TARC LIMITED — Interim / Quarterly Report 2021

Nov 13, 2021

TARC LIMITED

(Formerly Anant Raj Gtobit Limited) CIN: L70 1 00HR20 I 6PLC06561 5 Corporate Office: C-3, Qutab Institutional Area, Katwaria Sarai, New Delhi-110016 Tel: 011-41244300, 01 1 - 41244344 Email: tarc@tarc. in Website: www.tarc.in

November 13, 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.: Corrigendum to Un-audited Financial Results (Standalone and Consolidated) for the quarter and halfyear ended September 30, 2021

Dear Sir/Madam,

With reference to the captioned subject, we would like to inform that Un-audited Financial Results (Standalone and Consolidated) for the quarter and half year ended September 30, 2021 were submitted to BSE & NSE on even date. However, inadvertently, the figures at Sl. No. l8 for Basic & Diluted eamings per equif share had a typo enor and may be read as stated in the attached version.

This is for your information and record.

Yours Faithfully

For TARC Limited

Amit Naray Company Secretary A20094

Encl.: As above

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(Formerly known as Anant Raj Global Limited)

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CIN: L70100HR2016PLC065615Registred Office: G-002, MACEO, Sector-91, Gurugram, Haryana (India)-122505Corporate Office: G-3, Quab institutional Area, Katwaria Saria, New Delhi (India)-110016Tel: 011-41244300, E-malitarc@

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Statement of unaudited standalone and consolidated financial results for the Quarter/Half Year Ended September 30,2021:

Earning per equity share (Face value of Rs. 2/- per share) (not annualised)Basic (Rs.)Diluted (Rs.)	18$\overline{u}$Other equity	91Share pending allotment (Face value of Rs. 2/- pershare)	15Paid-up equity share capital (Face value of Rs. 2/- pershare)	14Total comprehensive income attributable to:Non-controlling interestsEquity holders of the parent	13Other Comprehensive income attributable to:Non-controlling interestsEquity holders of the parent	12Net Profit attributable to:Non-controlling interestsEquity holders of the parent	HTotal comprehensive income for the year (10+9)	ΞTotal other comprehensive income/loss, net of tax (a	σ 2Remeasurement of net defined benefit liability/assetDeferred tax impact on above	10Other comprehensive income/lossand lossItems that will not be reclassified subsequently to profit	$\bullet$Profit/(loss) for the period/year (7+8)	$\pmb{\circ}$Share of loss in associates (net)	7associates (5-6)Profit/(loss) after tax and before share of loss in	Earlier years taxDeferred taxCurrent tax	9400Profit/(Loss) before tax (3-4)Exceptional ItemsLess/(Add): Tax expense	$\tilde{\mathbf{z}}$Profit/(Loss) from operations before exceptionalitems (1-2)	Total expenses (a to e)	$\mathtt{m}$$, \cap ,$$\sigma$Other expensesDepreciation and amortisationFinance costs	$\sigma$ $\omega$ $\kappa$EXPENSESEmployees benefit expenseCost of sales	Total income (a+b)	ச உOther incomeRevenue from operations	HINCOME		S1Particulars
0.56			5,901.93				1,644.04	2.11	(0.70)2.81		1,641.93		1,641.93	2,674.321,000.88	5,317.13	5,31713	5,147.92	815.94367.1159.62	13,756.18149.07	20,465.05	20,310.01155.04		(Unaudited)30-Sep-21
0.02	$\Lambda$	$\hat{r}$	5,901.93				49.77	2.93	$\boxed{660}$3.92		46.84	$\overline{\phantom{a}}$	46.84	51.10	97.94	97.94	8,179.35	215.91135.0659.46	17,650.62118.30	18,277.29	18,135.90141.39		(Unaudited)30-Jun-21	QUARTER ENDED
$\begin{array}{c} 0.02 \ 0.02 \end{array}$		5,901.93					65.53	1.63	$\boxed{0.55}$2.18		63.90	٠	63.90	(32.61)	31.29	31.29	780.97	190.27193.4144.19	2,371.90181.20	3,012.26	2,892.49119.77		Unaudited )30-Sep-20	STANDALONE
0.57			5,901.93				1,693.81	5.04	(1.69)6.73		,688.77		1,688.77	2,674.321,051.98	5,415.07	5,415.07	3,327.27	1,031.85502.17119.08	31,406.80	$\frac{296.43}{38,742.34}$	38,445.91		(Unaudited)30-Sep-21	Half Year Ended
0.04		5,901.93					126.77	7.26	(2.45)9.71		119.51		119.51	(76.63)	42.88	42.88	5,633.98	338.83295.2187.78	4,487.41424.75	5,676.86	5,433.87242.99		(Unaudited)30-Sep-20
$\frac{0.17}{0.17}$	142,594.31		5,901.93				536.96	45.78	(15.40)61.18		491.18	$\overline{1}$ .	491.18	36.30	527.48	527.48	7,418.10	280.28213.67847.12	14,345.56731.47	7,945.58	17,455.69489.89		31-Mar-21(Audited)	VEAR ENDED
$0.18$$0.18$			5,901.93	532.50	2.21	530.29	532.50	2.21	(0.74)2.95		530.29	(000)	530.30	2,674.321,310.14	4,514.75	4,514.75	587.35	1,541.50162.80447.53	9,242.80192.72	$\frac{127.42}{16,102.10}$	15,974.68		(Unaudited)30-Sep-21
$(0.11)$$(0.11)$		Ŧ	5,901.93	[315.46]0.23	$rac{2.93}{\pi}$	$\begin{array}{c} (318.39) \ 0.23 \end{array}$	315.23)	2.93	(66.0)3.92		318.16)		(318.16)	(56.10)1.12	(373.14)	(373.14)	$\tilde{s}$101.39	205.03147.38572.19	2,017.27159.52	2,103.61728.25	2,624.64		QUARTER ENDED30-Jun-21(Unaudited)
0.03		5,901.93		16'08	1.63	79.28	16'08	1.63	$\frac{2.18}{(0.55)}$		79.28	$\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{$	79.28	(36.75)76'0	43.45	43.45		$\frac{204.51}{222.17}$578.12	2,462.69226.29		$\frac{3,493.88}{2,43.35}$$\frac{243.35}{3,737.23}$		30-Sep-20	CONSOLIDATED
$\begin{array}{c} 0.07 \ 0.07 \end{array}$			5,901.93	217.030.23	5.14	211.900.23	217.26	5.14	(1.73)6.87		212.13	(0.00)	212.13	2,675.441,254.04	4,141.61	4,141.61	4,688.74	2,113.69367.83	11,260.07352.24		$\frac{18,599.32}{231.03}$18,830.35		(Unaudited)30-Sep-21
(0.12)		5,901.93		(360.92)	7.26	(368.18)	(360.92)	7.26	(2.45)125		(368.18)	$\tilde{\phantom{a}}$	(368.18)	[213.36]76'0	(580.62)	(580.62)	6,962.64	407.69	515.001,098.494,602.40	326.14	6,055.88		30-Sep-20	Half Year Ended
0.21	150,524.97		5,901.93	663.59(0.45)	45.88$\cdot$	617.71(0.45)	663.14	45.88	(15.44)61.32		617.26	(0.06)	617.32	(16.00)(5.26)(5.19.34)	32.72	92.72	21,994.26	2,059.62816.05	16,491.25941.43	$\frac{2,991.14}{22,086.98}$	19,095.84		31-Mar-21(Audited)	YEAR ENDED

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Standalone and consolidated Unaudited Statement of Assets and Liabilities as at 30th September 2021

(Rs. in Lakhs)

Particulars	Standalone		Consolidated
	As at September30,2021	As at March 31,2021	As at September 30,2021	As at March 31,2021
	Unaudited	Audited	Unaudited	Audited
ASSETS
Non-current assets
Property, plant and equipment	93.24	28,041.89	29,862.12	34,686.27
Capital work-in-progress			12,239.98	10,795.78
Rights of use assets	557.25	592.07	557.25	592.07
Investment property	4,977.69	54,112.66	80,516.07	92,405.80
GoodwillIntangible assets			27,751.29	27,751.290.43
Financial assets
Investments	55,796.07	55,817.92	13,777.30	13,776.13
Loans	2,210.23	2,007.64
Trade receivables
Other bank balances	915.97	1,233.95	800.78	1,233.95
Other financial assets	39,499.31	38,360.27	43,711.82	38,507.72
Deferred tax assets (Net)	8,960.13	10,013.10	9,636.33	10,699.25
Other non-current assets	2,464.74	2,404.58	9,128.46	15,092.13
Total non-current assets	115,474.64	192,584.08	227,981.39	245,540.82
Current assets
Inventories	62,955.93	84,783.58	83,393.88	84,783.58
Financial assetsTrade receivables	79,789.88	17.64	6,583.50	374.18
Cash and cash equivalents	256.93	448.88	384.26	956.56
Other bank balances		$\blacksquare$	539.88	539.88
Loans	7,371.73	8,485.59
Other financial assets	16,767.59	2,296.77	17,004.93	2,437.33
Other current assets	1,457.37	2,194.74	7,067.15	5,376.47
Total current assets	168,599.43	98,227.20	114,973.61	94,468.00
Total assets	284,074.07	290,811.28	342,955.00	340,008.82
EQUITY AND LIABILITIES
Equity	5,901.93	5,901.93	5.901.93	5,901.93
Share capitalOther equity	144,287.84	142,594.31	150,742.24	150,524.97
Non controlling interest			31.49	31.60
Total equity	150,189.77	148,496.24	156,675.66	156,458.50
LIABILITIES
Non-current liabilities
Financial liabilities
Borrowings	65,058.73	76,133.55	90,168.04	101,340.84
Lease liabilitiesOther financial liabilities	559.54804.85	576.17696.27	559.542,011.25	576.172,063.01
Provisions	67.74	62.95	89.21	84.41
Deferred tax liabilities (Net)			789.01	569.45
Other non-current liabilities	167.47	211.33	167.47	211.33
Total non-current liabilities	66,658.32	77,680.27	93,784.52	104,845.23
Current liabilitiesFinancial liabilities
Borrowings	27,084.74	29,784.99	31,529.34	30,154.79
Lease liabilities	32.16	30.00	32.16	30.00
Trade payables
a. Total outstanding dues of Micro & Small Enterprises	116.52	160.60	328.23	389.53
b. Creditors other than Micro & Small Enterprises	2,876.87	2,846.72	5,150.94	4,761.41
Other financial liabilities	6,617.06	4,057.00	7,991.83	5,662.09
Other current liabilities	28,908.92	27,747.91	44,551.46	36,382.33
Provisions	8.07	7.55	16.05	14.47
Current tax liabilities (net)	1,581.65		2,894.82	1,310.49
Total current liabilities	67,225.97	64,634.76	92,494.82	78,705.09
Total equity and liabilitiesr	284,074.07	290,811.28	342,955.00	340,008.82
$\overline{\mathsf{m}}$∡

Statement of Cash Flow For The Half Year Ended September 30, 2021

	Standalone		(Rs. in Lakhs)Consolidated
Particulars	For the Half YearEnded September,30 20 21	For the Yearended March, 312021	For the Half YearEnded September,30 20 21	For the Yearended March, 312021
	(Unaudited)	(Audited)	(Unaudited)	(Audited)
A. CASH FLOW FROM OPERATING ACTIVITIES
Net profit before tax	5,415.07	527.47	4.141.61	92.66
Adjustment for:
Interest ExpensesDepreciation	1,031.85119.08	847.12213.67	2,113.69367.83	2,059.62816.05
Interest Income	(198.73)	(373.56)	(189.46)	(230.36)
Share in loss from investment in partnership firm		2.85
Adjustment for defined benefit obligations	6.73	61.18	6.87	61.32
Profit from Investment
Loss from associate company			0.00	0.06
Loss/(Gain) on disposal of investment property		164.19		(756.76)
Operating profit before working capital changes	6,374.00	1,442.92	6,440.54	2,042.59
Adjustment for working capital changes:
- Increase/(Decrease) in other current liabilities	962.22	(5,161.48)	8,221.92	(1,795.00)
- Increase/(Decrease) in other non current liabilities	(43.86)	66.95	(43.86)	66.95
- Increase/(Decrease) in trade payable	(13.93)	1,182.14	328.23	2,371.84
-Decrease/ (Increase) in inventories and Investment properties sold to Subsidiaries (Net)	104,388.23	10,992.27	23.054.78	10,992.27
- Decrease/(Increase) in trade receivables	(79, 772.24)2,424.12	(7.53)5,203.01	(6,209.32)2,433.95	(73.45)4,524.35
- Increase/(Decrease) in other current financial liabilities- Increase/(Decrease) in other non current financial liabilities	108.58	231.00	(51.77)	156.24
- Decrease/(Increase) in other current financial assets	(14, 470.82)	1,631.13	(14, 444.88)	153.57
- Decrease/(Increase) in other non current financial assets	(0.19)	(34.11)	(5,204.10)	(3,215.52)
- Decrease/(Increase) in other current asset	737.37	351.58	(1,690.68)	(428.66)
- Decrease/(Increase) in other non current asset	(60.17)	(5.02)	6,823.94	3,764.08
- Increase/(Decrease) in current provision	0.52	(36.20)	1.59	(39.17)
- Increase/(Decrease) in non current provision	4.79	(5.18)	4.79	1.67
Net Cash From Operating Activities	20,638.63	15,851.48	19,665.12	18,521.76
Tax paid/(Refund) during the year (net)	1,125.48	55.44	848.41	(489.35)
Net cash used in operating activities	19,513.14	15,796.03	18,816.72	19,011.10
B. CASH FLOW FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment, Investment property and capital work-in-progress		(796.78)		(1,859.16)
Proceeds from disposal/(Purchased) of Investment		(17.50)	10.00	(2.50)
Proceeds from sale of Inventment Property and PPE	10.00	443.00		3,487.10
Investment in fixed deposit with maturity more than 12 months (financial instruments) (net)	317.98	187.10	433.17	376.21
Loans given to subsidiary companies, partnership firms (net)	1,078.81	4,149.22
Interest income	17.16	135.72	(36.05)	295.61
Net cash used in investing activities	1,423.94	4,100.74	407.12	2,297.26
C. CASH FLOW FROM FINANCE ACTIVITIES
Payment of lease liabilities	(14.48)	(20.73)	(14.48)	(20.73)
Proceeds from/ (Repayment) of borrowings (net)	(11, 372.62)	(2,490.87)	(11, 470.60)	(1,773.36)
Proceeds of short-term borrowings (net)	(2,700.25)	(4,398.30)	1,374.54	(1,967.72)
Interest paid	(7,041.69)	(12,707.76)	(9,685.60)	(16,898.17)
Net cash from financing activities	(21, 129.03)	(19,617.68)	(19, 796.13)	(20, 659.99)
D. NET INCREASE IN CASH AND CASH EQUIVALENTS (A+B+C)	(191.94)	279.08	(572.30)	648.39
Cash and cash equivalents opening balance	448.88	169.80	956.56	308.17
Cash and cash equivalents closing balance	256.94	448.88	384.26	956.56
COMPONENTS OF CASH AND CASH EQUIVALENTS:
Cash on hand	0.00	0.00	16.01	8.35
Balances with Banks	256.94	448.88	368.25	948.21
Components of cash and cash equivalents:	256.94	448.88	384.26	956.56

$L1_{\text{M}}$ $\mathsf{C}$ $R$ m $\star$

Notes to the standalone rnd consolidated ffDancial results TA R C

• 1 The standalone and consolidated unaudited financial results ofthe Company for the quarter ended September 30, 2027 have been reviewed and recommended by the Audit Committee and approved by lhe Board of Direclors at their respective meeting held on November 13, 2021. The Statutory auditors havc €onducted a limited review ofrhe above financial results in accordance with Regulation 33 ofthe SEBI [Listing Ob]igations and Disclosure Requirementsl Reguiation 2015 and have issuedan unmodified review report
• 2 The standalone and consolidated unaudited finahcial results of TARC Llmited. (Fom*t! known as Anont Rdj atobdt Linited) l"the Company") have been prepared in accordance with Indian Accounting Standards ond ASI notified undersection 133 ofthe Companies Act, 2 013 read with the Companies (lndian Accounting Standards] Rules, 2015, as amended.
• 3 The Consolidated unaudlted Financial Results of the Company and its subsjdiaries, step subsidiaries, partnership firm and Limited Liability Partnership nrms (LLP) (togerher refer to as "the Group") and Associate have been prepared in accordance with Ind AS-110 -'Consolidated Financial Statement' and Ind AS -28 - 'Investment in Associates and loint Ventures'. The entities considered in Consolidated quarterly results endcd September 30,2021 ffnancial statem€nts are asannexed.

The Financial StalemenLs of Fiftyseven (571 subsidiary/Step subsidiary companies, Two (2) Linited Liability Parrne$hip ffrms and one (1) Partnership firm whose financial starements reflect roLal revenue of Rs 68.49 Lakbs, Rs. 148.20 lakhs and total loss afrer tax of tu 368.08 Lakhs, Rs. 426.89 lakhs for the Quarter and Half Year ended September 30, 2021 respecrively are management certified and given effect in consolidated financial statements based on financial statements as certified by the management of respective companies. The group share oa loss of One Associate for the HalI Year ended September 30, 2021 amounting to Rs.0.01 Lakhs have also consolidated based on financial statements as certified by their manasemeD L

• 4 During the quarter ended September 30,2021,the company have disposed offits inveshnent io wholly owned subsid,ary cornpany namely Goodluck Buildtech Private Limited and Anant Rai Hotels Limited at a total approx. value of Rs. 295 Cr, accordingly certain land parcels held by the company having book value of Rs.211.79 Cr were sold to subsidiary companies at Rs. 294.66 Cr. and subsequently investmenls were transferred to the acquiler at a value of P.s. 0.10 Cr. The net gain on disposal ofland parcels forming parr of investment propcrties amounting to Rs.82.87 Cr. have been shown as other operating income and grouped as Revenue from operations.The d,iference between proceeds from disposal ofinvestment in 2 subsidiaries and the carrlng amount ofits assets less Uabilities as on date ofdisposal has been recognised in thc Consolidared statement ofprofit & loss being profit on disposal ofinvestment in subsiadiary.
• 5 Trade receivables jn Standalone financial statem ent in cludes due tuom Subsidiary companies Rs.797-81 Cr.0n account oflransfer ofcertain Investmet properties & Inventories.
• 6 The Quarterly figures ior corresponding previous quarter eDded Scptember 30,2020 arc derived ffgures between Condensed Interjm Audited financial statement for three months period ended rune 30,2020 and limited reviewed figures for quarter ended December 37, 2020. 'fhe Cash Flow Statement for the corresponding half year ended on September30,2020 are notgiven as the companygotUsted on December 18 ,2020 and half yearly results ior period ended September 30,2020 was not prepared & published, accordingly, for comparison p urposes cash flow figures for year ended on March 3 1,2 021 have been given.
• 7 The Company operales in a single business segmenf i.e., Real estate business. Accordingly, there are no additional disclosures to be turnished in accordance with the requirement of Ind AS 108 - operating Segments with respect to single reportable segment. Further, the operations ofthe Company are domicilcd in India and therefore there are no reportable geographical segmenL
• 8 The company continues to monitor the impact ofCOV|D 19 on its business including its impact on customers, supplychain etc. Due care has been exercised in concluding on sign ificant accounting judgement and esrimates including in relation to recoverabiliry ofreceivables, inventory and olher financial assets based on information available to date while preparingthe company's ffnancial resulrs as ofand for thc quarter ended September 30, 2021_
• 9 Figures of the previous quarter have been re-grouped/ re-arranged, wherever considered necessary, to correspond with lhe current quarter.

For and on behalfofBoard ofD

Place: NewDelhi Date : November 13,2O21 Managing Director & CEO

DOOGAR & ASSOCIATES

Chortered Accountonts

lndependent Auditors' Limited Review Report on the Quarterly and year to date Unaudited Standalone Financial Results of the Company pursuant to Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended

To The Board of Directors TARC LIMITED (Fortnerly known as Anant Raj Global Limited) G-002, MACEO, Sector-91 Gurugram (Haryana 122505J

• 1, We have reviewed the accompanying statement of unaudited Standalone financial results of TARC Limited [formerly known as Anant Raj Global Limited) ["the company") for the quarter and half year ended September 30, 2027 attached herewith, being submitted by the company pursuant to the requirements of Regulations 33 of the SEBI (Listing 0bligations and Disclosure Requirements) Regulations, 2015 [as amended). Attention is drawn to note no.6 of quarter]y financial statement that the Quarterly figures for corresponding previous quarter ended September 30,2020 are derived figures between Condensed lnterim Audited financial statement for three months period ended June 30,2020 and limited reviewed figures for quarter ended December 31, 2020. The Cash Flow Statement for the corresponding half year ended on September3o, 2020 are not given as the company got listed on December 1A ,2020 and half yearly results for period ended September 30,2020 was not prepared & published, accordingly, for comparison purposes cash flow figures for year ended on March 31,2 021 havc been given.
• 1. This statement is the responsibility of the Company's Management and approved by the Board of Directors has been compiled from the related interim Standalone nnancial statements which has been prepared in accordance with Indian Accounting Standard 34 "lnterim Financial Reporting" ond AS 341, specified under Section 133 of the Companies Act, 2013, read with relevant rules issued there under and other accounting principles generally accepted in India, Our responsibility js to issue a report on these [inancial statements based on our review-
• 1. We conducted our review in accordance with the Standard on Review Engagement (SREJ 2410, "Review of lnterim Financial Information performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the financial statements are free of material misstatement.
• 1. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provide less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.

1. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying statement of unaudited Standalone financial results prepared in accordance with applicable accounting standards i.e. Ind AS prescribed under Section 133 ofthe Companies Act, 2013 read with relevant rules issued there under and other recognized accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure RequirementsJ Regulations, 2015 (as amendedl and SEBI Circular dated sth IUly, 20L6 including the manner 'in which it is to be disclosed, or that it contains any material misstatement.

Firm's Regi stration number: 000561N For Doogar & Associates Chartered Accountants

M.S. Agarwal Partner Membership num 80 thi 00

UDIN: 21 086580AAAAEV8067

Place of signature: New Delhi Date: November 13, 2021.

DOOGAR & ASSOCIATES

Chortered Accountonts

Independent Auditors' Limited Review Report on the Quarterly and year to date Unaudited Consolidated Financial Results of the Company pursuant to Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended

To The Board of Directors TARC LIMITED 0;ormerly known as Anant Raj Global Limited) G-002, MACEO, Sector-91 Gurugram (Haryana-122505)

• 1. We have reviewed the accompanying Statement ol Unaudited Consolidated Financial Results of TARC Limited (formerly known as Anant Raj Global limited) ("Parent") and its subsidiaries, Step subsidiaries, partnership firm and lintited liabiiify partnership firms (LLPsl (the parent, its subsidiaries. Step subsidiaries, firm and LLPs together referred to as 'the group') and share ofprofit /fioss) of One Associate company for the quarter and halfyear ended September 30, 2021 (the "Statement") attached herewith, being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing obligations and Disclosure Requirements) Regulations 2015 as amended ('the Regulation'), read with SEBI Circular No. CIR/CFD/CMD L /44 /2019 dated March29, 2019('the Circular'). Attention is drawn to note no. 6 of quarterly financial statement that the Quarterly figures for corresponding previous quarter ended September 30 ,2O2O are derived figures between Condensed Interim Audited financial statement for three months period ended June 30,2020 and Iimited reviewed figures for quarter ended December 3L, 2020. The Cash Flow Statement for the corresponding half year ended on September30, 2020 are not given as the company got Iisted on December 78 ,2020 and half yearly results for period ended September 30,2020 was not prepared & published, accordingly, for comparison purposes cash flow figures for year ended on March 31,2027 have been given.
• 1. This Statemenq which is the responsibility of the Parent's Management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standards 34, 0nd AS 34J "lnterim Financial Reporting" prescribed under section 133 of the Companies Act,201.3 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India read with the Circular. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review of the statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information performed by the Independent Auditor of the Entity" issued by the lnstitute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the Circular issued by the Securities and Exchange Board of India under Regulation 33 [8) of the Regulation, to the extent applica

• 1. The Statement includes the results of entities mentioned in Annexure to this statement.
• 1. We did not review the quarterly unaudited financial results of One [1) subsidiary Company, whose financial results reflect total revenue of Rs. 174.52 lakhs and total net loss after tax of Rs. 829.15 lakhs for the quarter ended September 30, 2021 as considered in consolidated unaudited financial statements. These financial statements are limited reviewed by auditors' of concerned company and our conclusion on the statement in so far as it relates to the amounts and disclosures in respect of this subsidiary, is based solely on the basis of flnancial statements as limited reviewed by auditor of the concerned company and procedures performed by us as stated in Para 3 above. Our conclusion on the statement is not modified in respect ofabove matter.

We did not review the Quarterly unaudited financial statements of 57 subsidiaries/Step subsidiaries, One [1) partnership firm and two [2J Limited liability partnership firms (LLP) whose financial results reflect total revenue of Rs. 68.49 lakhs and total net loss after tax of Rs. 368.08 iakhs for the quarter ended September 30,202L as considered in consolidated unaudited financial statements. The consolidated unaudited financial results also includes group share loss of Rs. 0.01 lakhs for quarter ended September 30, 2021as considered in the financial statement in respect of one associate company incorporated in India whose financial results have not been reviewed by us. These financial statements are certified by the management of respective companies and our conclusion on tJle statement in so far as it relates to the amounts and disclosures in respect of these subsidiaries/Step subsidiaries, partnership firm, LLPs and Associate is based solely on the basis of financial statements as certified and procedures performed by us as stated in Para 3 above. Our conclusion on the statement is not modified in respect of above matter.

1. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the financial statements as certified by the management referred to paragraph 5 above, nothing has come to our attention that causes us to believe that the accompanying statement, prepared in accordance with recognition and measurement principles laid in the aforesaid lndian Accounting Standard specified under Section 133 of Companies Act,20l3, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation, read with circular, including the manner in which it is to be disclosed, or that it contains any material misstatement.

For Doogar & Associates Chartered Accountants Firm's Registration n ;000561N

UDIN: 2 ? *5155$SAA,si"&l:tc,!? :j;:*

Place of signature: New Delhi Date: November 13,2021

TARC

Annexure: List of entities consolidated as at September 30, 2021

Parent Company

$\sim 10$ $\sim$

1 TARC Limited (Formerly Known as Anant Raj Global Limited)

Subsidiary Companies

A. Limited Reviewed by Auditors'

1 TARC Projects Limited (formerly known as Anant Raj Projects Limited)

B. Unaudited and management certified

• Anant Raj Infrastructure Private Limited $\mathbf 1$
• BBB Realty Private Limited $\overline{c}$
• $\mathbf{z}$ Bolt Properties Private Limited
• Echo Buildtech Private Limited 4
• Elegant Buildcon Private Limited
• Elegent Estates Private Limited
• Elevator Buildtech Private Limited 7
• 8 Elevator Promoters Private Limited
• 9 Elevator Properties Private Limited 10 Fabulous Builders Private Limited
• 11 Gadget Builders Private Limited
• 12 Grand Buildtech Private Limited
• 13 Grand Park Buildtech Private Limited
• 14 Grand Park Estates Private Limited
• 15 Green View Buildwell Private Limited
• 16 Greenline Buildcon Private Limited
• 17 Greenline Promoters Private Limited
• 18 Greenwood Properties Private Limited
• 19 Jubilant Software Services Private Limited
• 20 Hemkunt Promoters Private Limited
• 21 High Land Meadows Private Limited
• A-Plus Estates Private Limited $\mathbf{1}$
• Ankur Buildcon Private Limited
• Capital Buildcon Private Limited 3
• Capital Buildtech Private Limited
• $\overline{5}$
• Carnation Buildtech Private Limited
• Gagan Buildtech Private Limited 6 $\overline{7}$
• Greatways Buildtech Private Limited $\mathbf{a}$
• Krishna Buildtech Private Limited

Partnership firm in which company is partner

• A. Unaudited and management certified
• 1 Ganga Bishan & Co.

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

• A. Unaudited and management certified
• Asylum Estate LLP $\mathbf{1}$
• $\overline{2}$ Gagan Promoters LLP

Associate company

• A. Unaudited and management certified
• 1 Niblic Greens Hospitality Private Limited

• 24 Novel Buildmart Private Limited
• 25 Novel Housing Private Limited 26 Oriental Meadows Limited
• 27 Park Land Construction and Equipments Private Limited
• 28 Park Land Developers Private Limited
• 29 Park View Promoters Private Limited
• 30 Rapid Realtors Private Limited
• 31 Roseview Buildtech Private Limited
• 32 Roseview Properties Private Limited
• 33 Sand Storm Buildtech Private Limited
• 34 Suburban Farms Private Limited
• 35 TARC Buildtech Private Limited
• 36 TARC Estates Private Limited
• TARC Green Retreat Private Limited (Formerly Known As Green 37 Retreat And Motels Private Limited)
• 38 TARC Properties Private Limited
• 39 Townsend Construction and Equipments Private Limited
• 40 Travel Mate India Private Limited
• 41 Twenty First Developers Private Limited
• Step Subsidiary companies in which Subsidiary companies exercise control
• A. Unaudited and management certified
• 9 Monarch Buildtech Private Limited
• 10 Moon Shine Entertainment Private Limited
• 11 Oriental Promoters Private Limited
• 12 Papillion Buildtech Private Limited
• 13 Papillon Buildcon Private Limited
• 14 Rising Realty Private Limited
• 15 Spiritual Developers Private Limited
• 16 West Land Buildcon Private Limited