Sintex Prefab and Infra Limited

Sintex Prefab and Infra LimitedBalance Sheetas at 31 March 2021

(Currency: Indian Rupees in Crores)

Note 31 March 2021 31 March 2020

AssetsNon-current assets(a) Property, plant and equipment 4 1,160.64 1,198.08 (b) Other intangible assets 5 0.31 0.49 (c) Financial assets

(i) Loans 6 340.31 340.29 (d) Non current tax assets (net) 7 5.82 127.63

Total Non-Current Assets 1,507.08 1,666.49

Current assets(a) Inventories 8 23.37 23.54 (b) Financial assets

(i) Trade receivables 9 92.24 120.48 (ii) Cash and Cash Equivalents 10 23.93 3.18 (iv) Other financial assets 11 3.09 3.09

(c) Other current assets 12 234.05 203.85 Total Current Assets 376.68 354.14 Total assets 1,883.76 2,020.63

Equity and liabilitiesEquity(a) Equity share capital 13 46.20 46.20 (b) Other equity 14 613.04 969.82

Total Equity 659.24 1,016.02 LiabilitiesNon-current liabilities(a) Financial liabilities

(i) Borrowings 15 - 37.23 (b) Provisions 16 - 0.29 (c) Deferred tax liabilities (Net) 29D 184.72 50.14 (d) Other non-current liabilities 17 121.47 121.47

Total Non-Current Liabilities 306.19 209.13

Current liabilities(a) Financial liabilities

(i) Borrowings 15 54.23 51.44 (ii) Trade payables 18(a) total outstanding dues of micro enterprised and small enterprises; and - - (b) total outstanding dues of creditores other than micro enterprised and small enterprises

100.73 94.61

(iii) Other financial liabilities 19 690.69 576.13 (b) Provisions 16 1.11 0.77 (c) Other current liabilities 20 71.58 72.53

Total Current Liabilities 918.33 795.48 Total Liabilities 1,224.52 1,004.61 Total equity and liabilities 1,883.76 2,020.63

Basis of preparation, measurement and significant accounting policies 2-3

The notes referred above are an integral part of these financial statements.As per our report of even date attached

For Rutvik S. Thakkar & CoChartered Accountants For and on behalf of Sintex Prefab and Infra LimitedFirm's Registration No: 136756W U45201GJ2009PLC058702

Rutvik S. ThakkarProprietor Bijaya K. Behera Amit D. Patel Rahul A. PatelMembership No: 1421911 Suspended Managing Director Suspended Director Suspended Director

DIN : 08553621 DIN : 00171035 DIN : 00171198Place AhmedabadDate 28th June, 2021

Parth N Shah Chandra Prakash JainCompany Secretary Resolution ProfessionalICSI M.No A50795 IBBI/IPA-001/IP-P00147/2017-18/10311

Place AhmedabadDate 28th June, 2021

Particulars

Sintex Prefab and Infra LimitedStatement of Profit and Lossfor the year ended 31 March 2021


Particulars Note Year ended 31 March 2021

Year ended 31 March 2020

IncomeI Revenue from operations 21 0.44 24.66 II Other income 22 8.64 15.51 III Total Income (I + II) 9.08 40.17

Expensesa Cost of materials consumed 23 6.52 22.43 b Purchases of stock-in-trade - - c Changes in inventories of finished goods, work-in- progress and trading goods - - d Employee benefits expense 24 0.36 2.73 e Finance costs 25 79.86 50.89 f Depreciation and amortization expense 26 37.54 38.33 g Other expenses 27 20.80 23.93

IV Total Expenses (IV) 145.08 138.31 V Profit before Exceptional items and tax (III- IV) (136.00) (98.14) VI Exceptional items 28 - 500.00 VII Profit before tax (V-VI) (136.00) (598.14) VIII Tax expense: 29A

a Current tax - - b Deferred tax 5.67 (33.11) c Short Provision of Earlier Years 215.00 -

Total Tax Expense (VIII) 220.67 (33.11) IX Profit after tax from continuing operations (VII-VIII) (356.67) (565.03)X Profit for the year (IX) (356.67) (565.03)

XI Other comprehensive income 30 (i) Items that will not be reclassified subsequently to profit or loss

Re-measurements of defined benefit (asset) / liability (0.11) (0.22) (ii) Income tax relating to items that will not be reclassified to profit or loss

Re-measurements of defined benefit (asset) / liability - 0.08 Other comprehensive income/(loss) for the year, Net of tax (XI(i) + XI(ii)) (0.11) (0.14)

XII Total comprehensive income for the year (X+XI) (356.78) (565.17)XIII Profit for the year attributable to:

[Nominal value of share ₹10 (31 March 2020 : ₹ 10) each]1) Basic (in Rs) 31 (77.20) (122.30) 2) Diluted (in Rs) (77.20) (122.30)

Basis of preparation, measurement and significant accounting policies 2-3

The notes referred above are an integral part of these financial statements.As per our report of even date attached


Rutvik S. Thakkar Bijaya K. Behera Amit D. Patel Rahul A. PatelProprietor Suspended Managing Director Suspended Director Suspended DirectorMembership No: 1421911 DIN : 08553621 DIN : 00171035 DIN : 00171198


Parth N Shah Chandra Prakash JainCompany Secretary Resolution ProfessionalICSI M.No A50795 IBBI/IPA-001/IP-P00147/2017-18/10311


Sintex Prefab and Infra LimitedCash Flow Statementfor the year ended 31 March 2021


Particulars 31 March 2021 31 March 2020

Cash flows from operating activitiesProfit before tax (136.00) (598.14) Adjustments for:

Depreciation and amortization expense 37.54 38.33 Impairment - 500.00 Provision for doubtful debts 18.27 - Liabilities no longer payables written back (4.36) (14.45) Bad debts written off - - Interest income (3.94) (0.58) Gain/Loss on sale of item of property, plant and equipment (net) 0.00 0.01 Finance costs 79.86 50.89

(8.63) (23.94) Working capital adjustments :

(Increase) / decrease in financial and non-financial assets (30.20) 35.29 (Increase) / decrease in inventories 0.17 0.55 (increase) / decrease in trade receivables 9.97 3.68 Increase / (Decrease) in trade payables 6.11 (10.02) Increase / (Decrease) in provisions, financial and non-financial liabilities (1.00) (3.85)

Cash generated from operating activities (23.58) 1.71 Income tax paid (net) 35.72 (0.44) Net cash (used in) / generated from operating activities (A) 12.14 1.27

Cash flows from investing activitiesInterest received 3.94 0.58 Payments for purchase of property, plant and equipment and other intangible assets - 0.01 Proceeds from sale of property, plant and equipment and other intangible assets 0.08 0.16 Increase in Financial assets (0.02)

Net cash (used in) / generated from investing activities (B) 4.00 0.75

Cash flows from financing activitiesInterest paid (2.53) (22.97) Proceeds / (repayment) of current borrowings (net) 7.13 51.44 Repayment of non-current borrowings other than debentures - (36.75)

Net cash generated from / (used in) financing activities (C) 4.60 (8.27)

Net (decrease) / increase in cash and cash equivalents (A+B+C) 20.75 (6.25)

Cash and cash equivalents at 1 April 2020 3.18 9.42

Cash and cash equivalents at 31st March 2021 23.93 3.18

Notes:

1.

31 March 2021 31 March 20202. Cash and Bank Balance :

(i) Cash and Cash equivalents :

- Current accounts 19.38 0.13 - Deposits with original maturity of less than three months - 0.80

Cash on hand - 0.01 Balance with bank held as margin money 4.55 2.24

Cash and cash equivalents 23.93 3.18 Cash and cash equivalents in Cash flow statement 23.93 3.18

As per our report of even date attached.



Place Ahmedabad Parth N Shah Chandra Prakash JainDate 28th June, 2021 Company Secretary Resolution Professional

ICSI M.No A50795 IBBI/IPA-001/IP-P00147/2017-18/10311

- -


The above Standalone Cash Flow Statement has been prepared under the "Indirect Method" as set out in Indian Accounting Standard (Ind AS) - 7 "Statement of CashFlows".

Sintex Prefab and Infra LimitedStatement of Changes in Equityfor the year ended 31 March 2021


A. Equity share capital

Particulars Number of shares

Amount

Issued,Suscribed and Paid up CapitalEquity Shares of Rs. 10 each Fully Paid up

Balance as at 01 April 2019 4,62,00,748 46.20 Changes in equity share capital during the year - - Balance as at 31 March 2020 4,62,00,748 46.20 Changes in equity share capital during the year - - Balance as at 31 March 2021 4,62,00,748 46.20

B. Other equity

Particulars Other comprehensive

income

Debenture redemption

reserve

Securities premium

General reserve

Retained earnings

Fair valuation reserve

Balance as at 31 March 2020 139.93 555.85 668.24 (394.19) (0.00) 969.82 Profit for the year - - - (356.78) - (356.78)

Total comprehensive income for year ended 31 March 2021 139.93 555.85 668.24 (750.97) (0.00) 613.04 Premium on Right issue of equity share - - - - - - Transfer to debenture redemption reserve - - - - - Transfer from debenture redemption reserve - - - - -

Balance as at 31 March 2021 139.93 555.85 668.24 (750.97) (0.00) 613.04

The notes referred above are an integral part of these financial statements.

As per our report of even date attached






Reserves and surplus

Total

Sintex Prefab and Infra LimitedNotes to the financial statements (continued)for the year ended 31 March 2021


4 Property, plant and equipment

A. Reconciliation of carrying amount

Particulars Freehold land Building Plant and Fixtures Vehicles Totalequipment and fittings

At Cost Balance at 31 March 2019 5.63 0.07 1,884.98 0.20 0.52 1,891.39 Balance at 1 April 2019 5.63 0.07 1,884.98 0.20 0.52 1,891.39 Additions - - - 0.01 - 0.01 Disposals - - (558.92) - (0.21) (559.13) Balance at 31 March 2020 5.63 0.07 1,326.06 0.21 0.31 1,332.27 Balance at 1 April 2020 5.63 0.07 1,326.06 0.21 0.31 1,332.27 Additions - - - - - - Disposals - - (0.01) - (0.13) (0.14) Balance at 31 March 2021 5.63 0.07 1,326.05 0.21 0.18 1,332.13

Particulars Freehold land Building Plant and Fixtures Vehicles Totalequipment and fittings

Accumulated depreciationBalance at 31 March 2019 - 0.03 154.81 0.07 0.10 155.02 Balance at 1 April 2020 - 0.03 154.81 0.07 0.10 155.02 Depreciation for the year - 0.00 38.05 0.02 0.05 38.12 Disposals - - - - (0.03) (0.03) Impairment (Refer Note No 28) - - (58.92) - - (58.92) Balance at 31 March 2020 - 0.03 133.94 0.09 0.12 134.18 Balance at 1 April 2020 - 0.03 133.94 0.09 0.12 134.18 Depreciation for the year - 0.00 37.30 0.02 0.04 37.37 Disposals - - (0.00) - (0.05) (0.05) Impairment (Refer Note No 28) - - - - - - Balance at 31 March 2021 - 0.03 171.24 0.11 0.11 171.50

Carrying amounts (net)

At 31 March 2019 5.63 0.04 1,730.17 0.12 0.42 1,736.37 At 31 March 2020 5.63 0.04 1,192.12 0.11 0.19 1,198.09

At 31 March 2021 5.63 0.04 1,154.81 0.09 0.07 1,160.64

B. Security

Notes:

(i) All the Property, plant and equipment of the company have been pledged to secure borrowing of the company.

(ii) Considering the current financial stress faced, the company has not been able to renew the Insurance policy covering Property, Plant and Equipment which was expired on December-19 and March-20. The company is working on getting the insurance policies renewed at the earliest.

Refer note 15 for the property, plant and equipment which are subject to charge.



5 Other intangible assets

Reconciliation of carrying amount

Particulars Computer software

Total

At Cost Balance at 1 April 2019 1.62 1.62 Additions - - Disposals - - Balance at 31 March 2020 1.62 1.62 Balance at 1 April 2020 1.62 1.62 Additions - - Disposals - - Balance at 31 March 2021 1.62 1.62

Accumulated amortizationBalance at 1 April 2019 0.93 0.93 Amortization for the year 0.21 0.21 Disposals - - Balance at 31 March 2020 1.14 1.14 Balance at 1 April 2019 1.14 1.14 Amortization for the year 0.17 0.17 Disposals - - Balance at 31 March 2021 1.31 1.31

Carrying amounts (net)

At 31 March 2019 0.69 0.69 At 31 March 2020 0.49 0.49

At 31 March 2021 0.31 0.31



6 Loans(Unsecured, unless otherwise stated)

Particulars 31 March 2021 31 March 2020Non-currentSecurity deposits and earnest money deposits 340.31 340.29 Total 340.31 340.29

7 Non-current tax assets (net)

Particulars 31 March 2021 31 March 2020Advance tax (net of provisions) 5.82 127.63 Total 5.82 127.63

8 Inventories(At lower of cost and net realizable value)

Particulars 31 March 2021 31 March 2020Raw materials * 23.37 23.54 Total 23.37 23.54

9 Trade receivables(Unsecured, unless otherwise stated)


CurrentTrade receivables considered good 92.24 120.48 Trade receivables which have significant increase in credit risk - - Trade receivables - credit impaired 22.44 4.17

114.68 124.65 Less: allowance for doubtful debts (22.44) (4.17) Net trade receivables 92.24 120.48 Total 92.24 120.48

Allowance for doubtful debtsMovement in allowance for doubtful debt :

Particulars 31 March 2021 31 March 2020Balance at the beginning of the year 4.17 4.17 Add : Allowance for the year - Less : Bad debts written off - Less : Provision for doubtful debts written off 18.27 - Balance at the end of the year 22.44 4.17

The Concentration of credit risk is limited due to large and unrelated customer base.

*The inventory occurring as on balance sheet date is at Book value, the physical verification of the same could not be conducted by the management due to Covid-19 lockdowns and restrictions.

Before Accepting any new customer, company assesses the potential customer's credit quality and define credit limits of each customer. Limit and scoring attributed to customer are reviewed twice a year.

10 Cash and Bank Balance

Particulars 31 March 2021 31 March 2020Cash and Cash Equivalents

Balance with Banks In current account * 19.38 0.13 Cash on hand - 0.01 Deposits with original maturity of less than three months - 0.80 Balance with bank held as margin money 4.55 2.24

23.93 3.18

11 Other-Current financial assets

Particulars 31 March 2021 31 March 2020Unearned Revenue 3.09 3.09 Total 3.09 3.09

12 Other current assets

Particulars 31 March 2021 31 March 2020Advance recoverable in cash or kind Considered Good 203.87 172.60 Considered Doubtful 2.83 2.83 Less:- Provision for doubtful advances (2.83) (2.83) Prepaid expenses - - Balances with government authorities * 30.18 31.25 Total 234.05 203.85

* The balance with government authority is showing the amount which is receivable from various government departments viz., VAT, GST, CST etc. However the same is subject to reconciliation by the management.

* During the year, On the basis information received from the management, IDBI Bank has set off the entire available bank balance to the tune of Rs. 19.35 Cr against the loans provided to Sintex Industries Limited without approval and prior intimation to the company. The above transaction made by IDBI Bank was not acceptable to the management of both the companies, so effect of the above transaction made by IDBI Bank solely on its discretion has not been given in the books of account of SIL as well as SPIL, considering same is not done with the instructions of the Company. So, SPIL continues to report this amount as bank balance. The RP has filed an IA with H,ble NCLT against IDBI bank for recovery of the said amount.



13

Particulars

Numbers Amount Numbers AmountAuthorized share capitalEquity shares of ₹ 10 (March 31 2020: ₹ 10) each 7,00,00,000 70,00,00,000.00 7,00,00,000 70,00,00,000.00

Equity shares of ₹ 10 (March 31 2020: ₹ 10) each 4,62,00,748 46,20,07,480 4,62,00,748 46,20,07,480

Total 4,62,00,748 46,20,07,480 4,62,00,748 46,20,07,480

All issued shares are fully paid up.

Reconciliation of share outstanding at the beginning and at the end of the year

ParticularsNumbers Amount Numbers Amount

4,62,00,748 46.20 4,62,00,748 46.20 - - -

4,62,00,748 46.20 4,62,00,748 46.20

Particulars of shareholders holding more than 5% shares

ParticularsNumbers

Equity shares of ₹ 10 (March 31 2020: ₹ 10) each- 4,62,00,748 100.00 4,62,00,748 100.00 - - - - -

(ii) Aggregate number of shares issued for consideration other than cash during the period of five years immediately preceding the reporting date: Nil

The Company has only one class of equity shares having a par value of ₹ 10/- per share. Each holder of equity share is entitled to one vote per share.

(i) Terms/ Rights attached to equity shares :

Share capital

31 March 2021 31 March 2020

At the commencement of the yearIssuance of equity share as per Right Issue during the Year

Issued subscribed and paid up

31 March 2021 31 March 2020

At the end of the year

31 March 2021 31 March 2020

Notes :

Numbers % of total share in class

% of total share in class

Sintex Plastic Technology Ltd



14

Particulars 31 March 2021 31 March 2020Securities premium 555.85 555.85 Debenture redemption reserve 139.93 139.93 General reserve 668.24 668.24 Retained earnings (750.97) (394.19) Equity instruments through OCI - - Total 613.04 969.82

31 March 2021 31 March 2020Securities premiumAt the commencement of the year 555.85 555.85 Add: addition during the year - - At the end of the year 555.85 555.85

31 March 2021 31 March 2020Debenture redemption reserveAt the commencement of the year 139.93 139.93 Add: addition during the year from surplus in statement of profit and loss - - Less: transferred to general reserve - -

At the end of the year 139.93 139.93

31 March 2021 31 March 2020General reserveAt the commencement of the year 668.24 668.24 Add: transferred from debenture redemption reserve - - At the end of the year 668.24 668.24

General reserve

31 March 2021 31 March 2020Retained earningsAt the commencement of the year (394.19) 170.98 Add:Profit for the year (356.67) (565.03) Less:Remeasurement of post employment benefit obligation, net of tax (0.11) (0.14) Transfer to reserves - At the end of the year (750.97) (394.19)

Retained earnings

Other equity

Securities premiumSecurities premium is used to record the premium received on issue of shares. It is utilized in accordance with the provisions of theCompanies Act, 2013.

Debenture redemption reserve ('DRR')

The general reserve is used from time to time to transfer profits from retained earnings for appropriate purposes. As the generalreserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income, itemsincluded in the general reserve will not be reclassified subsequently to statement of profit and loss.

As per the latest circular from MCA dated 16th August,2019, (Rule 18 of Share capital and Debenture Amended Rules,2019) all listed companies are not required to create DRR for public issue as well as private issue of Debentures. As the company Sintex Prefab and Infra Limited has issued privately placed listed debentures, Company is not required to create new DRR for the year ended March-2020. So, Company has continued the balance of DRR as per the financials of March-2019 of ₹ 139.93 Cr.

The amount that can be distributed by the Company as dividends to its equity shareholders out of accumulated reserves is determinedconsidering the requirements of the Companies Act, 2013. Thus, the closing balance amounts reported above are not distributable inentirety.

The reserve is created for redemption of non-convertible debentures in accordance with the sub-section (4) of section 71 of theCompanies Act, 2013 out of profits of the company available for dividend distribution. The same will be redeemed in line withrepayment of terms agreed with lender. Accordingly, DRR would be utilized for the redemption of debentures.

Sintex Prefab and Infra LimitedNotes to the financial statements (continued)

for the year ended 31 March 2021


15 Borrowings

ParticularsNon-current Current* Non-current Current*

Non-currentSecured

Debentures (refer (i),(iii) & (iv)) - - 37.23 - Term loan from banks (refer (ii),(iii) & (iv)) - 44.68 - 37.52 Term loan from financial institutions (viii) - - - -

- 44.68 37.23 37.52 Unsecured

From others - 9.55 - 13.92 Total Current Borrowings - 54.23 37.23 51.44

* Current portion is reported under "Other current financial liabilities".Notes:

31 March 2021 31 March 2020

During the Year ended 31.03.2021, the company has defaulted in debt obligation of debentures aggregating to ₹537.96 crores (Interest ₹74.95 Crores and Principal 463.01 Crores) and has also defaulted for other credit facilities of ₹ 36.75 Crores

(iii) Amount of Default :

(i) Debenture referred herein above to the extent of :

(a) 217 (31 March 2020 : 325) 10.70% p.a Secure Redeemable Non-convertible Listed debentures of ₹ 10,00,000/- each are redeemableat par in three equal installments starting payable at the end of 5th,6th and 7th year from the deemed date of Allotment.(i.e. 11.06.2014).Secured by way of first pari passu charge on the Fixed Assets of the company in India excluding Fixed assets located at Nagpur andKolkata.

(a) Outstanding Term Loan of ₹ 51.04 crores (31 March 2020 : 59.06 crores) are secured by way of First and Exclusive charge on all theFA of the Company, both present and Future till the time Bank is Sole Term Lender.. The rate of interest ranges from 5 % to 15.15 %p.a.

(b) 865 (31 March 2020 : 865) 10.70% p.a Secure Redeemable Non-convertible Listed debentures of ₹ 10,00,000/- each are redeemableat par in three equal installments starting payable at the end of 5th,6th and 7th year from the deemed date of Allotment.(i.e. 30.09.2014).Secured by way of first pari passu charge on the Fixed Assets of the company in India excluding Fixed assets located at Nagpur andKolkata.

(c ) 2500 (31 March 2020 : 2500) 9.41% p.a Secure Redeemable Non-convertible Listed debentures of ₹ 10,00,000/- each areredeemable at par at the end of 5th year from the deemed date of Allotment.(i.e. 08.10.2015). Secured by way of first pari passu chargeon the Fixed Assets of the company in India excluding a) Fixed Assets of Spinning project and b) Fixed assets located at Nagpur andKolkata.

(d ) 1,73,344 (31 March 2020 : 173344) 6.75% p.a Secure Redeemable Non-convertible unlisted debentures of ₹ 10,000/- each areredeemable at par at the end of 36 Months from the Deemed Date of Allotment of the Debentures(from 26/03/2018). Secured by way offirst and Exclusive charge on all the Fixed assets of the Company, both present and Future till the time Bank(BOB) is Sole Term Lender.

(ii) Secured term loans from banks and financial institutions referred herein above to the extent of :

(iv) In view of the continuing default in payment of dues, some of the lenders have sent notices / letters recalling their loans given andcalled upon the company to pay entire dues and other liabilities. Hence in view of the said facts & considering the matter of prudence,the long term borrowing outstanding as on 31st March’2021 has been classified as current borrowings.




16 Provisions


Non-currentProvision for gratuity - 0.16 Provision for leave encashment - 0.13

- 0.29 CurrentProvision for gratuity 0.42 0.21 Provision for leave encashment 0.38 0.21 Provision - Bonus & Other 0.31 0.35

1.11 0.77

Total 1.11 1.06

17 Other non-current liabilities


Trade / security deposits 121.47 121.47

Total 121.47 121.47

18 Trade payables

Particulars 31 March 2021 31 March 2020Payables to micro, small and medium enterprises - - Other trade payables 100.73 94.61 Total 100.73 94.61

Details of Dues to Micro, Small & Medium Enterprises as defined under MSMED Act, 2006

Particulars 31 March 2021 31 March 2020Principal amount remaining unpaid to anysupplier as at the year end.

- -

Interest due thereon - - Amount of interest paid by the Company interms of section 16 of the MSMED, along withthe amount of the payment made to the supplierbeyond the appointed day during the accountingyear.

- -

Amount of interest due and payable for theperiod of delay in making payment (which havebeen paid but beyond the appointed day duringthe period) but without adding the interestspecified under the MSMED.

- -

Amount of interest accrued and remainingunpaid at the end of the accounting year /period.

- -

Amount of further interest remaining due andpayable even in succeeding years

- -

19 Other financial liabilities

Particulars 31 March 2021 31 March 2020CurrentCurrent maturities of long-term borrowings 580.12 550.00 Interest accrued but not due on borrowings 0.13 5.48 Interest accrued and due on borrowings 110.31 20.52 Security deposits taken 0.13 0.13 Total 690.69 576.13

20 Other current liabilities

Particulars 31 March 2021 31 March 2020Customer advances 22.03 22.03 Security deposits taken - - Other non-financial liabilities 35.08 35.08 Statutory liability * 14.47 15.42 Total 71.58 72.53

The disclosure in respect of the amount payable to enterprises which have provided goods and services to theCompany and which qualify under the definition of micro and small enterprises, as defined under Micro, Small andMedium Enterprises Development Act, 2006 has been made in the Financial statement as at 31 March 2018 basedon the information received and available with the management. On the basis of such information, no interest ispayable to any micro, small and medium enterprises. Auditors have relied upon the information provided by themanagement.

There has been no amount of trade payables with regards to due towards MSME and others. However certain cases are filed by some MSME which are being subject to be admitted by RP.

* The company has defaulted in its TDS obligations during the year, due to insufficiency of funds, prior to initiation of CIRP.



21 Revenue from operations


Sale of products (including excise duty)Finished goods 0.44 11.65

Sale of services - 13.01 Total Revenue from Operations 0.44 24.66

22 Other income


Interest income - on deposits with banks 0.21 0.58 - from others 3.73 - Profit on sale of items of property, plant and equipment (net) - - Liabilities no longer payables written back 4.36 14.45 Miscellaneous income 0.34 0.48 Total 8.64 15.51

23 Cost of material consumed

Particulars Note 31 March 2021 31 March 2020

Inventory of materials at the beginning of the year 8 23.54 24.09 Add: Purchases during the year 6.35 21.88 Less: Inventory of materials at the end of the year 8 23.37 23.54 Total 6.52 22.43

24 Employee benefits expense


Salaries, wages and bonus 0.36 2.63 Contribution to gratuity, provident fund and other funds - 0.10 Staff welfare expenses - - Total 0.36 2.73

25 Finance costs


Interest on borrowings - to banks 42.28 11.79 - to others 2.51 0.26 Interest on debentures 35.07 38.84 Other borrowing costs - - Total 79.86 50.89

26 Depreciation and amortization expense

Particulars Note 31 March 2021 31 March 2020

Depreciation of property, plant and equipments for continuing operations 4 37.37 38.12 Amortization of other intangible assets for continuing operations 5 0.17 0.21 Total 37.54 38.33

27 Other expenses


Consumption of stores and spare parts - 4.44

Rent including lease rentals - 0.03 Legal and professional expenses 1.02 1.09 Insurance - 0.26 Rates and taxes 1.41 - Travelling and conveyance Expenses - 0.01 Payments to auditors 0.04 0.07 Provisions for doubtful debts and advances 18.27 - Loss on sale of property, plant and equipment - 0.01 Advertisement and Sales promotion expenses 0.02 - Transportation and Freight charges - 0.04

- 17.26 General Expenses 0.04 0.72 Total 20.80 23.93

Sundry balances written off

28 Exceptional items*


Impairment of Property Plant & Equipment - 500.00 - 500.00

29 Tax expense

A. Income tax (income) / expense recognized in the Standalone Financial Statement of Profit and Loss

Particulars 31 March 2021 31 March 2020Current tax expensesCurrent tax on profit for the year - - Short / (Excess) provision of tax for earlier year 215.00 -

215.00 - Deferred tax expensesAttributable to–Decrease/(Increase) in deferred tax assets 5.67 (33.11) MAT Credit entitlement - -

5.67 (33.11) Total 220.67 (33.11)

B. Income tax expense / (income) recognized in other comprehensive income

Particulars 31 March 2021 31 March 2020Current taxCurrent tax on realized gain during the year - -

- -

Deferred tax : - -

Deferred tax benefit / (expense) on remeasurements of defined benefit liability (asset) - 0.08 - 0.08

Total - 0.08

C. Reconciliation of effective tax rate


Profit before tax (136.00) (598.14) Tax using the Company’s statutory tax rate (47.52) (209.01) Effect of :

Permanent disallowances/differences 54.75 177.47 Non Creation of DTA/DTL (1.57) (1.57) Short/Excess provision of income tax 215.00 -

Tax expense 220.67 (33.11)

D. Components of deferred tax asset and liabilityParticulars 31 March 2021 31 March 2020

(a) Deferred tax liabilities (i) Difference between book and tax depreciation 276.72 283.49

(ii) Others - -

276.72 283.49

(b) Deferred tax assets (i) Disallowances under Income Tax 8.18 0.40

(ii) Unabsorbed Depreciations 83.82 99.80

(iii) MAT Credit Entitlement - 128.91

(iv) Others - 4.24 92.00 233.35

184.72 50.14 Net Deferred tax liabilities

*Exceptional item pertains to Impairment of property plant and equipments in accordance with applicable Accounting Standard and applicableaccounting policies.

Deferred tax benefit / (expense) on fair value of equity investments through OCI

In the previous year ended 31 March 2019, the company had registered a turnover of ₹736.49 Crores and was expecting year on year revenue growth of 15%. However, in current financial year 2019-20, the company has defaulted in repayment of certain loans resulting in a downgrade of its credit rating. As a result, the company has experienced significant reduction in its working capital limits from the lenders, severe cash crunch and curtailment of operations during the year ended 31st March 2020, thereby the management of the Company has revised its business strategy to focus on prefab business with customers in the private sector where the requirement of working capital is less due to immediate realization of receivables. Considering the ongoing liquidity issues and change in the target customer profile, the management has decided to downsize the operations of the company. There are dues payable to the contractors of various sites (CGU), and the company is not able to sell the assets lying at such sites nor generating any cash inflows.

The management decided to appoint valuer at the end of the year to determine fair value less cost to sell of CGU for the above mentioned sites (CGU) but such valuation could not be exercised by valuation expert due to COVID -19 lockdown period. The management in view of the downsizing of the business, has estimated the recoverable amount (value in use) of such CGU's as negligible and recognize one-time impairment charge of ₹500 crores as an exceptional item in the Statement of Profit and loss for the year ended 31st March 2020. Actual value of impairment might differ than the impairment loss recognized in the current year.




30 Other comprehensive income

Particulars 31 March 2021 31 March 2020A(i) Items that will not be reclassified subsequently to profit or loss

Re-measurements of defined benefit (asset) / liability (0.11) (0.22) Equity Instruments through Other Comprehensive Income - -

(ii) Income tax relating to items that will not be reclassified to profit or loss Re-measurements of defined benefit (asset) / liability - 0.08 Equity Instruments through Other Comprehensive Income - -

B(i) Items that will be reclassified subsequently to profit or loss

Exchange differences in translating the financial statements of foreign operations

(ii) Income tax relating to items that will be reclassified to profit or loss - -

Other comprehensive income/(loss) for the year, Net of tax ((A(i)+(ii)) + (B(i)+(ii)) (XIV) (0.11) (0.14)



31 Earnings per share


Face value per equity share (in EUR)(a) Profit for the year attributable to equity shareholders from: (356.67) (565.03)

1 continuing operations (356.67) (565.03)(b) Number of equity shares at the beginning of the year 4,62,00,748 4,62,00,748 (c) Equity shares issued during the year - - (d) Increase in number of shares on conversion of share warrants - - (e) Number of equity shares at the end of the year 4,62,00,748 4,62,00,748 (f) Weighted average number of equity shares for calculating basic earnings per share 4,62,00,748 4,62,00,748 (g) Shares deemed to be issued on conversion of FCCB - - (h) Weighted average number of equity shares for calculating diluted earnings per share 4,62,00,748 4,62,00,748

Earnings per equity share (in Rs) - Basic earnings per share (a/f) (77.20) (122.30) - Diluted earnings per share (a/f) (77.20) (122.30)

32


(i) Guarantees given to third parties # 299.00 23.55 5.04 8.74

39.14 - 0.54 - 4.42 - 3.02 -

351.16 32.29

(i) The proceedings are in early stage(ii) There is uncertainty as to outcome of pending appeals or motions or negotiations ; and(iii) there are significant issues to be resolved; and/or there are novel legal issues presented.

The company's management does not believe, based on currently available information that the outcome of the above matters will have a material adverse effect on the company's financial position, though the outcomes could be material to the company's operating results for any particular period, depending , in part, upon the operating result for such period. It is not practicable for the company to estimate the timings of cash flows, if any, in respect of the above.

** The amount is as per the order received from the respective departments and are subject to change as the Company is under CIRP and RP has sent a letter to the departments to submit their claim up to the date of initiation of CIRP i.e. 02.03.2021.

# Guarantees Given to third parties Includes the Corporate Guarantee given to Associate company named "Sintex BAPL Ltd" which was given on 22nd June 2018 , but not showing in financials of earlier periods by mistake.

The management is generally unable to reasonably estimate a range of possible loss for proceedings or disputes, other than those included in the estimate above including where :

Contingent liabilities and commitments(to the extent not provided for)

Contingent liabilities

(iii) Central Sales Tax (Maharashtra) **(ii) Disputed demand not acknowledged as debt *

* This includes GST liability of ₹ 3.7 Cr (Including Interest) for the period July 2017 to April 2018 ( the same has been paid as on 13/07/2020) and Income Tax demand for AY 2017-18 of ₹ 5.04 Cr (the same has been adjusted by the Income Tax authorities against the income tax refund for AY 2018-19 received on 20/06/2020). The Company has filed rectification application under section 154 of Income Tax Act,1961 for recovery of such adjusted amount.

(iii) Central Sales Tax (Gujarat) **(iii) Value Added Tax (Gujarat) **

(iii) Value Added Tax (Maharashtra) **



33 Related party disclosures

(a) Key Managerial Personnel ("KMP")Shri Rahul A. Patel, Non Executive DirectorShri Amit D. Patel, Non Executive Director Sintex Plastics Technology Ltd

Sintex-BAPL LtdShri Bijaya Kushasan Behra, Managing Director

(b) Transactions with related parties:

Holding Company Entities over KMP exercise

significant influence / control

KMP Total

Purchase of goods/servicesSintex- BAPL Ltd - - - - Sintex- BAPL Ltd - 0.85 - 0.85 Sale of goods/services - - - - Sintex- BAPL Ltd - - - - Sintex- BAPL Ltd - 0.01 - 0.01 Other Reimbursement transactions

2021 0.02 - - 0.02 2020 0.01 - - 0.01 2021 - - - 2020 - 0.04 - 0.04

Balance Written off Sintex Plastics Technology Ltd- Payable W/o 2021 - - - - 'Sintex Plastics Technology Ltd- Payable W/o 2020 14.16 - - 14.16 Sintex Plastics Technology Ltd- - Receivable W/o 2021 - - - - Sintex Plastics Technology Ltd- - Receivable W/o 2020 0.15 - - 0.15

Balances with related parties

Nature of transactions

Year Holding Company Entities over KMP

exercisesignificant

influence / control

KMP Total

Trade payableSintex- BAPL Ltd 2021 - 74.80 - 74.80 Sintex- BAPL Ltd 2020 - 74.80 - 74.80 Trade receivableSintex- BAPL Ltd 2021 - 0.43 0.43 Sintex- BAPL Ltd 2020 - 0.43 - 0.43 Long term Loans and Advances (Including Capital Advances Payable)Sintex- BAPL Ltd 2021 - 35.08 35.08 Sintex- BAPL Ltd 2020 - 35.08 - 35.08 Advance to suppliers / Other current assetsSintex Plastics Technology Ltd 2021 0.02 - - 0.02 Sintex Plastics Technology Ltd 2020 0.01 - - 0.01

Shri Parth Nitinbhai Shah, Company Secretary

As per the Indian Accounting Standard-24 on “Related Party Disclosures”, list of related parties identified of the Company are as follows.

Other related parties

Holding Company

Fellow Subsidiary CompanyShri Krishan Pratap Singh , Independent DirectorSmt. Sonika Sharma Independent Director

Shri Pradipbhai Mukundbhai Shah , CFO Upto 6th Jan,2021

Key Management Personnel who are under the employment of the Company are not entitled to post employment benefits and other long term employee benefitsrecognized as per Ind AS 19 - Employee benefits in the Standalone Ind AS financial statements.

Nature of transactions Year

The terms and conditions of the transactions with key management personnel and their related parties were no more favourable than those available, or thosewhich might reasonably be expected to be available, in respect of similar transactions with non-key management personnel related entities on an arm’s lengthbasis.

The aggregate value of the Company's transactions and outstanding balances relating to key management personnel and entities over which they have control orsignificant influence is as follows:

Nature of Relationship

Nature of Relationship

20212020

20212020

Sintex Plastics Technology Ltd

Sintex - BAPL Ltd



34 Fair value measurements

A. Accounting classification and fair values

As at 31 March 2021

Level 1 - Quoted price

in active markets

Level 2 - Significant observable

inputs

Level 3 - Significant

unobservable inputs

Total

Investments - - - - - - - - Trade receivables - - 92.24 92.24 - - - - Cash and cash equivalents - - 23.93 23.93 - - - - Other bank balance - - - - - - - - Loans - - 340.31 340.31 - - - - Other financial assets - - 3.09 3.09 - - - - Total Financial assets - - 459.57 459.57 - - - -

Borrowings (incl. current maturities)

- - 634.35 634.35 - - - -

Trade payable - - 100.73 100.73 - - - - Other financial liabilities - - 110.57 110.57 - - - - Total Financial liabilities - - 845.65 845.65 - - - -

As at 31 March 2020

Level 1 - Quoted price

in active markets

Level 2 - Significant observable

inputs

Level 3 - Significant

unobservable inputs

Total

Investments - - - - - - - - Trade receivables - - 120.48 120.48 - - - - Cash and cash equivalents - - 3.18 3.18 - - - - Loans - - 340.29 340.29 - - - - Total Financial assets - - 467.04 467.04 - - - -

Borrowings (incl. current maturities)

- - 638.67 638.67 - - - -

Trade payable - - 94.61 94.61 - - - - Other financial liabilities - - 26.13 26.13 - - - - Total Financial liabilities - - 759.41 759.41 - - - -

Note :i)

ii)

iii) Level 3 fair valuesMovements in the values of unquoted equity:Particulars AmountAs at 31 March 2021 - Acquisitions / (disposals) - Gains / (losses) recognized in other comprehensive income - As at 31 March 2020 -

B.

Levels 1, 2 and 3

Fair Value

Fair Value

Investments in unquoted equity shares of entities have been designated as FVOCI.

The carrying amounts of financial assets and liabilities other than those valued at Level 1 and Level 2 are considered to be the same as their fair values due to the current andshort term nature of such balances and no material differences in the values.

FVTOCI

FVTOCI

Amortized cost

Amortized cost

Total

Total

Measurement of fair values

Level 3 : These instruments are valued based on significant unobservable inputs whereby future cash flows are discounted using appropriate discount rate.

Particulars

Particulars

FVTPL

FVTPL

Level 1 : It includes investment in equity shares and mutual fund that has a quoted price and which are actively traded on the stock exchanges. It is been valued using theclosing price as at the reporting period on the stock exchanges.

Level 2 : The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximize the use of observable marketdata and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

When measuring the fair value of an asset or a liability, the Company uses observable market data as far as possible. If the inputs used to measure the fair value of an assetor a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy asthe lowest level input that is significant to the entire measurement.

35 Financial instruments risk management objectives and policies

(i) Credit risk

Other financial assets

Trade and other receivables


4.17 4.17 Movements in allowance 18.27 -

Balance at the end of the year 22.44 4.17

The maximum exposure to credit risk for trade and other receivables by geographic region was as follows:

Particulars31 March 2021 31 March 2020

India 92.24 120.48 Other regions - -

92.24 120.48

(ii) Liquidity risk

Financing arrangementThe Company had access to the following undrawn borrowing facilities at the end of the reporting period:

Particulars 31 March 2021 31 March 2020 Floating rate

- 216.72

Total - 216.72

Exposure to liquidity risk

Total Less than 12 months

More than 12 months

Non-derivative financial liabilitiesBorrowings (incl. current maturities) 634.35 634.35 634.35 - Trade payables 100.73 100.73 100.73 - Other current financial liabilities 110.57 110.57 110.57 - Financial guarantee contracts - - - -

Total 845.65 845.65 845.65 -

Total Less than 12 months

More than 12 months

Non-derivative financial liabilitiesBorrowings 638.67 638.67 601.44 37.23 Trade payables 94.61 94.61 94.61 - Other current financial liabilities 26.13 26.13 26.13 - Financial guarantee contracts - - - -

Total 759.41 759.41 722.18 37.23

The Company’s financial liabilities comprise mainly of borrowings, trade and other payables. The Company’s financial assets comprise mainly of investments, cash and cashequivalents, other balances with banks, loans, trade receivables and other receivables.

The carrying amount of following financial assets represents the maximum credit exposure:

Movements in expected credit loss allowance

The Company is exposed to Market risk, Credit risk and Liquidity risk. The management oversight in the area of financial risks and controls. It also covers policies onspecific risk areas such as currency risk, interest rate risk, credit risk and investment of surplus funds.

Credit risk is the risk that a customer or counterparty to a financial instrument will fail to perform or fail to pay amounts due causing financial loss to the Company. Thepotential activities where credit risks may arise include from cash and cash equivalents, derivative financial instruments and security deposits or other deposits and principallyfrom credit exposures to customers relating to outstanding receivables. The maximum credit exposure associated with financial assets is equal to the carrying amount. Detailsof the credit risk specific to the Company along with relevant mitigation procedures adopted have been enumerated below:

Balance at the beginning of the year

Carrying amount

Expiring within one year (bank overdraft and other facilities)Expiring beyond one year (bank overdraft and other facilities)

During the year the company has defaulted in payments of dues to lenders, therefore the above mentioned undrawn facility are not available.

The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted, and include estimated interestpayments and exclude the impact of netting agreements.

Contractual maturities

Contractual cash flows

Carrying amount

Carrying amount

As at 31 March 2021

As at 31 March 2020

Liquidity risk refers to the risk of financial distress or extraordinary high financing costs arising due to shortage of liquid funds in a situation where business conditionsunexpectedly deteriorate and requiring financing. Ultimate responsibility for liquidity risk management rests with the board of directors, which has established an appropriateliquidity risk management framework for the management of the Company’s short, medium and long-term funding and liquidity management requirements. The Companymanages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and bymatching the maturity profiles of financial assets and liabilities.

Other financial assets includes loan to employees, security deposits, investments, cash and cash equivalents, other bank balance, derivative asset, advances to employees etc.• Cash and cash equivalents and Bank deposits are placed with banks having good reputation and past track record with adequate credit rating. • The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.• The Company has given security deposit to various government authorities. Being government authorities, the Company does not have exposure to any credit risk.

The Company has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient collateral, where appropriate, as a means of mitigating the risk offinancial loss from defaults. The Company uses publicly available financial information and its own trading records to rate its major customer. The Company’s exposure andthe credit ratings of its counterparties are continuously monitored and the aggregate value of transactions concluded is spread amongst approved counterparties. The abovereceivables which are past due but not impaired are assessed on case-to-case basis. Management is of the view that these financial assets are not impaired as there has notbeen any adverse change in credit quality and are envisaged as recoverable based on the historical payment behaviour and extensive analysis of customer credit risk, includingunderlying customers’ credit ratings, if they are available. There are no other classes of financial assets that are past due but not impaired.

The average credit period on sales of goods is 0 to 180 days. Credit Risk arising from trade receivables is managed in accordance with the Company's established policy,procedures and control relating to customer credit risk management. Credit quality of a customer is assessed based on a detailed study of credit worthiness and accordinglyindividual credit limits are defined/modified. The concentration of credit risk is limited due to the fact that the customer base is large.

35 Financial instruments risk management objectives and policies (continued)(iii) Market risk

Currency risk

Unhedged foreign currency exposure

ParticularsUSD EUR INR Others Total

Financial assets

Investments - - - - - Trade receivables - - 92.24 - 92.24 Cash and cash equivalents - - 23.93 - 23.93 Bank balances other than (iii) above - - - - - Loans - - 340.31 - 340.31 Other financial assets - - 3.09 - 3.09

Total Financial assets - - 459.57 - 459.57 Financial liabilitiesBorrowings - - 634.35 - 634.35 Trade payables - - 100.73 - 100.73 Other financial liabilities - - 110.57 - 110.57 Total Financial liabilities - - 845.65 - 845.65 Net exposure to foreign currency - - 386.08 - 386.08

ParticularsUSD EUR INR Others Total

Financial assets

Investments - - - - - Trade receivables - - 120.48 - 120.48 Cash and cash equivalents - - 3.18 - 3.18 Bank balances other than above - - - - - Loans - - 340.29 - 340.29 Other financial assets - - 3.09 - 3.09

Total Financial assets - - 467.04 - 467.04 Financial liabilitiesBorrowings - - 638.67 - 638.67 Trade payables - - 94.61 - 94.61 Other financial liabilities - - 26.13 - 26.13 Total Financial liabilities - - 759.41 - 759.41 Net exposure to foreign currency - - 292.37 - 292.37

b) Price riski) Exposure

ii) Sensitivity analysis


increase 1% (31 March 2017 1%) - - decrease 1% (31 March 2017 1%) - -

c) Interest rate risk

Exposure to interest rate riskThe interest rate profile of the Company's interest - bearing financial instrument as reported to management is as follows:

31 March 2021 31 March 2020Fixed-rate instrumentsFinancial assets - - Financial liabilities 529.06 529.06

Variable-rate instrumentsFinancial assets 459.57 467.04 Financial liabilities 316.59 230.35

Impact on profit before tax

The Company's exposure to price risk in the investment in mutual funds and equity shares arises from investments held by the Company and classified in the balance sheet asfair value through profit or loss including OCI.. Management monitors the prices closely to mitigate its impact on profit and cash flows.

31 March 2021

Market risk is the risk that changes in market prices – such as foreign exchange rates, interest rates and equity prices – will affect the Company’s income or the value of itsholdings of financial instruments. The Company’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates due toforeign currency borrowings and variable interest loans. The Company has entered into derivative contracts to manage part of its foreign currency risk. The Company doesnot enter into derivative contracts to manage risks related to anticipated sales and purchases.

The Company has not undertaken any transactions denominated in foreign currencies; thereby, exposures to exchange rate fluctuations will not arise.

The investments in mutual funds are designated as FVTPL while investment in equity shares are designated as FVOCI.

Investment in mutual funds and equity:

The Company is exposed to interest rate risk because funds are borrowed at both fixed and floating interest rates. Interest rate risk is measured by using the cash flowsensitivity for changes in variable interest rate. The Company has exposure to interest rate risk, arising principally on changes in PLR and LIBOR rates. The Company uses amix of interest rate sensitive financial instruments to manage the liquidity and fund requirements for its day to day operations like non-convertible debentures and short termloans. The risk is managed by the Company by maintaining an appropriate mix between fixed and floating rate borrowings Hedging activities are evaluated regularly to alignwith interest rate views and defined risk appetite, ensuring the most cost-effective hedging strategies are applied.

31 March 2020

Interest rate sensitivity

Sensitivity analysis


Interest rate- increase by 50 basis points 1.58 1.15 - decrease by 50 basis points (1.58) (1.15)

36 Capital management

Particulars 31 March 2021 31 March 2020Total borrowings 634.35 638.67 Less: cash and cash equivalents (23.93) (3.18) Adjusted net debt 610.42 635.49Total equity 659.24 1,016.02

Adjusted net debt to equity ratio 0.93 0.63

Impact on profit before tax

* Includes non-current borrowings, current borrowings and current maturities of non-current borrowings. No changes were made in the objectives, policies or processes for managing capital during the years ended 31 March 2021, 31 March 2020.

The Company manages its capital to ensure that the Company will be able to continue as a going concern while maximizing the return to stakeholders through theoptimization of the debt and equity balance. The capital structure of the Company consists of net debt and total equity of the Company.

The sensitivity analyses below have been determined based on the exposure to interest rates for both derivatives and non-derivative instruments at the end of the reportingperiod. For floating rate liabilities, the analysis is prepared assuming the amount of the liability outstanding at the end of the reporting period was outstanding for the wholeyear. A 50 basis point increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management's assessment of thereasonably possible change in interest rates.

For the purpose of the Company’s capital management, capital includes paid-up equity capital and all other equity reserves attributable to the equity holders of the Company.The primary objective of the Company’s capital management is to ensure that it maintains a strong capital base so as to maintain investor, creditor and market confidence andto sustain future development of the business. Management monitors the return on capital, to equity share holder.

Sintex Prefab and Infra LimitedNotes to the financial statements (continued)for the year ended 31 March 2021(Currency: Indian Rupees in Crores)

37 Balance confirmation note

38

39 COVID-19 Impact on Business :

40

41 Events Occurring After Balance Sheet Date

42

43

51.04 14.83 May-19

13.19

111.53

Banks

Name of Lender Nature of Facility Period of continuing default Start Month

InterestPrincipal

Total

The outbreak of Coronavirus (COVID-19) pandemic globally and in India is causing significant disturbance and slowdown of economic activity. In many countries, businesses are being forced to cease or limit their operations for long or indefinite period of time. Measures taken to contain the spread of the virus, have triggered significant disruptions to businesses worldwide, resulting in an economic slowdown. The Companies operations were suspended in all the plants during lock down and have resumed post lockdown. But again during the second wave of Covid-19 the companies operations were again badly affected and such scenario is continued , as most of the states of India were under lockdown for a long period. The impact of covid-19 may be different from than estimated as at the date of approval of these financials results and the company will continue to closely monitor the developments. Though a definitive assessment of the impact is not possible in view of the high uncertain economic environment and the scenario is still evolving.

The Company has receivable of ₹ 46.47 Cr due from one debtor. The Petition has been filed by the financial creditors against such debtor before the National Company Law Tribunal (NCLT), Ahmedabad under section 7 of Insolvency and Bankruptcy Code,2016 for initiating Corporate Insolvency Resolution Process (CIRP) against the company. The petition has been admitted and Liquidation process has been started from 10th March, 2021. The recovery of the amount from the party is predicted upon outcome of CIRP. Liquidation Process has been initiated from 10th March, 2021 by the IP Mr. Dushyant Dave having Regi. No IBBI/IPA-003/IP-N00061/2017-18/10502.

The company evaluates events and transactions that occur subsequent to the balance sheet date but prior to the financial statements to determine the necessity for recognition and/or reporting of any of these events and transactions in the financial statements. As of 28th June, 2021 there were no subsequent events to be recognized or reported that are not already disclosed.

Term Loan Bank of Baroda

1.22May-19Letter of Credit Bank of Baroda

17.53 0.00Nov-19

Aug-19

591.33

Interest due to NPA accountThe bank accounts of the company were classified as NPA by the consortium of bank as per RBI guidelines. Therefore, no interest is being charged by the lenders post the NPA classification. Keeping the accrual concept in consideration, the company has provided for interest which is added to the amounts due to the respective lenders in the result.

Resolution Professional has, however not authenticated the correctness of enclosed Audited Standalone Financial Statements for the year ended 31st March, 2021 of the company for any purpose whatsoever including but not limited to the Companies Act, 2013 and the Securities and Exchange Board of India Act, 1992 in so far as they belong to the period before initiation of the Corporate Insolvency Resolution Process i.e. 02.03.2021.

Confirmation of balances (other than related party) in respect of amounts due from trade receivables, capital advances given and loans andadvances granted as well as for the amounts due to/payables to trade payables have not been obtained and/or received by the company and,therefore, these balances remained unconfirmed. The process of obtaining confirmation from these parties could not be undertaken due toCovid 19, and will be now initiated by the management of the company and adjustments, if any required on reconciliation of balances onreceipt of confirmations, shall be made subsequently. However, the management believes that the effect of such adjustments/discrepanciesshall not be material.

Bank Guarantee

Bank Guarantee

NCDNon Convertible Debenture

State Bank of India

Bank of Baroda

12.73 0.00

496.84 95.48 Nov-19

The Company has defaulted in repayment of principal and interest payments. The period and amount of continuing default as onthe Balance sheet date are as under: (Amt in crores)

The financial statement for the year ended March 31, 2021 primarily pertain to a period upto March 02, 2021 (i.e. Insolvency commencement date) during which the erstwhile management of the company was responsible for the affairs and day to day functioning of the company. The results have been approved by the RP solely on the basis of, and on relying on, the information and representation given by the erstwhile management of the company. The RP has approved the said financial statements only to the limited extent of discharging the power of the board of directors of the company which have been conferred upon him inter alia in terms of provision of section 17 of the IBC, 2016 and do not make any representation or issue any statements in relation to the financial statement that they are true, complete or accurate in any respect. The RP is not liable for any error or misstatement of facts and figures, if any in preparation of accounts and/ or any disclosure or non- disclosure in the accounts.

The members are informed that the Hon'ble National Company Law Tribunal, Ahmedabad Bench, has ordered the Commencement of Corporate Insolvency Resolution Process of “Sintex Prefab & Infra Limited ” (Corporate Debtor) (CIN-U45201GJ2009PLC058702) vide NCLT order No 321/7/NCLT /AHM/2020 Dated: 24th February, 2021 (CIRP Process Commencement Date- 2nd March,2021). Pursuant to the Order, Mr. Chandra Prakash Jain, insolvency professional having IBBl Registration number IBBI/IPA-001/IP-P00147/2017-18/10311 has been appointed as Interim Resolution Professional Vide E-voting dated 9th April,2021, CoC has passed the resolution to continue the Interim Resolution Professional as a Resolution Professional. The Audited Standalone Financial Statement for the year ended 31st March, 2021 have been prepared by the management of company. The Resolution Professional has relied upon the certifications, representations and statements made by the management while reviewing the financial Statement.

Commencement of Corporate Insolvency Resolution Process :

Sintex Prefab and Infra LimitedNotes to the financial statements (continued)for the year ended 31 March 2021(Currency: Indian Rupees in Crores)

44

45 Approval of financial statementsThe financial statements were approved for issue by the Resolution Professional on 28th June, 2021.

For Rutvik S. Thakkar & CoChartered Accountants For and on behalf of Sintex Prefab and Infra Limited

Firm's Registration No: 136756W U45201GJ2009PLC058702

Rutvik S. Thakkar Bijaya K. Behera Amit D. Patel Rahul A. Patel

Proprietor Suspended Managing Director Suspended Director Suspended Director

Membership No: 1421911 DIN : 08553621 DIN : 00171035 DIN : 00171198




The company is under CIRP and the results are prepared on going concern basis but the final sustainability of the company would depend on the conclusion of CIRP.

Note on Going Concern :

Sintex Prefab and Infra Limited

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