SEPC LIMITED - Annual Report 2021

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The National Stock Exchange of India Ltd., Exchange Plaza, 5[th] Floor Bandra-Kurla Complex MUMBAI-400 051 NSE Symbol SHRIRAMEPC

BSE Limited 14[th] Floor, P.J. Towers Dalal Street MUMBAI-400 001 Scrip Code : 532945

29[th ] June 2021

Dear Sir,

SUB : Outcome of the Board Meeting held today (29-06-2021) for consideration and approval of the Audited Financial Results (Standalone and Consolidated) for the quarter and year ended 31[st ] March 2021 – Reg.

Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 the following are the outcome of the Board Meeting: -

Audited Financial Results for the Quarter and Year ended 31-03-2021

The Board had approved the audited financial results (Standalone and Consolidated) for the Quarter and year ended 31[st] March 2021 that has been recommended by the Audit Committee held today and the Extract of the detailed format of the Financial Results for the Quarter and Year ended on 31[st] March 2021, to be filed with the Stock Exchanges pursuant to Regulation 33 of the SEBI (Listing and Other Disclosure Requirements) Regulations,2015 (Quick Results) for Publication along with the audited Financial Results for the Quarter and Year ended on 31[st] March 2021 are being forwarded for your information and records.

The Board had noted that the following points discussed at the previous Meeting held on 10[th] March, 2021 were deferred by the Management, to be taken up later, at an appropriate time.
Increase of Authorised Share Capital and approval for Alteration of Memorandum of Association etc.,
Issue of Redeemable Non-Convertible Preference Shares to the Lenders of the Company.
As informed on the 4[th] of June 2021, the Board had discussed and approved the resignation of Company Secretary & Compliance Officer and noted that Mr. R S Chandrasekharan, CFO would also be the compliance officer till such time a new Company Secretary is identified and appointed.

The meeting commenced at 02.50 P.M. and concluded at 07.45 P.M.

Kindly take the same on record.

Thanking you,

Yours faithfully, For Shriram EPC Limited,

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T. SHIVARAMAN Managing Director & CEO

Encl.: a.a.

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New Registered Office Address: 10/1, Bascon Futura, 4th Floor, Venkatnarayana Road, T. Nagar, Chennai – 600 017. Ph.044-4900 5555

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Shriram EPC Limited
Registered Office: 4th Floor, Bascon Futura SV,
Door No. 10/1, Venkatnarayana Road, T. Nagar, Chennai - 600017.
www.shriramepc.com
Corporate Identity Number :L74210TN2000PLC045167
Extract of Consolidated audited Financial Results for the Quarter and Year Ended 31 March 2021
Rs lakhs
Particulars Quarter Ended Year Ended
31.03.2021 31.12.2020 31.03.2020 31.03.2021 31-03-2020
Audited Un Audited Audited Audited Audited
1 Total Income from Operations (Net) 18,084.40 13,177.05 18,746.72 60,614.79 1,25,886.71
Loss for the period (before Tax, Exceptional and/or
2
Extraordinary items) (4,648.13) (6,042.55) (2,542.53) (16,676.03) (1,119.35)
Loss for the period after tax (after Exceptional and/or
3
Extraordinary items) (3,578.15) (6,050.96) (9,108.19) (17,947.31) (7,726.33)
Total Comprehensive Income for the period [Comprising
4 Profit / (Loss) for the period (after tax) and Other
Comprehensive Income (after tax)] (3,558.54) (6,041.44) (9,085.57) (17,927.70) (7,711.92)
5
Equity Share Capital ( Face value of Rs 10/- each)
97,152.90 97,152.90 97,152.90 97,152.90 97,152.90
6 Earnings Per Share (of Rs. 10/- each)
(a) Basic (0.37) (0.62) (0.94) (1.85) (0.79)
(b) Diluted (0.37) (0.62) (0.94) (1.85) (0.79)
Note:
1 The above audited consolidated financial results were reviewed by the Audit Committee and approved by the Board of Directors of the
Company at their meetings held on June 29, 2021.
2 The above is an extract of the detailed results for the quarter and Year ended Mar 31, 2021 filed with the Stock Exchanges under
Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The detailed results for the quarter and
Year ended March 31, 2021 are available on the Stock Exchanges Website www.bseindia.com and www.nseindia.com and on the
website of the Company www.shriramepc.com .
3 The audited Standalone Results for the Quarter and Year ended March 31, 2021 are hereunder :
Rs lakhs
Quarter Ended Year Ended
31.03.2021 31.12.2020 31.03.2020 31.03.2021 31-03-2020
Total Income from Operations 16,920.74 12,916.02 12,332.17 55,324.14 72,923.19
Losst for the period (before Tax, Exceptional and/or
Extraordinary items) (4,959.23) (6,076.04) (2,537.12) (17,139.42) (1,491.85)
Loss for the period after tax (after Exceptional and/or
Extraordinary items) (6,108.34) (6,076.04) (9,144.10) (18,288.53) (8,098.83)
Total Comprehensive Income for the period [Comprising
Profit for the period (after tax) and Other Comprehensive
Income (after tax)] (6,088.73) (6,066.52) (9,118.02) (18,268.92) (8,088.14)
For Shriram EPC Limited
Place :Chennai T.Shivaraman
Date : 29.06.2021 Managing Director & CEO
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Floor 5, Main Building, Guna Complex New No. 443 & 445, Old No. 304 & 305, Anna Salai Teynampet, Chennai 600018, INDIA Tel: + 91 44 6131 0200

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Independent Auditors’ Report on Quarterly Consolidated Financial Results and Year to Date Consolidated Financial Results pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015

To the Board of Directors of Shriram EPC Limited [Holding Company]

Report on the Audit of Consolidated Financial Results

Qualified Opinion

We have audited the accompanying consolidated annual financial results of Shriram EPC Limited (hereinafter referred to as the ‘Holding Company’) and its subsidiary (Holding Company and its subsidiary together referred to as “the Group”), for the quarter and year ended March 31, 2021, (‘the Statement’) attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (‘Listing Regulations’).

In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of reports of other auditors on separate audited financial statements of the subsidiary, the aforesaid Statement:

(i) include the annual financial results of the following entity:

Sr. No	Name of the Entity	Relationship with the Holding Company
1.	Shriram EPC (FZE) – Sharjah	Subsidiary

(ii) is presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and

(iii) except for the effects of the matter described in the Basis for Qualified Opinion paragraph below, give a true and fair view in conformity with the applicable accounting standards prescribed under Section 133 of the Companies Act, 2013 (“the Act”) read with Companies (Indian Accounting Standards) Rules, 2015, as amended and other accounting principles generally accepted in India, of the net loss and other comprehensive income and other financial information of the Group for the year ended March 31, 2021.

Basis for Qualified Opinion

Our audit report on the Statement for the quarter and year ended March 31, 2021 is qualified in respect of the matters stated below:

a) Financial Assets Loans (Non-Current) include Rs. 3,201.62 Lakhs (March 31, 2020: Rs. 3,800.40 Lakhs), due from related party. Sufficient appropriate audit evidence to corroborate management’s assessment of recoverability of the above said amount is not available and the amount is outstanding for more than five years. Further, no provision with respect to the same is made in the books of accounts. Accordingly, we are unable to comment on the carrying value of above-mentioned Financial Assets Loans amounting to 3,201.62 Lakhs and the impact, if any, on account of non-provisioning of the said balance on the financial results as present. (Refer Note 02 of the Audited Consolidated Financial Results)

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Floor 5, Main Building, Guna Complex New No. 443 & 445, Old No. 304 & 305, Anna Salai Teynampet, Chennai 600018, INDIA Tel: + 91 44 6131 0200

b) The carrying value of Deferred Tax Asset (DTA) includes an amount of Rs. 43,889 Lakhs (March 31, 2020: Rs. 43,520 Lakhs) which is recognized on unabsorbed losses. Due to unavailability of sufficient appropriate audit evidence to corroborate management’s assessment on reasonable certainty of future taxable profits, as required by Ind AS 12 on Income Taxes, considering the pandemic situation, we are unable to ascertain the extent to which the deferred tax asset can be utilized. The impact, if any, of the undetermined impairment provision on the financial statements is not ascertainable certainly. (Refer Note 05 of the Audit Consolidated Financial Results)

Our audit report on the Consolidated financial statements for the year ended March 31, 2020 and limited review report for the quarter ended December 31, 2020 were also qualified in respect of the above matters.

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Results section of our report. We are independent of the Group, 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 and other auditors in terms of their reports referred to in “Other Matter” paragraph below, is sufficient and appropriate to provide a basis for our qualified opinion.

Emphasis of Matter

We draw attention Note 07 to the Statement, which fully describes that the Company has made an assessment to recognize an impairment loss of Rs. 1,149.11 Lakhs (March 31, 2020: Rs. 2,748.97 Lakhs) on financial assets to reflect the business impact and uncertainties arising from the COVID 19 pandemic. Further such estimates are based on current facts and circumstances and may not necessarily reflect the future uncertainties and events arising from the full impact of the COVID 19 pandemic.

Our opinion is not modified in respect of this matter.

Board of Directors’ Responsibilities for the Consolidated Financial Results

These Statement, which is the responsibility of the Holding Company’s Management and approved by the Holding Company’s Board of Directors, have been prepared on the basis of the consolidated annual financial statements. The Holding Company’s Board of Directors are responsible for the preparation and presentation of this Statement that give a true and fair view of the net loss and other comprehensive income and other financial information of the Group in accordance with the Indian Accounting Standards prescribed under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules, 2015, as amended 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 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 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, which have been used for the purpose of preparation of the Statement by the Directors of the Holding Company, as aforesaid.

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Floor 5, Main Building, Guna Complex New No. 443 & 445, Old No. 304 & 305, Anna Salai Teynampet, Chennai 600018, INDIA Tel: + 91 44 6131 0200

In preparing the Statement, the respective Board of Directors of the companies included in the Group are responsible for assessing the ability of the Group to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless 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 are responsible for overseeing the financial reporting process of the Group.

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

Our objectives are to obtain reasonable assurance about whether the Statement 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 this 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 ability of the Group to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the 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 Group 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 represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial results of the entities within the Group to express an opinion on the Statement. We are responsible for the direction, supervision and performance of the audit of 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.

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Floor 5, Main Building, Guna Complex New No. 443 & 445, Old No. 304 & 305, Anna Salai Teynampet, Chennai 600018, INDIA Tel: + 91 44 6131 0200

We communicate with those charged with governance of the Holding Company and such other entities included in the Statement of which we are the independent auditors 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.

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

Other Matters

The Statement includes the audited Financial Results of one subsidiary company (including step down subsidiary), whose Financial Results reflect Group’s share of total assets of Rs. 16,819.33 Lakhs as at March 31, 2021, Group’s share of total revenue of Rs. 1,118.18 Lakhs and Rs. 5,085.19 Lakhs and Group’s share of total net profit after tax of Rs. 15.19 Lakhs and Rs. 341.23 Lakhs for the quarter ended March 31, 2021 and for the period from April 01, 2020 to March 31, 2021 respectively, as considered in the Statement, which have been audited by their respective independent auditor. The independent auditors’ reports on Financial Results of these entities have been furnished to us and our opinion on the Statement, 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.
The Statement include 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 prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 “Interim Financial Reporting” which were subject to limited review by us as required under the Listing Regulations.

Our opinion is not modified in respect of above matters.

For MSKA & Associates Chartered Accountants ICAI Firm Registration No.105047W

GEETHA Digitally signed by GEETHA JEYAKUM JEYAKUMAR Date: 2021.06.29 AR 19:01:42 +05'30' _____ Geetha Jeyakumar Partner Membership No.: 029409 UDIN: 21029409AAAAFP7328

Place: Chennai Date: June 29, 2021

Floor 5, Main Building, Guna Complex New No. 443 & 445, Old No. 304 & 305, Anna Salai Teynampet, Chennai 600018, INDIA Tel: + 91 44 6131 0200

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Independent Auditors’ Report on Quarterly Standalone Financial Results and Year to Date Standalone Financial Results pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015

To the Board of Directors of Shriram EPC Limited

Report on the Audit of Standalone Financial Results

Qualified Opinion

We have audited the accompanying standalone annual financial results of Shriram EPC Limited (hereinafter referred to as ‘the Company’) for the quarter and year ended March 31, 2021 (‘the 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 (‘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 Regulation 33 of the Listing Regulations in this regard; and

(ii) except for the possible effects of the matter described in the Basis for Qualified Opinion paragraph below, gives a true and fair view in conformity with the applicable accounting standards prescribed under Section 133 of the Companies Act, 2013 (“the Act”) read with Companies (Indian Accounting Standards) Rules, 2015, as amended, and other accounting principles generally accepted in India, of the net loss and other comprehensive income and other financial information of the Company for the quarter ended March 31, 2021 and for the year ended March 31, 2021.

Basis for Qualified Opinion:

Our audit report on the Statement for the quarter and year ended March 31, 2020 is qualified in respect of the matters stated below:

a) Financial Assets Loans (Non-Current) include Rs. 3,201.62 Lakhs (March 31, 2020: Rs. 3,800.40 Lakhs), due from related party. Sufficient appropriate audit evidence to corroborate management’s assessment of recoverability of the above said amount is not available and the amount is outstanding for more than five years. Further, no provision with respect to the same is made in the books of accounts. Accordingly, we are unable to comment on the carrying value of above-mentioned Financial Assets Loans amounting to 3,201.62 Lakhs and the impact, if any, on account of non-provisioning of the said balance on the financial results as present. (Refer Note 02 of the Audited Standalone Financial Results)
b) The carrying value of Deferred Tax Asset (DTA) includes an amount of Rs. 43,889 Lakhs (March 31, 2020: Rs. 43,520 Lakhs) which is recognized on unabsorbed losses. Due to unavailability of sufficient appropriate audit evidence to corroborate management’s assessment on reasonable certainty of future taxable profits, as required by Ind AS 12 on Income Taxes and considering the pandemic situation, we are unable to ascertain the extent to which the deferred tax asset can be utilized. (Refer Note 05 of the Audit Standalone Financial Results)

Our audit report on the standalone financial statements for the year ended March 31, 2020 and limited review report for the quarter ended December 31, 2020 were also qualified in respect of the above matters.

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Floor 5, Main Building, Guna Complex New No. 443 & 445, Old No. 304 & 305, Anna Salai Teynampet, Chennai 600018, INDIA Tel: + 91 44 6131 0200

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Standalone Financial Results section of our report. We are independent of the Company in accordance with the 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 qualified opinion.

Emphasis of Matter

We draw attention Note 7 to the Statement, which fully describes that the Company has made an assessment to recognize an impairment loss of Rs. 1,149.11 Lakhs (March 31, 2020: Rs. 2,748.97 Lakhs) on financial assets to reflect the business impact and uncertainties arising from the COVID 19 pandemic.

Our opinion is not modified in respect of this matter.

Board of Directors’ Responsibilities for the Standalone Financial Results

This Statement, which is the responsibility of the Company’s Management and approved by the Board of Directors, have been prepared on the basis of the standalone annual financial statements. The Company’s Board of Directors are responsible for the preparation and presentation of this Statement that give a true and fair view of the net loss and other comprehensive income in accordance with the Indian Accounting Standards prescribed under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules, 2015, as amended issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The Board of Directors of the Company are responsible for 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 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, which have been used for the purpose of preparation of the Statement by the Directors of the Company, as aforesaid.

In preparing the Statement, the Board of Directors of the Company are responsible for assessing the ability of the Company 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 of the Company are responsible for overseeing the financial reporting process of the Company.

Floor 5, Main Building, Guna Complex New No. 443 & 445, Old No. 304 & 305, Anna Salai Teynampet, Chennai 600018, INDIA Tel: + 91 44 6131 0200

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Auditor’s Responsibilities for the Audit of the 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 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 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 Statement, including the disclosures, and whether the Statement represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance of the Company of which we are the independent auditors 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.

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Floor 5, Main Building, Guna Complex New No. 443 & 445, Old No. 304 & 305, Anna Salai Teynampet, Chennai 600018, INDIA Tel: + 91 44 6131 0200

Other Matters

The Statement include 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 prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 “Interim Financial Reporting” which were subject to limited review by us as required under the Listing Regulations

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

For MSKA & Associates

Chartered Accountants ICAI Firm Registration No.105047W

GEETHA Digitally signed by GEETHA JEYAKUM JEYAKUMAR Date: 2021.06.29 AR 18:13:15 +05'30'

_______ Geetha Jeyakumar Partner Membership No. 029409 UDIN: 21029409AAAAFN4670

Place: Chennai Date: June 29, 2021

Rs lakhs Shriram EPC Limited Registered Office: 4th Floor, Bascon Futura SV, Door No. 10/1, Venkatnarayana Road, T. Nagar, Chennai - 600017. www.shriramepc.com Statement of Consolidated Audited Financial Results for the Year Ended March 31, 2021.	Rs lakhs Shriram EPC Limited Registered Office: 4th Floor, Bascon Futura SV, Door No. 10/1, Venkatnarayana Road, T. Nagar, Chennai - 600017. www.shriramepc.com Statement of Consolidated Audited Financial Results for the Year Ended March 31, 2021.	Rs lakhs Shriram EPC Limited Registered Office: 4th Floor, Bascon Futura SV, Door No. 10/1, Venkatnarayana Road, T. Nagar, Chennai - 600017. www.shriramepc.com Statement of Consolidated Audited Financial Results for the Year Ended March 31, 2021.	Rs lakhs Shriram EPC Limited Registered Office: 4th Floor, Bascon Futura SV, Door No. 10/1, Venkatnarayana Road, T. Nagar, Chennai - 600017. www.shriramepc.com Statement of Consolidated Audited Financial Results for the Year Ended March 31, 2021.	Rs lakhs Shriram EPC Limited Registered Office: 4th Floor, Bascon Futura SV, Door No. 10/1, Venkatnarayana Road, T. Nagar, Chennai - 600017. www.shriramepc.com Statement of Consolidated Audited Financial Results for the Year Ended March 31, 2021.	Rs lakhs Shriram EPC Limited Registered Office: 4th Floor, Bascon Futura SV, Door No. 10/1, Venkatnarayana Road, T. Nagar, Chennai - 600017. www.shriramepc.com Statement of Consolidated Audited Financial Results for the Year Ended March 31, 2021.	Rs lakhs Shriram EPC Limited Registered Office: 4th Floor, Bascon Futura SV, Door No. 10/1, Venkatnarayana Road, T. Nagar, Chennai - 600017. www.shriramepc.com Statement of Consolidated Audited Financial Results for the Year Ended March 31, 2021.
SNo	Particulars		Quarter Ended		Year Ended
		31.03.2021	31.12.2020	31.03.2020	31.03.2021	31.03.2020
1 2 3 4 5 6 7 8 9 10 11 12	Revenue from operations Other Income Total Income from Operations Expenses (a) Cost of Materials ,Erection, Construction & Operation Expenses (b) Changes in inventories of finished goods, work- in-progress and stock-in-trade (c) Employee benefits expense (d) Finance Costs (e) Depreciation and amortisation expense (f) Other expenses Total expenses Loss before exceptional items and tax (1-2) Exceptional items - (Refer Note No 7 (b)) Loss before tax (3 + 4) Tax Expense Loss for the period / Year (5 - 6) Other comprehensive income (OCI) Other comprehensive income not to be reclassified to profit or loss in subsequent periods Re-measurement gains on defined benefit plans (Net of Taxes) Fair Value of Equity Instruments through OCI (Net of Taxes) Total Other comprehensive income Total comprehensive Loss for the period / Year (7+8) Paid-up equity share capital (Face value Rs. 10 each) Other Equity Earnings per share (of Rs 10/- each) (not annualised for the period): (a) Basic (b) Diluted See accompanying notes to the financial results	Audited Refer Note 13	Unaudited	Audited Refer Note 13	Audited	Audited
		17,751.75 332.65	12,457.79 719.26	18,400.07 346.65	58,278.52 2,336.27	1,20,794.88 5,091.83
		18,084.40	13,177.05	18,746.72	60,614.79	1,25,886.71
		17,779.65 (63.78) 938.59 2,536.22 137.92 1,403.93	12,277.44 189.89 696.98 2,759.35 138.42 3,157.52	14,948.14 (161.26) 1,568.12 2,582.32 141.61 2,210.32	55,671.74 76.66 3,808.40 10,658.93 556.04 6,519.05	99,953.89 3,524.37 5,726.01 10,043.86 566.81 7,191.12
		22,732.53	19,219.60	21,289.25	77,290.82	1,27,006.06
		(4,648.13) -1,149.11 (3,499.02) 79.12 (3,578.15) 17.10 2.51	(6,042.55) - (6,042.55) 8.41 (6,050.96) 7.01 2.51	(2,542.53) (6,606.98) -9,149.51 (41.32) (9,108.19) 36.33 (13.71)	(16,676.03) 1,149.11 (17,825.14) 122.17 (17,947.31) 17.10 2.51	(1,119.35) (6,606.98) (7,726.33) - (7,726.33) 25.03 (10.62)
		19.61	9.52	22.62	19.61	14.41
		(3,558.54) 97,152.90 - (0.37) (0.37)	(6,041.44) 97,152.90 - (0.62) (0.62)	(9,085.57) 97,152.90 - -0.94 -0.94	(17,927.70) 97,152.90 3,215.18 (1.85) (1.85)	(7,711.92) 97,152.90 21,237.64 (0.79) (0.79)

Shriram EPC Limited

Statement of Consolidated Assets and Liabilities as at March 31, 2021 (Amount in INR lakhs, unless otherwise stated)

Shriram EPC Limited Statement of Consolidated Assets and Liabilities as at March 31, 2021 (Amount in INR lakhs, unless otherwise stated)	Shriram EPC Limited Statement of Consolidated Assets and Liabilities as at March 31, 2021 (Amount in INR lakhs, unless otherwise stated)	Shriram EPC Limited Statement of Consolidated Assets and Liabilities as at March 31, 2021 (Amount in INR lakhs, unless otherwise stated)
ASSETS Non-current assets Property, plant and equipment Intangible assets Financial assets Investments Loans Trade Receivables Other Financial Assets Deferred tax asset (net) Income tax assets (net) Other non-current assets Total Non-Current Assets Current assets Inventories Financial assets Trade receivables Cash and cash equivalents Other bank balances Other financial assets Other current assets Assets held for sale Total Current Assets Total Assets EQUITY AND LIABILITIES Equity Equity share capital Other equity Non-Controlling Interest Total Equity Liabilities Non-Current Liabilities Financial liabilities Borrowings Other financial liabilities Provisions Other non-current liabilities Total Non-Current Liabilities Current liabilities Financial liabilities Borrowings Trade payables Total outstanding dues of micro enterprises and small enterprises Total outstanding dues of creditors other than micro enterprises and small enterprises Other financial liabilities Other current liabilities Provisions Total Current Liabilities Total Liabilities Total Equity and Liabilities	As at 31-03-2021	As at 31-03-2020
	4,476.34 36.04 79.84 10,913.30 21,015.14 1,186.06 47,623.70 3,327.56 3,956.02	5,011.26 40.08 77.33 12,301.03 19,848.34 1,634.87 47,623.70 2,917.18 3,956.02
	92,614.00	93,409.81
	248.20 34,087.52 840.86 2,866.88 6,964.27 1,03,411.30 596.06	324.86 47,996.51 1,205.55 4,885.40 8,639.66 1,03,100.26 703.35
	1,49,015.09	1,66,855.59
	2,41,629.09	2,60,265.40
	97,152.90 3,215.18 142.73	97,152.90 21,237.64 146.76
	1,00,510.81	1,18,537.30
	20,072.84 4,363.37 559.51 4,882.17	20,622.70 5,642.52 613.20 12,535.32
	29,877.89	39,413.74
	58,839.27 - 35,665.84 4,676.53 11,523.46 535.29	45,209.42 - 43,808.29 2,579.27 10,158.86 558.52
	1,11,240.39	1,02,314.36
	1,41,118.28	1,41,728.10

	2,41,629.09	2,60,265.40

Shriram EPC Limited

Statement of Consolidated cashflows for the Year ended March 31, 2021

(Amount in ₹ lakhs, unless otherwise stated)

Shriram EPC Limited Statement of Consolidated cashflows for the Year ended March 31, 2021 (Amount in ₹ lakhs, unless otherwise stated)	Shriram EPC Limited Statement of Consolidated cashflows for the Year ended March 31, 2021 (Amount in ₹ lakhs, unless otherwise stated)	Shriram EPC Limited Statement of Consolidated cashflows for the Year ended March 31, 2021 (Amount in ₹ lakhs, unless otherwise stated)
Particulars	31-Mar-21	31-Mar-20
Cash flow from operating activities Loss before tax Adjustments for: Depreciation and amortization expenses Provision for Gratuity Provision for Compensated Absences Provision for doubtful trade and Other receivables and Loans and Advances Finance cost Interest income Liabilities written back (Gain)/ loss on sale of fixed assets Loss on write off of CWIP Loss on write off of Inventory Impairment loss allowance on contract assets and receivables Operating (loss)/profit before working capital changes Changes in working capital Decrease in trade payables Decrease in inventories Increase in trade receivables Decrease in loans and advances Decrease/ (Increase) in other current liabilities Decrease in other non current liabilities Increase/(Decrease) in Short Term provisions Decrease in Long Term provisions Increase in other financial liabilties Decrease / (Increase) in other financial assets (Increase) / Decrease in other current assets Decrease in non-current assets Decrease / (Increase) Assets held for sale Cash used in operations Income tax paid Net cash used in operating activities (A) Cash flow from Investing activities Payment for property, plant and equipment and intangible assets Movement in Bank balances not considered as Cash and cash equivalents (Net) Proceeds from sale/ disposal of fixed assets Interest received Net cash flow from investing activities (B) Cash flow from Financing activities Proceeds/ Repayment of Short term borrowings (net) Proceeds / Repayment of Long term borrowings (net) Interest and Finance Charges Paid Net cash flow from financing activities (C) Net decrease in cash and cash equivalents (A+B+C) Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year Cash and cash equivalents comprise Cash and cash equivalents as per Balance Sheet Less: Bank balances not considered as Cash and cash equivalents as defined in AS 3 Cash Flow Statements Total cash and bank balances at end of the year	(17,825.14) 556.04 122.92 (52.39) 2,036.42 12,648.14 (1,848.75) (476.04) (1.47) - - 1,149.11	(7,726.33) 566.81 75.62 93.31 - 11,519.21 (3,875.46) (719.65) (5.95) 14.84 3,414.26 6,606.98
	(3,691.19)	9,963.65
	(8,142.45) 76.66 9,938.57 1,387.73 1,364.60 (7,653.15) 29.16 (176.61) 818.11 2,124.19 (761.74) - 107.29 (4,578.82) (410.38)	(10,068.03) 110.13 2,036.01 5,374.64 (13,658.87) (8,148.09) (61.24) (47.49) 65.43 (4,308.11) 19,254.03 12.42 (703.35) (178.88) (522.42)
	(4,989.21)	(701.30)
	(628.89) 2,018.52 599.38 119.66	(147.82) 3,231.48 19.43 919.43
	2,108.65	4,022.52
	13,629.85 (549.86) (10,564.13)	1,963.33 (22.63) (7,116.42)
	2,515.87	(5,175.72)
	(364.69) 1,205.55	(1,854.49) 3,060.04
	840.86	1,205.55
	3,707.75 2,866.88	6,090.95 4,885.40
	840.86	1,205.55

Notes: 1. The Company has changed its name from Shriram EPC Limited to SEPC Limited w.e.f 12th February 2021 (Final approval from Stock Exchanges awaited). The audited Consolidated results for the quarter and year ended March 31, 2021 were reviewed and recommended by the Audit Committee and approved by the Board of Directors at their respective meetings held on June 29, 2021 and have been subjected to audit by the Statutory Auditor of the Company. The audited Consolidated financial results are prepared in accordance with Indian Accounting Standards (Ind AS) as prescribed under Section 133 of the Companies Act, 2013.

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2. Financial Assets Loans (Non-Current) include Rs. 3,201.62 Lakhs (March 31, 2020 : Rs. 3,800.40 Lakhs), due from Leitwind Shriram
Manufacturing Pvt Limited (LSML) (a related party). The management is confident of realising the amounts due from LSML considering the fact
that, LSML has settled the lenders dues and any surplus cashflows /recovery of retention receivables from their customers will be utilised for
repayment of these dues towards the Company. The auditors have qualified this matter in their report for the Quarter and Year ended March
31, 2021.
3. The Company (SEPC) is one of the Respondent along with Twarit Consultancy Private Limited (TCPL) in respect of an Arbitration by The
Singapore International Arbitration Centre (SIAC) filed by GPE (INDIA) Ltd, GPE JV1Ltd, Gaja Trustee Company Private Ltd (the Claimants) in
connection with the claimants' investments in an associate company of the Company. SIAC vide their Order dt 7th January 2021 awarded
damages Jointly and Severally on the Respondents to the tune of Rs.1,98,54.10 lakhs and a sum of SGD 372,754.79 towards Arbtration
expenses. These are to be paid along with simple interest @ 7.25% pa from 21st July 2017 until the date of payment. The Respondents have
already preferred an appeal before the High Court of Republic of Singapore against the award of SIAC and the same is pending as on date.
However, the Company has entered into an Inter -se arrangement dated 29th September 2015 with TCPL and Shri Housing Pvt Ltd by which,
Company will be fully indemnified, in case of any liablity arising out of any Suits, Proceedings, Disputes, Damages payable by the Company on
any defaults arising out of the investments made by the Complainant in the associate. In view of the said Inter-se Arrangements, the
Company do not have any liability whatsoever, on account of this award which is subject to the outcome of the Respondents appeal before all
appropriate Jurisdictional Courts / Forums.
4. The contract of the Company to execute a project with Governorate of Basra, Government of Iraq (the Customer) was cancelled by the
customer in 2014 . Mokul Shriram EPC JV (JV Company) filed a complaint against Export Credit Guarantee Corporation of India Limited (ECGC)
before the National Consumer Disputes Redressal Commission,(NCDRC) New Delhi. NCDRC, vide their order dt 27th January 2021, allowed the
consumer complaint filed by the JV Company and directed ECGC to pay a sum of Rs 2,65,01 lakhs along with simple interest @ 10% pa. with
effect from 19.09.2016 till the date of realisation to the JV Company within a period of three months from the date of order, failing which
ECGC will be liable to pay compensation in the form of simple interest @ 12% pa.
5. Against the carried forward loss of Rs.1,99,103 lakhs, the company has recognized deferred tax asset on a carry forward loss to the extent
of Rs.1,40,773 lakhs which results in DTA of Rs. 43,889.00 lakhs (March 31, 2020: Rs. 43,520 Lakhs). Considering potential order book as on
date, future business plan, projects in pipeline etc, the management is confident of adjusting these carry forward losses and reversal of DTA
before the expiry of the period for which this benefit is available. The auditors have qualified this matter in their report for the quarter and
year ended March 31, 2021.
6.The Company has incurred net loss of Rs. 18,288.53 Lakhs during the year ended 31 March 2021 and as of that date has accumulated losses
aggregating Rs. 189,616.01 Lakhs which has resulted in substantial erosion of its net worth. The Company has defaulted in repayment of term
loan principal and payment of interest on the same to their lenders amounting to Rs. 2,578.03 lakhs and Rs 771.86 lakhs respectively as on
March 31, 2021. Further, the COVID-19 pandemic has also impacted operations resulting in delay of collection relating to project dues. The
Company has received an investment proposal from an Investor who has submitted a business plan based on which a Resolution Plan has been
submitted to the consortium of lenders in accordance with the requirement set out in the circular issued by the Reserve Bank of India No
RBI/20119/203DBR.No>BP.BC.45/21.04.048./2018-19 dated 7th June 2019. The Resolution plan provides for infusion of Rs 350 crores equity,
change of management, conversion of loan into preference shares to the tune of Rs 350 crores, moratorium of term loans for two years and
levy of interest at 9% pa. effective from 01.10.2020, amongst other requirements. Based on the expectation of the implementation of the
resolution plan with lenders, underlying strength of the Company’s business plans and future growth outlook as assessed with existing order
book, the credit profile of the Company, would improve resulting in it being able to meet its obligations in due course of time. Accordingly,
these financial results are prepared on a going concern basis.
7 (a) The outbreak of Coronavirus (COVID -19) pandemic globally and in India caused significant disturbance and slowdown of economic
activity. The Company has assessed the impact of pandemic on its financial results/position based on the principle of prudence in applying
judgements, estimates and assumptions including sensitivity analysis and has concluded that there is no major impact of COVID 19 on the
recoverability of carrying values of assets and expects to recover the carrying value of its assets. Considering that it is a dynamic and evolving
situation, the management will continue to closely monitor and evaluate the impact of any material change in macro-economic and other
related factors, which may have bearing on the Company's operations.
7 (b) Exceptional items :
1) Exceptional items for the year ended March 31, 2021 represents provision of trade, other receivables and contract assets amounting to Rs.
1,149.11 lakhs, based on estimation of potential stress on project completion in a project, considering COVID 19 pandemic.
2) Exceptional items for the year ended March 31, 2020 represents write off of trade and other receivables subject to litigation amounting to
Rs. 3,858.02 lakhs, and write off of contract assets amounting to Rs. 2,748.97 lakhs, based on estimation of potential stress on project
completion in a project, considering COVID 19 pandemic.
8. Revenue for the Year ended March 31, 2021 includes Rs. 25,984 lakhs, being share of revenue relating to the Basra project, billed from
Mokul Shriram EPC JV (MSJV), a jointly controlled operation, wherein the company owns 50% interest (Year ended March 31, 2020 - Rs.
30,379.93 Lakhs).
9.The Company has proposed to issue and allot equity shares by way of preferential issue for a value upto Rs 350 crores to a strategic
investor subject to lenders and regulatory approvals.
10. There is no provision for tax in view of the brought forward losses/unabsorbed depreciation relating to earlier years, available for set off,
while computing income, both under the provisions of 115 JB and those other than Sections 115 JB of the Income Tax Act 1961.
11. The Company is engaged in the sole activity of carrying on the business of "Engineering ,Procurement and Construction " (EPC) and
therefore, has only one reportable segment in accordance with Ind AS 108 "Operating Segments". Hence no separate segment reporting is
applicable to the Company.
12. The code on Social Security, 2020 (‘Code’) relating to employee benefits during employment and post-employment benefits, received
Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date from which the Code will
come into effect has not been notified. The Company will assess the impact of the Code when it comes into effect and will record any related
impact in the period the Code becomes effective.
13. The figures of the last quarter ended March 31, 2021 / 2020 are the balancing figures between audited figures in respect of the full
financial year up to March 31, 2021 / 2020 and the unaudited published year-to-date figures up to December 2020 / 2019 being the date of the
end of the third quarter of the financial year which were subjected to limited review.
14. Previous period figures have been regrouped / reclassified to be in conformity with current period's classification/disclosure, wherever
necessary.
For Shriram EPC Limited
Place: Chennai T. Shivaraman
Date : June 29, 2021 Managing Director & CEO
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Shriram EPC Limited

Registered Office: 4th Floor, Bascon Futura SV, Door No. 10/1, Venkatnarayana Road, T. Nagar, Chennai - 600017. Website: www.shriramepc.com Statement of Standalone Audited Financial Results for the Year Ended March 31, 2021

Shriram EPC Limited Registered Office: 4th Floor, Bascon Futura SV, Door No. 10/1, Venkatnarayana Road, T. Nagar, Chennai - 600017. Website: www.shriramepc.com Statement of Standalone Audited Financial Results for the Year Ended March 31, 2021	Shriram EPC Limited Registered Office: 4th Floor, Bascon Futura SV, Door No. 10/1, Venkatnarayana Road, T. Nagar, Chennai - 600017. Website: www.shriramepc.com Statement of Standalone Audited Financial Results for the Year Ended March 31, 2021	Shriram EPC Limited Registered Office: 4th Floor, Bascon Futura SV, Door No. 10/1, Venkatnarayana Road, T. Nagar, Chennai - 600017. Website: www.shriramepc.com Statement of Standalone Audited Financial Results for the Year Ended March 31, 2021	Shriram EPC Limited Registered Office: 4th Floor, Bascon Futura SV, Door No. 10/1, Venkatnarayana Road, T. Nagar, Chennai - 600017. Website: www.shriramepc.com Statement of Standalone Audited Financial Results for the Year Ended March 31, 2021	Shriram EPC Limited Registered Office: 4th Floor, Bascon Futura SV, Door No. 10/1, Venkatnarayana Road, T. Nagar, Chennai - 600017. Website: www.shriramepc.com Statement of Standalone Audited Financial Results for the Year Ended March 31, 2021	Shriram EPC Limited Registered Office: 4th Floor, Bascon Futura SV, Door No. 10/1, Venkatnarayana Road, T. Nagar, Chennai - 600017. Website: www.shriramepc.com Statement of Standalone Audited Financial Results for the Year Ended March 31, 2021	Shriram EPC Limited Registered Office: 4th Floor, Bascon Futura SV, Door No. 10/1, Venkatnarayana Road, T. Nagar, Chennai - 600017. Website: www.shriramepc.com Statement of Standalone Audited Financial Results for the Year Ended March 31, 2021
		Rs Lakhs
S No	Particulars	Quarter Ended			Year Ended
		31.03.2021	31.12.2020	31.03.2020	31.03.2021	31.03.2020
1 2 3 4 5 6 7 8 9 10 11 12	Income (a) Revenue from operations (b) Other Income	Audited Refer Note 13	Unaudited	Audited Refer Note 13	Audited	Audited
		16,416.64 504.10	12,228.33 687.69	12,110.66 221.51	53,193.33 2,130.81	68,105.20 4,817.99
	Total Income	16,920.74	12,916.02	12,332.17	55,324.14	72,923.19
	Expenses (a) Cost of Materials,Erection,Construction & Operation Expenses (b) Changes in inventories of finished goods,work-in- progress and stock-in-trade (c) Employee benefits expense (d) Finance Costs (e) Depreciation and amortisation expense (f)Other expenses	16,748.67 76.66 1,002.43 2,535.87 130.99 1,385.35	12,177.28 140.43 664.49 2,759.05 137.58 3,113.23	8,851.29 -161.26 1,473.89 2,579.87 138.98 1,986.52	51,463.44 76.66 3,576.44 10,655.75 544.86 6,146.41	50,786.10 3,524.37 5,004.17 9,879.96 555.53 4,664.91
	Total expenses	21,879.97	18,992.06	14,869.29	72,463.56	74,415.04
	Loss before exceptional items and tax (1-2) Exceptional Items (Refer Note No 7 (b)) Loss before tax (3 + 4) Tax Expense / (Benefit)	(4,959.23) -1,149.11 (6,108.34) -	(6,076.04) - (6,076.04) -	(2,537.12) -6,606.98 (9,144.10) -	(17,139.42) 1,149.11 (18,288.53) -	(1,491.85) -6,606.98 (8,098.83) -
	~~Loss for the period / year (5 - 6)~~	(6,108.34)	(6,076.04)	(9,144.10)	(18,288.53)	(8,098.83)
	Other comprehensive income / (loss) (OCI) Other comprehensive income not to be reclassified to profit or loss in subsequent periods Re-measurement gains on defined benefit plans (Net of Taxes) Fair Value of Equity Instruments through OCI (Net of Taxes)	17.10 2.51	7.01 2.51	36.32 (10.24)	17.10 2.51	21.31 (10.62)
	~~Total Other comprehensive income~~	19.61	9.52	26.08	19.61	10.69
	Total comprehensive Loss for the period / year (7+8) Paid-up equity share capital (Face value ₹ 10 each) Other Equity Earnings per share (of Rs 10/- each) (not annualised for the period): (a) Basic (b) Diluted See accompanying notes to the financial results	(6,088.73) 97,152.90 - (0.63) (0.63)	(6,066.52) 97,152.90 - (0.62) (0.62)	(9,118.02) 97,152.90 - (0.94) (0.94)	(18,268.92) 97,152.90 2,298.12 (1.88) (1.88)	(8,088.14) 97,152.90 20,567.01 (0.83) (0.83)

Shriram EPC Limited

Standalone Statement of Assets and Liabilities as at March 31, 2021

(Amount in ₹ lakhs, unless otherwise stated)

Shriram EPC Limited Standalone Statement of Assets and Liabilities as at March 31, 2021 (Amount in ₹ lakhs, unless otherwise stated)	Shriram EPC Limited Standalone Statement of Assets and Liabilities as at March 31, 2021 (Amount in ₹ lakhs, unless otherwise stated)	Shriram EPC Limited Standalone Statement of Assets and Liabilities as at March 31, 2021 (Amount in ₹ lakhs, unless otherwise stated)
ASSETS Non-current assets Property, plant and equipment Capital work-in-progress Intangible assets Financial assets Investments Loans Trade Receivables Other Financial Assets Deferred tax asset (net) Income tax assets (net) Other non-current assets Total Non-Current Assets Current assets Inventories Financial assets Trade receivables Cash and cash equivalents Other bank balances Other financial assets Other current assets Assets held for sale Total Current Assets Total Assets EQUITY AND LIABILITIES Equity Equity share capital Other equity Total Equity Liabilities Non-Current Liabilities Financial liabilities Borrowings Other financial liabilities Provisions Other non-current liabilities Total Non-Current Liabilities Current liabilities Financial liabilities Borrowings Trade payables Total outstanding dues of micro enterprises and small enterprises Total outstanding dues of creditors other than micro enterprises and small enterprises Other financial liabilities Other current liabilities Provisions Total Current Liabilities Total Liabilities Total Equity and Liabilities	As at 31-03-2021	As at 31-03-2020
	4,368.08 36.04 104.10 10,913.30 21,015.14 1,173.27 47,623.70 3,327.56 3,956.02	4,888.30 40.08 101.59 12,301.03 19,848.34 1,621.73 47,623.70 2,917.19 3,956.02
	92,517.22	93,297.98
	248.20 26,700.33 625.68 2,866.88 6,964.27 96,628.83 596.06	324.86 37,744.42 673.58 4,885.40 8,639.66 95,089.13 703.35
	1,34,630.25	1,48,060.40
	2,27,147.46	2,41,358.38
	97,152.90 2,298.12	97,152.90 20,567.01
	99,451.02	1,17,719.91
	20,072.84 4,363.37 559.51 4,882.17	20,622.70 5,642.52 613.20 12,535.32
	29,877.89	39,413.74
	58,839.27 24,274.80 4,676.53 9,617.92 410.03	45,209.42 30,812.20 2,579.27 5,065.32 558.52
	97,818.55	84,224.73
	1,27,696.44	1,23,638.47

	2,27,147.46	2,41,358.38

Shriram EPC Limited

Statement of cash flows for the Year ended March 31, 2021

(Amount in ₹ lakhs, unless otherwise stated)

Shriram EPC Limited Statement of cash flows for the Year ended March 31, 2021 (Amount in ₹ lakhs, unless otherwise stated)	Shriram EPC Limited Statement of cash flows for the Year ended March 31, 2021 (Amount in ₹ lakhs, unless otherwise stated)	Shriram EPC Limited Statement of cash flows for the Year ended March 31, 2021 (Amount in ₹ lakhs, unless otherwise stated)
Particulars	31-Mar-21	31-Mar-20
Cash flow from operating activities Loss before tax Adjustments for: Depreciation and amortization expenses Provision for Gratuity Provision for Compensated Absences Provision for doubtful trade and Other receivables and Loans and Advances Finance cost Interest income Liabilities written back Gain on sale of fixed assets Loss on write off of CWIP Loss on write off of Inventory Impairment loss allowance on contract assets and receivables Operating (Loss) / Profit before working capital changes Changes in working capital Decrease in trade payables Decrease in inventories Decrease / (increase) in trade receivables Decrease in loans and advances Increase in other current liabilities Decrease in other non current liabilities Decrease /(increase) in Short Term provisions Decrease in Long Term provisions Increase in other financial liabilties Decrease/(Increase) in other financial assets (Increase) / Decrease in other current assets Increase / (Decrease) in assets held for sale Cash (used in) / from operations Income tax paid Net cash (used in) / from operating activities (A) Cash flow from Investing activities Payment for property, plant and equipment and intangible assets Movement in Bank balances not considered as Cash and cash equivalents (Net) Proceeds from sale/ disposal of fixed assets Interest received Net cash flow from investing activities (B) Cash flow from Financing activities Proceeds / Repayment of Short term borrowings (net) Proceeds / Repayment of Long term borrowings (net) Interest and Finance Charges Paid Net cash flow from / (used in) financing activities (C) Net decrease in cash and cash equivalents (A+B+C) Cash and cash equivalents at the beginning of the Year Cash and cash equivalents at the end of the Year Cash and cash equivalents comprise Cash and cash equivalents as per Balance Sheet Less: Bank balances not considered as Cash and cash equivalents as defined in AS 3 Cash Flow Statements Total cash and bank balances at end of the Year	(18,288.53) 544.86 122.92 (52.39) 2,036.42 12,644.95 (1,643.29) (476.04) (1.47) - - 1,149.11	(8,098.83) 555.53 75.62 93.31 - 11,355.31 (3,875.46) (719.65) (5.95) 14.84 3,414.26 6,606.98
	(3,963.46)	9,415.96
	(6,537.40) 76.66 7,103.68 1,387.74 4,552.60 (7,653.15) (97.10) (193.71) 818.11 2,123.85 (1,990.40) 107.30 (4,265.28) (410.37)	(895.76) 110.13 (1,773.15) 5,374.63 346.25 (6,353.84) 25.46 (47.49) 65.43 (4,246.27) 137.44 (703.35) 1,455.44 (522.14)
	(4,675.65)	933.30
	(628.89) 2,018.52 599.38 119.66	(118.99) 3,231.57 19.43 667.51
	2,108.67	3,799.52
	13,629.85 (549.83) (10,560.95)	1,971.63 (22.61) (6,952.52)
	2,519.08	(5,003.50)
	(47.90) 673.58	(270.69) 944.26
	625.68	673.58
	3,492.56 2,866.88	5,558.98 4,885.40
	625.68	673.58

Notes: 1. The Company has changed its name from Shriram EPC Limited to SEPC Limited w.e.f 12th February 2021 (Final approval from Stock Exchanges awaited). The audited Standalone results for the quarter and year ended March 31, 2021 were reviewed and recommended by the Audit Committee and approved by the Board of Directors at their respective meetings held on June 29, 2021 and have been subjected to audit by the Statutory Auditor of the Company. The audited standalone financial results are prepared in accordance with Indian Accounting Standards (Ind AS) as prescribed under Section 133 of the Companies Act, 2013.

2. Financial Assets Loans (Non-Current) include Rs. 3,201.62 Lakhs (March 31, 2020 : Rs. 3,800.40 Lakhs), due from Leitwind Shriram Manufacturing Pvt
Limited (LSML) (a related party). The management is confident of realising the amounts due from LSML considering the fact that, LSML has settled the
lenders dues and any surplus cashflows /recovery of retention receivables from their customers will be utilised for repayment of these dues towards the
Company. The auditors have qualified this matter in their report for the Quarter and Year ended March 31, 2021.
3. The Company (SEPC) is one of the Respondent along with Twarit Consultancy Private Limited (TCPL) in respect of an Arbitration by The Singapore
International Arbitration Centre (SIAC) filed by GPE (INDIA) Ltd, GPE JV1Ltd, Gaja Trustee Company Private Ltd (the Claimants) in connection with the
claimants' investments in an associate company of the Company. SIAC vide their Order dt 7th January 2021 awarded damages Jointly and Severally on the
Respondents to the tune of Rs.1,98,54.10 lakhs and a sum of SGD 372,754.79 towards Arbtration expenses. These are to be paid along with simple interest
@ 7.25% pa from 21st July 2017 until the date of payment. The Respondents have already preferred an appeal before the High Court of Republic of
Singapore against the award of SIAC and the same is pending as on date. However, the Company has entered into an Inter -se arrangement dated 29th
September 2015 with TCPL and Shri Housing Pvt Ltd by which, Company will be fully indemnified, in case of any liablity arising out of any Suits,
Proceedings, Disputes, Damages payable by the Company on any defaults arising out of the investments made by the Complainant in the associate. In
view of the said Inter-se Arrangements, the Company do not have any liability whatsoever, on account of this award which is subject to the outcome of
the Respondents appeal before all appropriate Jurisdictional Courts / Forums.
4. The contract of the Company to execute a project with Governorate of Basra, Government of Iraq (the Customer) was cancelled by the
customer in 2014 . Mokul Shriram EPC JV (JV Company) filed a complaint against Export Credit Guarantee Corporation of India Limited (ECGC) before
the National Consumer Disputes Redressal Commission,(NCDRC) New Delhi. NCDRC, vide their order dt 27th January 2021, allowed the consumer
complaint filed by the JV Company and directed ECGC to pay a sum of Rs 2,65,01 lakhs along with simple interest @ 10% pa. with effect from 19.09.2016
till the date of realisation to the JV Company within a period of three months from the date of order, failing which ECGC will be liable to pay
compensation in the form of simple interest @ 12% pa.
5. Against the carried forward loss of Rs.1,99,103 lakhs, the company has recognized deferred tax asset on a carry forward loss to the extent of
Rs.1,40,773 lakhs which results in DTA of Rs. 43,889.00 lakhs (March 31, 2020: Rs. 43,520 Lakhs). Considering potential order book as on date, future
business plan, projects in pipeline etc, the management is confident of adjusting these carry forward losses and reversal of DTA before the expiry of the
period for which this benefit is available. The auditors have qualified this matter in their report for the quarter and year ended March 31, 2021.
6.The Company has incurred net loss of Rs. 18,288.53 Lakhs during the year ended 31 March 2021 and as of that date has accumulated losses aggregating
Rs. 189,616.01 Lakhs which has resulted in substantial erosion of its net worth. The Company has defaulted in repayment of term loan principal and
payment of interest on the same to their lenders amounting to Rs. 2,578.03 lakhs and Rs 771.86 lakhs respectively as on March 31, 2021. Further, the
COVID-19 pandemic has also impacted operations resulting in delay of collection relating to project dues. The Company has received an investment
proposal from an Investor who has submitted a business plan based on which a Resolution Plan has been submitted to the consortium of lenders in
accordance with the requirement set out in the circular issued by the Reserve Bank of India No RBI/20119/203DBR.No>BP.BC.45/21.04.048./2018-19
dated 7th June 2019. The Resolution plan provides for infusion of Rs 350 crores equity, change of management, conversion of loan into preference shares
to the tune of Rs 350 crores, moratorium of term loans for two years and levy of interest at 9% pa. effective from 01.10.2020, amongst other
requirements. Based on the expectation of the implementation of the resolution plan with lenders, underlying strength of the Company’s business plans
and future growth outlook as assessed with existing order book, the credit profile of the Company, would improve resulting in it being able to meet its
obligations in due course of time. Accordingly, these financial results are prepared on a going concern basis.

7 (a) The outbreak of Coronavirus (COVID -19) pandemic globally and in India caused significant disturbance and slowdown of economic activity. The
Company has assessed the impact of pandemic on its financial results/position based on the principle of prudence in applying judgements, estimates and
assumptions including sensitivity analysis and has concluded that there is no major impact of COVID 19 on the recoverability of carrying values of assets
and expects to recover the carrying value of its assets. Considering that it is a dynamic and evolving situation, the management will continue to closely
monitor and evaluate the impact of any material change in macro-economic and other related factors, which may have bearing on the Company's
operations.
7 (b)Exceptional items :
1) Exceptional items for the year ended March 31, 2021 represents provision of trade, other receivables and contract assets amounting to Rs. 1,149.11
lakhs, based on estimation of potential stress on project completion in a project, considering COVID 19 pandemic.
2) Exceptional items for the year ended March 31, 2020 represents write off of trade and other receivables subject to litigation amounting to Rs.
3,858.02 lakhs, and write off of contract assets amounting to Rs. 2,748.97 lakhs, based on estimation of potential stress on project completion in a
project, considering COVID 19 pandemic.
8. Revenue for the Year ended March 31, 2021 includes Rs. 25,984 lakhs, being share of revenue relating to the Basra project, billed from Mokul Shriram
EPC JV (MSJV), a jointly controlled operation, wherein the company owns 50% interest (Year ended March 31, 2020 - Rs. 30,379.93 Lakhs).
9.The Company has proposed to issue and allot equity shares by way of preferential issue for a value upto Rs 350 crores to a strategic investor subject to
lenders and regulatory approvals.
10. There is no provision for tax in view of the brought forward losses/unabsorbed depreciation relating to earlier years, available for set off, while
computing income, both under the provisions of 115 JB and those other than Sections 115 JB of the Income Tax Act 1961.
11. The Company is engaged in the sole activity of carrying on the business of "Engineering ,Procurement and Construction " (EPC) and therefore, has only
one reportable segment in accordance with Ind AS 108 "Operating Segments". Hence no separate segment reporting is applicable to the Company.
12. The code on Social Security, 2020 (‘Code’) relating to employee benefits during employment and post-employment benefits, received Presidential
assent in September 2020. The Code has been published in the Gazette of India. However, the date from which the Code will come into effect has not
been notified. The Company will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code
becomes effective.
13. The figures of the last quarter ended March 31, 2021 / 2020 are the balancing figures between audited figures in respect of the full financial year up
to March 31, 2021 / 2020 and the unaudited published year-to-date figures up to December 2020 / 2019 being the date of the end of the third quarter of
the financial year which were subjected to limited review.
14. Previous period figures have been regrouped / reclassified to be in conformity with current period's classification/disclosure, wherever necessary.
ForShriram EPC Limited
Place : Chennai T. Shivaraman
Date: June 29, 2021 Managing Director & CEO

ANNEXURE I

Statement on Impact of Audit Qualifications (for audit report with modified opinion) submitted along-with Annual Audited Financial Results - (Standalone)

Statement on Impact of Audit Qualifications for the Financial Year ended March 31,2021 , [See Regulation 33 / 52 of the SEBI (LODR) (Amendment) Regulations, 2016]

Sl. No.	Particulars	Audited Figures (as reported before adjusting for qualifications)
		Rs lakhs
1 2 3 4 5 6 7 8	Turnover / Total income Total Expenditure Net Profit/(Loss) Earnings Per Share Total Assets Total Liabilities Net Worth Any other financial item(s) (as felt appropriate by the management)	55,324.14 72,463.56 -17,139.42 -1.88 2,27,147.46 1,27,696.44 99,451.02
II. 1(a) 1(b) 1©	Audit Qualification (each audit qualification separately): a. Details of Audit Qualification: 1.�Financial Assets Loans (Non-Current) include Rs. 3,201.62 Lakhs (March 31, 2020: Rs. 3, audit evidence to corroborate management’s assessment of recoverability of the above sa than five years. Further, no provision with respect to the same is made in the books of acc Accordingly, we are unable to comment on the carrying value of above-mentioned Financi any, on account of non-provisioning of the said balance on the financial statements at pre	800.40 Lakhs) due from a related party. Sufficient appropriate id amount is not available and the amount is outstanding for more ount as explained in Note 02 of the Standalone Financial Results. al Assets Loans amounting to Rs. 3,201.62 Lakhs and the impact if sent.
	2. Financial Assets Loans (Non-Current) include Rs. 3,201.62 Lakhs (March 31, 2020 : Rs. Limited (LSML) (a related party). The management is confident of realising the amounts d lenders dues and any surplus cashflows /recovery of retention receivables from their cust Company. The auditors have qualified this matter in their report for the Quarter and Year Note No 2 as appearing in the Standalone Financial Results for the quarter and year en	3,800.40 Lakhs), due from Leitwind Shriram Manufacturing Pvt ue from LSML considering the fact that, LSML has settled the omers will be utilised for repayment of these dues towards the ended March 31, 2021. ded March 31, 2021

	2.�The carrying value of Deferred Tax Asset (DTA) include an amount of Rs. Rs. 43,889.00 L unabsorbed business losses. Due to unavailability of sufficient appropriate audit evidence of future taxable profits, as required by Ind AS 12 on Income taxes, and considering the c to which the deferred tax asset can be utilized. Refer Note 05 of the standalone financial Against the carried forward loss of Rs.1,99,103 lakhs, the company has recognized deferre lakhs which results in DTA of Rs. 43,889.00 lakhs. Considering potential order book as on management is confident of adjusting these carry forward losses and reversal of DTA befo auditors have qualified this matter in their report for the quarter and year ended March 3 Note No 5 as appearing in the Standalone Financial Results for the quarter and year en	akhs (March 31, 2020: Rs. 43,520 Lakhs) which is recognized on to corroborate management’s assessment on reasonable certainty urrent pandemic situation, we are unable to ascertain the extent statements. d tax asset on a carry forward loss to the extent of Rs.1,40,773 date, future business plan, projects in pipeline etc, the re the expiry of the period for which this benefit is available. The 1, 2021. ded March 31, 2021
	Emphasis of Matter We draw attention to Note 07 to the standalone financial results, which fully describes th impairment loss of Rs. 1,149.11 Lakhs on financial assets to reflect the business impact an Company’s operations, financial performance and position as at and for the year ended M Note No 7 as appearing in the Standalone Financial Results for the quarter and year en 7 (a) The outbreak of Coronavirus (COVID -19) pandemic globally and in India caused signi Company has assessed the impact of pandemic on its financial results/position based on t assumptions including sensitivity analysis and has concluded that there is no major impact expects to recover the carrying value of its assets. Considering that it is a dynamic and ev and evaluate the impact of any material change in macro-economic and other related fact 7 (b) Exceptional items : 1) Exceptional items for the year ended March 31, 2021 represents provision of trade, oth lakhs, based on estimation of potential stress on project completion in a project, consider 2) Exceptional items for the year ended March 31, 2020 represents write off of trade and lakhs, and write off of contract assets amounting to Rs. 2,748.97 lakhs, based on estimati considering COVID 19 pandemic.	at the Company has made an assessment to recognize an d uncertainties arising from the COVID 19 pandemic on the arch 31, 2021 (March 31, 2020: INR 2,48.97 Lakhs). ded March 31, 2021 ficant disturbance and slowdown of economic activity. The he principle of prudence in applying judgements, estimates and of COVID 19 on the recoverability of carrying values of assets and olving situation, the management will continue to closely monitor ors, which may have bearing on the Company's operations. er receivables and contract assets amounting to Rs. 1,149.11 ing COVID 19 pandemic. other receivables subject to litigation amounting to Rs. 3,858.02 on of potential stress on project completion in a project,
	c. Frequency of qualification: Whether appeared first time / repetitive / since how long continuing d. For Audit Qualification(s) where the impact is quantified by the auditor, Management's Views:	Qualification 1(a)- Repetitive (Fifth Year)
		Qualification 1(b)- Repetitive (Second Year) Emphasis of Matter -1(c)- Repetitive (Second Year) Not Applicable
1 2 3 4 5 6 7 III. Place: Date :	e. For Audit Qualification(s) where the impact is not quantified by the auditor: (i) Management's estimation on the impact of audit qualification: Turnover / Total income Total Expenditure Net Profit/(Loss) Earnings Per Share Total Assets Total Liabilities Net Worth (ii) If management is unable to estimate the impact, reasons for the same : (iii) Auditors' Comments on (i) or (ii) above: Signatories: T .Shivaraman Managing Director & CEO Audit Committee Chairman Chennai 29th June 2021	Nil R .S Chandrasekharan Chief Financial Officer For MSKA & Associates Chartered Accountants Geetha Jeyakumar Partner Management is of the view that the entire amount is recoverable NA

ANNEXURE I

Statement on Impact of Audit Qualifications (for audit report with modified opinion) submitted along-with Annual Audited Financial Results - (Consolidated) Statement on Impact of Audit Qualifications for the Financial Year ended March 31,2021 , [See Regulation 33 / 52 of the SEBI (LODR) (Amendment) Regulations, 2016]

Sl. No.	Particulars	Audited Figures (as reported before adjusting for qualifications)
		Rs lakhs
1 2 3 4 5 6 7 8	Turnover / Total income Total Expenditure Net Profit/(Loss) Earnings Per Share Total Assets Total Liabilities Net Worth Any other financial item(s) (as felt appropriate by the management)	60,614.79 77,290.82 -16,676.03 -1.85 2,41,629.09 1,41,118.28 1,00,510.81
II. 1(a)	Audit Qualification (each audit qualification separately): a. Details of Audit Qualification: 2. Financial Assets Loans (Non-Current) include Rs. 3,201.62 Lakhs (March 31, 2020 : Limited (LSML) (a related party). The management is confident of realising the amou lenders dues and any surplus cashflows /recovery of retention receivables from their Company. The auditors have qualified this matter in their report for the Quarter and Y 1. Financial Assets Loans (Non-Current) include Rs. 3,201.62 Lakhs (March 31, 2020: R audit evidence to corroborate management’s assessment of recoverability of the abo more than five years. Further, no provision with respect to the same is made in t Financial Results. Accordingly, we are unable to comment on the carrying value of a Lakhs and the impact if any, on account of non-provisioning of the said balance on the Note No 2 as appearing in the Consolidated Financial Results for the quarter and y	Rs. 3,800.40 Lakhs), due from Leitwind Shriram Manufacturing Pvt nts due from LSML considering the fact that, LSML has settled the customers will be utilised for repayment of these dues towards the ear ended March 31, 2021. s. 3,800.40 Lakhs) due from a related party. Sufficient appropriate ve said amount is not available and the amount is outstanding for he books of account as explained in Note 02 of the Consolidated bove-mentioned Financial Assets Loans amounting to Rs. 3,201.62 financial statements at present. ear ended March 31, 2021
1(b) 1(c) 1 2 3 4 5 6 7 III. Place: Date :	Emphasis of Matter Note No 7 as appearing in the Consolidated Financial Results for the quarter and y 7 (a) The outbreak of Coronavirus (COVID -19) pandemic globally and in India cause Company has assessed the impact of pandemic on its financial results/position based assumptions including sensitivity analysis and has concluded that there is no major im and expects to recover the carrying value of its assets. Considering that it is a dynam monitor and evaluate the impact of any material change in macro-economic and operations. 7 (b) Exceptional items : 1) Exceptional items for the year ended March 31, 2021 represents provision of trad lakhs, based on estimation of potential stress on project completion in a project, cons 2) Exceptional items for the year ended March 31, 2020 represents write off of t 3,858.02 lakhs, and write off of contract assets amounting to Rs. 2,748.97 lakhs, b project, considering COVID 19 pandemic. We draw attention to Note 6 to the consolidated financial results, which fully desc impairment loss of Rs. 1,149.11 Lakhs on financial assets to reflect the business imp Company’s operations, financial performance and position as at and for the year ende Against the carried forward loss of Rs.1,99,103 lakhs, the company has recognized def lakhs which results in DTA of Rs. 43,889.00 lakhs. Considering potential order boo management is confident of adjusting these carry forward losses and reversal of DTA The auditors have qualified this matter in their report for the quarter and year ended Note No 5 as appearing in the Consolidated Financial Results for the quarter and y 2. The carrying value of Deferred Tax Asset (DTA) include an amount of Rs. Rs. 43,8 on unabsorbed business losses. Due to unavailability of sufficient appropriate audit certainty of future taxable profits, as required by Ind AS 12 on Income taxes, an ascertain the extent to which the deferred tax asset can be utilized. Refer Note 05 of	ear ended March 31, 2021 d significant disturbance and slowdown of economic activity. The on the principle of prudence in applying judgements, estimates and pact of COVID 19 on the recoverability of carrying values of assets ic and evolving situation, the management will continue to closely other related factors, which may have bearing on the Company's e, other receivables and contract assets amounting to Rs. 1,149.11 idering COVID 19 pandemic. rade and other receivables subject to litigation amounting to Rs. ased on estimation of potential stress on project completion in a ribes that the Company has made an assessment to recognize an act and uncertainties arising from the COVID 19 pandemic on the d March 31, 2021 (March 31, 2020: INR 2,48.97 Lakhs). erred tax asset on a carry forward loss to the extent of Rs.1,40,773 k as on date, future business plan, projects in pipeline etc, the before the expiry of the period for which this benefit is available. March 31, 2021. ear ended March 31, 2021 89.00 Lakhs (March 31, 2020: Rs. 43,520 Lakhs) which is recognized evidence to corroborate management’s assessment on reasonable d considering the current pandemic situation, we are unable to the consolidated financial statements.
	c. Frequency of qualification: Whether appeared first time / repetitive / since how long continuing d. For Audit Qualification(s) where the impact is quantified by the auditor, Management's Views	Qualification 1(a)- Repetitive (Fifth Year)
		Qualification 1(b)- Repetitive (Second Year) Emphasis of Matter -1(c)- Repetitive (Second Year) Not Applicable
	e. For Audit Qualification(s) where the impact is not quantified by the auditor: (i) Management's estimation on the impact of audit qualification: Turnover / Total income Total Expenditure Net Profit/(Loss) Earnings Per Share Total Assets Total Liabilities Net Worth (ii) If management is unable to estimate the impact, reasons for the same : (iii) Auditors' Comments on (i) or (ii) above: Signatories: T .Shivaraman Managing Director , CEO Audit Committee Chairman Chennai 29th June 2021	Nil R .S Chandrasekharan Chief Financial Officer For MSKA & Associates Chartered Accountants Geetha Jeyakumar Partner Management is of the view that the entire amount is recoverable NA

AI assistant

SEPC LIMITED Annual Report 2021

62687_rns_2021-06-29_61dd902c-3976-4acd-a76d-b773e2c16933.pdf

To the Board of Directors of Shriram EPC Limited [Holding Company]

Report on the Audit of Consolidated Financial Results

Qualified Opinion

Basis for Qualified Opinion

Emphasis of Matter

Board of Directors’ Responsibilities for the Consolidated Financial Results

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

Other Matters

To the Board of Directors of Shriram EPC Limited

Report on the Audit of Standalone Financial Results

Qualified Opinion

Basis for Qualified Opinion:

Emphasis of Matter

Board of Directors’ Responsibilities for the Standalone Financial Results

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

Other Matters

For MSKA & Associates

Shriram EPC Limited

Statement of Consolidated Assets and Liabilities as at March 31, 2021 (Amount in INR lakhs, unless otherwise stated)

Shriram EPC Limited

Statement of Consolidated cashflows for the Year ended March 31, 2021

Shriram EPC Limited

Shriram EPC Limited

Standalone Statement of Assets and Liabilities as at March 31, 2021

Shriram EPC Limited

Statement of cash flows for the Year ended March 31, 2021

AI assistant

SEPC LIMITED — Annual Report 2021

62687_rns_2021-06-29_61dd902c-3976-4acd-a76d-b773e2c16933.pdf

To the Board of Directors of Shriram EPC Limited [Holding Company]

Report on the Audit of Consolidated Financial Results

Qualified Opinion

Basis for Qualified Opinion

Emphasis of Matter

Board of Directors’ Responsibilities for the Consolidated Financial Results

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

Other Matters

To the Board of Directors of Shriram EPC Limited

Report on the Audit of Standalone Financial Results

Qualified Opinion

Basis for Qualified Opinion:

Emphasis of Matter

Board of Directors’ Responsibilities for the Standalone Financial Results

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

Other Matters

For MSKA & Associates

Shriram EPC Limited

Statement of Consolidated Assets and Liabilities as at March 31, 2021 (Amount in INR lakhs, unless otherwise stated)

Shriram EPC Limited

Statement of Consolidated cashflows for the Year ended March 31, 2021

Shriram EPC Limited

Shriram EPC Limited

Standalone Statement of Assets and Liabilities as at March 31, 2021

Shriram EPC Limited

Statement of cash flows for the Year ended March 31, 2021

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