Envair Electrodyne Ltd. — Interim / Quarterly Report 2022

Nov 13, 2021

13.11.2021

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To,

The Stock Exchange, Mumbai Phiroze Jeejeebhoy Towers 25th Floor, Dalal Street MUMBAI 400 001

Security Code No. : 500246

Sub : Outcome of Board Meeting held on 13[th] November, 2021

Dear Sir/Madam,

In terms of the provisions of Regulation 30 (read with Part A of Schedule III) of Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulation 2015, We wish to inform you that the Board of Directors in the meeting held today 13[th] November, 2021 has considered and approved the unaudited standalone financial results for the quarter ended on 30th September, 2021:

Pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulation 2015, We enclose the following:

1. To unaudited standalone Financial Results for the quarter ended 30th September, 2021 and

2. Limited review reports on standalone unaudited Financial Results for the quarter ended 30th September, 2021.

The meeting of Board of Directors commenced at 11.30 A.M. and concluded at 01:00 PM

We request you to take the above information for your records.

Thanking You,

Your Faithfully,

FOR ENVAIR ELECTRODYNE LTD

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ABHIMANYU COMPANY SECRETARY & COMPLIANCE OFFICER

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C.V.Chitale & Co.

Chartered Accountants

Limited Review Report on Unaudited Quarterly and Year to Date Financial Results of ENVAIR ELECTRODYNE LIMITED pursuant to the Regulation 33 of the SEBI (Listing Obligations and DisclosureRequirements) Regulations, 2015, as amended.

The Board of Directors,

Envair Electrodyne Limited

We have reviewed the accompanying statement of unauditedfinancial results (the "statement") of EnvairElectrodyne Limited (the "Company") for the quarter ended and year to date results for the period from 1[st] April 2021 to 30[th] September, 2021 being prepared and submitted by the Company pursuant to requirements ofRegulation 33 of the SEBI (LODR) Regulations, 2015 as amended (the ‘Listing Regulations’).

This statement is the responsibility of the Company's Management and has been approved by the Board of Directors. Our responsibility is to issue a report on this financial statement based on our review.

We conducted our review in accordance with the Standard on Review Engagement (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditors of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the financial statements are free of material misstatement. A review is primarily limited to inquiries of company personnel and analytical procedure 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 audit opinion.

Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying statement of unaudited financial results prepared in accordance with applicable accounting standards (Ind AS) prescribed under section 133 of the Companies Act, 2013 read with relevant rules issued there under and other recognized accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Circular No. CIR/CFD/FAC/32/2016 dated

5[th] July 2016, including the manner in which it is to be disclosed, or that it contains any material mis-statement except -

• a) the balances and accounts of parties under trade receivables and trade payables, liabilities, loans and advances are subject to confirmation and reconciliation thereon where impact of the same on financial results have not been ascertained.

• b) Based on the representations of management, preparation and presentation of financial results for the period on the assumption that the Company is a going concern is appropriate.

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Place: Pune

Date: November 13, 2021

For C.V.CHITALE &CO. Chartered Accountants FRN: 126338W Abhay A. Avachat Partner Membership No. 112265 UDIN : 21112265AAAAQN8663

ENVAIR ELECTRODYNE LIMITED

Registered office: 117 General Block, M I D C, Bhosari, Pune 411026. CIN: 129307MH1981P1C023810

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Statement of Unaudited Financial Results for the Quarter and Half Year Ended 30th September, 2021
(Rs. In Lakhs)
Quarter ended 30th Quarter ended Quarter ended YTD upto 30th YTD upto 30th Previous Year
Sr.
Particulars September, 2021 30th June, 2021 30th September, September, 2021 September, 2020 ended 31st March,
No.
(Unaudited) (Unaudited) 2020 (Unaudited) (Unaudited) (Unaudited) 2021 (Audited)
1 Income
(a) Revenue from Operations - 0.35 48.26 0.35 52.03 79.09
(b) Other Income 4.61 2.02 3.54 6.63 5.28 8.04
Total Income 4.61 2.37 51.81 6.97 57.32 87.13
2 Expenses
(a) Cost of Materials Consumed - 0.24 32.77 0.24 33.37 46.92
(b) Purchase of Sock in Trade - - - - - 1.12
(c) Changes in Inventory of Finished Goods , WIP & Stock in - - 1.43 - 2.85 7.14
Trade
(d) Excise Duty on Sales of goods - - - - - -
(a) Employees Benefit Expenses 1.99 2.52 24.10 4.51 39.96 88.47
(b) Finance Costs 1.14 1.26 1.05 2.40 2.18 4.61
(c) Depreciation and Amortisation Expenses 2.41 3.99 2.68 6.40 5.30 10.21
(f ) Other Expenses 4.02 3.04 12.46 7.07 21.31 67.11
Total Expenses 9.56 11.06 74.49 20.62 104.97 225.58
3 Loss from ordinary activities before Exceptional items (1- (4.95) (8.69) (22.68) (13.65) (47.65) (138.45)
2)
4 Exceptional items - - - - - -
5 Loss Before Tax (4.95) (8.69) (22.68) (13.65) (47.65) (138.45)
6 Tax Expense
Current Tax - - - - - -
Prior Period Tax Expenses - - - - - -
Prior Period MAT Credit - - - - - -
Deferred tax - - - - - -
Total tax expenses - - - - - -
7 Net Profit /(Loss) for the period (4.95) (8.69) (22.68) (13.65) (47.65) (138.45)
8 Prior Period Item - - - - - (22.19)
9 Other Comprehensive Income (Net of Taxes)
(a) i. Items that will not be reclassified to profit or loss - - - - - -
ii. Income tax relating to items that will not be - - - - - 3.35
reclassified to profit or loss
(b) i. item that wil be reclassified to profit or loss - - - - - -
ii. lncome tax relating to items that will be reclassified to profit or loss - - - - - -
Total other Comprehensive Income (net of taxes) - - - - - 3.35
10 Total Comprehensive Income for the period (4.95) (8.69) (22.68) (13.65) (47.65) (157.28)
11 Paid-up Equity Share Capital (Face Value of Rs. 10/-
each) 464.00 464.00 464.00 464.00 464.00 464.00
12 Earnings per equity share
(i) Basic earnings (loss) per share (0.16) (0.19) (0.72) (0.43) (1.52) (3.39)
(ii) Diluted earnings (loss) per share (0.16) (0.19) (0.72) (0.43) (1.52) (3.39)
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	PARTICULARS As at 30th Sept, 2021 (Unaudited) As at 31st March, 2021 (Audited) ASSETS Non- Current Assets (a) Property, Plant and Equipments 88.75 90.96 (b) Capital Work -in -Progress 7.91 7.91 (c) Other Intengible Assets 3.10 4.26 (d)Financial Assets - - (e) Investments - - (f ) Non Current Tax Assets 18.73 18.73 Sub Total - Non- Current Assets 118.50 121.86 Current Assets Inventories 60.61 60.85 (ii) Trade receivables 55.83 68.04 (iii) Cash and cash equivalents 2.90 9.07 x<br>(iv) Bank balances other than (iii) above<br>274.01<br>270.34<br>Other current assets<br>198.55<br>176.05<br>Sub- total - Current Assets<br>591.90<br>584.36<br>**TOTAL ASSETS**<br>**710.39**<br>**706.21**<br>EQUITY AND LIABILITIES<br>Equity<br>(a) Equity Share Capital<br>464.00<br>464.00<br>(b) Other Equity<br>(153.08)<br>(139.44)<br>**Sub Total - Shareholders fund 310.92 324.56 LIABILITIES Non Current Liabilities Financial Liabilities (i) Unsecured Loans 225.39 201.89 (ii) Provisions 1.50 1.00 Sub Total - Non- Curret Liabilities 226.88 202.88 Current Liabilities (a) Financial Liabilities Borrowings 49.20 46.62 Trade Payable 56.01 53.54 Other Current Financial Liabilities 21.28 19.91 (b ) Other Current Liabilities 32.32 44.91 (c)Provisions 13.79 13.79 (d)Current Tax Liablities (Net) - - Sub Total - Non- Curret Liabilities 172.59 178.76 TOTAL- LIABILITIES 399.48 381.65 TOTAL EQUITY AND LIABILITIES 710.39 706.21 Statement of Assets and Liabilities (Rs. In Lakhs)**
A I II (a) (c)
B I II (a) (b)

Notes:

• 1 The above unaudited financial results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 13th November 2021. The Statutory Auditors of the Company have carried out a Limited Review of the aforesaid results.

• 2 The Company operates in a single reportable segment namely "industrial machinery".

• 3 The Company has utilised Rs. 3,59,04,134/- till 30th September, 2021 out of Rs.3,60,00,000 against fund raised in March 2021 through preferencial issue. Previous period / year figures have been recast / re-grouped / re-classified wherever necessary, to conform to current period's classification in order to

• 4 comply with the requirements of the amended Schedule III to the Companies Act, 2013 effective April 01,2021. 5 These financial results have been prepared in accordance with the recognition and measurement principles of Indian Accountlng Standards Prescribed under section 133 of the Companies Act, 2013, read with relevant rules issued thereunder and other accounting principles generally accepted in lndia.

• 6 The lnd AS compliant figures for the corresponding quarter of the previous year have not been subjected to a limited review or audit. However, the management has exercised necessary due deligence to ensure that such financial results provide a true and fair view.

• The outbreak of COVID-19 pandemic is unambiguously the worst health economic crisis in last 100 years during peace time with unprecedented negative consequences for output, jobs and well being. lt has dented the existing world order, global value chains, labour and capital movements across globe and needless to say, the socio-

• 7 economic conditions of large section of world population. The Company continues to monitor impact of Covid-19 on its business accross the nation, on its customers, vendors, employees, its supply chain, logistics,etc. The Company has execised due care in significant accounting judgements and estimates in relation to recoverability of its receivales, investments and inventories, based on the information avaiable to date both internal and external , while preparing the Company's financial results for the current period.

• Due to covid-19 lockdown till last quarter in the country, the Company is seeing very less industrial project inquiries are coming up. The revenue has receded over a period. The Company has incurred losses in current period and in preceding year as well. Reasons for the losses and performance have been identified and analysed. In

• 8 this background, the management is taking strategic decisions and steps to address issues of continued functioning of the Company such as introduction of certain new products in the existing line in this year, considering Contract manufacturing, widening customer base, quality, customer services, etc. The management, in this background, is of the view that it will be able to perform and operate above breakeven point in a foreseeable future. In view of this, preparation and presentation of financial results for the period on the assumption that the Company is a going concern is appropriate.

• 9 The balances of accounts and parties under trade receivable, trade payable, liabilities and loans and advances are subject to confirmation and reconciliation thereon. Financial impact of the same on financial results is not ascertained.

ON BEHALF OF BOARD OF DIRECTORS FOR ENVAIR ELECTRODYNE LIMITED

Place: Pune Date : November 13th, 2021

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ENVAIR ELECTRODYNE LIMITED

Unaudited Cash flow statement for the six months ended on 30th September, 2021

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(Rs. In Lakhs)
Particulars 30th Sep, 2021 30th Sep, 2020
A) CASH FLOW FROM OPERATING ACTIVITIES:
Profit Before Tax (13.65) (47.65)
Adjustments to reconcile profit before tax to net cash flows
OCI - -
Depreciation and amortisation 6.40 5.30
Interest and finance charges 2.40 2.18
-
Irrecoverable balances and sundry balances written off (3.04)
Bad debts written off - -
Profit on sale of assets - -
Interest income (6.63) (3.55)
Provision no longer required write back
Cash from operating activities before working capital changes (14.52) (43.72)
Adjustments for:
Increase / (Decrease) in Long Term Provisions 0.50 (2.02)
Increase / Decrease in Trade Payables 2.47 0.32
Increase / Decrease in Other Current Liabilities (12.60) (10.43)
Increase / Decrease in Other Financial Liabilities 1.37 17.60
-
Increase / Decrease in Short term provisions (1.82)
Increase / Decrease in Inventories 0.24 (5.62)
Increase / Decrease in Trade Receivables 12.22 35.83
Increase / Decrease in Loans and Advances - -
Increase / Decrease in Other Financial Assets (22.50) (61.54)
Increase / Decrease in Other Current Assets - -
Increase / Decrease in Other Current Liabilities Tax - -
Cash Generated from Operations (18.30) (27.68)
Adjustment for:
Less :- Taxes Paid - -
Add: Prior Period MAT Credit
Net Cash Flow from Operating Activities (A) (32.82) (71.40)
B) CASH FLOW FROM INVESTING ACTIVITIES:
Purchase of Fixed Assets - -
Proceeds from sale of assets - -
Increase in Bank balances other than Cash and Cash Equivalents (3.67) (3.54)
Interest income 6.63 3.55
Net Cash Flow From Investing Activities (B) 2.96 0.01
c) CASH FLOW FROM FINANCING ACTIVITIES:
Availment/ (repayment) of Short Term Borrowings 2.58 2.28
Interest paid (2.40) (2.18)
Loan Received From Ditrectors 23.50 -
- -
Money received against share warrants/Share Capital
Net Cash Flow From Financing Activities (C ) 23.68 0.10
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS
(A+B+C): (6.18) (71.29)
CASH AND CASH EQUIVALENTS:
AS AT THE BEGINNING
Cash and cash equivalents 9.08 362.13
AS AT THE END
2.90 290.84
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS: (6.18) (71.29)
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ON BEHALF OF BOARD OF DIRECTORS FOR ENVAIR ELECTRODYNE LIMITED

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Place: Pune Date : November 13th, 2021