Palash Securities Limited — Annual Report 2021

May 12, 2021

P ALASH SECURITIES LIMITED CIN -L74120UP2015PLC069675 REGD. OFFICE - P.O. HARGAON, DIST SITAPUR (U.P.), PIN -261121 Phone No. (05862) 256220-221; Fax No.: (05862) 256 225 E-mail - palashsecnrities@birlasugar.org;Website-www.birla-sugar.com

12th May, 2021

The Secretary National Stock Exchange of India Ltd. Exchange Plaza, 5th Floor Plot No. C/1, G Block Bandra- Kurla Complex, Bandra (E) Mumbai 400 051

The Dy. General Manager Corporate Relationship Department BSELtd. 1st Floor, New Trading Ring, Rotunda Building P.J. Towers, Dalal Street, Fort Mumbai-400 001 Stock Code : 540648

Symbol: PALASHSECU

Dear Sir,

Sub : Outcome of Board Meeting held on 12th May, 2021

Ref : Regulation 30, 33(3) of SEBI /Listing Obligations and Disclosure Requirement) Regulations, 2015

Pursuant to Regulation 30 and 33 of SEBI (Listing Obligations & Disclosure Requirements), Regulations, 2015, we wish to inform you that the Board of Directors of the Company at its meeting held today i.e. 12th May, 2021 had transacted inter-alia the following items of business:

• a. Considered and approved the Audited Annual Financial Results (Standalone and Consolidated) of the Company for the financial year ended 31st March, 2021. A copy of Audited Financial Results along with Auditors report thereon and Declaration pursuant to Regulation 33(3)(d) of the Listing Regulations, 2015 is enclosed for your records;
• b. The Board of Directors has not recommended any dividend for the year ended 31st March, 2021.

The above results are also being made available on the Company's website at www.birlasugar.com.

The meeting commenced at 6.00 pm and concluded at 7.45 pm.

The above is for your information and dissemination to all concerned.

Thanking you

Yours faithfully, F r Palash Securities Limited

?,t,1,,.,.,.,1,,"Raja Company Secretary ACS: 26022

Encl: As Above

(CA)Agraw??a?t?????c?n ?:,: ·_·?-?·

·",.-- 301, Victory House, 3rd Floor 1, Ganesh Chandra Avenue, Kolkata - 700 013 Phone : 2225-9430/31 /32 E-mail : subodhka@yahoo.com Website : www.asnco.in

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Independent Auditor's Report on the Quarterly and Year to Date Audited Standalone Financial Results of the Company Pnrsnant to the Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.

To The Board of Directors of Palash Securities Limited

Report on the audit of the Standalone Financial Results

Opinion

We have audited the accompanying statement of quarterly and year to date Standalone financial results of Palash Securities Limited (the "Company") for the quarter ended March 31, 2021 and for the year ended March 31, 2021 ("Statement"), attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33of 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 Statement:

• i. is presented in accordance with the requirements of the Listing Regulations in this regard; and
• ii. gives a true and fair view in conformity with the applicable accounting standards and other accounting principles generally accepted in India, of the net profit/(loss) and other comprehensive income/(loss) and other financial information of the Company for the quarter ended March 31, 2021 and for the year ended March 31, 2021.

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, as amended ("the Act"). Our responsibilities under those Standards are further described in the "Auditor's Responsibilities for the Audit of the 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 together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act 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 is sufficient and appropriate to provide a basis for our opinion.

Management's Responsibilities for the Standalone Financial Results

The Statement has been prepared on the basis of the annual financial statements. The Board of Directors of the Company are responsible for the preparation and presentation of the Statement that gives a true and fair view of the net profit and other comprehensive income of the Company and other financial information in accordance with the applicable 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. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Statement, the Board of Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

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

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

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Statement.

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

• Identify and assess the risks of material misstatement of the Statement, 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 control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
• Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represents the underlying transactions and events in a manner that achieves fair presentation.

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

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

Other Matter

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

For Agrawal Subodh & Co. Chartered Accountants FRN:319260E

Chetan Kumar Nathani Partner Membership No.:310904 UD1N:21310904AAAAAU1590

Place: Kolkata Date: 12th May 2021

PALASH SECURITIES LIMITEDRegistered Office: P.O. Hargaon, District Sitapur, Uttar Pradesh - 261 121 Phone (05862) 256220; Fax (05862) 256225, CIN: L74120UP2015PLC069675

Web-site : www.birla-sugar.com, E-mail : palashsecurities@birlasugar.org

	(7 In lakhs)
	Statement of Audited Financial Results for the quarter and year ended 31 March 2021
	Quarter endedYear ended
$S_{I}$ .	Particulars	31.03.2021	31.12.2020	31.03.2020	31.03.2021	31.03.2020
No.		(Refer Note 2)(Audited)	(Unaudited)	(Refer Note 2)(Audited)	(Audited)	(Audited)
1,	Revenue from Operations
	(a) Interest Income	2.03	1.87	1.57	7.06	6.30
	(b) Dividend Income		0.10		290,77	0.64
	Total Revenue from Operations	2.03	1.97	1.57	297.83	$0.9 +$
1.	Other Income
	(a) Rental Income	8.77	8.75	10.32	35.02	36.57
	(b) Other IncomeTotal Other Income	۰	$\blacksquare$	0.01	0.13	0.15
		8.77	8.75	10.33	35.15	36.72
з.	Total Income (1+2)	10.80	10.72	11.90	332.98	43.66
4.	Expenses
	(a) Cost of raw materials consumed
	(b) Purchases of stock-in-trade
	(c) Change in inventories of finishedgoods, work-in-progress and stock-in-
	trade
	(d) Employee benefits expense
	(e) Finance costs (net)	2.57	2.62	$-1.17$	12.66	19,95
	(f) Fees and Commission Expenses	0.01	0.40	0.78	7.12	6.73
	(g) Depreciation and amortisation expense	0.52	0.54	0.59	2.13	237
	(h) Administrative and Other expenses	3.35	5.94	7.79	23.37	24.26
	Total Expenses	11.45	9.50	13.33	45.28	5331
5.	Profit / (Loss) before exceptional items		1.22
	and $\tan(3-4)$	(0.65)		(1, 43)	287.70	(9.65)
6.	Exceptional items
7.	Profit / (Loss) before tax (5+6)	(0.65)	1.22	(1.43)	287.70	(9.65)
8.	Tax expense
	(i) Current tax
	(ii) Provision related to earlier year no				(0.02)
	longer required written back
	(iii) Deferred tax
	Total tax expense				(0.02)
9. I	Net Profit / (Loss) after tax (7-8)	(0.65)	1.22	(1.43)	287.72	(9.65)
	10. Other Comprehensive Income
	(i) Items that will not be reclassified	(7.15)	55,44	(32.59)	70.SS	(23.62)
	subsequently to profit or loss(net of tax)
	(ii) Items that will be reclassified
	subsequently to profit or loss
	(net of tax)
	Total Other Comprehensive Income	(7.15)	55.44	(32.59)	70.53	(23.62)
	11. Total Comprehensive Income	(7.80)	56.66	(34.02)	358.60	(53.27)
	[comprising net profit / (loss) and other
	comprehensive Income] (9+10)
	12. Paid-up Equity Share Capital	1,000.31	1,000.31	1,000.31	1,000.31	1,000.31
	(Face value per share ₹ 10)
	13. Other Equity				1,303.68	945.08
	14. Earnings per equity share (of $\bar{\tau}$ 10 each)
	$(\mathbf{a} \mathbf{c})$ :
	(a) Basic	٠	0.01	$(0.02)$ $\cdot$	2.SS	(0.10)
	(b) Diluted	$\bullet$	0.01	$(0.02)$ .	2.88	(0.10)

not annualised

$\bar{z}$

$\bar{\phantom{a}}$

$\bar{\mathcal{A}}$

$\ddot{\phantom{a}}$

$\label{eq:2.1} \frac{1}{\sqrt{2\pi}}\int_{0}^{\infty}\frac{1}{\sqrt{2\pi}},d\mu,d\mu,d\mu,.$

PALASH SECURITIES LIMITEDRegistered Office: P.O. Hargaon, District Sitapur, Uttar Pradesh - 261 121 The (05862) 256220; Fax (05862) 256225, CIN: L74120UP2015PLC069675Web-site : www.birla-sugar.com, E-mail : palashsecurities@birlasugar.org

	Statement of Assets and Liabilities		(7 in lakhs
Sr.	Particulars	As on 31.03.2021	As on 31.03.2020
No.		(Audited)	(Audited)
A.	ASSETS
	1. Financial Assets
	(a) Cash and Cash Equivalents	221.48	2.87
	(b) Receivables
	(I) Trade Receivables
	(II) Other Receivables		8.45
	(c) Investments	2,281.73	2.210.85
	(d) Other Financial Assets	2.16	0.60
	Total Financial Assets	2,505.37	2,222.77
	2. Non-financial Assets
	(a) Current Tax Assets (net)	28.33	5.70
	(b) Investment Property	39.40	41.53
	(c) Property, Plant and Equipment	0.06	0.06
	(d) Other Non-financial Assets	0.91	0.65
	Total Non-financial Assets	68.70	47.94
	TOTAL ASSETS	2,574.07	2,270.71
$\overline{B}$ .	LIABILITIES AND EQUITY
	1. LIABILITIES
	Financial Liabilities
	(a) Payables
	(I) Trade Payables
	(i) total outstanding dues of micro enterprises and small enterprises
	(ii) total outstanding dues of creditors other than micro enterprises and small enterprises	6.84	6.15
	(b) Deposits	16.61	67.14
	(c) Subordinated Liabilities	239.64	230.44
	(d) Other Financial Liabilities	2.30	16.58
	Total Financial Liabilities	265.39	320.31
	Non-financial Liabilities
	(a) Other Non-financial Liabilities	4.69	5.01
	Total Non-financial Liabilities	4,69	5.01
	Total Liabilities	270.08	325.32
	2. EQUITY
	(a) Equity Share Capital	1,000.31	1,000.31
	(b) Other Equity	1,303.68	945.08
	Total Equity	2,303.99	1,945.39
	TOTAL EQUITY AND LIABILITIES	2.574.07	ול מלכל

PALASH SECURITIES LIMITED

Registered Office: P.O. Hargaon, District Sitapur, Uttar Pradesh - 261 121 Phone (05862) 256220; Fax (05862) 256225, CIN: L74120UP2015PLC069675 Web-site ; www.birla-sugar.com, E-mail : palashsecurities@birlasugar.org

Notes:			(C in lakhs)
	Statement of Cash Flows for year ended 31 March 2021
		Year ended	Year ended
	Particulars	31.03.2021	31.03.2020
		(Audited)	(Audited)
	(A) CASH FLOW FROM OPERATING ACTIVITIES:
	Profit / (Loss) before tax	287.70	(9.65)
	Adjustments for:
	Interest Income	(3.82)	(6.30)
	Finance costs	12.66	19.95
	Depreciation and amortisation expense	2.13	237
	Loss on sale / discard of Property, Plant and Equipment (net)		0.79
		298.67	7.16
	Working capital adjustments:
	Decrease / (Increase) in Receivables	8.45	(8.45)
	(Increase) in Other Financial Assets	(1.56)
	(Increase) in Other Non-financial Assets	(0.26)	(0.34)
	Increase in Payables	0.69	2.04
	(Decrease) in Other Financial Liabilities	(11.28)
	(Decrease) in Other Non-financial Liabilities	(0.49)	(0.03)
	Cash Generation from Operations	291.22	0.38
	Income tax paid (net of refund)	(22.61)	(1.59)
	Net Cash generated from / (used in) Operating Activities	268.61	$(1 - 1)$
	(B) CASH FLOW FROM INVESTING ACTIVITIES:
	Net Cash generated from Investing Activities	۰	$\blacksquare$
	(C) CASH FLOW FROM FINANCING ACTIVITIES:
	Repayment of Deposits	(50.00)	(10.00)
	Net Cash used in Financing Activities	(50.00)	(10.00)
	Net Changes in Cash & Cash Equivalents (A + B + C)	218.61	(11.21)
	Cash & Cash Equivalents at the beginning of the year	2.87	14.03
	Cash & Cash Equivalents at the end of the year	221.48	2.87

The Statement of Cash Flows has been prepared under the "Indirect Method" as set out in Ind AS 7 "Statement of Cash Flows".

• 1. The figures of the last quarter for the current year and for the previous year are the balancing figures between the audited figures in respect of full financial year ended 31 March and the published year to date reviewed figures upto the end of the third quarter ended 31 December.
• 1. The Company has only one business segment i.e. Investing Business and as such segment reporting as required by Ind AS 10S "Operating Segments" is not applicable.
• 1. The possible impacts of COVID-19, if any, have been considered in the above financial results, including internal and external factors known upto the date of approval of these results, to assess the carrying amount of assets and liabilities of the Company. Accordingly as on date, no material impact is anticipated in the aforesaid carrying amounts. However, the impact of COVID-19 may be different from that estimated as at the date of approval of these financial results and the Company will continue to closely monitor any material changes in future economic conditions.
• 1. The above audited financial results have been reviewed by the Audit Committee and approved by the Board of Directors at their meetings held on 12 May 2021.
• 1. The figure of the previous periods / year has been regrouped / reclassified, wherever necessary, to conform to the classification for the quarter and year ended 31 March 2021.

For and on behalf of the Board of Directors Palash Securities Limited

Place: Kolkata Date: 12th May, 2021

Chand Blharf Parodia Managing Director есц, DIN-01389238

'(dJ Agrawal Subodh & Co.

Chartered Accountants--------------------

301, Victory House, 3rd Floor l . Ganesh Chandra Avenue, Kolkata - 700 013 Phone : 2225-9430/3 l /32 E-mail : subodhka@yahoo.com Website : www.asnco.in

Independent Auditor's Report on the Quarterly and Year to Date Consolidated Ind AS Financial Results of the Company Pursuant to the Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.

To The Board of Directors of Palash Securities Limited

Report on the audit of the Consolidated Ind AS Financial Results

Opinion

We have audited the accompanying statement of quarterly and year to date Consolidated Ind AS financial results of Palash Securities Limited (the "Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group") for the quarter ended March 31, 2021 and for the year ended March 31, 2021 ("Statement"), attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").

In our opinion and to the best of our information and according to the explanations given to us, the Statement:

• i. is presented in accordance with the requirements of the Listing Regulations in this regard; and
• ii. gives a true and fair view in conformity with the applicable accounting standards and other accounting principles generally accepted in India, of the net profit/(loss) and other comprehensive income/(loss) and other financial information of the Group for the quarter ended March 31, 2021 and for the year ended March 31, 2021.

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, as amended ("the Act"). Our responsibilities under those Standards are further described in the "Auditor's Responsibilities for the Audit of the Ind AS 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 oflndia together with the ethical requirements that are relevant to our audit of the Ind AS financial statements under the provisions of the Act 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 is sufficient and appropriate to provide a basis for our opinion,

Emphasis of Matter Paragraph

We draw your attention to Note no. 5 of accompanying financial results where one of the subsidiary Company, Mis Allahabad Canning Ltd (ACL) indicates the fact that the net worth is eroded as on Balance Sheet date. The same has not been audited by us. This condition may indicate the existence of uncertainty about the said subsidiary's ability to continue as a going concern. However, the financial information of the said Subsidiary has been prepared on a going concern basis based on the reason stated in the aforesaid Note.

Our opinion is not modified in respect of this matter.

Management's Responsibilities for the Consolidated Ind AS Financial Results

The Statement has been prepared on the basis of consolidated annual Ind AS financial statements. The Board of Directors of the Holding Company are responsible for the preparation and presentation of the Statement that gives a true and fair view of the net profit and other comprehensive income of the Group and other financial information in accordance with the applicable 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. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Statement, the Board of Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

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

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

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Statement.

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

• Identify and assess the risks of material misstatement of the Statement, 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 ofinternal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
• Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern. Ifwe conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Ind AS financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represents the underlying transactions and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the Ind AS financial results/financial information of the entities within the Group of which are the independent Auditors and whose financial information we have audited, to express an opinion on the Statement. We are responsible for the direction, supervision and performance of the audit of the financial information of such entities included in the Statement of which we are the independent auditors. For the other entities included in the Statement, 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 regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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

Other Matter

• The accompanying Statement includes the audited financial statements and other financial information, in respect of 4 subsidiaries (Except Charnparan Marketing Company Limited which has been audited by us), whose financial statements include total assets of Rs 27,527.83 Lakhs as at March 31, 2021, total revenues of Rs 1,841.54 Lakhs and Rs 5,870.12 Lakhs, total net profit/(Loss) after tax of Rs. (904.08) Lakhs and Rs. (1,333.12) Lakhs, total comprehensive income/(Loss) of Rs. 896.37 Lakhs and Rs. 9,555.93 Lakhs, for the quarter and the year ended on that date respectively, and net cash inflows/(outflow) of Rs. (61.22) Lakhs for the year ended March 31, 2021, as considered in the Statement which have been audited by their respective independent auditors. The said reports have been furnished to us by the Management and our opinion on the Statement in so far as it relates to the amounts and disclosures included in respect of these subsidiaries is solely based on the reports of such auditors and the procedures performed by us as stated in paragraph above.
• The Statement includes the results for the quarter ended March 31, 2021 being the balancing figure between the audited figures in respect of the full financial year ended March 31, 2021 and the published unaudited year-to-date figures up to the third quarter of the current financial year, which were subjected to a limited review by us, as required under the Listing Regulations.

For Agrawal Subodh & Co. Chartered Accountants FRN:319260E

Chetan Kumar Nathani Partner Membership No.:310904 UD1N:21310904AAAAAV3955

Place: Kolkata Date:121h May, 2021

PALASH SECURITIES LIMITEDRegistered Office: P.O. Hargaon, District Sitapur, Uttar Pradesh - 261 121Phone (05862) 256220; Fax (05862) 2562225, CIN : L74120UP2015PLC069675Web-site : www.birla-sugar.com, E-mail : palashs

						(7 in lakhs)
	Statement of Consolidated Audited Financial Results for the quarter and year ended 31 March 2021Quarter endedYear ended
Sr.	Particulars	31,03.2021	31,12,2020	31.03.2020	31.03.2021	31.03.2020
No.		(Refer Note 2)		(Refer Note 2)
		(Audited)	(Unaudited)	(Audited)	(Audited)	(Audited)
1.	Revenue from Operations
	(a) Interest Income	22.29	21.41	29.22	96.29	150.04
	(b) Dividend Income		27.15	17.57	240,42	258.69
	(c) Sale of Food Products	1,809.87	1,671.38	1,263.97	5,519.24	4,158.75
	Total Revenue from Operations	1,832.16	1,719.94	1,310.76	5,855.95	4,567.48
2.	Other Income
	(a) Rental Income	8.77	8.75	10.32	35.02	36.57
	(b) Other Income	5.99	0.44	(6.53)	14.09	11.93
	Total Other Income	14.76	9.19	3.79	49.11	48.50
3.4.	Total Income (1+2)Expenses	1,846.92	1,729.13	1,314.55	5,905.06	4,615.98
	(a) Cost of raw materials consumed
	(b) Purchases of stock-in-trade	335.18	232.17	332.53	1,006.52	1,066.02
		703.95	720.98	860.61	2,085.57	1,625.43
	(c) Change in inventories of finished goods,	457.49	105.22	(489.26)	418.26	(581.45)
	work-in-progress and stock-in-trade
	(d) Employee benefits expense	430.59	351,88	294.03	1,415.21	944.49
	(e) Finance costs (net)	44.75	33.56	19.98	143.40	71.33
	(f) Fees and Commission Expenses	0.41	0.40	1.57	7.93	7.64
	(g) Depreciation and amortisation expense	9.51	7.22	8.77	35.27	31.55
	(h) Packing Material consumed	282.44	210.71	209.60	844.94	769.13
	(i) Rent, Tax and Energy Costs	44.29	21.53	30.60	106.84	100.16
	(j) Administrative and Other expenses	438.17	265,94	210.74	1,089.40	741.14
	Total Expenses	2,746.78	1,949.61	1,479.17	7,153.34	4,775.44
5.	Profit / (Loss) before exceptional items	(899.86)	(220.48)	(164.62)	(1, 248.28)	(159.46)
	and ${ax(3-4)}$
6.	Exceptional items
7.	Profit / (Loss) before tax (5+6)	(899.86)	(220.48)	(164.62)	(1, 248.28)	(159.46)
8.	Tax expense
	(i) Current tax	5.98	8.94	10.55	34.65	39.57
	(ii) Provision for tax related to earlier years			0.02		0.02
	(iii) Provision for tax no longer required written			(5.52)	(0.02)	(5.52)
	back
	(iv) Deferred tax charge / (credit)
	Total tax expense	5.98	8.94	5.05	34.63	34.07
9.	Net Profit / (Loss) after tax (7-8)	(905.84)	(229.42)	(169.67)	(1,282.91)	(193.53)
10.	Other Comprehensive Income
	(i) Items that will not be reclassified	1,448.40	6,901.02	(6, 511, 60)	12,871.88	(8,738.78)
	subsequently to profit or loss (net of tax)
	(ii) Items that will be reclassified subsequently
	to profit or loss (net of lax)
	Total Other Comprehensive Income	1,448.40	6.901.02	(6, 511.60)	12.871.88	(3,738.78)
11.	Total Comprehensive Income	542.56	6,671.60	(6,681.27)	11,588.97	(8,932.31)
	(comprising net profit / (loss) and other
	comprehensive income] (9+10)
12.1	Paid-up Equity Share Capital	1,000.31	1,000.31	1,000.31	1,000.31	1,000.31
	(Face value per share ₹ 10)
	13. Other Equity				26,792.63	15,203.66
14.	Earnings per equity share (of ₹ 10 each)
	(in 7).
	(a) Basic	$(9.06)$ *	$(2.29)$ $\bullet$	$(1.69)$ $*$	(12.83)	(1.93)
	(b) Diluted	$(9.06)$ *	$(2.29)$ $\rightarrow$	$(1.69)$ *	(12.83)	(1.93)

* not annualised

$\mathbf{r}$

$\ddot{\phantom{a}}$

l,

$\sim$

PALASH SECURITIES LIMITED

$\lambda$

$\ddot{\phantom{1}}$

$\label{eq:2} \frac{1}{\sqrt{2}}\frac{1}{\sqrt{2}}\int_{0}^{\sqrt{2}}\frac{1}{\sqrt{2}}\left(\frac{1}{\sqrt{2}}\right)^{2}d\theta.$

Registered Office: P.O. Hargaon, District Sitapur, Uttar Pradesh - 261 121 Phone (05862) 256220; Fax (05862) 256225, CIN : L74120UP2015PLC069675 Web-kite : www.bitla-sugar.com, E-mail : palashsecurities@hirlasugar.org

						(7 in fakhi)
	Segment wise Consolidated Revenue, Results, Assets and Liabilities for the quarter and year ended 31 March 2021
			Quarter ended	Year ended
Sr.No.	Particulars	31.03.2021(Refer Note 2)	31.12.2020	31.03.2020(Refer Note 2)	31.03.2021	31.03.2020
		(Audited)	(Umadited)	(Audited)	(Audited)	(Audited)
t.	Segment Revenue
	(a) Investing Business	21.34	48.53	45.76	335.57	407.70
	(b) Food Processing Business	1.810.82	1,671.41	1.265.00	5.520.38	4.159.73
	Total Revenue from Operations	1.832.16	1,719.94	1,310.76	5,855.95	4,567.48
2.	Segment Results
	(a) Investing Business	9.94	46.57	60.83	319.04	395.73
	(b) Food Processing Business	(860, 93)	(229,86)	(174.55)	(1, 110.53)	(473.66)
	Total segment Profit / (Loss) before flunneecosts, tax and unallocable items	(850.99)	(183.29)	(113.67)	(1,001,49)	(77.83)
	Less:
	(i) Finance costs (net)	44.75	33.56	19.98	143.40	71.33
	(ii) Other unallocable expenditure(net of unallocable income)	4.12	3.63	30.97	13.39	10.25
	Profit / (Lots) before tax	(899.86)	(220.48)	(164.62)	(1, 248.28)	(159, 46)
з.	Segment Assets
	(a) Investing Business	23,162.42	25.735.76	14.439.76	23.162.42	14.439.76
	(b) Food Processing Business	7.567.19	3,752.85	3.405.43	7.567.19	3,405,43
	(c) Unallocable Assets	707.37	707.61	725.61	707.37	725.61
	Total Segment Assets	31.436.98	30.196.22	18.570.80	31, 136.93	18,570.90
$\mathbf{1}$	Segment Liabilities
	(a) Investing Business	46.17	42.73	116.74	$-15.17$	116.74
	(b) Food Processing Business	1.269.38	1,337,40	1,260.93	1,269,38	1,260.93
	(c) Unallocable Liabilities	2,328.49	1,574.90	989.16	2,328.49	589.16
	Total Segment Liabilities	3.644,04	2,955.03	2 366.83	3,644.04	2.366.83

$\hat{\textbf{z}}$

$\ddot{\phantom{1}}$

$\ddot{\phantom{0}}$

$\label{eq:2} \frac{1}{\sqrt{2}}\int_{0}^{\infty}\frac{1}{\sqrt{2\pi}}\left(\frac{1}{\sqrt{2\pi}}\right)^{2}d\mu_{\rm{eff}}$

$\ddot{\phantom{1}}$

PALASH SECURITIES LIMITEDRegistered Office: P.O. Hargaon, District Sitapur, Uttar Pradesh - 261 121Phone (05862) 256220; Fax (05862) 256225, CIN : L74120UP2015PLC069675 Web-site : www.birla-sugar.com, E-mail : palashsecurities@birlasugar.org

Statement of Assets and Llabilities
Sr.No.	Particulars		Consolidated
		As on 31.03.2021	As on 31.03.2020
		(Audited)	(Audited)
$\lambda$ .	ASSETS
	1. Financial Assets
	(a) Cash and Cash Equivalents	666.22	716.12
	(b) Bank Balances other than (a) above	2.07	8.80
	(c) Receivables
	(I) Trade Receivables	753.96	740.83
	(II) Other Receivables		8.45
	(d) Loans	800.00	900.00
	(c) lovestments	22,205.26	13,357.48
	(1) Other Financial Assets	36.95	41.92
	Total Financial Assets	24, 164. 16	15,773.60
	2. Non-financial Assets
	(a) Inventories	1,565.28	205431
	(b) Current Tax Assets (net)	41.15	9.49
	(c) Investment Property	39.40	41.53
	(d) Property, Plant and Equipment	4,661.09	286.53
	(f) Capital Work-in-Progress	67.33
	(f) Other Non-financial Assets	598.27	405.29
	Total Non-financial Assets	6,972.52	2,797.20
	TOTAL ASSETS
в.		31,436.98	18,570.80
	LIABILITIES AND EQUITY1. LIABILITIES
	Financial Liabilities
	(a) Payables
	(I) Trade Payables
	(i) total outstanding dues of micro enterprises and small enterprises	80.12	40.97
	(ii) total outstanding dues of creditors other than micro enterprises and small enterprises	330.92	938.16
	(b) Borrowings (Other than Debt Securities)	2,071,40	728.45
	(c) Deposits	16.61	67.14
	(d) Subordinated Liabilities	239.64	230.44
	(e) Other Financial Liabilities	111.17	145.06
	Total Financial Liabilities	3,349.86	2,150.22
	Non-financial Liabilities
	(a) Provisions	119,15	120.89
	(b) Other Non-financial Liabilities	175,03	95.72
	Total Non-financial Liabilities	294.18	216.61
	Total Liabilities	3,644.04	2,366.83
	2. EQUITY
	(a) Equity Share Capital	1,000.31	1,000.31
	(b) Other Equity	26,792.63	15,203.66
	Total Equity	27,792.94	16,203.97
	TOTAL EQUITY AND LIABILITIES
		31,436.98	18,570.80

$\bar{z}$

PALASH SECURITIES LIMITED

l,

j,

$\overline{a}$

Registered Office: P.O. Hargaon, District Sitapur, Uttar Pradesh - 261 121 Phone (05862) 256220; Fax (05862) 256225, CIN: L74120UP2015PLC069675 Web-site : www.birla-sugar.com, E-mail ; palashsecurities@birlasugar.org

Statement of Cash Flows for year ended 31 March 2021
Particulars	Consolidated
	Year ended31.03.2021	Year ended31.03.2020
	(Audited)	(Audited)
(A) CASH FLOW FROM OPERATING ACTIVITIES:
Profit / (Loss) before tax	(1,218.28)	(159.46)
Adjustments for:
Interest Income on Security Deposits	(3.32)	(6.31)
Dividend Income on Preference Shares	(13.05)
Unspent liabilities, Provision no longer required and Unclaimed balances written back	(13.23)	(11.26)
(Gain) / Loss on sale / discard of Property, Plant and Equipment (net)	(0.57)	1.96
Finance Costs	143.40	71.33
Depreciation expense	35.27	31.55
Loss on Redemption of Preference Shares	3.87
Provision for Standard Assets	÷.	0.80
Provision for Warranties and Claims	15.50	$-1.81$
Provision for Bad and Doubtful Debts	63.00	۰
Bad debts, irrecoverable claims and advances written off (net)	ä.	0.31
	(1, 017.91)	(66.27)
Working capital adjustments:
(Increase) in Receivables	(67.63)	(192.97)
Decrease in Loans	100.00
Decrease in Other Financial Assets	11.70	1434
Decrease / (Increase) in Inventories	439.03	(716.49)
(Increase) in Other Non-financial Assets	(288.78)	(135.32)
(Decrease) / Increase in Payables	(54.86)	467.03
(Decrease) in Financial Liabilities	(6.50)	(37.00)
(Decrease) / Increase in Provisions	(11.36)	5.61
Increase in Other Non-financial Liabilities	79.14	49.05
Cash used in Operations	(770.52)	(611.97)
Income tax paid (net of refund)	(66.29)	(25.45)
Net Cash used in Operating Activities	(836.81)	(640.42)
(B) CASH FLOW FROM INVESTING ACTIVITIES:
Payment for Purchase of Investment		(215.33)
Proceeds from sale of Property, Plant and Equipment	0.67	2.50.
Acquisition of Property, Plant and Equipment	(363.15)	(123.24)
	(362.4S)	(336.07)
Net Cash used in Investing Activities(C) CASH FLOW FROM FINANCING ACTIVITIES:
	1,342.95	$+6 - 63$
Repayment of Borrowings (repayable on demand) (net)	(50.00)	(10.00)
Repayment of Deposits	(12.52)	(8.87)
Repayment of Lease liabilities	(2, 42)	(3.13)
Interest on Lease liabilities paid	(125.32)	(48.24)
Other Interest paid		394.39
Net Cash generated from Financing Activities	1,149.39(49.90)	(582.10)
Net Changes in Cash & Cash Equivalents $(A + I) + C$ )	716.12	1.298.22
Cash & Cash Equivalents at the beginning of the year	666.22	716.12

The Statement of Cash Flows has been prepared under the "Indirect Method" as set out in Ind AS 7 "Statement of Cash Flows".

1. The figures of the last quarter for the current year and for the previous year are the balancing figures between the audited figures in respect of full financial year ended 31 March and the published year to date review

P ALASH SECURITIES LIMITED

Registered Office: P.O. Hargeou, District Silapur, Un:ir Pradesh- 261 121 Phone (0.5862)2S6220; Fax (05862) 256225, CIN: L74120UP2015PLC069675 web-suc : www.birl:i-sug:ir.com,E,rruil: p.i.la.shsccuritics@birl:uug.:ir.org

1. These consolidated audited financial results have been prepared in accordance with Indian Accounting Standard, (Ind AS) a, per the Companies {Indian Accountiog Stnnda.rds) Rules, 2015 (as emended from time to time) notified under Section 133 of the CompaniesAct, 2013 ('Act') 1111dether relevant provisionsof the Act nnd comprise the audited financinl results of'the Companyand its subsidiaries as uodcr:

Nsme or the company	Consolld:i.tcd111	Country orIncorporation	Equity Interest2.$on 31.03.2021(%)	Equity lnfrnat.:ason 31.03.2020(%}
Chcmparan M[lJkctingCompany Limited	Subsidinry	ln <li:i< td="">tOOY.100%</li:i<>	tOOY.	100%
Hcrgaon Investment& Trading Company Limited	Subsidiary	India	100Y,	100%
Hargaon Properlies Limited	Subsidiary	lndla	IOOY,	100%,
& Trading Compnny LimitedOSl'l-f Investment	Subsidiary	India	Joo•;.	100??
All:ilinbo.d Cnnning Limited	Subsidiary	India	100•;.	IOOo/,

• 1. Allahabad Canning Limited, :i subsidiary of the Company, has adopted Rcvalua!ion Model for its Land and accordingly the land has been revalued on the Fair Valuation Rcoprt as on 31 March 2021.
• S. The net wcnb of Allo.h:ibad CanningLimited, n subsidiary of the Company, has eroded due to continued losses. However, based on the pcsltive outlook rewards the grov.th and the ability of the said subsidiary to continue as a going concern in thi;: foreseeable (uturc, its financial results, consolidated above, for the quarter and year ended 31 March 2021 have been prepared on a going concern basis.
• 1. The possible impacts ofCOVID-19, if any, have been considered in the above financial results, including internal and external factors known upto thcd:itc of cpprcvel of these results, to assess the carrying amount of assets and liabilities of the Company and its subsidiaries. Accordingly :is on date, co material impact is anticipated in the aforesaid canying amounts. However, the impact ofCOVTD·19 may be different from thal estimaled as at the date: cf appmval of these fin:mcial results and the Companyalongwith its subsidiaries will continue 10 closely monitor any material changes in future ccoaomic conditior..s.
• 1. The above consolid::ited audited financial rcsuhs have been reviewed by the Audit Committee and approved by the Board of Directors :it tl:d.r n:;?ngs held on 12 May2021.
• 1. The figure of !he previous periods I year has been regroupedI reclassified, wherever necessary, to confonn to the classifil:Woa for tb: q1.llrter .md y?? ended JI ?fan:h2021.

For :ind on belu!f ofth? Bmrd ofD?cn l'abJh S«o.ritie::s LlmUed

l\b.n2gi1:1g:Dirmor DDi' • 0 l3S92J8

P ALASH SECURITIES LIMITED

CIN - L74120UP2015PLC069675

REGD. OFFICE - P.O. HARGAON, DIST SITAPUR (U.P.), PIN - 261121 Phone No. (05862) 256220-221; Fax No.: (05862) 256 225 E-mail - palashsecurities@birlasugar.org;Website-www.birla-sugar.com

12th May, 2021

The Secretary National Stock Exchange of India Ltd. Exchange Plaza, 5th Floor Plot No. C/1, G Block Bandra- Kurla Complex, Bandra (E) Mumbai 400 051

Symbol : PALASHSECU

The Dy. General Manager Corporate Relationship Department BSELtd. 1st Floor, New Trading Ring, Rotunda Building P.J. Towers, Dalal Street, Forl Mumbai-400 001 Stock Code : 540648

Dear Sir,

Sub: Declaration pursuant to Regulation 33(3)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

In compliance with Regulation 33(3)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended by SEBI (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2016 and SEBI Circular No. CIR/CFD/CMD/56/2016 dated 27th May, 2016, we hereby confirm that the Statutory Auditors of the Company, M/ s. Agrawal Subodh & Co., Chartered Accountants (Firm Registration No. 319260E),have issued an Audit Report with unmodified opinion in respect of the Standalone and Consolidated Financial Results of the Company, for the financial year ended 31st March, 2021.

This declaration is submitted for your kind information and record.

Thanking you

Yours faithfully, For Palash Securities Limited

Deepak Kumar Sharma Chief Financial Officer