8/13/2020 The Economic Times - Ahmedabad - 20200812

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THUMBNAILS

12/08/2020

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12/08/2020: THE ECONOMIC TIMES : AHMEDABAD ×

'fHE ECONOM!C'flMES I AHMEDABAD I WEDNESDAY I 12AUGUST2020 I IVWIV.ECONOMICTIMES.COM Economy: Macro, Micro & More B

Food & Drinks, Pharma to be Part of India-UK Pact UKIBC

Klrtlka.Sune)a@tlmesgroup.com

New Deihl: Lower iariffson food&drinksand che­micals. along with a robust intellectual prope11y rights(IPR)regime in lndiJl could be a few elements of the IndiD-UKas part of their early harvestb-ade deal, said Jayant Krishna, Group CEO, UK-India Business Council Krishna, who took charge as CEO earlier this month, also said a trade deal between the UK arv.l EUcouklbea 1•-eludetoapact between h1diaand the UK.Llstmonlh,lndiaandtheUKaffu111edlheircommit· ment to negotiate an FTA which would be preceded by

(

early ha1vestdeals ina stai,,d manner India has said that the t\,osidescancomeon terms fol' the first 2.S-50 items for an early harvest deal. While New Delhicanoffertextiles,ftmlirure, phar­ma. industrial madlJnery andlemhertothe UK, it is keen on high quality cameras. amomobilesand spirits in rerurn. Spirits account for 80% or the fo. cx:I and drinks bilateral trade.

While the UK wants a robust IPR regime in India, a data adeqnacy agreement that would allow fi-ee flow of data ancl lo\\,'er impo1i duties on sprits that the countrY impr>rts, New Deihl has sought lower duties on cun-ies.spicesand daal (pulses),

CG POWER AND INDUSTRIAL SOLUTIONS LIMITED CIN NO: L99999MH1937PLC002641

Registet&d Office: fl' FIOOI', CG House, Dt. Annie Besant Road, WOtii. Mumbai • 400 030 Tel No.: 022-2423 7777, Fax No.; 022-2423 7545. Websl1e: www.ogglobal.com

INVITATtON FOR EXPRESSION OF INTEREST CUM SUBMISSION OF RESOLUTION PLANS FOR CG POWER ANO INDUSTRIAL SOLUTIONS LIMITED UNDER THE SWISS

CHALLENGE METHOD

CG Power and Industrial Solutions limite(l ("Company~) is in ooraun of its debt that is owed lo certain banks and financial institutions ("Lenders"). The Lenders of the Company have formed a joint tenders' rorum, with State Bank of India ("SBI") acting as the Lead Bank for the processc. In this tegard, all lenders of the Company have entered lnlo an lnler-credito, agreement as of 11 Augusl 2020, in accordance with lhe Reserve Bank of India's rRBI") Prudential Framework for Resolution of Stressed Assets (RBl/2018-19/203 DBR.No.BP.BC.45/21.04.048/2018-19) dated 7 June 2019 (as amended or modified) (•Prudential Framework"). SBI Capital Markets Limited has been appoinled by the Lenders as process advisors for the Resolution Process. Interested parties shoold note that the Company and the Lendars have received a binding offer dated 7 August 2020 (as mod;f,ed on 11 August 2020) ("Primary Proposal") from Tube Investments of India Limited, a member of the Murugappa group rPrimary Bidder"). The board of the Company has vide its resolution approved the Primary Proposal (including any modifications thereto) ofthe Primary Bidder and Iha Primary Proposal has been recommended to the Lenders by the board of directors of the Company vide ils letters dated 7 August 2020 and 11 August 2020, subj eel lo receipt of necessary approvals of the Lenders and shareholders of the Company. Basis the Primary Proposal submitted by the Primary Bidder and recommended by the Board of the Company. the Lenders jointJy with the Company are seeking resolution plans I offers rRe.solutlon Plan(sr) from eligible bidders having adequate technical and financial capability as acceptable to the Lenders, to restructure/resolve the outstanding debt of the Company and undertaking a change of management under the auspices of the Prudential Framework through a 'Swiss Challenge' prOCess:, using the Primary Proposal as the anchor bid or the base offer ("Reaolutlon Process·). Accordingly, lhe Primary Bidder will be acrorded an opportunity 10 better the lerms or the highesi offer I bid submitted pursuant to such Swiss Challenge process under the Resolution Process. Interested parties may refer to Company's teaser and the ottler relevant details for submission of the expressions of interest ("EOr) uploaded on the website of SBI Capital Markets Limited, www.sbicaps.com. Shortlisted parties will be provided access to further detailed information as may be tequil'ed for submission of detailed pt0p0Sal/bid. The last date for $Ubml$Slon of the EOJ cum Resolution Plan and necessary documentalton in relation lhal'eto is 26 August 2020 by 3:00 PM 1ST by emailing it al dgm.08965@sbl.co. in which shall be followed by physical submission In a sealed envelope to B--202, Parinee Crescenzo, 2nd Floor, Wing-8, Plot No C 38-39, G-BJock, Ba.ndra Kurfa Complex. Bandra (E). Mumbal-400051 .

For any clarification, please contact the following:

Contact person: Suresh S. Pareek, Deputy General Manager, IFB BKC Branch, Slate Sank of ln,Jia Cell No.: 7600041028 Email id: dgm.08965@sbl.co.in Contact person: Vishal Gupta, Senior Vice President, SBI Capital Markets Limited Cell No.: 9167730894 Emall Id: vishal.gupla@sbfcaps.com contact person: Shikha Kapadia , CG Power and Industrial Solutions Limited Cell No,: •91-9920498695 Email id: shikha.kapadia@cgglobal.com Conlact person: Prateek Diwan, Arpwood Capital Private Limited Cell No.: •91-70454 22410 Email id: prateek.diwan@arpw·ood.com

Note: The Lenders led by State Bank of India reserve the rfght 10 cancel or modify the process and reject any or all offers w#hout assigning any reason and without any If ability. This is not an agreemanroranoffer ro the p,ospect.ive bidders or any other peroon. Bidders should regularly visit the above website to keep themS6/tlils updat~d ragarding cJarifitstion/amtmdmMtsitiroo-extensiorls, Bidder(s) must specificlJIJy note that the Lenders rese,ve the right to change, update, amend, supplement, modify. add to, delay or otherwise ennui or cease lhe process at any pofnt in time, for sny reason determfned In thefr sore discretion.

'Aim for 7% Share in Services Exports' portcredittomicro,smru.landmedium enterprises in a range of sectors. To i.rnprove trade facilitation, It sug­

gested the use of digital tools ro,· faster movement of goods at the border thro• ugh reduced physical examination of goods. widening the Authorised Eco­nomicOperatorprogramme.andensu­ringa Direct Port Delivery. system.

New Delhi: India should aim for a 5 % share in global merchandise ex1x:n1s and a 7% share in se1-vice exports by 2025, a Confederation of Indian Indust­ry.(Cll) reportsaid. CurrentlY, India has a 1.67% share in

met·chandise exports and a 3.54 % sha· re in service exports, the report said, suggesting a three-prongedapproach. These include stl'engthening domes-

tic competitiveness. developing inter­national competitiveness and creating

sector-specific growth drivers. "The pandemic s ituation has impac­

ted ""''Id tt-ade negativel:11" Cll direc· tor general Chandrajit Banerjee said. "!lowever, it also provides a big oppor­tunity for India to better engage with the world and boost its exp0rt perfor· mance. This is an opportune time for lndiatosn-engthen its domestic manu­factw·ing through a strong partners· hip between the government and in­dustry."The report proposed measures

like higher duties on finished goods and lower duties on intermediate go­ods to improve competitiveness of In­dian products and to boost exports. Besides releasing a foreign trndepoli-

cy to establish a predictable export re, gime. the report recommended expan• ding export finance through measm-es like extending the IES for another two years for all exporters. lntrnduced in 2015, the [ES provided

up to a 5% interest subvention on ex-

On the infrastructure fron t, the re­portsa id there was need tofocuson hin· terland connectivity and proposed ex­tending the Trade Infrastructure for Export Scheme(fIBS) and integrating it with the National lnfrastmcture Pi­pel ine.-Ourllur-eR11

JMC Projects (India) Limited (A Kalpataru Group Enterprise) CIN: L45200GJ1986PLC008717

Regd. Ollice: A-104, Shapath 4, Opp. Kamavatl Club, S. G. Road, Ahmedabad 380015. Phone: +91 79 68161500, Fax: +91 79 68161560, Email: cs@jmcprojects.com, Website: www.jmcprojects.com

EXTRACT OF STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2020 (l' in Lakhs)

Standalone Consolidated

Sr. Quarter ended Year ended Quarter ijflded Year ended No. Particulars (Unaudited) (Audited) (Unaudtted) (Audited)

30/06/2020 30/06/2019 31/03/2020 30/06/2020 30/06/2019 31/03/2020 1 Total income from operations (net) 47,499 90,873 374,047 50,317 95,186 389,420 2 Net Profit/ Ooss) !or the period (3,049) 4,836 11,682 (6,183) 3,175 3,262

(before tax and exceptional item) 3 Net Profit / (loss) !or the period before tax (3,049) 4,836 11,682 (6,183) 3,175 3,262

(after exceptional Item) 4 Net Profit/ (Joss) for tile peliod alter tax and exceptiooal item (2,184) 3,552 7,897 (5,221) 2,061 120 5 Total Comprehensive Income for tile period (2,380) 3,422 6,231 (5,417) 1,931 (1,546)

[Comprising Profit/ (loss) !or tile period (after tax) and Otlle Comprehensive Income (after tax)]

6 Equity Share Capilal (face value , 21· per share) 3,358 3,358 3,358 3,358 3,358 3,358 7 Otller Equity (excluding Revaluation Reserve) 93,633 50,518 8 Earnings Per Share (of , 2/- each) (not annualised)

(a) Basic: (1.30) 2.12 4.70 (3.11) 1.23 0.07 (b) Diluted : (1.30) 2.12 4.70 (3.11) 1.23 0.07

Notes: 1 Tile above iS an extract of Ille detailed format of standalone and consolidated financial results for tile Quarter ende<I June 30, 2020 filed willl stock exchanges under regulatiOn 33 of

Ille SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Toe full format of standalone and consolidated unaudited financial results for Ille quarter ended June 30, 2020 are available on stock exchange websites (WWW bseiOdia com , YfflW nseindia com> as well as on Company's website www imcomiects @m-

2 Toe above financial results have Ileen reviewed by the Audit Committee and approved by Ille Board of Director.; at its meeting held on August 11, 2020. Toe stal!JIOry auditors have exp<essed unqualified audit opinion.

3 Financial results for all Ille periOd presented have been p<epared in accordance with Ille recognition and measurement principles of Ind /IS notified under Ille companies Ondian Accounting Stalldards) Rules, 2015 as amended from time to time.

4 Toe Group's oPeratiOoS and financial results forthll Quarter have been ve,y adve,sely impacted by Ille loekdown iml)OSed to contain the spread Of COVID-19. Toe operatiOns gradually resumed with reQuisite precautions during the Quarter with limlted avallabili1Y Of woodorce and d'91Jpted supply chain. Toe results tor the quarter are thereto re not comparable with those for the previous quarter. Toe Group has assessed the impact Of pandemic on its financial results/position based on the internal and ex1ernal information available up to the date of approval of these financial results and tlJQ)OCtS to recover thll carrying value of its asse1S. The Group continues to monitor the economic effects of the pandemic while tal<Jng steps

to Improve its execution efficiencies and the financial outcome. 5 Toe figures for the quarter ended March 31, 2020, with respect to financial result, are the balancing figures between audited figures in respect of the full previous financial year and

the published year to date figures up to nine mooths ended December 31 , 2019.

Date : Allgust 11, 2020

Place : Mumbai

I GovP.mmer'll Of Gu~al

For and on behalf of Ute Board Of Directors For JMC Projects (India) Umlted

Shallendra Kumar THpa1hl CEO & Dy, Managing Director

DIN: 03156123

• A scheme that covers all the farmers of Gujarat

Norms for assistance under the said scheme

Percentage of crop Damage

33% to 60%

More than 60 %

Alllstance (Rs. Per Hectare)

Rs. 20,000/-• Benefits of this scheme will be applicable for all Kharif crops

• Farmers are not required to pay any premium or fees

• Transparent, Simple and Prompt Scheme

• Farmers will reap benefits of this Scheme under the following types of risks

1. Drought

2. Heavy Rain, Cloud Burst

3. Unseasonal Rain

Rs. 25,000/-

• Assistance up to 4 Hectares

• Farmers will avail assistance through Direct Bank Transfer (DBT)

• The entire procedure, from application to payment, willbeonline

• Applications shall be made from the E-gram center. Cost for the same will be borne by the state government

• Benefits of SDRF will also be applicable in addition to the assistance of under this scheme

• This scheme is applicable for the current Kharif Season only

'Mukhyamantri Kisan Sahay Yojana is an additional step of the State Government towards the welfare of farmers.' • Shri Nitin Patel, Deputy Chief Minister, Gujarat

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3JAI HIND-AHMEDABAD WEDNESDAY • 12-8-2020

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NOTICE TO THE SHAREHOLDERS OF POSTAL BALLOT NOTICE is hereby given that pursuant to Section 110 and other applicable provisions, H any, of the Companies Act, 2013 (the 'Act') read witll Rule 22 of the Companies (Management and Administration) Rules, 2014, (the "Rules"), including any statutory modification (s), amendment(s) or re-enactment(s) thereof, for the time being in force and further pursuant to applicable provisions of the Securities and Exchange Board of India (Issue of Capillll and Disclosure Requiremerns) Regulations, 2018 read with General Circular No. 14/2020 dated 8th April, 2020 and General Circular No. 17/2020 dated 13th April, 2020 Issued by the Ministry of Corporate Affairs and Circular No. 20/2020 dated May 5, 2020 and also Securities Exchange Board of India, vide Its circular No. SEBVHOJCFDJCMD1 JCIRIP/2020n9 dated May 12, 2020 C'Circulaf'), the Company will conduct Postal Ballot for seeking the approval of the Members of the Company by way of Special Resolution for the businesses set out in the Postal Ballot notice only through remote a-voting ("Postal Ballot' E-Voting"'). In view of the current extraordinary circumstances due to COVID-19 pandemicrequiring social distancing, Ministry of Corporate Affairs, Government of India (the"MCA') in terms of the MCA Circulars, has advised the companies to take all decisions requiring members' approval, other than ilBms of ordinary business ortlusiness where any person has a right to be heard, through the mechanism of postalballot / a-voting in accordance with the provisions of the Act and Rules made thereunder, without holding a general meeting that requires physical presence ofmembers at a common venue. MCA has clarified that for companies that are requlredto provide e-votlng facility under the Act. while they are transacting any business(es)only by postal ballot upto June 30, 2020 ortill further orders, whichever is ear1ier, therequirements provided in Rule 20 of the Rules as well as the frameworll provided inthe MCA Circulars will be applicable mutatis mutandis. Further, the Company will sendPostal Ballot Notice by email to all its members who have registered their emalladdresses with the Company or depository / depository participants and thecommunication of assent/ dissent of the members will only take place through theremote e-votlng system. This Postal Ballot is accordingly being initiated in compliancewlth the MCA Circulars. Hence, in compliance with the requirements of the MCA Circulars, hard copy of PostalBallot Notice along witll Postal Ballot Forms and pre-paid business reply envelope wlllnot be sent lo the members for this Postal Ballo1 and members are required tocommunicate their assern or disseritthrough the remote e-voting system only. In accordance with the aforesaid Circulars, Notice of the Postal Ballotis being sent only by electronic mode to those Members whose e-mail addresses are registered with the Company/Depositories. Members may no1ethatthe said notice and Postal Ballo1 Form wlll also be available on the Company's Website www.dangeedums.com and on websilB of the Stock Exchanges i.e. National Sieck Exchange of India Limited at www.nselndla.com respectively and the Postal Ballot Nottce Is also available on the website of CDSL (agency for providing the Remote e-Voting facility) i.e. www.evotingindia.com The Company is providing remote e-votingfacilily rremote e-voting ') to all Its members to cast their votes on all resolutions as set out in the Notice of Postal Ballot. In case of Member(s) who have not registered their e-mail addresses with the Company/Depository, are requested to please follow the below instructions to register their e-mail address for obtaining Postal Ballot Notice and login details forvoting. a. For members holding shares in Physical mode please provide necessary details like Folio No., Name of shareholder by email to cs@dangeedums.com b. Members holding shares in Demat mode can get their E-mail ID registered by contacting their respective Depository Participant or by email to cs@dangeedums.com The Postal Ballot Nottce will be sent to the shareholders holding shares as on cut-ofl date i.e. August 14, 2020 in accordance with the applicable laws on their registered e­mail addresses in due course. In case you have any queries or issues regarding e-voting, you may refer the Frequently Asked Questions rFAOs") and e-voting manual available at www.evotingindia.com, under help section or write an email to helpdesk.evoting@cdslindia.com or call 022-23058542/43. For all grievance connected with the facility for voting by electronic means send an email to help desk evotlnq@cdsllndla.com or call 022-23058542/43.

Place: Ahmedabad Date: August 11, 2020

For, Dangee Dums Limited Nikul Jagdishchandra Patel Managing Director (DIN:01339858)

Sr. No

Sr.

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JMC Projects (India) Limited (A Kalpataru Group Enterprise) CIN: L45200GJ1986PLC008717

Regd. Office: A-104, Shapath 4, Opp. Karnavati Club, S. G. Road, Ahmedabad 380015. Phone: +91 79 68161500, Fax: +91 79 68161560, Email: cs@jmcprojects.com, Website: www.jmcprojects.com

EXTRACT OF STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2020 (Zin Lakhs)

Standalone Consolidated

Quarter ended Year ended Quarter ended Year ended No. Particulars (Unaudited) (Audited) (Unaudited) (Audited)

30/06/2020 30/06/2019 31/03/2020 30/06/2020 30/06/2019 31/03/2020

1 Total income from operations (net) 47,499 90,873 374,047 50,317 95,186 389,420 2 Net Profit/ (loss) for the period (3,049) 4,836 11,682 (6,183) 3,175 3,262

(before tax and exceptional item) 3 Net Profit / (loss) for the period before tax (3,049) 4,836 11,682 (6,183) 3,175 3,262

(after exceptional item) 4 Net Profit/ (loss) for the period after tax and exceptional item (2,184) 3,552 7,897 (5,221) 2,061 120 5 Total Comprehensive Income for the period (2,380) 3,422 6,231 (5,417) 1,931 (1,546)

[Comprising Profit/ (loss) for the period (after tax) and Other Comprehensive Income (after tax)]

6 Equity Share Capital (face value ~ 2/- per share) 3,358 3,358 3,358 3,358 3,358 3,358 7 Other Equity (excluding Revaluation Reserve) 93,633 50,518 8 Earnings Per Share (of ~ 2/- each) (not annualised)

(a) Basic: (1.30) 2.12 4.70 (3.11) 1.23 0.07 (b) Diluted : (1.30) 2.12 4.70 (3.11) 1.23 0.07

Notes: 1 The above is an extract of the detailed format of standalone and consolidated financial results for the quarter ended June 30, 2020 filed with stock exchanges under regulation 33 of

the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The full format of standalone and consolidated unaudited financial results for the quarter ended June 30, 2020 are available on stock exchange websites(www.bseindia.com/ www.nseindia.com) as well as on Company's website www.jmcprojects.com.

2 The above financial results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on August 11, 2020. The statutory auditors have expressed unqualified audit opinion.

3 Financial results for all the period presented have been prepared in accordance with the recognition and measurement principles of Ind AS notified under the Companies (Indian Accounting Standards) Rules, 2015 as amended from time to time.

4 The Group's operations and financial results for the quarter have been very adversely impacted by the lockdown imposed to contain the spread of COVID-19. The operations gradually resumed with requisite precautions during the quarter with limited availability of workforce and disrupted supply chain. The results for the quarter are therefore not comparable with those for the previous quarter. The Group has assessed the impact of pandemic on its financial results/position based on the internal and external information available up to the date of approval of these financial results and expects to recover the carrying value of its assets. The Group continues to monitor the economic effects of the pandemic while taking steps to improve its execution efficiencies and the financial outcome.

5 The figures for the quarter ended March 31, 2020, with respect to financial result, are the balancing figures between audited figures in respect of the full previous financial year and the published year to date figures up to nine months ended December 31, 2019.

Date : August 11, 2020 Place : Mumbai

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For and on behalf of the Board of Directors For JMC Projects (India) Limited

Shailendra Kumar Tripathi CED & Dy. Managing Director

DIN: 03156123

ELECON ENGINEERING COMPANY LIMITED CIN : L29100GJ1960PLC001082

Regd. Office: Anand-Sojitra Road, Vallabh Vidyanagar- 388120, Gujarat. Ph: {02692) 237016 Fax: {02692) 227020 Email: investor.relations@elecon.com Website: www.elecon.com

EXTRACT OF UNAUDITED FINANCIAL RESULT FOR THE QUARTER ENDED 30th JUNE,2020

Particulars Quarter Ended

30-06-2020 (Unaudited)

STANDALONE Quarter Ended

30-06-2019 (Unaudited)

Year Ended

31-03-2020 (Audited)

CONSOLIDATED Quarter Ended

30-06-2020 (Unaudited)

Quarter Ended

30-06-2019 (Unaudited)

(t in Lakhs)

Year Ended

31-03-2020 (Audited)

1 Total Income from Operations 9089.68 (2852.70) (2852.70) (1873.95)

21418.45 200.58 200.58 133.99

84504.40 127.79 127.79

7241.89

13595.61 (3025.19) (3025.19) (2062.46)

27245.65 137.80 137.80 45.29

109631.44 1951.04 1951.04 8970.15

2 Net Profit/ (Loss) for the period (before Taxes, Exceptional and/or Extraordinary items) 3 Net Profit/ (Loss) for the period before Tax (after Exceptional and/or Extraordinary items) 4 Net Profit/ (Loss) for the period after Tax (after Exceptional and/or Extraordinary items) 5 Total Comprehensive Income for the period

[Comprising Profit/ (Loss) for the period (after tax) and other Comprehensive Income (after tax)] 6 Equity Share Capital, Paid-up Equity Share Capital (Face Value of the share ? 2/-) 7 Reserves (excluding Revaluation Reserves) 8 Earnings Per Share (of ? 2/- each) (for continuing and discontinuing operations):

(a) Basic (b) Diluted

Notes:

(1878.75) 2244.00

(1.67) (1.67)

131.30 2244.00

0.12 0.12

7222.68 2244.00

75981.93

6.45 6.45

(2070.53) 2244.00

(1.84) (1.84)

(76.43) 2244.00

0.04 0.04

8883.48 2244.00

83175.38

7.99 7.99

1. The above is an extract of the detailed format of Quarterly Financial Results filed with the Stock Exchanges under Regulation 33 of the SEBI (Listing and Other Disclosure Requirements) Regulations, 2015. The full format of the Quarterly Financial Results are available on the Stock Exchange websites. (www.bseindia.com & www.nseindia.com)

2. The statement has been prepared in accordance with the Companies(lndian Accounting Standards) Rules, 2015 (Ind AS) prescribed under Section 133 of the Companies Act, 2013 and other recognised accounting practices and policies to the extent applicable.

3. The above financial results were reviewed and recommended by the Audit Committee and taken on record & approved by the Board of Directors at their respective meetings held on 11'h August, 2020

4. As per Ind AS 108 - 'Operating Segments', the Company has reported segment information under two segments i.e. 1) Material Handling Equipment and 2) Transmission Equipment. 5. a) On 20111 September, 2019, vide the Taxation Laws (Amendment) Ordinance 2019 ('the Ordinance'), the Government of India inserted Section 115 BAA in the Income Tax Act, 1961 which

provides domestic companies a non-reversible option to pay corporate tax at reduced rates effective 1st April 2019, subject to certain conditions. Tax expenses for the year ended 31 st March, 2020 reflect the impact of expected adoption of this option by the Company basis Management's internal evaluation.

b) At the time of transition to Indian Accounting Standards (Ind AS) with effect from 111 April 2015, the Company had recognised the fair value of its land parcels in the books of account and had also recognised corresponding deferred tax liability considering the future tax obligation that would arise upon sale of land in the expected manner in future (sale of land parcels on a piecemeal basis, delinked from the business). During the year ended 31 st March 2020, the Company has reassessed the expected manner of recovery of the carrying value of all land parcels and has now determined that a number of such land parcels would not be delinked from the business as they either form an integral part of the business operations or are proximate to the factory premises. Consequently, the Company currently expects that in the event of disposal of most of the land parcels in future, these would only be disposed off along with the business and in a slump sale arrangement thereby resulting in no temporary difference between the accounting position and position as per tax laws upon such future disposal. Basis the above, deferred tax liability recognised on such land parcels at the time of transition to Ind AS, has been reversed in the Statement of Profit and Loss during the year ended 31 st March 2020.

6. Subsequent to outbreak of COVID-19 pandemic and consequent lock down across the country, the Holding Company's operations have resumed post temporary suspension, as per the guidelines and norms prescribed by the Government authorities. However, the subsidiaries in United Kingdom and USA, which cater to the needs of essential services sector, continued to operate but at reduced levels adhering to guidelines issued by respective local authorities. Subsidiaries operating in other jurisdictions continued to operate as per the guidelines issued by respective local authorities. The Group continues to monitor the impact of COVID-19 on its business including customers, supply-chain, employees/workers and logistics. The management has taken specific steps by way of negotiating better payment terms for new orders and cost rationalization initiatives to manage the cash flows and liquidity position. The Group has considered internal and

external infonnation while evaluating various estimates in relation to its financial results up to the date of its approval by the Board of Directors and has not identified any material impact on the carrying value of assets, liabilities or provisions. Further impact of the COVID-19 pandemic, if any, may be different from estimated as at the date of approval of these financial results and the Group believes that no precise estimation can be made about the actual impact of the pandemic on the overall economy, specific industry sectors and the Group itself at this stage but is closely monitoring the emerging situation.

7. These audited consolidated financial results have been prepared in accordance with Ind AS 110 "Consolidated Financial Statements" and Ind AS 28 "Investments in Associates and Joint Ventures". Business combinations are accounted in accordance with Ind AS 103 "Business Combinations". Any goodwill arising on business combinations is not amortised but tested for impainnent annually.

8. Other comprehensive income mainly comprises of remeasurement of defined benefit plan and exchange differences on translation of financial statements of foreign operations. 9. Previous period figures have been regrouped/ reclassified wherever necessary. For and on behalf of Board of Directors,

Place: Vallabh Vidyanagar Date : 111

h August, 2020

e e EB e e

Prayasvin B. Patel Chainnan & Managing Director

DIN : 00037394