Date: 28.07.2020

Company Code: 514274 (BSE) Company Code: AARVEEDEN (NSE)

Dear Sir/ Madam,

SUB: OUTCOME OF BOARD MEETING DATED JULY 28, 2020

With reference to captioned subject and as per the provisions of Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, outcome of Board Meeting is as under:

• 1. The Board, based on the recommendation of Audit Committee has approved the audited financial and segment wise results of the Company (Consolidated as well as Standalone) for the quarter and year ended 31st March 2020 along with Auditors Report thereon and the Statement of Assets and Liabilities as at the year ended 31st March 2020 and In compliance of Regulation 30 & 33 of the SEBI (Listing Obligations & Disclosure Requirements) Regulation, 2015, (hereinafter referred as "Listing Regulations") we are pleased to submit the same. The enclosed quarterly and year ended financial results are available on website of BSE & NSE and on the Company's website at www.aarveedenims.com.
• 2. We hereby further declare that the Audited financial results (Consolidated as well as Standalone) for the quarter and year ended 31st March 2020 submitted by M/s Shah & Shah Associates, Chartered Accountant, Ahmedabad (Firm Registration No. 113742W) were unmodified.

Further, pursuant to Regulation 33 of the Listing Regulations, 2015, we enclosed herewith copy of Audited financial results (Consolidated as well as Standalone) for the quarter and year ended 31st March 2020 along with Unmodified Independent Auditors Report.

The meeting was started at 05:00 p.m. by video conferencing mode due to prevailing situation of COVID-19 and the same has been concluded at 7:30 p.m.

Please take note of the same on your record.

Thanking you, Yours faithfully,

For, AARVEE DENIMS AND EXPORTS LTD.

Sd/- Darshak Thaker Company Secretary & Compliance Officer (M.No: A46919) Encl: a.a.

AARVEE DENIMS AND EXPORTS LTD.

Regd. Office. 191, Shahwadi, Narol Sarkhej Highway, Narol, Ahmedabad-382 405. Phone No: 079-30417000, Fax No: 079-30417070, Email ID: [email protected], Website: www.aarvee-denims.com, CIN No: L17110GJ1988PLC010504

STATEMENT OF AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2020

$\mathcal{L}_\mathrm{A}$ . AHMEDAB Junet

AARVEE DENIMS AND EXPORTS LTD.

Regd. Office. 191, Shahwadi, Narol Sarkhej Highway, Narol, Ahmedabad-382 405. Phone No: 079-30417000, Fax No: 079-30417070,
Email ID: [email protected], Website: www.aarvee-denims.com, CIN No: L17110GJ1988PLC010504

STATEMENT OF AUDITED COSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2020

NOTE TO AUDITED STANDALONE & CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31st MARCH, 2020:

• The audited Standalone and Consolidated Financial Results have been reviewed by the Audit Committee and approved by the Board of Ì Directors of the company at the meeting held on July 28,2020.
• The above audited Standalone and Consolidated Financial Results have been prepared in accordance with the guidelines issued by the $\overline{\mathcal{L}}$ Securities and Exchange Board of India ("SEBI") and the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Companies Act. 2013.
• During the year under review, the Company has adopted Ind AS 116-Leases effective from 1st April, 2019 and this did not have any material $\mathbf{z}$ impact on the financial results of the Company.
• Pursuant to the Taxation Laws (Amendment) Act. 2019, effective from April 1, 2019, domestic companies have an option to pay corporate $\overline{A}$ income tax at the rate of 22% plus applicable surcharge and cess ('New Tax Rate ), subject to certain conditions. The Company has made an assessment of the impact of the Taxation Laws (Amendment) Act, 2019 and decided to continue with the existing tax structure until utilization of accumulated Minimum Alternate Tax (MAT) credit. As there is a business loss as per provision of the Income Tax Act, 1961, no provision is required to be made for current tax.
• The company has accounted for MAT credit aggregating to Rs.1357.45 lacs as on March 31, 2020 comprising of various years. Based on the 5 future projections of profitability and tax liabilities computed in accordance with the provisions of Income Tax Act, 1961, the management of the company believes that there shall be sufficient future taxable profit and the company shall be required to pay normal taxes within the period specified u/s. 115JAA of the Income Tax Act and entire amount of MAT credit shall be setoff utilised. Therefore, in accordance with the Guidance Note on Minimum Alternate Tax under the Income Tax Act. 1961 issued by the Institute of Chartered Accountants of India. such MAT credit has been continued to be recognised as asset.
• The audited Consolidated Financial Results for quarter and year ended March 31,2020 include results of its 100% Subsidiary Company, $\epsilon$ namely M/s Aye Ess Spinning Mills Pvt. Limited, Ahmedabad (herien after referred to as "Aye Ess"). The Aye Ess has not started its' commercial operations since its incorporation and pursuant to resolution passed by the Board of Directors of the Aye Ess. it has filed an application under section 248(2) of the Companies Act, 2013 for voluntarily striking off of the name of the company from the Register of Companies with Registrar of Companies, Gujarat (i.e. ROC), after complying with all the prescribed legal formalities. Pending publication of notice in the Official Gazette by the ROC, Gujarat, the name of the Aye Ess company is yet to be stricken-off from Register of Companies and to be dissolved as at year end. As the net worth of the Aye Ess as at March 31, 2020 is nil, the investment in Ayee Ess amounting to Rs. I 00 lac has been provided as loss in diminiuation in value of investment in subsidiary in Standalone Financial Results of the company
• The outbreak of COVID-19 pandemic globally and in India is causing significant disturbance and slowdown of economic activity. COVID- $\overline{7}$ 19 has caused interruption in production, supply chain disruption, unavailability of personnel, etc. during last week of March, 2020 and thereafter. The management of the Company has exercised due care in concluding significant accounting judgments and estimates in preparation of the financial results. In assessing the recoverability of Trade receivables, the Company has considered subsequent recoveries. past trends, credit risk profiles of the customers and internal and external information available up to the date of issuarce of these financial results. However, due to COVID-19 pendamic, the company could not obtained balance confirmations from its receivables. In assessing the recoverability of inventories, the Company has considered the latest selling prices, customer orders on hand and margins. Based on the above assessment, the Company is of the view that the carrying amounts of Trade receivables and inventories are expected to be realizable to the extent shown in the financial results. The impact of COVID-19 is highly uncertain and may be different from the estimates as at the date of approval of these financial results and the Company will continue to closely monitor any material changes to future economic conditions. Further, the company is in the process of resuming its manufacturing operations of all its plants and believes that the same will be resumed within shorter period. The Company's management has made initial assessment of likely adverse impact on business and financial risks and believes that the impact is likely to be short term in nature. The management does not see any medium to long term risks in the Company's ability to continue as a going concern and meeting its liabilities as and when they fall due
• Due to COVID-19 related lock down in India as at March 31,2020, the company was not able to undertake year end physical verification of $\mathbf{a}$ inventory and the same has been carried out by the management subsequent to the date of balance sheet. Due to this lock down, the auditors were also not able to participate in the physical verification of inventory. The company has consequently applied the role back procedures to arrive at the physical status of year-end inventory for the purpose of finalization of accounts for financial year 2019-20.

Wedl

• The previous period's/year's figures have been regrouped and rearranged where necessary, to make them comparable to current period/year $\overline{9}$ figures.
• The Standalone and Consolidated annual financial results include the results for the quarter ended March 31.2019 & March 31.2019 (2020 being the balancing figure between the audited figures in respect of the full financial years and the published unaudited year to date figures up to 10 the third quarter of the respective financial years which were subjected to limited review by us.
• Statement of Assets and Liablities,Statement of Segment wise Revenue, Results and Capital Employed and Cashflow for the year ended $\overline{11}$ March 31, 2020 are attached herewith.
• As per requirements of Regulation 33 of the Securities and Exchange Board of India, the Company is required to publish financial results. $\mathbf{12}$ Investors can view the audited financial results of the company for the quarter and year ended March 31,2020 on the company's website www.aarveedenims.com or on www.bseindia.com and www.nscindia.com of the website of Bombay Stock Exchange ('BSI: ) and National Stock Exchange ('NSE') respectively.

For, AARVEE DENIMS AND EXPORTS LTD.

Just Muns

VINOD P. ARORA CHAIRMAN & MANAGING DIRECTOR (DIN: 00007065)

Place: Ahmedabad Date: July 28,2020

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STATEMENT OF ASSETS & LIABILITIES AS AT 31.03.2020

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Comment Country States

and the company of the most com-

Annexure - II . . . . .
. . . . . . . . . . . . . . . IF RESELTS AND CAPITAL EMPLOYED

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Annexure - II

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CMENTWISE REVENIJE RESULTS AND CAPITAL EMPLOYED

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ANNEXURE III

AARVEE DENIMS AND EXPORTS LTD.

Regd. Office. 191, Shahwadi, Narol Sarkhej Highway, Narol, Ahmedabad-382 405. Phone No: 079-30417000, Fax No: 079-30417070,
Email ID: [email protected], Website: www.aarvee-denims.com, CIN No: L17110GJ1988PLC010504

STATEMENT OF CASH FLOWS

702, ANIKET, Nr. MUNICIPAL MARKET, C.G. ROAD, NAVRANGPURA, AHMEDABAD - 380 009. PHONE: 26465433
FAX: 079 - 26406983 Email: [email protected]

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Independent Auditors' Report

To the Board of Directors of AAVEE DENIMS & EXPORTS LIMITED

Report on the audit of the Consolidated Financial Results for the Quarter and Year ended 31^st March, 2020

Opinion

We have audited the accompanying consolidated financial results of Aarvee Denims & Exports Limited (hereinafter referred to as the "Holding Company") and its subsidiary (Holding Company and its subsidiary together referred to as "the Group"). for the quarter and year ended 31^st March 2020, ("the Statement" or "consolidated annual financial results"), attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the Securities and Exchange Board of India ("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, the consolidated annual financial results:

• a. includes the annual financial results of the M/s. Aye Ess Spinning Mills Private Limited. Ahmedabad (a wholly owned subsidiary company).
• b. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
• c. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian Accounting Standards, and other accounting principles generally accepted in India, of the consolidated net loss, other comprehensive income and other financial information of the Group for the quarter and year ended 31 March 2020.

Basis for Opinion

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 SAs are further described in the Auditor's Responsibilities for the Audit of the Consolidated Annual Financial Results section of our report. We arc independent of the Group, 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 statements under the provisions of the Act, 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 is sufficient and appropriate to provide a basis for our opinion on the consolidated annual financial results.

Emphasis of Matters:

We draw attention to note no: 7 of the audited standalone and consolidated financial results, as regards the management's evaluation of COVID-19 impact on the future performance of the Group.

Attention is invited to note no: 5 of the audited standalone and consolidated financial results regarding continuing recognisitation of MAT Credit as at 31st March, 2020. Auditors are relied upon and accepted the estimates and judgments made in this regard by the company.

Attention is invited to note no: 8 of the audited standalone and consolidated financial results regarding inventory as at 31st March, 2020. The company has applied roll back procedures on physical verification carried out after the year end to arrive at the physical status of year-end inventory. We have applied alternate audit procedures and have relied upon the system/procedures applied in arriving year-end inventory on hand by the management.

Our opinion is not modified in respect of these matters.

702, ANIKET, Nr. MUNICIPAL MARKET, C.G. ROAD, NAVRANGPURA, AHMEDABAD - 380 009. PHONE: 26465433 $FX: 079 - 26406983$ Email: [email protected]

Independent Auditors' Report (Continued)

Management's and Board of Directors' Responsibilities for the Consolidated Annual Financial Results

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

The Holding Company's Management and the Board of Directors are responsible for the preparation and presentation of these consolidated annual financial results that give a true and fair view of the consolidated net profit/ loss and other comprehensive income and other financial information of the Group in accordance with the recognition and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 of the Act and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective

Management and Board of Directors of the entities included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of each entity 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 operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated annual 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 annual financial results by the Management and the Directors of the Holding Company, as aforesaid.

In preparing the consolidated annual financial results, the respective Management and the Board of Directors of the entities included in the Group are responsible for assessing the ability of each entity lo 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 entity or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the entities included in the Group are responsible for overseeing the financial reporting process of each entity.

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

Our objectives are to obtain reasonable assurance about whether the consolidated annual 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 annual 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 annual 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 through a separate report on the complete set of consolidated financial statements on whether the entity has adequate internal financial controls with reference to consolidated financial statements in place and the operating effectiveness of such controls.

702, ANIKET, Nr. MUNICIPAL MARKET. C.G. ROAD, NAVRANGPURA, AHMEDABAD - 380 009. PHONE: 26465433 FAX: 079 - 26406983 Email: [email protected]

Independent Auditors' Report (Continued)

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the consolidated annual financial results made by the Management and Board of Directors of the Holding Company.
• Conclude on the appropriateness of the Management's and 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 appropriateness of this assumption. 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 annual 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 to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the consolidated annual financial results, including the disclosures, and whether the consolidated annual financial results represent the underlying transactions and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities within the Group to express an opinion on the consolidated annual financial results.

We communicate with those charged with governance of the Holding Company 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.

We also performed procedures in accordance with the circular No CJR/CFD/CMDI/44/2019 issued by the SEBI under Regulation 33(8) of the Listing Regulations, as amended, to the extent applicable.

Other Matters:

The audited consolidated financial results include the results for the quarter ended 31^st March 2020 and 31^st March, 2019 being the balancing figure between the audited figures of respective full financial years and the published unaudited year to date figures up to the third quarter of the respective financial years which were subjected to limited review by us.

Our opinion is not modified in respect of this matter.

The audited consolidated annual financial results dealt with by this report have been prepared for the express purpose of time with stock exchanges. These results are based on and should be read with the audited consolidated financial statements of the Company for the year ended 31^st March, 2020 on which we issued an unmodified audit opinion vide our report dated 28^th July, 2020.

Place Ahmedabad $\ddot{\cdot}$ 28^th July, 2020 Date $\mathbf{r}$

For SHAH & SHAH ASSOCIATES Chartered Accountants FRN: 143742W ÚNIL K.DAVE PARTNER Membership Number: 047236 UDIN:20047236AAAAFK8114

702, ANIKET, Nr. MUNICIPAL MARKET, C.G. ROAD, NAVRANGPURA, AHMEDABAD - 380 009. PHONE: 26465433 $FAX: 079 - 26406983$ Email: [email protected]

Independent Auditors' Report

To the Board of Directors OF AARVEE DENIMS & EXPORTS LIMITED

Report on the audit of Standalone–Financial Results for the Quarter and Year ended 31^st March, 2020

Opinion

We have audited the accompanying standalone financial results of Aarvee Denims & Exports Limited thereinatier referred to as the "Company") for the quarter and year ended 31st March 2020 ('standalone annual financial results'). attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the Securities and Exchange Board of India ("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, the aforesaid standalone annual financial results:

• are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; $\mathbf{a}$ . and
• give a true and fair view in conformity with the recognition and measurement principles laid down in the $_b$ applicable Indian Accounting Standards, and other accounting principles generally accepted in India of the net loss, other comprehensive loss and other financial information for the quarter and year ended 31st March 2020.

Basis for Opinion

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 SAs are further described in the Auditor's Responsibilities for the Audit of the Standalone Annual 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 standalone financial statements under the provisions of the Act 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 we have obtained is sufficient and appropriate to provide a basis for our opinion on the standalone annual financial results.

Emphasis of Matter

We draw attention to note no: 7 of the audited standalone and consolidated financial results as regards the management's evaluation of COVID-19 impact on the future performance of the Company.

Attention is invited to note no: 5 of the audited standalone and consolidated financial results regarding continuing recognisitation of MAT Credit as at 31st March, 2020. Auditors are relied upon and accepted the estimates and judgments made in this regard by the company.

. Attention is invited to note no: 8 of the audited standalone and consolidated financial results regarding inventory as at 31st March, 2020. The company has applied roll back procedures on physical verification carried out after the year end to arrive at the physical status of year-end inventory. We have applied alternate audit procedures and have relied upon the system/procedures applied in arriving year-end inventory on hand by the management.

Qur opinion is not modified in respect of these matters.

1. ANIKET, Nr. MUNICIPAL MARKET, C.G. ROAD, NAVRANGPURA,
   AHMEDABAD - 380 009. PHONE: 26465433 $FAX : 079 - 26406983$ Email: [email protected]

t.,

Independent Auditors' Report (Continued)

Management's and Board of Directors' Responsibilities for the Standalone Annual Financial Results

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

The Company's Management and the Board of Directors are responsible for the preparation and presentation of these standalone annual financial results that give n 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 Standards prescribed under Section 133 of the Act 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 the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone annual 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 annual financial results, the Management and 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 is responsible for overseeing the Company's financial reporting process.

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

Our objectives are to obtain reasonable assurance about whether the standalone annual 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 annual 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 annual financial results, whether due to fraud or error, design and perfom1 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 through a separate report on the complete set of standalone financial statements on whether the company has adequate internal financial controls with reference to standalone 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 in the standalone annual financial results made by the Management and Board of Directors.

702, ANIKET, Nr. MUNICIPAL MARKET, C.G. ROAD, NAVRANGPURA, AHMEDABAD - 380 009. PHONE: 26465433 FAX: 079 - 26406983 Email: [email protected]

Independent Auditors' Report (Continued)

• Conclude on the appropriateness of the Management and Board of Directors use of the going concern basis of accounting and, based on the audit cvidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the appropriateness of this assumption. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the standalone annual 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 annual financial results, including the disclosures, and whether the standalone annual financial results represent the underlying transactions and events in a manner that achieves fair presentation.

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.

Other Matter

The standalone annual financial results include the results for the quarter ended 31^st March 2020 and 31^st March, 2019 being the balancing figure between the audited figures of respective full financial years and the published unaudited year to date figures up to the third quarter of the respective financial years which were subjected to limited review by us.

Our opinion is not modified in respect of this matter.

The audited standalone financial results dealt with by this report have been prepared for the express purpose of filing with stock exchanges. These results are based on and should be read with the audited standalone financial statements of the Company for the year ended 31^st March 2020, on which we issued an unmodified audit opinion vide our report dated 28^th July, 2020.

Place Date

Ahmedabad 28^th July , 2020

For SHAH & SHAH ASSOCIATES

Chartered Accountants FRN:113742W

ŚÚNIL K.DAVE PARTNER Membership Number: 047236

UDIN: 20047236AAAAFJ6493