Amrit Corp. Ltd.CIN: L15141UP1940PLC000946

NO.. AicL/s;Hcy n!f ITf jiAugust 5, 2020

BSE Limited,

Corporate Relationship Department,PhjrozeJeej.eehhoyTowers,Dalal Street, Fort,

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Sub: Intimation under Regulation 30 of tlie SEBI (Listing Obligations and DisclosureRequirements) Regulations, 2015 -SEBI Circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/84

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Sir/Madam,

This is further to our letters No.ACL/CS dated March 25, 2020, No.ACL/CS dated Apr" 6, 2020 andNo. ACL/CS dated May 25, 2020 on the captioned subject matter.

We would like to bring to your kind notice and record the impact of COVID-19 pandemic and thenationwide lockdown announced by the Government thereafter on the Company pursuant toRegulation 30 of the SEBl (Listing Obligations and Disclosure Requirements) Regulations, 2015, read

withSEBICircularNo.SEBI/HO/CFD/CMD1/CIR/P/2020/84dated20thMay,2020,asunder:

1 Impact of the covID-19 on the business

The outbreak of Coronavirus (COVID-19) pandemic globally and in India, has shattered the

world economy and is causing significant disturbance and slow-down of economic activities.The nationwide total lockdown announced by the Govt. Of India is being gradually lifted

based on the impact of the outbreak. The Company's only manufacturing operation i.e.'`dairy milk/products business" located at G.T. Road, Ghaziabad (UP) has been enormously

impacted adversely as its major customers are quick service restaurants (QSRs) andhotels/restaurants/cafes (HORECA), like MCDonald's, Burger King, etc. which were closed on

the outbreak of COVID-19 and are opening up gradually based on the impact of COVID-19

and removal of restrictions by the regulatory authorities. However, there are loominguncertainties about full resumption of operations by QSRs in near future.

!mBLa_ct of COVID-19 in Financial Year 2019-29

Except for the loss of production/supply of seven days and write off of some obsoleteinventory, there was no significant impact on the dairy operations of the Company for thefinancial year 2019-20. However, the Company has deployed surplus funds by way ofinvestment in financial assets which as on the closing date of the financial statements are

measured at fair value. The spread Of COVID-19 and the subsequent lockdown in most partsof the world led to sharp meltdown and triggered volatility in financial markets across the

globe in the month of March, 2020, the emerging markets being the worst affected. Themeltdown resulted in sharp erosion in values of the Company's investments as on31StMarch, 2020. The loss on mark-to-market recording of the value of investmentsamounted to Rs. 1,100.39 Iakhs during the financial year ended 31stMarch, 2020. We have

already disseminated the audited quarterly and annual financial results for the quarter and

year ended March 31, 2020 to BSE Ltd., vide our letter No. ACL/CS dated June 22, 2020.

Ability to maintain operations including the factories/unit/office spaces functioning andclosing down :

Our dairy business factory at Ghaziabad (UP) and the supply chain set up have been

disrupted and were completely closed from 25thMarch, 2020 to 4th April, 2020. Dairy being

essential commodity, the factory was allowed to resume the operations on 4thApril, 2020.However, the scale of operations was miniscule as there was no demand from our mai.orcustomers which are QSRs as their operations were completely closed. The QSRs stillcontinue to remain closed in most parts of the country and have opened mostly in southernIndia or functioning by way of drive-thro' or home-delivery basis in other parts of thecountry. The QSRs which are allowed to open and resume operations in some areas/Stateshave to follow strict social distancing norms, thereby limiting their capacity to 30-40% of the

normal operations.

At the Corporate Office and the factory office, the Company has adopted work from home

policy during the lockdown period.

Schedule, if any, for restarting the operations:

Our mai.or business is 828 comprising clients in HORECA and QSR segment. The business of

our clients has been badly impacted on account of their closure due to lockdown. Even withrelaxation of restrictions, the QSRs are not allowed full operations as they have to followstrict social distancing norms and most of them function by way of drive-thro' or home-delivery basis. Secondly, because of fear of loss of income, the discretionary spending hasbeen largely impacted leading to further lowering of operations of the QSRs. Thirdly, the

consumers are hesitant to visit QSRs and other public places for the sheer fear of the

pandemic. We are staying close to our clients with frequent digital interactions andreviewing the restaurants opening schedules and demand revival. We feel that the impacton our dairy business would be long-drawn and staggered before operations get normalised.

Steps taken to ensure smooth function of operations:

At the factory and offices of the Company• All safety protocol related to COVID-19 as advised by the Govt. of India, State Govt.

of UP and local Administration are being implemented;• The company has issued safetyguidelinesfor its employees and workers;

• Detailed shop-floor precautions and safety systems have been implemented with

appropriate training to staff and workmen;• Regular fumigation of offices and shopfloors is being carried out;

• Social distancing norms being strictly followed at factories and offices;

• Sensitization and thermal screening ofemployees, other entrants and vehicles at the

gate of the factory/office;

• Work to home policy for office employees; the offices have now started functioning

with complete safety protocols;• The company has made adequate provision for masks, sanjtisers, hand washing etc.

Estimation Of the future impact Of COVID-19 on the operations :

Dairv oDerations :

The economic shocks Of COVID-19 on the operations Of the Company will extend to a large

part Of the year and there is likely to be sisnificant adverse impact on the dairy operations ofthe Company during the current financial year 2020-21. The estimated impact Of COVID-19has been provided in point No. 6 below. The overall situation arising out Of the COVID-19

pandemic is still evolving. There is still uncertainty as to how long the impact Of this

pandemic is expected to continue and when one can witness normalcy returning in theeconomy. The Company is closely monitoring the developing situation in collaboration withour clients and we are confident to manage the crisis. The demand revival is expected oncethe restrictions are removed by the regulatory authorities.

TreasuryThe shock of the meltdown in the financial markets and the impact thereof in the treasuryoperations Of the Company has been largely absorbed in the financial statements of theCconpany for FY 2019-20. Future impact, if any, on the treasury operations will depend as tohow the situation arising out Of COVID-19 evolve in future and its impact on the globaleconomy.

Details Of impact Of COVID-19 on listed entities -

• Caoital and financial resources

The Company's equity capital structure remains unchanged, except for on-goingbay-back offer Of 1,75,000 equity shares Of Rs. 10/- each fully paid up by theCompany at a price of Rs. 825/- per equity share (representing 5.45% Of the totalnumber Of equity shares in the paid-up Equity Share Capital of the Company) for anaggregate consideration Of Rs. 1,443.75 Iakhs, being 7.32% Of the fully paid-upequrty share capital and free reserves as per the audited balance sheet Of theCompany for the financial year ended 31stMarch, 2020.

The Company presently has adequate capital and financial resources to run itsbusirress activities.

• Profitability

The profitability of the dairy business Of the Company for the financial year 2020-21will be significantly impacted adversely due to very low to insignificant volumes and

the revenue & profitability will also be impacted in line with the fall in the volumes.

Quarterwise impact is likely to be as under :

Particulars Adverse impact on the dairy operations due to COVID-19Q1 Q2 Q3 Q4

Sales volumes -74% -73% -54% -26%

Revenue -75% -74% -58% -33%

EBIDTA -142% -174% -1030/o 24%

Notwithstanding the above, the Company expects to mitigate the adverse impact byreducing variable and fixed costs, wherever possible, and after absorbing all idleoverheads caused by lockdown. The perfori'nance is expected to improve

progressively in following periods as the demand recuperates.

• Liauiditvoosition

The cash position is good and tile liquidity is assured. The Company will not hesitateto dip into and redeem the treasury instruments should be need arises.

• Abilitvto service debt and otherfinancing arrangements

The Company is debt-free. However, the Company has obtained some vehicle loansfrom time to time. The Company does not foresee any issues in servicing thesevehicle loans.

• Assets

The Company has assessed the recoverability of the assets, including receivables,investments, property, plant and equipment, intangible assets, goodwill and havemade necessary adjustments to the carrying amounts by recognising

provisions/mpairment Of assets where necessary.

• Internal financial reDorting and control

There is no impact on internal financial controls due to COVID-19 situation.

• SuDDivchain

The supply chain was disrupted in view Of lockdown in March -June, 2020 period.However, the situation is improving gradually upon relaxation Of lockdown norms.

• Demand for products/services

The demand scenario is being assessed in consultation with our clients. The impactis quantified under the head `Profitability'.

Existing contracts/agreements where nan-fulfilment Of the obligations by any partywill ha\/e significant impact on the listecl entity's business :

TThe Company is well positioned to fulfil its obligations and does not foresee anysignificant impact on the business due to non-fulfilment Of the obligations by any party.

Other relevant material updates about listecl entity's business

The Company has been regularly updating the stock exchange, BSE Ltd., about itsbusiness.

Please take the above information on record.

Thanking you,

Yours faithfully,

MITED

COMPANY SECRETARY & COMPLIANCE OFFICER