ZODIAC

12" February, 2021

National Stock Exchange of India Ltd., Exchange Plaza, 5th Floor, Plot No. C/1, G Block, Bandra Kurla Complex, Bandra East Mumbai - 400051

BSE Limited, Corporate Relationship Department, First Floor, New Trading Ring, Rotunda Building, P.J. Tower, Dalal Street, Mumbai - 400001

Dear Sirs,

Sub: Outcome of the Board Meeting of the Company held on 12" February, 2021

Pursuant to Regulation 30 and 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 kindly take note that the Board of Directors of the Company, at their meeting held on 12 February, 2021, have interalia considered, approved/taken on record the following:

a. The Unaudited Consolidated and Standalone Financial Results of the Company for the Quarter and Nine months ended 31 December, 2020.

b. The Independent Auditors Review Report issued by M/s. Price Waterhouse, Chartered Accountants LLP on the aforesaid Financial

Results.

c. The members had at the 36° AGM of the Company held on 28/12/2020 approved the Preferential Issue to the promoters upto Rs. 25 Crores.

Since the Company was unable to complete the process of allotment within the time limits specified in Regulation 170(1) of the SEBI (ICDR) Regulations, 2018, the Company has made an application for Condonation of delay under Regulation 300 of the SEBI (ICDR) Regulations, 2018 and the same is under consideration by SEBI.

Pending the outcome on the aforesaid application with SEBI, the Board of Directors of the Company have at their meeting held today, considered and approved the Preferential Issue of Equity shares to the promoters of the Company (Mr. A. Y. Noorani and Mr. S. Y. Noorani) upto Rs. 25 Crores (at an issue price on the relevant date based on the pricing formula as per Part IV of Chapter V of SEBI ICDR Regulations, 2018) subject to the approval by the members of the Company with a clear directive that the said resolution shall not be acted upon in case of SEBI approving the

ZODIAC CLOTHING COMPANY LTD., Nyloc House, 254, D-2, Dr. Annie Besant Road, Worli, Mumbai - 400 030. India.

Tel.: +91 22 6667 7000 Fax : +91 22 6667 7279 CIN: L17100MH1984PLC033143.

Trademark Under Licence From Metropolitan Trading Co.

www.zodiaconline,com

Condonation application as aforesaid under Regulation 300 of the SEBI (ICDR) Regulations, 2018.

The Board meeting commenced at 4:15 p.m. and concluded at 7:40 p.m.

We request you to kindly take the above on record.

Thanking you,

fae

Kumar lyer l

Company Secretary Membership No.: A9600

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Price Waterhouse Chartered Accountants LLP

Review Report

The Board of Directors

Zodiac Clothing Company Limited Nyloc House, 254, D-2, Dr. Annie Besant Road,

Worli, Mumbai ~ 400 030

1. We have reviewed the unaudited consolidated financial results of Zodiac Clothing Company Limited (the “Parent Company”), its subsidiaries (the parent and its subsidiaries hereinafter referred to as

the “Group”), for the quarter and nine months ended December 31, 2020 which are included in the accompanying ‘Statement of unaudited consolidated financial results for the quarter and nine months ended December 31, 2020’ (the “Statement”). The Statement has been prepared by the

Parent Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations”), which has been

initialed by us for identification purposes.

2. This Statement, which is the responsibility of the Parent Company’s Management and has been approved by the Parent 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, 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 issued by the SEBI under Regulation 33 (8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable.

4. The Statement includes the results of the following entities: i, Zodiac Clothing Co, S.A. ii. Zodiac Clothing Co. (U.A.E) LLC

iii. Zodiac Clothing Bangladesh Limited

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 the other auditors referred to in paragraph 7 below, nothing has come to our attention that causes us to believe that the accompanying Statement has not been prepared in all material respects in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India and 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.

6. We draw attention to Note (f) to the unaudited consolidated financial results, regarding the management's assessment of the financial impact due to restrictions and other conditions related to Covid-19 pandemic for which a definitive assessment of the impact in the subsequent period is dependent upon circumstances as they evolve. Our conclusion is not modified in respect of this matter.

Price Waterhouse Chartered Accountants LLP, Nesco IT Building IIT, 8th Floér; Me ? : Gate No. 3 Western Express [Tighway, Goregaon East, Mumbai ~ 400.063) (Chartered

T: +91 (22) 61198000, F: +91 (22) 61198799 ; L

Registered office and Head office; Sucheta Bhawan, 11A Vishnu Digambar Marg, New Delhi 110 002

Price Waterhouse (a Partnership Firm) converted into Price Walerhouse Chartered Accountants LLP (a Limiled Liability Partnership with LIP identity na: LLP IN AAC-500 1)

with effect from July 25, 2014. Post its conversion to Price Walerhouse Chartered Accountanls LLP, its ICAI registration number is 0127 54N/NS500016 (/CAI reuistratian

number before conversion was 012754N)

Price Waterhouse Chartered Accountants LLP

Zodiac Clothing Company Limited Review Report for the quarter and nine months ended December 31, 2020 Page 2 of 2

7.

8.

We did not review the interim financial information of two subsidiaries included in the unaudited consolidated financial results, whose interim financial information reflect total revenues of Rs. 84.99 lakhs and Rs. 348.80 lakhs, total (loss) / profit after tax of Rs. (29.01) Lakhs and Rs. 42.71 Lakhs and total comprehensive (loss) / income of Rs. (29.01) Lakhs and Rs. 42.71 lakhs, for the quarter ended December 31, 2020 and for the period from April 1, 2020 to December 31, 2020, respectively as considered in the unaudited consolidated financial results. These interim financial information have been reviewed by other auditors and their reports, vide which they have issued an unmodified conclusion, have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above. Our conclusion on the Statement is not modified in respect of this matter.

The unaudited consolidated financial results include the interim financial information of one subsidiary which has not been reviewed by their auditors, whose interim financial information reflect total revenue of Rs. Nil and Rs. Nil, total loss after tax of Rs. 1.40 lakh and Rs. 4.25 lakhs and total comprehensive loss of Rs. 1.40 lakh and Rs. 4.25 lakhs for the quarter ended

December 31, 2020 and for the period from April 1, 2020 to December 31, 2020, respectively. According to the information and explanations given to us by the Management, this interim financial information is not material to the Group. Our conclusion on the Statement is not modified in respect of this matter.

For Price Waterhouse Chartered Accountants LLP Firm Registration Number: 012754N/N500016

Sachin Parekh Partner

Place: Mumbai Membership Number: 107038 Date: February 12, 2021 UDIN: 21107038AAAABF8694

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Price Waterhouse Chartered Accountants LLP

Review Report

The Board of Directors Zodiac Clothing Company Limited Nyloc House, 254, D-2, Dr. Annie Besant Road, Worli, Mumbai — 400 030

1. We have reviewed the unaudited standalone financial results of Zodiac Clothing Company Limited (the “Company”) for the quarter and nine months ended December 31, 2020 which are included in the accompanying ‘Statement of unaudited standalone financial results for the quarter and nine months ended December 31, 2020’ (the “Statement”). The Statement has been prepared by the Company pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations, 2015”), which has been initialled by us for identification purposes.

2. This Statement, which is the responsibility of the Company’s Management and approved by the 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, 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 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 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 Statement has not been prepared in all material respects in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, and 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.

5. We draw attention to Note (e) to the unaudited standalone financial results, regarding the management’s assessment of the financial impact due to restrictions and other conditions related to Covid-19 pandemic for which a definitive assessment of the impact in the subsequent period is dependent upon circumstances as they evolve. Our conclusion is not modified in respect of this matter.

For Price Waterhouse Chartered Accountants LLP Firm Registration Number: 012754N/N500016

Sachin Parekh Partner

Place: Mumbai Membership Number: 107038 Date: February 12, 2021 UDIN: 21107038AAAABE2834

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Price Waterhouse (a Parinership Firm) converted into Price Waterhause Chartered Accuuntants LLP (a Limiled Liabilily Partnership wilh LLP identity no: LLPIN AAC-5001)

with effect from July 25, 2014, Post its conversion to Price Waterhouse Chartered Accountants LLP, Its ICAI registration number is 012754N/NS00016 (ICAI registration

number before conversion was 012754N}