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Hind Rectifiers Ltd. Audit Report / Information 2021
62363_rns_2021-06-10_81ea1689-9b70-43cb-ace9-f571e99b8837.pdf
Audit Report / Information
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Address: Lake Road, Bhandup (W), Mumbai - 400078. : Tel. : +91-22-25696789 Fax : +91-22-25964114 Email : [email protected] / [email protected] CIN : L28900MH1958PLC011077
7 , Ref. No. HIRECT/SEC/2021-22/14 10 June 2021
Rotunda Building, Limited
BSE Limited National Stock Exchange of India Phiroz Jeejeebhoy Towers, "Exchange Plaza" 5" Floor, C-1, Block Dalal Street, Mumbai 'G' Bandra Kurla Complex, 400 001 Maharashtra ~ Bandra (East) Mumbai 400 051
Security Code No. 504036/HIRECT Type of Security: Equity
Sub: Outcomes of the Board Meeting dated 10* June 2021
Dear Sir/Madam,
- We enclosed herewith statement:'of Audited Financial Results for the quarter and year ended 31st March 2021 which has been approved by the Board of Directors of the Company under Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, at their meeting held on Thursday, 10" June 2021.
The Audit Report by the Statutory Auditors of the Company on the aforesaid results is also enclosed for your reference and record.
- We wish to inform you that the Board at their meeting held on 10 June 2021 has recommended a final dividend @ 20% being Rs..0.40 per equity share (of | face value of Rs. 2/- each) for the year ended 31st March 2021 out of the profit of the Company, subject to the approval of members in Annual General Meeting (AGM). The Dividend, if approved by the members at the AGM, will be paid/dispatched after the AGM. and within 30 days of its declaration, subject to there being no lockdown restrictions
The 634 Annual general Meeting will be held on 12 August, 2021.
- Pursuant to Regulation 30 of the SEBI Listing Regulations, 2015, we would like to inform that the Board of Directors at their meeting held today, have approved the incorporation of two subsidiaries of the company.
The incorporation of the first wholly owned subsidiary with an objective to leverage the growth opportunities in the service activities and will help the Company in becoming more customer-focused.
The incorporation of the second subsidiary with an objective to leverage the growth opportunities in the E-commerce place for B to B as well for B to C business.
We shall furnish necessary details upon occurrence of event i.e. formation of » new company as required under SEBI (LODR) Regulations, 2015 read with SEBI Circular No. CIR/CFD/CMD/4/2015 dated September 9, 2015 accordingly.
We request you to take the above on records.
Thanking you,
Yours Faithfully,
For Hind Rectifiers Limited Meenakshi Anchlia ' MEENAKSH I ANCHLIA Digitally signed by MEENAKSHI ANCHLIA DN: c=IN, o=Personal, postalCode=311001, st=Rajasthan, 2.5.4.20=e730281436e01058aebc02a72c4965c47f07 af5e7fa6eb9717c91e446d2554f5, serialNumber=fd049ba8df1613d925a2968d34c9001 3fa51c975fa02fe06ea599dfdd479b3f6, cn=MEENAKSHI ANCHLIA Date: 2021.06.10 17:27:10 +05'30'
(Company Secretary & Compliance Officer)
° ° 10, Shriniket Apts, 23, Bajaj Road Ravi A. Shah & Associates Vile Parle West, Mumbai — 400056 Chartered Accountants +91 22 2613 5613 ; +91 98190 63558
INDEPENDENT AUDITOR'S REPORT ON AUDIT OF ANNUAL STANDALONE FINANCIAL RESULTS AND REVIEW OF QUARTERLY FINANCIAL RESULTS
TO BOARD OF DIRECTORS OF HIND RECTIFIERS LIMITED
Opinion and Conclusion
We have audited the Standalone Financial Results for the year ended March 31, 2021 and reviewed the Standalone Financial Results for the quarter ended March 31, 2021(refer 'Other Matters' section below) which were subject to limited review by us, both included in the accompanying "Statement of Standalone Financial Results for the Quarter and Year Ended March 31, 2021" of HIND RECTIFIERS LIMITED ("the company") ("the statement") being submitted by the company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended ("the Listing Regulations").
(a) Opinion on Annual Financial Results
In our opinion and to the best of our information and according to the explanations given to us, the Standalone Financial Result for the year ended March 31, 2021:
- (i) is presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended; and
- (ii) give a true and fair view in conformity with the recognition and measurement principles laid down in the Indian Accounting Standards and other accounting principles generally accepted in India of the net profit and total comprehensive income and other financial information of the company for the year then ended
(b) Conclusion on Unaudited Standalone Financial Results for the quarter ended March 31, 2021
With respect to the Standalone Financial Results for the quarter ended March 31, 2021, based on our review conducted as stated in paragraph (b) of Auditor's Responsibilitiessection below, nothinghas come to our attention that causes us to believe that theStandalone Financial Results for the quarter ended March 31, 2021, prepared inaccordance with the recognition and measurement principles laid down in the IndianAccounting Standards and other accounting principles generally accepted in India, has notdisclosed the information required to be disclosed in terms of Regulation 33 of the SEB|(Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended,including the manner in which it is to be disclosed, or that it contains any materialmisstatement.
Basis for Opinion
We have conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Act. Our responsibilities under those standards are further described in paragraph (a) of Auditor's Responsibilities section below. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ('ICAI') together with the ethical requirements that the relevant to our audit of the standalone financial statements under the provisions of the Act and the rules there under and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the Standalone Financial Statements.
Management's Responsibilities for the Statement
This Statement which includes the Standalone Financial Results is the responsibility of the Company's Board of Directors and has been approved by them for the issuance. The Standalone Financial Results for the year ended March 31, 2021 has been compiled from the related audited standalone financial statements. This responsibility includes the preparation and presentation of the Standalone Financial Results for the quarter and year ended March 31, 2021 that give a true and fair view of the net profit and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Standalone Financial Results that give a true and fair view and is free from material misstatement, whether due to fraud or error.
In preparing the Standalone Financial Results, the Board of Directors are responsible for assessing the Company's ability, to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors are also responsible for overseeing the financial reporting process of the Company.
Auditor's Responsibilities
(a) Audit of the Standalone Financial Results for the year ended March 31, 2021
Our objectives are to obtain reasonable assurance about whether the Standalone Financial Results for the year ended March 31, 2021 as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this Standalone Financial Results.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
- e Identify and assess the risks of material misstatement of the Annual Standalone Financial Results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- e Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.
- e Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors.
- e Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors in terms of the requirements specified under Regulation 33 of the Listing Regulations.
- e Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Company to
continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
- e Evaluate the overall presentation, structure and content of the Annual Standalone Financial Results, including the disclosures, and whether the Annual Standalone Financial Results represent the underlying transactions and events in a manner that achieves fair presentation.
- e Obtain sufficient appropriate audit evidence regarding the Annual Standalone Financial Results of the Company to express an opinion on the Annual Standalone Financial Results.
Materiality is the magnitude of misstatements in the Annual Standalone Financial Results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Annual Standalone Financial Results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Annual Standalone Financial Results.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
(b) Review of the Standalone Financial Results for the quarter ended March 31, 2021.
We conducted our review of the Standalone Financial Results for the quarter ended March 31, 2021, in accordance with the Standard on Review Engagements ("SRE") 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity', issued by the ICAI. A review of interim financial information consists of making inquiries, primarily of the Company's personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with SAs specified under section 143(10) of the Act and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Other Matters
- e Due to the COVID-19 related lockdown, we were not able to physically observe the Management's year-end physical verification of inventory, as was planned for certain locations. Consequently, we have performed alternate procedures to audit the existence and condition of inventory as per the guidance provided in SA 501 "Audit Evidence - Specific Considerations for Selected Items", which includes inspection of supporting documentation relating to purchases, production, stock transfer, sales, results of cyclical count performed by the Management through the year and such other third party evidences where applicable, and have obtained sufficient appropriate audit evidence to issue our unmodified opinion on these Standalone Financial results. Our report is not modified in respect of this matter.
- e As stated in Note 10 of the Statement, the figures for the corresponding quarter ended March 31, 2020 are the balancing figures between the annual audited figures for the year then ended and the published year to date figures up to the third quarter of the previous financial year. We have not issued a separate limited review report on the results and figures for the quarter ended March 31, 2020. Our report on the Statement is not modified in respect of this matter.
- e The Statement includes the results for the Quarter ended March 31, 2021, being the balancing figure between audited figures in respect of the full financial year and the published year to date
figures up to the third quarter of the current financial year which were subject to limited review by us. Our report on the Statement is not modified in respect of this matter
UDIN: 21116667AAAAIJ8587 for RAVI A. SHAH & ASSOCIATES Chartered Accountants Firm Regn.No. 125079W Ravi Ashok Shah Digitally signed by Ravi Ashok Shah DN: c=IN, o=Personal, postalCode=400056, st=Maharashtra, 2.5.4.20=a1685b203fc82dff3daf516df14ef7acb2ec9acbb818 a8652ebc7bd31ab36ef0, pseudonym=752CCACC6EC9AB54E73BCC8FCB2C3268FE76 86CB, serialNumber=970571E078D21C231E4B05341AACCE7D90B 68AF735C0AB21EC398C6B111E464F, cn=Ravi Ashok Shah Date: 2021.06.10 17:37:34 +05'30'
Ravi A. Shah, Proprietor Membership No. 116667 Mumbai, June 10,2021
STATEMENT OF AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2021
| Address | : Lake Road, Bhandup (W), Mumbai - 400078. | |||||
|---|---|---|---|---|---|---|
| Tel. |
: +91-22-25696789 : [email protected] / [email protected] |
Fax : +91-22-25964114 | ||||
| HIND RECTIFIERS LIMITED | CIN : Website |
L28900MH1958PLC011077 : www.hirect.com |
||||
| STATEMENT OF AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2021 | ||||||
| Sr. No | Particulars | For the Quarter ended on | For the Year ended on | (Rs. in Lakhs) | ||
| 31.03.21 | ||||||
| (Audited) | 31.12.20 (Unaudited) |
31.03.20 - (Audited) |
31.03.21 (Audited) |
31.03.20 (Audited) |
||
| 1 | Income a___ Revenue from operations |
7,556.86 | 8,099.88 | 7,788.67 | 30,509.71. | 29,962.05 |
| b | {Other income Total income |
9.76 | 3.73 | 23.46 | 35.74 | 48.16 |
| 2 | Expenses | 7,566.62 | 8,103.61 | 7,812.13 | 30,545.45 | 30,010.21 |
| b | a__- Cost of materials consumed {Purchases of stock-in-trade |
6,245.93 | 7,132.98 | 6,071.34 | 22,897.48 | 22,175.21 |
| c | Changes in inventories of finished | - (369.21) |
- (799.52) |
- (301.31) |
- 668.67 |
- (1,240.68) |
| goods, work-in-progress and stock-in trade |
||||||
| d | Employee benefit expénse | 823.30 | 848.88 | 817.03 | 3,274.07 | 2,980.15 |
| e f |
{Finance costs Depreciation and amortisation expense |
209.72 104.79 |
226.26 95.75 |
194.46 114.13 |
871.54 382.50 |
731.63 407.26 |
| g | {Other Expenses | |||||
| : | Total expenses | - 439.04 7,453.57 |
432.07 7,936.42 |
623.29 7,518.94 |
1,714.92 29,809.18 |
2,332.57 27,386.14 |
| 3 | Profit/(Loss) before exceptional items and tax |
113.05 | 167.19 | 293.19 _ |
736.27 | 2,624.07 |
| 4 | _ Exceptional items | - | - | - | - | : - |
| 5 6 |
Profit/(Loss) before tax Tax expense |
113.05 | 167.19 | 293.19 | 736.27 | 2,624.07 |
| a | Current tax b__ Deferred tax |
31.27 | (44.68) | 81.14 | 170.17 | 634.45 |
| 7 | _- Net Profit/ (Loss) after tax | (3'57) 85.35 - |
86.73 125.14 |
5.13 206.92 |
32.96 533.14 |
141.71 1,847.91 |
| 8 | {Other comprehensive income/(loss) | |||||
| Items that will not be reclassified to | ||||||
| profit and loss in subsequent period (i) Actuarial Gains/(Loss) on post- |
10.82 | (2.18) | (31.09) | 17.56 | (25.05) | |
| employment defined benefit plan (ii)Tax on Above |
||||||
| 9 | Total Comprehensive income for | (2.93) 93.24 |
0.64 123.60 |
9.05 184.88 |
(4.89) 545.81 |
7.29 1,830.15 |
| period 10__ Details of equity share capital |
i | ~ | ||||
| Paid-up equity share capital of Rs. 2 | 331.27 | 331.27 | 331.27 | 331.27 | 331.27 ~ |
|
| 11 | each ; Reserves excluding revaluation |
, | / | |||
| reserve | 9,645.85 | 9,232.55 | ||||
| '12 | {Earnings per equity share Basic & Diluted |
0.52 | 0.75 | 1.23 | 3.22 | 11.16 |
BALANCE SHEET AS AT 31st Mar 2021
| BALANCE SHEET AS AT 31st Mar 2021 | |||
|---|---|---|---|
| (Rs. In lakhs) | |||
| Sr. No Particulars | As at | As at | |
| 31st Mar 2021 | 31st Mar 2020 | ||
| I. | ASSETS | (Audited) | (Audited) |
| 1 | ' Non Current Assets _ |
||
| a. | Property, Plant and Equipment | 3,561.60 | 2,839.00 |
| b. | Capital Work in Progress | 869.36 | 912.34 |
| c. | {Intangible Assets | 499.54 | 464.76 |
| d. | {Intangible Assets under Development | 1,115.76 | 885.17 |
| e. | Financial Assets | ||
| i. Investments ii. Loans |
10.25 : |
610.00 | |
| iii. Others | 5.35 | 3.55 | |
| Deferred tax Assets (net) | 102.44 387.58 |
228.08 | |
| Other Non Current Assets | 81.37 | 468.95 141.59 |
|
| 6,633.25 | 6,553.44 | ||
| 2 | Current Assets | ||
| a. | [Inventories | 6,853.97 | j 6,926.99 |
| b. | Financial Assets | ||
| ii. Trade Receivables | 8,774.37 | 8,104.47 | |
| iii. Cash and Cash equivalents | 12.27 | 148.92 | |
| iv. Other Bank Balances v. Loans |
150.16 | 154.09 | |
| vii. Other Financial Assets | 0.65 | 1.49 | |
| c. | Current Tax Assets (Net) | 814.17 34,38 |
1,253.69 |
| d. | _/Other current Assets | 768.73 | 5,23 1,046.73 |
| 17,408.70 | 17,641.61 | ||
| 3 | ' Assets held for Sale | 57.84 | 57.84 |
| TOTAL ASSETS | |||
| 24,099.79 | 24,252.89 | ||
| II. | JEQUITY AND LIABILITIES | r | |
| 1 | Equity | ||
| a. | Equity Share Capital | 331.27 | 331.27 |
| b. | Other Equity | 9,645.85 | 9,232.55 |
| 9,977.12 | 9,563.82 | ||
| 2 | Liabilities | : | |
| Non Current Liabilities Financial Liabilities |
|||
| a. | i. Borrowings | 1,125.18 | |
| ii, Other Financial Liabilities | 18.25 | 1,509.44 18.25 |
|
| b. | Provisions | 532.00 | 418.64 |
| 1,675.43 | 1,946.33 | ||
| Current Liabilities | |||
| a. | Financial Liabilities | ||
| _ i. Borrowings | 6,579.52 | . 6,938.12 | |
| ii. Trade Payables | |||
| a. total outstanding dues of micro and small enterprises | 173.27 | 212.78 | |
| b. total outstanding dues of creditors other than micro and | |||
| small enterprises | 4,015.86 | 3,733.94 | |
| iii, Other Financial Liabilities | 1,242.94 | 1,264.48 | |
| b. | [Other Current Liabilities | 239.68 : |
278.37 |
| c. | Provisions Current Tax Liabilities |
195.97 7 |
284.18 |
| d. | - 12,447.24 |
30.87 12,742.74 |
|
| TOTAL EQUITY AND LIABILITIES | 24,099.79 | 24,252.89 | |
| Corporate Information & Significant Accounting Policies |
STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31ST MARCH 2021
| Tel. | Address : +91-22-25696789 |
: Lake Road, Bhandup (W), Mumbai - 400078. Fax : +91-22-25964114 : [email protected] / [email protected] |
|---|---|---|
| CIN HIND RECTIFIERS LIMITED |
L28900MH1958PLC011077 : : www.hirect.com Website |
|
| STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31ST MARCH 2021 | (Rs. in lakhs) | |
| Particulars | Year ended 31st March, 2021 (Audited) |
Year ended 31st March, 2020 (Audited) |
| CASH FLOW FROM OPERATING ACTIVITIES | ||
| Net Profit/(Loss) Before Exceptional Item Add: Exceptional Items |
736.27 - |
2,624.07 = |
| Net Profit/(Loss) After Exceptional Item Adjusted for |
736.27 | 2,624.07 |
| Depreciation & Amortization Expense _ Investment Income |
382.50 (19.39) |
407.26 (26.27) |
| Interest Charged | 871.54 | 731.63 |
| Operating Profit before Working Capital Changes Changes in , |
1,970.92 | 3,736.69 |
| 'Trade & Other Receivables Inventories |
229.73 73.01 |
(2,787.92) (1,512.12) |
| Trade & Other Payables ' 2 |
225.11 527.85 |
1,411.76 (2,888.28) |
| Cash Generated from Operations | 2,498.77 | 848.41 |
| Direct Taxes Paid Net Cash from Operating Activities |
(186.67) | (404.74) |
| CASH FLOW FROM INVESTING ACTIVITIES | 2,312.10 | 443.67 |
| Purchase of Property, Plant and Equipment, Capital Work in Progress, Intangible Assets and Intangible Assets under |
\ | |
| development | (1,328.48) | (1,506.91) |
| Proceeds from disposal of Property, Plant and Equipment ~ Proceeds of Non Current Investments |
0.77 600.00 |
3.29 - |
| Purchases of Non Current Investments Dividend paid |
- (132.51) |
(600.00) (79.86) |
| Interest Received Dividend Received |
22.17 | 20.64 |
| Net-Cash used in Investing Activities | - (838.05) |
1.25 (2,161.59) |
| CASH FLOW FROM FINANCING ACTIVITIES | ||
| Proceeds from Borrowings Interest Paid |
(742.86) (871.77) |
2,582.42 |
| Net Cash used in Financing Activities | (1,614.63) | (731.63) 1,850.79 |
| Net Changes in Cash & Cash Equivalents (A+B+C) | (140.58)} | 132.87 |
| Cash & Cash Equivalents - Opening Balance Cash & Cash Equivalents - Closing Balance |
303.01 | 170.14 |
| ' 162.43 |
303.01 |
Notes:
1) The above results of the Company, which have been subjected to an audit by the Statutory Auditors of the Company, have been reviewed by the Audit Committee and taken on record by the Board of Directors at their respective meetings held on 10th June, 2021. There are no qualifications in the audit report issued for the year ended 31st March, 2021.
2) The above results, published in accordance with Regulation 33 of the.SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, have been prepared in accordance with Indian Accounting Standards (IND AS) notified under section 133 of the Companies Act, 2013 read with relevant rules thereunder and other accounting principles generally accepted in India along with guidelines issued by the Securities and Exchange Board of India (SEBI).
3) The Company's operations were impacted in the early part of the current financial year due to shutdown of its plants following the lockdown imposed by the Government of India during the first wave of COVID 19 Pandemic. The Company's plants have since resumed operations, taking all due care for the health and safety of its employees and adopting work from home policy wherever possible.
The Company has evaluated the impact of this pandemic on its business operations, financial position and based on its review, there is no significant impact on the company's assets, capital and financial resources, liquidity and supply chain for the year ended 31st March, 2021. Demand for its product was marginally affected during the year ended 31st March 2021 however it was temporary.
The impact assessment of COVID 19 is a continuous process, given the uncertainties associated with its nature and duration. The financial implications are contingent on the various business parameters which may emerge from time to time and the Company will continue to closely monitor any material changes from those estimated as on the date of adoption of these financial results.
4) In view of the MAT Credit available, the Company has not exercised the non revisable option permitted under section 115BAA of the Income Tax : Act, 1961 as introduced by the Taxation Law (Amendment) Ordinance, 2019
5) The Company operates in a single segment as per Indian Accounting Standard (Ind AS) 108.
6) During the year ended 31st Mar, 2021, the company has not grantel any stock options.
7) The Board of Directors have recommended a dividend of Rs. 0.40 Per equity share of Rs. 2/- each (Previous year Rs. 0.80 Per equity share of Rs. 2/- each). The same is subject to the approval of members of the company in the AGM to be held on 12th August, 2021.
. 8) The figures for the quarters ended 31 March 2021 and 31 March 2020 are the balancing figures between the audited figures in respect of the full 'financial years and the published year to date figures up to the third quarter of the respective financial years.
9) Previous year's figures have been reclassified and regrouped wherever necessary.
'FOR HIND RECTIFIERS LIMITED
Saurabh Nevatia Digitally signed by Suramya Saurabh Nevatia DN: c=IN, o=Personal, title=3660, pseudonym=c9337ee07944fef41d732ed781 1932aad3de715818c951b963a4bbaae5c50d 04, postalCode=400030, st=Maharashtra, serialNumber=6d7447ab744644d76cdfb122f d1e12356fd20b001c206a251c22913587282f e3, cn=Suramya Saurabh Nevatia Date: 2021.06.10 17:27:58 +05'30'
Dated: 10th June, 2021 MANAGING DIRECTOR & CEO
Place : Mumbai ' SURAMYA NEVATIA
Address: Lake Road, Bhandup (W), Mumbai - 400078. ed Tel. : +91-22-25696789 Fax : +91-22-25964114 Email : [email protected] / [email protected]
10% June 2021
Rotunda Building, Limited Dalal Street, Mumbai '@' ; 400 001 Maharashtra . Bandra Kurla Complex,
BSE Limited National Stock Exchange of India Phiroz Jeejeebhoy Towers, "Exchange Plaza" 5 Floor, C-1, Block Bandra (East) Mumbai 400 051
Security Code No. 504036/HIRECT Type of Security: Equity
\ :
Sub: Declaration pursuant to Regulation 33(3)(d) of the SEBI LODR, 2015
Declaration
I, A. K. Nemani, Chief Financial Officer of Hind Rectifiers Limited, Registered Office at Lake Road, Bhandup West, Mumbai, 400078 Maharashtra, hereby declare that, the Statutory Auditor of the Company, M/s Ravi A. Shah & Associates (FRN-125079W) has issued an Audit Report with unmodified opinion on the annual Audited Financial Results of the Company (Standalone) for the year ended 31st March 2021. '
This declaration is given in compliance to Regulation 33(3)(d) of the SEBI LODR, 2015 as amended and SEBI Circular No. CIR/CFD/ CMD/56/2016 - dated 27 May, 2016.
Request you to kindly take this declaration on your records.
Thanking you,
Yours Faithfully,
For Hind Rectifiers Limited
Digitally signed by Anil Kumar Mathura Prasad Nemani DN: c=IN, o=Personal, title=6067, pseudonym=81e812a81ad34f73f65f9bc04fc837d7d01b465b88e6ba59 8b83a4ac23778f3f, postalCode=400610, st=Maharashtra, serialNumber=28b053ab7c2768701b24d753ddc40914e4c7c6c456192 e4284964c4c480da9fe, cn=Anil Kumar Mathura Prasad Nemani Date: 2021.06.10 17:30:14 +05'30'
Prasad Nemani
A. K. Nemani Chief Financial Officer Perfectly Engineered Power Conversion Systems Anil Kumar Mathura