TIPS MUSIC LIMITED — Capital/Financing Update 2021

May 10, 2021

Date: May 10, 2021

To,	To,
The Manager (Listing)	The Manager (Listing)
Corporate Relationship Department,	The National Stock Exchange of India Limited
BSE Limited	Exchange Plaza, Plot No. C/1, G Block,
P.J. Tower, Dalal Street, Fort,	Bandra Kurla Complex,
Mumbai – 400001	Bandra East, Mumbai – 400 051
Company Code: 532375	Company Code: TIPSINDLTD

Sub.: Outcome of the meeting of the Board of Directors of Tips Industries Limited held on May 10, 2021 and disclosure under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015, as amended ("SEBI LODR Regulations").

Dear Sirs,

Pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015, we hereby inform that based on the recommendation of the Audit Committee and the Committee of Independent Directors, the Board of Directors of the Company at its meeting held today, i.e. May 10, 2021 has inter-alia, considered and approved to restructure the business of the Demerged Company by way of a Scheme of Arrangement and Demerger ("Scheme") whereby the Film Business Undertaking ("Film Division") of Tips Industries Limited ("Demerged Company") will be demerged into the Resulting Company as a going concern basis with effect from the Appointed Date. The transaction is proposed through a Scheme of Arrangement and Demerger under Section 230-232 read with Section 52 ,66 and other applicable provisions of the Companies Act, 2013,

The said Scheme would be subject to requisite approvals of the National Company Law Tribunal, BSE Limited, National Stock Exchange of India Limited, Securities and Exchange Board of India and other statutory / regulatory authorities, including those from the shareholders and/or creditors of the Demerged Company.

We hereby further inform that Audit Committee Meeting was held on May 10, 2021 through Audio Visual Mode. The Committee has adopted Audited Financial Statements along with Audit Report for the Nine Months ended December 31, 2020 for specific purpose for inclusion in Scheme of Arrangement and Demerger.

The information pursuant to Regulation 30 of the Listing Regulations read with SEBI Circular No. CIR/CFD/CMD/4/2015 dated September 09, 2015 is also enclosed herewith as Annexure I.

The meeting of Board of Directors commenced at 4:00 p.m. and concluded at 4:50 p.m.

Thanking you,

For Tips Industries Limited

PATEL BIJAL RAMJIBHAI Digitally signed by PATEL BIJAL RAMJIBHAI Date: 2021.05.10 16:57:30 +05'30'

Bijal Patel Company Secretary

Encl: As above

Annexure – I

Disclosure of information pursuant to Regulation 30 of SEBI LODR Regulations with SEBI Circular No. CIR/CFD/CMD/4/2015 dated 9th September, 2015.

Brief details of the division(s) to be demerged;	• •	and distribution	of motion pictures as the "Demerged Undertaking")
Turnover of the demerged division and as percentage to the total turnover of the listed entity in the immediately preceding financial year/ based on financials of the last financial year.	Particulars Demerged Undertaking		% to turnover of Tips Industries Limited (as on March 31, 2020) *(7.62)
	Particulars	Details	The Demerged Company is engaged in the business of Production ("Film Division") and Acquisition and exploitation of music rights ("Music Division"). The Demerged Company would demerge its Film Division (hereinafter referred to including all its assets, investments, liabilities, rights, benefits, interests and obligations (as specifically set out in the Scheme), to the Resulting Company and it would continue to run and operate the Music Division (hereinafter referred to as the "Remaining Undertaking"). Total Revenue from Film Division (as at March 31, 2020) (INR in Lakhs) (693.02) Due to Reversal of Foreign subsidiary received

$\lambda$

$\mathbf{c})$	Rationale for demerger	1. The Demerged Undertaking and the Remaining
		Business have both achieved scale and experience to
		sustain business on the basis of their own strengths.
		Additionally, both businesses deal with different sets of
		industry dynamics in the form of nature of risks,
		competition, challenges, opportunities and business
		methods. Hence, segregation of the two undertakings
		would enable focused managements to explore the
		potential business opportunities more effectively and
		efficiently;
		2. Demerger will enable both Tips Industries Limited $\&$
		Tips Films Limited to enhance business operations by
		streamlining operations, cutting costs, more efficient
		management control and outlining independent growth
		strategies.
		3. Each undertaking will be able to target and attract
		new investors with specific knowledge, expertise and risk
		appetite corresponding to their own businesses. Thus,
		each undertaking will have its own set of likeminded
		investors, thereby providing the necessary funding
		impetus to the long-term growth strategies of each
		business;
		4. Demerger will enhance efficiencies and will have
		different business interest into separate corporate entity,
		resulting in operational synergies, simplification, focused
		management, streamlining and optimization of the group
		structure and efficient administration.
		5. Pursuant to the Scheme, the equity shares issued by
		the Resulting Company would be listed on BSE and NSE
		and will unlock the value of the Music Division and Film
		Division for the shareholders of the Demerged Company.
		Further the existing shareholders of the Demerged
		Company would hold the shares of two listed entities
		after the Scheme becoming effective; giving them
		flexibility in managing their investments in the two
		businesses having differential dynamics.
		6. The demerger will unlock value of both businesses
		and result in shareholder value maximization.

TIPS INDUSTRIES LTD.

601, Durga Chambers, 6th Floor, Linking Road, Khar (West), Mumbai 400 052. Tel.: 6643 1188 Email: response@tips.in Website: www.tips.in CIN: L92120MH1996PLC099359

$\mathcal{N}$

$\mathbf{d}$	Brief details of entities;	change	follows: Demerged Company	in In terms of the Scheme, the Resulting Company will issue shareholding pattern (if any) of all and allot equity shares to the shareholders of the Demerged Company on the basis of share entitlement ratio. The shares will be issued by the Resulting Company in the same proportion in which the shareholders hold the shares in the Demerged Company, subject to receipt of regulatory approvals, the overall economic interest of the equity shareholders of the Demerged Company shall remain the same in both the Companies. The post Scheme shareholding pattern of Demerged Company and resulting company will be as
			Category	No. of Equity shares	$\frac{0}{0}$
			Promoter	97, 23, 352	74.98
			Public	32,45,307	25.02
			Total	1,29,68,659	100.00
			Resulting Company
			Category	No. of Equity shares*	$\frac{0}{0}$
			Promoter	32,41,117	74.98
			Public	10,81,769	25.02
			Total	43,22,886	100.00
			subject to rounding off
e)	of In case	cash		No cash consideration is payable under the Scheme. The
	consideration -			Resulting Company will issue equity shares to the
	Amount or otherwise share			shareholders of the Demerged Company as under:
	exchange ratio;			"Issue and allot equity shares at par on a proportionate
				basis to each member of Demerged Company whose
				name is recorded in the register of member of Demerged
				Company as holding shares on the Record Date, in the
				ratio of 1 (one) equity shares of Rs. 10/- each fully paid
				up of Resultant Company for every 3 (three) equity
				shares of Rs. 10/- each fully paid up held in Demerged
			Company"

TIPS INDUSTRIES LTD.

601, Durga Chambers, 6th Floor, Linking Road, Khar (West), Mumbai 400 052. Tel.: 6643 1188 Email: response@tips.in Website: www.tips.in CIN: L92120MH1996PLC099359

$\tilde{\Delta}$

with BSE Ltd and National Stock Exchange of India
Limited for listing of its equity shares in compliance with
SEBI Circular No SEBI/HO/CFD/DIL1/CIR/P/2020/249
dated December 22, 2020 and relevant regulations thereof.

TIPS INDUSTRIES LTD.

601, Durga Chambers, 6th Floor, Linking Road, Khar (West), Mumbai 400 052. Tel.: 6643 1188 Email: response@tips.in Website: www.tips.in CIN: L92120MH1996PLC099359

SSPA & ASSOCIATES

Chartered Accountants 1st Floor, "Arjun", Plot No. 6 A. V. P. Road, Andheri (W), Mumbai - 400 058. INDIA. Tel.: 91 (22) 2670 4376 91 (22) 2670 3682 Fax: 91 (22) 2670 3916 Website: www.sspa.in

Independent Auditor's Report

To the Board of Directors of Tips Industries Limited Report on the Audit of the Financial Statements

Opinion

We have audited the accompanying financial statements of Tips Industries Limited("the Company"), which comprise the Balance sheet as at December 31, 2020, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the statement of Cash Flows for the nine months period ended on that date, and a summary of the significant accounting policies and other explanatory information (hereinafter referred to as "the financial statements").

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give a true and fair view in conformity with the Indian Accounting Standard referred in section 133 of the Companies Act, 2013 ("the Act"), of the state of affairs of the Company as at December 31, 2020, the profit and total comprehensive income, changes in equityand its cash flows for the nine months ended on that date.

Basis for opinion

We conducted our audit of the financial statement in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the 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 together with the independence requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

Emphasis of Matter

• 1. We draw attention to Note No. 35(12) to the statement which explains the extent to which COVID-19 pandemic will impact the operations and financial results of the Company.
• 1. Due to COVID-19 pandemic and the lockdown and other restrictions imposed by the Government and local administration, the audit processes were carried out based on the remote access to the extent available/feasible and necessary records made available by the Management through digital medium.

Our report is not modified in respect of the above matters.

Other matters

MUMBAI

1. We draw attention to the fact that accompanying financial statements, are made specifically for the purpose of Scheme of Arrangement and demerger of Films Division of Tips Industries Limited into Tips Films Limited and for submission to regulatory authority as may be required. As a result, the financial statements may not be suitable for another purpose. opinion is not modified in respect of this matter.

Attention is invited to note no. 35(13) regarding provision for tax (including deferred tax) which will be finalized at the year end.

INDEPENDENT AUDITOR'S REPORT To the Board of Directors of Tips Industries Limited Report on audit of the Financial Statements

Responsibilities of management for the financial statements

The Company's Board of Directors are responsible for presentation and preparation of these 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 34 and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records 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 prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the 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.

Board of Directors are also responsible for overseeing the Company's financial reporting process.

Auditor's responsibilities for the audit of the financial statements

ASSC

Our objectives are to obtain reasonable assurance about whether the 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 financial statements.

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

• Identify and assess the risks of material misstatement of the 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 than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on effectiveness of the Company's internal financial controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness 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 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. JUMBAI

INDEPENDENT AUDITOR'S REPORT To the Board of Directors of Tips Industries Limited Report on audit of the Financial Statements

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, $\bullet$ and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements for the financial nine months ended December 31, 2020 and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

For SSPA & Associates Chartered Accountants Firm Registration No. 131069W

Parkag S. Ved

Parag Ved Partner Membership Number - 102432 UDIN: 21102432AAAABA1929

Place: Mumbai Date: May 10, 2021

$22A$ MUMBAI

BALANCE SHEET AS ON DECEMBER 31, 2020

		For the Nine months ended	For the Year ended
Particulars	Notes	December 31, 2020	March 31, 2020
ASSETS
Non-current assets
(a) Property, plant and equipment	3	1,94,75,166	1,80,57,091
(b) Investment Property	4	12,61,12,442	12,82,62,455
(c) Financial Assets
(i) Investments	5	26,13,92,196	5,62,28,173
(ii) Loans	6	5,23,23,585	5,23,23,585
(iii) Other financial assets	7	12,86,399	12,86,399
(d) Other non-current assets	8	4,39,77,431	6,67,56,001
Total Non-current assets		50,45,67,219	32,29,13,704
Current assets
(a) Financial assets
(i) Trade receivables	9	12,97,26,017	18, 14, 31, 797
(ii) Cash and cash equivalents	10	7,70,49,143	25,96,02,957
(iii) Bank balances other than (ii) above	11	28,36,53,057	35,64,385
(iv) Loans	12	1,52,09,589
(v) Other financial assets	13	25,96,987	22,74,550
(b)Current Tax (Net)	14		4, 27, 13, 375
(c) Other Current Assets	15	35,63,52,605	8,90,62,716
Total current assets Total Assets		86,45,87,398 1,36,91,54,617	57,86,49,780 90,15,63,484
EQUITY AND LIABILITIES
Equity
(a) Equity Share Capital	16	12,96,86,590	14,31,86,590
(b)Other equity	17	69,96,42,480	66,05,93,728
Total Equity		82,93,29,070	80,37,80,318
Liabilities
Non-current liabilities
(a) Financial Liabilities
(i) Borrowings	18		1,88,97,599
(ii) Other Financial Liabilities	19	24,00,000	24,00,000
(b) Deferred Tax Liability	20	2,67,99,420	2,67,99,420
(c) Employee Benefit Obligations	21	30,87,639	27,98,500
(d) Other Non Current Liabilities Total non-current liabilities	22	36,87,49,718 40,10,36,777	5,08,95,519
Current liabilities
(a) Financial Liabilities
(i) Trade payables	23
(a) Total outstanding dues of micro enterprises and small entrprises
(b) Total outstanding dues of creditors other than micro enterprises and small enterprises		9,44,22,143	4,25,86,764
(ii) Other financial liabilites	24	6,71,108	5,90,125
(b) Employee Benefit Obligations	25	1,23,225	1,19,643
(c) Current Tax	26	3,66,05,329
(d) Other Current Liabilities	27	69,66,965	35,91,113
Total current liabilities		13,87,88,770	4,68,87,645
Total Liabilities		53,98,25,547	9,77,83,164
Total Equity and Liabilities		1,36,91,54,617	90,15,63,482
NOTES FORMING PART OF THE FINANCIAL STATEMENT

In terms of our report of even date

For SSPA & Associates Chartered Accountants Firm Registration No. 131069W

Parag Shamji Digitally signed by Parage Container Shamji Ved

Mate: 2021.05.10 16:46:50

-05:30

-05:30

Parag Ved Partner Membership No. 102432

Place: Mumbai Date: May 10, 2021 For and on behalf of the Board of Directors of TIPS INDUSTRIES LIMITED CIN:L92120MH1996PLC099359

$\begin{array}{r|l|l} \text{KUMAR} & \begin{array}{r} \text{Digitally signed by} \ \text{KUMAR SADHURAM} \end{array} \ \text{SADHURAM} & \begin{array}{r} \text{KUMAR SADHURAM} \ \text{KUMAR SADHURAM} \end{array} \ \text{TAURANI} & \begin{array}{r} \text{AURAN1} \ \text{1625:07 + 05'30'} \end{array} \end{array}$

Kumar S. Taurani Chairman & Managing Director DIN: 00555831

$\begin{array}{l|l} \textbf{PATH} & \textbf{Digital signal by PATH} \ \textbf{RAMJIBHA} & \textbf{Bulk} & \textbf{RAMJIBHA} \ \textbf{Date: } 2021.05.10 16:33:54 \ \textbf{RAMJIBHA} & \textbf{10530} \ \end{array}$

Bijal Patel Company Secretary CS Membership No.: 30140

Place: Mumbai Date: May 10, 2021 $\begin{array}{l|l|l} \textsf{RAMESH} & \textsf{\tiny \textsf{Digitally signed by}} \ \textsf{SADHURAM} & \textsf{\tiny \textsf{RAMESH SADHURAM}} \ \textsf{SADHURANI} & \textsf{\tiny \textsf{Date-2021.05.10}} \ \textsf{TAURANI} & \textsf{\tiny \textsf{1628.26 + 05'30'}} \end{array}$

Ramesh S. Taurani Managing Director DIN: 00010130

$\textbf{Sunil} \ \textbf{Gunil} \ \textbf{Digitally signed} \ \textbf{bysuni Chellani} \ \textbf{Chellani} \ \textbf{Dig-tail} \ \textbf{Dig.} \ \textbf{Dig.} \ \textbf{Dig.} \ \textbf{Dig.} \ \textbf{Dig.} \ \textbf{Dig.} \ \textbf{Dig.} \ \textbf{Dig.} \ \textbf{Dig.} \ \textbf{Dig.} \ \textbf{Dig.} \ \textbf{Dig.} \ \textbf{Dig.} \ \textbf{Dig.} \ \textbf{Dig.} \ \textbf{Dig.} \ \textbf{Dig.} \ \textbf{Dig.}$

Sunil Chellani Chief Financial Officer

TIPS INDUSTRIES LIMITED STATEMENT OF PROFIT AND LOSS FOR THE NINE MONTHS ENDED DECEMBER 31, 2020

Particulars	Notes	For the Nine months ended December 31, 2020	For the Year ended March 31, 2020
I. Revenue from operations	28	62,89,16,804	90,99,07,785
II. Other income	29	2,02,98,848	17,82,85,488
Total Income (I+II)		64,92,15,652	1,08,81,93,273
III Expenses:
Cost of Production / Distribution of Expenses	30		28,66,04,383
Employee Benefits Expense	31	5,88,69,760	7,42,67,700
Finance Costs	32	1,61,120	28,33,450
Depreciation and Amortization Expense	33	61,62,267	1,17,95,282
Other Expenses	34	20,90,70,556	56,91,33,829
IV Total Expenses		27,42,63,703	94,46,34,644
V Profit before Tax		37,49,51,949	14,35,58,629
VI Tax Expenses:
(1) Current Tax		10,92,70,620	3,23,00,000
(2) Taxes in respect of earlier years		1,36,89,869
(3) Deferred Tax			(21, 34, 729)
VII Profit / (Loss) for the year		25,19,91,460	11,33,93,358
VIII Other Comprehensive Income
Items that will not be reclassified to statement of Profit or Loss
Remeasurement gain (loss) of post employment benefit
obligations (net of taxes)		2,90,565	1,58,410
Other Comprehensive Income for the year, net of taxes		2,90,565	1,58,410
IX Total Comprehensive income for the year		25,22,82,025	11,35,51,768
X Earnings per equity share of Rs. 10/- each
(1) Basic	35(11)	18.82	7.92
(2) Diluted	35(11)	18.82	7.92

NOTES FORMING PART OF THE FINANCIAL STATEMENT

In terms of our report of even date For SSPA & Associates Chartered Accountants Firm Registration No. 131069W

Parag Shamji Ved Ved New 15 Parag Shamji

Parag Ved Partner Membership No. 102432

Place: Mumbai Date: May 10, 2021 For and on behalf of the Board of Directors of Tips Industries Limited CIN :L92120MH1996PLC099359

$\begin{tabular}{l|c} \textbf{KUMAR} & \textbf{Digitally signed by} \ \textbf{SADHURA} & \textbf{KUMAR SADHURAM} \ \textbf{SADHURA} & \textbf{TAURANI} \ \textbf{M TAURANII} & \textbf{Date: } 2021.05.10 \ \end{tabular}$

Kumar S. Taurani Chairman & Managing Director DIN: 00555831

PATEL Digitally signed
BIJAL RAMJIBHAI
RAMJIBHAI Date: 2021.05.10
RAMJIBHAI 06:35:13 +05'30'

Bijal Patel

Company Secretary CS Membership No.: 30140

Place: Mumbai Date: May 10, 2021 $\begin{array}{l|l|l} \textsf{RAMESH} & \begin{array}{l} \textsf{Digital} \textsf{signal by} \ \textsf{RAMESH SADHURAM} \end{array} \end{array} \\begin{array}{l} \textsf{NAMESH SADHURAM} \ \textsf{Date:} \textsf{2021.05.10} \ \textsf{M TAURANI} \end{array} \end{array} \label{eq:AMESH}$

Ramesh S. Taurani Managing Director DIN: 00010130

$\textbf{Sunil} \ \textcolor{red}{\text{Digitally signed} \atop \text{by Sunil Chellani} \ \text{Chellani} \ \textcolor{red}{\text{Chellani} \atop \text{16:37:24+05'30'}}$

Sunil Chellani Chief Financial Officer

CASH FLOW STATEMENT FOR THE NINE MONTHS ENDED DECEMBER 31, 2020

Particulars	For the Nine months ended December 31, 2020	For the Year ended March 31, 2020
Cash flow from operating activities
Profit/(loss) before tax	37,49,51,949	14,35,58,629
Adjustments
Depreciation and impairment of property, plant and equipment	61,62,267	1,17,95,282
Interest Expenses	1,61,120	28,33,450
Fair valuation of mutual funds	(31, 64, 024)	(62,07,013)
Provision for/ (write back of) doubtful debts and advances	(2,61,923)	(11, 46, 595)
Bad debts written off		14,46,74,432
Loss/ (Profit) on sale/disposal of fixed assets (net)	(3,50,000)	(7, 75, 000)
Actuarial gains and losses taken to OCI	2,90,565	2,23,491
Interest income	(74, 31, 159)	(75, 16, 660)
Working capital adjustments	37,03,58,795	28,74,40,016
(Increase)/Decrease in inventories		28,66,04,383
(Increase)/ Decrease in trade and other receivables	5,17,05,780	(22,03,47,662)
Increase / (Decrease) in loans and advances and other assets (Current)	2,27,78,570	5,44,92,220
Increase / (Decrease) in loans and advances and other assets (Non current)	(56, 29, 10, 581)	76,42,723
Increase/ (Decrease) in Financial Liabilties	36,90,42,439	(19, 63, 630)
Increase/ (Decrease) in trade and other payables	5,55,54,137	(7,07,92,255)
	30,65,29,141	34, 30, 75, 795
Income Tax paid	(4,36,41,786)	(3,79,26,245)
Net cash flows from operating activities	26, 28, 87, 355	30,51,49,550
Cash flow from investing activities
Purchase of fixed assets	(54, 30, 329)	(60, 60, 199)
Sale of fixed assets	3,50,000	7,75,000
Sale of investments		11,85,770
Purchase of Investments	(20, 20, 00, 000)	(5,00,00,000)
Interest income	74,31,159	75,16,660
Net cash flows from investing activities	(19, 96, 49, 170)	(4,65,82,769)
Cash flow from financing activities
(Repayment)/Procees of Long Term Borrowings	(1,88,97,600)	(6,58,00,761)
Interest Paid	(1,61,120)	(28, 33, 450)
Buyback of shares	(18,90,00,000)
Tax on Buyback of shares	(1,82,80,289)
Dividend paid (including tax on dividend)	(1,94,52,990)	(1, 72, 62, 575)
Net cash flows from financing activities	(24, 57, 91, 999)	(8,58,96,786)
Net increase / (decrease) in cash and cash equivalents	(18, 25, 53, 814)	17,26,69,995
Cash and cash equivalents at the beginning of the year	25,96,02,957	8,69,32,962
Cash and cash equivalents at the end of the year	7,70,49,143	25,96,02,957
Reconciliation of Cash and Cash equivalents with the Balance Sheet
Cash and Cash Equivalents as per Balance Sheet
In Current Account	77,94,300	50,90,173
In Fixed Deposit	6,84,90,112	25,38,49,796
Cash on Hand	7,64,731	6,62,988
Cash and Cash equivalents as restated as at the year end	7,70,49,143	25,96,02,957

-- - -?-

-

'567 6 5 - ?65 ' ?4 !"#\$%\$%

8 ,	!"# \$%\$%	& !"#\$%\$%
6)*
- /,! )/	&&
1: ! /! )/	,
+
- /,! )/	&&
'*
- /,! )/	,
1: ! /! )/	,	,

8 +' ))>-?>*
-,?@' @<

\$! ( -9 )-14- . - '!7/ - 8 ;&2

Digitally signed by Parag Shamji Ved

Shamji Ved Date: 2021.05.10 16:48:13 +05'30'

• 14-:! 48

-=:!- --=:-"&& -

' - 4- 4+ -

KUMAR SADHURA M TAURANI Digitally signed by KUMAR SADHURAM TAURANI Date: 2021.05.10 16:26:45 +05'30'

*: ;< < !-<:--// ;& \$8=&& \$8=&&&&&

PATEL BIJAL RAMJIBHAI Digitally signed by PATEL BIJAL RAMJIBHAI Date: 2021.05.10 16:35:42 +05'30'

4= ' 1 !-"6-" 14'-16:! 48 ;=&&

=:!- =-=:-"&& RAMESH SADHURA M TAURANI Digitally signed by RAMESH SADHURAM TAURANI Date: 2021.05.10 16:29:37 +05'30'

:--//

Sunil Chellani Digitally signed by Sunil Chellani Date: 2021.05.10 16:37:52 +05'30'

-0

Amount expressed in INR Lakhs unless otherwise stated.

1. Company Background:

Tips Industries Limited is a Company limited by shares, incorporated and domiciled in India. The Company was incorporated on May 8, 1996 under Chapter IX of the Companies Act, 1956. The Company is engaged in the business of Production and Distribution of motion Pictures and acquisition and exploitation Music of Rights. The Equity Shares of the Company are listed on BSE Limited and National Stock Exchange of India Limited.

2. Summary of Significant Accounting Policies:

This note provides a list of the significant accounting policies adopted in the preparation of these financial statements. These policies have been consistently applied to all the years presented, unless otherwise stated.

a) Basis of Preparation:

$\mathsf{i}$ Compliance with Ind As:

In accordance with the notification issued by the Ministry of Corporate Affairs, the Company has adopted Indian Accounting Standards (referred to as "Ind AS") notified under section 133 of the Companies Act, 2013, (" the Act") read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) Amendment Rules, 2016 with effect from April 1, 2016. The financial statements are presented in Indian Rupees (INR), except when otherwise indicated.

ii) Historical cost convention:

The financial statements have been prepared on a historical cost basis, except for the following:

• A) Certain financial assets and liabilities (including derivative instruments)
• B) Defined benefit plans assets measured at fair value

iii) Current/ Non- Current Classification:

Any asset or liability is classified as current if it satisfies any of the following conditions:

• it is expected to be realised or settled or is intended for sale or consumption in $(a)$ the Company's normal operating cycle;
• (b) it is expected to be realised or settled within twelve months from the reporting date;
• (c) it is held primarily for the purposes of being traded;
• (d) the asset is cash or cash equivalent unless it is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting date;
• (e) in the case of a liability, the Company does not have an unconditional right to defer settlement of the liability for atleast twelve months from the reporting date.

All other assets and liabilities are classified as non-current.

Amount expressed in INR Lakhs unless otherwise stated.

For the purpose of current/ non-current classification of assets and liabilities, the Company has ascertained its normal operating cycle as twelve months. This is based on the nature of services and the time between the acquisition of assets or inventories for processing and their realisation in cash and cash equivalents.

b) Use of accounting estimates and judgments:

Preparation of financial statements requires the Company to make assumptions and estimates about future events and apply significant judgments. The Company base its assumptions, estimates and judgments on historical experience, current trends and all available information that it believes is relevant at the time of preparation of the financial statements. However, future events and their effects cannot be determined with certainty. Accordingly, as confirming events occur, actual results could ultimately differ from our assumptions and estimates. Such differences could be material. The following require most difficult, subjective or complex judgments, resulting from the need to make estimates about the effect of matters that are inherently uncertain.

Estimated useful life of property, plant and equipment: $\mathbf{i}$

The Company estimates the useful life of property, plant and equipment based on the period over which the assets are expected to be available for use. The estimation of the useful life of property, plant and equipment is based on collective assessment of industry practice, internal technical evaluation and on the historical experience with similar assets. It is possible, however, that future results from operations could be materially affected by changes in estimates brought about by changes in factors mentioned above. The amounts and timing of recorded expenses for any period would be affected by changes in these factors and circumstances. The estimated useful lifes are reviewed periodically and are updated if expectations differ from previous estimates due to physical wear and tear, technical or commercial obsolescence and legal or other limits on the use of the assets.

ii) Recoverability of deferred income tax assets:

In determining the recoverability of deferred income tax assets, the Company primarily considers current and expected profitability of applicable operating business segments and their ability to utilise any recorded tax assets. The Company reviews its deferred income tax assets at every reporting period end, taking into consideration the availability of sufficient current and projected taxable profits, reversals of taxable temporary differences and tax planning strategies.

iii) Measurement of defined benefit obligations and other employee benefit obligations:

The Company's net obligation in respect of gratuity benefit scheme is calculated by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to determine its present value, and the fair value of any plan assets is deducted.

Amount expressed in INR Lakhs unless otherwise stated.

Compensated absences which are not expected to occur within twelve months after the end of the period in which the employee renders the related services are recognised as a liability at the present value of the other long-term employment benefits.

The present value of the obligation is determined based on actuarial valuation at the balance sheet date by an Independent actuary using the Projected Unit Credit Method, which recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures. The obligation is measured at the present value of the estimated future cash flows. The discount rates used for determining the present value of the obligation under defined benefit plan, are based on the market yields on Government securities as at the balance sheet date.

c) Property, Plant and equipment:

Measurement at recognition

The cost of an item of property, plant and equipment is recognised as an asset if, and only if, it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably and is measured at cost. Subsequent to recognition, all items of property, plant and equipment (except for freehold land) are stated at cost less accumulated depreciation and accumulated impairment losses, if any.

The cost of property, plant and equipment comprises its purchase price plus any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management and the initial estimate of decommissioning, restoration and similar liabilities, if any. Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to the Company.

Items such as spare parts, stand-by equipment and servicing that meets the definition of property, plant and equipment are capitalised at cost and depreciated over the useful life. Cost of repairs and maintenance are recognised in the statement of profit and loss as and when incurred.

Depreciation:

Depreciation is provided on Straight Line Method, pro-rata to the period of use, in terms of Section 123(2) of the Companies Act, 2013 in the manner specified in Schedule II of the Companies Act, 2013 except for Improvements to Leasehold Premises.

Improvements to Leasehold Premises are amortized over the period of lease.

Capital work in progress and Capital advances

Assets under Capital Work in Progress includes the cost of property, plant and equipment that are not ready to use at the balance sheet date. Advances paid to acquire property, plant and

Amount expressed in INR Lakhs unless otherwise stated.

equipment before the balance sheet date are disclosed under Other Non Current Assets. Assets under Capital Work in Progress are not depreciated as these assets are not yet available for use.

Derecognition

An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss on derecognition of an item of property, plant and equipment is measured as the difference between the net disposal proceeds and the carrying amount of the item and is recognised in the statement of profit or loss in the period the asset is derecognised.

d) Intangible assets:

Measurement at recognition:

Intangible assets comprise primarily of computer software. Intangible assets are initially recorded at cost and subsequent to recognition, intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses, if any.

Amortisation:

The Computer Software is amortised over a period of 3 years

Derecognition:

An item of intangible asset is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss on derecognition of an item of intangible asset is measured as the difference between the net disposal proceeds and the carrying amount of the item and is recognised in the statement of profit or loss in the period the asset is derecognised.

e) Investment properties

Properties that is held for long-term rental yields or for capital appreciation or both, and that is not occupied by the Company, is classified as investment property. Investment property is measured initially at its cost, including related transaction costs and where applicable borrowing costs. Subsequent expenditure is capitalised to the asset's carrying amount only when it is probable that the future economic benefits associated with the expenditure will flow to the Company and the cost of item can be measured reliably. All other repairs and maintenance costs are expensed out when incurred. Investment properties are depreciated using the straight-line method over their estimated useful life. Improvements to the leasehold premises are amortised over the period of lease.

f) Financial Instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

Amount expressed in INR Lakhs unless otherwise stated.

Non-derivative financial assets: i) Initial recognition and measurement

The Company recognises a financial asset in its balance sheet when it become party to the contractual provisions of the instrument. All financial assets are recognised initially at fair value plus, in the case of financial assets not recorded at fair value through profit or loss (FVTPL), transaction costs that are attributable to the acqusition of the financial asset.

Where the fair value of a financial asset at initial recognition is different from its transaction price, the difference between the fair value and the transaction price is recognised as a gain or loss in the statement of profit and loss at initial recognition if the fair value is determined through quoted market price in an active market for an identical asset (i.e level 1 input) or through a valuation technique that uses data from observable markets (i.e level 2 input).

However, trade receivables that do not contain a significant financing component are measured at transaction price irrespective of the fair value on initial recognition.

Subsequent measurement:

For subsequent measurement, the Company classifies a financial asset in accordance with the below criteria:

• The Company's business model for managing the financial asset and $i)$
• $\mathsf{ii}$ The contractual cash flow characteristics of the financial asset.

Based on the above criteria, the Company classifies its financial assets into the following categories:

• $i)$ Financial assets measured at amortised cost.
• $\mathsf{ii}$ Financial assets measured at fair value through profit and loss (FVTPL).

i) Financial assets measured at amortised cost:

A financial asset is measured at the amortised cost if both the conditions are met:

• The Company's business model objective for managing the financial asset is to $a)$ hold financial assets in order to collect contractual cash flows.
• The contractual terms of the financial asset give rise on specified dates to cash b) flows that are solely payments of principal and interest on the principal amount outstanding.

This category applies to cash and bank balances, trade receivables, loans, deposits and other financial assets of the Company. Such financial assets are subsequently measured at amortised cost using the effective interest method.

The amortised cost of a financial asset is also adjusted for loss allowance, if any.

Amount expressed in INR Lakhs unless otherwise stated.

ii) Financial assets measured at fair value through profit and loss (FVTPL):

A financial asset is measured at FVTPL unless it is measured at amortised cost or at Fair Value through Other Comprehensive Income (FVTOCI). This is a residual category applies to inventories, share based payments and other investments of the Company excluding investment in subsidiary. Such financial assets are subsequently measured at fair value at each reporting date. Fair value changes are recognised in the statement of profit and loss.

Derecognition:

A financial asset when the contractual rights to the cash flows from the financial asset expire or it transfers the financial asset and the transfer qualifies for derecognition under Ind AS 109. On derecognition of a financial asset, the difference between the carrying amount and the consideration received is recognised in the statement of profit and loss.

Presentation:

Financial assets and liabilities are offset and the net amount presented in the statement of balance sheet when, and only when, the Company has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously.

ii) Non-derivative financial liabilities

Initial recognition and measurement

Financial liabilities are recognised initially on the trade date at which the Company becomes a party to the contractual provisions of the instrument. All financial liabilities are recognised initially at fair value minus, in the case of financial liabilities not recorded at fair value through profit or loss (FVTPL), transaction costs that are attributable to the acquistion of the financial liabilities.

Borrowings are recognised initially at fair value, net of transaction costs incurred, and subsequently carried at amortised cost; any difference between the initial carrying value and the redemption value is recognised in the statement of profit or loss over the period of the borrowings using the effective interest rate method. Other financial liabilities are recognised initially at fair value plus any directly attributable transaction costs.

Non-derivative financial liabilities of the Company comprise long-term borrowings, shortterm borrowings, bank overdrafts and trade and other payables.

Subsequent measurement:

Subsequent to initial recognition these financial liabilities are measured at amortised cost using the effective interest method.

Amount expressed in INR Lakhs unless otherwise stated.

Derecognition:

The Company derecognises a financial liability when its contractual obligations are discharged or cancelled or expired. When an existing financial liability is replaced from the same lender on substantially different terms, or terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference between the carrying amount of the financial liability derecognised and the consideration paid is recognised in the statement of profit and loss.

g) Fair Value

The Company measures financial instruments at fair value in accordance with the accounting policies mentioned above. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:

• (i) in the principal market for the asset or liability or
• (ii) in the absence of a principal market, in the most advantageous market for the asset or liability.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy that categorises into three levels, as described as follows, the inputs to valuation techniques used to measure value. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1 inputs) and the lowest priority to unobservable inputs (level 3 inputs).

Level 1: quoted (unadjusted) market prices in active markets for identical assets or liabilities.

Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly

Level 3: inputs that are unobservable for the asset or liability

For assets and liabilities that are recognised in the financial statements at fair value on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation at the end of each reporting period.

h) Inventories:

Items of inventory are valued on the basis as given below:

i) Cost of Feature Films:

Amount expressed in INR Lakhs unless otherwise stated.

• The Company amortizes 60% of the cost of movie rights acquired or produced by it, on first theatrical release of the movie. The said amortization is made proportionately based on Management's estimates of revenues pertaining to Domestic Theatrical Rights, International Theatrical Rights, Television Rights, Video Rights and others over a period of 12 months from the date of theatrical release of the movie.
• Balance 40% of COP is amortized as per the management estimate / review of future revenues but not exceeding nine years and subject to a minimum of 4.4% in any year.

ii) Cost of under Production Films:

Expenses of under production films incurred till the films are ready for release are inventorised.

The production of films requires various types of materials in different qualities and quantities. Considering the peculiar nature of those items including their multiplicity and complexity, it is not practicable to maintain quantitative records of those items. Further, in the absence of certainty of reusability of such items, the same are not valued.

iii) The Company reassesses the realizable value and / or revenue potential of inventory based on market condition and future demand and appropriate write down is made in cases where accelerated write down is warranted.

Statement of cash flows: i)

The Company's statement of cash flows are prepared using the Indirect method, whereby profit for the period is adjusted for the effects of transactions of a non-cash nature if any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the Company are segregated.

Cash and cash equivalents comprise cash and bank balances.

i) Foreign Currency Transactions

Initial Recognition:

All transactions that are not denominated in the Company's functional currency are foreign currency transactions. These transactions are initially recorded in the functional currency by applying the appropriate daily rate which best approximates the actual rate of the transaction. Exchange differences arising on foreign exchange transactions settled during the period/year are recognised in the statement of profit and loss.

Measurement of foreign current items at reporting date:

Amount expressed in INR Lakhs unless otherwise stated.

Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency rate of exchange at the reporting date. Non-monetary items measured based on historical cost in a foreign currency are not translated. Non-monetary items measured at fair value in a foreign currency are translated to the functional currency using the exchange rates at the date when the fair value was determined.

Exchange differences arising out of these translations are recognised in the statement of profit and loss.

k) Revenue recognition:

Revenue is recognized when a customer obtains control and has the ability to direct the use of and obtain the benefits of products or services for the consideration that the company expects to be entitled to in exchange for those products and services.

The Company exercises judgment whether the revenue should be recognized "over time' or 'at a point of time'. The company considers detailed understanding of customer contractual arrangements, transfer of control vis a vis transfer of risk and reward, acceptance of delivery i.e when control is transferred.

Revenue is recognized only to the extent that it is highly probable that the amount will not be subject to significant reversal when uncertainty relating to its recognition is resolved.

The specific recognition criteria described below must also be met before revenue is recognized:

• $i)$ Audio Right Receipt: Revenue from sale is recognized at a point of time when a control is transferred to a customer based on terms of the agreement / contracts.
• ii) Royalty from Music Rights: Revenue from Music rights where a customer obtains "right to use' is recognized at the point of time the license is made available to the customer as per the terms of the agreement / contracts.

iii) Revenue from Films:

• Revenue from production of films is recognized on assignment of such rights as per the contract/arrangements with the distributors.
• Revenue from distribution of motion pictures is recognized based on ticket sales on exhibition of motion pictures at exhibition of theatres. Recoveries from films as overflows are recognized on the basis of business statements received from the distributors. Contracted minimum guarantees are recognized on theatrical rights.
• iv) Interest Income: Interest income is accounted on accrual basis, at the contracted terms.

Amount expressed in INR Lakhs unless otherwise stated.

v) Others: Revenue in respect of Insurance/Other claims is recognized only when it is reasonably certain that the ultimate collection is made.

Emplovee Benefits: $\mathbf{D}$

i) Short-term obligations:

Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related services are recognised in respect of employees services up to the end of the reporting period and are measured at the amount expected to be paid when liabilities are settled. The liabilities are presented as current employee benefit obligations in the balance sheet.

ii) Other long term employee benefit obligations:

Gratuity obligations:

The liability or asset recognised in the balance sheet in respect of defined benefits pension and gratuity plans is the present value of the defined benefits obligations at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated annually by actuaries using the projected unit credit method.

The present value of the defined benefit obligation denominated in INR is determined by discounting the estimated future cash outflows by reference to market yields at the end of the reporting period on government bonds that have terms approximating to the terms of the related obligation.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is included in employee benefit expense in the statement of profit and loss.

Remeasurement gains and losses arising from experience adjustments and changes in acturaial assumptions are recognised in the period in which they occur, directly in other comprehensive income. They are included in retained earnings in the statement of changes in equity and in the balance sheet.

Changes in the present value of the defined benefit obligation resulting from plan amendments or curtailments are recognised immediately in profit or loss as past service cost

Defined Contribution plans:

The company pays provident fund contributions to publicly administered provident funds as per local regulations. The company has no further payment obligations once the contribution have been paid. The contributions are accounted for as defined contribution

Amount expressed in INR Lakhs unless otherwise stated.

plans and the contribution are recognised as employee benefit expense when they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available.

iii) Bonus Plan:

The company recognises a liability and an expense for bonuses. The company recognises a provision where contractually obliged or where there is a past practice that has created a constructive obligation.

m) Taxes on Income:

Income tax expense comprises current and deferred tax. It is recognised in the statement of profit and loss except to the extent that it relates to a business combination, or items recognised directly in equity or in other comprehensive income.

$i)$ Current tax

Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year/period as per the provisions of tax laws enacted in India and any adjustment to the tax payable or receivable in respect of previous vears/periods. It is measured using tax rates enacted or substantively enacted at the reporting date.

ii) Deferred tax:

Deferred tax is recognised on deductible temporary differences between the carrying amounts of assets and liabilities in the balance sheet and the corresponding tax bases used in the computation of taxable income, the carry forward of unused tax losses and the carry forward of unused tax credits.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax liabilities are generally recognized for all deductible temporary differences. In case of temporary differences that arise from initial recognition of assets or liabilities in a transaction that affect neither the taxable profit nor the accounting profit, deferred tax liabilities are not recognised. Also, for temporary differences if any that may arise from initial recognition of goodwill, deferred tax liabilities are not recognised.

Deferred tax assets are generally recognized for all deductible temporary differences to the extent that it is probable that taxable income will be available against which those deductible temporary differences can be utilised. In case of temporary differences that arise from initial recognition of assets or liabilities in a transaction that affect neither the taxable profit nor the accounting profit, deferred tax assets are not recognised.

Amount expressed in INR Lakhs unless otherwise stated.

The Company reviews the carrying amount of deferred tax assets at the end of each reporting period and reduce amounts to the extent that it is no longer probable that sufficient taxable income will be available to allow all or part of the asset to be recovered.

Presentation of current and deferred tax:

Current and deferred tax are recognised as income or an expense in the statement of profit and loss, except when they relate to items that are recognised in Other Comprehensive Income/ Equity, in which case, the current and deferred tax income/ expense are recognised in Other Comprehensive Income/ Equity.

iii) Minimum Alternative Tax ('MAT'):

Minimum Alternative Tax ('MAT') under the provisions of the Income-tax Act, 1961 is recognised as current tax in the statement of profit and loss. The credit available under the Act in respect of MAT paid is recognised as a deferred tax asset only when and to the extent there is convincing evidence that the Company will pay normal income tax during the period for which the MAT credit can be carried forward for set-off against the normal tax liability. MAT credit recognised as a deferred tax asset is reviewed at each balance sheet date and written down to the extent the aforesaid convincing evidence no longer exists.

n) Earnings per share:

The basic earnings per share ('EPS') is computed by dividing the net profit attributable to equity shareholders for the period, by the weighted average number of equity shares outstanding during the period.

Diluted EPS is computed using the weighted average number of equity and dilutive (potential) equity equivalent shares outstanding during the period except where the results would be anti-dilutive.

o) Provisions and Contingencies

A provision is recognised if, as a result of a past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is more likely than not that an outflow of economic benefits will be required to settle the obligation. Provisions are discounted where the effect of discounting is material at a pre-tax rate that reflects current market assessments of the time value of money. Unwinding of the discount (accretion) is recognized as a finance cost. Discount rates are assessed and projected timing of future obligations each reporting period.

A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but probably will not require an outflow of resources embodying economic benefits or the amount of such obligation cannot be measured reliably. When there

Amount expressed in INR Lakhs unless otherwise stated.

is a possible obligation or a present obligation or a present obligation in respect of which likelihood of outflow of resources embodying economic benefits is remote, no provision or disclosure is made.

p) Investment and other financial assets:

Classification: $\mathbf{i}$

The company classifies its financial assets in the following measurement categories:

• a) those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), and
• b) those measured at amortised cost

The classification depends on the entity's business model for managing the financial assets and the contractual terms of the cash flows.

For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income.

ii) Measurement:

At intial recognition, the company measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquistion of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss.

q) Leases:

As a Lessor: At the commencement or modification of a contract, that contains a lease component, Company allocates the consideration in the contract, to each lease component, on the basis of its relative standalone prices.

At the inception of the lease, it is determined whether it is a finance lease or an operating lease. If the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset, then it is a financial lease, otherwise it is an operating lease. The Company test for the impairment losses at the year end. Payment received under operating lease is recognized as income on straight line basis, over the lease term.

The accounting policies applicable to the Company as a lessor, in the comparative period, were not different from IND AS 116.

As a lessee: The company recognize a right-of-use asset and a lease liability at the lease commencement date.

Right-of-use asset (ROU):

Amount expressed in INR Lakhs unless otherwise stated.

The right-of-use asset is initially measured at cost. Right-of-use asset is depreciated using straight-line method from the commencement date to the end of the lease term.

Lease liability:

Lease liability is initially measured at the present value of lease payments that are not paid at the commencement date. Discounting is done using the implicit interest rate in the lease, if that rate cannot be readily determined, then using the company's incremental borrowing rate. Incremental borrowing rate is determined based on entity's borrowing rate adjusted for terms of the lease and type of the asset leased. Lease liability is measured at amortized cost using the effective interest method.

The company has elected not to recognize right-of-use assets and lease liabilities for short term leases. The lease payments associated with these leases are recognized as an expense on a straight-line basis over the lease term.

r) Segment Reporting:

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker is responsible for allocating resources and assessing performance of the operating segments and has been identified as the Chief Financial Officer of the Group.

The Group's Chief Operating Decision Maker ('CODM') examines the performance and has identified two reportable segments of its business.

• Music (Audio/ Video)
• Film Production/ distribution

The segment performance is evaluated based on profit or loss. Also the Company's borrowings (including finance costs and interest income), income taxes and investments are managed at head office and are not allocated to operating segments.

Segment Revenue is measured in the same way as in the Statement of Profit and Loss. Segment assets and liabilities are measured in the same way as in the financial statements. These assets are allocated based on the operations of the segment.

Impairment of non-financial assets: s)

Assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or group of assets (cash-generating units).

Amount expressed in INR Lakhs unless otherwise stated.

t) Borrowing costs:

General and specific borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalised during the period of time that is required to complete and prepare the asset for its intended use or sale. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use or sale. Other borrowing costs are expensed in the period in which they are incurred, unless they are capitalised

Equity Share Capital $\prec$

Changes in Equity Share Capital Buy Back of Shares
As on December 31, 2020 Changes in Equity Share Capital As on March 31, 2020 As on April 1, 2019

Number	Amount
1,43,18,659	14,31,86,590
1,43,18,659	14,31,86,590
(13,50,000)	(1,35,00,000)
1,29,68,659	12,96,86,590

Other Equity

$\bf{m}$

Particulars	Reserve General	Securities Premium Reserve	Capital Redemption Reserve	Retained Earnings	Total
Balance as at April 1, 2019	5,51,25,000	17,98,72,076	2,98,72,410	29,94,35,049	56,43,04,535
Profit for the year				11,33,93,358	11,33,93,358
Other comprehensive income for the year (net of tax)				1,58,410	1,58,410
Payment of dividends				(1,43,18,659)	(1,43,18,659)
Tax on Dividend				(29, 43, 916)	(29, 43, 916)
Balance as at March 31, 2020	51,25,000	17,98,72,076	2,98,72,410	39,57,24,242	66,05,93,728
Balance as at April 01, 2020	5,51,25,000	17,98,72,076	2,98,72,410	39,57,24,242	66,05,93,728
Profit for the year				25,19,91,460	25,19,91,460
Other comprehensive income for the year (net of tax)				2,90,565	2,90,565
Buy back of Shares	(1,35,00,000)	(17, 55, 00, 000)	1,35,00,000		(17, 55, 00, 000)
Tax on Buyback of shares				(1,82,80,285)	(1, 82, 80, 285)
Payment of dividends				(1,94,52,989)	(1,94,52,989)
Balance as at December 31, 2020	16,25,000	43,72,076	4,33,72,410	61,02,72,993	69,96,42,479

TIPS INDUSTRIES LIMITED NOTES TO THE FINANCIAL STATEMENTS

3 PROPERTY, PLANT AND EQUIPMNETS Particulars

Description of Assets

Carrying Amount of
Cinematography Machinery
Plant & Machinery Computers Motor car Furniture and Fixtures
Office Equipments Total

	Cinematography
Description of Assets	Machinery	Plant & Machinerv	Furniture & Fixtures	Office Equipments	Motor car	Computer	Total
GROSS BLOCK
Balance As at April 01, 2019	40,30,649	5,35,635	47,26,753	1,35,38,091	7,97,78,764	23,49,175	10,49,59,067
Additions			1,63,375	64,821	51,05,820	7,26,185	60,60,201
Disposal					32,49,914		32,49,914
Balance As at March 31, 2020	40,30,649	5,35,635	48,90,128	1,36,02,912	8,16,34,670	30,75,360	10,77,69,354
Balance As at April 01, 2020	40,30,649	5,35,635	48,90,128	1,36,02,912	8,16,34,670	30,75,360	10,77,69,354
Additions			41,250	19,98,391		33,90,688	54,30,329
Disposal					42,12,937		42,12,937
As at Dec 31, 2020	40,30,649	5,35,635	49,31,378	1,56,01,303	7,74,21,733	64,66,048	10,89,86,746
DEPRECIATION
Balance As at April 01, 2019	32,31,040	5,35,635	44,89,034	1,28,64,087	6,08,68,274	20,45,512	8,40,33,582
Depreciation charge for the year	3,18,263		1,49,525	4,03,548	79,17,133	1,40,126	89,28,595
Disposal					32,49,914		32,49,914
Balance As at March 31, 2020	35,49,303	5,35,635	46,38,559	1,32,67,635	6,55,35,493	21,85,638	8,97,12,263
Balance As at April 01,2020	35,49,303	5,35,635	46,38,559	1,32,67,635	6,55,35,493	21,85,638	8,97,12,263
Depreciation charge for the year	1,25,829		73,466	1,83,102	31,75,537	4,54,320	40,12,254
Disposal					42,12,937		42,12,937
Balance As at Dec 31, 2020	36,75,132	5,35,635	47,12,025	1,34,50,737	6,44,98,093	26,39,958	8,95,11,580
NET BLOCK VALUE
As at December 31, 2020	3,55,517		2,19,353	21,50,566	1,29,23,640	38,26,090	1,94,75,166
As at March 31, 2020	4,81,346		2,51,569	3,35,277	1,60,99,177	8,89,722	1,80,57,091

As at Ma Note:

The company has borrowed from banks which carry charge over certain of the above PPE (Refer Note 35(for details)

Amount in INR unless otherwise stated

For the Nine months For the Year ended ended December 31, 2020	March 31, 2020
3,55,517	4.81.346
38,26,090	8.89.722
1,29,23,640	1,60,99,177
2,19,353	2,51,569
21.50.566	3,35,277
1.94.75.166	1,80,57,091

TIPS INDUSTRIES LIMITED NOTES TO THE FINANCIAL STATEMENTS

I Investment property (at cost less accumulated depreciation)

Particulars	For the Nine months ended December 31, 2020	For the Year ended March 31, 2020
Opening	17,64,46,390	17,64,46,390
Add: Additions
Less: Disposal
Closing	17,64,46,390	17,64,46,390
Less: Accumulated depreciation
Opening	4,81,83,935	4,53,17,249
Add: Depreciation/Amotisation	21,50,013	28,66,686
Less: Disposal
Closing	5,03,33,948	4,81,83,935
Net block	12,61,12,442	12,82,62,455

II Information regarding income and expenditure of Investment property

Particulars

(a) Rental income derived from investment properties

(b) Profit arising from investment properties before depreciation and indirect expenses

Less - Depreciation

Less - Property Tax & Maintence Charges

Profit arising from investment properties before indirect expenses

III Fair Value

Particulars

Investment Properties

IV Estimation of fair value

The Company obtains valuations for its investment properties based on circle rates as prescibed by government from time to time.

4,81,83,935	4,53,17,249
21,50,013	28,66,686
5,03,33,948	4,81,83,935
12,61,12,442	12,82,62,455
For the Nine months ended	For the Year ended
December 31, 2020	March 31, 2020
82,15,363	1,07,44,256

For the Nine months ended	For the Year ended
December 31, 2020	March 31, 2020
28, 18, 22, 188	28, 18, 22, 188

8,76,038

51,89,312

8,39,644

70,37,926

$\overline{\phantom{a}}$

NOTES TO THE FINANCIAL STATEMENTS

Non-Current Investments
Particulars	No of Shares as at	No of Shares as at	For the Nine months ended	For the Year ended
	December 31, 2020	March 31, 2020	December 31, 2020	March 31, 2020
(1) Investment in fully paid-up Equity Shares
(Unquoted) (at Cost)
Label Mobile Media Private Limited Equity shares of Rs. 10/- each	5,000	5,000	50,000	50,000
(2) Mutual Funds (Quoted)
Investment carried at fair value through Profit & Loss
Baroda Overnight Fund		14,139.506		1,48,17,938
Baroda Overnight Fund	49,476.009		5,30,25,116
Baroda Large cap & midcap Fund-	1,99,980.001		23,63,764
Baroda Banking & PSU Fund-	4,99,975.001		50,10,499
SBI Artigrage Opportunities Fund	٠	9,61,642.023		2,54,52,645
SBI Overnight Fund	٠	4,889.051		1,59,07,590
SBI Overnight Fund	60,401.090		20,09,42,817
Total			26,13,92,196	5,62,28,173
Aggregate carring value of quoted investments and market value thereof
Aggregate carring value of unquoted investments			26,13,92,196	5,62,28,173

Aggregate carring value of quoted investments and market value.
Aggregate carring value of unquoted investments

6 Loans (Non Current) (Unsecured, Considered good)

a count prontent renergy to house the considered good!
Particulars	For the Nine months ended	For the Year ended
	December 31, 2020	March 31, 2020
al Security Deposit against Premises to Related Parties	5,00,00,000	5.00.00.000
b] Security Deposits -Others	23.23.585	23.23.585
Total	5,23,23,585	5,23,23,585
Other Financial Assets (Non-Current)

Other Financial Assets INON-Currenti
Particulars	For the Nine months ended	For the Year ended
	December 31, 2020	March 31, 2020
Bank Deposits with more than 12 month maturity period	12.86.399	12.86.399
Total	12.86.399	12.86.399

i] Fixed Deposit of Rs.Nil held as lien by bank against overdraft facility amount to Rs. 25,00,00,000/- (Previous Year Rs. Nil

ii] Fixed deposit of Rs.12,86,399 (Previous year Rs. 12,86,399) includes electricity deposit of Rs. 12,72,562/- (Previous year R

8 Other Non-Current Assets Particulars

a] Advances Given for Forthcoming Film Production
b] Advances Given for Digital Rights

CL Deposits with Government Authorties
Total

9 Trade Receivables

Particulars	For the Nine months ended	For the Year ended
	December 31, 2020	March 31, 2020
Trade Receivables
Unsecured, considered good	12,97,26,017	18, 14, 31, 79
Credit impaired	8.24.967	8.24.96
Less: Provision for loss allowance	(8.24.967)	(8.24.96)
Total	12.97.26.017	18.14.31.79

10 Cash & Cash Equivalents

Cash & Cash Edulvalents
Particulars	For the Year ended For the Nine months ended
	December 31, 2020 March 31, 2020
al Cash on Hand	7.64.731 6,62,988
b] Balance with Banks in Current Accounts
- Current Account	77,73,993 50,69,920
- Margin money	20.307 20.253
cl Bank Deposits with Maturity Less 3 months	6,84,90,112 25,38,49,796
Total	25,96,02,957 7,70,49,143

Bank Balances other than cash and Cash Equivalents 11
Particulars	For the Nine months ended	For the Year ended
	December 31, 2020	March 31, 2020
a] Bank Deposits with 3-12 months- Maturity @	28.29.81.949	29,74,259
b] Earnarked Balance with Banks (Unclaimed Dividend)	6.71.108	5,90,125
Total	28,36,53,057	35,64,384

@ It includes of Bank Guarantee of Rs 29,81,949/-(Previous year Rs. 29,74,259/-)

12 Loans

Particulars
-------------	--

Intercorporate Deposits

For the Nine months ended For the Year ended December 31, 2020 March 31, 2020 1.52.09.589 $1,52,09,589$

Amount in INR unless otherwise stated

ls. 12,72,562
	For the Year ended
For the Nine months ended
December 31, 2020	March 31, 2020

4,39,77,431	6,67,56,001
	46,13,145 67,56,001
3,93,64,286	6,00,00,000

For the Nine months ended December 31, 2020	For the Year ended March 31, 2020
12,97,26,017	18, 14, 31, 797
8,24,967	8,24,967
(8, 24, 967)	(8, 24, 967)
12,97,26,017	18, 14, 31, 797

For the Nine months ended	For the Year ended
December 31, 2020	March 31, 2020
7,64,731	6,62,988
77,73,993	50,69,920
20,307	20,253
6,84,90,112	25,38,49,796

TIPS INDUSTRIES LIMITED NOTES TO THE FINANCIAL STATEMENTS

13	Other Financial Assets (Unsecured, considered Good)	Amount in INR unless otherwise stated
	Particulars	For the Nine months ended For the Year ended December 31, 2020 March 31, 2020
	Loans to Employees Total	25.96.987 22,74,550 25.96.987 22.74.550

14 Current Tax (Net)

Particulars

Advance payment of Income tax and Tax Deducted at Source
(net of Provision for Taxation Rs. 16,53,17,642 (L/Y 785,50,791) Total current tax assets (net)

• 15 Other Current Assets Loans and Advances (Unsecured, considered Good) Particulars
• a] Advances for film Projects in Hand
• b] Prepaid Expenses
  c] Balances with Government Authorties
• d] Others
  Total

$\overline{25,96,987}$ $\overline{22,74,550}$

For the Nine months ended December 31, 2020	For the Year ended March 31, 2020
	4,27,13,375
	4,27,13,375

For the Nine months ended	For the Year ended
December 31, 2020	March 31, 2020
29,27,20,724	5,54,54,205
20.072	2,72,726
3,12,32,626	1,78,81,661
3,23,79,183	1,54,54,124
35,63,52,605	8,90,62,716

TIPS INDUSTRIES LIMITED NOTES TO THE FINANCIAL STATEMENTS

16 Equity Share Capital (Refer Note 35(3))

		For the Nine months ended December 31, 2020		For the Year ended March 31, 2020
	Particulars	Number of Shares	Amount	Number of Shares	Amount
al	Authorised 2,00,00,000 Equity Shares of Rs. 10 each	2,00,00,000	20,00,00,000	2,00,00,000	20,00,00,000
	b] Issued, Subscribed and fully paid-up	1,43,18,659	14,31,86,590	1,43,18,659	14,31,86,590
	Buyback of shares	(13,50,000)	(1,35,00,000)
	Total	1,29,68,659	12,96,86,590	1,43,18,659	14,31,86,590

17 Other Equity
Particulars	For the Nine months ended	For the Year ended
	December 31, 2020	March 31, 2020
1 General Reserves	4,16,25,000	5,51,25,000
2 Securities Premium Reserve	43,72,076	17,98,72,076
3 Capital Redemption Reserve	4,33,72,410	2,98,72,410
4 Retained Earnings	61,02,72,993	39,57,24,242
Total	69,96,42,479	66,05,93,728
Conoral Pocorvoc

L General Reserves
Particulars	For the Nine months ended	For the Year ended
	December 31. 2020	March 31, 2020
Balance at the beginning of the year	5,51,25,000	5,51,25,000
Less: Transferred to Capital Redemption Reserve	(1,35,00,000)
Balance at the end of the year	4,16,25,000	5,51,25,000

General reserve: Under the erstwhile Companies Act 1956, a general reserve was created through an annual transfer of net profit at a specified percentage in accordance with applicable regulations. Consequent to the introduction of the Companies Act, 2013 (the "Companies Act"), the requirement to mandatory transfer a specified percentage of net profit to general reserve has been withdrawn. The amount credited to the reserve can be utilised by the company in accordance with the provisions of the Companies Act. There is no movement in general reserve during the current vear.

2 Securities Premium Reserve

- 966811669 1 1611118111 16961 VG
Particulars	For the Nine months ended	For the Year ended
	December 31, 2020	March 31, 2020
Balance at the beginning of the year	17,98,72,076	17,98,72,076
Less:Buyback of Shares	(17, 55, 00, 000)
Balance at the end of the year	43.72.076	17,98,72,076

Securities premium reserve: This reserve represents the premium on issue of shares and can be utilised in accordance with the provisions of the Companies Act.

3 Capital Redemption Reserve

Particulars	For the Nine months ended	For the Year ended
	December 31, 2020	March 31, 2020
Balance at the beginning of the year	2,98,72,410	2,98,72,410
Add: Transfered from General Reserves	1.35.00.000
Balance at the end of the year	4,33,72,410	2,98,72,410

Capital redemption reserve: This reserve is used to increase the reserve by issue & paid up price of the share on buy back of shares by company

4 Retained Earnings Particulars

Balance at the beginning of the year Net profit for the period Other comprehensive income for the year Remeasurement gain (loss) of post employment benefit obligations (net of taxes) Tax on buyback of Shares Dividend Paid Dividend Distribution Tax Paid Balance at the end of the year

18 Borrowings (refer note to accounts No. 35 (4))

Secured Term Loans From Bank Total

Particulars

For the Nine months ended	For the Year ended
December 31, 2020	March 31, 2020
39,57,24,242	29,94,35,049
25,19,91,460	11,33,93,358
2,90,565	1,58,410
(1,82,80,285)
(1,94,52,989)	(1,43,18,659)
	(29, 43, 916)
61.02.72.993	39.57.24.242

For the Nine months ended	For the Year ended
December 31, 2020	March 31, 2020
	1,88,97,599
	1,88,97,599

NOTES TO THE FINANCIAL STATEMENTS 19 Other Financial Liabilties

Particulars

Security Deposit Total

20 Deferred Tax Liabilities (Net) Particulars

Deferred Tax Liabilities Property, plant, equipment and investment property Others Deferred Tax Assets Employees benefit Obligations Provision for loss allowance

Total

21 Employee Benefit Obligations (Non Current) Particulars

Gratuity Total

22 Other Non Current Liabilities Particulars

Advance from Customers Total

23 Trade Payables Particulars

(a) Total outstanding dues of micro and small enterprises (Refer Note No 35(5)) (b) Total outstanding dues of Creditors other than micro and small enterprises Total

24 Other Financial Liabilities Particulars

(a) Current maturities of Long-Term debt
Bank * (c) Unclaimed Dividends **

Total Other Financial Liabilities

** There are no amounts due for payment to the Investors Education and Protection fund under section 124 of the Companies Act, 2013, as at the year end.

25 Employee Benefit Obligations

Particulars

Gratuity Total

26 Current Tax (Net)

Particulars

Advance payment of Income tax and Tax Deducted at Source (net of Provision for Taxation Rs. 16,53,17,642 (L/Y 785,50,791)
Total current tax assets (net)

27 Other Curent Liabilities

Particulars

(a) Advances from Customers (b) Amount payable to Government Authorities $Total$

(Amount in INR unless otherwise stated)

For the Nine months ended December 31, 2020	For the Year ended March 31, 2020
24.00.000	24,00,000
24.00.000	24.00.000

For the Nine months ended December 31, 2020	For the Year ended March 31, 2020
2,76,90,120	2,76,90,120
3,28,276	3,28,276
(9,78,746)	(9, 78, 746)
(2,40,230)	(2,40,230)
2.67.99.420	2.67.99.420

For the Nine months ended	For the Year ended
December 31, 2020	March 31, 2020
30,87,639	27,98,500
30,87,639	27,98,500

For the Nine months ended December 31, 2020	For the Year ended March 31, 2020
36,87,49,718	۰
36,87,49,718	۰

For the Nine months ended	For the Year ended
December 31, 2020	March 31, 2020
9,44,22,143	4,25,86,764
9,44,22,143	4,25,86,764

For the Nine months ended December 31, 2020	For the Year ended March 31, 2020
6.71.108	5.90.125
6.71.108	5,90,125

For the Nine months ended December 31, 2020	For the Year ended March 31, 2020
1.23.225	1,19,643
1.23.225	1,19,643

For the Nine months ended December 31, 2020	For the Year ended March 31, 2020
3,66,05,329	۰
3,66,05,329

For the Year ended
March 31, 2020
37,340
35,53,773
35.91.113

NOTES TO THE FINANCIAL STATEMENTS

28 Revenues from Operations

Particulars

Sale of Services

Income from Satelite Rights Films Income from Web Series Licence fees Total Revenue from Operations

For the Nine months ended	For the Year ended
December 31, 2020	March 31, 2020
	(7,09,02,431)
	16.00.000
62,89,16,804	97,92,10,216
62,89,16,804	90,99,07,785

For the Nine months ended

December 31, 2020

For the Nine months ended

12,97,26,017

For the Year ended March 31, 2020

For the Year ended

18, 14, 31, 797

$a$ ] Disaggregation of revenue from contracts with customers

Revenue by Geography	License Fees (Audio/ Video)		Film Production/Distribution/Web Series
	For the Nine months ended	For the Year ended	For the Nine months ended	For the Year ended
	December 31, 2020	March 31, 2020	December 31, 2020	March 31, 2020
Domestic	29,48,57,948	58,39,93,724		(7,09,02,431)
International	33,40,58,856	39,52,16,492	$\overline{\phantom{a}}$
	62,89,16,804	97,92,10,216	$\overline{\phantom{0}}$	(7,09,02,431)

Timing of Revenue Recongnition

THING OF REVENUE RECONSINGUIT
Services transferred at a point in time	62.89.16.804	97.92.10.216	'7.09.02.431
Total Revenue from Contracts with
Customers	62.89.16.804	97.92.10.216	(7,09,02,431)

b] Contract Balances

The following table provides information about receivables from contracts with customers.

Particulars

Receivables, which are included in 'trade and other receivables'

29 Other Income

Particulars

	December 31, 2020	March 31, 2020
Interest Income
On Fixed Deposits with banks	74,31,159	75,16,660
On Income Tax Refund	$\overline{\phantom{a}}$
Rent Income	82,15,363	1,07,44,256
Liabilities/Provisions no longer required written back	2,61,923	11,46,595
Bad Debts Recovered		48,00,000
Profit on Sale of Assets	3,50,000	7,75,000
Insurance Claim Received	8,34,369	1,06,340
Foreign Exchange Gain	20,838	2,07,093
Fair value of Mutual Funds	31,64,024	62,07,013
Other Non-operating Income	21,172	14,67,82,531
Total	2,02,98,848	17,82,85,488

30 Cost of Productions/Distribution of films .
Particulare

Particulars	For the Nine months ended December 31, 2020	For the Year ended March 31, 2020
Opening-
Cost of Under Production films
Unamortised cost at beginning of the year		28,66,04,383
Add: Cost incurred during the year	$\overline{\phantom{a}}$
Less Closing-
Unamortised cost at the close of the year
Cost of underproduction films carried forward
Total	-	28,66,04,383
31 Employee Benefits Expenses

For the Nine months ended December 31, 2020	For the Year ended March 31, 2020
5,68,22,193	7,08,21,798
7,32,377	9,66,537
10,58,673	11,36,785
2,56,517	13,42,580
5,88,69,760	7,42,67,700

Salary, Wages & Bonus Contribution to Provident and other Funds Gratuity Staff Welfare Expenses Total

Particulars

TIPS INDUSTRIES LIMITED NOTES TO THE FINANCIAL STATEMENTS

32 Finance Costs Particulars	For the Nine months ended	For the Year ended
	December 31, 2020	March 31, 2020
Interest Paid to Banks	1,61,120	2,47,087
Interest on Loan to Directors		25,86,363
Total	1,61,120	28,33,450
33 Depreciation and Amortisation Expenses

For the Nine months ended December 31, 2020	For the Year ended March 31, 2020
40,12,254	89,28,596
21,50,013	28,66,686
61,62,267	1,17,95,282

For the Nine months ended December 31, 2020	For the Year ended March 31, 2020
2,72,687	8,67,268
76,74,836	1,03,37,733
69,27,898	10,70,365
1,90,45,948	1,66,13,631
11,11,973	11, 14, 18, 213
3,51,54,334	4,02,43,018
	59,71,346
8,41,63,761	11,00,75,221
3,35,84,130	8,42,49,139
7,30,593	26,38,561
9,25,000	14,50,000
5,400	21,397
30,16,500	30,69,800
	14,46,74,432
1,64,57,496	3,64,33,705
20,90,70,556	56,91,33,829

Depreciation of property, plant and equipment
Amortization on Investment Property Total

34 Other Expenses .
Particulars

Particulars

	December 31, 2020	March 31, 2020
Electricity Expenses	2,72,687	8,67,26
Rent	76,74,836	1,03,37,73
Repairs & Maintainence:
-Office Premises	69,27,898	10,70,36
Insurance	1,90,45,948	1,66,13,63
Rates and Taxes	11,11,973	11, 14, 18, 21
Legal and Professional	3,51,54,334	4,02,43,01
CSR Expenses		59,71,34
In-house Music Production/Acquistion Cost	8,41,63,761	11,00,75,22
Advertisement Expenses	3,35,84,130	8,42,49,13
Travelling and Conveyance	7,30,593	26,38,56
Audit Fees
-Statutory Fees	9,25,000	14,50,00
-Out of pocket expenses	5,400	21,39
Donation	30,16,500	30,69,80
Bad Debts and Advances Written Off		14,46,74,43
Miscellaneous Expenses	1,64,57,496	3,64,33,70
Total	20,90,70,556	56,91,33,82

TIPS INDUSTRIES LIMITED NOTES TO THE FINANCIAL STATEMENTS

• 35) Notes forming part of Financial Statements
  1] Contingent Liabilities to the extent not provided for in respect of :
  a] Claims against the Company not acknowledged as debt

Particulars

Penalty under FEMA Act*

	(₹ in Lakhs)
For the Nine months ended	For the Year ended
December 31, 2020	March 31, 2020
90.00	90.00

* The Company is hopeful of favorable decisions for the appeal pending before the Hon'able Supreme Court. The Hon'able Supreme Court has granted stay until disposal of petition.

There has been a Supreme Court Judgement dated 28 Feb 2019, relating to components of salary structure that need to be taken into account while computing the contribution to provident fund under
the EPF act. There are inte b]

2] Trade Receivables, Trade Payables and advances are subject to confirmations and reconciliation, if any.

(Amount in INR Lakhs unless otherwise stated)

TIPS INDUSTRIES LTD NOTES TO THE FINANCIAL STATEMENTS

(Amount in INR Lakhs unless otherwise stated)

Share Canital $31$

Rights, preferences and restrictions attached to Equity shares : The company has only one class of equity shares having a par value of Rs. 10/- per share. Each a] shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholdings.

b] Details of equity shares held by shareholders holding more than 5% of the aggregate equity shares in the Company:

				(₹ in Lakhs)
Particulars		December 31, 2020		March 31, 2020
	No. of		No. of
	shares	% of holding	shares	% of holding
Kumar S Taurani	26.29.800	20.28	28.81.915	20.13
Ramesh S Taurani	26.24.283	20.24	28.75.911	20.09
Varsha R Taurani	22.31.641	17.21	24.74.718	17.28
Renu K Taurani	22.26.128	17.17	24.68.718	17.24

c] Reconciliation of number of equity shares outstanding as on beginning and closing of the year:

Particulars	December 31, 2020		March 31, 2020
	Number	Amount	Number	Amount
Share outstanding at the beginning of the year	1.29.68.659	1.296.87	1.43.18.659	1.431.87
Shares outstanding at the end of the year	1,29,68,659	1.296.87	1.43.18.659	1.431.87

d] Information on equity shares alloted without receipt of cash or alloted as bonus shares or shares bought back

During the Financial Year 2015 - 16, the Company had bought back 290,958 Equity Shares of Rs. 10/- each from open market at an average price of Rs. 62.83/-During the Financial Year 2016 - 17, the Company had bought back 749,023 Equity Shares of Rs. 10/- each from open market at an average price of Rs. 63.34/-During the Financial Year 2020-21, the Company had bought back 13,50,000 Equity Shares of Rs. 10/- each through tender offer route at a price of Rs. 140.00/-

41 Borrowings:

Nature of Securities and Terms of Repayment

i] Overdraft Facilities

Overdraft Facility of Rs. Nil (March 31, 2020 Rs. 189 lacs) from two Banks are secured on first paripassu charge by way of hypothecation of Current and Future Audio Library (IPR) of the Company and also charge by way of mortgage of office premises owned by the Company situated at Mumbai and residential premises owned by the promoters. Further, personal guarantee of both the executive directors has been provided. The overdraft facility is repayable in 7 yearly equal installments. Last installment dues are in August, 2021 and April, 2025 respectively.

5] Dues to micro and small suppliers

Under the Micro, Small and Medium Enterprises Development Act, 2006, (MSMED) which came into force from October 2, 2006, certain disclosures are required to be made relating to Micro, Small and Medium enterprises. On the basis of the information and records available with the management, there are no outstanding dues to the Micro and Small enterprises as defined in the Micro. Small and Medium Enterprises Development Act. 2006.

Partiuclars

• 1 Principal amount remaining unpaid to any supplier as at the year end
• 2 Interest due thereon
• 3 Amount of interest paid by the Company in terms of section 16 of the MSMED, along with the amount of the payment made to the supplier beyond the appointed day during the accounting year
• 4 Amount of interest due and payable for the period of delay in making payment (which have been paid but beyond the appointed day during the period) but without adding the interest specified under the MSMED
• 5 Amount of interest accrued and remaining unpaid at the end of the accounting year

. III LAKIIS)
Dec 31, 2020 March 31, 2020

$\sqrt{2}$ in table $\sqrt{2}$

(₹ in Lakhs)

TIPS INDUSTRIES LIMITED NOTES TO THE FINANCIAL STATEMENTS

Related Party Disclosure 61

i] List of related parties and nature of their relationship is furnished below:

a) Subsidiaries where control exits

• b) Joint Ventures
• c) Key Management Personnel

$NII$

NIL

Mr. Kumar S Taurani - Chairman & Managing Director Mr. Ramesh S Taurani - Managing Director

Mr. Girish K Taurani - Additional Director (wef 13.02.2020)

• Mr. Sunil Chellani Chief Financial Officer
• Ms. Bijal Patel Company Secretary

Non Executive Independent Director

.
Ms. Radhika Pereira Mr. Amitabh Mundhra Mr Venkitaraman Iver

d) Relatives of Key Management Personnel

Mrs. Renu K Taurani Mrs. Varsha R Taurani Mr. Kunal K Taurani Ms. Sneha R Taurani Ms. Jaya R Taurani Ms. Raveena R Taurani Ms. Krsna G Taurani Propreitory Concern Yogisattava owned by Ms. Raveena Taurani

$f$ in Iakhel

e) Enterprise owned or significantly influenced by Key Management

Personnel or their relatives, where transactions have taken place

		December 31, 2020			March 31, 2020	$1.11$ = $0.01$
Particulars	Key	Relatives of		Key	Relatives of
	Management	Key	Total	Management	Key	Total
	Personnel	Management		Personnel	Management
		Personnel			Personnel
Loan Taken	1.00		1.00	581.00		581.00
Loan Repayment	0.90		0.90	581.00		581.00
Rent Paid		63.00	63.00		84.00	84.00
Rent Received		10.12	10.12		12.50	12.50
Interest Paid				25.86		25.86
Legal & Profession Fees Paid	17.42	22.50	39.92	22.00	30.00	52.00
Director Remmuneration Paid	290.25		290.25	342.74		342.74
Salary Paid	6.75	74.25	81.00	6.76	125.26	132.01
Sitting Fees paid to Non Executive Independent Director	6.84		6.84	5.95		5.95
Reimbursement of Expenses	0.11		0.11		4.10	4.10
Advance paid	37.57		37.57		0.35	0.35
Business Promotion Expenses		0.08	0.08		3.75	3.75
Diwali Expenses					3.28	3.28
Balances Outstanding at the year
Payable towards Exps-Business promotion Exps					0.44	0.44
Receivable Loans	۰
Receivable towards Debtors (Rent Receivable)	۰	1.40	1.40
Receivable Deposits		500.00	500.00		500.00	500.00

Note: Related party relationship is as identified by the Company and relied upon by the Auditors.

7] Segment Reporting

The Company's Chief Operating Decision Maker ('CODM') examines the Company performance and has identified two reportable segments of its business.

a) Music (Audio/ Video)

b) Film Production/ distribution

Company Disclosure as per the reqquirements of Indian Accounting Standard-17 for " Segment Reporting" is as under:

The segment performance is evaluated based on profit or loss and is measured consistently with profit or loss in the financial statement. Also the Company borrowings (including finance costs and interest income), income taxes and investments are managed at head office and are not allocated to operating segments.

Segment Revenue is measured in the same way as in the Statement of Profit and Loss.

Segment assets and liabilities are measured in the same way as in the financial statements. These assets are allocated based on the operations of the segment.

7] Segment Reporting

information about reportable segments						(₹ in Lakhs)
Particulars		December 31, 2020			March 31, 2020
	Video)	Distribution/Web /lusic (Audio/ Film Production series	Total	Music (Audio/ Video)	Distribution/Web Film Production/ series	Total
Segment Revenues
Sales & License Fees	6,289.17		6,289.17	9,792.10	(693.02)	9,099.08
Total	6,289.17		6,289.17	9,792.10	(693.02)	9,099.08

Particulars		December 31, 2020			March 31, 2020	(₹ in Lakhs)
	Video)	Distribution/Web Music (Audio/ Film Production/ series	Total	Music (Audio/ Video)	Distribution/Web Film Production/ series	Total
Segment Results Finance Cost	4,795.18	(139.53)	1.61 4,655.65	7,721.97	(5, 365.26)	2,356.70 28.34
Other unallocated expenditure (net)	1		904.53			892.78
Profit Before Tax			3,749.51			1,435.58

(₹ in Lakhs) 117.95 $\mathbf{I}$ Total 111.81 Unallocated March 31, 2020 3.18 Film Production/ Distribution/Web $\mathbf{r}$ series Music (Audio/ 2.96 Ï Video) 61.62 $\blacksquare$ Total 38.86 Film Production/ Unallocated $\overline{1}$ December 31, 2020 Distribution/Web 20.54 j series 2.22 ï (Audio/
Video) Music Segment depreciation and amortisation Segment non-cash expenditure other than depreciation and amortisation Particulars

TIPS INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS

(Amount in INR Lakhs unless otherwise stated)

(₹ in Lakhs)

Particulars		December 31, 2020			March 31, 2020
	Video)	Distribution/Web Music (Audio/ Film Production/ series	Total	Music (Audio/ Video)	Distribution/Web Film Production/ series	Total
Segment Assets	2,425.18	4,641.17	7,066.35	2,571.14	591.08	3,162.22
Reconciliation to total assets
nvestment		782.45	782.45			561.78
Current Tax Assets (Net)						427.13
Other Unallocable Assets			5,842.75			4,864.50
Total Assets as per Balance Sheet			13,691.55			9,015.63

								(₹ in Lakhs)
Particulars		December 31, 2020					March 31, 2020
	Music	Film Production/ Unallocated				Music (Audio/ Film Production/	Unallocated
	Audio/ Distribu	ution/Web		Total	Video)	Distribution/Web		Total
	Video)	eries ű				series
Addition to non current assets other			54.30	54.30			60.60	60.60
than financial assets

٦

						(₹ in Lakhs)
Particulars		December 31, 2020			March 31, 2020
	Video)	Distribution/Web Ausic (Audio/ Film Production/ series	Total	Music (Audio/ Video)	Distribution/Web Film Production/ series	Total
Segment Liabilities	4,187.13	423.62	4,610.75	392.87	8.16	401.04
Reconciliation to total liabilities
Borrowings						188.98
Other Unallocable Liabilities			787.50			387.81
Total Liabilities as per Balance Sheet			5,398.25			977.83

TIPS INDUSTRIES LIMITED NOTES TO THE FINANCIAL STATEMENTS

(Amount in INR Lakhs unless otherwise stated)

8] Financial instruments - Fair values and risk management

A] Accounting classification and fair values

Carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy, are presented below. It does not include
the fair value information for financial assets a

								(₹ in Lakhs)
December 31, 2020			Carrying Aamount				Fair Value
Particulars	FVPTL	FVYOCI	Amortised	Total	Level 1	Level 2	Level 3	Total
			Cost
Financial Assets
Non Current
Investment			0.50	0.50
Mutual Fund	2,613.42			2,613.42	2,613.42			2,613.42
Rent Deposits			523.24	523.24
Other Financial Assets			12.86	12.86
Current Assets
Trade Receivables			1,297.26	1,297.26
Cash & Cash Equivalents			770.49	770.49
Bank Balances other than above			2,836.53	2,836.53
Loans			152.10	152.10
Other Financial Assets			25.97	25.97
December 31, 2020			Carrying Aamount				Fair Value
	FVPTL	FVYOCI	Amortised	Total	Level 1	Level 2	Level 3	Total
			Cost
Financial Liabilities
Non Current
Borrowings
Other Financial Liabilities			24.00	24.00
Current Liability
Trade Payable			944.22	944.22
Other Current Liabilities			6.71	6.71

								(₹ in Lakhs)
March 31, 2020			Carrying Aamount				Fair Value
Particulars	FVPTL	FVYOCI	Amortised	Total	Level 1	Level 2	Level 3	Total
			Cost
Financial Assets
Non Current
Investment			0.50	0.50
Mutual Fund	561.78			561.78	561.78			561.78
Rent Deposits			523.24	523.24
Other Financial Assets			12.86	12.86
Current Assets
Trade Receivables			1,814.32	1,814.32
Cash & Cash Equivalents			2,596.03	2,596.03
Bank Balances other than above			35.64	35.64
Other Financial Assets			22.75	22.75
Financial Liabilities
Non Current
Borrowings			188.98	188.98
Other Financial Liabilities			24.00	24.00
Current Liability
Trade Payable			425.87	425.87
Other Current Liabilities			5.90	5.901

There are no transfers between Level 1 and Level 2 during the year

NOTES TO THE FINANCIAL STATEMENTS

(Amount in INR Lakhs unless otherwise stated)

81 Financial instruments - Fair values and risk management

The carrying value of trade receivables, cash and cash equivalents, other bank balances, loans, trade payables and other financial assets and liabilities are i) considered to be the same as their fair values due to their short term nature. The fair value of financial instruments as referred to in note above have been classified into three categories depending on the inputs used in valuation technique. The hierarchy gives highest priority to quoted prices in active market for identical assets or liabilities (Level 1 measurement) and lowest priority to unobservable inputs (Level 3 measurement).

ii] Valuation technique used to determine fair value Specific valuation technique used to value financial instruments include: The mutual funds are valued using closing NAV available in the market.

B1 Financial risk management

The Company has exposure to the following risks arising from financial instruments: * Credit Risk;

• * Liquidity Risk · and
• * Market Risk

il Risk Management objectives

The Companys activities expose it to a variety of financial risks viz. credit risk, liquidity risk and market risk. In order to manage the aforementioned risks, the Company operates a risk management policy and a program that performs close monitoring of and responding to each risk factors

iil Credit risk

a] Credit Risk management

Credit risk arises when a counterparty defaults on its contractual obligations to pay resulting in financial loss to the Company. The Company deals with creditworthy counterparties as a means of mitigating the risk of financial loss from defaults. The Company uses publicly available financial information and its own trading records to rate its major customers. The Company's exposure and credit ratings of its counterparties are regularly monitored and the aggregate value of transactions concluded is spread amongst counterparties

b] Cash and Cash equivalents and other Bank balances

The Company held cash and cash equivalents and other bank balances of Rs.770.49 Lakhs as on March 31, 2020 (March 31, 2020; Rs.2.631.67 Lakhs). The cash and cash equivalents are held with bank counterparties with good credit ratings.

c] Loans and Advances :

The Company held Loans and Advances of Rs. 510 Lakhs as on December 31, 2020 (March 31, 2020; Rs. 510 Lakhs). The loans and advances are in nature of rent deposit paid to landlords and are fully recoverable.

d] Trade receivables :

Trade receivables are typically unsecured and are derived from revenue earned from customers. Credit risk has been managed by the Company through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the company grants credit terms in the normal course of business. Exposures to customers outstanding at the end of each reporting period are reviewed by the Company to determine incurred and expected credit losses. Historical trends of impairment of trade receivables do not reflect any significant credit losses. Given that the macro economic indicators affecting customers of the Company have not undergone any substantial change, the Company expects the historical trend of minimal credit losses to continue.

iii] Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company's approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company's reputation

As of December 31, 2020 and March 31, 2020 the Company had unutilized credit limits from banks of Rs. 2144 Lakhs, Rs. 2668 Lakhs respectively

Maturity profile of financial liabilities

The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted, and include estimated (₹ in Lakhs)

December 31, 2020							Contractual Cash Flows
Particulars	Carrying	Total		Less than 6 6 - 12 months	$1 - 2$	$2 - 5$	More than 5
	Amount		months		years	years	years
Current Financial Liabilities
Trade Payables	944.22	944.22	944.22	٠	٠	$\overline{\phantom{a}}$
Other Financial Liabilities	6.71	6.71	6.71	٠	٠
March 31, 2020							Contractual Cash Flows
Particulars	Carrying	Total		Less than 6 6 - 12 months	$1 - 2$	$2 - 5$	More than 5
	Amount		months		years	years	years
Current Financial Liabilities
Trade Payables	425.87	425.87	425.87	٠	٠
Other Financial Liabilities	5.90	5.90	5.90	٠	۰

iv] Market Risk

Market risk is the risk that changes in market prices - such as foreign exchange rates, interest rates and equity prices - will affect the Company's income or the value of its holdings of financial instruments. Market risk is attributable to all market risk sensitive financial instruments including foreign currency receivables and payables and long term debt. We are exposed to market risk primarily related to foreign exchange rate risk, interest rate risk and the market value of our investments. Thus, our exposure to market risk is a function of investing and borrowing activities and revenue generating and operating activities in foreign currency. The objective of market risk management is to avoid excessive exposure in our foreign currency revenues and costs

NOTES TO THE FINANCIAL STATEMENTS

(Amount in INR Lakhs unless otherwise stated)

(₹ in Lakhs)

8] Financial instruments - Fair values and risk management

a] Currency Risk

The company is exposed to currency risk on account of its receivables / payables in foreign currency. The functional currency of the Company in Indian Rupees.

i) Exposure to currency risk (Exposure in different currencies converted to functional currency i.e. INR)

The currency profile of financial assets and financial liabilities as at 31st December 2020 and 31st March 2020 are as below The Company's exposure to foreign currency risk at the end of the reporting period expressed in INR, are as follows:

.	.			(₹ in Lakhs)
	December 31, 2020			March 31, 2020
Currency	Financial	Financial	Financial	Financial
	Assets	Liabilities	Assets	Liabilities
USD	949.31		551.21
GBP	18.77		56.33
TOTAL	968.08		607.54	0.00

ii) Net Exposure to Foreign Currency Risk

.
(Assets - Liabilities)			(₹ in Lakhs)
Currency	December 31, 2020		March 31, 2020
USD		949.31	551.21
GBP		18.77	56.33
TOTAL		968.08	607.54

iii) Sensitivity analysis

A reasonably possible strengthening (weakening) of the foreign Currency against the Indian Rupee at March 31 would have affected the measurement of financial instruments denominated in foreign currencies and affected equity and profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact of forecast sales and purchases. $($ ₹ in Lakhs)

	December 31, 2020			March 31, 2020
	Profit or Loss			Profit or Loss
Effect in INR	Strenghtening	Weakening	Strenghtening	Weakening
USD - 10 % Movement	94.93	$-94.93$	55.12	$-55.12$
GBP - 10 % Movement	1.88	$-1.88$	5.63	$-5.63$

b] Interest rate risk

Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate risk is the risk of changes in fair values of fixed interest bearing investments because of fluctuations in the interest rates. Cash flow interest rate risk is the risk that the future cash flows of floating interest bearing investments will fluctuate because of fluctuations in the interest rates.

i) Exposure to interest rate risk

Company's interest rate risk arises from borrowings. The interest rate profile of the Company's interest bearing financial instruments as reported to the management of the Company is as follows

	December 31, 2020	March 31, 2020
Borrowings
Fixed Rate Borrowings
Variable Rate Borrowings		188.98

ii) Fair value sensitivity analysis for fixed-rate instruments

The Company does not account for any fixed-rate financial assets or financial liabilities at fair value through profit or loss. Therefore, a change in interest rates at the reporting date would not affect profit or loss.

iii) Cash flow sensitivity analysis for variable-rate instruments

A reasonably possible change of 100 basis points in interest rates at the reporting date would have increased (decreased) profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular foreign currency exchange rates, remain constant.

		(₹ in Lakhs) Profit or (loss)
INR	100 bp increase	100 bp decrease
December 31, 2020
Variable-rate instruments	$\overline{\phantom{a}}$	$\sim$
Cash flow sensitivity (net)	$\overline{\phantom{a}}$	$\sim$
December 31, 2020
Variable-rate instruments	(188.98)	188.98
Cash flow sensitivity (net)	(188.98)	188.98

The risk estimates provided assume a parallel shift of 100 basis points interest rate across all yield curves. This calculation also assumes that the change occurs at the balance sheet date and has been calculated based on risk exposures outstanding as at that date. The period end balances are not necessarily representative of the average debt outstanding during the period.

NOTES TO THE FINANCIAL STATEMENTS

c] Price Risk

Price risk refers to risk that the fair value of a financial instrument may fluctuate because of the change in the market price. The Company is exposed to the price risk mainly from investment in mutual funds. Investments in mutual funds are made primarily in units of fixed maturity and liquid funds and are not exposed to significant price risk.

9] Capital Management

a] Risk Management

The Company's capital management objectives are:

• safeguard their ability to continue as A going concern, so that they can continue to provide returns for shareholders and benefits for other stakeholders, and

• maintain an optimal capital structure to reduce the cost of capital

In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.

Consistent with others in the industry, the Company monitors capital on the basis of net debt to equity ratio and maturity profile of overall debt portfolio of the Company

b] Dividend on equity shares

Dividend declared and paid during the year

Final Dividend for the year ended December 31,2020 of Re. 1/50 (March 31,2020 - Re 1/- per fully paid share (along with Dividend distribution tax)

(Amount in INR Lakhs unless otherwise stated)

TIPS INDUSTRIES LIMITED NOTES TO THE FINANCIAL STATEMENTS

(Amount in INR Lakhs unless otherwise stated)

10] Additional Information Persuant to the Provisions of Schedule III to the Companies Act, 2013.

(₹ in Lakhs)

i] Expenditure / Payments In Foreign Currency

EXPONSIVE / TUVINCING IN TURGISH CUITCHEV
Particulars	December 31, 2020	March 31, 2020
Data Storage Expenses	5.99	5.59
Royalty Paid	$\overline{\phantom{0}}$	20.00
Programme Expenses	5.29	1.00
Advertisement Expenses	-	2.00
Computer Spares & Parts	0.59
Travelling Expenses	-	5.25
Total	11.87	33.84

ii] Earnings In Foreign Currency

December 31, 2020 March 31, 2020 Particulars			(₹ in Lakhs)
	Royalty	3.340.59	3.952.16
3,340.59 Total			3,952.16

-- - -?- -8 80 *-,-

!"

& "

\$%

""
2 

)

3

2

! 

\$%

""
2 

)

3

2

3

2

3

"
#2

2

	9## :;9%";		\$
		%#(7'/'/	%(7'/'/
	9? ##:;
	) 1
	\$ 2 ) "
	\$ 2 ) ?4 "
			\$
#	@! #9;</td	%#(7'/'/	%(7'/'/	%#(7'/'/	%(7'/'/

!"

"

! 

\$%

		\$
% &%!"	%#(7'/'/	%(7'/'/
& "		'
!		'

' 53? ? - )16!7 ?" " " 73? "8?3 5 ) 3 " 3 " 3 "8?3 93- "8?3 ? "? ?" "" " " & 5 ) 1- &?" ? 5" " 3" " "? 5 ) ? ? " ? " ? & ? " ?" " " ""- :" " " 2 ( " " - ) :" " 3 & ? " ?" :""
"? -:"

"
"

+7) 
)

( 5:
:

"
:
;/5<
5

:
;" 

:<
3

"" =

"

) <=>9!<#!"<%;

*+% -)
"" ,-(
*
+
,- Parag Shamji

Digitally signed by Parag Shamji Ved Date: 2021.05.10 16:50:15 +05'30'

Ved

\$"
0
/ !
0

/
,-

(

&

!"
- - -?- -.''/?0..1,/..(2.

KUMAR SADHURAM TAURANI Digitally signed by KUMAR SADHURAM TAURANI Date: 2021.05.10 16:27:17 +05'30'

!3 45 5 \$ )
.
/
!"
/
!" /
+
, !+
0
,, !+
0
,,,,,

PATEL BIJAL RAMJIBHAI Digitally signed by PATEL BIJAL RAMJIBHAI Date: 2021.05.10 16:36:14 +05'30'

&6 , )
%" )
("
1 "

\$"
0
/ , !
0/
,-, RAMESH SADHURAM TAURANI Digitally signed by RAMESH SADHURAM TAURANI Date: 2021.05.10 16:30:14 +05'30'

Sunil Chellani Digitally signed by Sunil Chellani Date: 2021.05.10 16:39:12 +05'30'

)%
/
+
0
,,