Place: AhmedabadDate: fJuv€m be, lLt. ':2()\~

Regd.Office: Indiabulls FinanceCentre,Tower 3, 27'" - 32'" Floor,Senapati Bapat Marg, Elphlnstone Road(West),Mumbai - 400 013, Maharashtra, India.

(LLPIdentification No. AAB·8737)

j(~~pj_Kartikeya Raval

Partner(Membership No.106189)

(UDIN: f~ 1c:l61~ 9 RAM QT 141-4 )

For DELOITTEHASKINS & SELLS LLPChartered Accountants

(Firm's Registration No. 117366WjW-100018)

4. Based on our review conducted as stated in paragraph 3, nothing has come to ourattention that causes us to believe that the accompanying Statement, prepared inaccordance with the recognition and measurement principles laid down in theaforesaid Indian Accounting Standard and other accounting principles generallyaccepted in India, has not disclosed the information required to be disclosed in termsof Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements)Regulations, 2015, as amended, including the manner in which it is to be disclosed,or that it contains any material misstatement.

3. We conducted our review of the Statement in accordance with the Standard onReview Engagements (SRE) 2410 'Review of Interim Financial Information Performedby the Independent Auditor of the Entity', issued by the Institute of CharteredAccountants of India (ICAI). A review of interim financial information consists ofmaking inquiries, primarily of the Company's personnel responsible for financial andaccounting matters, and applying analytical and other review procedures. A review issubstantially less in scope than an audit conducted in accordance with Standards onAuditing specified under section 143(10) of the Companies Act, 2013 andconsequently does not enable us to obtain assurance that we would become aware ofall significant matters that might be identified in an audit. Accordingly, we do notexpress an audit opinion.

2. This Statement, which is the responsibility of the Company's Management andapproved by the Company's Board of Directors, has been prepared in accordancewith the recognition and measurement principles laid down in the Indian AccountingStandard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section133 of the Companies Act, 2013 read with relevant rules issued thereunder and otheraccounting principles generally accepted in India. Our responsibility is to express aconclusion on the Statement based on our review.

TO TH E BOARD OF DIRECTORS OFMONTECARLO LIMITED

1. We have reviewed the accompanying Statement of Standalone Unaudited FinancialResults of MONTECARLO LIMITED ("the Company"), which includes 15 jointoperations consolidated on a proportionate basis for the half year ended September30, 2019 ("the Statement"), being submitted by the Company pursuant to therequirement of Regulation 52 of the SEBI (Listing Obligations and DisclosureRequirements) Regulations, 2015, as amended.

INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIMSTANDALONE FINANCIAL RESULTS

Tel: +91 7966827300Fax:+91 7966827400

Chartered Accountants19" Floor, Shapath - V5 G HighwayAhmedabad - 380 015Gujarat, India

DeloitteHaskins & Sells LLP

NA July 31,2019July 31, 2019NA -July31, 2019July 31, 2019

Pr I'l'f" terest have been paid on due date.~\\t ~(Jt;

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C.G. Road, Navrangpura Ahmedabad 380 009.Gujarat India.CIN : U40300GJ199SPLC02S082

INE034U07024INE034U07032INE034U07040

InterestPrincipal

Previous due dates from April 1, 2019 toSeptember 30, 2019ISINno.

Details of SecuredNon-Convertible Debentures are as follows:

"Not Annual/sed

36.92 31.54 50.14

(12.78) (10.92) (17.35)

24.14 20.62 32.796,349.88 2,245.10 14,542.108,550.00 8,550.00 8,550.005,400.00 7,200.00 7,200.00

7.45 2.65 17.05- 1,800.00 1,800.00

80,064.12 61,409.26 73,706.250.37 0.69 0.601.83 0.83 2.555.46 2.21 6.29

Half year ended Year ended

September 30, 2019 September 30, 2018 March 31, 2019

(Rs. In takh] (Rs. In Lakh) (Rs. In Lakh)Unaudited Unaudited Audited

1,37,820.80 81,098.07 2,45,619.64286.66 663.97 1,353.12

1,38,107.46 81,762.04 2,46,972.76

1,09,767.87 66,247.64 1,97,524.89222.79 (2,806.14) 172.37

7,183.09 6,194.96 12,958.903,664.76 3,461.91 6,615.943,439.82 2,336.92 5,129.874,219.06 3,244.90 5,379.68

1,28,497.39 78,680.19 2,27,781.65

9,610.07 3,081.85 19,191.11

1,661.75 779.23 4,175.221,574.30 36.90 441.00

6,374.02 2,265.72 14,574.89

6 Total other comprehensive (Incomel/loss (Net of taxes)7 Total comprehensive income for the period / year

Paidup Equity ShareCapital (Facevalue of ~ 10 each)Paidup Debt CapitalEarningsper equity share (Facevalue of ~ 10 each)Basicand Diluted"Debenture Redemption ReserveNetworth (Refer note 9)Debt Equity Ratio (Refer note 9)Debt ServiceCoverageRatio· (Refer note 9)Interest ServiceCoverageRatio" (Refer note 9)

Other comprehensive (income)/IossItems that will not be reclassified to profit or lossRemeasurementsof defined benefit plansIncome tax related to items that will not be reclassified to profitor loss

5 Profit for the Period / Year

4 Taxexpense- Current Tax- Deferred Tax

3 Profit Before Tax (1-2)

2 ExpensesConstruction ExpensesChangein inventoriesEmployee Benefits ExpenseFinancecostsDepreciation and Amortization ExpenseOther ExpensesTotal Expenses

1 RevenueRevenuefrom OperationsOther incomeTotal Income

Sr no. Particulars

Statement of Standalone Unaudited Financial Results For Half Year Ended September 30, 2019

MONTECARLOBORN TO ACHiEVE

i5l Montecorl0 limited706,lth Floor. Shilp Building. Nr. Municipal Markel.C.G. Road, Navrangpura Ahmedabad 380 009.Gujarat India.CIN : U40300GJ1995PLC025082

@) mclindia.com~ mail@mciindia.com

~ +91 79 26409333 / 777~ +91 79 26408444

MONTECARLOBOlm TO Achieve

As at Seplember 30, As at March 31,

Particulars2019 2019

(Rs. In Lakh) (Rs. In takh)

Unaudlled Audlled

I. ASSETS

1 Non-current assets[a] Property, plant and equlpmenl 40,539.14 35,470.28(b) Capital work in progress 3,572.22 3,219.79(c) Intangible assets 1,437.14 1,533.11(d) Financial Assets

(I) Investments 13,000.52 9,473.75(II) Other Non-current financial assets 3,176.76 1,299.79

(e) Deferred lax assets (nel) 2,225.39 3,791.19(f) Other non-current assets 4,334.42 5,700.78

Total Non-current assets 68,285.59 60,488.69

2 Current assets(a) Inventories 16,267.45 17,591.85(b) Financial Assets

(i) Trade receivables 38,807.74 46,170.42(Ii) Cash and cash equivalents 6,416.06 5,681.54(iii) Bank balances other than (II)above 750.42 620.79(iv) Other current financial assets 14,712.49 13,339.93

(c) Current tax assets (Net) 6,167.86 3,268.77(d) Other current assets 79,903.97 86,702.34

Total Current assets 1,63,025.99 1,73,375.64

3 Assel held for sale 4,175.88 .

TOTALASSETS 2,35,487.46 2,33,864.33

II. EQUITYANDLIABILITIES1 Equity

(a) Equity share capital 8,550.00 8,550.00(b) Other Equity 71,514.12 65,156.25

Total Equity 80,064.12 73,706.25

2 UabilltlesNon-currenl liabilities(a) Financial L1abililies

(i) long term borrowings 13,287.78 15,377.46(ii) other non-current financial liabilities 11,089.46 4,209.88

(b) long-term provisions 537.42 429.72(c) Other non-current liabilities 9,955.77 3,550.00

Total Non-currenl IIabilllles 34,870.43 23,567.06

3 Current liabilities(a) Financial Liabililies

(I) Short term borrowings 7,895.04 21,589.85(ii) Trade payables

-total outstanding dues of micro enterprises and small .enterprises-total outstandlng dues of creditors other than micro 45,431.99 53,742.50

enterprises and small enterprises(iii) Other current financial liabilities 20,875.83' 19,977.87

(b) Short term provisions 425.76 386.06

(c) Other currenlliabilities 45,924.29 40,894.74Total Current liabilities 1,20,552.91 1,36,591.02

Total Uabllilles 1,55,423.34 1,60,158.08TOTALEQUITYANDLIABILITIES 2,35,487.46 2,33,864.33

NOles:1. Sialemeni of unaudiled Assets and Liabililies as at Seplember 30, 2019 is as follows:

ITl1 Montecarlo Limited706.7lh Floor, Shilp Building, Nr. Municipal Market,e.G. Road, Navrangpura Ahmedabad 380009.Gujarat India.CIN : U40300GJ1995PLC025082

(lID mclindia.com~ mail@mclindia.com

~ +91 79 26409333 / 777~ +91 79 26408444

02\~

8.

7. Effective April 01, 2019, the Company has adopted Ind AS 116 "Leases" and applied the standard to leasearrangements existing on the date of initial application using the retrospective approach, with cumulative effectof difference between right-of-use assets(accounted for in Property Plant and Equipment) of Rs.251.74 Lakhsand lease liability of Rs.239.50 Lakhsason April 01, 2019 adjusted to the opening balanceof retained earnings.Accordingly, comparatives for the year ended March 31, 2019 have not been retrospectively adjusted. Theimpact on the profit for the half year is not material.

6. MCl holds 23%equity sharesof Bijapur Hungund Tollway Private Limited ("BHTPL)and the balance 77% is heldby Sadbhav Infrastructure Project Limited ("SIPl"). SIPl hasentered into definitive share purchase agreement(lithe agreement") dated July 1, 2019 with Indinfravit Trust ("the Buyer or Investor") for sale of entire equityshares (100%)of BHTPl,subject to necessaryregulatory approvals, lenders consent, other customary approvalsand upon satisfaction of conditions precedent as mentioned in the agreement. The Board of Directors of MClhas approved this stake sale in its meeting held on May 17, 2019. As per the commercial understanding, SIPLwill acquire the entire holding from MCl (23%) and then transfer 100% of the total issued, paid-up andsubscribed equity share capital of BHTPl on fully diluted basis to the Investor for which SIPLand MCl haveagreed to enter share purchase agreement. The said share purchase agreement is still in the draft stage.Accordingly, the said investment has been shown as 'Asset held for sale' in the half yearly results.

5. The Debentures of the Company is rated as "IND A+" by the domestic agency 'India Ratings' (a Fitch GroupCompany).

4. The listed Non-convertible Debentures of the Companyaggregating to Rs.5,400 Lakhsason September 30,2019are secured by way of first ranking exclusive charge by way of hypothecations on the construction equipment,vehicles and other movable assetsof the Company and further secured by personal guarantees of Directors, theassetcover thereof exceedshundred percent of the principal amount of the said debentures.

3. These standalone unaudited financial results have been prepared in accordance with Indian AccountingStandards ('Ind AS') prescribed under section 133 of the Companies Act, 2013 read with relevant rules issuedthereunder and in accordance with Regulation 52 of the Securities and Exchange Board of India (ListingObligations and DisclosureRequirements) Regulations,2015, asmodified by Circular No.CIR/IMD/DF1/69/2016dated August 10, 2016.

2. The above Statement of standalone unaudited financial results was reviewed by the Audit Committee andapproved by the Boardof Directors of the Company at their respective meetings held on November 14, 2019.

MONTECARLOBORN TO ACHiEVE

nilll Montecarlo Limited706,7th Floor,Shilp Building, Nr. Municipal Markel,C.G. Road, Navrangpura Ahmedabad 380009.Gujarat India.CIN : U40300GJ1995PLC025082

@) mclindia.com~ mail@mclindia.com

~ +91 79 26409333 / 777t!§ +91 79 26408444

~~

\~~Mrunal K. Patel

Jt. Managing DirectorDIN:00025525

Place:AhmedabadDate: November 14, 2019

For and on behalf of Boardof Directors

(1) Interest Service Coverage Ratio = Earnings" before Interest on borrowings and tax / Interest Expenseonborrowings.(2) Debt ServiceCoverageRatio = Earnings" before Interest on long term debt andTax/ (Interest expenseonlong term debt + Principal repayment of LongTerm Debt during the period)1\ Includes other income(3) Debt Equity ratio = Total Borrowing / Total Equity## Total equity includes all reservesand surplus(4) Net worth = Paidequity capital +Other equity

9. The Ratioshave been computed as per below:

MONTECARLOBORN TO ACHiEVE