TARC LIMITEI)

(Formerly Anant Raj Global Limited) CIN: L701 00HR201 6PLC06561 5 Corporate Office: C-3, Qutab Institutional Area, Katwaria Sarain New Delhi-110016 Tel: 01 l-41244300,011- 41244344 Email: [email protected] Website: www'tarc'in

June 30,2021

To, The General Manager, Deptt of Corporate Services, BSE Limited, P.J. Tower, Dalal Street, Mumbai * ⁴⁰⁰⁰⁰¹

To, The Vice President, National Stock Exchange of India Limited, Exchange Plaza, Bandra Kurla ComPlex, Bandra (E) Mumbai - 400051

Scrip code: ⁵⁴³²⁴⁹ Scrip Symbol: TARC

sub.: Audited Financial Results (standalone and consolidated) for the quarter/financial year ended March 3112021

Dear Sir/lvladam,

The Board of Directors of the Company at its meeting held today i'e' June 30, 2021 has approved the Audited Financial Results (standalone and consolidated) for the quarter/financial year ended March 31, Z0zl. ACopy of the said results alongwith Auditor Reports are enclosed herewith, in compliance with Regulation 33 of the sEBI (Listing obligations and Disclosure Requirements) Regulations'2a15'

The report of the Auditors is with unmodified opinion with respect to Audited Financial Results both standalone and consolidated for the quarter/ financial year ended March 3l,2a2l'

The meeting of the Board of Directors commenoed at 15:00 Hrs and concluded at 19:40 r{rs'

Kindly take the same on record.

Yours Faithfully

FoTTARC Limited

A^^* 2-

AmitNarayan Company SecretarY A20094

Encl.: As above

Registered office: G002, MACEO, Sector-9l, Gurugram, Haryana-122545 Tel: 0124-5082424

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erly known as .
Anant Raj Global i	֡֡֡֡֡֡֡֡


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										(Rs. in Lakh except per share data)
$S1$ .	Particulars			Standalone					Consolidated
		31-Mar-21	QUARTER ENDED 31-Dec-20	31-Mar-20	31-Mar-21	*YEAR ENDED* 31-Mar-20	31-Mar-21	31-Dec-20	QUARTER ENDED 31-Mar-20	31-Mar-21 VEAR ENDED
		(Audited)	(Unaudited)	(Unaudited)	(Audited)	(Audited as	(Audited)	(Unaudited)	(Unaudited)	(Audited)
I	INCOME					Restated
a p	Revenue from operations Other income	7,087.65	5,377.17 141.26	6,772.86 441.43	17,455.69 489.89	10,743.36 1,063.75	1,822.01 7,648.09	5,834.87 842.99	5,500.78 467.59	19,095.84 2,991.14
	Total income (a+b)	193.29	5,518.43	7,214.29	17,945.58	11,807.11	9,470.10	6,677.86	5,968.37	22,086.98
$\overline{z}$	EXPENSES
$\omega$	Cost of sales	5,807.75	4,657.59	6,010.33	14,345.56	8,214.55	7,728.77	4,767.27	4,347.00	16,491.25
0 ₀	Employces benefit expense	131.03	175.69	183.24	731.47	301.95	200.82	225.61	252.27	941.43
$\mathbf{r}$	Finance costs Depreciation and amortisation	310.08 63.99	198.21 61.90	736.82 72.19	847.12 213.67	1,437.86 225.81	322.76 186.99	221.37 638.37	849.28 207.59	2,059.62 816.05
Ó	Other expenses	555.26	265.61	94.81	,280.28	760.96	858.12	324.53	261.32	1,685.91
	Total expenses (a to e)	6,868.11	,359.00	,097.39	17,418.10	1,541.13	297.46	5,177.15	5,917.46	21,994.26
$\pmb{\omega}$	Profit/(Loss) from operations before exceptional items (1-2)	325.18	159.43	116.90	527.48	265.98	172.64	12005	50.91	22.72
400	Exceptional Items
	Less/(Add): Tax expense Profit/(Loss) before tax (3-4)	325.18	159.43	116.90	527.48	265.98	172.64	12005	50.91	32.72
	Earlier years tax Current tax						$\frac{(2.72)}{6.26}$ $\frac{85.37}{85.37}$	1.80	18.33	$\begin{array}{c} (0.00) \ (5.26) \ (5.26) \end{array}$
	Profit/(loss) after tax and before share of profit in Deferred tax	107.32	5.61	(135.60)	36.30	(174.37)		(391.35)	(116.83)
	associates (5-6)	217.86	153.82	252.50	491.18	440.35	95.25	890.26	149.41	61732
	Share of profit/(loss) in associates(net)		¥				(0.06)			(0.06)
	Profit/(loss) for the period/year (7+8)	217.86	153.82	252.50	491.18	440.35	95.19	890.26	149.41	617.26
	Items that will not be reclassified subsequently to profit Other comprehensive income/loss
	and loss	3.31	48.15	(3.01)	61.18	(12.02)	3.45	48.15	(20.87)	61.32
	Remeasurement of net defined benefit liability/asset Deferred tax impact on above	(0.83)	(12.12)	0.76	(15.40)	3.02	(0.87)	(12.12)	3.69	(15.44)
	$(a-b)$ Total other comprehensive income/loss, net of tax	2.48	36.03	[2.25]	45.78	$\frac{1}{100}$	2.58	36.03	(17.18)	45.88
H	Total comprehensive income for the year (10+9)	220.34	189.85	250.25	536.96	431.35	77.77	926.29	132.23	663.14
12	Net Profit attributable to:
	Non-controlling interests Equity holders of the parent						95.64 (0.45)	890.26	149.40 0.01	617.71 (0.45)
13	Other Comprehensive income attributable to: Non-controlling interests Equity holders of the parent						2.58	36.03	(17.18)	45.88
14	Total comprehensive income attributable to: Equity holders of the parent						8.22	926.29	132.22	663.59
15	Non-controlling interests						(0.45)		0.01	(0.45)
	Paid-up equity share capital (Face value of Rs. 2/- per share)	5,901.93	5,901.93		5,901.93		5,901.93	5,901.93		5,901.93
	Earning per equity share (Face value of Rs. 2/- per Other equity Share pending allotment (Refer note no. 7)			5,901.93	1,42,594.31	1,42,057.35 5,901.93			5,901.93	1,50,524.97
	Basic (Rs.) share) (not annualised) Diluted (Rs.)	0.07	$\begin{array}{c} 0.05 \ 0.05 \end{array}$	60'0 60'0	$0.17$ 77	0.15 0.15	0.03	0.30	$\begin{array}{c} 0.05 \ 0.05 \end{array}$	0.21

				in Lakhs
Particulars	Standalone			Consolidated
	As at March 31, 2021	As at March 31, 2020	As at March 31, 2021	As at March 31, 20zo
	Audited	Audited as restated	Audited	Audited as restated
ASSETS
Non-current assets
Property, plant and equipmer-rt	28,047.89	28,063.71	34,686.27	3 5,189.49
Capital work-in-progress			70,795.78	7,327.84
Rights of use assets	592.07		592.07
Investment property	54,772.66	52,899.08	92,405.80	93,479,t2
Goodwill			27,757.29	27,757.29
Intangible assets			0.43	2.62
Financial assets
lnvestments	55,817.92 2,007.64	56,615.25	L3,77 6.13	1.3,769.02
Loans Otlrer bank balances	1,233.95	1,996.69 7,427.05	1,233.95	1,553.02
Other financial assets	38,360.27	35,739.73	38,507.72	35,292.20
Deferred tax assets [Net)	10,013.10	10,064.80	10,699.25	10,247.23
Other non-current assets	2,404.58	3,1,94.11,	15,092.13	16,939.45
Total non-current assets	t,92,584.08	I,49394.42	2,45,540.82	2.41,49t.28

Current assets
Inventories	84,783.58	82,923.09	84,783.58	82,923.09
Financial assets
Trade receivables Cash and cash equivalents	77.64	70.17 159.80	374.1,8 956.56	3 00.73 308.17
Other bank balances	44B.BB		539.88	597.02
Loans	8,485.59	11,548.68
Other financial assets	2,296.77	3,927.90	2,437.33	2,736.82
Other current assets	2,1,94.7 4	2,546.32	5,37 6.47	4,947.81,
Total current assets	98,227.20	L.01.125.90	94,468.OO	9L,8L3,64

Total assets	2,90,4tt.28	2,90,520.32	3,40,008.82	3,33,304.92

EQUITYAND LIABILITIES Equity
Share capital	5,901.93	5,901.93	5,901.93	5,901.93
Other equity	1,42,594.31	1,42,057.35	1,50,524.97	L,49,861.3B
Non controlling interest			31.60	31.95
Total equity	1,48,496.24	1,47,959.28	1,56,458.50	1,55,795.26

LIABILITIES
Non-current liabilities
Financial liabilities
Borrowings	76,1.33.55	72,68t.33	1,01,,340.84	97,678.26
Lease liabilities Other financial liabilities	57 6.17 696.27	465.27	57 6.17 2,063.01.	1.,906.77
Provisions	62.95	68.1 3	84.41,	oa 1A
Deferred tax liabilities (Net)			569.45	62L.37
Other non-current liabilities	21L.33	1,44.38	21,1,.33	1++)O
Total non-current liabilities	77,680.27	73,359. L	r,04,845.21	r,00,433.52

Current Iiabilities
Financial liabilities
Borrowings	8,5 51.0 6	7,7 66.55	6,949.79	4,339.02
Lease liabilities Trade payables	30.00		30.00
a. Total outstar-rding dues of Micro & Small Enterprises	160.60		3 89.53	26.40
b. Creditors other than Micro & Small Enterprises	2,846.72	I,825.1,8	4,7 61.41,	2,752.69
Other financial liabilities	25,290.93	27,462.52	28,867.09	30,357.68
Other current liabilities	27 ,7 47 .9t	32,1.03.93	36,382.33	38,253.32
Provisions	7.55	43.75	L4.47	53.64
Current tax liabilities (net)			L,3L0.49	1,293.39
Total current liabilities D,	64,634.77	69,20L.93	7A,70S.tL	77,076.L4
For T
?"-vte/e")rt4ry-) Total equity and liabilities	2,90,8t1.28	2,9O,520.32	3,40,008.82	3,33,304.92

Statement of Assets and Liabilities as at March 3l,2OZl

& CEO

Particulars		Standalone	Consolidated	(Rs. in Lakhs)
	For the Year	For the Year	For the Year	For the Year
	ended March, 31	ended 31 March	ended March, 31	ended 31 March
	2021	2020	2021	2020
	(Audited)	(Audited as	(Audited)	(Audited as
A. CASH FLOW FROM OPERATING ACTIVITIES		restated)		restated)
Net profit before tax	527.47	265.98	92.66	6,471.46
Adjustment for:
Interest Expenses	847.12	1,437.86	2,059.62	2.522.29
Depreciation	213.67	225.81	816.05	754.53
Interest Income	(373.56)	(358.55)	(230.36)	(318.46)
Share in loss from investment in partnership firm	2.85	0.17
Adjustment for defined benefit obligations	61.18	(12.02)	61.32	(29.88)
Profit from Investment			$\ddot{\phantom{1}}$	(4,656.36)
Loss from associate company			0.06
Loss/(Gain) on disposal of investment property	164.19	(229.91)	(756.76)	(1,728.72)
Operating profit before working capital changes	1,442.92	1,329.34	2,042.59	3,014.86
Adjustment for working capital changes:
- Increase/(Decrease) in other current liabilities	(5, 161.48)	(130.88)	(1,795.00)	107.93
- Increase/(Decrease) in other non current liabilities	66.95	(66.37)	66.95	(66.38)
- Increase/(Decrease) in trade payable	1,182.14	(3.09)	2,371.84	639.52
-Decrease/ (Increase) in inventories	10,992.27	4,928.31	10,992.27	3,988.72
- Decrease/(Increase) in trade receivables	(7.53)	1,043.09	(73.45)	911.16
- Increase/(Decrease) in other current financial liabilities	20.13	447.04	(54.14)	92.14
- Increase/(Decrease) in other non current financial liabilities	231.00	109.55	156.24	297.00
- Decrease/(Increase) in other current financial assets	1,631.13	(1, 178.97)	153.57	(51.58)
- Decrease/(Increase) in other non current financial assets	(34.11)	19.05	(3,215.52)	5.69
- Decrease/(Increase) in other current asset	351.58	196.11	(428.66)	555.17
- Decrease/(Increase) in other non current asset	(5.02)	295.25	3,764.08	2,673.52
- Increase/(Decrease) in current provision	(36.20)	5.61	(39.17)	15.14
- Increase/(Decrease) in non current provision	(5.18)	33.08	1.67	46.14
Net Cash From Operating Activities	10,668.60	7,027.12	13,943.27	12,229.03
Tax paid/(Refund) during the year (net)	55.44	166.10	(489.35)	589.32
Net cash used in operating activities	10,613.16	6,861.03	14,432.62	11,639.71
B. CASH FLOW FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment, Investment property and capital work-in-	(796.78)	(2,371.67)	(1,859.16)	(4,998.38)
Proceeds from disposal/(Purchased) of Investment	(17.50)		(2.50)	4,956.00
Proceeds from sale of Inventment Property and PPE	443.00	2,649.30	3,487.10	2,731.74
Investment in fixed deposit with maturity more than 12 months (financial)	187.10	(958.47)	376.21	(1, 125.50)
instruments) (net)
Loans given to subsidiary companies, partnership firms (net)	4,149.22	6,247.77
Interest income	135.72	77.82	295.61	182.53
Net cash used in investing activities	4,100.76	5,644.75	2,297.26	1,746.39

C. CASH FLOW FROM FINANCE ACTIVITIES
Payment of lease liabilities	(20.73)	(31.64)	(20.73)	(31.64)
Proceeds from/ (Repayment) of borrowings (net)	(2,490.87)	829.17	(1,773.36)	1,803.89
Proceeds of short-term borrowings (net)	784.52	687.50	2,610.77	687.50
Interest paid	(12,707.76)	(14, 479.69)	(16,898.17)	(16,774.14)
Net cash from financing activities	(14, 434.84)	(12,994.66)	(16,081.49)	(14, 314.39)
D. NET INCREASE IN CASH AND CASH EQUIVALENTS (A+B+C)	279.08	(488.88)	648.39	(928.29)
Cash and cash equivalents opening balance	169.80	658.68	308.17	1,236.46
Cash and cash equivalents closing balance	448.88	169.80	956.56	308.17
COMPONENTS OF CASH AND CASH EQUIVALENTS:
Cash on hand	0.00	0.00	8.35	54.75
Balances with Banks	448.88	169.80	948.21	253.42
Components of cash and cash equivalents:	448.88	169.80	956.56	308.17

ITED For & cEO

Notes to the consolidated and standalone financial results

1 The consolidated and standaione audited financial results of TARC Limited (Formerly known as Anant Roj Globol Lirnited) ["the Company") have beer.r prepared in accordance with Indian Accounting Standards (lnd AS] notified under section 133 of the Companies Act, 2013 read with the Companies flndian Accounting Standardsl Rules, 2015, as amended.
2 The consolidated ar.rd standalone audited financial results of the Company for the quarter and year ended March 31, 202L have been reviewed and recommended by the Audit Committee and approved by the Board of Directors at their meeting held on June 30, 2021, The Statutory auditors of the Company l.rave audited standalone and consolidated financial statements and have expressed an unmodified audit opinion.
3 The Consolidated audited Financial Results of the company and its subsidiaries, step subsidiaries, partnership firm and limited liability partnersl.rip firms [LLP) (together refer to as "the Group"] and associate have been prepared in accordance with Ind AS-110 -'Consolidated Financial Statement'and Ind AS -28 - 'lnvestment in Associates and Joint Ventures'. The entities considered in Consolidated quarterly and year ended March 31,,2021finar.rcial statenlents are as annexed.

The Finar.rcial Staten-rents of seventeen (17) subsidiary companies and One Partnership firm whose financial statements reflecttotal assets ofRs.6485.18lakhs as at March 31,,2027 and total revenue ofRs.79,27 lakhs for the year ended on that date and are unaudited and management certified and given effect in consolidated financial statements based on financial statements as certified by the management.

4 The figures for last quarter ended March 31,202L are the balancing figures between audited figures for the year ended March 31, 2021- and Nine months period ended December 3l-, 2020. The figures for quarter ended March 31, 2020 are balancing figures betvyeen restated audited financial figures for the year ended March 3l-, 2020 and management certified figures for Nine months period ended December 31,,20L9.
5 The Company operates in a single business segment, i.e., Real estate business. Accordingly, there are no additional disclosures to be furr.rished in accordance with the requirer.t.tent of Ind AS 108 - Operating Segments with respect to single reportable segment. Further, the operations of the Cornpany are domiciled in India ar.rd therefore there are no reportable geographical segment.
6 The company continues to monitor the impact of COVID 19 on its bussiness including its impact on customers, supply chain etc. Due care has been exercised in concluding on significant accounting judgement and estimates including in relation to recoverability ofreceivables, inventory and other financial assets based on information available to date wl.rile preparir-rg the company's financial results as of and for the quarter and year ended March 31.,2021,.
7 Pursuant to the Scheme of Arrangement ["Scheme") approved by the National Company Law Tribunal, Chandigarh Bench, Chandigarh ("Tribunal"J, all assets and liabilities of Anant Raj Limited ["Demerged Company") relating to Project Division has been transferred to and vested in the Company at their respective book values as appearing in the books ofaccount ofthe Demerged Company on appointed date.

As per the Scheme, appointed date as approved by the Hon'ble Tribunal is close of day on September 30, 2018 and effective date is August 25,2020, being the date on which certified copy of order of the Hon'ble Tribunal sanctioning the said Scheme is filed with the Registrar of Companies, NCT of Delhi and Haryana at New Delhi in accordance with the applicable provisions of the Companies Act, 2013, Accordingly all the assets and liabilities of the project diviSion transferred by demerged company got vested in the Company from beginning of period October L,2078. The financial statements forthe year ended March 31,20L9 and March 3t,2020 were restated as if the demerger had occurred from beginning of the period October 1,,201,8:

All transactions pertaining to project division transferred to and vested in the Company for the period October 1, 20LB to March 3t,2020 were given effect in restated financial statement for the respective year ended March 31,201.9 and March 37,2020. The financial information for the year ended March 31,2020 forming part ofthe Quarterly financial statements are as restated and are audited by statutory auditor ofthe Company.

Upon the effectiveness of this Scheme, the Company was to issue and allot to each equity shareholder of the Demerged Company, whose name is registered in the register of members of the Demerged Company, on the Record Date, equity share of face value of Rs. 2 [Rupees TwoJ each credited as fully paid up of the Company in the ratio of 1 equity share offace value ofRs. 2 fRuppes Two] each ofthe Company for every 1 equity share of face value of Rs. 2 fRupees Two] credited as fully paid up. Accordingly, the company was required to issue 29,50,96,335 Equity shares of Rs. 2 each to equity shareholders of Anant Raj Limited (demerged company) whose name is registered in the Registrar of Members of the demerged company on record date. Accordingly, shares pending allotment amounting to Rs. 5,901.93 lakh have been shown as share pending allotment as at March 31,2020. These shares have since been allotted on October 8,2020, accordingly Rs. 5901.93 lakhs have been shown as paid up capital as on December 3l-, 2020 and March 31, 2027 in Serial no. 15 and share pending allotment have been shown on Serial no. 16 in year ended March 31, 2020.

8 During the year ended March 3L, 202L, 9 ,49 ,91,465 Equity shares of the Cornpany representing 32.1.90/o of paid up share capital got transferred to promoter director pursuant to inter-se transfer of Shares amongst immediate relatives by way of gift.
9 Figures ofthe previous quarter/year have been re-grouped/ re-arranged, wherever considered necessary, to correspond with the current quarter group.

Place : New Delhi Date : lune30,202t

On behalf of

Amar Sarin Managing Director & CEO

Annexure r List of entities consolidated as at March 31,2OZl

Parent Company

TARC Limited (Formerly l{no\'t1as Anant Ro j Glabat Limite(t)

Subsidiary Companies

A. Audited

Anant Raj Infrastructure Private Lirnited
Echo Buildtech Plivate Limited
Elegent Estates Private Limlted
Elevator Prornoters Private Liurited
Elevatol Ploperties Pnvate Limited
GIand Buildtech Private Lilnited
Grand Park Buildtech Plivate Lirllited
Grand Park Estates Pnvate Limited
Green View Buildwell Private Lirnited
Greenline Buildcon Private Lirnited
Greenlne Promotel's Private Lir.nited

Greenrvood Properties Private Limited

Hen.rkunt Promoters Private Limrted
IJigh Lar.rd Meadorvs Plivate Liniited

B. Unaudited and management certified

Anant Ral Hotels Lirnited
BBB Realty Private Lirnited
Bolt Properties Pnvate Lirnited
Elegant Buildcon Private Lirrited
Eievator Buildtech Private Limited
Fabulous Builders Private Limited
Gadget Builders Private Limited
B Goodluck Buildtech Private Limited

Step Subsidiarl' conrpanies in n hich Subsidiarl companies exercise control

A. Audited

A-Plus Estates Private Liinited
Capital Buildcor.r Private Limited
Camation Buildtecl-r Private Limited
Gagan Buildtech Private Lir.r.rited
Greatways Buildtech Private Limited
Krishna Buildtech Private Limited
Monarch Buildtech Private Limited
Moon Shine Entertaiument Private Limited

B. Unaudited and management certified

Ankur Buildcon Pnvate Limited
Capital Buildtech Private Lrmited

Partnership firm in which company is partner

A. Unaudited and management certified

Ganga Bishan & Co.

Limited Liability Partnership firms (LLPs) in which subsidiary is partner

A. Audited

Asylum Estate LLP
Gagan Pronroters LLP

Associate company

A. Audited
Niblic Greens Hospitality Private Limited@
fubilant Software Services Private Limited
Kalinga Buildtech Plivate Limited
Kalinga Realtors Private Limited
Novel Buildmart Pnvate Limited
Park Land Developers Private Limited
Park View Promoters Private Limited
Rosevierv Buildtech Private Lir.r.rited
Suburban Farrns Private Limited TARC Buildtech Private Limited@
TARC Estates Private Limited@
TARC Green Retreat Private Linlited (Fornterly Kttowtt As Green Retreat And Motels Privote Lintited)
TARC Projects Limited [,rbrnrerly known as Anartt Roj Projects Lintitetl)
TARC Properties Private Lirnited@
Travel Mate India Private Limited
Twenty First Developels Private Limited
Novel Housing Plivate Lrlnited
0riental Meadorvs Lrnrited
Park Land Construction and Equipments Private Limited
Rapid Realtors Private Limited
Roseview Propertres Pnvate Limited
Sand Storn] Buildtech Private Limited
Torvnsend Construction and Equipnrents Private Limited
Oriental Pronroters Private Linrited
Papillion Buildtech Prlvate Limited
Papillon Burldcon Private Limited
Rising Realty Private Limited
3 Spiritual Developers Private Lrnlited
West Land Buildcon Pnvate Lirnrted

DOOGAR & ASSOCIATE,S Chortered Accountonts

Independent Auditors' Report on the quarterly and year to date Audited Standalone Financial Results of the Company pursuant to Regulation 33 of SEBI (Listing obligations and disclosure Requirernents) Regulations 2OL5, as amended

To The Boarcl of Directors TARC Limited (Formerly Anant Raj Global Lirnited)

Report on the Audit of Standalone Finaneial Results

Opinion:

We have audited the accompanying Standalone Statement of Financial Results of TARC I-irnited (Formerly Anant Raj Globatr Lirnited) ("the Companv') for the quarter and year encled 31st N,{arch 2021 ("the Statement"), being subndtted by the Cornpany pursuant to the requrrements of Regulation 33 of the SEBI (Listing Obiigations and Disctrosure Requirements) Regulations, 2015 as modified by circular no. CIR/CFD/FAC/6212015 dated 5tn jul1r 2016

In our opinion and to the best of our inforirration and according to the exptranations given to r1s, tfle statement:

i. is presented in accorrlance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirernents) Regulations, 2015 as inoclified try circular no. CIR/CFD /FAC/ 62/ 2A1"6 dated 5il' ]ui1, 2076; and
ii. gives a true ar:rd fair view in con{orulity with the Indian Accounting Stanclards (Ind AS) and other accounting principles generally accepted in Inclia of the profit (Including other comprehensive income) and other financial information of the Company for the quarter and year ended 31't March 2021.

Basis for Opinion:

We conducted our audit of the Standalone financial statements in accordance with the Standards on Auditing specified under section 143(10) of the Act (SAs). Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Standalone Financial Statements 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 (ICAI) together with the independence requirernents that are relevant to our audit of the Standatrone financial statements under the provisions of the Act and the Rules made thereunder, and rt e have fulfiiled our other ethical responsibilities in accordance with these requirements and the ICAI's Coctre of Ethics. We betrieve that the auclit evidence we have obtained is sufficient anel appropriate to provide a basis for our audit opinion on the standalone financial statements.

Management's Responsibility for the Standalone Financial Results

These standalone arurual financial results have been prepared on the basis of standalone annual financial statements.

13, COIVIMUNITY CENTRE, EAST OF KAILASH, NEW DELHI-110065. PHONES :26472557,26419079, FAX : 91-11-26219491 Email : [email protected], [email protected] website : www.doogar.com

The Company's Management and Board of Directors are responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these Standalone financial statements that give a true and fair view of the financial position, financial performance, total comprehensive income, changes in equity and cash flows of the Company in accordance with the Ind AS and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding 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 pruden! and design, implementation and maintenance of adequate internal financial controls, *rat were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statements that give a true and fair view and are free from material misstatement whether due to fraud or error.

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

The Boarcl of Directors are responsible for overseeing the Company's financial reporting process

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

Cur objectives are to otrtain reasonable assurance about whether the standalone financial statements as a whotre are free from material misstatement, whether du.e to fratld or ertror, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assllrance, 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 fraucl or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the econornic decisions of users taken on the basis of these standalone financial statements.

As part of an audit in accorclance 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 standalone financial statements, 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 thart for one resulting from error, as fraud may involve collusiory forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedtlres that are appropriate in the circumstances. Under section 143(3Xi) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls operating effectiveness of such controls. the and

Evaluate the appropriateness of accounting policies used and the reasonable ness of accounting estimates and related disclosures made by management.

Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the standalone financial statements 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 standalone financial statements, inciuding the disclosures, and whether the standalone financial statements represent the underlyi.g transactions and events in a manner that achieves fair presentation.

We conununicate rvith those charged with governance regarding, among other matters, the plarrned scope and timing of the audit and signi{icant 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 ttr-lat we have complied with relevant ethical requirements regarding independence, and to communicate with thern all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other N4atters

The Stanclalone annual financial results includes the results for the quarter ended March 37,2027 being the balancing figures between the audited figures in respect of full financial year and the published unauclited year to date figures up to the third quarter of the current financial year which were lirnited reviewed by us. The figures for the quarter ended March'31,2020 are balancing figures between restated audited financial figures for the year ended March'31,2020 and Management Certified figures for nine month periocl ended December'31,2019 ancl not lirnited reviewed bv us.

For Doogar & Associates Chartered Accountants Finn Regiskation No.

(N{ S Agarwal) Parfurer L4ererbersirip l.Io " : 086580

UDIN: 21085580AAAACN4274

Place:NewDelhi Date:30.06.2021

DOOGAR & ASSOCIATES Chortered Accountonts

Independent Auditors' Report on the Quarterly and year to date Audited Consolidated Financial Results of the Company pursuant to Regulation 33 of SEBI (Listing obligations and disclosure Requirements) Regulations 2015, as amended

TO THE BOARD OF DIRECTORS OF

TARC Limited (Formerly Anant Raj Global Limited)

Report on the Audit of Consolidated Financial Results

We have audited the a-ccompanying Statement of Consolidated Financial Results o{ TARC Limited (Formerl1. Anant Raj Global Limitecl) ("Holding") its subsidiaries/step subsidiaries, partnership firm, LLP, (the Holding , its subsicliaries/step subsidiaries, partnership firm and LLP together referred to as the group") and associate for the quarter and year ended 31't March 202L ("the statement), being subrnitted by the Holding pursuant to the requirernent of Regulation 33 of the SEBI (Listing Obligations and Disclosure llequirements) Regulation 2015, as arnended (Listing Regulations)

In otlr opinion and to the best of our information and accorcling to the explanations given to us, the staterrtent:

a) includes the result of the entities as annexed.
i. is presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obtrigations and Disctrosure Requirements) Regulations, 2015 as rnodified by circutrar no. CIR/CFD/FAC / 62/ 201.6 datecl 5tt July 2016; and
gives a true and fair view in conformiff with the Indian Accounting Standards (Ind AS) and other accounting principles generallv accepted in India of the consolidated net profit (Including other comprehensive income) and other financial inforrnation of the Group for the vear enclecl31* \4arch 2021. 11.

Basis for Opinion

We conducted our audit of the consolidated financial statements in accordance rn ith the Standards on Auditing (SAs) specified under section 113(10) of the Act (SAs). Our responsibilities uncler those Standards are further described in the Auclitor's Responsibilities for the Autlit of tlrc Consolidated Financial Statentenls section of our report. We are independent of the Group in accordance with the Code of Ethics issuecl by the Institute of Chartered Accountants of India (ICAD together with the independence requirernents that are relevant to cur audit of the consolidated financial statements under the provisions of the Act ancl the Rules made there under, and we have fuifilled cur other ethical lesponsibilities in accorclance i,r,ith these requirements and the ICAI's Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to basis for our auCit opinion on the consolidated financial staten-rents

Management's Responsibility for the Consolidated financial Statements

These Consolidated annual financial results have been prepared on the basis of the consolidated annual financial statements.

The Hotding Company's Management and Board of Directors are responsible for the matters stated in section 134(5) of the Act with respect to preparation of these consolidated financial statements that give a true and fair view of the consolidated financial position" consolidated financial performance, consolidated total comprehensive inco'me, consolidated changes in equity and consolidated cash flows of the Group and its associate in accordance with the hrd AS and other accounting principles generally accepted in Lrdia. The respective Board of Directors of the companies included in the Group and its associate are responsible for maintenance of the adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Group and its associate 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 design, implementation and maintenzmce of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated financial statements 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 Holding company as aforesaid.

In preparing the consolidated financial statements, the respective Board of Dilectors of the companies included in the Group and its associate are responsible for assessing the abiiity 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 management 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 and its associate are also responsible for overseeing the financial reporting process of the Group.

Auditor's Responsibilities for the Audit of the Consolidated Financial Statements

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

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

identify and assess t1-le risks of material misstatement of the consotridated financial statements, whether due to fraud or error, design and perform audit responsive to those risks, and obtain audit evidence that is sufficient and

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 intemal control.

Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under sectionl43(3)(i)of the Act, we are also responsible for expressing our opinion on whether the Company and its subsidiary companies which are companies incorporated in India, has adequate internal financial controls system in place and the operating effectiveness of such controls.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and relatecl disclosures made bv management and Board of tiirectors.

Conclude on the appropriateness of managernent's and Board of directols 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 and its associate to continue as a going concern. If n,e conclude that a material uncertaintv exists, we are required to draw attention in our auditor's report to the related discLosures in the consolidated financial staternents 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 mav cause the Group ancl its associate to cease to contimre as a going concern.

Evaluate the overall presentation, structure and content of the consolidated financial staten'rents, including the disclosures, and whether the consolidated financial statements represent the underlying transactions anctr events in a manner that achieves fair presentation.
Obtain sufficient appropriate ar-rdit evidence regarding the financial inforrnation of the entities or business activities rvithin the Group and its associate of lvhicli we are the independent auditors and whose financial information we have audited to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and perfonnance of the audit of the financial statements of such entities inclLrded in the consolidated financial statements of rvhich rve are the independent auditors. For the other subsidiaries/step subsidiaries/LlPlparlnership finn and associate inclLrded in the consolidated annual financial results, which have been audited by other Auditors/Management Cer1ified, such other auditors/Management remain responsible for the direction, supervision and performance of the audits carried out by thern. We remain solely responsible for our audit opinion. Our responsibilities in this regard are fufther described in para "other lratter" in the Audit Report.

We communicate with those charged with governance of the holding company 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 identi\$, during our audit.

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

We also perfonned March 2019 issued extent applicable. procedures in accordance with the circular no. CIR/CFDICMDII/4412019 by the SEBI under Regulation 33 (8) of Listing Regulations as amende