Ashoka Refineries Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2021

Notes :-

1 These Financial Results have been prepared in accordance with Indian Accounting Standards (Ind-AS) as prescribed under section 133 of Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules 2015 and relevant amendment thereafter.

2 The audited financial results for the quarter and year ended March 31, 2021 were reviewed by the Audit Committee and thereafter have been adopted by the Board at its meeting held on 28.06.2021.

3 The statutory auditors of the Company have issued audited financial results for the quarter and year ended March 31, 2020. An unqualified report has been issued by them thereon.

4 Previous period figures have been regrouped / reclassified to be in conformity with current period’s classification / disclosure, wherever necessary.

5 COVID-19 has made drastic impact throughout the world and so has also affected the company. The government had taken measures on spreading of the COVID-19 and we as an organisation; appreciate the spirit behind the efforts. ALmost the quarter one went under lockdown and then after the process of unlock started in stages, Many plans of the Company Company got delayed and the business was affected. As due to lockdown there was no or minimal earning; bearing of fixed costs becomes a challenge for a small company like us. Somehow the company has managed the staff and other necessary expenses. By the end of year Company could generate some revenue but not sufficient to cover the loss but it is hoped that coming year will have better prospect.