gtl consolidated audit report mar 2020...considered and approved the appointment of mr. deepak arun...

NMI REF: GM/CS-SE/2020-21/ 006 June 22, 2020

Corporate Communication Department National Stock Exchange of India Ltd. Exchange Plaza, 5th Floor, Plot No. C/1, G Block, Bandra Kuria Complex, Bandra (East), Mumbai 400 051

(BSE Code: 500160 NSE Symbol: GTL ISIN: INE043A01012)

Dear Sir/s,

Re: Outcome of the Board Meeting

This is in continuation to our letter bearing Ref. No. GTL/CS-SE/2020-21/ 005 dated June 18, 2020 and pursuant to Regulations 33, 30 and other applicable regulations, if any, of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the Listing Regulations), we have to inform that the Board of Directors of the Company, in its meeting held today through Video Conferencing has:

1. Approved the Audited Financial Results on Standalone and Consolidated basis for the year ended March 31, 2020. A copy of the said results, notes thereto and Auditor's Report is enclosed for your records.

2. Considered and approved the appointment of Mr. Venkata Apparao Maradani (DIN: 08755883) General Manager- IDBI Bank Limited as a Director on the Company's Board in place of its earlier Nominee, Mr. Badri Shrinivasa Rao — Chief General Manager.

3. Considered and approved the appointment of Mr. Deepak Arun Keluskar (Membership No. ACS 62222) as the Company Secretary and Key Managerial Personnel pursuant to the provisions of Section 203 of the Companies Act, 2013 and Compliance Officer under Regulation 6(1) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations").

Further, we would like to convey that M/s GDA & Associate, Chartered Accountants, the Auditors of the Company, have issued Audit Reports with modified opinion on the Standalone and consolidated Financial Statements and as required we submit the Annexure—I in the prescribed format thereby furnishing Statement of impact of Audit Qualifications (for Audit report with modified opinion).

Contd. Page-2

Department of Corporate Services BSE Limited Phiroze Jeejeebhoy Towers, 25th Floor, Dalai Street, Fort, Mumbai 400 001.

GTL LIMITED Corp Off: 412 Janmabhooml Chambers 29 Walchand Hirachand Marg Ballard Estate Mumbal - 400 001 India Tel: +91-22-2271 5000 Fax: +91-22-2271 5332 CIN :L40300MH1987PLC045657

Regd Off: Global Vision Electronic Sadan - II MIDC TTC Industrial Area Mahape Navi Mumbai - 400 710 India Tel: +91-22-2761 2929 Fax: +91-22-2768 9990 www.gtIllmited.com

GLOBALGroup Enterprise

REF: GTIJCS-SE/2020-21/ 006 June 22, 2020 (Page: 2)

Details of additional information required pursuant to SEBI Circular No. CIR/CFD/CMD/4/2015 dated September 09, 2015 is enclosed herewith.

In accordance with the Circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/79 dated May 12, 2020 granting relaxation from the provisions of regulation 47 of the SEBI (LODR) Regulations, 2015 and considering the continuing lockdown and the resultant bottlenecks relating to print versions of newspapers, the Company will not publish the Financial Results in the newspaper.

The meeting of the Audit Committee / Board of Directors of the Company commenced at 10:00 Hours and concluded at Hours.

We request you to take the above on your records.

Thanking you,

Yours truly, For GTL Limited

LA4\ N/e) I

Milind Bapat Sunil Valavalkar Chief Financial Officer Whole-time Director

Encl : As above

Note.• This letter is submitted electronically with BSE & NSE through their respective web-portals

GT4 LIMITED Corp Off: 412 3anmabhoomi Chambers 29 Walchand Hirachand Marg Ballard Estate Mumbal - 400 001 India Tel: +91-22-2271 5000 Fax: +91-22-2271 5332 CIN :L40300MH1987PLC045657

Regd Off: Global Vision Electronic Sadan - II MIDC TTC Industrial Area Mahape Navl Mumbai - 400 710 India Tel: +91-22-2761 2929 Fax: +91-22-2768 9990 www.gtilimited.com

GL*BALGroup Enterprise

16:15

GTL LIMITED

Statement of Standalone Audited Results for the quarter and year ended 31 - March - 2020

in lakhs (Except per share data)

Sr.No. Particulars

Quarter ended March 31,

Quarter ended December 31,


Year ended March 31,


2020 2019 2019 2020 2019 Audited Unaudited Audited Audited Audited

1 Revenue from operations 4,762.50 5,411.13 3,484.94 21,540.22 21,905.46

2 Other Income 520.08 138.86 1,305.32 1,231.12 1,969.37

3 Total Income (1+2) 5,282.58 5,549.99 4,790.26 22,771.34 23,874.83

4 Expenses a) Cost of Material Consumed and Services rendered 974.03 2,119.37 2,016.87 7,107.13 10,886.31

b) Changes in Inventories of finished goods, Stock-in-Trade and work-in-oroaress

NIL NIL NIL NIL NIL

c) Employee benefits expense 1,496.33 1,401.00 1,681.99 7,316.24 7,206.11 d) Finance costs ( Refer Note 10) 551.35 478.86 427.49 1,938.11 1,666.92 e) Depreciation and amortisation expense

. 108.22 112.76 . 87.45 451.34 454.23

f) Other Expenses (Refer Note 11) 13,197.47 4,925.28 10,228.25 29,010.15 28,133.37 Total Expenses (4) 16,327.40 9,037.27 14,442.05 45,822.97 48,346.94

5 Profit / (Loss) before exceptional items and tax (3-4) (11,044.82) (3,487.28) (9,651.79) (23,051.63) (24,472.11)

6 Exceptional items NIL NIL NIL NIL NIL

7 Profit / (Loss) before tax (5-6) (11,044.82) (3,487.28) (9,651.79) (23,051.63) (24,472.11)

8 Tax expense :

i) Current tax NIL NIL NIL NIL NIL ii) Adjustment of tax relating to earlier periods NIL NIL NIL NIL 4.50 iii) Deferred tax NIL NIL NIL NIL NIL

Profit / (Loss) for the period from Continuing 9

operations (7-8) (11,044.82) (3,487.28) (9,651.79) (23,051.63) (24,476.61)

10 Profit / (Loss) from discontinued operations NIL NIL NIL NIL NIL

11 Tax expense of discontinued operations NIL NIL NIL NIL NIL

12 Profit / (Loss) from discontinued operations (after tax) (10+11)

NIL NIL NIL NIL NIL

13 Profit / (Loss) for the period (9+12) (11,044.82) (3,487.28) (9,651.79) (23,051.63) (24,476.61)

14 Other Comprehensive Income

A (i) Items that will not be reclassified to profit or loss 2.35 4.18 21.05 (34.74) 10.35

(ii) Income tax relating to items that will not be reclassified to profit or loss

NIL NIL NIL NIL NIL

B (i) Items that will be reclassified to profit or loss NIL NIL NIL NIL NIL (ii) Income tax relating to items that will be

reclassified to orofit or loss NIL NIL NIL NIL NIL

Total Comprehensive income for the period /year 2.35 4.18 21.05 (34.74) 10.35

Total Comprehensive Income for the period (13+14) 15 (Comprising profit / (loss) and other Comprehensive (11,042.47) (3,483.10) (9,630.74) (23,086.37) (24,466.26)

Income for the period)

Paid-up equity share capital (Equity Shares of Face 16

Value of ? 10/- each) 15,729.68 15,729.68 15,729.68 15,729.68 15,729.68

17 Earnings Per Share (For continuing operations)

(of t 10 /- each) (not annualised):

a) Basic (7.02) (2.22) (6.14) (14.66) (15.57) b) Diluted (7.02) (2.22) (6.14) (14.66) (15.57)

18 Earnings Per Share (For discontinued operations)

(off 10 /- each) (not annualised):

a) Basic NIL NIL NIL NIL NIL b) Diluted NIL NIL NIL NIL NIL

19 Earnings Per Share (For discontinued and continuing operations)

(oft 10 /- each) (not annualised):

a) Basic (7.02) (2.22) (6.14) (14.66) (15.57) b) Diluted (7.02) (2.22) (6.14) (14.66) (15.57)

Capital Redemption Reserve and Debenture 20

Redemption Reserve N.A. N.A. N.A. 19,979.22 19,979.22

21 Other Equity N.A. N.A. N.A. (694,491.01) (671,404.64)

22 a. Debt Service Coverage Ratio N.A. N.A. N.A. * b. Interest Service Coverage Ratio N.A. N.A. N.A. . * c. Debt - Equity Ratio N.A. N.A. N.A.

- DSCR, ISCR and Debt-Equity ratios are not positive hence not furnished

See accompanying notes to the Financial Results For GTL Limited

Place: Mumbai Sunil S. Valavalkar

Date: June 22, 2020

Whole-time Director

Registered Office: "Global Vision", Electronic Sudan No. II, N. I, D. C., T. T. C. Industrial Area, Mahape, Tal. A Dist. Thane, Navi Mumbai - 400 710.

ee GTL LIMITED

1. The above audited standalone financial results and notes thereto have been reviewed by the Audit Committee and approved and taken on record by the Board of Directors in their respective meetings held on June 22,2020.

2. The results, as stated above, have been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (as amended) (Ind AS), prescribed under Section 133 of the Companies Act, 2013 and other recognized accounting practices and policies to the extent applicable.

3. Figures for the quarters ended March 31, 2020 and March 31, 2019 represent the difference between the audited figures in respect of the full financial year and the published figures of nine months ended December 31, 2019 and December 31, 2018 respectively.

4. The Company is engaged only in business of providing "Network Services" and as such there are no separate reportable segments.

5. Statement of assets and liabilities (Standalone) Lakhs

Particulars As at March

31,2020

As at March

31,2019

(Audited) (Audited)

I. ASSETS Non-current assets

Property, plant and equipment 7,498.14 7,512.85

Capital work-in-progress Investment Property 301.09 307.86

Intangible assets 73.10 75.43

Intangible assets under development NIL

Financial Assets (i) Investments 5,116.26 18,418.55

(ii) Loans 70.68 96.96

(ii) Others NIL NIL

Deferred tax assets NIL NIL

Other non-current assets NIL NIL

Total Non-Current Assets 13,059.27 26,411.65 Current Assets

Inventories NIL NIL

Financial Assets (i) Investments NIL

(ii) Trade receivables 1.04 1.04

(iii) Cash and cash equivalents 378.58 467.28

(Ai) Bank balances other than (iii) above 8,370.67 303.26

(v) Loans 78.65 7.16

(vi) Others 862.19 685.55

Assets held for Discontinued Operations (Net) NIL NIL

Current Tax Assets (Net) 2,286.80 1,801.28

Other current assets 1,430.01 1,336.23

Total Current Assets 13,407.94 4,601.80

Total assets 26,467.21 31,013.45 I. EQUITY AND LIABILITIES

Equity 15,729.68 15,729.68 • a) Share Capital

b) Other Equity (694,491.01) (671,404.64)

Total Equity (D) (678,761.33) (655,674.96) Non-current liabilities

Financial Liabilities (i) Borrowings 17,433.00 15,686.64

(ii) Other financial liabilities 234.42 NIL

Provisions 128.02 45.57

Deferred tax liabilities (Net) NIL NIL

Other non-current liabilities NIL NIL

Total non-current liabilities 17,795.44 15,732.21 Current liabilities

Financial Liabilities (i) Borrowings NIL NIL

(II) Trade payables 6,932.71 5,789.03

00 Other financial liabilities 678,786.05 663,996.60

Other current liabilities 1,710.29 1,165.36

Provisions 4.05 5.21

Current Tax Liabilities (Net) NIL NIL

Total current liabilities 687,433.10 670,956.20

Total Liabilities 705,228.54 686,688.41

Total equity and liabilities 26,467.21 31,013.45

6. Statement of Cash Flows

Lakhs Standalone Statement of Cash Flows for the period ended 31 March

Lakhs

Particulars 31 March 2020 31 March 2019

Operating activities

Profit before tax from continuing operations (23,086.37) (24,461.77)

Profit/(loss) before tax from discontinued operations NIL

Profit before tax (23,086.37) (24,461.77)

Adjustments to reconcile profit before tax to net cash flows:

Depreciation and impairment of property, plant and equipment 451.34 454.23

Gain on disposal of property, plant and equipment (25.97) (0.19)

Finance income (including fair value change in financial instruments) (94.48) (51.40)

Finance costs (including fair value change in financial instruments) 1,905.47 1,666.93

Unrealised Exchange (Gain)/Loss 7,715.59 7,139.72

Provision for doubtful Trade Receivables 67.57 119.16

Provision for doubtful short term loans and advance NIL 3,063.60

Provision for impairment of investment 13,302.29 15,281.45

Liabilities / provisions no longer required written back (888.38) (1,492.73)

Interest - Right to use 32.64 NIL

Exceptional items : NIL NIL

Working capital adjustments:

Increase /(decrease) in provision for gratuity & Compensated absences 81.29 (19.86)

(Increase)/decrease in trade receivables 0.00 350.70

(Increase)/decrease in other current and non current assets (147.02) (411.71)

(Increase)/decrease in long term and short term loans and advances (218.36) (491.41)

Increase /(decrease) in trade payables, other current and non current

liabilities and provisions 11,632.34 8,006.63

p. 10,727.95

v 9,153.35

Income tax paid (including TDS) (net) (485.51) (41.18)

Net cash flows from operating activities 10,242.44 9,112.17

Investing activities

Proceeds from sale of property, plant and equipment 35.75 0.19

Purchase of property, plant and equipment (including CWIP) (108.24) (14.01)

Interest received (finance income) 76.65 53.14

Net cash flows from / (used in) investing activities 4.16 39.32

Financing activities

Interest / Financial Charges paid (72.45) (70.53)

Repayment of long term borrowings (2,049.98) (10,278.95)

Fixed deposits with banks held as margin money (8,067.41) 145.80

Principal repayment on lease payments (32.64) NIL

Principal repayment on lease payments (112.82) NIL

Net cash flows from / (used in) financing activities (10,335.30) (10,203.68)

e (88.70) (1,052.19) Net increase / (decrease) in cash and cash equivalents

Cash and cash equivalents at the beginning of the year 467.28 1,519.47 ,--

378.58 467.28 Cash and cash equivalents at the end

7. In a dispute between the Company and GTL Infrastructure Limited (GIL), the Arbitration

Tribunal vide its interim order dated December 17, 2019 has directed GIL to pay an amount

of Z 44,000 Lakhs in stipulated timeline. The parties had initiated a settlement process,

however, it could not be completed due to non-receipt of consents from lenders. Further

GIL lenders have challenged the award and related execution proceedings. Hence the

Company has not recognized income during the quarter ended March 31,2020.

8. The Company is awaiting for outcome of the Inter-creditor agreement and is in discussion

with the Lead Bank. Even in such stressed circumstances, the Company and its management

have taken all possible steps possible to continue with the process and deposited around Z

8,000 Lakhs for the said purpose. However, one the lenders has filed application before the

NCLT, the same has not been admitted so far.

9. During the last few years, the Company has incurred cash losses, resulting in erosion of its entire net worth. The Company's current liabilities are higher than its current assets. On account of the above developments, the Management is of the view that either through

negotiated settlement or through restructure it would be in a position to settle the matter and continue its operations. Accordingly, it continues to prepare above results on going concern basis.

10. The Company has neither paid nor provided interest on its borrowing during the current quarter and year in view of the foregoing as explained.

Had such interest been recognized, the Finance Cost for the quarter and year period ended March 31,2020 would have been more by Z 11,984.72 lakhs and Z 48,407.81 lakhs

respectively.

The resultant profit / (loss) would have been Z (23,027.19) lakhs and ! (71,494.18) lakhs

and EPS would have been T (14.64) and (45.43) for the quarter and year ended March 31,2020 respectively. The Auditors have issued modified opinion in respect of this matter.

11. Pending appropriation of the pledged shares invoked by the lenders, the said shares held by the Company are continued to be classified under 'Long Term Investments'. During the quarter, the company fair valued its investment in GTL Infrastructure Ltd and accordingly, accounted the 'mark to market' loss amounting to Z 3,069.76 Lakhs.

12. The Company has adopted Ind AS 116 on leases beginning April 1, 2019, using the modified retrospective approach. The standard has been applied to all the lease contracts as at April 1, 2019. Accordingly, the Company has not restated the comparative information and recognized the lease liability at present value of the lease payments discounted at relevant incremental borrowing rate. The right to use asset has been measured at the same value as that of the lease liability subject to the adjustments for prepayment and accruals.

Consequent to the new standard, in the Profit and Loss Account for the current Year, the nature of expenses in respect of operating leases has changed from lease rent of 145.47

lakhs to depreciation cost for the right-to-use asset of 127.38 lakhs and finance cost for interest accrued on lease liability of 32.64 lakhs. The Profit After Tax for the current period

has decreased by 14.55 lakhs.

13. The Ministry of home affairs notified telecommunication services including telecom

infrastructure services among the essential services, which continued to operate during

lock down declared since March 25, on account of COVID-19. The COVID-19 crisis has

impacted ability of technicians to visit the tower sites for upkeep and maintenance of tower

and Diesel filling. Against this background, and keeping in mind the health and safety of

employees/customers/vendors, the Company has for the moment taking maximum

precaution to protect its network and maintain uptime. Thus, though the Company is trying

its best to keep the customer focus / network uptime humming, the exact impact of the

crisis on the operations cannot be determined at this juncture.

14. Debenture Redemption Reserve is not created in view of non-availability of profit.

15. The figures for the previous quarter / year have been regrouped / rearranged / recast wherever considered necessary.

For GTL Limited

\4), k t__—

Date June 22, 2020

Sunil Valavalkar

Place: Mumbai Whole-time Director

GDA & Associates Chartered Accountants

INDEPENDENT AUDITOR'S REPORT

To,

THE BOARD OF DIRECTORS OF GTL LIMITED

Report on the audit of the Standalone Financial Results

Modified Opinion

We have audited the accompanying standalone quarterly financial results of GTL LIMITED ("the

Company") for the quarter ended March 31, 2020 and the year to date results for the period from

April 1, 2019 to March 31, 2020, attached herewith, being submitted by the company pursuant to

the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)

Regulations, 2015, as amended ("Listing Regulations").

In our opinion and to the best of our information and according to the explanations given to us

except for the effect of the matters described in the basis for modified opinion paragraph below,

these standalone quarterly as well as the year to date financial results:

i. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations

in this regard; and

ii. give a true and fair view in conformity with the recognition and measurement principles laid

down in the applicable accounting standards and other accounting principles generally

accepted in India of the net loss and other comprehensive income and other financial

information for the quarter ended March 31, 2020 as well as the year to date results for the

period from April 1, 2019 to March 31, 2020

Basis for Modified Opinion

As mentioned in Note No. 10 to the Statement, the Company has neither paid nor provided

interest on its borrowings during the financial year. Had such interest been recognised, the finance

cost and interest liability for the year ended March 31, 2020 would have been more by Rs.

48,407.81 Lakhs. Consequently, the reported Loss after Other Comprehensive Income by the

Company for the year ended March 31, 2020 would have been Rs. 71,494.18 Lakhs. The Earnings

per Share (EPS) would have been Negative Rs. 45.43.

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under

section 143(10) of the Companies Act, 2013 (the Act). Our responsibilities under those Standards

are further described in the Auditor's Responsibilities for the Audit of the Standalone Financial

Results 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 ethical

requirements that are relevant to our audit of the financial results under the provisions of the

Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical

Itamkamal', 484/74, Mitra Mandal Society, Parvati, Pune — 411009, Email: [email protected]. Page 1

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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 opinion.

Emphasis of Matter

We draw attention to the following notes to the accompanying statements

a) Note no. 9 which inter-alia states that the Company has incurred cash losses, its Net worth has

been fully eroded and the Company's current liabilities have exceeded its current assets as at

March 31, 2020. The above conditions indicate the existence of the material uncertainty that

cast significant doubt about the Company's ability to continue as a going concern. However,

the Standalone financial statements of the Company have been prepared on going concern

basis for the reasons stated in the said note.

b) Note no. 11 which inter-alia states that, company had pledged certain investments in its

subsidiary / associate / affiliate companies with the lenders towards the borrowings from

them. During the previous year, lenders had invoked the pledge and transferred those

investments of the company in the name of its trustees without appropriating the same

against the borrowings. Pending appropriation of pledged shares as mentioned above, the said

investments are continued to be classified under 'Long Term Investments'.

Our opinion is not modified in respect of above matters.

Other matters

a) As at March 31, 2020, balance Confirmations, with respect to Bank Loan (including interest

accrued), Bank Guarantee, Bank Current Account and Fixed Deposits aggregating to Rs.

3,63,866.76 Lakhs, have not been received.

b) The Statement includes results for the quarter ended March 31, 2020 and March 31, 2019

being balancing figures between audited figures in respect of full financial year and published

unaudited year to date figures up to the third quarter of the current financial year i.e.

December 31, 2019 and December 31, 2018 which were subjected to limited review by us.

Our opinion is not modified in respect of above matter.

Management's Responsibilities for the Standalone Financial Results

These quarterly financial results as well as the year to date standalone financial results have been

prepared on the basis of the interim financial statements. The Company's Board of Directors are

responsible for the preparation of these financial results that give a true and fair view of the net

profit/loss and other comprehensive income and other financial information in accordance with

the recognition and measurement principles laid down in Indian Accounting Standard 34, 'Interim

aamkamal', 484/74, Mitra Mandal Society, Parvati, Pune — 411009, Email: [email protected]. Page 2


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Financial Reporting' prescribed under Section 133 of the Act read with relevant rules issued

thereunder and other accounting principles generally accepted in India and in compliance with

Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate

accounting records in accordance with the provisions of the Act for safeguarding of 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 standalone financial

results that give a true and fair view and are free from material misstatement, whether due to

fraud or error.

In preparing the standalone financial results, the Board of Directors are 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 the Board of Directors either

intends to liquidate the Company or to cease operations, or has no realistic alternative but to do

SO.

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

process.

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

Our objectives are to obtain reasonable assurance about whether the standalone financial results

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 standalone financial results.

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 standalone financial results,

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.



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• 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 the effectiveness of the company's internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of

accounting estimates and related disclosures made by the Board of Directors.

• Conclude on the appropriateness of the Board of Directors' 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 results or, if

such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit

evidence obtained up to the date of our auditor's report. However, future events or conditions

may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the standalone financial results,

including the disclosures, and whether the financial results 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.

For GDA & Associates Chartered Accountants Firm Registration Number: 135780W

Digitally signed by Mayuresh Mayuresh Vasant Zele Date: 2020.06.22 Vasant Zele 15:51:35 +0530'

Mayuresh V. Zele Partner Membership No: 150027 UDIN : 20150027AAAAAN5702 Place : Mumbai Date : June 22,2020



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Fkikvcnn{!ukipgf!d{!Oc{wtguj!Xcucpv!\gng!Fcvg<!3131/17/33!26<62<46!,16(41(

ANNEXURE I

Statement on Impact of Audit Qualifications (for audit report with modified opinion) submitted along-with Annual Audited Financial Results - (Standalone)

Statement on Impact of Audit Qualifications for the Financial Year ended March 31, 2020 [See Regulation 33 I 52 of the SEBI (LODR) (Amendment) Regulations, 2016]

I. SI. No.

Particulars Audited Figures (as reported

before adjusting for qualifications)

Adjusted Figures (audited figures

after adjusting for

qualifications)

1. Turnover / Total Income 22,771.34 22,771.34

2. Total Expenditure 45,822.97 94,230.78

3. Net Profit / (Loss) (23,086.37) (71,494.18)

4. Earnings Per Share (14.66) (45.43)

5. Total Assets 26,467.21 26,467.21

6. Total Liabilities 705,228.54 753,636.35

7. Net Worth (678,761.33) (727,169.14)

8. Any other financial item(s) (as felt appropriate by the management)

II. Audit Qualification (each audit qualification separately):

a. Details of Audit Qualification:

As mentioned in Note No. 10 to the Statement, the Company has neither paid nor provided interest on its borrowings during the financial year. Had such interest been recognised, the finance cost and interest liability for the year ended March 31, 2020 would have been more by Rs. 48,407.81 Lakhs.

Consequently, the reported Loss after Other Comprehensive Income by the Company for the year ended March 31, 2020 would have been Rs. 71,494.18 Lakhs. The Earnings per Share (EPS) would have been Negative Rs. 45.43.

b. Type of Audit Qualification : Qualified Opinion

c. Frequency of qualification: Third time

d. For Audit Qualification(s) where the impact is quantified by the auditor, Management's Views:

The Company has neither paid nor provided interest on its borrowings during the financial year in view of details explained in the Note 10 of SEBI results (Standalone).

e. For Audit Qualification(s) where the impact is not quantified by the auditor: (i) Management's estimation on the impact of audit qualification:

(ii) If management is unable to estimate the impact, reasons for the same:

(iii) Auditors' Comments on (i) or (ii) above:

As per our report of even date

For and on behalf of the Board For M/s. GDA and Associates Chartered Accountants FRN No.135780W

<

Mayuresh Vasant Zele

Digitally signed by Mayuresh Vasant Zele Date: 2020.06.22 15:59:28 +0530'

Sunil Valavalkar Whole-time Director

Mayuresh V. Zele 14

Partner i';'..--A - I M.No. 150027 ,4 • .,. ..-- .. ------ Mumbai, June 22, 2020

D.S. Gunasingh Chairman of Audit Committee

Milind Bapat Chief Financial Officer


Fkikvcnn{!ukipgf!d{!Oc{wtguj!Xcucpv!\gng!Fcvg<!3131/17/33!26<6;<39!,16(41(

GTL LIMITED Statement of Consolidated Audited Results for the quarter and year ended 31 - March - 2020 in lakhs (Except per share data)

Sr.No. Particulars


Quarter ended December 31,




2020 2019 2019 2020 2019 Audited Unaudited Audited Audited Audited

1 Revenue from operations 4,762.50 5,411.13 3,484.94 21,540.22 21,905.46

2 Other Income 520.08 138.86 1,305.32 1,231.12 1,969.37

3 Total Income (1+2) 5,282.58 5,549.99 4,790.26 22,771.34 23,874.83

4 Expenses a) Cost of Material Consumed and Services rendered 974.03 2,119.37 2,016.87 7,107.13 10,886.31

b) Changes in inventories of finished goods, Stock-in-Trade and work-

in-oroaress NIL NIL NIL NIL NIL

d) Employee benefits expense 1,496.33 1,401.00 1,681.99 7,316.24 7,206.11 e) Finance costs( Refer Note 11) 551.35 478.86 427.49 1,938.11 1,666.92 f) Depreciation and amortisation expense 108.22 112.76 87.45 451.34 454.23 g) Other Expenses (Refer Note 12) 13,197.47 4,925.28 10,228.25 29,010.15 28,133.37

Total Expenses (4) 16,327.40 9,037.27 14,442.05 45,822.97 48,346.94

5 Profit / (Loss) before exceptional items and tax (3-4) (11,044.82) (3,487.28) (9,651.79) (23,051.63) (24,472.11)

6 Exceptional items NIL NIL NIL NIL NIL

7 Profit / (Loss) before tax (5-6) (11,044.82) (3,487.28) (9,651.79) (23,051.63) (24,472.11)

8 Tax expense :

i) Current tax NIL NIL NIL NIL NIL ii) Adjustment of tax relating to earlier periods NIL NIL NIL NIL 4.50 iii) Deferred tax NIL NIL NIL NIL NIL

Profit / (Loss) for the period from Continuing operations (7. 9

8) (11,044.82) (3,487.28) (9,651.79) (23,051.63) (24,476.61)

10 Profit/ (Loss) from discontinued operations (1,449.14) (1,737.73) (962.47) (8,477.83) (16,811.98)

11 Tax expense of discontinued operations 0.73 0.41 173.22 50.54 225.50

Exceptional items - income from discontinued operations 12

( refer note 10) 28,576.55 28,576.55

13 Profit / (Loss) from discontinued operations (after tax)

(10+11) 27,126.68 (1,738.14) (1,135.69) 20,048.18 (17,037.48)

14 Profit / (Loss) for the period (9+12) 16,081.86 (5,225.42) (10,787.48) (3,003.45) (41,514.09)

15 Other Comprehensive Income

A (i) Items that will not be reclassified to profit or loss 2.35 4.18 21.05 (34.74) 10.35

(ii) Income tax relating to items that will not be reclassified to profit or loss

NIL NIL NIL NIL NIL

B (i) Items that will be reclassified to profit or loss NIL NIL NIL NIL NIL (ii) Income tax relating to items that will be

reclassified to profit or loss NIL NIL NIL NIL NIL

C (i) Share in other comprehensive income of associates NIL NIL NIL NIL NIL

Total Comprehensive income for the year 2.35 4.18 21.05 (34.74) 10.35

Total Comprehensive Income for the period (13+14) 16 (Comprising profit / (loss) and other Comprehensive 16,084.21 (5,221.24) (10,766.43) (3,038.19) (41,503.74)

Income for the period)

Paid-up equity share capital (Equity Shares of Face Value 17

of 10/- each) 15,729.68 15,729.68 15,729.68 15,729.68 15,729.68

18 Earnings Per Share (For continuing operations) (of T 10 /- each) (not annualised):

a) Basic (7.02) (2.22) (6.14) (14.66) (15.56) b) Diluted (7.02) (2.22) (6.14) (14.66) (15.56)

19 Earnings Per Share (For discontinued operations)

(of t 10 /- each) (not annualised):

a) Basic 17.25 (1.10) (0.72) 12.75 (10.84) b) Diluted 17.25 (1.10) (0.72) 12.75 (10.84)

20 Earnings Per Share (For discontinued and continuing

operations)

(of T 10 /- each) (not annualised):

a) Basic 10.22 (3.32) (6.86) (1.91) (26.40) b) Diluted 10.22 (3.32) (6.86) (1.91) (26.40)

Capital Redemption Reserve and Debenture Redemption 21

Reserve N.A N.A N.A 19,979.22 19,979.22

22 Other Equity N.A N.A N.A (765,507.02) (755,978.44)

23 a. Debt Service Coverage Ratio N.A N.A N.A * • * b. Interest Service Coverage Ratio N.A N.A N.A * * c. Debt - Equity Ratio N.A N.A N.A * *

- DSCR, ISCR and Debt-Equity ratios are not positive hence not furnished

See accompanying notes to the Financial Results

Place: Mumbai

Date: June 22, 2020

For GTL Limited

< tt1 Vt,

Sunil S. Valavalkar Whole-time

Director

Registered Office: "Global Vision', Electronic Sedan No. II, M. I. D. C., T. T. C. Industrial Area, Manape, Tal. Ra Gist. Thane, Navi Mumbai - 4C0 710.

GTL LIMITED

1. The above audited financial results and notes thereto of the Company, its subsidiaries

and associate (hereinafter referred to as the "Group") have been reviewed by the

Audit Committee and approved and taken on record by the Board of Directors in their

respective meeting held June 22, 2020.

2. The results, as stated above, have been prepared in accordance with the Companies

(Indian Accounting Standards) Rules, 2015 (as amended) (Ind AS), prescribed under

Section 133 of the Companies Act, 2013 and other recognized accounting practices

and policies to the extent applicable.

3. Figures for the quarters ended March 31, 2020 and March 31, 2019 represent the difference between the audited figures in respect of the full financial year and the published figures of nine months ended December 31, 2019 and December 31, 2018 respectively.

4. The Company is engaged only in business of providing "Network Services" and as such

there are no separate reportable segments.

5. Statement of assets and liabilities (Consolidated)

Lakhs

Particulars As at March

31,2020

As at March

31,2019

(Audited) (Audited)

I. ASSETS Non-current assets

Property, plant and equipment 7,498.14 7,512.85

Capital work-in-progress Investment Property 301.09 307.86

Intangible assets 73.10 75.43

Intangible assets under devebpment NIL NIL

Financial Assets (i) Investments 5,116.26 18,418.55

00 Loans 70.68 96.96

00 Others NIL NIL

Deferred tax assets NIL NIL

Other non-current assets NIL NIL

Total Non-Current Assets 13,059.27 26,411.65

Current Assets Inventories NIL NIL

Financial Assets (i) Investments NIL NIL

00 Trade receivabs 1.04 1.04

(iii) Cash and cash equivak,nts 378.58 467.28

(iv) Bank balances other than (iii) above 8,370.67 303.26

(v) Loans 78.65 7.16

(vi) Others 862.19 685.55

Assets held for Discontinued Operations (Net) NIL NIL

Current Tax Assets (Net) 2,286.80 1,801.28

Other current assets 1,430.01 1,336.23

Total Current Assets 13,407.94 4,601.80

Total assets 26,467.21 31,013.45

I. EQUITY AND LIABILITIES Equity

15,729.68 15,729.68 a) Share Capital b) Other Equity (765,507.02) (755,978.44)

Total Equity (D) (749,777.34) (740,248.76)

Non-current liabilities Financial Liabilities

(i) Borrowings 17,433.00 15,686.64

(ii) Other financial liabilities 234.42 NIL Provisions 128.02 45.57

Deferred tax liabilities (Net) NIL NIL Other non-current liabilities NIL NIL

Total non-current liabilities 17,795.44 15,732.21

Current liabilities Financial Liabilities

(i) Borrowings NIL NIL

(ii) Trade payables 6,932.71 5,789.03 (iii) Other Mancial lObilities 678,786.05 663,996.60

Other current liabilities 1,710.29 1,165.36 Provisions 4.05 5.21 Current Tax Liabilities (Net) NIL NIL

Total current liabilities 687,433.10 670,956.20

Liabilities associated with group(s) of 71,016.01 84,573.80

assets held for disposal

Total Liabilities 776,244.55 771,262.21 i

Total equity and liabilities 26,467.21 31,013.45

6. Cash Flow Statement

Lakhs

Particulars 31 March 2020 31 March 2019

Operating activities Profit/(loss) before tax from continuing operations (23,086.37) (24,461.77) Profit/(loss) before tax from discontinued operations 20,098.72 (16,811.98) Profit before tax (2,987.65) (41,273.75)

Adjustments to reconcile profit before tax to net cash flows: Depreciation and impairment of property, plant and equipment 451.34 454.23 (Continuing operation) Depreciation and impairment of property, plant and equipment NIL 118.48 (Discontinuing operation) Gain on disposal of property, plant and equipment (25.97) (0.19) Finance income (including fair value change in financial instruments) (94.48) (88.70) Finance costs (including fair value change in financial instruments) 1,905.47 1,666.93 ( continuing operations) Finance costs (including fair value change in financial instruments) 6,497.17 6,802.10 ( discontinued operations) Unrealised Exchange (Gain)/Loss 7,715.59 7,032.70 Allowance for credit losses - Trade Receivables 67.57 119.16 (Continuing operation) Allowance for credit losses- Other Receivables NIL 3,063.60 (Continuing operation) Allowance for credit losses- Other Receivables NIL 11,617.46 (Discontinuing operation) Provision for Investment/share of loss 13,302.29 15,281.45 Liabilities / provisions no longer required written back (888.38) (1,492.73)

Interest on right to use leased assets 32.64 NIL Exceptional Items: Derognition of assets and liabilities of subsidiary on account of loss of control

(28,576.55) NIL

Operating Profit before working capital changes (2,600.96) 3,300.73

Working capital adjustments: Increase /(decrease) in provision for gratuity & compensated absences 81.29 (19.86) (Increase)/decrease in trade receivables 3,723.99 (Increase)/decrease in inventories NIL 858.54 (Increase)/decrease in other current and non current assets (147.02) (4,643.93) (Increase)/decrease in long term and short term loans and advances (218.36) (1,254.32) Increase /(decrease) in trade payables, other current and non current liabilities and provisions

11,632.34 8,006.63

Increase /(decrease) in trade payables, other current and non current liabilities and provisions - discontinued operations

NIL (739.39)

8,747.29 9,232.40 Income tax paid (including TDS) (net) (485.51) 2.87 Net cash flows from operating activities 8,261.78 9,235.27

Investing activiites Proceeds from sale of property, plant and equipment 35.75 0.19 Purchase of property, plant and equipment (including CWIP) (108.24) (718.85) Interest received (finance income) 76.65 90.44 Net cash flows from/(used in) investing activities 4.16 (628.22)

Financing activities Finance Charges (72.45) (305.58) Repayment of long term borrowings (2,049.98) (10,627.47) Fixed deposits with banks held as margin money (8,067.41) 444.45 Principal repayment of lease payments (32.64) NIL Interest repayment of lease payments (112.82) NIL Net cash flows from/(usedin) financing activities

V (10,335.30) (10,488.59)

Adjustment on account of Consolidation/Translation 713.24 855.22

Net increase/(decrease) in cash and cash equivalents (1,356.12) (1,026.32)

Cash and cash equivalents at the beginning of the year (Continuing 467.28 1,519.47

Operations) Cash and cash equivalents at the beginning of the year (Discontinued operation)

1,267.42 1,241.56

Cash and cash equivalents at the beginning of the year 1,734.70 2,761.03

Cash and cash equivalents at the end (Continuing Operations) 378.58 467.28 Cash and cash equivalents at the end (Discontinuing operation) NIL 1,267.42 Cash and cash equivalents at the end 378.58 1,734.70

7. In a dispute between the Company and GTL Infrastructure Limited (GIL), the

Arbitration Tribunal vide its interim order dated December 17, 2019 has directed GIL

to pay an amount of 44,000 Lakhs in stipulated timeline. The parties had initiated a

settlement process, however, it could not be completed due to non-receipt of consents

from lenders. Further GIL lenders have challenged the award and related execution

proceedings. Hence the Company has not recognized income during the quarter ended

March 31,2020.

8. As The Company is awaiting for outcome of the Inter-creditor agreement and is in

discussion with the Lead Bank. Even in such stressed circumstances, the Company

and its management have taken all possible steps possible to continue with the process

and deposited around 8,000 Lakhs for the said purpose. However, one the lenders

has filed application before the NCLT, the same has not been admitted so far.

9. During the last few years, the Company has incurred cash losses, resulting in erosion

of its entire net worth. The Company's current liabilities are higher than its current

assets. On account of the above developments, the management is of the view that

either through negotiated settlement or through restructure it would be in a position

to settle the matter and continue its operations. Accordingly, it continues to prepare

above results on going concern basis.

10. In continuation of the disclosures made earlier, the assets and liabilities of

International Global Tele systems Ltd, the subsidiary of the Company is continued to

be treated as "Liabilities Held for Sale and discontinued operations" and loss incurred

is shown under loss from discontinued operations in terms of Ind AS 105.

Hon'ble Supreme Court of Bermuda vide its order dated March 13,2020 has appointed

Joint Liquidators and Committee of Inspection for liquidation of GTL International

Limited (GTIL), 100% subsidiary of the Company. As a consequence, GTIL ceased to

be subsidiary of the Company as the control over the Subsidiary is lost. The Group has

accounted for "loss of control" in the said subsidiary in accordance with IND AS 110

"Consolidated Financial Statements" by derecognizing the assets and liabilities

pertaining to the Subsidiary. Accordingly, gain of 28,576.55 lakhs arising on account

of "loss of control" has been recorded and disclosed as an "Exceptional item" in the

results. This has a significant one-time and non - Cash flow impact on the earning per

share of the discontinued operations as disclosed in the statement of consolidated

financial results.

11.The Company has neither paid nor provided interest on its borrowing during the current quarter and year in view of the foregoing as explained.

Had such interest been recognized, the Finance Cost for the quarter and year ended March 31,2020 would have been more by Z 11,984.72 lakhs and Z 48,407.81 lakhs

respectively.

The resultant profit / (loss) would have been 4,099. 49 lakhs and (! 51,446.00) lakhs and EPS would have been 2.60 and (32.69) for the quarter and year ended March 31,2020 respectively. The Auditors have issued modified opinion in respect of this

matter.

12.Pending appropriation of the pledged shares invoked by the lenders, the said shares

held by the Company are continued to be classified under 'Long Term Investments'.

During the quarter, the company fair valued its investment in GTL Infrastructure Ltd

and accordingly, accounted the 'mark to market' loss amounting to 3,069.76 Lakhs.

13.The Company has adopted Ind AS 116 on leases beginning April 1, 2019 using the

modified retrospective approach. The standard has been applied to all the lease

contracts as at April 1, 2019. Accordingly, the Company has not restated the

comparative information; and recognized the lease liability at present value of the

lease payments discounted at relevant incremental borrowing rate. The right to use

asset has been measured at the same value as that of the lease liability, subject to

the adjustments for prepayment and accruals.

Consequent to the new standard, in the Profit and Loss Account for the current period,

the nature of expenses in respect of operating leases has changed from lease rent of

! 145.47 lakhs to depreciation cost for the right-to-use asset of '! 127.38 lakhs and

finance cost for interest accrued on lease liability of ! 32.64 lakhs. The Profit After

Tax for the current period has decreased by 14.55 lakhs.

14. The Ministry of home affairs notified telecommunication services including telecom

infrastructure services among the essential services, which continued to operate

during lock down declared since March 25, on account of COVID-19. The COVID-19

crisis has impacted ability of technicians to visit the tower sites for upkeep and

maintenance of tower and Diesel filling. Against this background, and keeping in mind

the health and safety of employees/customers/vendors, the Company has for the

moment taking maximum precaution to protect its network and maintain uptime.

Thus, though the Company is trying its best to keep the customer focus / network

uptime humming, the exact impact of the crisis on the operations cannot be

determined at this juncture.

15. Debenture Redemption Reserve is not created in view of non-availability of profit.

16. The figures for the previous quarter / period/ year have been regrouped / rearranged

/ recast wherever considered necessary.

For GTL Limited

Date: June 22, 2020

Sunil Valavalkar

Place: Mumbai

Whole-time Director


INDEPENDENT AUDITOR'S REPORT

To,

THE BOARD OF DIRECTORS OF GTL LIMITED

Modified Opinion

We have audited the accompanying consolidated annual financial results of GTL LIMITED

(hereinafter referred to as the 'Holding Company) and its subsidiaries (Holding Company and its

subsidiaries together referred to as "the Group"), and its associates for the year ended March 31,

2020, attached herewith, being submitted by the Holding Company pursuant to the requirement

of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015,

as amended ('Listing Regulations').

In our opinion and to the best of our information and according to the explanations given to us,

except for the effect of the matters described in the basis for qualified opinion paragraph below,

and based on the consideration of reports of other auditors on separate audited financial

statements of the subsidiaries, and associates, the aforesaid consolidated financial results:

i) Include the annual financial results of the its Subsidiary Company International Global

Telesystems Ltd.

ii) are presented in accordance with the requirements of Regulation 33 of the Listing Regulations

in this regard; and

iii) give a true and fair view in conformity with the applicable accounting standards, and other

accounting principles generally accepted in India, of net loss and other comprehensive income

and other financial information of the Group for the year ended March 31,2020.

Basis for Modified Opinion

As mentioned in Note No. 11 to the Statement, the Company has neither paid nor provided

interest on its borrowings during the financial year. Had such interest been recognised, the finance

cost and interest liability for the year ended March 31, 2020 would have been more by Rs.

48,407.81 Lakhs. Consequently, the reported Loss after Other Comprehensive Income by the

Company for the year ended March 31, 2020 would have been Rs. 51,446.00 Lakhs. The Earnings

per Share (EPS) would have been Negative Rs. 32.69.

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under

section 143(10) of the Companies Act, 2013 ("Act"). Our responsibilities under those Standards are

further described in the Auditor's Responsibilities for the Audit of the Consolidated Financial

Results section of our report. We are independent of the Group, its associates and jointly

controlled entities in accordance with the Code of Ethics issued by the Institute of Chartered

Accountants of India together with the ethical requirements that are relevant to our audit of the



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financial statements under the provisions of the Companies Act, 2013 and the Rules 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 obtained by us and other auditors in terms

of their reports referred to in "Other Matter" paragraph below, is sufficient and appropriate to

provide a basis for our opinion.

Emphasis of Matter

We draw attention to the following notes to the accompanying statements

a) Note no. 9 which inter-alia states that the Company has incurred cash losses, its Net worth has

been fully eroded and the Company's current liabilities have exceeded its current assets as at

March 31, 2020. The above conditions indicate the existence of the material uncertainty that

cast significant doubt about the Company's ability to continue as a going concern. However,

the financial statements of the Company have been prepared on going concern basis for the

reasons stated in the said note.

b) Note no. 12 which inter-alia states that, company had pledged certain investments in its

subsidiary / associate / affiliate companies with the lenders towards the borrowings from

them. During the previous year, lenders have invoked the pledge and transferred those

investments of the company in the name of its trustees without appropriating the same

against the borrowings. Pending appropriation of pledged shares as mentioned above, the said

investments are continued to be classified under 'Long Term Investments'.

Our opinion is not modified in respect of above matters.

Board of Directors' Responsibilities for the Consolidated Financial Results

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

financial statements. The Holding Company's Board of Directors are responsible for the

preparation and presentation of these consolidated financial results that give a true and fair view

of the net profit / loss and other comprehensive income and other financial information of the

Group including its associates and jointly controlled entities in accordance with the Indian

Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued

thereunder and other accounting principles generally accepted in India and in compliance with

Regulation 33 of the Listing Regulations. The respective Board of Directors of the companies

included in the Group and of its associates and jointly controlled entities are responsible for

maintenance of adequate accounting records in accordance with the provisions of the Act for

safeguarding of the assets of the Group and its associates and jointly controlled entities 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 the

design, implementation and maintenance of adequate internal financial controls, that were



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operating effectively for ensuring accuracy and completeness of the accounting records, relevant

to the preparation and presentation of the consolidated financial results that give a true and fair

view and are free from material misstatement, whether due to fraud or error, which have been

used for the purpose of preparation of the consolidated financial results by the Directors of the

Holding Company, as aforesaid.

In preparing the consolidated financial results, the respective Board of Directors of the companies

included in the Group and of its associates are responsible for assessing the ability of the Group

and its associates and jointly controlled entities to continue as a going concern, disclosing, as

applicable, matters related to going concern and using the going concern basis of accounting

unless the respective Board of Directors either intends to liquidate the Group or to cease

operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group and of its associates are

responsible for overseeing the financial reporting process of the Group and of its associates and

jointly controlled entities.

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

Our objectives are to obtain reasonable assurance about whether the consolidated financial

results as a whole are free from material misstatement, whether due to fraud or error, and to

issue an auditor's report that includes our opinion. Reasonable assurance is a high level of

assurance, but is not a guarantee that an audit conducted in accordance with SAs will always

detect a material misstatement when it exists. Misstatements can arise from fraud or error and

are considered material if, individually or in the aggregate, they could reasonably be expected to

influence the economic decisions of users taken on the basis of these consolidated financial

results.

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 consolidated financial results,

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. Under Section 143(3) (i) of the Act, we

are also responsible for expressing our opinion on whether the company has adequate internal



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financial controls with reference to financial statements in place and the operating

effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of

accounting estimates and related disclosures made by the Board of Directors.

• Conclude on the appropriateness of the Board of Directors use of the going concern basis of

accounting and, based on the audit evidence obtained, whether a material uncertainty exists

related to events or conditions that may cast significant doubt on the ability of the Group and

its associates and jointly controlled entities 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 consolidated financial results 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 Group and its

associates and jointly controlled entities to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the consolidated financial results,

including the disclosures, and whether the consolidated financial results represent the

underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial results/financial

information of the entities within the Group and its associates and jointly controlled entities to

express an opinion on the consolidated Financial Results. We are responsible for the direction,

supervision and performance of the audit of financial information of such entities included in

the consolidated financial results of which we are the independent auditors. For the other

entities included in the consolidated Financial Results, which have been audited by other

auditors, such other auditors remain responsible for the direction, supervision and

performance of the audits carried out by them. We remain solely responsible for our audit

opinion.

We communicate with those charged with governance of the Holding Company and such other

entities included in the consolidated financial results of which we are the independent auditors

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.



#


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We also performed procedures in accordance with the circular issued by the SEBI under

Regulation 33(8) of the Listing Regulations, as amended, to the extent applicable.

Other Matters

a) As at March 31, 2020 balance Confirmations, with respect to Bank Loan (including interest

accrued), Bank Guarantee, Bank Current Account and Fixed Deposits aggregating to Rs.

3,63,866.76 Lakhs have not been received.

b) The consolidated Financial Results include the audited Financial Results of 1 subsidiary

company, whose Financial Statements reflect Group's share of total Liabilities of Rs. 71,016.01

Lakhs as at March 31, 2020, Group's share of total revenue of Rs. Nil and Rs. Nil and Group's

share of total net loss after tax of Rs. 1,404.67 Lakhs and Rs. 5,405.35 for the quarter ended

March 31, 2020 and for the period from April 01, 2019 to March 31, 2020 respectively, as

considered in the consolidated Financial Results, which have been audited by their respective

independent auditors. The independent auditors' reports on financial statements of these

entities have been furnished to us and our opinion on the consolidated Financial Results, in so

far as it relates to the amounts and disclosures included in respect of these entities, is based

solely on the report of such auditors and the procedures performed by us are as stated in

paragraph above.

Our opinion on the consolidated Financial Results is not modified in respect of the above matters

with respect to our reliance on the work done and the reports of the other auditors and the

Financial Results certified by the Board of Directors.

The Financial Results include the results for the quarter ended March 31, 2020 being the balancing

figure between the audited figures in respect of the full financial year and the published unaudited

year to date figures up to the third quarter of the current financial year which were subject to

limited review by us.

For GDA & Associates Chartered Accountants Firm Registration Number: 135780W

Digitally signed by

Mayuresh Mayuresh Vasa nt Zele

Vasant Zele Date: 2020.06.22 15:54:42 +0530'

Mayuresh V. Zele Partner Membership No: 150027

UDIN : 20150027AAAAAM8928

Place : Mumbai Date June 22, 2020



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ANNEXURE I

Statement on Impact of Audit Qualifications (for audit report with modified opinion) submitted along-with Annual Audited Financial Results - (Consolidated)

Statement on Impact of Audit Qualifications for the Financial Year ended March 31, 2020 [See Regulation 33 / 52 of the SEBI (LODR) (Amendment) Regulations, 2016]

I. SI. No.

Particulars Audited Figures (as reported

before adjusting for qualifications)

Adjusted Figures (audited figures

after adjusting for

qualifications)

1. Turnover / Total Income 22,771.34 22,771.34

2. Total Expenditure 45,822.97 94,230.78

3. Net Profit / (Loss) (3038.19) (51,446.00)

4. Earnings Per Share (1.91) (32.69)

5. Total Assets 26,467.21 26,467.21

6. Total Liabilities 776,244.55 824,652.36

7. Net Worth (749,777.34) (798,185.15)

8. Any other financial item(s) (as felt appropriate by the management)

II. Audit Qualification (each audit qualification separately):

a. Details of Audit Qualification:

As mentioned in Note No. 11 to the Statement, the Company has neither paid nor provided interest on its borrowings during the financial year. Had such interest been recognised, the finance cost and interest liability for the year ended March 31, 2020 would have been more by Rs. 48,407.81 Lakhs.

Consequently, the reported Loss after Other Comprehensive Income by the Company for the year ended March 31, 2020 would have been Rs. 51,446 Lakhs. The Earnings per Share (EPS) would have been Negative Rs. 32.69.

b. Type of Audit Qualification : Qualified Opinion

c. Frequency of qualification: Third time

d. For Audit Qualification(s) where the impact is quantified by the auditor, Management's Views:

The Company has neither paid nor provided interest on its borrowings during the financial year in view of details explained in the Note 11 of SEBI results (Consolidated).

For Audit Qualification(s) where the impact is not quantified by the auditor: (i) Management's estimation on the impact of audit qualification: (ii) If management is unable to estimate the impact, reasons for the same: (iii) Auditors' Comments on (i) or (ii) above:

As per our report of even date For M/s. GDA and Associates Chartered Accountants FRN No.135780W

Mayuresh Digitally signed by Mayuresh Vasant Zele Date: 2020.06.22 15:58:13 +05'30'

Mayuresh V. Zele Partner M. No. 150027 Mumbai, June 22, 2020

For and on behalf of the Board

..515 161\4,111

Sunil Valavalkar Whole-time Director

D.S. Gunasingh Chairman of Audit Committee

Milind Bapat Chief Financial Officer

Vasant Zele



Appointment of Company Secretary and Compliance Officer.

Sr. No.

Particulars Details of Information

1. Reason for change (viz. appointment, resignation, removal, death or otherwise)

Mr. Deepak Arun Keluskar (Membership No. ACS 62222) has been appointed as the Company Secretary and Compliance Officer of the Company in place of Mr. Pratik Rohit Toprani (Membership No. ACS 48011) who has resigned from the post of Company Secretary and Compliance officer of the Company w.e.f. February 4, 2020.

2. Date / Appointed w.e.f. June 22, 2020 at terms and conditions as decided by the Board of Directors in their meeting held on June 22, 2020.

of appointment ceo-sation (as applicable) & term of appointment

3. Brief Profile Mr. Deepak A. Keluskar, is a qualified Company Secretary and is a member of Institute of Company Secretaries of India having membership no. (ACS 62222) He is having overall experience of around 8 years in Company Secretarial Department in listed entities.

Change in the Company's Directorate

Sr. No.

Particulars Details of Information

1. Reason for change (viz. appointment, resignation, removal, death or otherwise)

As a part of routine lenders' nomination process, IDBI Bank Limited has nominated Mr. Venkata Apparao Maradani (DIN: 08755883) General Manager as a Director on the Company's Board in place of its earlier Nominee, Mr. Badri Shrinivasa Rao —Chief General Manager.

2. Date of appointment / cessation (as applicable) & term of appointment

Appointed w.e.f. June 22, 2020 as Nominee Director on behalf of IDBI Bank Limited.

3. Brief Profile Mr. Venkata Apparao Maradani, is a Graduate in Science and CAIIB. He has got over 2 decades of banking experience mainly in Corporate Credit. He has started his career with Canara Bank as Probationary Officer in 1999. He joined IDBI in 2008 and worked in various departments in Mid Corporate Group, Focussed Assets Management Group, Corporate Banking Group etc in various capacities and is presently working as General Manager, Large Corporate Group, Nariman Point branch.

gtl consolidated audit report mar 2020...considered and approved the appointment of mr. deepak arun...

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