I I•
l{L
IV ,1 bl c)
d) c)
n
VI ,1 b.l
VII
1'111
aJ -"'
IX
X
XI �II
Eros International Media Limited CIN L1JCJ1J4)%-1H 19lJ.JPI.ClllUJ502
Rq�d O0icc: 20 I K:iilash ri,ui\, rlol No A-12, Opp l ,1xmi \11rfu�ri:il fatolr. Linl. Road, A11dh;:,i (W} Mtunb.ii 400053 llNAUDITED COi'ISOLIDAl �D rn>1Ai'ICIAI. Kl;SllLTS FOR THE QUARTER AND HALF Yt:AR EONF.0.\0 SEl'l EMKCR 2019
Q11111 lcr coded Qm1rtcr t:ndcd Quarlercnd,ed H111.lr yr.-r ended l1:.i1·ticul,1rs J0Scph:mber 2019 Jo ,lune 2019 JO Sr:plr:mbr:r 2018 JO September- 2019
!Un;i,udilcdl I Uuauditcct) (Umrndilcd) (Unxuditcd) ··----·�
[ucomc
�t s.ilcs/incomc from op:r,1llons 2(1 0�2 18 3;2 2'J 2MM :t8 l1J-I O1hcrmcomc ' l,1JH 2(,77 ! 7fiK .l r� 'l I fo111l income rHIII 22,016 211129 n ns� 4.l.1145
Ji,:xpr:nscs Film right cos1s 11icltutin.1::, omor1i,�1Jon costs ti ?78 (i,6�3 l•I.M87 IH,71 Ch:anb>cs 1n il\\cntorrcs ur film ri�hts )01 (197) JOI E1nplu,1."C bc:ncrils c:qxnsc ()l)(i I.OR<, lllM I 992 f'inona: com (nc() LM47 l.7<i.ll l
i7j5 3/,15
DcprCt;fation and :m1orti;,.11ion cxpc:nsc ltt.-i 2111 2jl 575 b1ha- cspcnscs in ,u.a 6 ?�I 5.122 17485 Tol■lcxp�j l!l.,51110 17.o99 23,IJG 37.639 rrrim t,ehu·c1.a.,orHvl 1,476 J,9J0 8,920 5,406
Tucxpcntc Currc-nl l3.'( 5,)(i'J l MGG 1.9)8 9 235 D:fcrtcJ IJX cxpcnscs/(incomcl (4 9(t2.l fl .. /,41) (H9\ (7.(,03)
Total tax c,:nenscs/(credit} net ◄07 1.!lS I 189 l.6Jl rrpn,f11r"\J ro,, ll•e 1,a:1fo1t IV• VI) 1,0(11} 2.705 7731 3,774 1\1111t1111��i,1
Eq"it� l,.,tdcrs or F.tos lntcn1.1tio11al Media Lm,ilcd I 1 1JM 2,76) 7 701 ),961 M,n f Qll\11�t111 1111.c:u:1,h. I 12'>1 ($8) JO (IM7)
Othirr t,t1m11,rhrnfo�1,·np1d!lr.,.,�l hi:mu: th.1L 11ill nnt be rrchuiiricd 1011K1n1 or IUil• nclorlo1.\« l 17 (8) 22 hen,,, 1l\11l �,m be rctl111iified i,,ubs-:aut:nll, 10 l)��lil M JOS4. Ll:iM (<IY? )410 lli<1Ci
Total oCht:r c<unprch"'nsive lncomcltlossl for tht ucdod Z,llol 147S 5.401 l 6�8 Total comprchcns.i"t: lnc.o� ror the period (Vrl+VIIJ) 313] l 2)11 DIH 5 461 Auribul,1blc to Equil� holders of Eros lntcm.it1onal McJ,a Li111i11:l.1 D61 2.21K 13.10) ; 64? Non-Coolroll111t: l11Lcn:1.1s (l!'>l ISSI JO (IK7l
P�id llll �0011, Sh.'lre t:�rl:tl (FAcc ,:due ol ' IU CAcl,\ ')Ill \l 551 ?;11 I \1551 Rt'.<."t'll> �.\th1t.hnu re:, alo .. 1hrio f�"f\ � Eim1iiigs per share (EPS) (of� I0c.1eh1(nola11nualiscd) B.11.ic: J 25 2 81J M 10 4 15 Diluted IH UR IC l)n 41)
EROS INTERNATIONAL MEDIA LIMITED
Hal(ycarcndi:=d JU Scrtemb,r 1018
(Uno.udilr:d)
51,081 U32
54.41:\
23/)02 (21)
2 672 J 705
486 7,037
)7,7!U 16,632
5,157 (2 2..51l 2 9fl(,
13.72(,
I J 63J 93
29 1)469 9,498
2J 224
23,IJI !)J
?Jfl
1434 14 17
Corporate Office: 9th Floor, Supreme Chambers, Off Veera Desai Road, Andheri (W), Mumbai - 400 053, Tel.: +91-22-6602 1500 Fax: +91-22-6602 1540 E-mail: [email protected] • www.erosplc.com
Regd. Office: 201, 2nd Floor, Koilash Plaz:a, Plot No. A-12, Off New Link Road, Andheri (W), Mumbai · 400053 CIN No. L99999MH l 994PLC080502
YcRr c11d«l JI March 2019
(Audited)
IO) 110 lfl)t'W
JU.969
47 319 (114)
5.079 7.74M
9<W
21.265 82,206 Jl,763
I l LJU5 ((, 7')(]) 5,115
26,MK
2(1.')08 1260)
4U .S...01)4 S.134
Jl7K2
12 042 f2Ci0l
?,551 247,66U
28 26 2K 02
Noles The abm c 1e�11lls h;,, c been re, icwcd b, the Audit Commiucc and apprO\·cd b� Lhc Bonrd of' Directors ill ils ntl!cling held on I I No, ember 2019
/. Slalcmcnt of ilsscls and liabilities (Amounl 11, { Lakhs, unless 'Jlhcn.\ isc slaicd)
Pnrliculitrs Unaudited
As at
Audited
As •t
30 Scpttn'tl�r 2019 .II M•• rh llll •J
Assets
Non�currcnt RSsets
Properly. plaut & equipment
Intangible assets
11) Conlcnl iJd, i1nccs
b) Film rights
c) Others intangible assets dJ lnl:mgiblc Dss.cls undcrdc\-clopmcnl
c) Good11ill
Fina11cial asscls
a) Loans b) Rcslnctcd bank deposits
c) Other fmancial assets
Other non-currcnl asscls
Total non-current 11ssels
Current assets
rn\'cntorics
Financial assets
a) llwcslmcnts
b) l'radc and other rccci, ables
c) Cash & cash cqui, ulcnts d) Restricted bank deposits c) Loans and advances
f) Other financial usscts Olhcr currcnl assets
Total current assets
Total assets
Equity and Liabilities Equity Eqllity share capital Other cquitv
Equity attribulable to ow11ers Non-controlling Interests
Tol.!11 equity
Liabilities Non-current liabilities Financial liabilities
a) 8-0rrowings
b) Trade payables c) Other financial liabilities
Emrloycc benefit obliH•tions
Dcl'crrcd tax liabilities OU1cr non-current liabilities
Total non-current liabilities
Current liabilities
Financinl liabilities a) Borrowings
b) Acccplanccs c) Trade payables d) Other financial liabilities
Emplo!1:c bcnctil oblig.:itions
Cumnl lax I iabi Ii ties
Other current liabilities
l'otul current linhilirlos Totul llnbililics
l'o!nl 111I.)' ond linhllities
EROS INTERNATIONAL t
1(,2.KKX
K 1,873
124 I
10.433 I 735
53.72K
69
781 6,062
322,744
77 017 l(,.105
3.204 2.7�6
2.445 93
IOl,610
424,354
9.551 253.3H 262,929
H4 I
ZGJ,770
5,593 Ill 72
4R2
10,161 9.715
lG,IJ4
46.115 1.400
nK00 8.48H
3 IH 20.133
lk /96
ll� 4SO IMSll,t �24.l�l
Corporate Office: 9th Floor, Supreme Chambers, Off Veera Desai Road: Andheri (W), Mumbai - 400 053 Tel.: +91-22-6602 1500 Fax: +91-22-6602 1540 E-mail: [email protected] • www.erosplc.com
158,315
91.234
1)40
9.049
L7l5
44,48•1
511
795 6,391
317,692
301
79352
14_111
5.994
1.827
99R 297
102,880 420.572
9,55 l 247,(,60 257,211
1.02K
2Sll,2J9
R.724
108 25
435 17.958 10050
37,300
45.26H 5.796
31.070 7,640
372 11.400
Regd Office: 201, 2nd Floor, Kailash Plaza, Plot No. A-12, Off New Link Road, Andheri (W), Mumbai - 400053 CIN No. L99999MH l 994PLC080502
Statc-111�n{ of Ca.sh Flow
Pi1rticular-s
Cash now from operating activities
Profit before tax Non-c;"ish adjustments lo reconcile rrorit before lax. Lo net cush flm,s
Dcprcciauon and 01hcr Amo, ti1.'llio11 A1nortizaliot1 on rilm righfs Trade rccci,ablcs \\rillcn off Sundn balances \\rillcn biltk Prodsion for doubtful ild, :inc.cs and \Hillen off Ad, anccs nnd deposits,, rit1c11 off Prm ision ro, doublful (radc rccci,ablcs Impact ofcxpcclcd crcdil loss Finance COSIS Finance income (Gain) on �le of tangible ilSSClS (net) lmpt\ircmcnl loss on ln,cslmcnt 111 lccl11.onc Expense on cmplo� cc stock option scheme Unrc:iliscd forci(:n cxchrmgc gain
Opcrnling profit before working CRpilal chang<s Mo,emcnls. in ,,orking capitol:
l11crcasc/(Dccrcasc) in lrmlc p,1yoblcs Decrease in olhcr fimmcial liabilities Increase in Emplo�cc hcncfil obli1;:alions DccreJsc in Olhcr liabililics Dccrc.isc in inrcntoncs (lncrc,1sc)/Dccrcasc in lr.1dc rccc.i, nblcs Decrease in short-lcm, lo.ins (l11crci1sc)/Dccrcnsc in other current nsscts Increase in long-tcnn lo.tns (l11crcasc) /Decrease i11 other f111a1tcial ilssets
C�sh gener11.tcd from operations roxcs paid {net)
Ne, cash gencralcd rrorn operating i.c:tivitits (A)
Cash now from investing 1ctivitics Purcl13sc of tangible assets .ind other intangible assets Purchase of inumgiblc film righls ond related conlcnl Proceeds from fixed deposits,, itl, bnnks Proceeds rrom sale or fixed assets Interest rcccircd
Net cash used in investing activitic5 (B)
Cash nows from financing 11ctivi1ics Proceeds from issue or equity shares Rcpa�'fllcnl Q[loniHcm, borrowings Proceeds from long-tcnn borrowings Procccds/(rcpoyrncnl) from short-lcmt borrowings finance costs
Ne t CRSh used in financing activities (C)
Net decrease in cash and cash equivalents (A+ B + C)
Cash ond cash equivalents at (he b•ginning of the period E£Tccl orcxhangc ralc on consolidalion or forc1g11 subsidiaries Cash and cash equivalents at the end of the period
Reconliotion of Cash & cosh cquiv,le,,ls Cash & cash equiv:,1denls as per Sl:1tc:mtnt of assets and liabilities Deposits \\ilh malurityofmOfc Lh.:m 3 months buL less than 12 monlhs
Cash and CRsh equiv11.lcnls at end or period as p�r Cash now statement
(A111ou111 Int Laklisl
Fo, the half ye.r ended
30 Scnlcmbcr 2019
For the )'t"::\r cnckc..l
JI Marci, 2019
5:IO(, 31.763
575 '109 9 K76 29.643 1,.51� 1.917
(71 (74) 2.:\13 2.ZU,
2.00(, 12.153 H.023 (1.3091 (6.645) 3.n2 H.IJH2
(2.1 I 5) (642) 2
{452) ll'/ 799 (')2) (72)
Jl.449 77,485
4K0 (3,607) IK4 (39) (37) 161
(4.577) 14.3 I� 9
(12.0U'i) (42.7461 ('i 2161 1.472
(951 199
2.436 (1,691) (L724) (236)
ll,895 45,321 (1.603) (5.124) 10,292 40,197
(176) {4JG) 246 (22,902)
2,904 ( I.K70J I I
249 '141 3,224 (24,166)
7 I (2,K6K) (8,565)
304 (&,K29) (1,688)
(2,559) (7,791 I (12,256) (17,669)
1,260 (l,738j
646 l ,486 146 898
2,052 646
16,J0S 14,11 I ( 14.0531 (13,465)
2,052 646
$& S::4.
�BAI) �
OAci;,,f:i� -='
EROS INTERNATIONAL MEDIA LIMITED
Corporate Office: 9th Floor, Supreme Chambers, Off Veero Desoi Road, Andheri (W), Mumbai - 400 053 Tel.: +91-22-6602 1500 Fax: +91-22-6602 1540 E-mail: [email protected] • www.erosplc.com
Regd Office: 20 l, 2nd Floor, Koilosh Plozo, Pio! No A-12, Off New Link Rood, Andheri (W), Mumbai - 400053 CIN No. L99999MH l 994PLC080502
1 he Group opcr,,!cs on ;i �in�lc rq,or1ablc :i;c:smcnt, ,1l11ch is co-production OC'1uisi1K111 :ind distnbl1tion of lndi:sn lanyu:,�c film� 111 multilllc fornmts hems yO\cmcd h� similar ,isks and r.:111rns, forming the rrim:i� business scgmc1t1 Accordingl� no segment infonu;ition has bccu subniil1c:d <l!. J 11:ut orlht: quancrl� financi:al rc!'iuhs prcscntQd
, The Parent Compau� mccls its d,1� 10 d.1� \\Ork111s c;ipit.'.11 req111rcntents ;md fonds 11.s: in ,cst1u.:11t in conltnl aud r1lm nghls: through cash sc11er.,1.:d from opcratu:>11S 1md b� n,1� orborro,,ings fro,n b.lt1ks nnd others The crcd1L ratiny o( the P:irc111 Contpan� s borTO\\ing focilities 01.1lsli>i1din� 11s on 30 September 20 l lJ t �11 lJHJ l;ikhs (uridra,1n anmum t. 12lJ lal:.hs), were donngradcd lo dcr1'1ull, \1 hich continues as or d.ile As on September JU, 2[) I lJ. Parent Con,pnn� s born,11ill!.:S fallmg dui.: \I ithi11 nexl ll n1on1hs agsrcg;itcs lo t �-�)<1 l:il,:hs and t.lpilnl rommil111c,H p;i� .Jblc o ,cr a µcnod of' lhc �ems for upcu111111g and ongomg prOJCCLS il!U::fe!!ales lO { 171 51JO 1.ikhs Tilc Parc11I C1J111pan� ·s forccnsts and projt"CL1011s, 1ak111g: accou11l or fl"aso11ably possible eh:mi;cs m tr.:sd1ng pcrfonn.111c.c (;md il\ailablc n1itiJ;llli11g nclionsJ sho1,s 1hm lhc Parent Con1pan� ,dll Le ;iblc lo opcr:itc 1\ithin the C'-pcclcd limils ol'lhc foci lilies ;11 ;ii\ablc as of Scplcmber 30 2.IJ IIJ for lhc 11eilr future Furtl,cr. lhc Parent Complll� 's ncl 1,or1h is posilin: and lime �cn�ratcd prxiti\C opcraliny ca5h 001, ror the half�c.ir cnd::d September 30 2019 n,e Pan:111 Compilll� has c:ontcnl ildLmcc: balnncc or t 1-tlJ 07') Mdis :md is e....;pcx:ling it to be n,alcrialiscd �r,,du:ill� into Cihn righls m ncnr future. \\hich alon!; ,\ ilh impro,cU collcclions from cu!CIOl\lcrs \\ill �cncrate intern.JI na:n1als and liquid,t� For this reason Ma11��c111cnt co11t111ues to ndupl the gomg c01,c:cm b1s1s m preparing these liuancial iltilcn,-.:nts "hich conlc111plnt1..-s rc.1h1:ition of asscLi,; ilhd scUlcmcnt of liabilities i11 lhc normal course of lms:iness
f• Th,� P:m�ot Compan� h.:is accounts rccci, ables balD.11cc oft (1 7 .H,J l,1khs ;is: .1.1 Scplt:mhcr JO 20111 of \\h1ch ? .J2 ).7K laL.hs arc 01 erdue l,nct or expt:etcd credit los� prm is ion of? 20 43G lakhs) These dues ,,ere conlirmerl: b� the tcspccti,c parties .is at Milrch .11. 201 IJ The P,,rc1ll Cornpan� crcntcs cxpcc:tcd credit loss pro1 isio11 on 1r;,dc rccc.i,ahlc hascd on ttlc 1:-uidn11ce pro, ided under Ind AS 1119 Mana!,:cmcnl bclic1es prm ision created 111 books arc a1,propn.ilc and docli nol require .in� addition.ii prO\ is ion Further, il belie, 1..-s rccci, nble oulstanding as ,it Scrllernbcr :rn i.U I 1) arc full, rccm cmblc
As ill Scptcmbi::r )(I, 20 19. Lhc flarent Coinp.inr has ooulc11l adumcc bal:rnce of t 149 079 lakhs (net ol pro, is ion or ( 4.200 lakhs) �i,·cn lo , .irious produccrlill"dm houses There is subslanti::11 de la� 111 complct1011 ol the projects Contraclua11� The Parent Compan� is cxpccliny a c:111i1:1I commitmcnl oft. 11 I Y.Jll l.::1.J..hs pil) able o, er i\ period of fi\l! yco1.rs for the u11co111ing J11d ongoing proJCCIS to 1n:ilcrialisc such content nd, nncc i1Ho nlm rights lhnt \\ ill be .:11 ailnblc lo..- c-..ploi\aLion Managcmcnl belie, cs l11.1( it 11 ill 1,c ca111plclc the projects" ith the cx,ti11g borro\\ing, racililics 011d i1�cm.il 3CWJ.1ls and hence docs not require an� additional pro, isioo
The Grour, · s lio,rncial results ror .1n� �c.,1 l1utlu1Ul! due lo r,lm release schedules \\hich 1.:ike into ttccounl holid3� !. nnd li.-s1i, :1ls in f 11dii1 ik1.d dsC\\ here, cornpcltlor film relc3�s ;md sportini; c1 cnls
•J The Co1npan� has mfopted 111d As -1 l (1 "Lcilsc" cffcc1i, c rcpor1rng period beyinnin!J fro1n I A11ril 2011) using lhc modified prospccti,c o.pprolth The ;idoplion of 1l11s st3ndard docs nol lun c .:In� 1'1.Jlcrial in1p.1ct on 1!11� financial result oflhc CoinpiUI!
In l\1;urcs for the pre, ious � c3r ha, c bci::n rc-grou1>Cd/ rc-cf:1ssif1cd lo confim1 to lhc ligurcs orthc cu, rcnl �c.v
Fj111dt•half of Bo••d uf Di«<lo,s
l'lace: Mumbm DillC 11 Nm ember 20 IC)
EROS iNTERNATtONAl MEDIA LIMITED
)[1�1 A<j•n Lull, 0IN002O191
F.xecutive Vice Ch1tirma.n 11nd M1rnaginc Directol"
Corporate Office: 9th Floor, Supreme Chambers, Off Veera Desai Road, Andheri [WI, Mumbai - 400 053.
Tel.: +91-22-6602 1500 Fax: +91-22-6602 1540 E-mail: [email protected] • www.erosplc.com
Regd. Office: 201, 2nd Floor, Kailash Plaza, Plot No. A-12, Off New Link Road, Andheri [W), Mumbai · 400053
CIN No. L99999MH 1994PLC080502
CHATURVEDI •
SHAHLLP Chartered Accountants
Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Consolidated
Financial Results of the Company pursuant to Regulation 33 of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, as amended
Review Report to
The Board of Directors of
Eros International Media Limited
1. We have reviewed the accompanying Statement of Consolidated Unaudited Financial Results of Eros
International Media Limited ("the Holding Company"} and its subsidiaries (the Holding Company and
its subsidiaries together referred to as "the Group"), its joint venture for the quarter ended
September 30, 2019 and year to date from April 01, 2019 to September 30, 2019 ("the Statement")
attached herewith, being submitted by the Parent pursuant to the requirements of Regulation 33 of
the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 20151 as amended ('the
Regulation'}.
2. This Statement, which is the responsibility of the Parent's Management and approved by the Parent's
Board of Directors, has been prepared in accordance with the recognition and measurement
principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"),
prescribed under Section 133 of the Companies Act, 2013, 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 all significant matters
that might be identified in an audit. Accordingly, we do not express an audit opinion.
,-. .o, &
�f- :� � ·i. ,
Head Office: 714-715, Tulsiani Chambers, 212, Nariman Point, Mumbai -400 021, India. Tel.: +91223021 8500 • Fax :+91223021 8595
Olher Offices: 44-46, "C" Wing, Mittal Court, Nariman Point, Mumbai- 400 021, India. Tel.: +9122 4 510 9700 •Fax: +912245109722
URL : www.cas.ind.in
Branch : Bengaluru
CHATURVEDI SHAH LLP
Chartered Accountants �,/1
possible effects of the matters stated in paragraph 5 to 6 above which are not determinable, 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 applicable Indian
Accounting Standards{'lnd AS') specifies under Section 133 of the Companies Act, 2013, as amended,
read with relevant rules issued thereunder and other accounting principles generally accepted in
India, has not disclosed the information required to be disclosed in terms of Regulation 33 of
the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended,
including the manner in w,hich it is to be disclosed, or that it contains any material misstatement.
8. Material Uncertainty Related to Going Concern:
We draw attention to Note 5 of the Statement regarding preparation of the results on going concern
basis for the reasons stated therein. The appropriateness of assumption of going concern is
dependent upon content advance being materialized into film right for exploitation and collections
of dues from customers.
(a) We did not review the interim financial results and other financial information in respect of one
subsidiary included in the Statement, whose interim financial results reflect total assets of� 197
Lakhs as at September 30, 2019, total revenue of Nil and Nil, total net profit after tax of� (0.51) Lakhs
and� (0.81) Lakhs, total comprehensive income of � (0.51) Lakhs and� (0.81) Lakhs, for the quarter
ended September 30, 2019 and for the period from April 1, 2019 to September 30, 2019 respectively,
and net cash inflows of Nil for the period from April 1, 2019 to September 30, 2019. These interim
financial results and other information have been reviewed by other auditors whose reports have
been furnished to us by the Management of the Company and our conclusion in so far as it relates to
the amounts and disclosures included in respect of these subsidiaries, is based solely on the reports
of the other auditors.
(b) The statement includes interim financial results and other information in respect of one subsidiary
whose interim financial results and other information reflect total assets of� 12,525 Lakhs as at
September 30, 2019, total revenue of� 13 Lakhs and� 13 Lakhs, total net profit after tax of� (258}
Lakhs and � (376) lakhs, total comprehensive income of� (258)Lakhs and � (376) Lakhs, for the
quarter ended September 30, 2019 and for the period from April 1, 2019 to September 30, 2019
,espectively, and net cash inflows of, 1,697 Lakhs f
�(r£:::
f,,
j)
Apcil 1, 2019 to Septembec
Head OHlce: 714-715, Tulsiani Chambers, 212, Nariman Point, Mumbai - O Olh rul.lt ,,..
. , �1223021 8500 • Fax :+91 22 3021 8595 Other Offices: 44 - 46, "C" Wing, Mittal Court, Nariman Point, Mumbai - 400 021, lntlia. Tel.: +91 22 451 0 9700 • Fax : +91 22 45109722 URL : www.cas.ind.in Branch : Bengaluru
CHATURVEDI •
SHAHLLP Chartered Accountants
■
■
30, 2019, which are certified by the Management. According to the information and explanations
given to us by the Management, these interim financial results and other financial information are
not material to the Group.
Our conclusion is not modified in respect of these matters,
Place: Kolkata
Date: Novem·ber 11, 2019
For Chaturvedi & Shah LLP
Chartered Accountants
FRN: 101720W/W100355 cJ
_A-��--
-------
Amit Chaturvedi
Partner
Membership No.: 103141
UDIN: 19103141AAAAKl3032
Head Office: 714-715, Tulsianl Chambers, 212, Narima n Point, Mumbai - 400 021, India. Tel.: +91 22 3021 8500 • Fax :+91 22 3021 8595 Other OHices: 44 - 46, "C" Wing, Mittal Court, Nariman Point, Mumbai - 400 021, India. Tel.: +91 22 4510 9700 • Fax: +91 22 45109722 URL : www.cas.ind.in
Branch : Bengaluru