TRF Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2019

1. The above results were reviewed by the Audit Committee and approved by the Board of Directors at their meetings held on April 15, 2019.

2. The Company has incurred loss after tax of Rs 10,556.90 lakhs during the year ended March 31, 2019 (March 31, 2018 Rs 14,597.65 lakhs) and accumulated losses as on that date amounting to Rs 45,428.99 lakhs (March 31, 2018 Rs 35,043.77 lakhs), has eroded the net worth of the company. The company expects to generate cash flow from improvements in operations, increased business from the promoter entity, increased efficiencies from the project activities, proceeds from restructuring of its subsidiaries, renewal of the facilities from banks as and when they fall due etc., which will be sufficient to meet future obligation of the company. Accordingly, these financial statements have been prepared on a going concern basis.

3. The Ministry of Corporate Affairs (MCA), on March 28, 2018, notified Ind AS 115 “Revenue from Contracts with Customers” as part of the Companies (India Accounting Standard) Amendment Rules, 2018. The new standard is effective for accounting periods beginning on or after April 1, 2018. The Company has adopted Ind As 115 using the modified retrospective approach. The adoption of the standard did not have any material impact to the financial results of the Company.

4. During the Financial Year 2018-19, the company has sold York Transport Equipment Pte Limited, a step down subsidiary along with its subsidiaries, at total consideration of Rs 29,087.69 lakhs. Consequent to such sale TRF Singapore Pte Limited has exercised a scheme of capital reduction to the tune of Rs 12,185.28 lakhs on August 31, 2018 and Rs 1,380.40 lakhs on February 28, 2019 which has resulted in reduction in value of investment by Rs 9,790.47 lakhs and foreign currency exchange gain of Rs 3,775.22 lakhs which has been disclosed as exceptional item in those results .

5. Information on Revenue by geographical segment are not given for standalone results as the revenue from sales to customers outside India is less than 10% of the total revenue.

6. The Company has submitted application to RBI in 2013 for capitalisation of corporate guarantee fee (SGD 1,51,230) and interest on loan (USD 7,19,461 and SGD 7,36,637) receivable from TRF Singapore Pte Limited. The same has been approved by RBI vide letter dated 11th September, 2018 subject to compounding for non-compliance with Regulation 15(ii) for Foreign Exchange Management (Transfer or Issue of Any Foreign Security) (Amendment) Regulations, 2004. The Company has filed an application on 12th October, 2018 but RBI has advised to resubmit the application along with the same in connection of winding up of one of its step down subsidiary.