Batliboi Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2020

1. The above standalone financial results have been reviewed by the audit committee end approved by the Board of Directors at Its meeting held on 16th July, 2020 and have been subject to audit by the statutory auditors of the company.

2. The figures or the quarters ended 31st March 2020 and 31st March 2019 are the balancing figures between the audited figures In respect of the full financial year and the published figures of nine months ended 31st December 2019 and 31st December 2018 respectively, which were subject to limited review by the statutory auditors.

3. The Company operates In one segment as 'Industrial Equipment, since there is no other reportable segment as defined under Ind AS 108 "Operating Segments, no separate disclosure has been given.

4. The Company has implemented Ind AS 116 'Leases" for leases with effective from 1st April 2019 and capitalised assets taken on operating tease. The transition was effected using modified retrospective approach as per IND AS 116 'Leases' resulting no Impact on retained earnings as on 1st April 2019. Consequent to the Implementation or IND AS 116 "Leases" , the figures for the current period/year are not comparable with the previous periods/year. The impact of transition on the loss for the quarter and year ended 31st March 2020 is not material.

5. The Taxation Laws (Amendment) Act, 2019 was enacted on 11th December 2019. It amended the Income Tax Act, 1961 and the Finance Act (No. 2) Act, 2019. It provides domestic companies with an option to opt for lower tax rate, provided they do not claim certain deductions. The Company has not exercised the option to opt for lower tax rate and has presently considered the rate existing prior to the amendment The Company shall evaluate the option to opt for lower tax rate once It utilises the entire carried forward losses and MAT credit available under the income Tax Act.

6. The Company had exercised the option of fair value as deemed cost for Property, Plant and Equipment In respect of Land, Buildings and plant and Machinery on the date of transition to Ind-AS i.e; 1st April 2016. Ind AS 12 Income Taxes' required entitles to account for deferred taxes using the balance sheet approach, which focuses on temporary differences between the carrying amount of an asset or liability In the Balance Sheet and its Tax Base.

Accordingly deterred tax liability on account of fair value of Land Is calculated and reviewed at each reporting date as required by Ind AS - 12 'Income Taxes' for changes In respect of temporary differences which have been recognised In pervious periods. In F.Y. 2018-19, the Company had opted to choose the fair market value of the tend as on 01.4.2001 as Its cost of acquisition In accordance with Section 55(2)(b)(i) of Income Tax Act 1961. This has resulted Into reversal of deferred tax liability relating to fair value of Land by Rs. 32.94 Lakhs (P.Y. Rs. 1,014.15 Lakhs) which Ls part of Deferred Tax Credit of Rs. 230.87 Lakhs (P,Y. Rs. 1,431.52 Lakhs) In standalone financial results for the year ended 31st March 2020.

7. During the year ended 31st March 2020, the Company has written back amount payable to one of its wholly owned step down subsidiaries and a related party total amounting to Rs. 91.14 Lakhs which has been recognised as other Income In the Profit and Loss account

8. The COVID -19 pandemic has severely disrupted business operations due to lockdown and other emergency measures Imposed by the governments. The Company has evaluated the Impact of this pandemic on Its business operations, liquidity and financial position, recoverability and carrying value of assets and based on management's review of current indicators and economic conditions there Is no material adjustments required to be made on its financial results as at 31st March, 2020. The impact assessment of COVID-19 Is a continuing process given the uncertainties associated with Its nature and duration and accordingly the Impact may be different from that estimated as at the date of approval of these financial results. The Company will continue to monitor any material changes to future economic conditions.

9. In F.Y. 2018-19 the Company had decided to sell a part or Land and Building out of the total factory tend and building located at Surat which has been disclosed as Non Current Aset Held For Sale. During the year ended 31st March 2020, on remeasurement, the Company has evaluated the current position and has concluded that the carrying value of the 'asset held for sale' Is lower than the fair value of the asset, hence no impairment to the carrying amount has been made. The Company expects the ale of the "asset held for sale" to be completed by the end of the next financial year

10. Following are the details of standalone gross sales values of business handled Including the values pertaining to agency business handled for which Company earns commission:

11. The figures for the previous periods/year have been reclassified / regrouped wherever necessary.