5900222022-04-012022-06-305900222022-04-012022-06-30in-bse-fin:OtherExpenses1Memberiso4217:INRiso4217:INRxbrli:shares

590022

EASTSILK

NOTAPPLICABLE

INE962C01027

EASTERN SILK INDUSTRIES LIMITED

Equity

2022-04-01

2023-03-31

2022-08-11

INR

Lakhs

First quarter

Single segment

TEXTILE

2022-08-11

16:00:00

2022-08-11

17:30:00

Not applicable

2022-04-01

2022-06-30

Unaudited

Standalone

206630000

2578000

209208000

45443000

5658000

85923000

10534000

8749000

56900000

213207000

-3999000

-61000

-4060000

159705000

-0.05

Notes: 1 P;ursuant to the application under section 7 of Insolvency and Bankruptcy Act, 2016 filed by Export-import Bank of India one of the Financial Creditors, being CP (IB) No 588/KB/2020, the National Company Law Tribunal (NCLT), Kolkata Bench, admitted the application vide order dated 10.06.2022 and directed to Initiate Corporate Insolvency Resolution Process (CIRP) against the Company. CA Anil Agarwal, (IBBI/IPA-001/IP-P00270/2017-18/10514) has been initially appointed as the Interim Resolution Professional (IRP). Upon commencement of CIRP, the powers of the Board of Directors of the Company stand suspended and management of the Company vest in the IRP/Resolution Professional (RP). Further as per order no. CP (IB) No 588/KB/2020 and IA (I.B.C)/713(KB) 2022 dated 29th July 2022 Mr. Anil kohli has been appointed as Resolution Professional for the above matter. 2 Committee of Creditors (COC) have been constituted on 07.07.2022 and the revised list of operational Creditor updated on 27th July 2022 on the basis of collection of all claims by the IRP and report is submitted to NCLT by IRP. However, Lenders/ Financial creditors have submitted the claims to the IRP amounting to Rs.8,66,36,46,780/- (including Interest) which have been admitted by IRP. 3 The meeting of Committee of Creditors held on 8th July 2022 and 27th July 2022 respectively for taking the update from the IRP regarding the CIRP proceedings and appointment of Registered Valuer. 4 The Company's ability to continue as a going concern is dependent upon many factors including continued support from the financial creditors, operational creditors, customers and submission of viable resolution plan by the prospective Investor. Under the CIRP, a resolution plan needs to be presented to and approved by the COC and thereafter will need to be approved by the NCLT to keep the Company as going concern. In view of the opinion of the management, resolution and revival of the Company is possible in the foreseeable future. The IRP/RP is expected to make every endeavour to protect and preserve the value of the property of the corporate debtor and manage the operations of the corporate debtor as going concern. Accordingly, the financial statements of the company have been prepared on going concern basis. 5 The above financial results which are in accordance with Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations 2015 read with SEBI circular dated July 05, 2016, have been prepared by the management. The IRP/RP has relied upon the assistance provided by the management and review of financial results and certifications, representations and statements made by management of the Company and taken on record the same only to the limited extent of discharging the powers of the management of the Company which has been conferred upon him in terms of the provisions of section 17 of the Insolvency and Bankruptcy Code, 2016.The Statutory Auditors of the Company have carried out limited review of these results and the results are being published in accordance Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations 2015. 6 There shall be moratorium under section 14 of the Insolvency and Bankruptcy Code, 2016 till the completion of the CIRP or until the Adjudicating Authority approves the resolution plan under sub section (1) of section 31 of the IBC or pass an order for liquidation of Corporate Debtors under section 33 of the 18C, as the case may be. In view of Company's admission under CIRP all existing civil legal proceedings such as Goods and Services Tax, Income Tax, ESIC and EPF etc., will be kept in abeyance as moratorium u/s 14 of the Insolvency and Bankruptcy Code, 2016 is applicable on the Company till the conclusion of CIRP. 7 The Company has been categorised as Non-Performing Asset by the lender banks and majority of the Lender Banks stopped debiting Interest on their outstanding debts. Accordingly, the Company has not recognised Interest expense on the borrowings Including Inter Corporate Deposits. Total Interest not recognised by the company is Rs 6,672.92 lakhs till 30th June, 2022 as per management estimates. 8 The operation of the Company relate to only one segment viz. Textiles and therefore, has only one reportable segment in accordance with Ind AS 108 "Operating Segments". 9 ‘No Lien Term Deposit’ with the consortium bankers for Rs 2,400.00 Lakhs towards 5% deposit of the amount outstanding against the offer of one time settlement were made, of which Rs. 392.59 Lakhs have been appropriated by few banks towards recovery of their overdue interest. The same has not been recognized by the company and no adjustment has been made and the principal amount of deposit is continued to be shown as ‘No Lien Term Deposit’ without accounting for interest accruals. In view of the arbitrary and unilateral decision of the Banks, no provision for interest accrued has been made in the Statement of Accounts. 10 The Promoters’ shareholding remains encumbered in favour of the Lenders as per the terms / stipulation mentioned under CDR Scheme dated 4th Feb, 2012. However as on 20th August, 2014 the CDR Scheme has been withdrawn. 11 This statement has been prepared in accordance with the Companies (Indian Accounting Standard) Rules, 2015 (Ind AS) prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standard) Rules, 2015 and Companies (Indian Accounting Standard) Accounting Rules. 2016. 12 Provision aggregating to Rs. 5,977.61 Lakhs has been made against outstanding overdue export debtors of Rs.6,110.03 Lakhs. In the opinion of the management provision is adequate. 13 No Deferred Tax Asset on Losses for this current quarter has been recognised due to the uncertainty of profit in the coming years as per the market scenario. 14 There are no complaints pending both at the beginning and end of quarter. 15 Previous period/year's figures have been regrouped / rearranged wherever necessary to confirm to current period presentation.

Other Expenses

56900000

61000