FIAN ASSOtIATE ' Telephone : 091 - 044-24996255 Chlirtered Accourtlnts 091 - 044-24717331 H.O.: 13, Luz Avenue, E-mail ramanassociate@yahoo.com My(apore, Chennal - 600 004, ramanassociate@rediffrhail.c.Am Independent AuditoY's Repot TO the Members of M4. Electronics Corporation of Tarmit Nadu Umited Revised Report based on the (AG's Audit Observations Report on the Audit of the Standalone Financial Statements Opinion We hove audited the standalone financial statements of M/s. Electronics Corporation of Tamil Nadu Limited (EIcot / "the Company"), which comprise the balance shot as at 31$ March 2021, and the statement of Profit and Loss and statement of cash flows for the year then ended, and notes to the standalone finandal statements, including a summary of significant accounting policies and other explanatory information [hereinafter referred to as "standatone financial statOments"I In our opinion and to the best of our information and according to the planations given to us, the aforesaid standatoe financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India of the state of affairs of the Company as at March 31, 2021, and its profit and its cash flows (or the year end on'that date. Basis for Opinion We conducted ur-audit in accordance with the Standards on Auditing (5As) specified under section (43(10) of the COmpanies Act, 2013. Our responsibilities under those StAndards are further described fn the Auditor's Respnsibli ties for the Audit of the Standdlphe Findncial Stoaen)ents section of our report. We are independeot of the Company in accordance with the Code of Ethics issued by the institute of Chartered Accountants of India together with the ethical reqp(oer nts that are relevant to our audit of the standatone fiiacial statements under the provisions of the Companies Acti 2013 and the Rules thereunder, and we have fulfilled our other ethical resporiibilitiesin accordance with these requirermerits.and the fode of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide 'a basis for our opinion. Emphasis of Matters Note 40 to the financial statehents which explains the uncertainties and m4nagemeht's assessment. of the financial irmpact.due to Ilockdown I restrictions related to the COVIO-19 pAndemhicimposed by the Governments, for which i definitive assessment of the impact is dependent ipon futu4e economic conditions. Our opinion is hot modified in respect of these matters. Elcotby virtue of its investment in Assocate Companies [of more than 20% of the associate's voting poweri and one of the Associate Company has alre6dy adopted Ind AS, is advised by us a el as their previous Statutory Auditors to prepare its financial statements under Indian Accounting Standards find AS] as issued bythe Institute of Chaite-ed Atcopritants of India for the purpose of consolidation of financial statements. Moreover, The Company crossed the mandatory Net-worth of Rs. 250 per the Company's normal operating cycle and other criteria set out in the Schedule Ill of the Companies Act, 2013. Based on the nature of the products and the time between the acquisition of assets and their realization in cash and cash equivalents, the Company has ascertained its operating cycle as 12 months for the purpose of classification of current and non-current classification of assets and liabilities. j. The Company has taken into account all the possible impacts of COVID-19 in preparation of these standatone financial statements, including but not limited to its assessment of, liquidity and going concern assumption, recoverable values of its financial and non-financial assets, impact on revenue recognition owing to changes in cost budgets of fixed price contracts, impact on teases and impact on effectiveness of its hedges, if any. The Company has carried out this assessment based on available internal and external sources of information upto the date of approval of these standalone financial statements and believes that the impact of COVID-19 is not material to these standatone financial statements and expects to recover the carrying amount of its assets. The impact of COVID-19 on the standalone financial statements may differ from that estimated as at the date of approval of these standatone financial statements owing to the nature and duration of COVID-19. 2.2 Use of Estimates a. The preparation of the standatone financial statements in conformity with Indian GAAP requires the Management to make estimates and assumptions considered in the reported amounts of Assets and Liabilities (including contingent liabilities) and the reported Income and Expenditure during the year. b. The Management believes that the estimates used in preparation of the standalone financial statements are prudent and reasonable. Future results could differ due to these estimates and the differences between the actual results and the estimates are recognized in the periods in which the results are known / materialize. 2.3 Cash Flow Statement Cash flows are reported using the indirect method, whereby profit before tax is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and items of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the company are segregated. 2.4 Cash and Cash Equivalents Cash and cash equivalents comprise cash and cash on deposits with banks and financial institutions. The company considers all highly liquid investments with the remaining maturity at the date of purchase of three months or less and that are readily convertible to known amounts of cash to be cash equivalents. 2.5 Inventories inventories are valued at Net Realizable Value (NRV) after providing for obsolescence and other losses, where considered necessary. 2.6 Depreciation and Amortization a. Depreciation has been provided on a straight-line basis and according to the useful life prescribed in Schedule II of the Companies Act, 2013 from F.Y 2014-15. b. Depreciation on additions is provided based on estimated useful life as on the respective dates of addition. c. Building includes value of Registered Office Building at MHU Complex, Nandanam, Chennai - 600 035 for which depreciation is claimed: This includes the undivided portion of land which could not be bifurcated since the value for the same has not been furnished by the Housing Board. 2.7 Revenue Recognition a. Service charges receivable on the applicable schemes are recognized phase wise based on orders issued by the Government of Tamil Nadu. b. Pro-rata Development expenses are collected from lessees as per applicable agreements for development of infrastructure facilities. c. All other income is recognized on accrual basis. d. Interest income is recognized on a time proportion basis considering the amount outstanding and the rate applicable. In case of interest charged to on receivables, interest is accounted for on availability of documentary evidence that the customer has accepted the liability. 2.8 Property, Plant and Equipment A) Tangible Assets Fixed assets are carried at cost less accumulated depreciation The cost of fixed assets is historical cost and includes interest on borrowings attributable to acquisition of qualifying fixed assets up to the date the asset is ready for its intended use and other incidental expenses incurred up to that date. )> The value of Fixed Assets funded out of Grants-in-Aid received from the Government, though not the property of the Company, are treated as the Assets of the Company and Depreciation is charged on those Fixed Assets as we(. )> Gains and losses arising from the retirement or disposal of Fixed Assets are credited/charged to Profit and Loss Account. > Replacements are either capitalized or charged to revenue depending upon their nature and long- term utility. Net realizable value of an asset after its useful life is estimated @ 5% of the total cost of the asset. Useful life of the asset is applied in accordance with the specification of Schedule I to Companies Act, 2013. > Assets costing Rs.50001- or less is not capitalized and charged off to Profit and Loss Account. B) Intangible assets Intangible Assets are carried at cost less accumulated amortization and impairment losses, if any. The cost of an intangible asset comprises its purchase price, including duties and taxes and any directly attributable expenditure on making the asset ready for its intended use and net of any trade discounts and rebates. C) Impairment of Assets An impairment loss is recognized whenever the carrying amount of such assets exceeds its recoverable amount. Impairment loss is recognized in the profit and Loss account. The recoverable amount is greater of asset's net selling price and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value based on appropriate discount factor. An impairment loss is reversed in the statement of profit and loss if there has been a change in estimates used to determine the recoverable amount. 2.9 Government Grants a. Grants from Government of India and Government of Tamilnadu related to Depreciable Fixed Assets are treated as Deferred Income and disclosed under "Reserves and Surplus". The amount is amortized and * recognized as Other Income in the Statement of Profit and Loss over the useful life of the asset. b. Subsidies/Grants on the Capital Account are deducted from the cost of respective assets to which they relate. The unspent amount at the year end, if any, is shown as Current liabilities- c. Subsidies/Grants on the Revenue Account are credited to Statement of Profit It Loss under the Head of "Other Income" and the expenses are debited to the respective heads. d. Subsidy from Government of India for Project Assets is treated as Capital Reserves. e. Revenue Grants are recognized on a systematic basis in the Statement of Profit and Loss over the periods necessary to match with the related costs. f. Grant and Subsidy received are transferred to Statement of Profit and Loss after completion of the related project. g. Based on the guidelines issued by The Finance Department of the Government of Tamit Nadu vide Letter No. 1943/Finance (BPE)/2020, dated 06.02.2020 and Accountant General's Letter No. AG (E & RSA)/OAD [C]/11/234, dated 08.01.2020, interest earned on the deposits of unutilized grants is treated as a part of Grant and not treated as income. 2.10 Investments a. The Company has made investments / further investments in associate and joint-venture Companies and other establishments as per the directions issued by the Government of Tamil Nadu from time to time as disclosed in the standalone financial statements. b. The Company assesses at the end of each reporting period, if there are any indications that the said investments may be impaired. If so, the Company estimated the recoverable value / amount of the investment and provides for impairment, if any, i.e., the deficit in the recoverable value over cost. c. Long-term investments are carried individually at cost less provision for diminution in its value, if any. d. Gains and Losses arising from the disposal of Investments are credited to Statement of Profit and Loss. e. Dividends from associate and joint-venture Companies are recognized in statement of profit and loss account only when the declared dividends can be reliably measured and received. 2.11 Employee Benefits Employee benefit includes Provident fund, Leave salary and Gratuity fund. A) Short-term employee benefits All employee benefits payable wholly within twelve months of rendering the service are classified as short-term employee benefits. The undiscounted amount of short-term employee benefits expected to be paid in exchange for the services rendered by employees is recognized as an expense during the period. B) Long-term employee benefits 1) Provident Fund Provident Fund contributions are made to a Trust administered by the Trustees. Interest payable to the Provident Fund members, shall not be at a rate lower than the statutory rate. Liability is recognized for any shortfall in the income of the fund vis-a-vis liability of the interest to the members as per statutory rates. 2) Gratuity Plan The Company has entered into an agreement with the Life Insurance Corporation of India under Group Gratuity Scheme to discharge its liability under the Payment of Gratuity Act, 1972 and the amount payable by the Company's liability towards gratuity is provided on the basis of actuarial valuation by Life Insurance Corporation of India using projected unit credit method. The Actuarial Valuation of the Accrued Gratuity Liability is based on the following assumptions 1) Discounting rate 7% p.a. 2) Salary Escalation rate 5.00% 3) Mortality Rate LIC (2006-08).ultimate 4) Attrition rate 1% - 3% depending on age 5) Method of valuation Projected unit credit method 3) Leave Salary The Company's liability towards encashment of eligible Leave for employees is provided on the basis of actuarial valuation by an actuary using Projected Unit Credit method as on 31.03.2021. Assumptions 1) Discount rate as per para 78 of ASI 5R 6.38% 2) Expected rate of return computed by the 0.00% Enterprise as per paras 107 - 109 of AS1 5R 3) Salary escalation fixed by the 5.00% - Enterprise as per para 83-91 and 120[(] of AS15R 4) Attrition rate fixed by Enterprise 1.00% 5) Proportion of Leave availment 10.00% 6) Proportion of encashment during service 10.00% 7) Proportion of encashment on separation 80.00% .2.12 Leases The Company, as a lessor, has given land for development of IT Parks on teases for a period. of 99 years on renewable basis for further period on mutually agreeable terms. Land lease for development of IT Parks A. Based on the Board decision dated 15'h February 2011, Land Lease deposits received thereafter are treated as below: > 15% of Land Lease deposits which is not refundable to the lease holders even in cases where the allotment is surrendered within a period of 3 years is treated as revenue for the first year of lease. )> From the 4h year to the 17u' year, 5% per year of land Lease deposit is treated as land revenue receipt for the year. - > Balance 15% Land Lease deposit is repayable to the lease holders after the expiry of lease period and shown under Liabilities (Land Lease deposit). B. Based on the directions and guidelines issued from time to time by the Government of Tamit Nadu, lands are allotted to Corporate and other entities in the developed IT Parks at all SEZ, on receipt of one-time lease deposits on fully refundable basis and without any lease rentals except charges towards incidentals and utilities. C. Land Lease deposits shown under Liabilities also includes > Land Lease deposits received for lands leased before the decision of the Board dated 15.02.2011, which are 100% repayable after the expiry of the lease period / surrender and > Amounts received from the Lessees as advance prior to allotment of land. D. Based on the Expert Advisory Committee opinion of the Institute of Chartered Accountants of India dated 10 February 2015, the refundable land lease deposits to the extent to be settled within twelve months after reporting date have been classified as Current Liabilities and the balance classified as Non-current Liabilities. 2.13 Borrowing Costs Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of such assets. A qualifying asset in one that necessarily takes substantial period of time to get ready for intended use. AlL other borrowing costs are charged to revenue. 2.14 Segment Reporting The Company's operations predominantly relate to Development of IT Parks, SEZ and other computer and electronics related services, this is the only primarily reportable segment. The Company's operations are predominantly within India and, accordingly, this is the only secondary reportable segment. 2.15 Earnings per Share Basic earnings per share is computed by dividing the profit / (loss) after tax (including the post-tax effect of extraordinary items, if any) by the weighted average number of Equity shares outstanding during the year. 2.16 Taxes on Income a. Current tax is the amount of tax payable on the taxable income for the year as determined in accordance with the provisions of the Income Tax Act, 1%1. b. Deferred tax is recognized on timing differences, being the differences between the taxable income and the accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax is measured using the tax rates and the tax laws enacted or substantially enacted as at the reporting date. Deferred tax liabilities are recognized for all timing differences. c. Deferred tax assets in respect of unabsorbed depreciation and carry forward of losses are recognized only if there is virtual certainty that there will be sufficient future taxable income available to realize such assets. Deferred tax assets are recognized for timing differences of other items only to the extent that reasonable certainty exists that sufficient future taxable income will be available against which these can be realized. d. Deferred tax assets and liabilities are offset if such items relate to taxes on income levied by the same governing tax laws and the Company has a legally enforceable right for such set off. Deferred tax assets are reviewed at each Balance Sheet date for their realizability. e. The Company claimed exemption from Income-tax u/s 80-IAB (1) of the Income Tax Act, 1%1 towards the profit earned out of development of special economic zones since from the financial year 2011-2012 and 2012-2013. 2.17 Provisions & Contingencies a. A provision is recognized when the company has a present obligation as a result of past events and it is probable that an outflow of resources will be required to settle the obligation in respect of which a reliable estimate can be made. b. Provisions (excluding retirement benefits) are not discounted to their present value and are determined based on the best estimate required to settle the obligation at the Balance Sheet date. These are reviewed at each Balance Sheet date and adjusted to reflect the current best estimates. Contingent liabilities are disclosed in the Notes. 2.18 Claims By / Against the Company a. Claims for liquidated damages by the Company against Suppliers/Agents and against the Company by the customers are recognized in accounts on acceptance. b. The Insurance claims, Octroi refunds, Excise Duty and Customs Duty refund claims, GST refund claims, Income Tax refund claim are considered at the time of their admission by the concerned authorities and accordingly accounted. 2.19 GST Input Credit GST input credit is accounted for in the books in the period in which the undertying service is received or goods purchased is accounted. Electronics Corp4ration of Tamil Nadu Limited Notes forming part of Standalone Financial Statements [All amounts in Indian Rupee unless otherwise stated] Note - 3 Equity Share Capital a. Share Capital authorised, issued, subscribed and paid-up Particulars As at As at 31-03-2021 31-03-2020 Authorized 3,00,000 Equity Shares of Rs. 1000/- each with voting rights 30,00,00,000 10,00,00,000 Issued 2,59,305 Equity Shares of Rs. 1000/- each with voting rights 25,93,05,000 25,93,05,000 Subscribed & Fully Paid-up 2,59,305 Equity Shares of Rs. 1000/- each with voting rights 25,93,05,000 25,93,05,000 Total 25,93,05,000 25,93,05,000 b. Movement of Equity Shares during the year As at As at 31-03-2021 31-03-2020 Shares outstanding at the beginning of the year 2,59,305 2,59,305 Shares Issued during the year 0 0 Shares bought back during the year 0 0 Shares outstanding at the end of the year 2,59,305 2,59,305 c. Details of shares held by each shareholder holding than 5% equity shares As at 31-03-2021 As at 31-03-2020 Class of Equity Shares / Name of Shareholders No. of % of No. of % of Shares holding in Shares holding in held that class held that class of Shares of Shares Equity shares with voting rights 2,59,302 99.9988 2,59,302 999988 The Governor of Tamil Nadu Note - 4 Reserves & Surplus As at As at Particulars 31-03-202t 31-03-2020 a. Revaluation Reserve Opening Balance 58,97,55,063 58,97,55,063 Add : Addition on revalaution during the year 0 0 Less: Utilized for set-off against depreciation 0 0 Closing Balance 58,97,55,063 58,97,55,063 b. Other Reserves Opening Batance: Grant-in-Aid & Other Subsidies 53,36,73,399 65,80,36,370 Add : Additions I transfer during the year 2,70,44.482 .15.12,21,929 Less: Utilized / transfer during the year -19,43,95,125 -27,55,84,900 Closing Balance 36,63,22,756 53,36,73,399 c. Surplus in Statement of Profit and Loss Opening Balance 1,64,52,83,608 1.47,09,80,722 Add: Net Profit / [Loss] for the current year 28,36,10,905 17,43,02,886 Less: Dividend Paid -7,77,91,500 0 Add : Adjustment to Reserves 27,92,70,647 0 Closing Balance 2,13,03.73,660 1,64,52,83,608 Total (a+b+c] 3.08,64,51,479 2,76,87,12,070 Note - 5 Long lerm Borrowings 'N As at As at Particulars 31-03-2021 3t-03-2020 Loans and Advances Unsecured, considered good Loan from Government of India 12,44,000 12,44,000 Total 12,44,000 12,44,000 Note - Loan from Government of India: The Government of India sanctioned a loan of Rs. 12.44 lakhs with interest 4 15% p.a. fot development of centralized grid control system to M/s. Lambda Elcot Ltd., through ELCOT. As such an amount of Rs. 1,86,600/- has been provided in the accounts by way of interest payable. The Government of India was addressed for the conversion of the loan Note - 6 Deferred Tax Liabilities Net As at As at 31-03-2021 31-03-2020 Balance at the beginning of the year 6,00,48,926 4,22,67,190 Provison for the current year 1,73,65,180 1,77,81,736 Balance at the end of the year 7,74,14,106 6,00,48,926 Note - 7 Other Long Term Liabilities As at As at 31-03-2021 31-03-2020 a. Unsecured, considered good interest due on Government of India Loan 62,19,817 60,33,217 b. Secured, considered good Land Lease Deposits - Non-current Liabilities 4,91,22,28,301 5,26,03,48,258 Total 4,91,84,48,118 5,26.63,81,475 Note - 8 Long Term Provisions As at As at 31-03-2021 31-03-2020 Provision for Leave Salary 7,13,85,997 6,43,99,055 Total 7,13,85,997 6,43,99,055 Note - 9 Trade Payables As at As at Particulars 31-03-2021 31-03-2020 Total outstanding dues to micro, small and medium enterprises (Note -] 0 0 Total outstanding dues to others 12,04,88,500 9,89,69,430 Total 12,04,88,500 9,89,69,430 H ote -10 Other Current Liabilities Particulars As at As at 31-03-2021 31-03-2020 a. Advance from Customers 4,60,71,56,275 3,55,53,76,150 b. Land Lease Deposits. e2,97,16,550 1,97,16,550 c. Secirity Deposit Payabe 6,91,02,110 8,97,49,835 d. EMD Payable 10,28,40,956 6,59,49,838 e. GST Payable 68,66,829 '18,48,798 f. TDS on GST Payable 1,37,09,798 8,60,79,057 g. Expenses Payable 9,96,89,340 11,39,76,570 h. Payable or Purchase of Fixed Assets 1,49,46,654 12,20,50,278 i. Other Payables 2,12,34,43,134 1,68,41,53,805 Total 7,26,74,7,646 ,95,89,00,881 Note - 11I Short Term Provisions Particulars As at As at 31-03-1021 31-03-2020 Provision for Employee Benefits Provision for Bonus 97,961 1,03,171 Provision for Leave Salary to Employees 1,29,92,292 1.49,15,363 PrOvision forGratuity Premium 0 Z0,870 1,30,90,253 1,50,39,404 Provision for income-tax 6,37,19,636 4,06,66,000 Total7680,8557044 .................. 04 - " --_ �`Г � "�' • С б � n л�и h"'t � roi н h о0 ерйОми0: сг: У '_ � й й ч' v м м и м •Q � c�j и v л n п м '^ о . и м� � v м$ n а й о" п . `^ ^ ^' "^ м а ПО N Р м . м` У V о т 4 � ой ^ дюп �vю+ййй :°- о гг м°Ci .• го w н м ги ,р а и м л й� r�о а n О м � ' . о _ уΡl мf W � 1'~� �� Q N Р Р ю � О� А N � л У г д м п � ���,,,, О Q о о� q т М� О� а . а� Ф О 1+ },. О Фб r'1 У Р л�О h,t7 .юр � � � о, О 1� Й N М Jз' . л N и.л О л � � м р Г .� р п� .� и ��^ О о О О О О р О О Ф р у .- п Е N N с` .. .с 5 ❑ 3°а о ю й � . c4i. 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Е а0 tV О ^ Ф _л м .- ri �' w v q С b У 0. � О У '� т` `т о � � у е о n � с 4- � ,�'с � л � -' ц т з о � р `у k L С � . � О Lo С� ю „�. ц V.^Я+ ы v L о Е� с w v n с т • � Z .� � a�i й а� а. г й - Mote - 13 Non~rent kýt~ts a. Trade hves~nts - Q~ed As at 3 1.03-2021 As at 3"3-2020 Partictilåts Vatue Nm of Face vAlý Value No. of Face Value tnve«~ts in equity instr~ents a, Ar.OCUtes C"t Te~ ,s ltd 1,04,00.000 10,40,Om 10 I,N,OOWD 10.40,000 10 lykot Mi-T«:h Toa( R~ .ltd 1,000 15,18,600 10 1,000 15,18,600 10 b. Jollit ventaye C~a,ýies Ekot Power Con~ Ltd 1,000 8,15,000 10 1,ow 8,25~ 10 c Elcot Ventura Corr~s Software Ltd 1,000 2ýØZ,SW 10 1,om 2ý01,500 10 Total b. Trade Investrnents - Unqu«ed AS at 31-03-ZOII As at 31-03-1010 Parti~ valut mo. of Face Vatue ¥&lue No. of Face Value $bart$ ~ es tnv*sumnts In eqtdty fnstruments a. JoInt vent~ C~es AGT Etectronics Ltd 40,00,000 4.00,000 (0 40,00,000 4,W,000 10 DC Ckot S~ are Ltd 1,000 2,40,000 10 1,000 2.40,~ 10 Eten C~ er It A=~ es Ltd 1,0m 2ý60.000 10 1,000 2ý60,000 10 Ccot Power Con~ ltd 1,000 8,15.000 10 1,000 6,15,000 40 Intwe( Te~ øqies Ltd 1,000 1,56,W 10 I,OW 1.56.NO 10 Kody Elcot Ltd 17,38,050 1,73,W 10 17,38,050 1,73ýWS 10 Ravichandra SV~ t Co~ er !iervIces Ltd 2.400,000 1,10,000 10 12,00,OW Z,zé.000 10 S.P- Internationat Ltd t.000 10.450 10 I,OW 10,450 10 Tida( Park Ltd 7,68,16,OW U,00,000 10 7.68,26,000 26,W^ 10 Tide(Park Con*atore Ltd 75.19,61,951 7,51,96,195 10 47.17.00,000 4,71,70.0W 10 b. Elcoc Venture Cornpantes Savant India Institute *t Te~o(ogy P Ltd 4,10,OW 11,000 to 1,10,000 11,000 10 l Totat 55,65,79.050 Less Provlsion for Dk~ in va(ut of Invem~nt$ Kody Ekot Ltd .1,73,805 -17,38.050 .11,73^5 Rav~ ra ~ rk ~ Se~ Ltd .2.20,0DO .14W.000 Swýnt India Institute 0( T~ M P Ltd -1,10,OW -11,000 -1.10,000 -11,~ T«at .<0,48,050 -40,43,050 Grand Total 55,15,11.000 C. OtherInvesungnts AS at 31-03-ZOZI As at 31-03-ZOZO Particutars V.lue mo. of Face val.e Value Face value Skare£ ý,bares Not-(ør Profit Public Private Partneship 10,00,00.0W 5,00,00,000 Grand Total 94,31,96.951 61.z9,34.~ L f- ---i- t4ote:&spérG.0.(Ms)No. 46,Gov«n~tofTa"tHaduhasdirected£LCOTtoinvestRs.'10.00cr«esinUtT-S,Ira"~asaMozfø,ýrof'.tPublicPrfvatePartn"shýp Note - 14 Long-term Loans ft Advances ._ _ As at As at Particulars 31-03-2021 31-03-2020 EMD Receivable Z,66,500 2,66,500 Amount recoverable from JV Companies 14,55,499 14,55,499 Security Deposits 30,85,258 30,85,258 SEZ Expenses 75,83,34,285 75,35,59,802 Electricity Deposit 73,17,032 61,48,081 income-tax Refund Due 30,56,38,746 32,53,21,982 MAT Credit Entitlement 17,00,36,969 17,00,36,969 Rent Advance - TIlC 13,67,785 13,67,785 Receivable from Transfer of UCSC Assets to TACTV 5,02,17,656 5,02,17,656 Total 1,29,77,19,730 1,31,14,59,532 Note - 15 Inventories [At lower of cost or net realizable value] Asat As at Particulars 31-03-2021 31-03-2020 Raw Materials and Computers VHF 14,54,047 14,54,047 Work-in-Progress 1,73,298 1,73,298 Finished Goods 1,09,243 1,09,243 Total 17,36,588 17,36,588 Note - 16 Trade Receivables ParticularsAs at As at 31-03-2021 31-03-2020 Outstanding for a period less than six months from the day they are due for payment Unsecured, considered good 6,03,64,763 11,76,88,428 Less : Provision for doubtful debts 0 0 6,03,64,763 11,76,88,428 Outstanding for a period exceeding six months from the day are due for payment Unsecured, considered good 9,67,54,426 9,07,32,245 Unsecured, considered doubtful 71,69,467 71,69,467 Less : Provision for doubtful debts -71,69,467 -71,69,467 9,67,54,426 9,07,32,245 Total 15,71,19,189 20,84,20,673 Note - 17 Cash and Cash Equivalents . As at As at Particulars 31-03-2021 31-03-2020 a. Balance with banks - In Current Account 57,91,65,947 68,82,27,981 to Term Deposit Account 1,71,56,871 40,86,05,158 b. P.D. account with Reserve Bank of India 0 1,049 c. Other Deposits with Financial Institutions 7,05,84,88,024 5,71,91,46,160 d. Cash on hand 977 10,001 Total 7,65,48,11,819 6,81,59,90,349 Note - 18 Short Term Loans and Advances As at As at Balace wth GvernentAhrtieuas aPloticee rs 31-03-2021 31-03-2020 a. Loans and Advances to Employees Staff Advance - Secured 1,82.200 Z,01,630 Unsecured, considered good 5,70,705 18,73,670 b. Balance with Government Authorities Unsecured, considered good a 19,233 c. Others Unsecured, considered good Others 4,17,244 1,46,80,254 Total a11,70,149 1,67,74,787 Note - I9 Other Current Assets Taxticulars eAs at At at 31-03-2021 31-03-2020 Unsecured, considered good Interest Receivable 2,53,88,750 36,452 Prepaid Insurance 18,75,313 16,24,806 Dividend Receivabie 4,32,00,000 1,38,00,000 Advance Income Tax 1,54,41,000O 1,69,40,550 Tax Deducted at Source 5,09,73,843 6,52,79,529 GST.Input Receivable 57,88,808 45,81,968 TOS on GST Input Receivable 1,89,639 0 Others 3,07,76,140 6,60,93,535 Total 17,36,33,493 16,83,56,840 CO Note - 20 Revenue from Operatios *__ As at As at Particulars 31-03-2021 31-03-2020 a. Sale of products E-Tender Revenue 9,46,429 6,42,858 Sales - ID Cards 1,04,670 2,34,335 10,51,099 8,7,193 b. Service Income Service Charges - Aadhaar 5,46,06,141 6,66,45,170 Service Charges - Advertisement 45,95,069 Service Charges - Event Management - VCS Projects 10,67,745 Service Charges - Manpower 69,89,373 55,06,575 Service Charges - Laptop Scheme 1,89,28,488 2,51,18,984 Service Charges - Amma Call Centre 1,76,535 1,76,942 Service Charges - IT Infra Projects 2,15,46,688 68,04,902 Service Charges - Unux Training 3,38,582 51,500 Service Charges - Procurement 4,59,99,052 1,39,21,145 Service Charges - Projects 9,80,965 35,45,700 Service Charges - Software Maintenance 12,45,845 15,69,082 Service Charges - Video Conferencing VCS 42,10,635 26,80,281 Service Charges - Web Security 625 5,729 16,06,85,743 12,60,26,010 c. Other Operating Income (SEZ Income) Rent from IT Buildings 5,41,75,410 4,63,27,395 Land Lease Deposits Forfeited 22,68,29,847 22,93,37,545 Depreciation on Fixed Assets funded under ASIDE Grant for IT Buildings 1,85,63,162 1,57,16,814 Others 4,69,958 0 30,00,38,377 29,13,81,754 Total 46,17,75,219 41,82,84,957 Note - 21 Other Income - As at As at 31-03-2021 31-03-2020 a. Dividend Income From Long-term Investment - JV Componies 12,48,007 1,17,60,009 b. Other Non-operating Income Rent 99,56,698 59,55,194 Interest Income from Deposits & Advances 48,95,29,020 54,48,68,592 Depreciation on Fixed Assets funded out of TDCE/NORAD Grant 7,013 7,013 Miscellaneous Income 15,96,808 2,34,915 Interest on Income-tax Refund 73,99,466 0 c. Prior Period Income Income relates to earlier years 3,33,561 0 Depreciation excessively claimed on Assets 0 47,98,006 Total 51,00,70,573 56,76,23,729 Note - 22 Cost of Materials Consumed Particulars As at As at 31-03-2021 31-03-2020 Opening Stock 14,54,047 14,54,047 Add : Purchase of Raw Material 78,976 1,98,287 Less: Written-off / Consumed 0 0 Less: Closing Stock 14,54,047 14,54,047 Cost of Materials Consumed 78,976 1,98,287 l.7n Note - 23 Changgs in inventories of Finished Goods and Work-in-Progress , As at As at 31-03-2011 31-03-2020 inventories at the end of the year Work-in-Progress 1,73,298 1,73,298 Finished Goods 1,09,243 1,09,243 2,82,541 2,82,541 Inventories at the beginning of the year Work-in-Progress 1,73,298 1,73,298 Finished Goods 1,09,243 1,09,243 2,82,541 2,82,541 Net [Increase) I Decrease 0 0. Note - 24 Direct Expenses As at As at Particulars 31-03-2021 31-03-2020 SEZ Expenses IT Building Revenue Expenses 10,24,78,578 8,40,67,749 Project Expenses Aadhaar PEC Expenses 3,76,54,245 3,84,62,098 E-Tender Expenses 5,63,178 2,89,100 Priceless Laptop Scheme Expenses 14,30,823 38,81,842 Total 14,21,26,824 12,67,00,789 Note - 25 Employee Benefit Expenses Asat Asat Particular 31-03-2021 31-03-2020 Salaries, Wages ra Bonus 12,98,90,563 14,15,49,873 Contribution to Provident and Other Funds 1,29,92,442 1,46,04,454 Gratuity 1,77,523 1,16,69,261 Staff Welfare Expenses 1,38,30,492 1,60,35,617 Total 15,68,91,020 18,38,59,205 Note - 26 Finance Cost As at As at Particulars 31-03-2021 31-03-2020 Interest on Government of India Loan 1,86,600 1,86,600 Interest on Government of Tamil Nadu - Advance for Supplies 19,37,66,980 17,42,11,462 Interest on Liquidated Damages Retained 0 12,64,39,336 Interest on Unutilized Government Grants 0 2,21,04,297 interest on TNPFC Loan 21,76,816 0 Others 1,17,707 0 Total 19,62,48,103 32,29,41,695 Note - 27 Other Expenses N As at As at Particulars 31-03-2021 31-03-2020 insurance - Others 5,55,388 7,81,358 Printing & Stationery 9,71,713 11,43,401 Repairs & Maintenance Buildings 5,86,740 10,10,705 Vehicles 2,85,343 5,21,630 Others 4,03,483 12,05,056 Vehicle Hire Charges 38,42,919 28,42,907 Advertisement 22,70,634 0 Rates 1 Taxes 13,27,684 7,27,771 Auditors Remuneration 5,00,000 2,90,000 Communication Expenses 12,15,509 8,72,519 Development Expenses 40,06,101 53,66,725 Manpowr Outsourcing 2,59,46,680 2,80,35,036 Office Maintenance 63,77,676 81,66,908 Data Centre Expenses 13,93,287 10,19,529 Linux Training Expenses 7,25,058 4,59,036 Professional Fees 25,18,162 68,30,467 Security Charges 18,86,149 15,45,748 Travelling Expenses 5,36,788 27,73,967 Power & Fuel 90,06,888 79,92,327 Corporate Social Responsibility 86,36,124 89,79,210 Rent 26,90,000 24,23,000 Total 7,56,82,326 8,29,87,300 Note for Auditor's Remuneration As at As at Particulars 31-03-2021 31-03-2020 Statutory Audit Fees 4,50,000 2,50,000 Tax Audit Fees 50000 1 40,000 Total 5,00,000 2,90,000 Notes on Accounts Note No. 28- Grants-in-Aid Particulars As on As on 31-03-2021 31-03-2020 From Government of Tamil Nadu for Technologicat Development Center for Electronics as per latest balance sheet t 48,368 55,381 Less: Depreciation for the year on Fixed Assets funded out of the Grant (Contra against Other Income] 7,013 7,013 Totat 41,355 48,368 Note No. 29 -Aside Grants -IT Building Particulars As on 31-03-2021 As on 31-03-2020 From Aside Grant for Trichy IT Building 56,31,656 81,07,000 Less: Depreciation for the year on Fixed Assets funded out of the grant 24,42,269 24,75,344 Total [i] 31,89,387 56,31,656 From Aside Grant for Madurai - Itandhaikulam IT Building 57,19,192 86,34,998 Less: Depreciation for the year on Fixed Assets funded out of the grant 29,07,837 29,15,806 Total (ii] 28,11,355 57,19,192 From Aside Grant for TirunelveI IT Building 1,49,55,811 1,75,68,730 LessL.Depreciation for the year on Fixed Assets fu t of the grantdu . 26,06,345: 26,12,919 Total [iii] 1,23,49,466 1,49,55,811 From Aside Grant for Hosur IT Building 4,60,75,149 5,00,00,000 Less: Depreciation for the year on Fixed Assets funded out of the grant 39,14,925 39,24,851 Total [iv] 4,21,60,224 4,60,75,149 From Aside Grant for Salem IT Building 4,62,12,106 5,00,00,000 Less: Depreciation for the year on Fixed Assets funded out of the grant 37,78,022 37,87,894 Total [v] 4,24,34,084 4,62,12,106 From Aside Grant for Madurai - Vadapalanji IT Building 5,00,00,000 .. Less: Depreciation for the year on Fixed Assets funded out of the grant 29,13,764 -. Total (vi] 4,70,86,236 .. Total [iii+iii+iv-vvil 15,00,30,752 11,85,93,914 Note No. 30 -Secured Loans No cash credit facility was availed from the Banks during the year. (Previous year -Nil). Note No. 31- Financial Reporting of Interest in Joint Ventures in Compliance of Accounting Standard (AS 27) on "Financial Reporting of Interest in Joint Ventures" issued by the Institute.of Chartered Accountants of India and based on general prudence, the company has recognized its interest in the Joint Venture Companies in the capacity of investor to Joint Venture Companies. The Dividend received has been recognized as Income and credited to the statement of Profit and Loss. Note No.32- Related Parties Disclosure Related parties and their relationship where control exists Associate companies: > Elnet Technologies Ltd. P> Iykot Hi-Tech Ltd. > Tidel Park Coimbatore Ltd. Key Management personnel: > Shri Dr. Neeraj Mittal, Chairman )> Shri Ajay Yadav, Managing Director > Shri Pankaj Kumar Bansal, Director " Shri Thanapaul Anand, Director > Shri Ganesan KaLaiarasi Arun Sundar Thayatan, Director " Shmt Sarayu Khadeeja Mohanachandran, Director Transactions with related parties Investments made during the year > Tidel Park Coimbatore Ltd. Rs. 28,02,62,951 (Previous Year: Nit] Remuneration to key management personnel: > M. Vijayakumar, I.A.S., MD: Rs. 24,46,616 (Previous Year: Rs. 41,37,136] Dividend received from Associate &t JV Companies: )> Elnet Technologies Ltd. Rs. 12,48,007 [Previous year: Rs. 15,60,009J > AGT Electronics Nil [Previous year: Rs. 6,00,000] Balances with related parties Associate Companies as Investments: > Elnet Technologies Ltd. Rs. 1,04,00,000 (Previous year: Rs. 1,04,00,000] > Tidet Park Coimbatore Ltd. Rs. 75,19,62,951 [Previous year: Rs. 47,17,00,000] Note No.33 - Provisions not made a) No interest is charged on the amount recoverable from Joint Venture Companies except for interest bearing Loans and Advances sanctioned to them wherever applicable. b) Rent amounting to Rs.15,600/- due from Staff Quarters (previous year Rs. 15,600/-) at Hosur occupied by ELNET Ltd has not been provided in the Accounts since the said Company's operations have come to a 2;~ standstill and the company has been referred to BIFR and a Liquidator appointed by the Hon'ble High Court of Madras. c) Stock worth Rs.173.66 Lakhs which was earlier purchased for executing single channel VHF Equipment order from DOT could not be disposed-off, as final orders of Hon'ble High court are awaited. During the year 2006-07, as per the advice of the Accountant General and in accordance with AS - 2, 10% of the Inventory was valued at the NRV and the balance 90%amounting to Rs. 156.29 Lakhs written off. Although the NRV of the stock is Nil as on date, the NRV of the stock as in 2006-07 is being maintained in the Accounts pending orders of the Hon'ble Court. d). M/s. Etnet Technologies Ltd., an associate Company, has been given land on lease in SEZ, Sholinganallur for 90 years on a receipt of Rs. 11,39,10,532/- fut(y refundable lease deposit on 14' January 1999. Since M/s. Elnet Technologies Ltd., adopted Indian Accounting Standards [Ind AS], the said lease deposit in their books has been provided proportionate annual rent and treated as expenditure and has declared a balance of Rs. 8,37,33,691 as lease deposit receivable. The same is not appropriate in the books of account for the reporting year, it has not been considered reciprocally. Note No.34 -Lands taken over from SIPCOT For development of IT Park at Tirunelveli, 500 acres of (and has been taken on lease from SIPCOT at Gangaikondan, Tirunelveli District. An amount of Rs.24.19 Crores has been paid for the lease and an agreement has been entered with SIPCOT. The amount paid is classified as Leasehold land under "Property Plant and Equipment". Note No.35 -Provision for Bad and Doubtful Debts - Trade Receivables No provision has been made during the current year. Legal action has been taken and suits have been filed wherever necessary. Note No. 36 -Land Lease Deposits a) Land Lease Deposits received for allotments made up to the year 2010-11 are classified under Non- Current Liabilities. b) Based on the opinion of Institute of Chartered Accountant of India, for allotments made after 2010-11, the Land Lease deposits to be forfeited within twelve months amounting Rs.22,97,16,550/- is shown as other current liabilities. c) Similarly Land Lease deposit paid to M/s. SIPCOT for Tirunelveli Gangaikondan SEZ has also been amortized proportionately. d) There is no financial impact due to these accounting treatments. Note No. 37 - Interest on Unutilized Government Grants Based on the guidelines issued by The Finance Department of the Government of Tamil Nadu vide Letter No. 1943/Finance (BPE)/2020, dated 06.02.2020 and Accountant General's Letter No. AG (E rt RSA)/OAD CC]/111234, dated 08.01.2020, interest earned on the deposits of unutilized-grants of Rs. 1,39,71,203/- for the reporting year is treated as part of Grants. Note No.38 -Contingent Liabilities a) Claims against the Company not acknowledged as debt - Rs.9,25,31,482/- (Rupees Nine Crores Twenty- Five Lakhs Thirty-One Thousand Four Hundred and Eighty-Two only) claimed by DOT under arbitration award during 2000-01 due to delay in deliveries during the financial years 1990-1992. ELCOT has gone on appeal and obtained stay orders from the Hon'ble High Court of Madras. b) The Commissioner of -Service Tax (by way of Show cause notices) has claimed service taxes amounting to Rs. 1540.36 Lakhs for the services rendered by the Company in supplying laminated computerized Driving License Cards and Fanily Cards to the Government. Reply to the show cause notice sent on 13.02.2018. Thereafter, the Company has not received any summons or communication in this"regard. The case is till pending before the authorities. c) The Arbitral Tribunal in the matter of Arbitration between ELCOT and ICMC Corporation Ltd, directs ELCOT to pay Rs. 22,49,07,063/- towards interest on delayed payments. ELCOT has gone on appeal and obtained stay orders from the Hon'ble High Court of Madras. d) The Arbitral Tribunal in the matter of Arbitration between ELCOT and United Telecom Limited, directs ELCOT to pay Rs.17,28,87,412/- towards Interestpn delayed payments. ELCOT has gone on appeal and obtained stay orders from the Hon'ble High Court of Madras. Note No.39 -Income Taxes Status of Income Tax Assessments Assessment Year Amount of Refund Tax implications as per Forum where dispute / as per Returns IT Department Assessment is pending 2001-02 -- 30,89,327 Appellate Tribunal 2002-03 5,87,833 -- Appellate Tribunal 2003-04 64,62,476 49,00,481 Appellate Tribunal 2004-05 37,40,555 70,37,298 CIT Appeal 2006-07 -- 1,19,87,243 Appellate Tribunal 2007-08 2,03,89,021 -- Appellate Tribunal 2008-09 1,64,01,707 11,6Z,970 Appellate Tribunal 2010-11 76,92,910 1,66,20,330 Appellate Tribunal 2011-12 2,75,14,690 -- Appellate Tribunal 2012-13 3,23,96,700 -- Appellate Tribunal 2013-14 72,07,430 1,68,36,550 Appellate Tribunal 2014-15 1,30,78,680 3,92,780 Appellate Tribunal 2015-16 13,66,140 1,27,7Z,810 Appellate Tribunal 2016-17 27,23,94,250 20,89,50,960 CIT Appeal Note No.40 -General a. Confirmation letter for the balances of the Sundry Debtors, Sundry Creditors, various Loans and Advances, Deposits etc. as on 31,.03.2021 have not been obtained and the balances Lying in these accounts are subject to reconciliation. b. Vide Tamil Nadu Government's G.O. (DJ No. 40, dated 20-11-2006 issued with the concurrence of the Finance Department vide its U. 0. No. 71632/Ind./06, dated 17-11-2006, Rs. 19,37,66,980/- has been provided towards interest on unutilized procurement advances received from various Government Departments and Corporates, in the financials for the reporting year. c.. For computing rate of interest on unutilized grants and unutilized procurement advances, an average rate of 5.75% is worked out based on the interest received on such deposits held with banks and financial institutions during the year. d. Micro, Small and Medium Enterprises: The amount due to Micro and Small Enterprises as defined in The Micro, Small and Medium Enterprises Development Act, 2006 ("MSMED Act") has been determined to the extent such parties have been identified on the basis of information available with the Company. There are no such balances due during the reporting year. e. Previous year's figures have been regrouped and rearranged wherever necessary for the purpose of comparison. f. Figures in Balance Sheet, Statement of Profit ft Loss, Cash Flow Statements and the Schedules attached thereto have been rounded off to the nearest Rupee. Note No. 41 - Corporate Social Responsibility Out of total provision of Rs.89.79 takhs towards Corporate Social Responsibility for the financial year 2019- 20, an amount of Rs.1.5.lakhs has been paid, leaving a balance of Rs.88.29 lakhs towards CSR. For the .financial year 2020-21, the management has provided an amount of Rs.86.36 takhs towards CSR expenditure. The Company's management has confirmed that the balance amount of Rs.88.29 lakhs prior to the financial year 2020-21 and the current year's provision will be duty spent towards CSR purpose as per the Government of Tamil Nadu directions and guidelines during the comical fiscal year. Note No. 42 - COVID-19 Consequent to the outbreak of the CoVID-19 pandemic, the Indian government announced a lockdown in March 2020. Subsequently, the national lockdown was lifted by the government. Due to second wave of CoVID-19, regional lockdowns continue to be implemented in areas where significant number of CoVID-19 cases exists. Based on assessment of the impact of CoVID-19 on the operations of the Company and ongoing discussions with customers, vendors and service providers, the Company is confident of obtaining regular supply of raw materials and components, resuming supply chain Logistics and serving customers. The Company has considered the possible effects of CoVID-19 on the carrying amounts of Property, Plant and Equipment, Investments, Inventories, Trade Receivable and Other Current Assets. In developing the assumptions relating to the possible future uncertainties in the economic conditions because of this pandemic, the Company, as at the date of approval of the financial results, has used external and internal sources of information / Indicators to estimate the future performance of the Company. Based on current estimates the Company expects the carrying amount of these assets to be recovered. The impact of the second wave of CoVID- 19 on the Company's financial results may differ from tha estimated as at the date of approval of these results. Signatures to note no's I to 42 For and on behalf of the Board CS. Srivathsa Desikan S. Kirubanandan Ajay Yad Dr. Neeraj tal Company Secretary General Manager (F8tA) Managing Director Chairman DIN: 07785020 DIN: 05216366 This is the Notes to Accounts referred to in our Report of even date For Raman Associate Chartered Accountants Firm Registration No.: 002910S A.P. Vijayendran Partner CHENNAI Membership No. 215166 Place: Chennai Date: ELECTRONICS CORPORATION OF TAMILNADU LTD DIRECTORS REPORT TO SHAREHOLDERS Your Directors are pleased to present the Forty Fourth Annual Report of the Company along with Financial Statement for the year ended 31st March 2021. I. FINANCIAL PERFORMANCE Key Highlights of the Company's financial performance in comparison with the performance during the previous financial year are tabulated below: Year ended Year ended Particulars 31.03.2021 31.03.2020 (Rs. in Lakhs) Gross Profit before Interest I Depreciation 5,970.67 5,921.63 including adjustments Interest and Other Finance charges 1,962.48 3,229.42 Cash Profit 4,008.19 2,692.21 Depreciation 361.23 364.71 Profit for the Financial Year 3,646.96 2,327.50 Add: Profit brought forward from earlier 16,452.83 14,709.81 years_______ _______ __ Less: Interim Dividend Paid Tax on Interim Dividend paid - - Total Funds available for Appropriation 20,099.79 17,037.31 Provision for Taxation 637.20 406.66 Provision for Deferred Tax 173.65 177.82 ***Dividend Paid 777.92 - Provision for Tax on Dividend -- Add: Adjustment to Reserves 2,792.71 -. Balance Carried Forward 21,303.73 16,452.83 Earnings per share (Basic and diluted) 0.0109 0.0067 ***Dividend for the year 2019-20, paid in the year 2020-21 II. DIVIDEND: As per G.O.(Ms).No.123, Finance (BPE) Department, dated 19.05.2014, the State Public Sector Undertakings shall declare dividend at the following rates: i) 30% of Net Profit (after tax) or ii) 30% of Paid up. Share Capital whichever is higher, subject to availability of disposable profits. Based on the above G.O., the Directors of ELCOT have proposed to declare dividend at the rate of 30% on Net Profit after Tax amounting to Rs.850.83 Lakhs (30% of Rs.2836.11 Lakhs) which is higher than 30% of Paid up Share Capital Rs.777.91 Lakhs (30% of Rs.2593.05 Lakhs). The dividend, if approved and de- clared in the forthcoming AGM, would result in a dividend outflow of Rs.850.83 Lakhs. The Net Profit after Tax and Dividend is transferred to Reserves and Surplus. An interim dividend of 20% of paid-up share capital amounting to Rs.5,18,61,000/- (Rupees Five Crores Eighteen Lakh and Sixty One Thousand only) for the Financial Year 2020-21 has been declared by the Company. Ill. TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND UNDER SECTION 125 OF THE COMPANIES ACT, 2013: Dividend declared during the previous year has been fully paid. Hence, there was no transfer to Investor Education and Protection Fund for the year under report. IV. STATUS OF AFFAIRS OF THE COMPANY - CORE ACTIVITIES 1. IT PARKS PROMOTION IN TIER II CITIES Tamilnadu Government plaed vtalroe wthELCOSEZ - SEZ - hoinagnallur - Chenna played a vital role with a vision to make the State as Destination of Choice for information TeChnology and Infor- mation Technology enabled Services and initiated the Information Techiology infrastruc- ture promotional activi- ties in right time and accelerated the growth of IT and ITES in Tamil- nadu. This has created em- ployment opportunities inthe rural areas in the IT/ITES industry. With the strong Govemment impetus, ELCOT has been carrying out the IT promotion and devel- opment activities. ELCOSEZ - Vilankuruchi- Coimbatore > ELCOT has pro- moted 8 IT Special Economic Zones (SEZs) in Chennai and in Tier-II cities * of the State ELCOSEZ - Tirunelveli - Gangalkondan viz.,Coimbatore, Madurai (2), Tiru- chirapalli, Salem, Tirunelveli and Ho- sur, in compliance with the Policy di- rectives of Gov- ernment of Tamil- nadu. > ELCOSEZs have been established in - 1588.16 acres of land (1321.61 acres in SEZ+ 266.55 acres in Non SEZ) at an investment of ELCOSEZ Hosur Viswnathapuram Rs.745 crore. > THE ELCOSEZs have enabled local firms to integrate to global value chains and have made a significant contribu- tion to the overall growth of exports, investment and em- ployment generation ELCOSEZ - Madurai -flandhaikulam in IT/ITeS industries in the State. > IT/ATES exports from ELCOSEZs are estimated for the year 2020-21 at Rs.23,590 crore and have generated around 90,000 direct employment. > To meet the growing dernand of quality IT ELCOSEZ - Madural - Vada alan Space for export oriented MSMEs and other IT/TES Companies in EL- COSEZ, Sholinga- nallur, Chennai, the construction of 2.33 Lakhs Sq.ft. Infor- mation technology Tower is in progress at an estimated cost of Rs.88.21 Crore. > The Construction of 2.66 Lakhs Sq.ft. In- formation Technolo- gy Tower at ELCO- SEZ, Vilankurichi, Coimbatore is in progress at an esti- mated cost of Rs.114.16 Crore. > The construction of 1.16 lakh Sq.ft In- formation Technolo- gy Tower at ELCO- SEZ, Navalpattu, Tiruchirappalli is in progress at an esti- mated cost of Rs.48.10 Crore. To promote Tarnil Nadu as the most preferred IT and ITES Investment Destination, ELCOT has taken part in the following Major International / National events with Government's financial assistance: > Electronics Industries Association of India (ELCINA) Source India - electron- ics Supply Chain event held during 9h to 1 0th Sep 2020. > Global "YaathumOoare" Conclave cum-Expo held during 29h to 31st Oct 2020. > Tie Global Summit - Conference and exhibition virtually conducted on 2nd and 3 September, 2020 at USA. > TiE global Summit - Entrepreneurship 360' held during 08h to 101h Dec 2020. > CII Connect series were held at Chennai, Hosur and Tirunelveli during 15th to 19th Sep2020, on 18h Dec 2020 and on 22nd Dec 2020 respectively. > National FinTech Event - FinTERACT held during 27th to 29th Jan 2021. > Indo-French Investment conclave Tamil Nadu - 3rd edition organized by Indo- French chamber of Commerce and Industry (IFCCI) held during 11(h to 12t Feb 2021. 2. E-GOVERNANCE INITIATIVES OF ELCOT 1. e-Governance Department e-Governance is a key catalyst in narrowing the digital divide and augmenting IT adoption in Government. ELCOT provides total IT solutions and support to the Government Departments for improving their intra/inter departmental workflow, thus effecting significant reduction in processing time to give better services to the citi- zens. In order to enable seamless service delivery by the department, ELCOT co- ordinates from the inception of the project and finalizing the System Requirement Study (SRS) till the successful implementation of the projects. Facility Management Services (FMS) are also being offered to the departments. 1.1 e-Governance Projects: SI. Department Name Project Cost (in Rs.) No 1 Tamil Nadu Slum Clearance Board R11, 00/- Grievance Filing, Redressal and Man- agement System and Mobile Applica- tion Development. 2 State Crime Records of Bureau Rs.42,71,600/- (SCRB) Facial Recognition Software (FRS) 3 State Crime Records of Bureau Rs.17,46,400/- (SCRB) Development and Implementation of e-Beat System in TamilNadu. 4 Directorate of Public Library Rs.4,73,770/- Customization of Library Management Software. 5 Anna Centenary Library Rs.38,79,250/- Customization of. Tamil / English Digi- tal Audio Book Preparation, Process- ing and Publishing in Web Portal and Mobile Application (Android & iOS). 6 Tamil Nadu Infrastructure Develop- Rs.3,65,800/- ment Board (TNIDB) Creation of Content Management Sys- tem Tool for updating the content and maintenance of existing interactive website of TNIDB. 7 Art & Culture Rs.14,75,000/- Design, Development and Implemen- tation of Application Software, Re- designing of website and Integration of Application Software with the Re- designed Website. 8 Tamil Nadu State Agricultural Mar- Rs.10,65,398/- keting Board (TNSAMB) Design, Development and Implemen- tation of e-Learning Kiosk Application at 10 Districts of TamilNadu Agricul- ture Marketing and Agriculture Busi- ness 9 Archaeology Rs.14,67,031/- Design, development and implemen- tation of Library Software and Data entry work for Manuscripts / reference books. 10 Online Lift License Management Rs.13,87,000/- System and Tax Collection System This portal enables online License for power utilized through Generator online for erection of Lift and online Tamil Nadu Electrical Inspectorate Tax processing. 11 Web Portal Rs.27,88,0751- Directorate of Industrial Safety and Plan approval & Issuing of License for Health (DISH) new factories and Renewal of License of the existing factories. 12 Audit Information Management Sys- Rs.46,10,000/- tem Project Design, development and implemen- Cooperative and Local Fund Audit tation of Audit Information Manage- ment System for Cooperative and Lo- cal Fund Audit Department. 13 Evaluation and Applied Research Rs.15,22,000/- Department Creation of website and Tablet Appli- cation for data survey on various schemes for the Department of Evaluation and Applied Research. 14 Tamil Nadu Real Estate Regulator Rs.9,25,000/- Authority Design, Development & Implementa- tion of Web application for Online reg- istration of Project & Agents for TNRERA 15 Department of Economics & statis- Rs.32,78,925/- tics Design, Development & Implementa- tion of common Survey application Framework for DES 2. Websites Created for the Government Departments: * Archaeology Department * Arts and Culture Department * Government Museum, Chennai * Information Technology Department * Tamil Nadu Fibre Net Corporation Ltd * Tamil Nadu Slum Clearance Board * Adi-Dravidar Welfare Board * TN Folk Artists Welfare Board (TNFAWB) * Conservation Authority of Pallikaranai Marshland * Tamil Nadu Forest Department Tamil Nadu Horticulture Department 3. Permanent Enrolment Centres: ELCOT is one of the empanelled Agency by the Unique Identification Authority of India (UIDAI) to execute Aadhaar Enrolment activities. ELCOT currently has 227 Permanent Enrolment centres as follows: * District Collectorates - 32 + Municipal Corporation Headquarters - 11 + Municipal Zonal offices - 48 + Municipalities - 124 4 Revenue Divisional Offices - 2 + Town Panchayat - 5 + Block Development Office - 4 + PF Offices - 1 The centres are operational from 03.10.2016 and are presently providing the follow- ing services to the citizens: + Aadhaar Enrolment + Mandatory Biometric Update for children attaining the age of 5 years and 15 years + Demographic Update (Any Type / Any Channel) + Aadhaar search using eKYC/Find Aadhaar/any other tool and BNV prin- tout on A4 sheet + Lost Enrolment Identity (EID) About 4000 to 7000 citizens benefit from these centres everyday. The Transaction count from October 2016 to June 2021 is as follows: S.No Description Transaction Count (In Nos.) 1 Aadhaar Enrolment (Online & Off- 19,74,550 line) 2 Aadhaar Demographic Updation 44,60,438 TOTAL 64,34,988 4. Open Government Data: Hon'ble Minister for Information Technology has made an Announcement on the floor of Legislative Assembly during the Budget Session 2017-18 that 'Open Gov- ernment Data' (OGD) will be implemented in Government Departments for sharing data pertaining to Government Welfare Schemes and Conducting Hackathons using this data. The Open Government Data (OGD) Portal of Tamil Nadu is intended to be used by Government Department, Organizations and Public Sector to publish their datasets, documents and services for public use. As on 09.07.2021, 111 Chief Data Officers (CDOs) from 109 departments have registered. 30,075 different datasets have been ported into the TN OGD portal by 63 State Departments. Subsequent meetings are being conducted with the Gov- ernment departments to collect the readily sharable data. 5. e-Smart Class room: Smart Classrooms are technology enhanced classrooms that foster new teaching and learning experiences for teachers and students. The Smart Class Room assimilates > Attractive and effective Presentation > Digital 2D / 3D Animated Content > International Learning Environment eSmart Class Room (e-SCR) project involves supply, installation and commissioning of Interactive White Board, Hardware, Software, Multimedia Content, Training the Teachers along with maintenance support for various High schools / Higher Secondary / Residential Schools and provision for upgradation / modification of multimedia content as per the syllabus prescribed by the Government from time to time. ELCOT has so far implemented e-SCR project in 272 schools in Tamil Nadu for standards VI to XII. 3.TAMIL NADU STATE WIDE AREA NETWORK (TNSWAN) TNSWAN commenced its operations on 01.12.2007 as a shared scheme be- tween the Central and State Governments. Initially, TNSWAN commenced its oper- ations with 708 PoPs (Points of Presence). Currently there are 829 PoPs in the network. The Network Operation Centre (NOC) is located at ELCOT, Perungudi. TNSWAN Phase 2 extension Government has accorded approval to extend TNSWAN Phase-2 operations by 3 more years, starting February 2019, with the existing hardware. A MOU has been entered into with M/s. BSNL towards provisioning of Bandwidth and a System Integrator (SI) has been selected for Operation and Maintenance (O&M). TNSWAN provides Voice, Data and Video connectivity to all Government Departments for efficient workflow in Government and delivery of services to the public. The 3 year Phase 2 extension operations is getting completed on 13.02.2022. National Knowledge Network (NKN) National Knowledge Network (NKN) is a State of the Art, Multi Giga Bit Network aimed at connecting all universities, colleges and research establishments across the country. Both TNSWAN and TNSDC have been provided with 1 Gbps connec- tivity through this network, enabling the user Departments to access applications hosted at the national level. All TNSWAN District POPs are integrated with NKN to avail higher bandwidth up to 1 Gbps. Redundant Connectivity at TNSWAN Primary connectivity for TNSWAN Tier 2 PoP at Taluk, BDO and RDO level is provided by BSNL. In order to ensure uninterrupted connectivity at these Tier 2 PoPs, a secondary 2 Mbps MPLS-VPN (1:1) redundant connectivity has been im- plernented. Redundant links have been provided at 228 Vertical PoPs. TNSWAN Horizontal Connectivity Provisioning of connectivity from TNSWAN PoPs to various Government De- partments is referred to as Horizontal Connectivity. Intranet facility to roll out de- partmental applications that are hosted at TNSDC and other services like voice, da- ta internet and video conferencing can be availed through this connectivity. Cur- rently, more than 3000 offices of various Government Departments have been con- nected to this network through Leased Line (LL)/Local Area Network (LAN). Some of the departments connected to TNSWAN are E-Court, DGP Office, Commercial Taxes Department, Tamil Nadu Health System Project (TNHSP), Trea- suries and Accounts Department, Tamil Nadu Water Supply and Drainage Board (TWAD), Commissionerate of Employment and Training etc., Other Connectivity Services MPLS VPN (1:1) Connectivity Multi Protocol Label Switch Virtual Private Network (MPLS VPN) (1:1) connec- tivity is being provided not only as redundant connectivity to TNSWAN connectivity at Vertical PoPs but also for other departments that require committed intranet bandwidth. ELCOT provides MPLS VPN connectivity services to around 60 offices of Government Departments. Internet Leased Line (1:1) Connectivity Internet Leased Line (1:1) connectivity is being provided to about 248 Government Offices that require internet connectivity with committed higher bandwidth require- ment. VPNoBB Connectivity Virtual Private Network (VPN) over Broadband is a cost effective alternative for pro- viding Intranet access at lower bandwidth. ELCOT provides VPNoBB connectivity to around 273 Government Offices. Tamil Nadu State Data Centre I (TNSDC 1) TNSDC I has 40 racks in the first floor, 22 racks in the Ground floor (expansion). TNSDC 1 is the first ISO certified State Data Centre in the Country (First Certification obtained on 21.02.2012). TNSDC-1 is operational from 01.08.2011 with overall Budget outlay of Rs'138 Crore as of now, more than 231 Applications/ServiCes are hosted in TNSDC I as Collocation/Co-hosting and clod hosting model. Tamil Nadu State Data Centre 2 (TNSDC 2) Since TNSDC-1 has reached 100% of its full capacity, the TNSDC-2 is being ex- ecuted at a project outlay of 74.70 Crore. Construction of building and setting up of IT and Non IT infrastructure has been completed. Operational and maintenance commenced on 7th Sep 2020. DISASTER RECOVERY SERVICES Tamil Nadu Disaster Recovery Centre (TNRDC) at ELCOSEZ, Tiruchirappalli In order to have a Disaster Recovery Centre of its own in a different seismic zone for data and services, TNDRC has been established at ELCOSEZ, Tiruchirappalli at an estimated cost of Rs.59.85 crores to facilitate the Departments to ensure busi- ness continuity during normal times and during disasters for various critical e- Governance applications hosted at TNSDC. TNDRC can also address the hosting requirements of the departments. TNDRC commenced its operations on 09.02.2018. Thamizh Megam - TN Cloud Computing Services Cloud computing enables optimal sharing of system resources, for deployment of e-Governance applications with minimal management. TN Cloud has been estab- lished at TNSDC and is operational from the year 2016. The Budget outlay for TN Cloud is Rs.13.88 crore for a period of 5 years. In order to have specific identity for TN cloud, a trade mark "Thamizh Megam" has been obtained. At Thamizh Megam, Infrastructure-as-a-Service (IaaS) and Platform-as-a-Servoce (PaaS) services are being offered. Currently, 110 Applications/Services have been hosted. In order to cater the growing needs of deployment at Cloud and to provide Disas- ter Recovery facility to the Applications hosted in Cloud environment, the enhance- ment of cloud infrastructure and extension of DR facility are being implemented at an budget outlay of Rs.9.98 crore for a period of 3 years. Cyber Security Architecture for Tamil Nadu (CS-TN) Cyber Security Architecture for Tamil Nadu (CSA-TN) is being established by ELCOT in collaboration with Centre for Development of Advanced Computing (C- DAC) at a project outlay of Rs.21.39 crores. Cyber Security is essential for maintain- ing all critical IT infrastructure of Departments, as well as e-Governance services of State. CSA-TN is operational from 23.07.2019. Major Components of CSA-TN: (i) Establishment of Cyber Security Incident Response Team for Tamil Nadu (CSIRT-TN). (ii) Implementation of Cyber Crisis Management Plan for the State (CCMP-TN). (iii) Establishment of Security Operations Centre for the State (SOC-TN). (iv) Establishment of Security Architecture Framework for the state (SAF-TN). 4. PROCUREMENT ACTIVITIES "Through Transparent procurement methods, ELCOT has achieved significant price reduction on the market value of IT products, During the Financial Year of 2020 -21, IT products for a value of Rs. 243.18 Crores were procured and supplied to the various Government Departments". V. MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE COMPANY THAT HAD OCCURED BETWEEN THE END OF THE FINANCIAL YEAR TO WHICH THIS FINANCIAL STATEMENT RELATES TO THE DATE OF THE REPORT No material change / commitment affecting the Financial position of the com- pany occurred between the end of the Financial Year to which this Financial state- ment relates to the date of the report. VI. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHA14GE EARNINGS & OUTGO The provisions of Section 134 (m) of the Companies Act, 2013 do not apply to our Company. There were no foreign exchange earnings and outgo during the year under review. VII. RISK MANAGEMENT The Company does not have any Risk Management Policy as the elements of risk threatening the Company's existence is very minimal. VIII. CORPORATE SOCIAL RESPONSIBILITY INITIATIVES The Board of Directors considered and approved the recommendations of the Corporate Social Responsibility(CSR) for the contribution of Rs.8,50,359/-(Eight Lakhs Fifty Thousand Three Hundred and Fifty Nine only) and Rs.89,79,210/- (Eighty Nine Lakhs Seventy Nine Thousand Two Hundred and Ten only) by ELCOT for the Financial Year 2018-19 and 2019-20 towards Corporate Social Responsibility (CSR) expenditure and total amount of Rs.98,29,569/- (Ninety Eight lakhs Twenty Nine Thousand Five Hundred and Sixty Nine only) which is yet to be spent. An amount of Rs. 10,00,000/- (Rupees Ten Lakhs only) given to M/s. Tamil Virtual Academy as per 221st Board's recommendation held on 08.10.2020. The meeting of the Corporate Social Responsibility was held on 29.04.2021, the Committee noted that, the CSR Fund available for the year 2019-20 is Rs. 88,29,569 and Rs. 86,36,124/- for the year 2020-21. After discussion, the CSR Committee considered the amount on CSR Balance for the year 2019-20 Rs. 88,29,569 and for the year 2020-21 Rs. 86,36,124/- totally an amount of (Rs.1,74,65,693/-) (Rupees One Crore Seventy Four Lakhs Sixty Five Thousand Six Hundred and Ninety Three only) may be transferred to the Tamil Nadu State Disaster Management Authority towards contribution for COVID-19 relief work in the State. IX. PARTICULARS OF LOANS AND GUARANTEES ON THE INVESTMENTS MADE UNDER SECTION 186 OF THE COMPANIES ACT 2013: There were no loans and guarantees on the investments made by the Company under Section 186 of the Companies Act, 2013 during the year under review and hence the said provision is not applicable. X. PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES There were no contracts or arrangements as defined under Section 188 of the Company's Act 2013 during the year under review. XI. EXPLANATION OR COMMENTS ON QUALIFICATION, RESERVATION OR ADVERSE REMARKS OR DISCLAIMERS MADE BY THE AUDITORS IN THE RE- PORT There was no qualification, reservation or adverse remarks or disclaimers made by the auditors in the report. The provision relating to the submission of Secretarial Audit report is not applicable to the Company. XII. COMPANY'S POLICY RELATING TO DIRECTOR'S APPOINTMENT, PAYMENT OF REMUNERATION AND DISCHARGE OF THEIR DUTIES The provision of Section 178 (1) relating to constitution of nomination and rec- ommendation committee are not applicable to the Company and hence the Compa- ny has not devised any 'policy relating thereto on Director's appointment, payment of remuneration and discharge of their duties as provided under section 178 (3) of the Company's Act 2013. XIII. EXTRACTS OF ANNUAL RETURN The extracts of Annual Return as per Section 92(3) of the Companies Act, 2013 read with Rule 12(1) of the Companies (Management and Administration) Rule 2014, will be published in website, if necessary. XIV. MEETING OF THE BOARD OF DIRECTORS During the Financial year ended 31st March 2021, the Company held Meetings of the Board of Directors as per Section 173 of Companies Act, 2013 which is summarized below. The provisions of Companies Act, 2013 were adhered to while considering the time gap between two meetings. SI. Date of Board Strength No. of No. Board Meeting held Directors Present 1 220 /16.06.2020 7 7 2 221 /08.10.2020 7 6 3 222 /10.12.2020 7 6 XV. DEPOSITS The Company has neither accepted nor renewed any deposits during the year. XVI. CHANGE IN THE BOARD OF DIRECTORS FOR THE YEAR 2020-21 During the period under review there were changes in the Composition of Board of Directors. During the year Tmt.Pooja Kulkarni, I.A.S., Special Secretary to Government, Finance Department, appointed in the place of Thiru.M.Arvind, I.A.S., Joint Secretary to Government, Finance Department vide G.O.Rt.No.3101 Public (Special -A) Department dated 24.10.2020 and Thiru.D.Ravichandran, I.A.S., Managing Director, (FAC) ELCOT, appointed in the place of M.Vijayakumar I.A.S., vide G.O.Rt.No.3153 Public (Special -A) Department dated 02.11.2020 and Dr.Darez Ahamed, I.A.S., Executive Director, TN Guidance appointed in the place of Dr.S,Aneesh Sekhar, I.A.S., vide G.O.Rt.No.3191 Public (Special -A) Department dated 04.11.2020. XVIl.STATUTORY AUDITORS M/s. Raman Associate., - Chartered Accountants has been appointed by Comptroller and Auditor General of India as Statutory Auditors for the year 2020-21. XVIII. COMPOSTION OF AUDIT COMMITTEE Currently, the following Directors are the members of the Audit Committee of the a-~o - Board of Directors for the Financial Year 2020-21. 1.Tmt.Kakarla Usha, I.A.S., - Chairman (Chairman and Managing Director, TIDCO). 2., Thiru.J.Kumaragurubaran I.A.S., - Member (Managing Director - SIPCOT) 3., Tmt.Pooja Kulkarni I.A.S., - Member (Director representing Finance Department) 4.Thiru.Darez Ahamed, I.A.S., - Member (Executive Director - TN Guidance) XIX.SHARE CAPITAL The paid up Capital as on 31st March 2021 is Rs.2593.05 lakhs. XX HUMAN RESOURCES (HR) RELATIONS Your Directors are pleased to report that the Industrial Relations during the year continued to be cordial. XXI. DIRECTORS' RESPONSIBILITY STATEMENT Pursuant to Section 134(5) of the Companies Act 2013, the Board hereby submits its responsibility statements: i. In the preparation of the Annual Accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures. ii. The Directors had selected such accounting policies and applied them consis- tently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the Financial Year and of the profit of the Company for that period. iii. The Directors had taken proper and sufficient care for the maintenance of the adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities. iv. The Directors had prepared the Annual Accounts on a going concern basis. v. The Directors had devised proper systems to ensure compliance with the pro visions of all applicable laws and that such systems were adequate and operating effectively. ACKNOWLEDGEMENT Your Directors wish to place on record the assistance and guidance given by the Government of Tamil Nadu in general and especially through the Department of In- formation Technology and Finance and the office of the Accountant General (Com- mercial -1l). They acknowledge the services of the Company's bankers in furthering the activities of the Company. Your Directors would also like to record their apprecia- tion for the co-operation and contribution made by all the officers and staff of the Company. Your Directors thank the customers and suppliers for their patronage and support. Your Directors also record their appreciation of the services by the Concurrent and Statutory Auditors in the matter of audit. For and on behalf of the Board of Directors AJAY YAD V, I.A.S., Dr.NEERAJ ITTAL, I.A.S., MANAGING DIRECTOR CHAIRMAN Chennai - 600035 Date: -X'\ APPENDIX - I Information required under Companies (Disclosure and particulars in the re- port of the Board of Directors) Rules 1988 for the financial year 2020-2021 A. Conservation of Energy Not applicable to Electronics Industries B. Technology Absorption Specific Areas to which R&D carried out by the Company 1. Development work - Nil 1l. Development work on Hand - Nil Ill. Expenditure on R&D a. Capital - Nil b. Recurring - Nil c. Total - Nil d. Total R&D Expenditure as a percentage of total Turnover - Nil e. Foreign exchange earnings and outgo in 2020-21 - Nil