Sorla Perforrmance Fivers Ud.

304, Arcadia, 195, Nariman Point, Mumbai 400021

(O)+91 22 2283 4116/6632 4038 (Q)+91 22 4032 2786-4032 2795

(F) +91 22 2285 1728

info@sarlafibers.com

CIN : L31909DN1993PLC000056 www.sarlafibers.com

PERFORMANCE FIBERS

11% February, 2021

SPFL / 2020-21

BSE Limited National Stock Exchange of India Limited

Corporate Relationship Department Exchange Plaza, 5t" Floor, 1st Floor, New Trading Ring, Bandra Kurla Complex,

Phiroze Jeejeebhoy Towers, Dalal Street, Bandra (East),

Fort, Mumbai - 400001 Mumbai ~ 400051

Fax No.: 2272 3121 / 2272 2037 Fax No.: 2659 8348 / 2659 8237 Security Code: 526885 Symbol: SARLAPOLY

Subject: Outcome of Board Meeting of Sarla Performance Fibers Limited

Dear Sir / Madam,

Pursuant to Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we enclose the Statement of Unaudited Financial Results on Standalone

and Consolidated basis for the third quarter ended 31s: December, 2020 duly reviewed by the Audit Committee and approved by the Board of Directors of the Company, at its meeting held

today.

The proceedings of the meeting of the Board commenced at 12:00 p.m. and concluded at 02:30

p.m.

We also enclose a Copy of Limited Review Report of the Auditors of the Company on the

unaudited Financial Results (Consolidated and Standalone) of the Company for the third quarter ended on 31st December, 2020 as required under Regulation 33 of the Listing

Regulations.

Kindly display the same on the website of the Exchange for the information of the general public as well as members of the Stock Exchange.

For Sarla Performance Fibers Limited

cso ypiteby

Mahendra Sheth Chief Financial Officer and Company Secretary

Encl.: As above

Regd. Off. & Works 1: Works 2: Vapi Works: Works 3:

Survey No. 59/1/4. Survey No. 64/2/3/4,61/1,61/2,62/5,63/5,63/7, Shed No. Ai/48, Survey No. 213/P,

Armli Piparia Industrial Estate, Amli Piparia Industrial Estate, 100 Sheds Area, Plot No. 11 & 42,

Silvassa - 396 230, Silvassa - 396 230, GIDC, Vapi - 396 195 Dadra - 396 191,

UT. Dadra & Nagar Haveli U.T. Dadra & Nagar Haveli (Gujarat) U.T. Dadra & Nagar Havell.

CN K & Associates LLP aay Bhavan ed er Dinshaw Vachha Rod, Churchgate, Mumbai- 400 020.

Chartered Accountants Narain Chambers, 5th Floor, M.G. Road, Vile Parle (E), Mumbai - 400 057.

Tel.: + 91 -22-62507600

Independent Auditor’s Review Report on the Quarterly and Year to date Unaudited

Standalone Financial Results of the Company pursuant to the Regulation 33 of the SEBI

{Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

To

The Board of Directors

Sarla Performance Fibers Limited

1. We have reviewed the accompanying statement of Unaudited Standalone Financial

Results of Sarla Performance Fibers Limited (“the Company”) for the quarter and nine

months ended on 31° December, 2020 (the “Statement”) together with the notes

thereon 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), (‘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 “Interim Financial Reporting” (‘Ind AS 34’), prescribed under Section 133 of the

Companies Act, 2013 (‘the Act') read with relevant rules issued thereunder and other

accounting principles generally accepted in India and in compliance with Regulation 33

of the Listing Regulations. 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 is limited primarily to inquiries of the Company personnel and

analytical procedures applied to financial data and thus provides less assurance than

an audit. We have not performed an audit and accordingly, we da not express an audit

opinion.

Basis for Qualified opinion:

As on 31% December, 2020, the Company has an exposure to its Wholly Owned

Subsidiary ‘Sarlaflex, Inc.’ of Rs.8,662 lakhs towards investments in equity, preference

shares and unsecured loans. The Company also has indirect exposure in Sarlaflex, Inc.

by way of unsecured loans amounting to Rs. 6,651 lakhs through its wholly owned

subsidiary, Sarla Overseas Holdings Limited.

Sarlaflex, Inc. has suspended manufacturing operations since December, 2017 and has

a negative net worth as on 31% December, 2020. These conditions raise substantial

doubt about its ability to continue as a going concern.

In the absence of any impairment testing by management during the period, we are

unable to comment on the impact of the said impairment, if any, on standalone

financial results.

Our report for the previous quarter was also qualified on above matters.

Based on our review conducted as above, except for the possible effect of the matters

described in the paragraph 4 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 aforesaid Indian Accounting

Standards (‘Ind AS’), prescribed under Section 133 of the Act read with relevant rules

issued thereunder and other recognized accounting practices and policies, has not

disclosed the information required to be disclosed in terms of Regulation 33 of the

Listing Regulations, including the manner in which it is to be disclosed, or that it

contains any material misstatement.

For CN K & Associates LLP

Chartered Accountants

Partner

Membership No. 37391

UDIN: 21037391AAAAAZ2614

Place: Mumbai

Date: 11° February, 2021

’ ¢ Mistry Bhavan, 3rd Floor, Dinshaw Vachha Rod, Churchgate, Mumbai- 400 020. CNK & Associates LLP Misty Bhasn, 3rd Foo Chartered Accountants Narain Chambers, 5th Floor, MG. Road, Vile Parle (E), Mumbai - 400 057.

Tel.: + 91 -22-62507600

Independent Auditor’s Review Report on the Quarterly and year to date Unaudited

Consolidated financial results of the Company pursuant to the Regulation 33 of the SEBI

{Listing Obligations and Disclosure Requirements) Regulations, 2015

To

The Board of Directors

Sarla Performance Fibers Limited

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

Results of Sarla Performance Fibers Limited (“the Holding Company”) and its subsidiaries

(the Holding Company and its subsidiaries together referred to as “the Group”) for the

quarter and nine months ended on 31% December, 2020 (“the statement”), together with

the notes thereon 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), (‘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 the Indian Accounting

Standard 34 “Interim Financial Reporting” (‘Ind AS 34’), prescribed under Section 133 of

the Companies Act, 2013, (‘the Act’) read with relevant rules issued thereunder and other

accounting principles generally accepted in India and in compliance with Regulation 33 of

the Listing Regulations. Our responsibility is to issue conclusion on the Statement based

on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review

Engagement (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 is

limited primarily to inquiries of Holding Company personnel and analytical procedures

applied to financial data and thus provides less assurance than an audit. Accordingly, we

do not express an audit opinion.

We also performed procedures in accordance with the circular issued by the SEBI under

Regulation 33(8} of the SEBI Listing Regulations, 2015, as amended, to the extent

applicable.

4, The Statement includes the results of the subsidiaries as mentioned in Annexure to the

Report.

5. Basis for Qualified opinion:

Sarlaflex, Inc., the wholly owned subsidiary having total assets of Rs. 5,845 lakhs has

suspended manufacturing operations since December, 2017 and has a negative net worth

as on 31% December, 2020. These conditions raise substantial doubt about its ability to

continue as a going concern.

In the absence of any impairment testing by management for these assets during the

year, we are unable to comment on the impact of the said impairment, if any, on

consolidated financial results.

Our report for previous quarter was also qualified for the same.

6. Based on our review conducted and procedures performed as stated in paragraph 3

above except for the possible effect of the matter described in the paragraph 5 above,

nothing has come to our attention that causes us to believe that the accompanying

Statement, prepared in accordance with the applicable Indian Accounting Standards (Ind

AS), prescribed under Section 133 of the Act read with relevant rules issued there under

and other recognized accounting practices and policies, has not disclosed the information

required to be disclosed in terms of Regulation 33 of the Listing Regulations, 2015

including the manner in which it is to be disclosed, or that it contains any material

misstatement.

7. Emphasis of Matter:

The investment made by the wholly owned subsidiary of the group M/s. Sarla Overseas

Holdings Limited (SOHL) in three Joint Ventures are not consolidated on account of non-

resolution of disputes, or non-receipt of financial statements for the period ended 31*

December,2020. Though these investments have been tested for impairment and

necessary provisions have been made in FY 2017-18 on transition to Ind AS, we are

unable to comment about impact of the same on the Consolidated financial results.

Our report is not modified in respect of this matter.

For CN K & Associates LLP

Chartered Accountants

Firm Registration No. 101961W/W-100036

Himanshu Kishnadwala

Partner

Membership No. 37391

UDIN: 21037391 AAAABA6925

Mumbai

Date: 11" February, 2021

Annexure to the Limited Review Report:

Subsidiaries (held directly)

a. Sarla Overseas Holding Limited

b. Sarlaflex Inc

Subsidiaries (held indirectly)

a. Sarla Europe, Lda

b. Sarlaflex LLC

c. Sarla Estate LLC

d. Sarla Leverage Lender LLC

Joint Ventures (held indirectly)

a. Savitex SA De C. V. Honduras;

b. MRK SA De C. V. Honduras;

c. Sarla Tekstil Filament Sanayi Ti AS.

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Statement on impact of Audit Qualifications (for Audit report with modified opinian) submitted along-with Quarterly Results - Standalone

Statement on Impact of Audit Qualifications for the Quarter & period ended December 31, 2020

[See Regulation 33-/ 52. of the SEB! (LODR). (Amendment) Regulations, 2016]——"-

\ SL Particulars Reviewed Figures (as reported before adjusting Adjusted Figures (reviewed figures after adjusting for

“T No. for qualifications) qualifications}

1 Turnover / Total income 17,102 17,102

2 Total Expenditure 15,093 15,093

3 Net Profit/(Loss) 1,597 1,597

4 Earnings Per Share 4.94 1.91

5 Total Assets 57,539 57,539

6 Total Liabilities 20,685 20,685

7 Net Worth 36,854 36,854

Any other financial item(s)

(as felt appropriate by the - -

8 management) . Audit Qualification (each audit qualification separately): _ ST

Inc. by way of unsecured loans amounting to Rs. 6,651 lakhs through its wholly owned subsidiary, Sarta Overseas Holdings Limited.

conditions raise substantial doubt about its ability to continue as a going concern,

In the absence of any impairment testing by management during the period, we are unable to comment on the impact of the said

impairment, if any, on standalone financial results.

a. Details of Audit Qualification:- As on 31st Dec, 2020, the Company has an exposure to its Wholly Qwned Subsidiary ‘Sarlaflex, Inc.’ of

Rs.8,662 lakhs towards investments in equity, preference shares and unsecured loans. The Company also has indirect exposure in Sarlaflex,

Sarlaflex, inc. has suspended manufacturing operations since December, 2017 and has a negative net worth as on 34st Dec, 2020. These

b. Type of Audit Qualification : Qualified Opinion

c. Frequency of qualification: Repeat

d. For Audit Qualification(s) where the impact is quantified by the auditor, Management's Views: Not applicable.

e. For Audit Qualification(s) where the impact is not quantified by the auditor:

(} Management's estimation on the impact of audit qualification:

and hopeful in coming months the decision would be made.

(ii} If management is unable to estimate the impact, reasons for the same:- The auditors have in their report on the

standalone and consolidated results, modified their opinion in respect of not testing for impairment of investments/assets

of the company’s Wholly owned Subsidiary Sarlaftex, inc. The management is exploring all the options to resolve the matter

{iii) Auditors' Comments on {i) or (ii) above:- None

.{Signatories:

CEO/Managing Director

CFO

Audit Committee Chairman

Statutory Auditor

Place: Mumbai

Date: 11th February, 2021

Statement on Impact of Audit Qualifications (for Audit report with modified opinion} submitted along-Quarterly Results - Consolidated

Statement on Impact of Audit Qualifications for the Ourter & period December 30, 2020

[See Regulation 33 /-52 of the SEBI {LODR) (Amendment) Regulations, 2016)

\ SI. Particulars Reviewed Figures (as reported before adjusting Adjusted Figures (reviewed figures after adjusting for

. No. for qualifications) qualifications)

1 Turnover / Total income 17,861 17,861

2 Total Expenditure 16,007 16,007

3 Net Profit/(Loss) 1,442 1,442

4 Earnings Per Share 1.69 1.69

5 Total Assets 54,266 54,266

6 Total Liabilities 21,074 21,074

7 Net Worth 33,193 33,193

Any other financial item(s}

{as felt appropriate by the

8 management) .JAudit Qualification (each audit qualification separately):

a, Details of Audit Qualification:- Sarlaflex, Inc., the whally owned subsidiary having total assets of Rs.5,845 lakhs has suspended

manufacturing operations since December, 2017 and has a negative net worth as on 31st Dec, 2020. These conditions raise substantial doubt

about its ability to continue as a going concern.

in the absence of any impairment testing by management for these assets during the year, we are unable ta comment on the impact of the

said impairment, if any, on consolidated financial results.

b. Type of Audit Qualification : Qualified Opinion

c. Frequency of qualification: Repeat

d. For Audit Qualification(s) where the impact is quantified by the auditor, Management's Views: Not applicable

e. For Audit Quaiification(s) where the impact is not quantified by the auditor:

(i) Management's estimation on the impact of audit qualification:

(ii) If management is unable to estimate the impact, reasons for the same:- The auditors have in their report on the

standalone and consclidated results, modified their opinion in respect of not testing for impairment of investments/assets

of the company’s Wholly owned Subsidiary Sarlaflex, inc. The management is exploring all the options to resolve the matter ang_bonetulio coming months the decision would be made

{iii}, Auditors’ Comments on (i) or (ii) above:- None

CEO/Managing Director

cro

Audit Committee Chairman

Statutory Auditor

Place: Mumbai

Date: 11th February, 2021