May 23, 2019

To, Ref.: Security Code -

BSE Limited National Stock Exchange Of India Limited 517385 Ref.: Symbol -SYMPHONY

Sub: Submission of newspaper clippings of publication of financial results

Dear Sir,

We are submitting herewith newspaper clippings of audited financial results for fourth quarter and Financial Year ended on March 31, 2019, published in Newspapers dated May 23, 2019 Please take the same on your record and kindly acknowledge the receipt.

Thanking you,

You rs Truly,

For, Symphony Limited

E's—g

Mayur Barvadiya Company Secretary

Encl.: Newspaper Clippings ofpublication offinancial results

Email: [email protected]

FINANCIAL EXPRESS

WWW.FINANCIALEXPRESS.COM

WINCREASING INVESTMENT

Rajiv Kumar, Niti Aayog vice-chairman

The basic thing is that we need to take steps to increase private investments in the economy. That's a real issue and to increase the private investment, it requires greater access to credit for small and medium enterprises (SMEs).

Quick
View

\$750-m ADB loan to electrify railway track

ASIAN DEVELOPMENT Bank (ADB) on Wednesday said it has signed an agreement to provide \$750 million equivalent in Indian rupee long-term financing to electrify rail tracks in India.

Chopper scam: Supplementary chargesheet filed

THE ENFORCEMENT Directorate on Wednesday filed a supplementary chargesheet before a Delhi court against Sushen Mohan Gupta, arrested in the AgustaWestland VVIP choppers scam.

BULK CONSUMERS' DUES Centre looking to 'insulate'
discoms from payment delays

FE BUREAU New Delhi, May 22

WITH STATE-RUN ELEC-TRICITY distribution companies (discoms) missing key targets of the UDAY scheme, the government is looking at options to "insulate" these entities from the risk of delayed payments from bulk consumers such as local bodies and state government departments. Power ministry sources said that "these receivables of discoms are almost one and a half times their outstanding payables to generating companies".

Discoms' dues to power producers stood at ₹38,023 crore at the end of FY19, up 59.8% from a year earlier, and 65% of these were "over-dues" with a payment default of 60 irregular payments include "installation of solar panels, and installation of prepaid meters on government buildings progressively". It is also banking on the Kusum scheme, which envisages solarising agricultural feeders, to receive payments from state governments on time. "State government resources for subsidising agricultural electricity are likely to get freed up for electricity payments by the state government departments," the note added.

As FE recently reported, UDAY discoms reported financial losses of $\overline{521,658}$ crore at the end of FY19, up 44% yearon-year, reversing the declining trend since the scheme for these entities' revival was launched in November 2015. exposure of discoms from The much-touted scheme's apparent unravelling is being attributed to rise in power purchase and establishment costs, low collection from remotely located consumers (especially after the household electrification drive under Saubhagya), inadequate tariff hikes, unpaid dues by government departments and slow subsidy disbursements by states.

Senior power ministry officials have pointed out that the risks of the power sector are not evenly distributed along the value chain, with upstream stakeholders such as coal producers, generating stations, transmission companies, being business-to-business entities which have many ways of passing through their costs. Discoms, on the other hand, have to directly interact with the last consumer.

GSTN launches prototype for new return filing system

has also asked the sharehold-

ers for their comments on the

functionality of the tool. In the

proposed system of new GST

return filing, a taxpayer with

annual revenue over ₹5 crore is

required to file monthly

returns in form GST RET-1. For

the assessees below the rev-

enue threshold, they would file

quarterly returns but pay self-

been further divided into two-

form GST RET-2 (sahaj) for

those making supplies only to

final consumers $(B2C)$ and form

GST RET-3 (ugam) for those sell-

ing only to other businesses

(B2B). Further, annexure of sales

(GST ANX-1) and annexure of

The quarterly returns have

assessed tax monthly.

FE BUREAU New Delhi, May 22

THE GOODS AND Services Network (GSTN) - the IT backbone for GST - on Wednesday launched the prototype for the new and simplified return filing system, which is aimed at familiarising businesses with the new processes before the eventual roll-out. However, the prototype launch is already delayed as the original plan was to introduce a pilot on April 1, followed by the new system on July 1.

Experts said that it is unlikely that new system would be introduced on July 1 as businesses have been given deadline for filing audit reports by June 30. "Assessees don't have time to train staff for new system as it will require extensive changes in businesses processes," Rajat Mohan, partner at AMRG & Associates, said.

The web-based prototype inward supplies or purchases

(GSTANX-2) will be filed as part of these returns. All the outward supplies will be detailed in GST ANX-1 while GST ANX-2 will contain details of inward supplies auto-populated mainly from the suppliers GSTANX-1.

The new system promises to finally enable matching of invoices which has been touted as a key attribute in curbing evasion. Although the original return filing mechanism had the invoice-matching functionality, the cumbersome nature of the triplicate forms (GSTR-1 GSTR-2 and GSTR-3) coupled with glitches faced by GSTN forced the GST Council to put the system in abeyance only four months after the launch of the new indirect tax regime.

"The prototype does not make any arithmetic calculations but it provides a complete walk-through of the figures reported in the return forms," Rahul Dhuparh, DGM, GST at Taxmann, said.

Should NDA

and Maharashtra and Gujarat already conveyed to the Conand gain some in the Hindiheartland states of Madhya Pradesh, gress the minds of many of Bihar, Uttar Pradesh, Haryana these leaders, prompting the and Chhattisgarh which the BJP Congress to signal that it is swept in 2014. ready to be flexible and willing The Congress's confidence to play any role to keep the BJP also stems from the fact that and Modi out of power. Most although the BJP registered an Opposition leaders have been unprecedented success in in touch with each other over 2014, its own net votes did not the last week with Naidu pererode massively in comparison sonally meeting almost all the to the BJP's stupendous jump. main players. Congress presi-The Congress had polled over dent Rahul Gandhi and UPA chairperson Sonia Gandhi have 10.6 crore votes as compared taken a back seat, at least in to 11.9 crore in 2009. Aware of the fact that some talking to Opposition leaders. of the regional parties could be Panel pitches not very enthusiastic to its overtures, the Congress has for securities been more than willing to let TDP chief N Chandrababu for investment Naidu and NCP chief Sharad Pawar deal with Akhilesh of undisclosed Yadav, Mayawati and Mamata

days or more.

According to an internal

power ministry note reviewed

by FE, the central govern-

ment's plan to reduce the

Naidu and Pawar have Besides, the group recommended increasing capital base

From the Front Page

manner," the report said. Further, the seven industry

"There is capital requirement of at least ₹6,000 crore. We have been in discussions over the past few weeks to see how that will be structured. Thursday's meeting may not have a seminal outcome, but we expect to hammer out the structure," one of the people aware of the developments told FE. The parties expect the lenders to take a significant haircut, the source added. The lenders have estimated the total liabilities of Jet at around ₹12,000 crore. Sanjay Viswanathan, chairman, Adi Partners, told FE he is hopeful that the sale will go through. "We have been in talks with Etihad and Hindujas. The lenders have been very supportive. We are fairly confident the deal will happen, as it is in the best interest of everyone," Viswanathan said. The group is looking to invest around Rs 2,500 crore, and acquire up to 24.9% stake in the airline. "If all goes as per plan, the target is to get Jet operational by July 1," he added. The Hinduja Group has had some rounds of initial discussions with the lenders and Etihad Airways. The group, which is wary of any hostile takeover, has got the backing of Goyal also. However, no party is keen on Goyal holding a significant stake in the new structure. "We are clear we want Naresh Goyal's consent, but we are not looking at him running the airline or being a significant stakeholder,"Viswanathan said. Jet Airways temporarily halted operations on April 17 after lenders rejected its request to provide emergency funding. The civil aviation ministry in the meanwhile has allotted a significant portion of the airline's slots in major airports to other scheduled carriers. Recently, Jet's CEO, CFO and a couple of other senior management put in their papers.

them into a debt trap (many farmers have committed sui-

plan in consultation with the resolution professional. This plan has to be approved by creditors with a voting share of 75% before it's submitted with the DRT for clearance. However, where the resolution process fails or the repayment plan is not implemented, the debtor or creditor will have to again apply for liquidation of the insolvent's assets. Manoj Kumar, head (M&A, Transactions and Insolvency) at consultancy firm Corporate Professionals Capital, said the implementation of individual insolvency law is very important. "In most of the corporate insolvency cases, the promoters and directors are guarantors and in many cases their personal wealth is not enough to fulfil the financial commitment under the guarantees. This makes them insolvent as well. So except where there is a case of the diversion of funds by such promoters/directors, giving them a chance for a fresh start is necessary."

fall short, Cong ready with plan

SOURCES IN THE Congress said the party will not shy away from letting one of the regional leaders on whom a broad consensus emerges to head the government. The party, sources said, is ready to follow the Karnataka model.

The Congress's internal assessment – and it varies from leader to leader $-$ is that the party will get anywhere between 120 and 140 seats. And along with many of the regional parties, it believes the Opposition will be in a position to form the next government. The Congress is also depending heavily on the SP-BSPalliance in Uttar Pradesh to stop the BJP in its tracks.

The Congress hopes rest on the assessment that the party will do exceedingly well in Kerala, win more seats in Punjab, Tamil Nadu

Banerjee, who are in the Opposition camp, and Naveen Pat-

naik, Jagan Mohan Reddy and K Chandrasekhar Rao who are not in the NDA tent.

income

THE REPORT ARGUED that India's competitors have less than 20% effective tax rates.

of EXIM Bank by another ₹20,000 crore by 2022, setting up of empowered investment promotion agency and seeking inputs from industry and MSMEs before signing free trade agreements (FTAs) and sensitising them of its benefits.

It said there is a need for an in-depth assessment of the existing agreements and their impact on the competitiveness of the Indian industry; remedial measures, if any, to be considered for future FTA negotiations and maintaining a database based on such assessment.

The nine non-industry specific recommendations also include building a comprehensive export strategy and rationalise tariff structure.

"State governments need to be closely involved in improving the competitiveness of exports by providing support measures in a WTO (World Trade Organisation) consistent

				$(1)$ $111$ $11$ $11$ $12$
Extract of Consolidated Audited Financial Results for the Quarter and Year ended March 31,2019	Quarter Ended	Year Ended	Quarter Ended	Year Ended
Particulars	31-Mar-19	31-Mar-19	31-Mar-18	31-Mar-18
	(Refer Note)	(Audited)	(Refer Note	(Audited)
	No.2)		No.2)
Revenue from operations	235	844	177	798
Profit before exceptional items and tax	34	154	55	265
Exceptional Items	20	24
Net Profit before Tax	14	130	55	265
Net Profit after Tax		91	39	193
Total Comprehensive Income for the period [Comprising Profit for the period (after tax) and Other Comprehensive Income (after tax)]		91	39	190
Paid-up Equity Share Capital (Face Value ₹ 2/- per share)	14	14	14	14
Reserves excluding Revaluation Reserve		652		598
Earning Per Share (of ₹ 2/- each)*
Basic & diluted $(5)$	0.49	13.09	5.55	27.52
* EPS is not annualised for the quarters ended March 31, 2019 and March 31, 2018. NOTES:
1. Key numbers of Standalone Results are as under:				(₹ in Crores)
	Quarter Ended	Year Ended	Quarter Ended	Year Ended
Particulars	31-Mar-19	31-Mar-19	31-Mar-18	31-Mar-18
	(Refer Note	(Audited)	(Refer Note	(Audited)
	No.2)		No.2)
Revenue from operations	138	524	155	687
Profit before exceptional items and tax	50	164	58	255
Exceptional Items	20	24
Net Profit before Tax	30	140	58	255
Net Profit after Tax	19	101	42	183

specific suggestion include separate regulation for medical devices and a single ministry for the sector.

For textiles and garments sector, it suggested modification in labour laws (like the Industrial Disputes Act, 1947) to remove limitation on firm size and allow manufacturing firms to grow.

To promote tourism and medical value tourism, the group recommended simplification in medical visa regime, setting up of a pan-India tourism board.

Similarly, to promote agriculture exports, it has asked for abolishing Essential Commodities Act and the APMC (Agricultural Produce Market Committee). The panel was headed by economist Surjit Bhalla. The other members include principal economic adviser Sanjeev Sanyal, former commerce secretary Rajiv Kher and Quality Council of India chairman Adil Zainulbhai.

Since 2011-12, India's goods exports have been hovering at around \$300 billion. During 2018-19, the shipments grew by 9% to \$331 billion. India services during April-February 2018-19 stood at \$204 billion.

Promoting exports helps a country to create jobs, boost manufacturing and earn more foreign exchange.

Unfair access case: NSE wins

partial reprieve THE NSE HAD planned an initial public offering in 2017 but it has been delayed due to the Sebi's three-year-long probe.

The markets regulator had been investigating allegations that NSE officials had provided some high frequency traders unfair access through co-location servers placed at the site of the exchange, which could aid

Individual insolvency: cides due to this).

The sources said the individual insolvency framework recognises two broad categories of debtors $-$ the poor (who meet the stipulated criteria of income, asset and debt size); and those who have offered personal guarantee to stressed companies, proprietary/partnership firms (not registered under the Companies Act) and everybody else who is not cov-

ered under the first category. Unlike in corporate insolvency, the adjudicator here will be the DRT, and not the National Company Law Tribunal (NCLT); similarly, insol vency resolution plans involving the second category of debtors (personal guarantors to stressed firms, proprietary/partnership firms etc) will have to be approved by 75% of lenders, instead of 66%. The minimum default amount to trigger individual insolvency is set at just Rs 1,000 (In case of corporate insolvency, it's Rs 1 lakh). Bankruptcy proceedings will

be allowed only for the second category of debtors, if the resolution plan fails. The poor will have the

option to get rid of their debt under the so-called "fresh start process". Under this, only the debtors can apply for the discharge of their debt. A resolution professional will examine the application of the debtor and submit a report with the DRT. After considering the report if the DRT admits the case, the creditors will get an opportunity to object on limited grounds. If the adjudicating authority still passes an order for the discharge of the debtor, the debt will be written off, enabling the borrower to start afresh.

Also, at a time when a very large number of promoters of big corporate houses have each defaulted on loans of Rs 30,000-40,000 crore or more, a haircut of Rs 20,000 crore for lenders on ten million underprivileged debtors - assuming an average loan size of Rs $20,000$ — appears insignificant. As for informal-sector lenders, the government won't compensate them for potential losses due to write-offs. While hailing the new regulations, some analysts, however, fear the move, unless implemented properly, could distort credit behaviour of these indi-

viduals and may choke credit

relief will be part of their credit

history, potentially discourag-

ing lenders to lend them again,

these small debtors could also

have the flexibility to opt out of

the insolvency process and set-

tle with lenders on their own.

lution process for personal

guarantors to stressed compa-

nies, proprietary/partnership

firms and others, once the

insolvency application of

either the debtor or the

lender(s) is admitted by the

DRT, a public notice will be

issued, inviting claims from all

creditors. The debtor will then

have to firm up a repayment

As for the insolvency reso-

However, since any such

flow to them in future.

Air India, SpiceJet add host of new flights on Jet routes

AIR INDIA BAGGED the majority of Jet's quota of international seats, while IndiGo, SpiceJet, GoAir and Vistara also made gains in terms of new routes.

Jet was the largest scheduled operator in India accounting for 13.8% market share in international operations during FY18. According to experts, fares on international routes are up 15-20% year-on-year due to Jet's grounding.

Apart from the Dubai sector, Air India has also introduced multiple new flights on the domestic network. Starting June 5, Air India will operate new flights between Bhopal-Pune and Chennai-Varanasi. It also announced more frequencies on the Delhi-Raipur, Delhi-Bengaluru, Delhi-Amrit sar, Delhi-Vadodra, Chennai Ahmedabad, Chennai-Kolkata and Mumbai-Vizag routes. SpiceJet has been adding flights at a fast clip using Boeing 737 aircraft from Jet's grounded fleet. It has announced 106 new flights so far which include 73 connecting Mumbai, 16 from Delhi and 8 flights between Mumbai and Delhi. The Gurugram-based carrier on Wednesday said that it will add 20 new flights mainly from Mumbai. Jet held around 400 slots at Delhi and Mumbai airports, which have been allotted to rival carriers till July. Till now 60% of Jet's 766 slots at all airports have been re-allocated Since the grounding of operations by Jet on April 17, Indian carriers have announced close to 200 new flights in the domestic sector. Jet operated over 600 daily flights during this period last year. While IndiGo and GoAir have added around 30 new flights each, Tata group joint venture companies, Vistara and AirAsia India, added 20 and 5 flights, respectively.

The figures for the quarter ended March 31, 2019 and March 31, 2018 are balancing figures between audited figures in respect of the full financial year and year to date figures upto the third quarter of the relevant financial year.
The above is an extract of detailed format of quarterly/year ended Financial Results filed with the Stock Exchanges under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015. The full format of the quarterly/year ended Financial Results are available on the Stock Exchange websites www.nseindia.com, www. bseindia.com and on Company's website www.symphonylimited.com

By Order Of The Board For Symphony Limited

Place: Ahmedabad Date: May 22, 2019

Achal Bakeri Chairman & Managing Director DIN-00397573

$N$ mpheny

World's Largest manufacture of Residential, Commercial and Industrial Air Coolers. Available in more than 60 countries. Symphony Limited, Symphony House, FP-12 TP-50, Bodakdev, Off SG Highway, Ahmedabad 380054, India.

CIN: L32201GJ1988PLC010331 | Web: www.symphonylimited.com | Email: [email protected] |Phone: +91-79-66211111 | Fax: +91-79-66211139

(Sense BLANGHO TOUCH CLOUD SILVER/ STOTT: DIET HOOK winter SUMO JUMBO WINDOW Artic Circle Master Cool KI CERELAIRE

DOOO

high-speed trading. Sebi has said it had insuffi-

Relief from cient evidence that the NSE usury for the had engaged in fraudulent and unfair trade practices, but it had established the exchange poor soon did not exercise due diligence when putting in place the co-WHILE, AS PER the current prolocation servers.

The tribunal has given the Sebi six weeks to respond to the NSE's appeal. The next hearing is on July 22. $-$ REUTERS

Reviving Jet: Hindujas, Etihad, AdiGro to meet to

explore options

HOWEVER, THE Abu Dhabibased airline has said that it does not want to go beyond its 24% stake in the grounded airline and will pump in only ₹1,700 crore. Though the funding gap in

Jet Airways is of around ₹8,000 crore, a minimum of $\bar{x}6,000$ crore can put the airline back on wings. This requires investments beyond what Etihad is ready to commit.

posal, such applications will have to be endorsed by the adjudicating authority (the debt recovery tribunal), given the tiny size of loans and limited ability of debtors to go through any rigorous insolvency process, the government is considering facilitating such a waiver through out-of-court settlements as well. The regulations will be among the first set of measures to be implemented under the new government,

whatever its political hue. A section of the government believes it will be more effective than populist moves like farm loan waivers that involve relief from just bank debt and is mostly exploited by rich farmers; it will also deal a deadly blow to money lenders who charge exorbitantly high interest rates (30-40% a year in many cases) from the poor by taking advantage of their vulnerability and often force

FINANCIAL EXPRESS

WINCREASING INVESTMENT

Rajiv Kumar, Niti Aayog vice-chairman

Quick View

\$750-m ADB loan to electrify railway track

ASIAN DEVELOPMENT Bank (ADB) on Wednesday said it has signed an agreement to provide \$750 million equivalent in Indian rupee long-term financing to electrify rail tracks in India.

Chopper scam: Supplementary chargesheet filed THE ENFORCEMENT Directorate on Wednesday filed a supplementary chargesheet before a Delhi court against Sushen Mohan Gupta, arrested in the AgustaWestland VVIP

Centre looking to 'insulate'
discoms from payment delays

BULK CONSUMERS' DUES

FE BUREAU New Delhi, May 22

Discoms' dues to power producers stood at ₹38,023 crore at the end of FY19, up 59.8% from a year earlier, and 65% of these were "over-dues" with a payment default of 60

days or more.

According to an internal power ministry note reviewed by FE, the central government's plan to reduce the exposure of discoms from

irregular payments include "installation of solar panels, and installation of prepaid meters on government buildings progressively". It is also banking on the Kusum scheme, which envisages solarising agricultural feeders, to receive payments from state governments on time. "State government resources for subsidising agricultural electricity are likely to get freed up for electricity payments by the state government departments," the note added.

As FE recently reported, UDAY discoms reported financial losses of ₹21,658 crore at the end of FY19, up 44% yearon-year, reversing the declining trend since the scheme for these entities' revival was launched in November 2015. The much-touted scheme's apparent unravelling is being attributed to rise in power purchase and establishment costs, low collection from remotely located consumers (especially after the household electrification drive under Saubhagya), inadequate tariff hikes, unpaid dues by government departments and slow subsidy disbursements by states.

GSTN launches prototype for new return filing system

assessed tax monthly.

those making supplies only to

final consumers $(B2C)$ and form

GST RET-3 (ugam) for those sell-

ing only to other businesses

(B2B). Further, annexure of sales

(GST ANX-1) and annexure of

FE BUREAU New Delhi, May 22

THE GOODS AND Services $Network(GSTN) - the IT back$ bone for GST - on Wednesday launched the prototype for the new and simplified return filing system, which is aimed at familiarising businesses with the new processes before the eventual roll-out. However, the prototype launch is already delayed as the original plan was to introduce a pilot on April 1, followed

by the new system on July 1. Experts said that it is unlikely that new system would be introduced on July 1 as businesses have been given deadline for filing audit reports by June 30. "Assessees don't have time to train staff for new system as it will require extensive changes in businesses processes," Rajat Mohan, partner at AMRG & Associates, said.

The web-based prototype inward supplies or purchases

has also asked the sharehold-The new system promises to finally enable matching of ers for their comments on the functionality of the tool. In the invoices which has been touted as a key attribute in curbing proposed system of new GST return filing, a taxpayer with evasion. Although the original annual revenue over ₹5 crore is return filing mechanism had required to file monthly the invoice-matching functionreturns in form GST RET-1. For ality, the cumbersome nature of the assessees below the revthe triplicate forms (GSTR-1, enue threshold, they would file GSTR-2 and GSTR-3) coupled quarterly returns but pay selfwith glitches faced by GSTN forced the GST Council to put The quarterly returns have the system in abeyance only four months after the launch of been further divided into twoform GST RET-2 (sahaj) for the new indirect tax regime.

"The prototype does not make any arithmetic calculations but it provides a complete walk-through of the figures reported in the return forms," Rahul Dhuparh, DGM, GST at Taxmann, said.

Should NDA fall short, Cong

choppers scam.

and Maharashtra and Gujarat and gain some in the Hindiheartland states of Madhya Pradesh, Bihar, Uttar Pradesh, Haryana and Chhattisgarh which the BJP swept in 2014. The Congress's confidence also stems from the fact that although the BJP registered an unprecedented success in 2014, its own net votes did not erode massively in comparison to the BJP's stupendous jump. The Congress had polled over 10.6 crore votes as compared to 11.9 crore in 2009. Aware of the fact that some of the regional parties could be not very enthusiastic to its overtures, the Congress has been more than willing to let TDP chief N Chandrababu Naidu and NCP chief Sharad Pawar deal with Akhilesh Yadav, Mayawati and Mamata Banerjee, who are in the Opposition camp, and Naveen Patnaik, Jagan Mohan Reddy and K Chandrasekhar Rao who are not in the NDA tent.

Naidu and Pawar have already conveyed to the Congress the minds of many of $\vert$ these leaders, prompting the

Besides, the group recommended increasing capital base of EXIM Bank by another

From the Front Page

manner," the report said.

Further, the seven industry specific suggestion include

"There is capital requirement of at least ₹6,000 crore. We have been in discussions over the past few weeks to see how that will be structured. Thursday's meeting may not have a seminal outcome, but we expect to hammer out the structure," one of the people aware of the developments told FE. The parties expect the lenders to take a significant haircut, the source added. The lenders have estimated the total liabilities of Jet at around ₹12,000 crore. Sanjay Viswanathan, chairman, Adi Partners, told FE he is hopeful that the sale will go through. "We have been in talks with Etihad and Hindujas. The lenders have been very supportive. We are fairly confident the deal will happen, as it is in the best interest of everyone," Viswanathan said. The group is looking to invest around Rs 2,500 crore, and acquire up to 24.9% stake in the airline. "If all goes as per plan, the target is to get Jet operational by July $1,''$ he added. The Hinduja Group has had some rounds of initial discussions with the lenders and Eticategory of debtors, if the reshad Airways. The group, which is wary of any hostile takeover, has got the backing of Goyal also. However, no party is keen on Goyal holding a significant stake in the new structure. "We are clear we want Naresh Goyal's consent, but we are not looking at him running the airline or being a significant stakeholder,"Viswanathan said. Jet Airways temporarily halted operations on April 17 after lenders rejected its request to provide emergency funding. The civil aviation ministry in the meanwhile has allotted a significant portion of the airline's slots in major airports to other scheduled carriers. Recently, Jet's CEO, CFO and a couple of other senior man-

them into a debt trap (many farmers have committed suicides due to this). The sources said the individual insolvency framework recognises two broad categories of debtors $-$ the poor (who meet the stipulated criteria of income, asset and debt size); and those who have offered personal guarantee to stressed companies, proprietary/partnership firms (not registered under the Companies Act) and everybody else who is not covered under the first category. Unlike in corporate insolvency, the adjudicator here will be the DRT, and not the National Company Law Tribunal (NCLT); similarly, insolvency resolution plans involving the second category of debtors (personal guarantors to stressed firms, proprietary/partnership firms etc) will have to be approved by 75% of lenders, instead of 66%. The minimum default amount to trigger individual insolvency is set at just Rs 1,000 (In case of corporate insolvency, it's Rs 1 lakh). Bankruptcy proceedings will be allowed only for the second

ready with plan

The Congress's internal assessment - and it varies from leader to leader $-$ is that the party will get anywhere between 120 and 140 seats. And along with many of the regional parties, it believes the Opposition will be in a position to form the next government. The Congress is also depending heavily on the SP-BSPalliance in Uttar Pradesh to stop the BJP in its tracks.

The Congress hopes rest on the assessment that the party will do exceedinglywell in Kerala, win more seats in Punjab, Tamil Nadu

Congress to signal that it is ready to be flexible and willing to play any role to keep the BJP and Modi out of power. Most Opposition leaders have been

in touch with each other over the last week with Naidu personally meeting almost all the main players. Congress president Rahul Gandhi and UPA chairperson Sonia Gandhi have taken a back seat, at least in talking to Opposition leaders.

Panel pitches for securities for investment of undisclosed income

THE REPORT ARGUED that India's competitors have less than 20% effective tax rates.

₹20,000 crore by 2022, setting up of empowered investment promotion agency and seeking inputs from industry and MSMEs before signing free trade agreements (FTAs) and

sensitising them of its benefits. It said there is a need for an in-depth assessment of the existing agreements and their impact on the competitiveness of the Indian industry; remedial measures, if any, to be considered for future FTA negotiations and maintaining a database based on such assessment.

The nine non-industry specific recommendations also include building a comprehensive export strategy and rationalise tariff structure.

"State governments need to be closely involved in improving the competitiveness of exports by providing support measures in a WTO (World Trade Organisation) consistent

WORLD LEADER IN AIR COOLING WO __ O __ WOFF R

SYMPHONY LIMITED

				(₹ in Crores)
Extract of Consolidated Audited Financial Results for the Quarter and Year ended March 31,2019
	Quarter Ended	Year Ended	Quarter Ended	Year Ended
Particulars	31-Mar-19	31-Mar-19	31-Mar-18	31-Mar-18
	(Refer Note)	(Audited)	(Refer Note)	(Audited)
	No.2)		No.2)
Revenue from operations	235	844	177	798
Profit before exceptional items and tax	34	154	55	265
Exceptional Items	20	24		$\sim$
Net Profit before Tax	14	130	55	265
Net Profit after Tax		91	39	193
Total Comprehensive Income for the period [Comprising Profit for the period (after tax) and Other Comprehensive Income (after tax)]		91	39	190
Paid-up Equity Share Capital (Face Value ₹ 2/- per share)	14	14	14	14
Reserves excluding Revaluation Reserve		652		598
Earning Per Share (of ₹ 2/- each)*
Basic & diluted (₹)	0.49	13.09	5.55	27.52
EPS is not annualised for the quarters ended March 31, 2019 and March 31, 2018.
NOTES:
1. Key numbers of Standalone Results are as under:				(₹ in Crores)
	Quarter	Year	Quarter	Year

separate regulation for medical devices and a single ministry for the sector.

For textiles and garments sector, it suggested modification in labour laws (like the Industrial Disputes Act, 1947) to remove limitation on firm size and allow manufacturing firms to grow.

To promote tourism and medical value tourism, the group recommended simplification in medical visa regime, setting up of a pan-India tourism board.

Promoting exports helps a country to create jobs, boost manufacturing and earn more foreign exchange.

Unfair access case: NSE wins

partial reprieve THE NSE HAD planned an initial public offering in 2017 but it has been delayed due to the Sebi's three-year-long probe.

Sebi has said it had insufficient evidence that the NSE had engaged in fraudulent and unfair trade practices, but it

agement put in their papers. Individual insolvency:

Relief from usury for the olution plan fails. The poor will have the option to get rid of their debt under the so-called "fresh start process". Under this, only the debtors can apply for the discharge of their debt. A resolution professional will examine the application of the debtor and submit a report with the DRT. After considering the report if the DRT admits the case, the creditors will get an opportunity to object on limited grounds. If the adjudicating authority still passes an order for the discharge of the debtor, the debt will be written off, enabling the borrower to

start afresh. Also, at a time when a very large number of promoters of big corporate houses have each defaulted on loans of Rs 30,000-40,000 crore or more, a haircut of Rs 20,000 crore for lenders on ten million underprivileged debtors - assuming an average loan size of Rs 20,000 - appears insignificant. As for informal-sector lenders, the government won't compensate them for potential losses due to write-offs. While hailing the new regulations, some analysts, however, fear the move, unless implemented properly, could distort credit behaviour of these individuals and may choke credit flow to them in future. However, since any such relief will be part of their credit history, potentially discouraging lenders to lend them again, these small debtors could also have the flexibility to opt out of the insolvency process and settle with lenders on their own. As for the insolvency resolution process for personal guarantors to stressed companies, proprietary/partnership firms and others, once the insolvency application of either the debtor or the lender(s) is admitted by the DRT, a public notice will be issued, inviting claims from all creditors. The debtor will then have to firm up a repayment

Air India, SpiceJet add host of new flights on Jet routes

AIR INDIA BAGGED the majority of Jet's quota of international seats, while IndiGo, SpiceJet, GoAir and Vistara also made gains in terms of new routes.

	Ended	Ended	Ended	Ended
Particulars	31-Mar-19	31-Mar-19	31-Mar-18	31-Mar-18
	(Refer Note)	(Audited)	Kefer Note	(Audited)
	No.2)		No.2)
Revenue from operations	138	524	1551	687
Profit before exceptional items and tax	50	164	58	255
Exceptional Items	20	24
Net Profit before Tax	30	140	58	255
Net Profit after Tax	19	101	42	183 ₁

The figures for the quarter ended March 31, 2019 and March 31, 2018 are balancing figures between audited figures in respect of the full financial year and year to date figures upto the third quarter of the relevant financial year.
The above is an extract of detailed format of quarterly/year ended Financial Results filed with the Stock Exchanges under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015. The full format of the quarterly/year ended Financial Results are available on the Stock Exchange websites www.nseindia.com, www. bseindia.com and on Company's website www.symphonylimited.com

Place: Ahmedabad Date: May 22, 2019

Achal Bakeri Chairman & Managing Director DIN-00397573

Vinetherry

Vorld's Largest manufacture of Residential, Commercial and Industrial Air Coolers. Available in more than 60 countries. Symphony Limited, Symphony House, FP-12 TP-50, Bodakdev, Off SG Highway, Ahmedabad 380054, India.

CIN: L32201GJ1988PLC010331 | Web: www.symphonylimited.com | Email: [email protected] |Phone: +91-79-66211111 | Fax: +91-79-662111139

(Sense BLAHOHO TOUCH CLOUD STVER/ STITE DIET HOOD, winter SUMO JUMBO WINDOW Actic Circle Manu Cool KI CENLAIRE

had established the exchange did not exercise due diligence when putting in place the colocation servers.

The tribunal has given the Sebi six weeks to respond to the NSE's appeal. The next hearing is on July 22. $-$ REUTERS Reviving Jet: Hindujas, Etihad, AdiGro to meet to

explore options

HOWEVER, THE Abu Dhabibased airline has said that it does not want to go beyond its 24% stake in the grounded airline and will pump in only ₹1,700 crore.

$\cdot$ Though the funding gap in $\sqrt{\text{et} \text{Airways}}$ is of around $\bar{\mathfrak{e}}$ 8,000 crore, a minimum of $\bar{x}6,000$ crore can put the airline back on wings. This requires investments beyond what Etihad is ready to commit.

poor soon

WHILE, AS PER the current proposal, such applications will have to be endorsed by the adjudicating authority (the debt recovery tribunal), given the tiny size of loans and limited ability of debtors to go through any rigorous insolvency process, the government is considering facilitating such a waiver through out-of-court settlements as well. The regulations will be among the first set of measures to be implemented under the new government,

and Mumbai-Vizag routes.

SpiceJet has been adding flights at a fast clip using Boeing 737 aircraft from Jet's grounded fleet. It has announced 106 new flights so far which include 73 connecting Mumbai, 16 from Delhi and 8 flights between Mumbai and Delhi.

The Gurugram-based carrier on Wednesday said that it will add 20 new flights mainly from Mumbai. Jet held around 400 slots at Delhi and Mumbai airports, which have been allotted to rival carriers till July. Till now 60% of Jet's 766 slots at all airports have been re-allocated. Since the grounding of operations by Jet on April 17, Indian carriers have announced close to 200 new flights in the

domestic sector. Jet operated over 600 daily flights during this period last year. While IndiGo and GoAir have added around 30 new

flights each, Tata group joint venture companies, Vistara and AirAsia India, added 20 and 5 flights, respectively.

Ahmedabad

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(Rs. in Lakhs except EPS)
		Quarter ended		Year ended
Sr.	Particulars			31/03/2019 31/03/2018 31/03/2019 31/03/2018
No.				(Audited) (Audited) (Audited) (Audited)
	1 Total Revenue from Operations	4,889.67		5,595.25 15,094.89 15,938.44
	2 Other Income	(7.92)	12.60	79.27	42.85
	3 Total Income (1+2)	4,881.75		5,607.85 15,174.16 15,981.29
	4 Profit before Exceptional items and Tax	364.51	435.30	1,051.78	1,264.93
	5 Profit before Tax	364.51	435.30	1,051.78	1,264.93
	6 Profit for the period	255.19	316.27	731.65	861.15
	7 Total Comprehensive Income for the period	262.25	303.58	728.51	847.56
	8 Paid-up Equity Share Capital	507.02	507.02	507.02	507.02
	(Face value of Rs.10/- each per Share)
	9 Earning Per Share (EPS) of Rs.10/- each
	(Not Annualised)
	1. Basic (Rs.)	5.03	6.24	14.43	16.98
	2. Diluted (Rs.)	5.03	6.24	14.43	16.98
Notes :
1 The above results for the Quarter and Year ended 31st March, 2019 have been reviewed by the
	Audit Committee and approved by the Board of Directors in their respective meetings held on 22nd May, 2019.
	2 The Board of Directors, subject to the approval of the Shareholders in the ensuing Annual General Meeting, have recommended Dividend of Rs.2.50 per share of face value of Rs.10/- each (i.e.25%)
	on 50,70,240 Equity Shares of Rs.10/- each for the Financial Year ended 31st March, 2019.

3 Post the applicability of Goods and Service Tax (GST) with effect from 1st July, 2017, Revenue from Operations are disclosed Net of GST, whereas excise duty formed part of other expenses in previous period/year. Accordingly, the Revenue from Operations and other expenses for the quarter and year ended 31st March, 2019 are not comparable with the previous periods presented in the results.

4 The above is an extract of the detailed format of Stanalone Audited Financial Results filed with the Stock Exchange under Regulation 33 of the SEBI (Listing and Other Disclosure Requirements) Regulations, 2015. The full format of the Stanalone Audited Financial Results for

the Quarter and Year ended 31st March, 2019 are available on the Stock Exchange websites www.bseindia.com and on the Company website www.patelsairtemp.com.

For and on behalf of the Board For PATELS AIRTEMP (INDIA) LTD. Sd/-

Place : Rakanpur, Dist: Gandhinagar SANJIVKUMAR N. PATEL Date : 22nd May, 2019 (MANAGING DIRECTOR)

LANGUL OI GONSONGALEG AGUNEG I MANGIA INESCRISTOR (NE QUANTER ANG TEAR ENGEG MANGIT JI, LOT J
	Quarter	Year	Quarter	Year
	Ended	Ended	Ended	Ended
Particulars	31-Mar-19	31-Mar-19	31-Mar-18	31-Mar-18
	(Refer Note	(Audited)	(Refer Note	(Audited)
	No.2)		No.2)
Revenue from operations	235	844	177	798
Profit before exceptional items and tax	34	154	55	265
Exceptional Items	20 ¹	24
Net Profit before Tax	14	130	55	265
Net Profit after Tax		91	39	193
Total Comprehensive Income for the period [Comprising Profit for the period (after tax) and Other Comprehensive Income (after tax)]		91	39	190
Paid-up Equity Share Capital (Face Value ₹ 2/- per share)	14	14	14	14
Reserves excluding Revaluation Reserve		652		598
Earning Per Share (of ₹ 2/- each)*
Basic & diluted $(3)$	0.49	13.09	5.55	27.52
* EPS is not annualised for the quarters ended March 31, 2019 and March 31, 2018.
NOTES:
1. Key numbers of Standalone Results are as under:				(₹ in Crores)
	Quarter	Year	Quarter	Year
	Ended	Ended	Ended	Ended
Particulars	31-Mar-19	31-Mar-19	31-Mar-18	31-Mar-18
	(Refer Note	(Audited)	(Refer Note	(Audited)
	No.2)		No.2)
Revenue from operations	138	524	155	687
Profit before exceptional items and tax	50 _l	164	58	255
Exceptional Items	20	24
Net Profit before Tax	$30$	140	58	255
I Net Profit after Tax	19	101	42	183
2 The figures for the quarter ended March 31, 2019 and March 31, 2018 are belancing figures between audited figures in

EXTRACT OF STANDALONE AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2019

	adani Adani Enterprises Limited
	NOTICE
31st March, 2019.	Pursuant to Regulations 29 and 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Notice is hereby given that the Meeting of the Board of Directors of the Company will be held on Wednesday, 29th May, 2019 to consider and approve the Audited Financial Results for the quarter and year ended
	The said Notice is also available at Company's website - www.adanienterprises.com and on websites of Stock Exchanges at www.bseindia.com and www.nseindia.com.
	For Adani Enterprises Limited
Place: Ahmedabad Date: 22 ^nd May, 2019	Jatin Jalundhwala Company Secretary & Joint President (Legal)
$C1$ $C1$ $C2$ $C2$ $C3$ $C4$ $C5$ $C6$	Registered Office: "Adani House", Nr. Mithakhali Six Roads, Navrangpura, Ahmedabad-380009, Gujarat (India) Phone No.: +91-79-26565555 Fax No.: +91-79-25555500 Website: www.adanienterprises.com

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29 t¼x¼¼ •ÌSü¼Æÿ¼Ì£¼‡¼ 47 @¼‡¡¼ü¼Ì ‡¼¼Ìh¬¼ м¼k¡¼¡¼¼û¼¼Z @¼¼¡¼Ì \Ì KÌ t¼¼. 30.05.2019, S¼Æ–¡¼¼•‡¼¼ •¼Ì] KZм‡¼Â‡¼¼ ù¼¼Ìm™ @¼¼Ìö m¼ü¼•ÌLh¬¼™‡¼Â û¼Â½hZS¼ E앇¼¼ •½]¬hm™ @¼¼Ì½ö¬¼‡¼¼ ¬¼•‡¼¼û¼Ì û¼º¼£¼Ì. ]Ìû¼¼Z t¼¼•ÂQ¼ 31û¼Â û¼¼[¼™, 2019 ‡¼¼ •¼Ì] Š¼È•¼ x¼ü¼Ìÿ¼¼ ½w¼û¼¼½¬¼K @¼‡¼Ì ¡¼¼½©¼™K S¼¼º¼¼‡¼¼Z
@¼¼Ì½mhÌm ‡¼¼r¼¼ZKÂü¼ м½•r¼¼û¼¼Ì м• ½¡¼[¼¼•r¼¼ x¼£¼Ì t¼Ìû¼] û¼Z]È• K•¡¼¼û¼¼Z @¼¼¡¼£¼Ì. Eм•¼ÌLt¼ û¼¼½°t¼Â KZм‡¼Â‡¼Â ¡¼Ìù¼¬¼¼Ah (www.vikramthermo.com) t¼x¼¼ ¬h¼ÌK @¼ÌL¬¼[¼Ì‡]‡¼Â ¡¼Ìù¼¬¼¼Ah (www.bseindia.com) м• û¼ÆK¡¼¼û¼¼Z @¼¼¡¼Ìÿ¼ \Ì.
ù¼¼Ìm™ @¼¼Ìö m¼ü¼•ÌLh¬¼™‡¼¼ °ÆKû¼x¼Â ½¡¼Oû¼ x¼û¼¼Î (A½‡mü¼¼) ½ÿ¼½û¼hÌm û¼¼hÌ ¬¼½°/- ¦¼Â ½y‡¼Ì£¼ @¼Ì[¼. мhÌÿ¼
t¼¼•ÂQ¼ : 21.05.2019 WHOLE TIME DIRECTOR

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Symphony Limited — Annual Report 2019

60717_rns_2019-05-23_26948cc3-4758-497a-b041-403cbb7f0db7.pdf

FINANCIAL EXPRESS

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By Order Of The Board For Symphony Limited

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FINANCIAL EXPRESS

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\$750-m ADB loan to electrify railway track

Chopper scam: Supplementary chargesheet filed THE ENFORCEMENT Directorate on Wednesday filed a supplementary chargesheet before a Delhi court against Sushen Mohan Gupta, arrested in the AgustaWestland VVIP

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ready with plan

Panel pitches for securities for investment of undisclosed income

SYMPHONY LIMITED

agement put in their papers. Individual insolvency:

Air India, SpiceJet add host of new flights on Jet routes

had established the exchange did not exercise due diligence when putting in place the colocation servers.

explore options

poor soon

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