Limited an LNJ Bhilwara Group Company

RSWM/SECTT /2020 August 11, 2020

BSE Limited Corporate Relationship Department, 1st Floor, New Trading Ring, Rotunda Building, P.J. Towers, Dalal Street, MUMBAI - 400 001.

Scrip Code: 500350

National Stock Exchange oflndia Limited Listing Department, Exchange Plaza, C-1, Block - G, Bandra-Kurla Complex, Bandra (East), MUMBAI - 400 051.

Scrip Code: RSWM

Sub: Outcome of Board Meeting dated 11th August, 2020

Dear Sir,

PROUD TO BE INDIAN

PRIVILEGED TO BE GLOBAL

Pursuant to Regulation 30 & 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board of Directors of the Company at its Meeting held today, i.e., 11 th August, 2020 have inter alia approved and taken on record the following:

1. The Unaudited Financial Results of the Company for the quarter ended 30 th June, 2020. A copy ofUnaudited Financial Results (Standalone and Consolidated) for the quarter ended 30th June, 2020along with the Limited Review Report are enclosed.

2. As per the ongoing succession planning

a) Shri Brij Mohan Sharma relinquished his position as Chief Financial Officer with immediateeffect. However, he will continue to remain as Joint Managing Director of the Company andact as a Key Managerial Personnel.

b) Shri A vinash Bhargava has been appointed as Chief Financial Officer of the Company withimmediate effect. His appointment was also commended by the Nomination andRemuneration Committee & Audit Committee of the Board of Directors of the Company.Shri A vinash Bhargava will also be acting as Key Managerial Personnel. A brief profile ofShri Avinash Bhargava is attached.

The meeting of the Board of Directors commenced at 2.30 P.M. and concluded at 4.20 P.M.

Kindly take the same on records.

Thanking you,

Yours faithfully, For RSWM LIMITED

SURENDER GUPTA

A VP - LEGAL & COMPANY SECRETARY

FCS-2615

rswm.inve tor@lnjbhilwara.com

Encl.: As above (Formerly Rajasthan Spinning & Weaving Mills Limited)

Corporate Office Bhilwara Towers, A-12, Sector-1

Noida - 201 301 (NCR-Delhi), India Tel: +91-120-4390300 (EPABX)

Fax:+91-120-4277841 Website: www.rswm.in

GSTIN: 09AAACR9700M1Z1

Regd. Office: Kharigram, Post Office Gulabpura - 311 021 Dist!. Bhilwara, (Rajasthan), India Tel: +91-1483-223144 to 223150, 223478 Fax: +91-1483-223361, 223479 Website: www.lnjbhilwara.com GSTIN: 08AAACR9700M1Z3

Corporate Identification Number: L 17115RJ1960PLC008216

Lodlia & Co Chartered Accountants 12, Bhagat Singh Marg, New Delhi -110 001

S. S. Kothari Mehta & Co1nptiny Chartered Accountants

Plot No-68, Okhla Industrial Area, Phase Ill, New Delhi -110020

Independent Auditor's Review Report on Quarterly Standalone Unaudited Financial Results of the Company pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ___ _ _ _

To The Board of Directors of RSWM Limited

1. We have reviewed the accompanying statement of unaudited standalone financial results of RSWM Limited ('the Company') for the quarter ended 30111 June, 2020 (the "Statement") attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations").

2. This Statement, wh ich is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid d0\\-'11 in Ind AS-34, "Interim Financial Reporting" prescribed u/s 133 of the Companies Act, 2013 (as amended) read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to issue a report on the Statement based on our review.

3. We conducted our review in accordance with the Standard on Review Engagement (SRE 2410) "Review of Interim financial information performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the financial results nre free of material misstatemenl. A review is limited primarily to enquiries of the Company personnel and analytical procedures applied to financial data and thus provides less assurancl! than an audit. We have not performed an audit and accordingly. We do not express an audit opinion.

4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement of unaudited standalone financial results prepared in accordance with the applicable Accounting Standards i.e. lndia Accounting Standards ('Ind AS') prescribed u/s 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other recognised accounting practices and policies generally accepted in India has not disclosed the information r\!quired to be disclosed in terms of the Listing Regulation, including the manner in which it is to be disclosed, or that it contains any material misstatement.

For LODHA & CO Chartered Accountants Firm's Registration No. 301051 E

~ (Gaurav Lodha) Partner M. No. 5074fl Place: Noida Date: 11th August, 2020 UDIN: 205ol~62. J\AAAPJ 11987

Place: Noida Date: 11 1h August, 2020

UDIN:-:i-Dof :Y1fAM/9C l~o/tf

LodJui & Co. Chartered Accountants 12, Bhagat Singh Marg, New Delhi -110 001

S. S. Kothari 1Wehta & Co111pany Chartered Accountants

Plot No-68, Okhla Industrial Area, Phase Ill, New Delhi -110020

Independent Auditor's Review Report on Quarterly Consolidated Unaudited Financial Results of the Company pursuant to the Regulation 33 of the SEBI (listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

To The Board of Directors of RSWM Limited

1. We have reviewed the accompanying Statement of unaudited Consolidated Financial Results of RSWM Limited (herein after referred to as "the company") and its share of net profit/(loss) after tax and total comprehensive income/(loss) of its associates for the quarter ended 301

h June, 2020 ("the statement"), attached herewith, being submitted by the company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ("the Listing Regulations"}.

2. This Statement, which is the responsibility of the Company's Management and approved by the company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, {Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of al l significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the Circular issued by the Securities and Exchange Board of India under Regulation 33(8} of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended, to the extent applicable.

4. The Statement includes the results of the following associates: a) Bhilwara Energy Limited (BEL) b) LNJ Skills & Rozgar Private Limited (LNJ SKILLS)

5. Based on our review conducted and procedures performed as stated in paragraph 3 above, and based on the consideration of the review reports of other auditors referred to in paragraph 8 below, nothing has come to our attention that causes us to believe that the accompanying statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian accounting standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Regu lation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 (as amended) including the manner in which it is to be disclosed, or that it contains any material misstatement.

6. Material Uncertainty Related to Going Concern

In case of Chango Yangthang Hydro Power Limited ("CYHPL"), a subsidiary of an associate (BEL), the Board of directors decided and surrendered the Chango Yangthang HEP (180 MW) project to Directorate of Energy, Government of Himachal Pradesh due to delay and uncertainty in the project execution and long delay in Government approvals and licenses lapse, CYHPL has written off Capital Work in progress during the year 2017-18 amounting to~ 27.13 crores {Company indirect share of~ 2.05 crores). These events or conditions, along with other matters, indicate that there exists material uncertainty that may cast significant doubt on the CYHPL's ability to continue as a going concern since CYHPL was incorporated as a Special Purpose Vehicle for this particular project. This matter was reported under heading "Material uncertainty relating to Going Concern" in the review report on consolidated financial results of an associate (BEL).

Our conclusion is not modified in respect of this matter.

7. Emphasis of matter:

Attention is drawn to: a) In case CYHPL, the CYHPL has surrendered Chango Yangthang HEP (180MW) project in Himachal

Pradesh and asked for the refund of Upfront premium of { 37.89 Crores (Company indirect share of

{ 2.86 crores) and Security Deposit of { 1.80 Crores (Company indirect share of { 0.14 crores) with

interest since the project is not executable purely on account of various social-legal issues neither in the control of the CYHPL nor in the control of local administration/authorities. CYHPL has reiterated

its demand for refund of money along with the Interest and the management of CYHPL is confident of recovering the Upfront Fees and Security Deposit paid on account of surrender of project, in full.

b) In case of Malana Power Company Limited(MPCL), a subsidiary of an associate (BEL), the below matter which describes the uncertainty relating to the effects of outcome of litigation with Himachal Pradesh State Electricity Board (HPSEBL) :

On April 27, 2019, MPCL has received provisional net demand of ~ 80.69 crores (Company indirect share of~ 3.11 crores) in relation to wheeling charges for the period April 1, 2008 to March 31, 2019 from Himachal Pradesh State Electricity Board Limited (HPSEBL) based on an order passed by the Himachal Pradesh Electricity Regulatory Commission (HPERC), which is not in accordance with the agreement entered between the MPCL and HPSEB (now HPSEBL) in August 1999. In this regard the MPCL has paid under protest an amount of~ 28.17 crores (Company indi rect share of~ 1.09 crores}. Based on the legal opinion obtained, the MPCL is of the view that demand is not legally tenable and would not result in any material liabil ity on the MPCL and accordingly has fi led an appeal before Appellate Tribunal for Electricity at New Delhi.

c) In case of A.D. Hydro Power Limited (AOHPL), a subsidiary of an associate (BEL). the below matter which describes the uncertainty relating to the effects of outcome of litigation with parties using the transmission line:

On October 17, 2019, the Central Electricity Regulatory Commission (CERC) passed an Order on the Dedicated Transmission System on the A.O. Hydro Power limited (ADHPL)(' subsidiary company of MPCL') in which CERC has approved the capital cost of the dedicated transmission line of the ADHPL

. /

~ v

amounting to ~ 238.92 Crores (Indirect share of Company~ 8.11 crores) as against the capital cost submitted by the MPCL amounting to { 416.61 Crores (Indirect share of Company~ 14.14 crores) [on the date of COD/ { 452.84 Crores (Indirect share of Company { 15.36 Crores) (including additional capitalisation)] and accordingly determined the annual fixed costs for the purpose of computing tariff for using transmission line for the period 2011-12 to 2018-19.

The management of ADHPL is of the view that the method used to determine the capital cost by the

CERC was not in accordance with the provisions of Central Electricity Regulatory Commission (Terms

and Conditions of Tariff) Regulations, for the period 2009-14 and 2014-19 and Electricity Act, 2003.

Further ADHPL has filed an appeal against the said order before Appellate Tribunal for Electricity (APTEL) and pursuant to appeal filed, the APTEL has passed an interim order dated 17t11 January 2020

and stayed the above said demand and directed not to issue any readjustment bills along with directions to continue to issue the future bills in accordance with the CERC Order till the appeal is

finally disposed off. The ADHPL has accordingly started raising the invoices based on the CERC order effective 1am October, 2019 and recognized as transmission income.

Pending litigation and final decision on the appeal, the Management of ADHPL, based on the legal opinion, is of the view that the Order is not legally tenable and would not have any material liability

on the ADHPL and accordingly trade receivable (including unbilled revenue) aggregating to ~ 33.20 Crores (Indirect share of Company ~ 1.13 Crores) is good and fully recoverable and no provision is

required in respect of possible exposure aggregating to~ 61.22 Crores (Indirect share of Company~

2.08 Crores) towards amount already collected from the users of Dedicated Transmission Line ti ll

June 30, 2020.

Further, the management of ADHPL is confident that there would be no significant impact on the

financial position of the ADHPL in respect of transmission losses which is to be determined by the

NRLDC as directed in the CERC Order.

Fu rther, CERC has directed to share the losses on the basis of weekly average losses in proportion to

the scheduled energy on weekly basis instead of a flat charge of 4.75% and accordingly directed the

NRLDC to compute the same. However, the management of ADHPL is confident that there wou lld be no significant impact on the financial position of the ADHPL in respect of transmission losses as the

actual losses during the peak season are likely to be higher.

d} In case of BG Wind Power Limited (BGWPL), a subsidiary of an associate (BEL) where the Power Purchase Agreement (PPA) with DISCOM has expired dated March 31, 2019. BG Wind Power Limited, subsidiary of associate is pursuing for Power Purchase Agreement (PPA) with DISCOM @ ~ 3.14 per kwh vide RERC third amendmen t regulation dated 5th March 2019 for the entire duration of the project because PPA validity expired on 31 March, 2019 but the OISCOM has not signed the PPA even after the BGWPL had filed a petition with RERC. BGWPL has continued to recognise Revenue from Sale of Power of~ 1. 79 crores and Generation Based Incentive (GBI) of~ 0.29 crores (Company indirect share of ~ 0.16 crores) and shown under Unbilled Revenue as the Management of the BGWPL believes that PPA will be signed. BGWPL has filed writ petition with Rajasthan High Court, Jaipur in this regard.

e) In case of NJC Hydro Power Limited (NHPL), a subsidiary of an associate (BEL), Environmental Clearance (EC) of Nyamjang Chhu HEP (6X130 MW) was challenged in National Green Tribunal (NGT) by NGO. NGT in their order dated 7th April, 2016 suspended the Environment Clearance granted to the project till the directions as given in the order are complied. NGT also directed MOEF&CC to make a separate study of E-Flow requirement for protection of Habitat of the Black Neck Crane and for the conservation of the Black Neck Crane through the Wildlife Institute of India (Wll).

While the studies were in progress, Government of Arunachal Pradesh issued instant notice for

termination on 22nd March, 2019 invoking its right to take over the project on "AS IS WHERE IS BASIS" and allotting the same to third party. NHPL filed petition challenging instant notice for

termination under section 9 of Arbitration Act in District Courts of Itanagar for immediate reli ef to

maintain the status quo which was granted vide their order dated 301h April, 2019 and the

termination notice was also suspended. Wll submitted its report to GoAP and the same was

submitted to court on pursuance of the NHPL. In the report, Wll has recommended no construction of Nyamjnag Chhu HEP at site. The project being not viable as per Wll report, an application u/s 9 was filed seeking refund of upfront premium as per provisions of MoA. District Court vi de their order dated 18th March, 2020 disposed of the petition and advised to invoke arbitration within 45 days.

Due to Covid 19 pandemic lockdown the NHPL approached District Court for extension of the interim protection by another 90 days which was turned down by them. The NHPL filed an appeal with Gauhati High Court u/s 37 of the Arbitration Act challenging the earlier orders of District Courts. An

appeal was admitted by The Hon'ble High Court bu t interim extension was not granted. Interim order of the Gauhati High court in this regard was challenged in Supreme Court by filing Special

Leave petition. Hon'ble Supreme Court vide its order dated 08tn May, 2020 granted the relief for

extension with notice to the other party.

The above para which describes uncertainty relating to the effects of outcome of petition filled with

District court of Itanagar, Arunachal Pradesh by NHPL with Hon'ble Guwahati High Court and Hon'ble

Supreme Court challenging the instant notice issued by Government of Arunachal Pradesh (GoAP) for termination of the Project and invoking its right to take over the project on "AS IS WHERE IS

BASIS" and allotting the same to third party. The NHPL prayer is for seeking refund of upfront premium as per provisions of MoA, in view of the Wll report recommending no construction of

NyamjnagChhu HEP at site. The auditor of associate (BEL) reported in thelr consolidated review Report that they are unable to comment on the financial implications and future operation of the

NHPL till the final outcome.

The above Emphasis of matters were reported in the review report of consolidated financial results of an associate (BEL). Our conclusion is not modified in respect of above matters.

8. Other Matters: We did not review the interim financial results and other financial information in respect of 2 assoclates included in the consolidated financial results, whose interim financial results/information reflect total net profit/(loss) after tax of { (0.36) crores and total comprehensive lncome/(loss) of { (0.37) crores for the quarter ended 30th June, 2020 as considered in the consolidated unaudited financial results. The interim financial results have been rev iewed by other auditors whose reports are furnished to us by the management and our conclusion on the statement, in so far as it relates to the amounts and disclosure included in respect of these associates is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above.

~'(.\'\TA& Ca $ ~'° ~ ~ ~ r\\ ~ en. f <fl f:!: ... "?.: ~+

~ITrCREO 1>-Cc,O

Our conclusion on the statement is not modified in respect of the above matter

For Lodha & Co Chartered Accountants Firm's Registration No. 301051E

~ (Gaurav Lodha) Partner M. No. 507462 Place: Naida Date: l11

h August, 2020 UDIN::2J .. 11.,c., )"-/(,)..f'iAAfirf>kSl-7~

For S.S. Kothari Mehta & Company Chartered Accountants

Place: Nolda Date: 11th August, 2020

UDIN: :Zt!:O )' 3,2i / .o('i~LJ ./J ,..... I Y/ T nvyCJ~J~J-

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~e: ~91-:..:'JJ-22314.:~ 22Jl5l'. i!n. 1g1.:.-:.=1J..'2136;-, 22Sl7S

C.C-~~a:e- O:"'ic-e Br.IWl>?~l! .. i:; ......,r;; /,. JL Soc!c:. 1 Naida · '7_tj ~ 3011'LJ.?j

Phcr.o .. ij~·12".;-43Rt1:".0C (FPAB}(}. F;u: +9;- 170.nT~4 1. V/fr0$ite .v,io-~.n.~rr E.r.:Jj r.i.-M'l.ftl'D.s~<l~ co:-r:

Unaudited An:>ncial JUsyl1s t.:>r the Quaf1er Ended .Juni; iO, 2~ S EGMENTWISE REVEliUE. RESUL rs. ASSETS A:fo(fJ UABtunES

~;,, c,..,-,)

St1"1l•l•n• fln>odol Conoolida«d

Sbondolonr Quar1CT End<d v ... rf.nd<d Consolidoled Qliarter End<d flmnclalVtar Endod

J1111<30.2G20 I March 31, 2010 Ju1 .. JO, 2019 Jlbtth JI, 2820 Juno 30, lOlO ;\1sr<h 31. 2020 Ju~J0,2019 .'.\1aJ"ch JJ , 1020 . - Audite<I llnoudileel ,...dilod Un3t.1dlttld Audittd u.-{RolocNol.o2) (Roof« Nol• 2J Audllod

- - - --- -I

1oi.J2 I - -- --s.19.61 Ml:?.17 2,4-02.75 202..l! ~9.61 (;112.17 2,4-02.75

29.IS 109.111 i 1:n.11 494.0S 2U$ J°'.81 lll.71 49-4.115

lJJ.47 ,S9,42 713.89 2,896.80 231.47 6S9.4l 723.~ l,896.80

15.~ 41.46 l.).lD 125.77 lS.64 41.46 2J.20 125.77

215.lll 'II-% 700.69 :i.m.03 215.83 611..% 700.6, z;nt.JU

I -I (58.!8) 10.12 ll.06 94.35 CSl.U'l lll.ll I UJ)5 •4.35 f10, U1 1'1..691 19.26) 122.561 1l9""' IUtll i9.Ml {2"'~')

m-• ll-'l 12.M 11.79 I (Ill""' 11.43 12.79 7L7' 23.59 l"-ll 29.60 108.51 23.39 14.ll 2UO Jt&.S.l 10.0?l llLill fS0.411 ("' . ., (0.021 llLlll IU.62"1 121.491

flOl.631 {4.67\ JUI 23.Sli llOU3l ''-•n IS.I~ (IS.131

- . - - '"""' !Ull 1..811 l.71

(101.631 14.67)1 J).61 ll.56 i !19L9'1 (6.23) '1..11) lll.52)

~

RSWMLlMHliO C!l'HJ7l ISRJl'6~Pl.(:00021t>

Rltgd. Off.'Cff Khat4Jrar.1. P.0 3:.:!abp\Jr.:, DiS.i! 8~. f>~mar: • J11V21

r"l'!M.r. •91 1<1 F,.S 123-:.:,J :::1 22.11sc. ru. •91 f..ileJ 2t-JJ5~ 223-f~

CV(?C'ar~()6J,;e al'rMTVif i o r1e.'"S .A - ;2 Sec:0!- 1 N:"Ji(Je· i':? t30T (UP:

Pi°-'Jf)(! HH-12'6...f.J903:00(EPABX'). F;n.: -91 -1 204277041 ;.\IU~.ftt. 19"w.rswm _., E-~J:rswrr. . .,,~.Uot@ir.jb"idwDf'B cor,:­

Onaudit~ Financial Results for the Quart1tr End.Kt Juno JD, 2020 S£G/lfENTWISE RE'r=MJE, RESULTS.ASSETS AND UABJLJT1£S

f'.111Tll ~ U. LJuu ) I StandalDRr ~'lullci.11 1 CDn501id•titd S"'ndll/oot Qu~rtrr F.Ddl'CI

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Particulars I No. JunoJ0, 2020 Maro• 31, lOZO Juac- 30, 2019 March 31~ l(llO JunrJ0,21120 I M•r<n 31, 2020 JUM JO, 2019 ~lard, .!I, ZOlll

U.W.dibd Allditod I Unaudited Audftad Unoudltod I ..... dllod

U...udit.d Audli.d (R.t'or Mota 2) fl!otttNoa21

!!'1-me:ur As~rs - ----- r -·~-

3) Y:!.::1 1 ,456.~l 1,'27.67 J.722.88 1.li27.6i l.4~.41 i.627.67 l l.712.87 l,627.67 r--- -b) Fa brio J28.2D l5~ 350.11 lSl.83 3?8.21) 35~.83 35CU7 3SZ.8J

J (•) Tot.of l,784.61 1,,8050 z.onos 1.,so.so I t,7'4,61 t.98050 I 2,1173.04 1,980.50 .. -

Un-•llocmd 10.UO 10:2.0& JGS..:JO 101.Gt :US.23 lll.58 l...-..S.00 lJJ.SI -T otal Sq:mnu Am·ts ,,,88.71 1.111.58 2,37tu5 2.181.~ 2.019.14 2..214.0l! 2."0'l.04 l.114.08 Srnn~Jtt U•bUJUl'!IO.

•) Yorn 1,0<l~.69 l,OJ~t.63 1.234.01 1,019.63 1.043.'9 l,l>JUJ 1,23-4.01 1,019.63

l(b) bl Fabric 140.JS illl..85 110.17 l.28.llS 1.W.lS 128..115 l'ltl.Tl 121U!5

Tar.11111 lJIJ..84 l ,JH .43 l.Ml4.78 1.143.-18 l .13'.l.!lo& l.J4U8 l.404.711 J.14S.41

Un~d ISl.lA JlS.25 21:1.17 328.lS 153.14 328.15 221.17 32&25

T ot•I ""91ntat Hllbllldes 1.336.911 1.476.73 l ,6I5.9S U76.7J l,330.99 1.476.73 1,£15.95 U7'-73 ;l (< ) C.piu.l En>plo~d 6Sl.7J ~OS.85 'l'52AO 705.15 J 632.86 ! 737.35 ''J.011 7.l7.35

-= 1 l1>c Fina>ioal RC$tll,. h;rvo bcrn p:'<parod m =~nee with lb< Tlldi:aa ·°'""""ting Sl3ndards ("tu<! AS") 34 "hr.aim Hn.1nc',,,J Reporjng• p«scribod un<ier Sc<tion 1 ll of the Omipo.nie• Al:1.. 2013 read with relovam ruks is-.ucd thcrcuadcr and SESts circul.,- no. ClR!Cl'D,1'1\l"/62/2016 do:al July 5, 2016 :u amended frmn time ID 1i11>e ·n., abo.., fln>neial results~.., been~ by lb<: Audit Co:m>iuc and aubscql>clldy •P!l«>"<d mid lllcrn oo rooonl by !ht llotfd o(Dit«R>f> .. , iT•mc:c:linJ held on All(!USl 11 . :?OlO. The Limircd Rcvi..-w for 1ho qu:inc: ended JUC< 30. 1020 r.,;oll$"" requih:d undi:T R,,gt1la1k>11 )~ of Sflll (Li.<tini;Obliption ll:ld Disclost:I'< RcqW=ncals) Rc:gulzlion 2015, hu bcrn =ricd®t by the StaN!O'JI Audi!A>r•.

2 The fig-..ir.;;;! (or tbcqu:Jrtc1 t::11dcd Ma.rc.h 31. 2020 arc the balancing fip:u!CS bct"''CCl wditt."d figures iu rctipccl ()ftbc foll finar"t.ll ye.1r mid Cht.11uhii.~hed yc:ii ln date: figucn uptll Dcambcr 31 . 2019.

T"hc Othc:' C(lf'JIJJ""bt."nsive hu:,!rnc" !< )Cl j iu :he $c•~:cment of Profa Mrl 1 n~~. ~r.cluda ur.:eoi.liZC"J g::.i!i on b i:- .. '3lu:?lio?\ of cq1!ty insnu-ne:'!.ts 3m<iuntin~ ~o ~ HUt9 Crore ( p!Cvious ytar l~ ~ 99.6S Crcr.c).

Tl'k: tigurts oft.he pl'C'\1(.llJ.S pc:iod.'~3..- have lx:...:n ,.,g:,mped/1'\.~a5t w~(t ~onsi.;!crcJ oe~·y.

~~~ 0:-l '1Ct:ount ot COVCD-19 paad..:mk. lht <..>ti...-cm~t of Jnd~s. ~ad i!»poscd,. cumpk1c niticm.-w!dt' lockrlown a-:1 MaTc:h 2.:!. :!HO 1~d ing. to !Cl.!'tpa!:l:i.ly ~hut doY.T1 of CompA-,y ·~ :nJ:nufa:;..;l!ri~ f~!itics :.::id o~ou Si.., et then :he Go"-cr.;rrni.:nt of Jndit. prc~c.s.siwly rclu.t'd k>Ckdav.1\ c<Y.lditK:ms ~ h.u osHowcd t •1~ 1r.du~'S)' to !C$UmC. its cperlU~i.i in a phased n"L"\lltl'". [luring tile qu.:1,m.'T. 1hc C"A:upany ha& n:~u ~tl i1' r.WJ.Ufac1u.-iD~ operation~ ~tally . Si:l<:c the h>ckd<n~ 'Na.' m furce for .!. ~igllifi~m period cf tho qlWr'lcr. ilic Co.Q_\"~S opc-r.:nions and fi02.Dci.sl results for: lb: quincr ended June 30. 2020 ~vc ~rn a.dvcn cly impact-ed The rc$1J!lS !hc:rcfr.m:. :ue Do)I comp.1.'<t!>le "ilh lluJ.'\.C for the previous qUM".1..~. fu.rthcr, the Comp:iny has mock ~i;.~s..~mc111 .:>I la liquidity position from the pre\"\.ow; RXOV"ersbili~y znd c:myi,ng. \.-alut "!' i:s '3$S.ct.s :t:id h:ibil i:cs a.~ on Ju:ic 30. 2020 lbc Compa."ly las ct>n.shkre:d Uu:ern::.! 2..~ o..1cm;,U \ouro;!i of infonn:.tio:i for maki.~.g said assessment, On the besis of s.i:i:d :isSt?.sSmc:ir. :.he Comp.any c~pccts ic ~vcr the ;.:arrying a.moonl af these 2MC:hi ~d no m.1lcrli1.l 111.Jjll$t'mco is i!'lclai;k.-d 1n the: fm:\.o~i.~l :-ttuits fbc im~l 111" a."'ly L""CT~ .. ~ ~ developrucnl:o \1"WT \..,-,~after Iii~ txU.3.r.cr: slk.."o..'1 dare on th.c fDW>ci.al u:~~uh.! for the quMU;r c1ttlcd Ji.we .lO. 2020 rn2y Gi!fcr from tMr cstimxtcd :1s at UK- dak: of ~PPf<J~ o( tftc:sc fioanci:ai rcsWts ~r.d Vi1iU be teeogniz;ed pro.sp....~ly {)i'i.'e."I the 1mcertainlks a'\,i\X:ia:C<i. wilh uai'urc. rre~nt conditioal :uW ltm.ga·i1y c>( COV10 1 'J. 1he ( :cr.ipa..,y will o:toscl~ mnniror nny 1Nlh:riaJ change~ ~ising out of prcv.:i i: ing econ<lrni: -.:u:idit\os>s "~ im~1 C'f !be sam: O:'I L"e bus:ncsi; of the Comp~)'.

Place: Nokia (V P,)

!.)a~l·: ,\ugu~t 11, 2020

By Onlrraf the Boord

rofat ~hmging Di-.dw

OIN : OS195895

BRIEF PROFILE OF SHRI A VINASH BHARGAV A

Name Mr. Avinash Bhargava

Date of Birth 4th January, 1967

Nationality Indian

Qualification B.Com& FCA

Designation Chief Financial Officer & Key Managerial Personnel

Date of Appointment 11th August, 2020

Brief Profile Mr. A vinash Bhargava is a qualified Chartered Accountant having more than 25 years of professional experience, including 19 years with LNJ B hilwara Group. Mr. Bhargava had started his career in 1994 with M/s. Vinayak Agrotech Limited, Jaipur as Executive (Finance) and then served as Manager (Systems & Audit) from 1996 - 1997. He joined LNJ Bhilwara Group in 1997 as Manager -Commercial with Rishabhdev Unit of HEG Limited where he served for 6 years. He was in practice for a short while from 2003 to 2005 before joining RSWM as General Manager - Commercial of Ringas Unit in 2006. After 4 years, he was moved to Corporate Finance Department of the Company as Sr. General Manager, in which capacity he worked for 5 years. In 2015, he was elevated to his current position of Chief Operating Officer of Ringas Unit of the Company. Mr. Bhargava has rich experience of managing operations and corporate finance function of the Company.