . Tel . No : . +9122 26119080/2611 9081 Email:.nayakrane@gmail.com

• i. There is a default in repayment of term loan from JMFARC of Rs.234.53 crore as on 31st · December, 2021. JMFARC is also having a right to revc::>ke the waiv~r of Rs546 cr already given in case of default.
• ii. Company is continuously making operating cash losses. As on 31st December, 2021 there is a negative net worth of Rs.157.84 crore.
• 1. Lockout was declared in one of the inain Tile Manufacturing unit of Company situated in Alibag in January 2020.

"Our opinion is not modified in respect of the above matter."

6 We draw attention to Note no 3 of the statement, regarding borrowing. "Restructuring of company's debt was approved by JMFARC on January 23, 2018. The company has requested LIC for restructuring of its facility (principal outstanding Rs. 18.87Crs.) on terms similar to restructuring done by JMFARC. Pending sanction from LIC no further adjustments in respect of LIC facility has been made. Our opinion is not modified in respect of the above matter;"

For Nayak & Rane Chartered Accountants Firm Registration No. 117249W

(Kishore KRane) Partner M.No. 100788

Place: Mumbai Date: February09, 2022

UDIN No.: 2.2.l00/ 8 g M~€3(t1~4 OR

INDEPENDENT AUDITOR'S LIMITED REVIEW REPORT ON CONSOLIDATED UNAUDITED QUARTERLY FINANCIAL RESULTS OF NITCO LIMITED PURSUANT TO THE REGULATION 33 OF THE SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015 (AS AMENDED)

TO THE BOARD OF DIRECTORS OF NITCO LIMITED

• 1. We have reviewed the accompanying statement of consolidated unaudited financial results ("the Statement") of Nitco Limited (hereinafter referred to as the "the Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as the "Group"), (refer annexure "A" for the list of subsidiaries included in the statement), for the quarter ended 31st December, 2021,being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations' and Disclosure Requirements) Regulations, 2015 (the "Listing Regulations, 2015") (as amended) including relevant circulars issued by the SEBI from time to time .
• 1. The Statement, which is the responsibility of the Parent's Management and approved by its Board of Directorst has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, Interim Financial Reporting ('lnd AS 34'), prescribed under section 133 of the Companies Act, 2013 ('the Act') and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review of the statement in accordance with the Standard on Review Engagement (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review with standards on auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We have also performed procedures inaccordance with the circular issued by the SEBI under regulation 33(8) of the SEBI (Listing Obligations and DiclosureRequirements ) Regulation 2015, as amended, to the extent possible.

1. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 6 below,

Mumbai Office: A Wing, 201/202 2nd Floor, Planet Industrial Estate , Subhash Road , Vile Parle (East) Mumbai- 400057. Tel. No : . +9122 26119080/2611 9081 Email : .nayakrane @gmail.com disclosed the information required to be disclosed in terms regulation 33 of the SEBI ( Listing Obligations and Disclousre Requirements) Regulation , 2015, as amended, including the manner in which it is to be disclosed, or that it contains, any material misstatement.

5. Material Uncertainty Related to Going Concern :

• 5.1 We draw attention to following Points due to which material uncertainty exist that may cast significant doubt on the company's ability to continue as a going concern. However the accounts of the company have been prepared as a going concern:
• I. There is a default in repayment of term loan from JMFARC of Rs.234.53 crore as on 31st December, 2021. JMFARC is also having a right to revoke the waiver of Rs.546 cr already given in case of default.
• II. Company is continuously making operating cash losses. As on 31st December, 2021 there is a negative net worth of Rs. 178.66 crore of the group.
• 5.2. Lockout was declared in one of the main Tile Manufacturing unit of Company situated in Alibag in January 2020.

"Our opinion is not modified in respect of the above matter."

6. Other Matter

We did not review the interim financial statements/financial information/ financial results of 1 subsidiary and 13 fellow subsidiaries included in the consolidated unaudited financial results, whose interim financial statements/ financial information/financial results reflect total assets of Rs. 6,452.08 lacs as at December 31, 2021 and total revenue of Rs. 39.90 lacs and total net loss after tax of Rs.4.39 lacs and total net loss after comprehensive Income of Rs. 4.39. Lacs, for the quarter ended 31st December; 2021, as considered in the Statement. These interim financial statements/ financial information/financial results have been reviewed by other auditors whose reports have been furnished to us by the management and our conclusion on the Statement, in so far as it relates to tfie amounts and disclosures included in respect of these subsidiaries is based solely on the report of such other auditors ·and the procedures performed by us as stated in paragraph 3 above.

Our conculsions on the statements is not modified in respect of the above matters.

For Nayak & Rane Chartered Accountants Firm Registration No. 117249W

Partner M.No. 100788

Place: Mumbai Date: February 9, 202~

Annexue- A

List of entities consolidated:

Sr.No.	Name of the Company
	Subsidiaries
1	Nitco Realties Private Limited
	Fellow Subsidiaries
1	Maxwealth Properties Pvt. Ltd.
2	Meghdoot Properties Pvt. Ltd.
3	Roaring- Lion Properties Pvt. Ltd.
4	Feel Better Housing Pvt. Ltd.
5	Quick-Solution Properties Pvt. Ltd.
6	Silver-Sky Real Estates Pvt. Ltd.
7	Opera Properties Pvt. Ltd.
8	Ferocity Properties Pvt. Ltd.
9	Glamorous Properties Pvt. Ltd.
10	Nitco IT Parks Pvt. Ltd.
11	Nitco Aviation Pvt. Ltd.
12	Aileen Properties Pvt. Ltd.
13	Quick Innovation lab Pvt ltd

NITCO LIMITED

Registered Office: Plot No.3. Nitco House. Kanjur Village Road. Kanjurmarg (East). Mumbai- 40004: Tel No.: 022 67521555, Fax: 022 67521500, Email: investorgrievances@nitco.in, Website: www.nitco.in, CIN: L26920MH1966PLC01654.

STATEMENT OF UNAU DITED FINANCIAL RESU LTS FOR THE QUARTER EN DED DECEMBER 31, 2021

							(Rs in Lakh except earnings per sha re)
			STANDALONE						CONSOLIDATED
	Qua rter Ended				Nine Months ended	Yea r ended	Particulars	Quarter Ended		Nine Months ended			Year ended
	31.12.2021	30.09.2021		31.12.2020 31.12.2021 31.12.2020 31.03.2021				31.12.2021	30.09.2021	31.12.2020	31.12.2021	31.12.2020	31.03.2021
		(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)							(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)				(Audited)
							CONTI NUING OPERATIONS
							Revenue from Operations
	11,893.99	8,693.62	10,609.14	28,457.96	20,547.55		32,323.30 Sale of Products	11,933.71	8,735.83	10,658.86	28,579.01	20,685.22	32,511.50
	113.36	246.47	49.22	430.69	90.01		184.45 Other operational revenue	113.36	246.47	49 .22	430.69	90.01	184.45
	12,007.35	8,940.09	10,658.36	28,888.65	20,637.56		32,507.75 Total Revenue from Operations	12,047.07	8,982.30	10,708. 08	29,009.70	20,775.23	32,695.95
	33.99	535.42	15.06	671.95	188.51		259.67 Other Income	34.18	535.61	15.31	672.52	189.94	312.43
	12,041.34	9,475.51	10,673.42	29,560.60	20,826.07		32,767.42 Tota l Income	12,081.25	9,517.91	10,723.39	29,682.22	20,965.17	33,008.38
							Expenses
	614.38	605.03	880.07	1,706.36	1,383.43		2,173.26 Cost of materials consumed	649.32	642.33	919.72	1,813.28	1,503.71	2,329.76
	8,722.03	5,840.07	6,858.68	20,348.08	14,108.41		22,204.07 Purchase of Stock in trade	8,722.03	5,840.07	6,858.68	20,348.08	14,108.41	22,204.07
	491.18	138.29	198.71	647.15	373.41		700.97 Changes in inventories of finished goods, Stock in trade an d	491.18	138.29	198.71	647.15	373.42	700.97
							work-in-progress
	1,346.09	1,375.70	1,388.70	3,999.95	3,772.13		5,097.08 Employee benefits expense	1,346.09	1,375.70	1,388.70	3,999.95	3,776.56	5,097.08
~ ::::. r- :::J	754.38	758.61	729.70	2,263.49	2,213.60		3,074.97 Depreciation and amortization expense	754.38	758.61	729.70	2,263.49	2,213.60	3,074.97
"-' c	1,668.51	1,577.84	1,347.51	4,788.25	3,909.86		5,362.07 Finance cost (net)	1,668.56	1,577.89	1,347.45	4,788.35	3,910.05	5,362.07
0\ OJ \0 "-' 3	1,492.76 15,089.33	1,854.52 12,150.06	1,547.23 12,950.60	4,668.91 38,422.19	3,558.10 29,318.94		6,291.08 Other expenses 44,903.50 Total Expenses	1,502.07 15,133.63	1,866.23 12,199.12	1,569.44 13,012.40	4,711.59 38,571.89	3,636.41 29,522.16	7,231.16 46,000.08
0	(3,047.99)	(2,674.55 )	(2,277.18)	(8,861.59)			(8,492.87) (12,136.08) Profit I {loss) from Continuing Operations before tax	(3,052.38)	(2,681.21)	(2,289.01)	(8,889.67)		(8,556.99) (12,991.70)
~ 0 ~~							Tax expense
							Current Tax (current year)				-
\0 ~ 0\		-			-		376.51 Current Tax (earlier years)			-		-	376.51
"' 0\ ~ -o<.O r-							Defe rred Tax			-		-	-
- (")A 0"'	(3,047.99)	(2,674.55)	(2,277.18)	(8,861.59)			(8,492.87) (12,512.59) Net Profit for the period from Continuing Opera tions	(3,052.38)	(2,681.21)	(2,289.01)	(8,889.67)		(8,556.99) (13,368.21)
~2. 0\							Profit/ (Loss) attributable to Non-Controlling Inte rest	(0.32)	(0.44)	0.36	(1.09)	(1.42)	(0.83)
c Vl ~ .;:.							Profit attributable to the Owners of the Parent	(3,052.06)	(2,680.77)	(2,289 .37)	(8,888.58)		(8,555.57) (13,367.38)
:-.J ~							Discontinued Operations
"' a							Profit/ {Loss) before tax from discontinued opera ti on~			(201.13)		(626.23)	(626.23)
§							Tax expense of discontinued operatiom
~							Net Profit/ (loss) for t he period from Discontinued
c							Operations			(201.13)		(626.23)	(626.23)
3 o							Profit/ (Loss) attributable to Non·Controlling lnteresl	-		(98.55)		(306.85)	(306.85)
e!.							Profit attributable to the Owners of the Parent	-		(102.58)		(319.38)	(319.38)
.;:.	(3,047.99)	(2,674.55)	(2,277.18)	(8,861.59)			(8,492.87) (12,512.59) Net Profit/ (Loss) after tax	(3,052.38)	(2,681.21)	(2,490.14)	(8,889.67)		(9,183.22) (13,994.44)
0 0							Profit/ (Loss) attributable to Non·Controlling Interest	(0.32)	(0.44)	(98.19)	(1.09)	(308.27)	(307.68)
							Profit attributa ble to the Owners of the Parent	(3,052.06)	(2,680.77)	(2,391.95)	(8,888.58)		(8,874.95) (13,686.76)

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		STANDALONE					CONSOLIDATED
	Quarter Ended			Nine Months ended	Year ended			Quarter Ended		Nine Months ended	Year ended
31.12.2021	30.09.2021		31.12.2020 31.12.2021 31.12.2020 31.03.2021			Particulars	31.12.2021	30.09.2021	31.12.2020	31.12.2021	31.12.2020	31.03.2021
	(Unaudited) (Unaudited)		(Unaudited) (Unaudited) (Unaudited)		(Audited)			(Unaudited) (Unaudited)			(Unaudited) (Unaudited) (Unaudited)	(Audited)
						Other Comprehensive Income
77.98	(41.31)	(57.37)	4.11	7.62	54.50	(i) Items that will not be reclassified to profit or los~	77.98	(41.31)	(57.37)	4.11	7.62	54.50
						(ii) Tax relating to items that wi ll not be reclassified to profi
						or loss
77.98	(41.31)	(57.37)	4.11	7.62	54.50	Other Comprehensive Income (OCI)	77.98	(41.31)	(57.37)	4.11	7.62	54.50
						OCI attributable to Non-Controlling Interest
77.98	(41.31)	(57.37)	4.11	7.62	54.50	OCI attributable to the Owners of the Parent	77.98	(41.31)	(57.37)	4.11	7.62	54.50
(2,970.01)	(2,715.86)	(2,334.55)	(8,857.48)		(8,485.25) (12,458.09)	Total Comprehensive lncc:me	(2,974.40)	(2,722.52)	(2,547.51)	(8,885.56)	(9,175.60)	(13,939.94)
-						Non-Controlling Interest	(0.32)	(0.44)	(98.19)	(1.09)	(308 .27)	(307.68)
(2,970.01)	(2,715.86)	(2,334.55)	(8,857.48)		(8,485.25) (12,458.09)	Net Profit/ (loss) after taxes, Non-Controlling Interest	(2,974.08)	(2,722.08)	(2,449.32)	(8,884.47)	(8,867.33)	(13,632.26)
7,185.90	7,185.90	7,185.90	7,185.90	7,185.90	7,185.90	Paid-up equity share capital (Face Value Rs.lO per share)	7,185.90	7,185.90	7,185.90	7,185.90	7,185.90	7,185.90
						Reserves excluding revaluation reserves as per balance
					(14,112.93)	sheet						(14,443.26)
						Earnings per share (before extraordinary items) (of Rs. 10/-
						each) (not annualized):
(4.13)	(3 .78)	(3.25)	(12.33)	(11.81)	(17.34)	Basic - Continuing Operations	(4.14)	(3 .79)	(3.27)	(12.36)	(11.90)	(18.53)
(4.13)	(3.78)	(3.25)	(12.33 )	(11.81)	(17.34)	Diluted - Continuing Operations	(4.14)	(3.79)	(3.27)	(12.36)	(11.90)	(18.53)
						Basic- Discontinuing Operations	-		(0.14)		(0.44)	(0.44)
-						Diluted- Discontinuing Operations	-		(0.14)		(0.44)	(0.44)
(4.13)	(3.78)	(3.25)	(12.33)	(11.81)	(17.34)	Basic- Continuing & Discontinuing Operation!	(4.14)	(3 .79)	(3.41)	(12.36)	(12.34)	(18.97)
(4.13)	(3.78)	(3.25)	(12.33)	(11.81)	(17.34)	Diluted- Continuing & Discontinuing Operation~	(4.14)	(3.79)	(3.41)	(12.36)	(12.34)	(18.97)

\ l vekTalwar Chairman & Managing Director

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SEGMENTWISE REVEN UE, RESULTS AN D CAPITAL EM PLOYED FOR TH E QUARTER ENDED DECEMBER 31. 2021

ര													(Rs. in Lakh)
			STANDALONE					CONSOLIDATED
$\leq$	Quarter Ended Nine Months ended		Year ended	Particulars		Quarter Ended		Nine Months ended		Year ended
റ്റ 0	31.12.2021	30.09.2021	31.12.2020	31.12.2021	31.12.2020	31.03.2021		31.12.2021	30.09.2021	31.12.2020	31.12.2021	31.12.2020	31.03.2021
≕.	(Unaudited)		(Unaudited) (Unaudited) (Unaudited)		(Unaudited)	(Audited)		(Unaudited)		(Unaudited) (Unaudited)	(Unaudited)	(Unaudited)	(Audited)
							Net Sales/ Income from Operations
	12,007.35	8,940.09	10,651.75	28,888.65	20,625.48	32.495.67	- Tiles and other related products	12,007.35	8,940.09	10,651.75	28,888.65	20,680.67	32,495.67
Q			6.61		12.08	12.08	- Real estate	39.72	42.21	56.33	121.05	94.56	200.28
z	12,007.35	8,940.09	10,658.36	28,888.65	20,637.56	32,507.75	Total Revenue	12,047.07	8,982.30	10,708.08	29,009.70	20,775.23	32,695.95
6							Segment results
0	(1, 376.33)	(1,010.19)	(893.14)	(3,945.59)	(4.499.70)		$(6,659.42)$ - Tiles and other related products	(1, 376.33)	(1,010.19)	(1,094.29)	(3,945.59)	(5, 170.58)	(7, 285.65)
$\overline{\circ}$	(3.15)	(86.52)	(36.53)	(127.75)	(83.31)		$(114.59)$ - Real estate	(7.49)	(93.14)	(48.40)	(155.73)	(102.60)	(970.21)
	(1, 379.48)	(1,096.71)	(929.67)	(4,073.34)	(4,583.01)		(6,774.01) Total Segment Profit Before Finance Cost and Tax	(1, 383.82)	(1, 103.33)	(1, 142.69)	(4, 101.32)	(5, 273.18)	(8, 255.86)
	1,668.51	1.577.84	1,347.51	4,788.25	3.909.86		5.362.07 linterest and other financial cost	1,668.56	1,577.89	1.347.45	4,788.35	3,910.05	5,362.07
$^\infty$ S ᠴ	(3,047.99)	(2,674.55)	(2,277.18)	(8,861.59)	(8,492.87)		(12,136.08) Profit Before Tax	(3,052.38)	(2,681.22)	(2,490.14)	(8,889.67)	(9.183.23)	(13, 617.93)
₿							Capital Employed
G $\circ$							Segmental Assets
	61,560.40	60,967.30	67.624.41	61,560.40	67.624.41	65.978.67	- Tiles and other related products	64,644.62	64,051.52	70,708.64	64,644.62	70,708.64	69,062.88
윽	22,962.82	22,980.34	23,180.71	22,962.82	23,278.08	22,997.91	- Real estate	22,832.95	22,821.22	23,877.83	22,832.95	23,877.83	22,909.08
٥	383.10	378.72	674.50	383.10	674.50	330.18	- Unallocated/ Corporate	383.10	378.72	674.50	383.10	674.50	330.18
0	84,906.32	84,326.36	91,479.62	84,906.32	91.576.99		89,306.76 Total Segmental Assets	87,860.67	87,251.46	95,260.97	87,860.67	95,260.97	92,302.14
$\circ$							Segment Liabilities
₹	20,438.48	18,421.47	19,582.72	20,438.48	19,582.72		20,135.91 Tiles and other related products	25,130.19	23,113.18	22,647.86	25,130.19	22,647.86	24,827.61
Ма 6 ᢒ	157.60	180.24	107.26	157.60	204.63		104.21 Real Estate	502.14	491.14	436.41	502.14	436.41	461.74
⊵	20,596.08	18,601.71	19,689.98	20,596.08	19,787.35		20,240.12 Total Segment Liabilities	25,632.33	23,604.32	23,084.27	25,632.33	23,084.27	25,289.35

/..)(

1. The above financial results were reviewed by the audit committee and thereafter taken on record by the Board of Directors at their Meeting held on 09-Feb-2022 The Statutory auditors of the Company have conducted a "Limited Review" of the above Unaudited Financial Results for the period ended December 31, 2021.

2. The above results have been prepared in accordance with the principles and procedures of the Indian Accounting Standards ('lnd AS') as notified under the Companies (Indian Accounting Standards) Rules, 201S as specified under section 133 of the Companies Act, 2013 and other accounting principles generally accepted in India.

3. Restructuring of company's debt was approved by JMFARC on January 23, 2018. The company is nego t iating with LIC for restructuring of its facility (principal outstanding Rs. 18.87 Crs as on 31.12.2021) on terms similar to restructuring done by JMFARC. Pending negotiations with LIC, no further adjustments in respect of LIC facility has been made.

4. On 27th January, 2020 lock out was declared at tiles manufacturing unit at Alibaug for a temporary period. The lock out was necessitated due to non-co-operation, coercive and threatening tactics by workmen at the factory premises and with a view to safeguard the interest of the organisation, the safety and security of the personnel and the property of the Company.

5. New Va rdhman Vitrified Pvt. Ltd. (NVVPL) was subsidiary of NITCO limited till 10th 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 NWPL has been class ified 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. In view of the accumulated losses, no provision for Tax has been made for the current year.

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

Place : MUMBAI Date : 09-Feb-2022

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