EFC (I) Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2020

1. These financial results have been reviewed by the Audit Committee and have been approved by the Board of Directors at their respective meetings held on 29th June, 2020.

2. The above results for the Quarter and Year ended on 31st March, 2020 have been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS), prescribed under Section 133 of the Companies Act, 2013, and other recognised accounting practices and policies to the extent applicable.

3.The format of the above results as prescribed in SEBI's Circular CIR/CFD/CMD/15/2015 dated 30th November, 2015 has been modified to comply with the requirements of SEBI's Circular dated 5th July, 2016, Ind AS and Schedule III [Division II] to the Companies Act, 2013.

4. The figures of the quarter ended March 31, 2020 are the balancing figures between the audited figures in respect of the full financial year and the published year to date figures upto the third quarter of the current financial year.

5. The company has one segment of activity namely "Trading and allied activities in cotton textile products and intermediaries".

6. Effective 1st April, 2019, the Company has adopted Ind AS 116 on “Leases”, applied to its lease contracts existing on 1st April, 2019, using the modified retrospective method. As a result of such adoption, there is no impact on the financials of the company for the quarter and Year ended 31st March, 2020, as the company has availed exemption available in the standard for leases involving low-value assets.

7. There was a nationwide lockdown for about 10 weeks from 25th March 2020 due to COVID-19 pandemic. However, it has only marginal impact on the operation of the Company, since the Company has already been facing a lull in its activity since prior to this period and was not operating at significant level. The Company does not see any uncertainty in realizing the carrying amounts of its receivables and other assets appearing in its Balance Sheet as at 31st March, 2020.

8. Figures of previous periods have been regrouped / rearranged wherever necessary.

9. As regards deferred tax as per Ind AS-12 on “Income Taxes” there is a net deferred tax asset for the past years and for the period up to 31st March, 2020. As a matter of prudence, the company has not recognised the said deferred tax asset.

10. The financial results of the company are available at the website of BSE Ltd. at www.bseindia.com and at www.amanitrading.in