2nd & 3rd Floor
Golf View Corporate Tower - B
Sector - 42, Sector Road
Gurugram - 122 002, Haryana, India
Tel: +91 124 681 6000
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 Board of Directors
GHCL Limited
1. We have reviewed the accompanying statement of unaudited Standalone financial results of GHCL
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 Regulations”).
2. This Statement, which is the responsibility of the Company’s Management and approved by the
Company’s Board of Directors, 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
persons 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 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’) specified under Section 133 of the
Companies Act, 2013 as amended, read with relevant 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.
5. Emphasis of Matter – Impact of outbreak of Corona virus (Covid-19)
We draw attention to Note 4 of the standalone financial results, which explains the uncertainties and the
management’s assessment of the financial impact related to COVID-19 pandemic situation, for which a
definitive assessment of the impact in subsequent period is highly dependent on future economic
developments and circumstances as they evolve.
Our conclusion is not modified in respect of this matter.
For S.R. BATLIBOI & Co. LLP
Chartered Accountants
ICAI Firm registration number: 301003E/E300005
Digitally signed by ATUL
ATUL SEKSARIA
DN: cn=ATUL SEKSARIA, c=IN,
o=Personal
SEKSARIA
___________________________________
Location: Gurugram
Date: 2021.07.29 12:47:31 +05'30'
per Atul Seksaria
Partner
Membership No.: 086370
UDIN: 21086370AAAABZ9831
Place: Gurugram
Date: July 29, 2021
2nd & 3rd Floor
Golf View Corporate Tower - B
Sector - 42, Sector Road
Gurugram - 122 002, Haryana, India
Tel: +91 124 681 6000
Independent Auditor’s Review Report on the Quarterly Unaudited Consolidated 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 Board of Directors
GHCL Limited
1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of
GHCL Limited (the “Holding Company”) and its subsidiaries (the Holding Company and its
subsidiaries together referred to as “the Group”), for the quarter ended June 30, 2021 (the
“Statement”) attached herewith, being submitted by the Holding Company pursuant to the
requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, as amended (the “Listing Regulations”).
2. This Statement, which is the responsibility of the Holding Company’s Management and approved
by the Holding Company’s Board of Directors, 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 persons 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.
We also performed procedures in accordance with the Circular No. CIR/CFD/CMD1/44/2019 dated
March 29, 2019 issued by the Securities and Exchange Board of India under Regulation 33(8) of
the Listing Regulations, to the extent applicable.
4. The Statement includes the results of the following entities:
a) GHCL Limited (Holding Company)
b) GHCL Textiles Limited (Subsidiary)
b) Grace Home Fashions LLC (Subsidiary)
c) Dan River Properties LLC (Subsidiary)
5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based
on the consideration of the review reports of other auditors referred to in paragraph 7, nothing has
come to our attention that causes us to believe that the accompanying Statement, prepared in
accordance with recognition and measurement principles laid down in the aforesaid Indian
Accounting Standards (‘Ind AS’) specified under Section 133 of the Companies Act, 2013, as
amended, read with relevant 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. Emphasis of Matter - Impact of outbreak of Corona virus (Covid-19)
We draw attention to Note 4 of the consolidated financial results, which explains the uncertainties
and the management’s assessment of the financial impact related to COVID-19 pandemic situation,
for which a definitive assessment of the impact in subsequent period is highly dependent on future
economic developments and circumstances as they evolve.
Our conclusion is not modified in respect of this matter.
7. The accompanying Statement includes the unaudited interim financial results and other financial
information, in respect of one subsidiary, whose unaudited interim financial results include total
revenues of Rs 30.60 crores, total net profit after tax of Rs. 1.14 crores, total comprehensive income
of Rs. 0.29 crores, for the quarter ended June 30, 2021, as considered in the Statement which have
been reviewed by their respective independent auditors.
The independent auditor’s report on interim financial results of this entity has been furnished to us
by the Management and our conclusion on the Statement, in so far as it relates to the amounts and
disclosures in respect of this subsidiary, is based solely on the report of such auditor and procedures
performed by us as stated in paragraph 3 above.
8. The accompanying Statement includes unaudited interim financial results in respect of two
subsidiaries, whose interim financial results reflect total revenues of Rs NIL, total net profit after
tax of Rs. NIL, total comprehensive loss of Rs. 0.04 crores for the quarter ended June 30, 2021. The
unaudited interim financial results and other unaudited financial information of the these
subsidiaries have not been reviewed by any auditor(s) and have been approved and furnished to us
by the Management and our conclusion on the Statement, in so far as it relates to the affairs of these
subsidiaries, is based solely on such unaudited interim financial results and other unaudited
financial information. According to the information and explanations given to us by the
Management, these interim financial results are not material to the Group.
Our conclusion on the Statement in respect of matters stated in para 7 and 8 above is not modified
with respect to our reliance on the work done and the reports of the other auditors and the financial
results/financial information certified by the Management.
For S.R. BATLIBOI & Co. LLP
Chartered Accountants
ICAI Firm registration number: 301003E/E300005
Digitally signed by ATUL
ATUL SEKSARIA
DN: cn=ATUL SEKSARIA, c=IN,
o=Personal
SEKSARIA Location: Gurugram
_______________________
Date: 2021.07.29 12:48:59 +05'30'
per Atul Seksaria
Partner
Membership No.: 086370
UDIN: 21086370AAAACA4650
Place: Gurugram
Date: July 29, 2021
