Ashima Ltd — Interim / Quarterly Report 2018

Nov 3, 2018

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Regd. Office : Texcellence Complex, Near Anupam Cinema, Khokhra' Ahmedabad - 380 02I, lndia. Phone : 91'79'67777OOO o Fax I 91-79-22773061 r E-mail CIN No : 199999Gr1982P1C005253 texcel lence@ashima.in

3"i November, 2 018

To,	To,
ASE Limited	National Stock Exchange of India Ltd
Corporate Relationship Department,	Exchange Plaza 5th FIoor,
25'hFloor,PJTowers,	Plot no. C/1, c Block,
Dalal Street, Fort,	Bandra Kurla Complex,
Mumbai - 400001	Bandra (East), Mumbai - 400051.
SECURITY CODE NO, 514286	SECURITY CODE NO. ASHIMASYIV

Dear Sir,

Sub: Outcome of the Meeting held today i.e 3r,r November, Z0lg.

Rcf: Regulation 30 read with Reg. 33 of SEBI (Listing obligations and Disclosure Requirements) Regulations, 201 5

'lhe Board of Directors of the Company at its meeting held today interalia transacted following businesses;

1. Approval of Unaudited Financial Results for the quarter and half year both ended on 30rh September, 2018 and Statement of Assets and Liabilities for the half year ended on 30rh September, 2 018 and took note on Limited Review Report for the said perioa.

The Detailed Financial Results and Statement Assets & Liabilities reviewed by the Audit Committee and approved by the Board of Directors in its meeting held today, and limited review report along with CEO & CFO certificate are enclosed as Annexure-A.

Upon recommendation made by the Nomination and Remuneration committee (NRC), the Board of Directors appointed Mr. Sanjay Majmudar, B.com, FCA & ACS, as an Independent Director (Additional Director] on the Board of the company for the period o[ 5 years with effect from 3.11.2018. The said appointment is subject to the approval of shareholders at the next Annual General Meeting /General Meeting of the Company '2

Further, as per the BSE Ltd and National Stock Exchange of lndia Limited circular dated 20!h June, 2018, the Board oI Directors and its Nomination and Remuneration committee while considering appointment of Mr. Sanjay Majmudar as Independent Director, also verified that he is not debarred from holding the office ofdirector pursuant to any sEBI order and accordingly, it was affirmed that the Mr. San jay Majumdar is not debarred from 'holding the office of directii ty virtue ofany SEBI order or any other authority,

Visit us at http//www.ashima.in

T x c N C

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The relevant details as per the SEBI Circular CIR/CFD /CMD/4/2075, dated 7th September, 2015 with regard to the said Appointment are as under;

s N	Particulars	lnfonnation
	Reason for change viz.Appointment, resignation,removal, death or otherwise	Mr. Sanjay S. Majmudar, appointed as IndependentDirector of the company w.e.l 03rd November, 2018
2	a. Date of appointment	3rd November, 2018
	o intment;b. Term of a	eriod of Five Years w.e.f. 3rd November, 2018For the
3I	Brief profile (in case ofappointment);	Mr. Saniay S. Majmudar is having academic qualifications B.Com, Lt,B, FCA and ACS. He had a bright academic record[eighth rank in India in CA final examination and first rankin Gujarat University in B. Com). He has rich experienceabout 33 years in the field of Corporate Laws, Direct TaxLaws, Mergers and Acquisitions, Transfer Pricing andrelated matters. He has extensive experience in the areas ofCapital Markets and Securities Laws, Banking and Finance,Insolvency and Bankruptcy Laws and CorporateCovernance matters.
4	Disclosure of relationsh ips	Mr. Sanjay S. Majumdar is not related to any director ofthe
	between directors.	coman

The meeting of Board of Directors commenced at 11.30 a.m. and concluded at 12.30 p.m. We request you to kindly bring the above information to the notice ofthe members.

c

'lha nking you, Yours faithfully,

For Ashima L ited I,Iir aha vla Colnpany tary Ahri "i;'o' q, d-L'

I.lncl: As above

ASHIMA LIMITED

REGD. OFFICE :TEXCELLENCE COMPLEX, NEAR ANUPAM CINEMA, KHOKHARA, AHMEDABAD - 380 021, INDIA. CIN: L99999GJ1982PLC005253

E.MAIL:texcellence@ashima.in # PHONE:91-79-67777000 # FAX:91-79-22773061

STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 2018

	MANUTE RESOLTS FOR THE GOARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 2018					(Rs. In Lacs)
Sr.	Particulars	(Unaudited)Quarter ended			Audited
No.		30/09/2018			Half year ended		Year ended
(1)	(2)	(3)	30/06/2018(4)	30/09/2017	30/09/2018	30/09/2017	31/03/2018
				(5)	(6)	(7)	(8)
	Income from Operations
	(a) Revenue from operations	6.534	7.530
	(b) Other Income	35	102	4.962	14.064	10.565	22,997
	Total income	6,570	7.632	161	137.880	182	264
$\overline{a}$	Expenses			5,123	14,202	10.747	23,261
	(a) Cost of materials consumed	4,109
	Purchase of stock-in-trade	131	3,553	2.782	7.662	5,758	12.094
	Changes in inventories of Finished goods, work-in-progress and stock-in-trade		180	37	310	259	1,144
	(d) Job charges	(897)	347	(166)	(549)	(554)	(1, 149)
	Employee benefits expense(e)	985	1.105	652	2,090	1,498	3.159
	Finance costs	847	883	808	1.730	1,571	3,268
	Depreciation and amortization expense	84	109	270	193	493	654
	(h) Other expenses	95	93	94	187	184	367
	Total Expenses	1,794	1.547	1.302	3.341	2.768	5.615
	Profit/(Loss) before exceptional items and tax	7,147	7,816	5,780	14,963	11,976	25,153
	Exceptional items	(578)	(184)	(657)	(761)	(1, 229)	(1,892)
	Profit/(Loss) before tax	353	2.701	6.471	3.054	6.471	14,540
	Tax Expense	(224)	2,517	5.813	2,292	5,242	12,648
	Current tax
	Deferred tax(b)
	Profit/(Loss) for the period
8	Other Comprehensive Income	(224)	2,517	5.813	2,292	5,242	12,648
	Items that will not be reclassified to profit or loss:
	Re-measurement losses on post employment defined benefit plans
	Income tax effect		$\blacksquare$		$\overline{\phantom{a}}$	$\overline{\phantom{a}}$	(61)
9	Total Comprehensive Income
10	Earnings per share [EPS] (of Rs.10/- each) (not annualised)	(224)	2,517	5,813	2,292	5,242	12,587
	Basic and diluted EPS before Exceptional items [in Rs.]
	Basic and diluted EPS after Exceptional items [in Rs.]	(0.45)	(0.14)	(0.51)	(0.59)	(0.96)	(1.47)
		(0.17)	1.96	4.53	1.78	4.08	9.85

ASHIMA LIMITED STATEMENT OF ASSETS AND LIABILITIES AS AT 30TH SEPTEMBER, 2018.

		Particulars	As at	(Rs. in lacs)
			30/09/2018	As at
А			Unaudited	31/03/2018Audited
		ASSETS:
	$\mathbf{1}$	Non-Current Assets:
		Property, Plant and Equipment	10,307
		Capital work-in-progress	8	10,479
		Other Intangible Assets	26
		Financial Assets
		(i) Other Financial Assets
		Other Non-Current Assets	203	201
		Assets for Current Tax (Net)	35
		Total Non-Current Assets:	30510,883	27911,027
	$\overline{2}$	Current Assets:
		Inventories
		Financial Assets:	6,652	5,718
		(i)Investments
		(ii)Trade Receivables	608
		(iii)Cash and cash equivalents	1,724	1,536
		(iv)Loans	1,484	817
		(v)Other Current Financial Assets	310
		Other Current Assets	4,384	5,576
		Non-current Assets classified as held for sale	519	613
		Total Current Assets	з	275
			15,684	14,535
		TOTAL-ASSETS	26,567
B		EQUITY AND LIABILITIES:		25,562
	$\mathbf{1}$	Equity:
		(i)Equity Share Capital	12,845	12,845
		(ii)Other EquityTotal Equity	5,474	3,182
	$\overline{2}$		18,320	16,027
		Non-Current Liabilities:
		Financial Liabilities:
		(i)Borrowings	2,268
		(ii)Other Financial Liabilities	39	2,377
		Provisions		31
		Total Non-Current financial Liabilities	2,307	52,413
	3	Current Liabilities:
		Financial Liabilities:
		(i)Borrowings
		(ii)Trade Payables	٠	320
		(iii)Other Financial Liabilities	4,972	4,526
		Other Current Liabilities	694	1,181
		Provisions	103	947
		Total Current Liabilities	173	147
			5,941	7,121
		TOTAL EQUITY AND LIABILITIES	26,567	25,562

Ahmedabad

TEDT

Chinai Panna

CHINTAN N. PARIKH CHAIRMAN & MANAGING DIRECTOR

AHMEDABAD 3RD NOVEMBER, 2018

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NOTES:

1201-2016.1. These financial results have been reviewed by the Audit Committee and have been approved by the Board of Directors at their respective meetings held on 3rd November, 2018. The above results for the Quarter and Half Year ended on September 30, 2018 have been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS), prescribed under Section 133 of the The ab

Unifipation not, zuru, and unter recognised accounting practices and punctes to the extern applicante.3. The format of the above results as prescribed in SEBI's Circular CIR/CFD/CMD/15/2015 dated 30th November, 2015 has b יוטומוטון וואס וואס (Division it) to the Companies Act, בטווא, and the Companies Act, ביווא Act in the Companies Act, ביווא Act in the Statutory Auditors of the Company have carried out a "Limited Review" of the above res

• 5 The company has one segment of activity namely "Textiles".

• of the produce of previous perious nave been regrouped meaninged wherever necessary.7 As regards deferred tax as per Ind AS-12 on "Income Taxes" there is a net deferred tax asset for the past years and for the period up t

• deterted tax about.8 Exceptional items for the quarter ended on September 30, 2018 represent impact of settlement of certain liabilities. ց «Հաշարան» նախագահների միջանց առաջ նույնպետության այն բանական առաջ առաջ կառաջ կառաջ».9 The financial results of the Company are available at the websites of BSE Ltd. at www.bseindia.com, National Stock Exchange of Indi

• 10 Figures are rounded off to the nearest Rupees in lacs.

$\sim$ $\sim$ $\sim$ $\sim$ $\sim$ $\sim$ $\sim$ $\sim$	FOR, ASHIMA LIMITEDVENTURE1' Murlan HerbertTexas.
AHMEDABAD	CHINTAN N. PARIKH
3RD NOVEMBER 2018	CHAIRMAN & MANAGING DIRECTOR

7th Floor, Heritage Chambers B/h. Bikanerwala. Off S.M. Road, Nr. Azad Society, Nehru Nagar, Ahmedabad-380 015. Phone r(B) 079'2647 2O0O E mail : contact@mmsco.in Website r www.mmsco.in

MUKESH M. SHAH & CO.

I cHIRTERED accouNraNTS AHMEDABAD. MUMBAI . BANGALORE

Limited Review Report on Unaudited Financial Results of Ashima Limited for the quarter and half year ended on 30th September, 2018

lpursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015]

TO, The Board of Directors, Ashima Limited, Ahmedabad

We have reviewed the accompanying statement of unaudited financial results of Ashima Limited ['the Company'], for the quarter and half year ended on September 30, 2018 ['the Statement'l attached herewith, being submitted by the company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regufation, 2015, read with SEBI Circular No. CIRICFD/FACl62/2016 dated 5th July, 2016.

This statement, which is the responsibility of the Company's Management and approved by the Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the lnd-AS 34, "lnterim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in lndia. Our responsibility is to issue a report on these financial statements based on our review.

We conducted our review in accordance with the Standard on Review Engagement (SRE) 2470, "Review of lnterim Finoncial lnformation Performed by the lndependent Auditor of the Entity'' issued by the lnstitute of Chartered Accountants of lndia. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the financial statements are free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an a udit opinion.

Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with applicable lnd-AS prescribed under section 133 of the companies Act, 2013 read with relevant rules issued thereunder and other recognized accounting practices and policies generally accepted in lndia, has not disclosed the information required to be disclosed in terms of Regulation 33 of the sEBl (Listing obligations and Disclosure Requirements) Regulations,2015 as modified by sEBl circular No. clR/CFD/FAC /62/2076 dated 5th July, 2016 including the manner in which it is to be disclosed, or that it contains any material misstatement.

Place: Ahmedabad Date: November 3, 2018

For Mukesh M. Shah & Co Chartered Accountants .,. s Firm Regn. No. 106625W

.. .C e.T'L

(

Suvrat S. Shah Pa rtner Membership No. 102651

Regd. Office : Texcellence Complex, Near Anupam Cinema, Khokhra, Ahmedabad - 380 021, India. E-mail : texcellence@ashima.in Fax: 91-79-22773061 Phone: 91-79-67777000 $\bullet$ $\bullet$ CIN No: L99999GJ1982PLC005253

CEO AND CFO CERITIFICATION

In regard to Unaudited Financial Results of the company for the quarter & half year both ended on 30th September, 2018, we hereby certify that:

We have reviewed the Unaudited Financial Results for the quarter & half year both ended on 30th September, 2018 and that to the best of our knowledge and belief the said financial results do not contain any false or misleading statement or figures and do not omit any material fact or contain statements that might be misleading.

in Panech N. Parikh

Chairman & Managing Director

je Bhayani

Jayesh C. Bhayani Chief Financial Officer

Place: Ahmedabad Date: 03.11.2018

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