SINTEX A C T I V E T H IN K IN G

Ref No: SEC/NSE/BSE/2021-22

August 13, 2021

The Manager, Capital Market (Listing) The Corporate Relationship Dept.

National Stock Exchange of India Ltd. BSE Limited
Exchange Plaza, 5th Floor, 1st Floor, New Trading Ring,
P lo tN o :C /l,G Block, Rotunda Building, P.J. Towers,
Bandra Kurla Complex, Dalai Street, Mumbai-400 001
Bandra (E), Mumbai-400 051 Stock Code: Equity 502742
Security Code 950353
Stock Code: Equity - Sintex EQ of Debt 951037
Instruments: 952870

Dear Sir,

Sub.: Approval of Unaudited Financial Results of the Company for the first Quarter ended
30th June, 2021.

Dear Sir/Madam,

Pursuant to Regulation 33 of Securities Exchange Board o f India (Listing Obligations and

Disclosure Requirements) Regulations, 2015, please find attached herewith the Unaudited
Financial Results (Standalone and Consolidated) o f the Company for the first quarter ended 30th
June, 2021 along with Limited Review Report on the said Unaudited Financial Results of the
Company.

The meeting commenced at 1.00 p.m. and concluded at 1.55 p.m.

You are requested to take the same on records and oblige.

Yours faithfully,

For Sintex Imfustries Limited

(A Company u^der Corporate Insolvency Resolution Process by NCLT, Ahmedabad bench order 06.04.2021)

SINTEX INDUSTRIES LIMITED Investor Relationship Cell:

7th Floor, Abhijit Building-I, Mithakhali Six Roads,
Regd. Office : Kalol-382721, Dist. Gandhinagar, Gujarat, India. Ellisbridge, Ahmedabad-380 006, Gujarat.
Ph: +91 -2764-253000, Email: share@sintex.co.in Phone:+91-6358855979
CIN : L17110GJ1931PLC000454 www.sintex.in
Sintex Industries Limited si initeex T
a c t iv e THINKING
Regd. Office : Kalol - 382 721, India
Phone: (02764) - 253000
E-mail : share@sintex.co.in Website : www.sintex.in
CIN : L17110GJ1931PLC000454

Statement of Unaudited Consolidated Financial results for the Quarter ended 30th June, 2021

(Rs. in Crores except per share data)

Unaudited Audited
Sr
Particulars Quarter ended Year ended
No
30-Jun-21 31-Mar-21 30-Jun-20 31-Mar-21
1 Income
(a) Revenue from operations 473.68 721.62 141.90 1,695.71
(b) Other Income 13.81 29.04 3.41 61.06
Total Income 487.49 750.66 145.31 1,756.77
2 Expenses
(a) Cost of materials consumed 255.49 459.47 89.14 1,110.24
(b) Purchase of stock in trade - - - -

(c) Changes in inventories of finished goods,

30.14 1.38 11.53 11.97
work-in-progress and stock in trade
(d) Employee benefits expense 34.91 40.59 28.11 134.57
(e) Finance Costs 193.74 206.63 190.58 795.32
(f) Depreciation and amortisation expense 65.41 69.20 70.38 281.77
(g) Other expenses 77.26 116.79 37.63 302.25
Total expenses 656.95 894.06 427.37 2,636.12
3 Profit/(Loss) before tax and Exceptional item (1) - (2) (169.46) (143.40) (282.06) (879.35)
4 Exceptional item - - 426.64 426.64
5 Profit/(Loss) before tax (3)-(4) (169.46) (143.40) (708.70) (1,305.99)
6 Tax expense/(benefit)
(a) Current tax (net of MAT credit entitlement) - - - -

(b) Deferred tax (0.11) 0.65 0.01 0.56

(c) Short/(Excess) provision of tax for earlier years 0.00 - (0.03) (0.14)
Tax expense/(benefit) (0.11) 0.65 (0.02) 0.42
7 Net Profit after tax (5) - (6) (169.35) (144.05) (708.68) (1,306.41)
8 Other Comprehensive Income
(a) Items that will not be reclassified to profit or loss - (0.51) - (0.51)
(b) Income tax effect on above - - - -

(c) Items that will be reclassified to profit or loss - - - -

(d) Income tax effect on above - - - -

9 Total Comprehensive Income (7+8) (169.35) (144.56) (708.68) (1,306.92)

10 Paid-up equity share capital (Face value of Rs. 1 each) 59.92 59.92 59.41 59.92
11 Other Equity 1,820.38
12 Earnings per share
a Basic (in Rs.) (2.83) (2.40) (11.93) (21.96)
b Diluted (in Rs.) (2.83) (2.40) (11.93) (21.96)
Notes to the unaudited Consolidated Financial Results for the Quarter Ended June 30,2021

1) The above Un-Audited Financial Results for the First Quarter ended 30th June, 2021 were reviewed and approved by the Interim Resolution
Professional on 13 th August, 2021. The Statutory Auditors of the Company have reviewed the said Results.
2) 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.

3) With respect to USD 110 Million Foreign Currency Convertible Bonds due 2022 (FCCBs) raised by the Company, there are USD 6.5 Million
FCCBs outstanding for conversion as on 30th June, 2021.Further, the Company has defaulted in payment of Interest amounting to USD 0.46
Million for the period 25th May,19 to 25th May,2021.
4) The Holding Company is undergoing substantial financial stress and severe liquidity constraints since last Financial Year coupled with changed
industrial dynamics, time and cost overrun in completion of its projects, reduction in subsidies and incentive benefits , Covid related
disruptions etc.The company has defaulted in debt obligation of debentures aggregating to Rs. 500.00 Crores for the period April,19 to 6th
April,2021 (date of admission in Corporate Insolvency Resolution Process) apart from other credit facilities. Further, Company's inability to
meet its obligation in relation to the payment of certain letters of credit which led to devolvement and consequent over utilization of the cash
credit facilities availed by the Company , delay in payment of certain term loan instalments as well as interest thereof. The Company's credit
rating is "BWR D" from Brickwork Ratings India Pvt. Ltd. for Non-Convertible Debentures. However, Company has made provision for interest
for the period April,2019 to 30th June,2021.
Petition for initiation of Corporate Insolvency Resolution Process under Section 7 of the Insolvency and Bankruptcy Code 2016 filed against the
Company by Invesco Asset Management (India) Private Limited (Financial Creditor) for default amount of Rs. 15,00,00,000/- (Principal amount)
of NCD has been admitted against the Company vide Honourable National Company Law Tribunal, Ahmedabad Bench order dated 06.04.2021.
Mr. Pinakin Shah (having registration no. I8BI/IPA-002/IP-N00106/2017-18/10248) has been appointed as Interim Resolution Professional by
the Honourable National Company LawTribunal, Ahmedabad Bench under Section 13(l)(c) of the Insolvency and Bankruptcy Code 2016 and
moratorium period under Section 14 of the Insolvency and Bankruptcy Code 2016 is declared.The Company is continued as going concern.

5) The Holding Company has discontinued the manufacturing operations of structured fabrics ( except bleaching facility) at Kalol effective from
1st July, 2019 on account of high cost nf operations. Hence, Statutory Auditor of the Company informed the management in the last year to
assesse any provision needs to be recognised on account of the impairment of assets in respect of property, plant and equipment of its Textile
Division as per Ind AS 36. Accordingly the management of the company during the last year has assessed that any provision needs to be
recognised on account of the impairment of assets in respect of property, plant and equipment of its Textile Division as per Ind AS 36 through
approved valuer. The higher of Textile Division assets fair value (less cost of disposal) and its value in use as per valuation report obtained from
approved valuer as on 30th September,2020 and is found lower than its carrying amount as per books of accounts of the company and hence
the Company has recognised impairment loss of Rs. 426.64 crores for the year 2020-21. Therefore, the impairment loss has been shown
under ''Exceptional Item".

6) Ind AS 12, 'Income Taxes" requires the Holding company to determine probability of sufficient taxable income to utilize the deferred tax assets
including MAT credit. Considering the factors described in Note 4and 5 above, the company is of the view not to recognize deferred tax assets
during the period under review.
7) Insurance claim of Rs. 23.11 crores of F.Y. 2016-17 is outstanding as on 30th June,2021. The insurance company has repudiated claim
pertaining to FY 2016 - 17. Management of company during the year has filed reply against the same and is hopeful of settling the claims in
full. The Company has initiated legal proceedings against the same.
8) The Holding Company has outstanding advances of Rs. 531.91 crores receivables from Sintex Prefab & Infra Limited. Petition for initiation of
Corporate Insolvency Resolution Process under Section 7 of the Insolvency and Bankruptcy Code 2016 filed against Sintex Prefab & Infra
Limited by Bank of Baroda (Financial Creditor) has been admitted vide Honourable National Company Law Tribunal, Ahmedabad 8ench order
dated 24.02.2021. The Company has submitted claims of Rs. 531.91 crores to Mr. Chandra Prakash Jain (IRP of Sintex Prefab & Infra Limited)
on 16.03.2021.
9) Rs.400.95 crores is outstanding as at 30th June, 2021 for subsidies receivables including interest subsidy of Rs. 210.96 crores receivable under
Revised Restructured Technology Upgradation Fund Scheme (RR-TUFS) announced by Ministry of Textiles, Government of India for various
years from F.Y. 15-16 to F.Y. 19-20 upto May, 2019 . This amount of subsidy benefit recognized is reduced from the borrowing costs in the
respective years. The management during the year is perusing for recovery of this amount of subsidy.

10) The Group operates in Textile business which is the only reportable segment in accordance with the requirements of Ind-AS 108 "Operating
Segments".
11) The key numbers of Standalone Financial Results of the Company for the quarter ended are as under:
(Rs. In crores)

Q u arter ended on Q uarter ended on Q uarter ended on For the year ended
Particulars
Jun e 30, 2021 M arch 31, 2021 Jun e 30, 2020 M arch 31, 2021

Unaudited Unaudited Unaudited Audited

Total Operating Income 464.60 705.60 150.59 1,689.15

Profit / (Loss) before tax (171.29) (143.67) (707.89) (1,301.97)
Total Comprehensive / (Loss) Income
(171.29) (144.17) (707.89) (1,302.33)
(after tax)

12) The Group operations were impacted in the month of March 2020 due to shutdown of Lunsapur plant following nationwide lockdown by the
Government of India in view of COVID-19, a pandemic caused by the novel Coronavirus. The Company is monitoring the situation closely. From
12th April 2020, operations have commenced in a phased manner with enforcement of strict working restrictions. The Company stabilises its
operations in spite of COVID-19 challenges and have been working at 90% capacity comprising of more than 6 lakhs spindles during the
financial year ended 31.03.2021. However, during first quarter ended 30th June 2021, there is severe damage at our factory plant situated at
Taluka Jafarabad, Lunsapur, Amreli, Gujarat due to Cyclone Tauktae on 17th May, 2021 and 18th May, 2021. The loss / damage is covered by
the Insurance.Process of claiming insurance is going on. Plant of the Company was not operational due to non availability of electricity at our
factory plant due to damage of Cyclone Tauktae. Electricity was restored at our plant on 05th July, 2021 and operations of the Company have
commenced in a phased manner and achieved 85% capacity as on date. The Company is hopeful to scale up its operations and will achieve
more than 90% capacity comprising of more than 6 lakhs spindles by end of August,2021.

13) The expenses incurred of Rs 34.53 crore by the Holding Company for restoration of plant which was damaged due to Cyclone Tauktae on 17th
May, 2021 and 18th May, 2021, has been classified under the head "Other Current Assets - Advances recoverables in cash or kind" and not
debited to Statement of Profit & Loss account, considering loss / damage is covered by the Insurance.Process of claiming insurance is going on.

14) Till the First Quarter ended 30th June, 2021, the Holding Company has not granted any options under the "Sintex ESOP 2018" to Eligible
Employees of the Company. Looking to the present financial position of the Company, the Company has decided to terminate the ESOP
scheme with immediate effect.
15) Figures of the previous quarter/year to date have been regrouped, wherever necessary to make it comparable.

For Sintex Industries Limited

jiitU i Sl^
Mr. Pinakin Shah
Place: Ahmedabad Interim Resolution Professional
Date: 13th August, 2021 IBBI/IPA-002/1P-N00106/2017-18/10248
Ok
Chartered Accountants

Independent Auditor's Review Report on the Quarterly Unaudited Consolidated Financial Result of
the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended.

REVIEW REPORT TO
THE INTERIM RESOLUTTION PROFESSIONAL OF
SINTEX INDUSTRIES LIMITED
(A Company under Corporate Insolvency Resolution Professional Process vide NCLT Order)
IP registration no. IBBI/IPA-002/IP-N00106/2017-18/10248

1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of

SINTEX INDUSTRIES LIMITED ("the Parent") and its subsidiary (the Parent and its subsidiary
together referred to as "the Group"), for the Quarter ended June 30, 2021 ("the Statement")
attached herewith, being submitted by the Parent pursuant to the requirement of Regulation 33
of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the
"Listing Regulation").

2. This Statement, which is the responsibility of the Parent's Management and approved by the
Parent's Interim Resolution Professional, 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 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.

H.O: 9B, Vardan Tower, Nr. Lakhudi Circle, Vimai House, Navrangpura, Ahmedabad - 380014.
Teie/Fax: 079-26566577 E-mail: rdc_rca@yahoo.com
 We also performed procedures in accordance with the Circular No. CIR/CFD/CMD1/44/2019 dated
March 29, 2019 issued by the SEBI under regulation 33(8) of the SEBI (Listing Obligation and
Disclosure Requirements) Regulation, 2015 as amended to the extent applicable

4. The statement includes the results of the following entities;

Holding: - Sintex Industries Limited

Subsidiary: - BVM Overseas Limited

5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based
on the information given by management referred to in paragraph 6 below, 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 the aforesaid Indian Accounting Standard
("Ind As") specified under section 133 of the Companies Act, 2013, as amended, read with rules issued
thereunder and other accounting principles generally accepted in India, has not disclosed the
information required to be disclosed in terms of the Listing Regulations, including the manner in
which it is to be disclosed, or that it contains any material misstatement.

6. The accompanying statement of unaudited consolidated financial results include unaudited interim
financial information of 1 subsidiary whose quarterly results reflect total revenues of Rs. 128.80
Crores and net Profit/(Loss) after tax of Rs. (0.33) Crores and total comprehensive income/(loss) of
Rs.(0.33) Crores for the quarter ended June 30, 2021 which are certified by the management.
According to 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 on statement is not modified in respect of the above matter.

7. Emphasis of Matter:

i. We draw attention to Note 4 of the statement, As described in said Note, Petition for initiation of
Corporate Insolvency Resolution Process under Section 7 of the Insolvency and Bankruptcy Code
2016 filed against the Company by Invesco Asset Management (India) Private Limited (Financial
Creditor) for default amount of Rs. 15,00,00,000/- (Principal amount) has been admitted against
the Company vide Honourable National Company Law Tribunal, Ahmedabad Bench order dated
06.04.2021. Mr. Pinakin Shah (having registration no. IBBI/IPA-002/IP-N00106/2017-18/10248)
has been appointed as Interim Resolution Professional by the Honourable National Company Law
 Tribunal, Ahmedabad Bench under Section 13(l)(c) of the Insolvency and Bankruptcy Code 2016
and moratorium period under Section 14 of the Insolvency and Bankruptcy Code 2016 is declared.
The Company is continued as going concern.

ii. We draw attention to Note 5 to the statement with respect to impairment of assets. As describe in
the said note, The Parent company has discontinued the manufacturing operations of structured
fabrics (except bleaching facility) at Kalol effective from 1st July, 2019 on account of high cost of
operations. Accordingly, the management of the company during the last year has assessed that
any provision needs to be recognised on account of the impairment of assets in respect of
property, plant and equipment of its Textile Division as per Ind AS 36 through approved valuer.
The higher of Textile Division assets fair value (less cost of disposal) and its value in use as per
valuation report obtained from approved valuer as on 30th September,2020 and is found lower
than its carrying amount as per books of accounts of the company and hence the Company has
recognised impairment loss of Rs. 426.64 crores for the year 2020-21. Therefore, the impairment
loss has been shown under "Exceptional Item".

iii. We draw attention to Note 7 to the statement with respect to insurance claim. The insurance
claim receivable includes insurance claim of Rs. 23.11 crores of F.Y. 2016-17 is outstanding as on
30th June, 2021. The insurance company has repudiated claim pertaining to FY 2016 - 17.
Management of company has filed reply against the same and is hopeful of settling the claims in
full. The Company has initiated legal proceedings against the same

iv. We draw attention to Note 8 to the statement, wherein it is mentioned that the Company has
outstanding advances of Rs. 531.91 crores receivables from Sintex Prefab & Infra Limited. Petition
for initiation of Corporate Insolvency Resolution Process under Section 7 of the Insolvency and
Bankruptcy Code 2016 filed against Sintex Prefab & Infra Limited by Bank of Baroda (Financial
Creditor) has been admitted vide Honourable National Company Law Tribunal, Ahmedabad Bench
order dated 24.02.2021. The Company has submitted claims of Rs. 531.91 crores to Mr. Chandra
Prakash Jain (IRP of Sintex Prefab & Infra Limited) on 16.03.2021.

v. We draw attention to Note 9 to the statement with respect to realization of subsidies aggregating
to Rs 210.96 Crores. As per the information and explanations furnished to us, the management is
 taking necessary actions for realization of these subsidies and as stated in the said Note, the
management is hopeful of receipt of this amount in full.

vi. We draw attention to Note no. 12 to the consolidated financial statement, with respect to
assessment of the recoverability of certain assets, the management has considered internal and
external information upto the date of this report in respect of the current and estimated future
global including Indian economic indicators consequent to the global health pandemic of Covid 19.
The actual impact of the pandemic may be different from that considered in assessing the
recoverability of these assets.

vii. We draw attention to Note 13 to the statement, expenses incurred by the Parent Company for
restoration of plant which was damaged due to Cyclone Tauktae on 17th May, 2021 and 18th
May, 2021, has been classified under the head "Other Current Assets - Advances recoverables in
cash or kind" and not debited to Statement of Profit & Loss account, considering loss / damage is
covered by the Insurance. Process of insurance claim is going on.

Our conclusion is not modified in respect of above matters.

For, R Choudhary & Associates

Chartered Accountants
Firm Regn. No: 101928W

K M Chaudhary
(Partner)
M. No.: 133388

Place: Ahmedabad
Date: 13th August,2021
UDIN: - 21133388AAAAOQ8858
Sintex Industries Limited
Regd. Office : Kalol - 382 721, India
Phone: (02764) - 253000
E-mail : share@sintex.co.in Website : www.sintex.in
CIN : L17110GJ1931PLC000454

Statement of unaudited Standalone Financial results for the Quarter ended 30th June, 2021

(Rs. in Crores except per share data)

Unaudited Audited
Sr
Particulars Quarter ended Year ended
No
30-Jun-21 31-Mar-21 30-Jun-20 31-Mar-21
1 Income
(a) R e v e n u e fro m o p e ra tio n s 4 6 4 .6 0 7 0 5 .6 0 1 5 0 .5 9 1 ,6 8 9 .1 5
(b) O th e r In co m e 12.1 2 25.1 9 2 .01 5 5 .0 1
Total Income 476.72 730.79 152.60 1,744.16
2 Expenses
(a) C o st o f m a te ria ls co n su m e d 2 5 5 .4 9 4 5 9 .4 7 8 9 .1 4 1 ,1 1 0 .2 4
(b) C h a n g e s in in v e n to rie s o f fin ish e d g o o d s,
2 4 .7 9 (1 2 .3 5 ) 19.4 4 5 .2 1
w o rk -in -p ro g re ss and s to ck in tra d e
(c) E m p lo y e e b e n e fits e x p e n se 3 4 .8 5 4 0 .6 0 2 8 .1 1 1 3 4 .4 0
(d) F in a n ce C o sts 1 9 3 .4 9 2 0 6 .5 1 1 9 0 .4 9 7 9 4 .9 2
(e) D e p re cia tio n and a m o rtisa tio n e x p e n se 6 5 .4 0 6 9 .1 9 7 0 .3 8 2 8 1 .7 5
(f) O th e r e x p e n se s 7 3 .9 9 1 1 1 .0 4 36.3 2 2 9 2 .9 7
Total expenses 648.01 874.46 433.88 2,619.49
3 Profit/(Loss) before tax and Exceptional item (1) - (2) (171.29) (143.67) (281.28) (875.33)
4 Exceptional item - - 426.64 426.64
5 Profit/(Loss) before tax (3)-(4) (171.29) (143.67) (707.92) (1,301.97)
6 Tax expense/(benefit)
(a) C u rre n t ta x (n e t o f M A T cre d it e n title m e n t) - - - -

(b) D e fe rre d ta x - - - -
(c) S h o rt/ (E x c e s s) p ro visio n o f ta x fo r e a rlie r y e ars - (0 .01) (0 .03) (0 .1 5 )
Tax expense/(benefit) - (0.01) (0.03) (0.15)
7 Net Profit after tax (5) - (6) (171.29) (143.66) (707.89) (1,301.82)
8 Other Comprehensive Income
(a) Ite m s th a t w ill no t be re cla ssifie d to p ro fit o r loss - (0 .51) - (0 .5 1 )
(b) In co m e ta x e ffe ct on a b o ve - - - -

(c) Ite m s th a t w ill be re cla ssifie d to p ro fit o r loss - - - -

(d) In co m e tax e ffe c t on a b o ve - - - -

9 Total Comprehensive Income (7+8) (171.29) (144.17) (707.89) (1,302.33)

10 Paid-up equity share capital (Face value of Rs.l each) 59.92 59.92 59.41 59.92
11 Other Equity 1,814.48
12 Earnings per share (Face value of Rs. 1 each)
a B asic (in Rs.) (2 .8 6 ) (2 .4 0 ) (1 1 .9 2 ) (2 1 .8 8 )
b D ilu ted (in Rs.) (2 .8 6 ) (2 .4 0 ) (1 1 .9 2 ) (2 1 .8 8 )
Notes to the unaudited Financial Results for the Quarter Ended June 30, 2021

1) The above Un-Audited Financial Results for the First Quarter ended 30th June, 2021 were reviewed and approved by the Interim Resolution Professional
on 13 th August, 2021. The Statutory Auditors of the Company have reviewed the said Results.
2) 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.
3) With respect to USD 110 Million Foreign Currency Convertible Bonds due 2022 (FCCBs) raised by the Company, there are USD 6.5 Million FCCBs
outstanding for conversion as on 30th June, 2021.Further, the Company has defaulted in payment of Interest amounting to USD 0.46 Million for the
period 25th May,19 to 25th May,2021.
4) The Company is undergoing substantial financial stress and severe liquidity constraints since last Financial Year coupled with changed industrial dynamics,
time and cost overrun in completion of its projects, reduction in subsidies and incentive benefits , Covid related disruptions etc.The company has
defaulted in debt obligation of debentures aggregating to Rs. 500.00 Crores for the period April,19 to 6th April,2021 (date of admission in Corporate
Insolvency Resolution Process) apart from other credit facilities. Further, Company's inability to meet its obligation in relation to the payment of certain
letters of credit which led to devolvement and consequent over utilization of the cash credit facilities availed by the Company, delay in payment of certain
term loan instalments as well as interest thereof. The Company's credit rating is "BWR D" from Brickwork Ratings India Pvt. Ltd. for Non-Convertible
Debentures. However, Company has made provision for interest for the period April,2019 to 30th June,2021.
Petition for initiation of Corporate Insolvency Resolution Process under Section 7 of the Insolvency and Bankruptcy Code 2016 filed against the Company
by Invesco Asset Management (India) Private Limited (Financial Creditor) for default amount of Rs. 15,00,00,000/- (Principal amount) of NCD has been
admitted against the Company vide Honourable National Company Law Tribunal, Ahmedabad Bench order dated 06.04.2021. Mr. Pinakin Shah (having
registration no. IBBI/IPA-002/IP-N00106/2017-18/10248) has been appointed as Interim Resolution Professional by the Honourable National Company
Law Tribunal, Ahmedabad Bench under Section 13(l)(c) of the Insolvency and Bankruptcy Code 2016 and moratorium period under Section 14 of the
Insolvency and Bankruptcy Code 2016 is declared.The Company is continued as going concern.
5) The company has discontinued the manufacturing operations of structured fabrics ( except bleaching facility) at Kalol effective from 1st July, 2019 on
account of high cost of operations. Hence, Statutory Auditor of the Company informed the management in the last year to assesse any provision needs to
be recognised on account of the impairment of assets in respect of property, plant and equipment of its Textile Division as per Ind AS 36. Accordingly the
management of the company during the last year has assessed that any provision needs to be recognised on account of the impairment of assets in
respect of property, plant and equipment of its Textile Division as per Ind AS 36 through approved valuer. The higher of Textile Division assets fair value
(less cost of disposal) and its value in use as per valuation report obtained from approved valuer as on 30th September,2020 and is found lower than its
carrying amount as per books of accounts of the company and hence the Company has recognised impairment loss of Rs. 426.64 crores for the year 2020-
21. Therefore, the impairment loss has been shown under "Exceptional Item".
6) Ind AS 12, 'Income Taxes" requires the company to determine probability of sufficient taxable income to utilize the deferred tax assets including MAT
credit. Considering the factors described in Note 4 and 5 above, the company is of the view not to recognize deferred tax assets during the period under
7) Insurance claim of Rs. 23.11 crores of F.Y. 2016-17 is outstanding as on 30th June,2021. The insurance company has repudiated claim pertaining to FY
2016 - 17. Management of company during the year 2020-21 had filed reply against the same and is hopeful of settling the claims in full. The Company
has initiated legal proceedings against the same.
8) The Company has outstanding advances of Rs. 531.91 crores receivables from Sintex Prefab & Infra Limited. Petition for initiation of Corporate Insolvency
Resolution Process under Section 7 of the Insolvency and Bankruptcy Code 2016 filed against Sintex Prefab & Infra Limited by Bank of Baroda (Financial
Creditor) has been admitted vide Honourable National Company Law Tribunal, Ahmedabad Bench order dated 24.02.2021. The Company has submitted
claims of Rs. 531.91 crores to Mr. Chandra Prakash Jain (IRP of Sintex Prefab & Infra Limited) on 16.03.2021.
9) Rs. 400.59 crores is outstanding as at 30th June,2021 for subsidies receivables including interest subsidy of Rs. 210.96 crores receivable under Revised
Restructured Technology Upgradation Fund Scheme (RR-TUFS) announced by Ministry of Textiles, Government of India for various years from F.Y. 15-16
to F.Y. 19-20 upto May, 2019 . This amount of subsidy benefit recognized is reduced from the borrowing costs in the respective years. The management
and IRP is perusing for recovery of this amount of subsidy.
10) The Company operates in Textile business which is the only reportable segment in accordance with the requirements of Ind-AS 108 "Operating
Segments".
11) The Company's operations were impacted in the month of March 2020 due to shutdown of Lunsapur plant following nationwide lockdown by the
Government of India in view of COVID-19, a pandemic caused by the novel Coronavirus. The Company is monitoring the situation closely. From 12th April
2020, operations have commenced in a phased manner with enforcement of strict working restrictions. The Company stabilises its operations in spite of
COVID-19 challenges and have been working at 90% capacity comprising of more than 6 lakhs spindles during the financial year ended 31.03.2021.
However, during first quarter ended 30th June 2021, there is severe damage at our factory plant situated at Taluka Jafarabad, Lunsapur, Amreli, Gujarat
due to Cyclone Tauktae on 17th May, 2021 and 18th May, 2021. The loss / damage is covered by the Insurance.Process of claiming insurance is going on.
Plant of the Company was not operational due to non availability of electricity at our factory plant due to damage of Cyclone Tauktae. Electricity was
restored at our plant on 05th July, 2021 and operations of the Company have commenced in a phased manner and achieved 85% capacity as on date. The
Company is hopeful to scale up its operations and will achieve more than 90% capacity comprising of more than 6 lakhs spindles by end of August, 2021.
12) The expenses incurred of Rs 34.53 crore by the Company for restoration of plant which was damaged due to Cyclone Tauktae on 17th May, 2021 and 18th
May 2021, has been classified under the head "Other Current Assets - Advances recoverables in cash or kind" and not debited to Statement of Profit & Loss
account, considering loss / damage is covered by the Insurance. Process of claming insurance is going on.

13) Till the First Quarter ended 30th June, 2021, the Company has not granted any options under the "Sintex ESOP 2018" to Eligible Employees of the
Company. Looking to the present financial position of the Company, the Company has decided to terminate the ESOP scheme with immediate effect.
14) Figures of the previous quarter/ year to date have been regrouped, wherever necessary to make it comparable.

For Sintex Industries Limited

i vA LL
Mr. Pinakin Shah
Place: Ahmedabad Interim Resolution Professional
Date: 13th August,2021 IB B l/l PA-002/1P-N00106/2017-18/10248
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Chartered Accountants

Independent Auditor's Review Report on the Quarterly Unaudited Standalone Financial Results
of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended.

REVIEW REPORT TO
THE INTERIM RESOLUTTION PROFESSIONAL OF
SINTEX INDUSTRIES LIMITED
(A Com pany under Corporate Insolvency Resolution Professional Process vide NCLT Order)
IP registration no. IBBI/IPA-002/IP-N00106/2017-18/10248

1. We have reviewed the accompanying statement of unaudited standalone financial results of

SINTEX INDUSTRIES LIMITED (the "Company") for the Quarter ended June 30, 2021 (the
"Statement") attached herewith, being submitted by the company pursuant to the requirements
of regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
as amended (the "Listing Regulation").

2. This Statement, which is the responsibility of the Company's Management and approved by the
Company's Interim Resolution Professional, has been prepared in accordance with the
recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34)
"Interim Financial Reporting" prescribed under section 133 of the Companies Act, 2013, as
amended, read with relevant rules issued thereunder 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. This
standard requires that we plan and perform the review to obtain moderate assurance as to
whether the statement is free of material misstatement. A Review of interim financial
information consists of making inquiries, primarily of person 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.

4. Based on our review conducted as stated above, 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 the aforesaid Indian Accounting Standards ('Ind AS')

H.O; 9B, Vardan Tower, Nr. Lakhudi Circle, Vimal House, Navrangpura, Ahmedabad - 380014.
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 issued thereunder and other accounting principles generally accepted in India, has not disclosed
the information required to be disclosed in terms of the Listing Regulations, including the manner
in which it is to be disclosed, or that it contains any material misstatement.

5. Emphasis of Matter Paragraph:

i. We draw attention to Note 4 of the statement, As described in said Note, Petition for
initiation of Corporate Insolvency Resolution Process under Section 7 of the Insolvency and
Bankruptcy Code 2016 filed against the Company by Invesco Asset Management (India)
Private Limited (Financial Creditor) for default amount of Rs. 15,00,00,000/- (Principal
amount) has been admitted against the Company vide Honourable National Company Law
Tribunal, Ahmedabad Bench order dated 06.04.2021. Mr. Pinakin Shah (having registration
no. IBBI/IPA-002/IP-N00106/2017-18/10248) has been appointed as Interim Resolution
Professional by the Honourable National Company Law Tribunal, Ahmedabad Bench under
Section 13(l)(c) of the Insolvency and Bankruptcy Code 2016 and moratorium period under
Section 14 of the Insolvency and Bankruptcy Code 2016 is declared. The Company is
continued as going concern.

ii. We draw attention to Note 5 to the statement with respect to impairment of assets. As
describe in the said note, The company has discontinued the manufacturing operations of
structured fabrics (except bleaching facility) at Kalol effective from 1st July, 2019 on account
of high cost of operations. Accordingly the management of the company during the last year
has assessed that any provision needs to be recognised on account of the impairment of
assets in respect of property , plant and equipment of its Textile Division as per Ind AS 36
through approved valuer. The higher of Textile Division assets fair value (less cost of disposal)
and its value in use as per valuation report obtained from approved valuer as on 30th
September,2020 and is found lower than its carrying amount as per books of accounts of the
company and hence the Company has recognised impairment loss of Rs. 426.64 crores for the
year 2020-21. Therefore, the impairment loss has been shown under "Exceptional Item".

iii. We draw attention to Note 7 to the statement with respect to insurance claim. The insurance
claim receivable includes insurance claim of Rs. 23.11 crores of F.Y. 2016-17 is outstanding as
on 30th June, 2021. The insurance company has repudiated claim pertaining to FY 2016 - 17.
Management of company has filed reply against the same and is hopeful of settling the claims
in full. The Company has initiated legal proceedings against the same.

iv. We draw attention to Note 8 to the statement, wherein it is mentioned that the Company has
outstanding advances of Rs. 531.91 crores receivables from Sintex Prefab & Infra Limited.
Petition for initiation of Corporate Insolvency Resolution Proces^jitider Section 7 of the
 Insolvency and Bankruptcy Code 2016 filed against Sintex Prefab & Infra Limited by Bank of
Baroda (Financial Creditor) has been admitted vide Honourable National Company Law
Tribunal, Ahmedabad Bench order dated 24.02.2021. The Company has submitted claims of
Rs. 531.91 crores to Mr. Chandra Prakash Jain (IRP of Sintex Prefab & Infra Limited) on
16.03.2021.

v. We draw attention to Note 9 to the statement with respect to realization of subsidies

aggregating to Rs 210.96 Crores. As per the information and explanations furnished to us, the
management is taking necessary actions for realization of these subsidies and as stated in the
said Note, management is perusing for recovery of this amount of subsidy.

vi. We draw attention to Note 11 to the statement with respect to assessment of the
recoverability of certain assets, the management has considered internal and external
information upto the date of this report in respect of the current and estimated future global
including Indian economic indicators consequent to the global health pandemic of Covid 19.
The actual impact of the pandemic may be different from that considered in assessing the
recoverability of these assets.

vii. We draw attention to Note 12 to the statement, expenses incurred by the Company for
restoration of plant which was damaged due to Cyclone Tauktae on 17th May, 2021 and 18th
May, 2021, has been classified under the head "Other Current Assets - Advances recoverables
in cash or kind" and not debited to Statement of Profit & Loss account, considering loss /
damage is covered by the Insurance. Process of insurance claiming is going on.

Our conclusion is not modified in respect of above matters.

For, R Choudhary & Associates

Chartered Accountants
Firm Regn. N

K M Chaudhc
(Partner)
M. No.: 133388

Place: Ahmedabad
Date: 13th August,2021
UDIN: - 21133388AAAAOP8074