Ravinder Heights Limited — Interim / Quarterly Report 2021

May 27, 2021

BSE Limited The Manager, Listing Department Dalal Street, Mumbai — 400 001 Bandra (E), Mumbai — 400 051

Corporate Relationship Department National Stock Exchange of India Ltd. Phiroze Jeeyeebhoy Towers, Exchange Plaza, Bandra Kurla Complex,

BSE: Scrip Code: 543251 NSE Symbol: RVHL

Sub.: Audited Financial Results for the Quarter / Financial year ended March 31, 2021 along with Auditor's thereon.

Dear Sir/Mam,

Pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the Board of Directors at its meeting held today i.e May 27, 2021 (commenced at 11:30 A.M. and concluded at 2:35 P.M. has inter-alia considered and approved —

1. Audited Consolidated Financial Results for the Quarter / Financial year ended March 31, 2021 (copy enclosed alongwith Auditor's Report thereon);

2. Audited Standalone Financial Results for the Quarter / Financial year ended March 31, 2021 (copy enclosed alongwith Auditor's Report thereon).

Further, in compliance with the provisions of Regulation 33(3)(d) of SEBI LODR Regulations and SEBI Circular No. CIR/CFD/CMD/56/2016 dated May 27, 2016, we would like to confirm that the Auditors' Report on the Audited Financial Results (Standalone and Consolidated) for the financial Year ended March 31, 2021 is with unmodified opinion.

Further, pursuant to Regulation 46(2)(l1) of SEBI LODR Regulations, the above said financial results are being uploaded on the website of the Company 1.e. www.ravinderheights.com and pursuant to Regulation 47(1)(b) of SEBI LODR Regulations, the Extract of Statement of above said financial results in the Format as prescribed in Annexure I of SEBI Circular No. CIR/CFD/FAC/62/2016 dated 05.07.2016 is being sent for publication in newspapers.

This is for your kind information and record please.

Thanking you, For Ravinder Heights Limited

piotaly 'signed A L KA% Date 2021 05.27

Alka Company Secretary and Compliance Officer cum CFO.

Enclosed as above.

Ravinder Heights Ltd.

CIN: U70109PB2019PLC049331 Registered Office: Ground Floor, PDS Block, Ambala- Chandigarh Highway, Lalru, Punjab 140501 Corporate Office: 7th Floor, DCM Building, 16 Barakhamba Rd. New Delhi 110001 T: +91 11 43639000 F: +9111 43639015 E:info@ravinderheights.com W: www.ravinderheights.com

Ravinder Heights Limited

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	RAVINDERAEGadgT
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	Ravinder Heights LimitedCIN: U70109PB2019PLC049331
	REGD.OFFICE : Ambala-Chandigarh Highway, Lalru, Punjab - 140501					Rs. in Lakh
	STATEMENT OF CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2021			CONSOLIDATED
a			Quarter Ended		Year Ended
	PARTICULARS		31.03.2021 31.12.2020 31.03.2020(Unaudited) (Unaudited) (Unaudited)		31.03.2021(Audited)	31.03.2020(Audited)
1	Income
	a) Revenue from operationsb) Other Income	1.79100.25	1.9784,52	-77.36	3.76347.39	-297,58
	Total Income	102.04	86.49	77.36	351.15	297.58
2	Expenses
	a) Land Development & other related expensesb) Changes in Inventory of Finished Goods, Stock In Trade and Work In Progress	105.60(105.60)	-	-	105.60(105.60)	-
	c) Employees benefits expense	18.36	-18.85	-1.95	45.22	-5.69
	d) Depreciation & amortization expenses	53.69	54.34	55.04	213.35	217.78
	e) Finance Costs	1.94	0.24	0.08	2.18	0.08
	f) Other expenditure	467.67	58.83	29.14	597.56
						222.52
3.	Total Expenses Profit (+)/ Loss (-) before Exceptional Items and Tax (1-2)	541.65(439.62)	132.24{45.75)	86.20(8.84)	858.31(507.16)	446.06(148.49)
4	/Exceptional Items- (Income/(Expense))	-	-	(1,768.00)	-	(1,768.00)
5	Profit (+)/ Loss (-) before tax (3+4)	(439.62)	(45.75)	(1,776.84)	(507.16)	(1,916.49)
6	Tax Expense- Current Tax	(63.50)12.34	19.2828.85	25.4821.09	9.1582.78	628.3175.22
	- Deferred Tax	(75.73)	(9.57)	(2.14)	(73.53)	546.56
	- MAT Credit Utilisation / (Entitlement)	-	-	-	-	-
	- Related to previous year	(0.10)	-	6.53	(0.10)	6.53
78	Profit (+)/ Loss (-) after tax for the period (for Continuing Operations (5-6) Net Profit (+) / Loss (-) before tax (from discontinued operations)	(376.11)10.91	{65.03)13,99	(1,802.32)11,04	(516.31)46.47	(2,544.80)11.04
9	Tax expense of Discontinued Operations	(2.31)	(0.05)	1.36	3.23	(8.83)
to	eteflecrom i) hen)epeefy	tsz]	aoe]	sen]		anze]t
	"1 ltom Continuing & Discontinued Operetions)(7#10)	(sezs0] —	(So9el]	(1,792.64	laren]	(262499)
12	Other Comprehensive Income (net of tax expense)	-	-	-	-	-
1314	Total Comprehensive Income for the period (11+12) Paid-up Equity share capital (Face value of Rs.1/- each)	(362.90)612.51	{50.99)612.51	{1,792.64)612.51	(473.07)612.51	(2,524.93)612.51
15	Reserves excluding Revaluation Reserves	-	-	-	-	-
16	Earning Per Share (EPS) (Not Annualized)
	iraepetna	es]	ern)	een,	ean)
	Earning per share for Discontinued Operations [face value of Share Re. 1/-each]- Basic and diluted earings per equity share (in Rs.)	0.02	0.02	0.02	0.07	0.03
	Earning per share for Continuing and Discontinued Operations [face value of Share Re. 1/-each]- Basic and diluted eamings per equity share (in Rs.)	-0.59	-0.08	-2.93)	-0.77	-4.12

SUNAN esas DA JAIN 132503 +0530

Ravinder Heights Limited CIN: U70109PB2019PLC049331

REGD.OFFICE : Ambala-Chandigarh Highway, Lalru, Punjab - 140501

Rs. in Lakh STATEMENT OF STANDALONE AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2021 STANDALONE Quarter Ended Year Ended an PARTICULARS 31.03.2021 | 31.12.2020 | 31.03.2020 31.03.2021 31.03.2020 (Unaudited) | (Unaudited) | (Unaudited) (Audited) (Audited) 1 ||Income a) Revenue from operations 44,33 49.82 - 110.09 b) Other Income 0.96 0.64 - 1.60 - Total Income 45.29 50.46 . 111.69 . 2 ||Expenses a) Purchase of Goods - - - b) Changes in Inventory of Finished Goods, Stock In Trade and Work In Progress - - - c) Employees benefits expense 5.28 4.43 1.08 13.55 4.82 d) Depreciation & amortization expenses 28.12 28.72 30.86 112.91 123.45 e) Finance Costs 0.10 0.10 - 0.20 f) Other expenditure 6.57 33.07 0.24 55.35 1.38 Total Expenses 40.07 66.31 32.19 182.01 129.65 3. ||Profit (+)/ Loss (-) before Exceptional Items and Tax (1-2) 5.22 (15.85) (32.19) (70.32) (129.65) 4 ||Exceptional Items- (Income/(Expense)) - - - - - 5 ||Profit (+)/ Loss (-) before tax (3+4) 5.22 (15.85) (32.19) (70.32) (129.65) 6 ||Tax Expense (52.79) 3.17 (5.65) (57.49) 588.23 - Current Tax (11.55) 8.44 - - - - Deferred Tax (41.24) (5.27) (5.65) (57.49) 588.23 - MAT Credit Utilisation / (Entitlement) - - - - - - Related to previous year - - - - - 7 ||Profit (+)/ Loss (-) after tax for the period (for Continuing Operations (5-6) 58.01 (19.02) (26.54) (12.83) (717.89) 8 ||Net Profit (+) / Loss (-) before tax (from discontinued operations) - - - - - 9 ||Tax expense of Discontinued Operations - - - - - 40 Net Profit (+) / Loss {-) after tax for the period . . . . . (from Discontinued Operations) (8-9) | Re ene tec emiat seat] sea) cose] tags) rr 12 ||Other Comprehensive Income (net of tax expense) - - - - - 13 || Total Comprehensive Income for the period (11+12) 58.01 (19.02) (26.54) (12.83) (717.89) 14 ||Paid-up Equity share capital (Face value of Rs.1/- each) 612.51 612.51 612.51 612.51 612.51 15 ||Reserves excluding Revaluation Reserves . - . - . 16 ||Earning Per Share (EPS) (Not Annualized) ~ Basie ara. abiey earings pereuyonarein Re ie) 5m "i

Digitally signed SUNAN pysunanpa JAIN DA JAIN Date:2021.05.27 13:25:50 +05'30°

RAVINDERHEIlGHTSs
STATEMENT OF ASSETS & LIABILITES	STANDALONE		(Rs. In Lakh)CONSOLIDATED
Particularsy	As at31st March, 2021	As at31st March, 2020(Post SchemeRefer Note 3)	As at31st March, 2021	As at31st March, 2020(Post SchemeRefer Note 3)
I. ASSETS	Audited	Audited	Audited	Audited
(1) Non-Current Assets(a) Property, Plant and Equipment(b) Capital work-in-progress(c) Intangible assets	3,097.69-	3,172.970.55	4,298.3113.970.01	5,362.750.550.05
(d) Financial Assets(i) Investments	-33,856.49	--33,856.49	150.00	--
(ii) LoansTotal non-Current Assets	2.75	2.55
	36,956.93	37,032.56	3,103.017,565.30	2,870.618,233.96
(2) Current Assets(a) Inventories	-	-	16,907.19	16,801.59
(b) Financial Assets(i) Investments	116.44	-	758.54.	748.12
(ii) Trade receivables(iii) Cash and cash equivalents	3.419.87	-0.52	4.0976.73	4,7011.45
(iv) Bank balances other than iii) above(v) Loans(vi) Other financial assets	--12.88	---	316.32436.061,682.77	349.95100.001,999.06
(c) Other Current AssetsTotal Current Assets	20.64163.24	0.100.62	68.5620,250.26	36.5620,051.43
Assets classified as held for sale and discontinued operationsTotal Assets	-37,120.17	-37,033.18	3,990.4631,806.02	3,351.9431,637.33
IL EQUITY AND LIABILITIES(1) Equity
(a) Equity Share Capital(b) Equity Share Capital Suspense account	612.51-	-612.51	612.51-	-612.51
(c) Others EquityTotal equity	35,799.5236,412.03	35,809.1236,421.63	26,206.7126,819.22	26,676.5527,289.06
Liabilities(2) Non Current Liabilities(a) Financial Liabilities
(i) Borrowings(b) Provisions(c) Deferred tax liabilities (Net)	4.390.75533.43	16.300.14588.23	4.390.75502.18	16.300.44795.78
Total non -Current Liabilities	538.57	604.67	507.33	812.52
(3) Current Liabilities(a) Financial Liabilities
(i) Borrowings(ii) Trade payables(iii) Other financial liabilities	=3.28159.02	0.336.25	200.001,384.352,017.60	1,368.551,514.26
(b) Other Current Liabilities(c) Provisions	6.370.90	-0.30	3.081.29	0.42-
(d) Current Tax Liabilities (Net)Total Current Liabilities	-169.57	-6.88	1.043,607.36	-2,883.23
Liabilities directly associated with discontinued operationsTotal Equity & Liabilities	-37,120.17	-37,033.18	872.1131,806.02	652.5231,637.33

SUNAN Dit2lysianedy SUNANDA JAIN DA JAIN tszzre 0530

ON
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RAVINDERHEIGHTS
Cash flow statement				(Rs. in lakh)
	StandaloneYear ended		Yearended	ConsolidatedPeriod ended
Particulars				15th April, 2019to 31st March,
	31-03-2021Audited	31-03-2020Audited	31-03-2021Audited	2020Audited
Cash flow from operating activitiesProfit/ (loss) before tax from continuing operationsProfit/ (loss) before tax from discontinued operations	(70.32)-	(129.65)	(507.16)46.47	(1,916.49)11.04
Adjustments for:-Depreciation	112.91	123.45	213.35	217.78
Finance CostProfit on sale of fixed assetsInterest Income	0.20(0.15)	-	2.18(0.15)(291.33)	z(3.60)(280.32)
Interest Income from NCDsProfit on redemption of Mutual Fund.	--(0.17)	---	(18.95)(28.66)	-(7.18)
Excess Provision written backLoss on account of assets held for sale	--	--	(1.74)404.35	-7
Bad DebtsLoan Written offUnrealised gain on Fair Value of Mutual Fund Investment	--(1.28)	--	29.68-8.13	1,768.00(5.16)
Misc. IncomeOperating profit before working capital changes	-41.19	--(6.20)	-(143.83)	(0.35)(216.27)
(Increase) / Decrease in Non-Current Loan(Increase) / Decrease in Other Current Assets	(0.20)(4.99)	-(0.10)	-(15.10)	12.55
(Increase) / Decrease in Trade Receivables(Increase) / Decrease in Inventories	(3.41)-	--	0.61(105.60)	199.47
(Increase) / Decrease in Non-current Financial Assets(Increase) / Decrease in Non-current Assets Held for sale(Increase) / Decrease in Other Financial Assets	--(12.88)	---	-(38.52)285.96	1.35-(133.88)
Increase / (Decrease) in Long-term ProvisionIncrease / (Decrease) in Short -term Provision	0.610.61	-	0.611.00	--
Increase / (Decrease) in Other current liabilitiesIncrease / (Decrease) in Current Trade payable	6.372.95	-0.33	2.659.54	(18.91)(79.16)
Increase / (Decrease) in Other Non- current liabilitiesIncrease / (Decrease) in Non- current liabilities held for saleIncrease / (Decrease) in Other Current Financial Liabilities	--152.77	0.08-5.95	-(0.33)511.35	0.08-1,006.52
Cash generated from operationsNet direct taxes paid	183.0215.55	0.06-	508.34105.32	771.7476.28
Net cash from Operating Activities (A)Cash flow from Investing Activities	167.47	0.06	403.02	695.47
Purchase of Property, Plant and EquipmentProceeds from sale of Property, Plant and equipment	(37.28)0.36	(0.55)-	(166.63)0.35	(40.93)8.39
Investment in Non-Convertible DebenturesInvestment in Mutual Funds	-(115.00)	--	(450.00)(342.10)	-(742.97)
Redemption of Investments from Mutual FundsLoan (Given) /Repayment	--	--	652.21(568.46)	76.85(434.26)
Interest receivedInterest Income from NCDs	->	--	291.9718.95	260.88>
Misc. IncomeNet cash used in Investing Activities (B)	-(151.92)	-(0.55)	-(563.71)	0.35(871.68)
Cash flow from financing activitiesProceeds from issuance of Equity Share Capital	-	1.00	-	1.00
Share issue expensesInterest PaidIncrease/ (decrease) in Current Borrowings	(6.20)-	--	(6.20)(1.83)200.00	--
Net cash from financing activitiesNet cash from Financing Activities (C)	-(6.20)9.35	-1.000.51	191.9731.28	-1.00(175.22)
Net Increase / (Decrease) in net cash & cash equivalent (A+B+C)Cash & Cash equivalents as per scheme	-	-	-

Notes:

The above financial results have been reviewed by the audit committee and approved by the Board of Directors at their respective meetings held on May 27, 2021. The financial results are in accordance with the Indian Accounting Standards (Ind AS) as prescribed under Section 133 of the Companies Act 2013, read with rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) (Amendment Rules), 2016.

2. Discontinued Operations

a. Demerger of Leasing Business

On June 26, 2020 and August 29, 2020, the Board of directors have approved a Composite scheme of arrangement for demerger of its Leasing business comprising one real estate properties from wholly owned subsidiary Radhika Heights Limited ("RHL") ("Demerged Undertaking") to wholly-owned subsidiary of Panacea Biotech Limited ('Transferee Company") and amalgamation of a wholly owned subsidiary of RHL i.e., Cabana Structures Limited ("Transferor Company") into RHL. Upon implementation of the demerger scheme and completion of related compliances, the Transferee Company (Meyten Realtech India Private Limited) shall issue one equity share of Re.1 each for each equity share held by the equity shareholders of the RHL as on the record date fixed on that behalf.

The first motion application for scheme was listed for hearing before NCLT, Chandigarh Bench on 27.04.2021. However, due to surge in Covid cases, NCLT Chandigarh Bench vide its notice dated 20.04.2021 has extended the date of hearing of all pending matters. Now, the said application is listed for hearing on 16.07.2021.

b. Assets held for sale

During the year 2020-21, Radhika Heights Limited (Vendor) has executed Agreement to sell on dated 31st March'2021 with M/s LA Cassa Construciton, LLP (Vendee) for sale of its business property bearing no. 364, in Block 'C', measuring 325 square yard, situated at Defence Colony, New Delhi - 110024. The total consideration sum of Rs. 6 Cr. has been mutually agreed by both the parties for the sale of said property. Out of the total consideration of Rs. 6 Cr. the Vendor has received the advance money of Rs. 20 lakhs as a part of sale consideration from "Vendee" during the financial year 2021-22.

The Assets classified held of sale, measured at lower of carrying value as at 30th March'2021 and expected sale consideration value. Thus, amount of Rs.40,434,904 on account of loss on assets held for sale has been charged to Profit & Loss account.

In accordance with the provisions of Indian Accounting Standard 105 - 'Non-current Assets Held for Sale and Discontinued Operations'. The assets / liabilities of the Leasing Business have been disclosed under " Assets classified as held for sale and discontinued operations" / "Liabilities directly associated with assets classified as held for sale and discontinued operations" in the Consolidated Statement of Assets and Liabilities.

Financial performance and Cash flow for the Leasing Business and Asset Held for Sale:

Financial performance and Cash flow for the Leasing Business and Asset Held for Sale:		(Rs. In Lakh)
	For the year	For the Period
Particulars	ended 31st	15 April, 2019 to
	March 2021	31 March 2020
Analysis of profit/(loss) from discontinued operationsa.Profit/(loss) for the year from discontinued
operations
Revenue from Operations	69.12	11.52
Other Income	-	-
Total IncomeExpenses	69.12	11.52
Employee Benefit Expenses	2.43	0.03
Other expenses	39.05	0.44
Total Expense	41.48	0.47
Profit/(Loss) Before Exceptional Items and TaxExceptional Items	27.64:	11.05-
DiscontinuedfromProfit/(Loss)TaxBefore	27.64	11.05
Operations
Current Income Tax ExpenseDeferred Tax	6.32(3.09)	1.88(10.70)
DiscontinuedfromAfterTaxProfit/((Loss)	24.41	19.87
Operations
Net Cash flows attributable to the discontinued operationsb.
Cash(outflows)/inflowsfromoperatingNetactivities	-
Net Cash used in investing activities	-	"-
	=
(outflows)/inflowsCashfromNetfinancing		:
activities		-
Net Cash (outflows)/inflows	-
Book value of assets and liabilities of discontinued operationsc.
Property, Plant and EquipmentTrade Receivables	3,901.6488.82	3,301.6450.30
Other Current Assets	-	-
Total Assets	3,990.46	3,351.94
Deferred Tax LiabilitiesTrade Payable	869.831.92	649.660.06
Other Current Liabilities	0.24	2.08
Provisions	0.11	0.72
Total Liabilities	872.10	652.52

3. Scheme of Arrangements

a. The Board of Directors of the Company in its meeting held on 30th May 2019 had approved a Scheme of Arrangement ('Scheme') under section 230 to 232, read with section 66 and other applicable provisions of the Companies Act 2013 and the provisions of other applicable laws, between the Panacea Biotec Limited ("the Demerged Company" or "PBL"), and Ravinder Heights Limited ("the Company" or "RVHL") and _ their respective shareholders and creditors ("Scheme"). The Scheme provided for the demerger of Real Estate Business of Panacea Biotec Limited ("Demerged Undertaking") including the investment held by the Demerged Company in M/s Radhika Heights Ltd (Demerged Undertaking) into the Company. The Scheme was approved by the Hon'ble National Company Law Tribunal ("NCLT"), Chandigarh Bench vide its order dated 09 September 2020, the certified copy of the NCLT order has been filed with Registrar of Companies, NCLT, Chandigarh Bench on 10th September 2020 and the Scheme has come into effect accordingly. The Scheme is effective from the Appointed Date ie., Ist April 2019. The effects of the Scheme have been incorporated in these Standalone and Consolidated Financial Statement for the year ended 31st March, 2021.

b. In terms of the Scheme, the 100 percent (%) equity share capital of 1,00,000 of Rs. 1/- each of the Company held by Panacea Biotec Limited stood cancelled, and existing shareholders of the Demerged Company have been issued and allotted fully paid-up equity share of the Company of face value of Rs. 1/- each for every-one equity share held by them in the Demerged Company as on the record date ie., 22nd September 2020 (as decided by respective Board of Directors of the Demerged Company and the Company in their respective Board meetings). Due to pending allotment of equity shares as above to shareholders of the Demerged Company Rs.612.51 Lakh had been shown as "Equity Share Capital Suspense Account" during the previous year and accordingly EPS (both Basic and Diluted) had been calculated considering balance in Equity Share Capital Suspense Account.

Also, in terms of the Scheme, existing preference shareholders of demerged company have been issued and allotted One fully paid up 0.5% cumulative non-convertible and non-participating preference shares of face value of Rs.10/- each of the Company for every 100 preference shares held by them in the Demerged Company as on the record date ie, 22nd September 2020 (as decided by respective Board of Directors of the Demerged Company and the Company in their respective Board meetings). Due to Pending allotment of preference shares as above to shareholders of the Demerged Company Rs.16.30 Lakh had been shown under head Borrowings as "Preference Share Capital Suspense Account" during the previous year.

Total Current Assets
	-
Total Non-Current Assets	37,155.46
(II) Loans	2.95
(1) Investments*	33,856.49
B) Financial Assets
A) Property, Plant and Equipment	3,296.42
Non-Current Assets
Assets
barculate	As AtApril 01, 2019
	(Rs. In Lakh)
Standalone Balance Sheet as on 1% April 2019
c.CompanyAppointedontheasmanagement of the Demerged Company:	Pursuant to the Scheme, the following assets and liabilities have been taken over by thewhichDateApril2019ie.certifiedbythe1s'is
Capital Suspense Account" during the previous year.
	Company Rs.16.30 Lakh had been shown under head Borrowings as "Preference Share
every 100 preference shares held by them in the Demerged Company as on the record22nd September 2020decided by respectiveBoardof Directorsdate ie,of the(asDemerged CompanyCompany in their respectiveBoard meetings).Dueand theDemergedPendingaboveshareholdersallotmentof preferencesharesof theasto
					have been issued and allotted One fully paid up 0.5% cumulative non-convertible andnon-participating preference shares of face value of Rs.10/- each of the Company for
					Also, in terms of the Scheme, existing preference shareholders of demerged company
Suspense Account.	Basic and Diluted) had been calculated considering balance in EquityShareCapital
their respective Board meetings). Due to pending allotment of equity shares as above to	shareholders of the Demerged Company Rs.612.51 Lakh had been shown as "EquityShare Capital Suspense Account" during the previous year and accordingly EPS (both

Standalone Balance Sheet as on 1% April 2019

Equity and Liabilities
Equity
A) Equity Share Capital	-
B) Other Equity	37,154.81
Total Equity	37,154.81
Liabilities
Non-Current Liabilities
A) Provisions	0.35
Total Non-Current Liabilities	0.35
Current Liabilities
A) Financial Liabilities
Trade Payables
- Outstanding Dues of Micro, Small and Medium Enterprises	-
- Outstanding Dues of Creditors Other Than Above
Total Current Liabilities	0.30
	0.30

"Investment represents investment in wholly owned subsidiary transferred pursuant to scheme of arrangement.

As stated in terms of the scheme, 6,12,50,746 number of equity shares of Rs. 1 each were issued and allotted to the equity shareholders of the Demerged Company in the ratio of 1:1 (Pending allotment as on 31.03.2020). Also 1,63,000 number of 0.5% cumulative non-convertible and non-participating preference shares of face value of Rs.10/- each were issued and allotted to the preference shareholders of the Demerged Company in the Ratio of 1:100 (Pending allotment as on 31.03.2020). The equity share capital and preference share capital of the Company have hence been adjusted against balances of Other Equity of the company. As the Business Combination involving entities under common control, neither goodwill nor capital reserve was required to be recorded.

• d. To give effect of the Scheme of arrangement as stated in note (a) above
  • i. Certain Property, Plant & Equipment (DCM Building & Farmhouse situated in New Delhi & Related Assets), security deposits and other assets had been allocated to the company. During the year, the Company has transferred the title of Land & Building of DCM building and Farmhouse situated at New Delhi in its name.
  • ii. As part of the scheme of transfer of its Real Estate Undertaking to the company, the Demerged Undertaking has transferred its investment in equity instruments of wholly-owned subsidiary company (unquoted) of 4,776,319 shares of Re.1 each, fully paid up in Radhika Heights Limited at Rs. 33,856.49 Lakh.
  • iii. Gratuity liability & Compensation for Absence as on 31st March 2020 has been provided based on the information provided by the Demerged Company in respect of Demerged Undertaking.
  • iv. Certain Expenses had been allocated by the management of the Demerged Company in respect of Demerged Undertaking for the Financial year 2019-20.
• e. The Company was incorporated on 15th April 2019 and the appointed date of the Scheme of Arrangements as approved by NCLT is 1st April 2019. Hence all the transferred Assets

and Liabilities by the Demerged Company have been recorded on the date of Incorporation of the company. The impact of the same is not material to the Company.

1. The Group has assessed the possible effects that may result from the pandemic relating to COVID-19 on the carrying amounts of Property, Plant & Equipment, Receivables, Inventories, Investments and other assets. In developing the assumptions relating to the possible future uncertainties in the global economic conditions because of this pandemic, the Group, as at the date of approval of these financial results has used internal and external sources of Information. The management does not see any risks in the company's ability to continue as a going concern. The Group has used the principles of prudence in applying judgements, estimates and assumptions and based on the current estimates, the Group expects to recover the carrying amount of all aforesaid assets. The eventual outcome of impact of the global health pandemic may be different from those estimated as on the date of approval of this financial information. Due to the nature of the pandemic, the Group will continue to monitor developments to identify significant uncertainties in future periods, if any.

5. Exceptional Items

Radhika Heights Limited has granted unsecured loan to the Panacea Biotec Limited (Borrower). The total outstanding amount as on 31% March 2019 is Rs. 4,218.26 Lakh (including accrued interest of Rs.1,324.66 Lakh). During the previous period, Due to Financial distress of Borrower and to settle issues, both parties have mutually agreed to waive off outstanding amount of Rs.1,768.00 Lakh (including accrued interest of Rs.1,324.66 Lakh).

• 1. The Comparative figure for standalone and consolidated financial results for the quarter ended 31st March, 2020 have been prepared by management, reviewed by the Audit Committee of the Company and approved by the Company's Board of Director at their respective meeting held on May 27, 2021, but have not been subjected to review.
• 1. Figures for the quarter ended 31st March, 2021 and 31st March, 2020 represent the difference between the audited figures in respect of the full financial year and the published unaudited figures of nine months ended 31st December, 2020 and 31st December, 2019 respectively.
• 1. Based on the guiding principles given in Ind AS -108 "Operating Segment", the Company is mainly engaged in the business of real estate development viz. construction of residential / commercial properties and renting of property. As the Company's business actually falls within a single segment, the disclosure requirement of Ind AS - 108 in this regard are not applicable.
• 1. Previous quarter figures have been regrouped / reclassified wherever considered necessary to conform to the current period classification.

For and on behalf of the Board of Directors SANDEEP SANBEEEEARER For Ravinder Heights Limited

Date: 2021.05.27 SUNANDA Digisty sone by DAHIYA 43.4450 +0530 JAIN Dae a sa Sunanda Jain Place: New Delhi Chairperson cum Managing Director Date: May 27, 2021 DIN: 03592692

UDIN - 21505371 AAAALT8911 / 21505371 AAAALU9389

Ca.

Chartered Accountants

C-109, Defence Colony, New Delhi - 110 024, India Phones : +91-11-24645895/06 E-mail : audit@dpncindia.com

INDEPENDENT AUDITOR'S REPORT ON AUDIT OF ANNUAL CONSOLIDATED FINANCIAL RESULTS AND REVIEW OF QUARTERLY FINANCIAL RESULTS

To the Board of Directors of Ravinder Heights Limited

Report on the Audit of the Annual Consolidated Financial Results

Opinion and Conclusion

We have (a) audited the Annual Consolidated Financial Results for the year ended 31% March, 2021 (b) reviewed the Consolidated Financial Results for the quarter ended 31* March, 2021 (refer 'Other Matters' section below), which were subjected to limited review by us, both included in the accompanying "Statement of Consolidated Financial Results for the Quarter and Year ended 31.03.2021" of Ravinder Heights Limited ("Parent/Holding Company") and its subsidiaries (Parent Company and its subsidiaries together referred to as "the Group"), for the quarter and year ended 31* March 2021 ("the Statement'), being submitted by the Parent company pursuant to the requirement of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('the Listing Regulations'.

(a) Opinion on Annual Consolidated Financial Results

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

• a. include the annual financial results of the following entities:
  • Holding Compan
    • a. Ravinder Heights Limited

Subsidiaries:

• b. Radhika Heights Limited
• Radicura Infra Limited
• Sunanda Infra Limited
• Cabana Construction Private Limited mm an
  • Nirmala Buildwell Private Limited
  • Cabana Structures Limited
• zm Nirmala Organic Farms & Resorts Private Limited
• . are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
• c. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian Accounting Standards and other accounting principles generally accepted in India of the consolidated net loss, other comprehensive income and other financial information of the Group for the year ended 31* March, 2021.

(b) Conclusion on Unaudited Consolidated Financial Results for the quarter ended 31% March, 2021

With respect to the Consolidated Financial Results for the quarter ended 31st March, 2021, based on our review conducted and procedures performed as stated in paragraph (b) of Auditor's Responsibilities section below, nothing has come to our attention that causes us to believe that the Consolidated Financial Results for the quarter ended 31st March, 2021, prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

Basis for Opinion on the Consolidated Financial Results

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013 (the Act). Our responsibilities under those Standards are further described in paragraph (a) & (b) of Auditor's Responsibilities section of our report. We are independent of the Group entities in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ("ICAI") together with the ethical requirements that are relevant to our audit of the financial results under the provisions of the Companies Act, 2013 and the Rules there under, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI's 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

• 1. We draw attention to Note 4 of the Statement which describes the management's assessment of the impact of the outbreak of Covid-19 on property, plant and equipment, revenue, trade receivables, investments and other assets. The management believes that no adjustments are required in the financial statements as there is no impact in the current financial year. However, in view of highly uncertain economic environment and its likely effect on future revenues due to Covid-19, a definitive assessment of the impact on the subsequent periods is dependent upon circumstances as they evolve.
• 1. The Group has a system of obtaining periodic confirmation of balances from banks, trade receivables/payables and other parties. The balance confirmation letters as referred in the Standard on Auditing (SA) 505 (Revised) 'External Confirmations' could not be obtained, due to lockdown and various other restrictions imposed by State Government due to sudden spike of Covid-19 cases and certain party's balances are subject to confirmation/reconciliation. Adjustments, if any will be accounted for on confirmation/reconciliation of the same, which in the opinion of the management will not have a material impact.

Our report is not modified in respect of above matters.

Management's Responsibility for the Statement

This Statement, which includes the Annual Consolidated Financial Results is the responsibility of the Parent Company's Management and has been approved by them for the issuance. The Annual Consolidated Financial Statements for the year ended 31* March, 2021, has been compiled from the related audited consolidated financial statements. This responsibility includes the preparation and presentation of the Consolidated Financial Results for the quarter and year ended 31° March, 2021 that give a true and fair view of the consolidated net loss and other comprehensive income and other financial information of the Group in accordance with Indian Accounting Standards prescribed under section 133 of the Act read with relevant rules issued there under and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Board of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group entities and for preventing and detecting frauds and other irregularities; selection and application of appropriate implementation and maintenance of accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the annual consolidated financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated financial results by the Directors of the Parent Company, as aforesaid.

In preparing the Statement, the respective Board of Directors of the companies included in the Group entities are responsible for assessing the ability of the Group entities 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 to do so.

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

Auditor's Responsibilities

(a) Audit of the Annual Consolidated Financial Results for the year ended 31% March, 2021

Our objectives are to obtain reasonable assurance about whether the Annual 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 is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Annual 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:

* Identify and assess the risks of material misstatement of the Annual 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 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, but not for the purpose of expressing an opinion on the effectiveness of such controls.

* Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

* Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors in terms of the requirements specified under Regulation 33 of the Listing Regulations.

* Conclude on the appropriateness of 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 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 Annual 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 auditors report. However, future events or conditions may cause the Group entities to cease to continue as a going concern.

* Evaluate the overall presentation, structure and content of the Annual Consolidated Financial Results, including the disclosures, and whether the Annual Consolidated Financial Results represent the underlying transactions and events in a manner that achieves fair presentation.

* Obtain sufficient appropriate audit evidence regarding the Annual Consolidated Financial Results of the entities within the Group entities to express an opinion on the Annual Consolidated Financial Results. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the Annual Consolidated Financial Results of which we are the independent auditors. We remain solely responsible for our audit opinion.

Materiality is the magnitude of misstatements in the Annual Consolidated Financial Results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Annual Consolidated Financial Results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Annual Consolidated Financial Results.

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

(b) Review of the Consolidated Financial Results for the quarter ended 31st March, 2021

We conducted our review of the Consolidated Financial Results for the quarter ended 31st March, 2021 in accordance with the Standard on Review Engagements (SRE) 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity', issued by the ICAI. A review of interim financial information consists of making inquiries, primarily of the Company's personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with SA specified under section 143(10) of the Act 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.

The Statement includes the results of the entities as listed under paragraph (a)(i) of Opinion and Conclusion section above.

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

Other Matters

1. The consolidated Financial Results include the audited Financial Results of 7 subsidiaries, whose Financial Statements reflect Group's share of total assets of Rs 41,226.27 Lakh as at 31% March, 2021, Group's share of total revenue from operations of Rs. 0.35 Lakh and Rs. 1.08 Lakh, Group's share of total net loss after tax of Rs. 420.26 Lakh and Rs. 457.69 Lakh and Group's share of total comprehensive loss of Rs. 420.26 Lakh and Rs. 457.69 Lakh for the quarter and year ended 31% March, 2021, as considered in the consolidated Financial Results, which have been audited by their respective independent auditors. The independent auditors' reports on financial statements of these entities

have been furnished to us and our opinion on the consolidated Financial Results, in so far as it relates to the amounts and disclosures included in respect of these entities, is based solely on the report of such auditors and the procedures performed by us are as Stated in paragraph above.

Due to the outbreak of COVID-19 pandemic, the consequent lockdown/curfew and travel restrictions imposed by the Government/local administration during the audit period, the audit processes could not be carried out physically at the Company's premises.

The statutory audit was conducted via making arrangements to provide requisite documents/ information through electronic medium as an alternative audit procedure.

As a part of alternative audit procedure, the Holding Company has made available the following information/ records/ documents/ explanations to us through e-mail and remote secure network of the Holding Company: -

a) Scanned copies of necessary records/documents deeds, certificates and the related records made available electronically through e-mail or remote secure network of the Holding Company; and

b) By way of enquiries through video conferencing, dialogues and discussions over phone, e-mails and similar communication channels.

It has also been represented by the management of the Holding Company that the data and information provided electronically for the purpose of our audit are correct, complete, reliable and are directly generated from the accounting system of the Holding Company, extracted from the records and files, without any further manual modifications so as to maintain its integrity, authenticity, readability and completeness. In addition, based on our review of the various internal audit reports/inspection reports, nothing has come to our knowledge that make us believe that such alternate audit procedure would not be adequate.

Our opinion on the Statement 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 Statement certified by the Board of Directors.

• Figures for the corresponding quarter ended 31st March, 2020 are the balancing figures between the annual audited consolidated financial statements issued for the Information Memorandum submitted to Securities and Exchange Board of India for the period then ended and the published year to date figures for the nine months period ended December 31, 2019. We have not issued a separate limited review report on the results and figures for the quarter ended 31° March, 2020 and have not been subjected to review by us.
• The Statement includes the results for the quarter ended 31st March, 2021 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 Dewan P. N. Chopra & Co. Chartered Accountants Firm Regn. No. 000472N

Digitally signed by SAN D E E P SANDEEP DAHIYA Date: 2021.05.27 DAH lY. 13:43:40 +05'30"

Sandeep Dahiya Partner Membership No, 505371 UDIN: 21505371AAAALU9389 Place of Signature: New Delhi Date: 27° May, 2021

Ca.

Chartered Accountants

C-109, Defence Colony, New Delhi - 110 024, India Phones : +91-11-24645895/06 E-mail : audit@dpncindia.com

INDEPENDENT AUDITOR'S REPORT ON AUDIT OF ANNUAL STANDALONE FINANCIAL RESULTS AND REVIEW OF QUARTERLY FINANCIAL RESULTS

To the Board of Directors of Ravinder Heights Limited

Opinion and Conclusion

\We have (a) audited the Annual Standalone Financial Results for the year ended 31st March 2021 and (b) reviewed the Standalone Financial Results for the quarter ended 31st March, 2021 (refer 'Other Matters' section below), which were subject to limited review by us, both included in the accompanying "Statement of Standalone Financial Results for the Quarter and Year Ended 31.03.2021"of Ravinder Heights Limited ("the Company'), ("the statement"), being submitted by the company pursuant to the requirement of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('Listing Regulations'.

(a) Opinion on Annual Financial Results

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Annual Standalone Financial Results for the year ended 31% March, 2021:

• a. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
• b. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian Accounting Standards and other accounting principles generally accepted in India of the net loss, other comprehensive income and other financial information of the company for the year ended.

(b) Conclusion on Unaudited Standalone Financial Results for the quarter ended 31°** March, 2021

With respect to the Standalone Financial Results for the quarter ended 31st March, 2021, based on our review conducted as stated in paragraph (b) of Auditor's Responsibilities section below, nothing has come to our attention that causes us to believe that the Standalone Financial Results for the quarter ended 31st March, 2021, prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

Basis for Opinion on the Audited Annual Standalone Financial Results for the year ended 31** March, 2021

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 paragraph (a) of Auditor's Responsibilities 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 Standalone Financial Results for the year ended 31% March, 2021 under the provisions of the Companies Act, 2013 and the Rules there under, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter

We draw attention to Note 4 of the Statement which describes the management's assessment of the impact of the outbreak of Covid-19 on property plant & equipment, revenue, trade receivables, investments and other assets. The management believes that no adjustments are required in the financial statements as there is no impact in the current financial year. However, in view of highly uncertain economic environment and its likely effect on future revenues due to Covid-19, a definitive assessment of the impact on the subsequent periods is dependent upon circumstances as they evolve.

Our report is not modified in respect of above matter.

Head Office: 57-H, Connaught Circus, New Delhi- 110 001, India Phones: +91-11-23322359/1418 Email : dpnecp@dpncindia.com Branch Office: D-295, Defence Colony, New Delhi - 110 024, India Phones : +91-11-24645891/92/93 E-mail : dpne@dpnecindia.com

Management's Responsibility for the Statement

This Statement which includes the Annual Standalone Financial Results is the responsibility of the Company's Board of Directors and has been approved by them for the issuance. The Standalone Financial Results for the year ended 31st March, 2021 has been compiled from the related audited standalone financial statements. This responsibility includes the preparation and presentation of the Annual Standalone Financial Results for the quarter and year ended 31* March, 2021 that give a true and fair view of the net loss, other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting Standards prescribed under section 133 of the Act and other accounting principles generally accepted in India and 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 implementation and maintenance of accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Annual Standalone Financial Results that give a true and fair view and is free from material misstatement, whether due to fraud or error.

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

The Board of Directors is also responsible for overseeing the financial reporting process of the Company.

Auditor's Responsibilities

(a) Audit of the Annual Standalone Financial Results for the year ended 31* March, 2021

Our objectives are to obtain reasonable assurance about whether the Standalone Financial Results for the year ended 31st March, 2021 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 this Standalone Financial Results.

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

* Identify and assess the risks of material misstatement of the Annual Standalone Financial Results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

* Obtain an understanding of internal 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 internal control.

* Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

* Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors in terms of the requirements specified under Regulation 33 of the Listing Regulations.

* 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 Company 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 Statement 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 Annual Standalone Financial Results, including the disclosures, and whether the Annual Standalone Financial Results represent the underlying transactions and events in a manner that achieves fair presentation.

* Obtain sufficient appropriate audit evidence regarding the Annual Standalone Financial Results of the Company to express an opinion on the Annual Standalone Financial Results.

Materiality is the magnitude of misstatements in the annual standalone financial results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the financial statements may be influenced. We consider quantitative materiality and qualitative factors in (I) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Annual Standalone Financial Results.

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.

(b) Review of the Standalone Financial Results for the quarter ended 31st March, 2021

We conducted our review of the Standalone Financial Results for the quarter ended 31st March, 2021 in accordance with the Standard on Review Engagements ("SRE") 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity', issued by the ICAI. A review of interim financial information consists of making inquiries, primarily of the Company's personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with SAs specified under section 143(10) of the Act 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.

Other Matters

• 1. Figures for the corresponding quarter ended 31st March, 2020 are the balancing figures between the annual audited standalone financial statements issued for the Information Memorandum submitted to Securities and Exchange Board of India for the period then ended and the published year to date figures for the 9 months period ended December 31, 2019. We have not issued a separate limited review report on the results and figures for the quarter ended 31st March, 2020 and have not been subjected to review by us.
• 1. The Statement includes the results for the Quarter ended 31st March, 2021 being the balancing figure between audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the current financial year which were subject to limited review by us.
• 1. Due to the outbreak of COVID-19 pandemic, the consequent lockdown/curfew and travel restrictions imposed by the Government/local administration during the audit period, the audit processes could not be carried out physically at the Company's premises.

The statutory audit was conducted via making arrangements to provide requisite documents/ information through electronic medium as an alternative audit procedure.

As a part of alternative audit procedure, the Company has made available the following information/ records/ documents/ explanations to us through e-mail and remote secure network of the Company: -

a) Scanned copies of necessary records/documents deeds, certificates and the related records made available electronically through e-mail or remote secure network of the Company; and

b) By way of enquiries through video conferencing, dialogues and discussions over phone, e-mails and similar communication channels.

It has also been represented by the management that the data and information provided electronically for the purpose of our audit are correct, complete, reliable and are directly generated from the accounting system of the Company, extracted from the records and files, without any further manual modifications so as to maintain its integrity, authenticity, readability and completeness. In addition, based on our review of the various internal audit reports/inspection reports, nothing has come to our knowledge that make us believe that such alternate audit procedure would not be adequate.

Our report is not modified in respect of above matters.

For Dewan P. N. Chopra & Co. Chartered Accountants Firm Regn. No. 000472N SANDEEP sMicresonnnn

Date: 2021.05.27 DAHIYA 13.42.48 +05'30 Sandeep Dahiya

Partner Membership No, 505371 UDIN: 21505371AAAALT8911 Place of Signature: New Delhi Date: 27" May, 2021