4* ^ SINCE 1975

ilMliiRef No: SBAPL/ BSE/2019-20

November 14, 2019

The Corporate Relationship Dept. BSE Limited1st Floor, New Trading Ring, Rotunda Building, P.J. Towers, Dalai Street, Mumbai-400 001

Stock Code: 954055

Sub.: Approval of Un-Audited Financial Results of the Company for the Half-Year ended 30th September, 2019 and Outcome of the Board Meeting held on 14th November, 2019

Dear Sir,

We hereby inform you that the Board of Directors of the Company, at its Meeting held on 14th November, 2019, approved the Un-Audited Financial Results of the Company for the Half-Year ended 30th September, 2019.

Pursuant to Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we enclose herewith the following:

• Un-Audited Financial Results of the Company for the Half-Year ended 30th September, 2019.

• Limited Review Report on Un-Audited Financial Results of the Company for the Half-Year ended 30th September, 2019.

You are requested to bring this to the notice of all concerned.

Thanking You,

Yours faithfully,For SINTEX-BAPL LIMITED

YafsnSheth Company SecretaryEnclosed: As stated above

SINTEX-BAPL LIMITEDRegd. Office: Abhijeet-1, 7th floor, Mithakhali Six Roads, Ellisbridge, Ahmedabad 380 006, Gujarat, India.H.O.: Kalol (N. Gujarat) 382 721. India. | Ph.:+91-2764-253500 | Fax:+91-02764-253800

E-mail: plastic@sintex.co.in | CIN No.: U25199GJ2007PLC051364 w w w .sintex-plastics comSIN T E X ------------------------------------------------------------------------------------------------------------- --------- -----ACTIVE THINKING

• INDIA • USA • FRANCE • GERMANY • HUNGARY • MOROCCO • POLAND • SLOVAKIA • TUNISIA

• WATER STORAGE SOLUTIONS • INTERIORS • ELECTRICALS • ENVIRONMENTAL & GREEN SOLUTIONS • INDUSTRIAL • PREFABS

Registered Office:- Abhijit-I, 7th Floor, Mithakhali Six Roads, Ellisbridge, Abmedabad-380 006, Gujarat.Phone no. 02764-253500, Fax no. 02764-253800, Email- investors(S)sintexbapl.co.in, website www.brigbtautoplast.com

CIN: U25199GJ2007PLC051364.

STATEMENT OF STANDALONE UN-AUDITED FINANCIAL RESULTS FOR THE HALF YEAR ENDED 30 SEPTEMBER 2019

3INIXEX SINTEX-BAPL LIMITED

(Rupees in crores, except per share data)Sr.no. Particulars

Six months ended30 September 2019 30 September 2018

(Un-Audited) (Un-Audited)

Year to date figures 30 September 2019

(Un-Audited)

Year ended31 March 2019

(Audited)

1 Revenue from operations 461.12 870.11 461.12 1,683.732 Other income 0.82 8.1 1 0.82 27.393 Total income (1+2) 461.94 878.22 461.94 1,711.12

4 Expenses(a) Cost o f material consumed 295.88 462.62 295.88 867.00(b) Purchases o f stock-in-trade - 1.46 - 3.93(c) (Decrease) in inventories o f finished Goods, Stock in trade and work-in 1 18.65 (2.51) 118.65 (5.58)progress(d) Employee benefits expense 75.25 70.85 75.25 142.32(e) Excise Duly Expense - - - -(0 Finance costs 222.24 106.79 222.24 220.76(g) Depreciation and amortisation expense 47.28 45.33 47.28 92.27(h) Other expenses 142.22 192.68 142.22 403.59Total expenses 901.52 877.22 901.52 1,724.29

5 Profit/(Loss) before tax and exceptional items (3-4) (439.58) 1.00 (439.58) (13.17)

6 Exceptional items - - - -7 Profit/(Loss) before tax (5-6) (439.58) LOO (439.58) (13.17)

8 Tax expensesCurrent tax - - - -(Excess)/Short provision o f tax for earlier years 0.01 - 0.01 (10.21)Deferred tax charge/(credit) (85.30) (4.51) (85.30) (2.17)9 Profit/(Loss) for the period after tax (7-8) (354.29) 5.51 (354.29) (0.79)

10 Other comprehensive income / (expense) (net of tax)Items that will not be reclassified subsequently to Profit and Loss (L01) (0.19) (1.01) (1.76)11 Total comprehensive income for the period (9+10) (355.30) 5.32 (355.30) (2.55)

12 Paid up equity share capital (Face value o f Rs. 10/-each) 16.03 16.03 16.03 16.0313 Paid up debt capital 1,933.99 1,926.34 1,933.99 1,870.6414 Other equity 854.93 1,459.38 854.93 1,435.1515 Debenture redemption reserve 142.62 142.62 142.62 142.6216 Earnings per share (EPS) - Basic and diluted (Rs.) (of Rs. 10/- each) (Not (220.99) 3.44 (220.99) (0.49)Annualised)17 Debt Equity Ratio 1.91 1.19 1.91 1.1718 Debt Service Coverage Ratio (0.63) 1.31 (0.63) 1.1119 Interest Service Coverage Ratio (0.77) 1.43 (0.77) 1.3620 Net worth 1013.58 1618.03 1013.58 1,593.80See accompanying notes to the financial results.

NOTES:

1 The above Un-audited Financial Results for the Half-Year ended 30th September, 2019, were reviewed by the Audit Committee and approved by the Board o f Directors in their respective meetings held on November 14, 2019. The Statutory Auditors o f the Company have reviewed the said Results.2 Listed Non-Convertible Debentures (“ N CD s” ) aggregating to Rs. 200 Crores transferred from Sintex Industries Limited to the Company as per the Order passed by the Hon’ble National Company Law Tribunal, Ahmedabad Bench, have been listed with BSE Limited w.e.f. 26 September, 2017.3 Pursuant to the terms o f the Composite Scheme o f Arrangement, the listed Non-Convertible Debentures o f the Company aggregating to Rs. 200 Crores outstanding as on 30 September 2019 are secured by way o f first pari passu charge on the Company’s certain properties and the asset cover thereof exceeds one hundred twenty five percent o f the principal amount o f the said debentures.

4 Details o f Secured Non-Convertible Debentures o f Sintex-BAPL Limited is as follows:Particulars Previous Due Date(1st April 2019 till 30th September 2019) Next Due Date(1 st October 2019 till 31 st March 2020)Principal Interest Principal InterestRs. 200 Crores (Listed N CDs) - 28th May, 2019 & 27th August, 2019 - 27 November, 2019 & 27 February, 2020Rs. 945 Crores (Unlisted NCDs) - 30th June, 2019 - 31 December, 2019

During the half year ended 30.09.2019, the company has defaulted in interest payment o f Rs. 4.71 crores due on 27th August, 2019 for Non-Convertible debentures aggregating to Rs.200 crores apart from other credit facilities5 There are total 50.00,000, 5% Cumulative Redeemable Preference Shares o f Rs. 100/- each amounting to Rs. 50 crores outstanding for repayment. During the year 2018-19. company- lias extended repayment term o f the Preference shares from March 2023 to March 2028.6 The Company has incurred losses during the current six months and as at period end has a net current liability position on account o f reduction in working capital facilities resulting in curtailment o f operations. Further, Company has defaulted in repayment o f dues to lenders aggregating to Rs. 519,36 crores in respect o f its borrowings as on 30 September 2019. Also, there has been non-compliance o f certain financial covenants as specified in loan agreements as at 31 March 2019 which has continued as at 30 September 2019 and Company's credit ratings have been downgraded during the six months.The Company is in active negotiations with the lenders for an appropriate debt resolution plan, and is also considering options o f monetising other assets o f custom moulding and auto division. Moreover, the Company has completed the transactions o f sale o f the entire equity holding o f Company's indirect wholly owned subsidiaiy, Sintex NP SAS on 24th October, 20 19 and consideration o f Euro 155 Million has been received by Sintex Holdings BV . The management is also considering options o f monetizing other assets. Accordingly, the management is confident o f Company's ability to continue as going concern and does not currently believe that Company's Property, Plant and Equipment may be impaired.7 During the half year ended, the Company obtained an additional working capital loan o f Rs. 130 crores from a lender, o f which Rs. 98 crores have been temporarily placed as inter­corporate deposits (ICD) with Sintex Industries Limited (SIL). The management is confident that this amount, along with the ICDs placed with SIL earlier, is fully recoverable and hence no impairment o f the receivables is currently considered necessary.8 Credit rating o f the Company is D;from Brickwork Ratings India Pvt. Ltd. for Non-Convertible Debentures.9 The business o f the Company mainly comprises sale o f “ Custom Moulding Products “which has been identified as a single reportable segment for the purpose o f Indian Accounting Standard (Jnd-AS) 108 on ‘Segment Reporting’ .10 Paid up debt capital includes long term borrowings including debentures.11 Formulae used for calculating ratios are:1. Debt equity ratio = Long term borrow ings/net worth,2. Debt service coverage ratio = (Earning before interest and tax+depreciation+exceptional items)/(priticipal repayment+interest expense),3. Interest service coverage ratio = (Earnings before interest and tax+depreciation+exceptional items)/Interest expense.12 The Company as required under Ind AS 36 "Impairment o f assets", to test the impairment o f assets having indefinite useful life has obtained the valuation report for the year ended 3 1 st March, 2019 for its "Sintex" brand (brand) o f the Custom Moulding business amounting to Rs. 1500 crores. The management has disposed its entire equity holding in Sintex NP S A S . indirect wholly-owned subsidiary o f Company, whose estimated future revenues are included for determination o f the recoverable value o f the brand. On account o f this recent transaction, the management proposes to revalue the brand and the same is under process.13 Figures for the previous periods/year are re-classified/re-arranged/re-grouped, wherever necessary.

Place: Ahmedabad Date: 14 Nov 2019

Sintcx-BAPL Limited Statement of Assets and Liabilities________________________________________ ___________________ _____________________________________________________________ (Rupees in crores)

Particulars 30 Sep 2019 31 March 2019

I Assets1 Non-current assets(a) Property, plant and equipment 1,791.38 1,798.25(b) Capital work in progress 3.53 2.59(c) Goodwill 19.40 19.40(d) Other Intangible assets 1,510.34 1,510.34(e) Financial assets(i) Investment in subsidiaries and joint venture 140.53 140.53(ii) Loans 177.07 94.85(iii) Other financial assets - 2.06(0 Deferred Tax Assets (Net) 63.96 -(g) Other non-current assets 3.41 2.89

3,709.62 3,570.912 Current assets(a) Inventories 147.40 283.40(b) Financial assets(i) Investments 0.13 0.19(ii) Trade receivables 251.89 420.24(iii) Cash and bank balances 34.85 88.70(iv) Bank balances other than (iii) above 6.81 7.36(v) Loans - -(vi) Other Financial Assets 7.14 11.52(c) Current tax assets (net) 49.08 48.84(d) Other current assets 34.52 41.54

531.82 901.79Total assets 4,241.44 4,472.70

II Equity and liabilitiesEquity(a) Equity share capital 16.03 16.03(b) Other equity 997.55 1,577.77

1,013.58 1,593.80

Liabilities1 Non-current liabilities(a) Financial liabilities(i) F3orrowings 1,824.80 1,776.43(ii) Other financial liabilities 106.50 74.70(b) Provisions 26.02 21.61(c) Deferred tax liabilities (Net) - 21.68

1,957.32 1,894.42

2 Current liabilities(a) Financial liabilities(i) Borrowings 453.06 377.67(ii) Trade payables- Total outstanding dues of micro enterprises and small enterprises 20.41 20.41- Total outstanding dues of creditors other than micro enterprises and small 192.62 197.88(iii) Other financial liabilities 514.71 323.20(b) Other current liabilities 88.12 61.38(c) Provisions 1.62 3.94(d) Current Tax Liabilities (Net) - -1,270.54 984.483,227.86 2,878.90

Total equity and liabilities 4,241.44 4,472.70

Date: 14 Nov 2019

PIPARA &COL L P

CHARTERED ACCOUNTANTS

Limited Review Report on Half Yearly Standalone Financial Results of Sintex-BAPL Limited pursuant to the Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015

To the Board of Directors of Sintex-BAPL Limited1. We have reviewed the accompanying statement of unaudited standalone financial results ('the Statement’) of Sintex-BAPL Limited (‘the Company’) for the half year ended 30 September 2019 and year to date results for the period from 1 April, 2019 to 30 September, 2019, attached herewith, being submitted by the Company pursuant to the requirement of Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This Statement is the responsibility of the Company’s management and has been approved by the Board of Directors in their meeting held on 14th November, 2019. Our responsibility is to issue a report on the Statement based on our review.2. We conducted our review in accordance with the Standard on Review Engagement (SRE) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity’ specified under section 143(10) of the Companies Act, 2013. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the financial statements are free of material misstatement. A review is limited primarily to inquiries of 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 do not express an audit opinion.3. 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 applicable accounting standards i.e. Ind AS prescribed under Section 133 of the Companies Act, 2013, read with the relevant rules issued thereunder and other recognised accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 52 of SEBI (Listings Obligation and Disclosure Requirement) Regulation, 2015, (as amended) including the manner in which it is to be disclosed, or that it contains any material misstatement.

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C o n t a c t :T: 91 79 40 370370 F: 91 79 40 370376 E: pipara@ pipara.com info@ pipara.com w w w . p i p a r a . c o m

4. We draw attention to note 12 of the Statement, relating to the recoverable value of the ‘Sintex’ brand of Rs. 1500 crores owned by BAPL and recognised as an indefinite life intangible asset. Subsequent to the quarter end, the management has disposed its entire equity holding in Sintex NP SAS, a wholly-owned subsidiary of BAPL, whose estimated future revenues are included for determination of the recoverable value of the brand. Further, as per the management, BAPL is facing financial difficulties, reduction in working capital limits by the lenders, downgrade of credit rating and non-compliance with certain financial covenants as specified in loan agreements as at 31st March, 2019 and as at 30th September, 2019. Management is in the process of restructuring its debts with its lenders. BAPL has also defaulted in repayment of loans and has incurred losses during period ending 30th September, 2019. In view of the impact of the above on BAPL's ability to continue as a going concern, the carrying value of the brand and relevant cash generating units needs to be tested for impairment, if any. As per the management, it is in the process of re-valuation of the 'Sintex’ brand and relevant cash generating units as at 30th September, 2019, hence, no impairment loss related to the ‘Sintex’ brand and relevant cash generating units has been recognised in the Statement which will be evaluated on the conclusion of the said re-evaluation activity.5. We draw attention to note 7 of the Statement, company has obtained an additional working capital loan of Rs. 130 crores from a lender, however, Rs. 98 crores out of this was placed as inter corporate deposit (ICDs) with Sintex Industries Limited (SIL). SIL has defaulted in repayment of dues to its lender during the said period under review. The Company has not charged any interest on the said deposits. BAPL has accounted for this amount along with the ICDs placed with SIL earlier is fully recoverable and has not recognized any impairment loss thereon. In view of the above, we are unable to state whether the placement of inter corporate deposit with SIL requires any adjustment from its carrying value and its consequential impact on the Statement.6. MAT credit recognized as deferred tax asset by BAPL aggregating to Rs. 90.44 crores as at 30th September, 2019 which is available for offset between four to twelve years. Despite ongoing financial difficulties experienced by BAPL, the management is of the view that with the turnaround of business, the said credit shall be available to the company.7. The company has recorded borrowing of Rs.219.94 Crores towards discounting facility sanctioned by Axis Bank Limited vide sanction letter dated 11th September, 2017 by adjusting reserves and surplus, for the value of principal outstanding, since it pertains to earlier years. Interest, including overdue interest of Rs. 107.12 Crores (overdue interest being Rs.6.16 Crores) has been provided in profit and loss account and out of which Rs. 89.07 Crores pertain to earlier years, which are recognised as Finance Cost.8. During the period ended, as part of the BAPL management's increased focus on monetisation of assets, a detailed exercise was undertaken to assess the quality and recoverable value of all inventories. As a result, BAPL management identified certain inventories which did not meet the quality parameters and were rendered unusable. In line with the accounting policy of the company, these were measured at their net realisable value resulting i Rs. 86.29 crores being recognised during the period ended 30th September,

9. We draw attention to note 6 of the Statement, the company has incurred losses during the current reporting period on account of reduction in working capital facilities operations stand reduced. Further, as per information received from the management, BAPL has defaulted in repayment of dues of Rs. 519.36 Crores in respect of its borrowings as at 30th September, 2019. Also, there has been non-compliance of certain financial covenants as specified in loan agreements as at 31st March, 2019 which has continued as at 30th September, 2019 and BAPL's credit ratings have been downgraded during the period end. The aforesaid conditions indicate liquidity stress and existence of a material uncertainty that may cast significant doubt about BAPL's ability to continue as a going concern.BAPL is in active negotiations with the lenders for an appropriate debt resolution plan, and has disposed investment of equity holding in its step-down subsidiary at a valueof Euro 155 million, which has been received by Sintex Holdings B.V. The management is also considering options of monetizing other assets. Accordingly, the management is confident of BAPL's ability to continue as going concern and does not currently believe that BAPL's Property, Plant and Equipment may be impaired.10. The Company has as on 30th September, 2019, recognized deferred tax assets of Rs. 85.30 Crores. The Principle of IND AS -12 notified in this regard clearly states that deferred tax assets should be recognized and carried forward only if it is earn sufficient taxable profit against which the deduction can be offset. Therefore, an entity recognized deferred tax assets only when it is probable that taxable profits will be available against which the deductible temporary differences can be utilised. As stated in point 9 above, the management is confident of BAPL's ability to continue as going concern and does not currently believe that BAPL's Property, Plant and Equipment may be impaired.11. The comparative unaudited financial results of the Company for the period ended 30th September, 2018 included in this Statement had been reviewed by predecessor auditor who had expressed an unmodified conclusion thereon as per their report dated 26th October, 2018 which has been furnished to us by the Management and has been relied upon by us for the purpose of our engagement to review the Statement.Our conclusion is not modified in respect of these matters.

Date: 14th November, 2019 Place: Ahmedabad

For, PIPARA & CO LLPChartered AccountantsF.R.N. No.: 107929W/W100219