Hind Rectifiers Ltd. — Interim / Quarterly Report 2019

Jun 4, 2019

HIND RECTIFIERS LIMITED

REGD. & H.O. LAKE ROAD. BHANDUP (W). MUMBAI - 400 078. ^o TEL.: +91 22 2569 6739 o FAX: +91 22 2596 4114 . www.hirac1.com ^o corporate@hiract.com ^I marketing@hlrect.com - cm: L28900MH1958PL0011077

4'" June, 2019

Corporate Listing Department The National Stock Exchange of India Ltd "Exchange Plaza" 5* Floor, C-'l, Block 'G' Bandra Kurla Complex Bandra (East) Mumbai 400 ⁰⁵¹

Security Code No. 504036/HIRECT Type of Security: Equity

Sub: Revised Financial Result as per Regulation ³³ of the SEBI Listing Regulations, 2015

Ref: Audited Financial Results for the quarter and year ended 31" March, ²⁰¹⁹

Dear Sir,

In reference to the intimation made by the Company on 183' May, 2019, after conclusion of the Board Meeting, regarding Audited Financial Results, we wish to intimate that due to inadvertent error, note no. eight (renumbered and newly inserted) was not part of results Therefore, we request you to kindly read the financial results along with this note.

The revised financial result is attached. We request you to kindly consider the above and take on record.

The Company has already informed this to the BSE Limited.

'4

Thanking you,

Yours faithfully, For HindRectiftsfifiiit ^d W _

Meenakshi Anchlia (Compliance Officer)

. . 10, Shriniket Apts, 23, Bajaj Road RaV' A- Shah 8'- Assouates Vile Parle West, Mumbai —400056 Chartered Accountants +91 ^{22 2613 5613} ; +91 ^{93190 63558}

rasassociates ng om

Independent Auditors Report on Audit of Interim Financial Results

To Board of Directors of Hind Rectifiers Limited

• 1. We have audited the quarterly financial results of HIND RECTIFIERS LIMITED ("the company") for the quarter ended 31" March, ²⁰¹⁹ and the year to date results for the period April 1, ²⁰¹⁸ to March 31, ²⁰¹⁹ ("the Statement") being submitted by the company pursuant to the requirement of Regulation ³³ of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. These quarterly financial results as well as the year to date financial results have been prepared on the basis of the interim financial statement and the related standalone financial statements, which are the responsibility of the company's management. Our responsibility is to express an opinion on these financial results based on our audit of standalone financial statements and standalone financial statements, which have been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 (Ind AS 34) for Interim Financial Reporting, prescribed, under Section ¹³³ of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India.
• 1. We conducted our audit in accordance with the Auditing Standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial results are free of material misstatement(s). An audit includes examining on test basis evidence supporting the amounts disclosed as financial results. An audit also includes assessing the accounting principles used and significant estimates made by management. We believe that our audit provides ^a reasonable basis for our opinion.
• 1. In our opinion and to the best of our information and according to the explanations given to us, these quarterly financial results as well as the yearto date results:
• (i] is presented in accordance with the requirements of Regulation 33 of the SEBI [Listing Obligations and Disclosure Requirements) Regulations, 2015 in this regard; and
• (ii) give ^a true and fair view of the net profit and other financial information for the quarter ended March 31. 2019 as well as the yearto date results for the period from April 1, 2018 to March 31, 2019.

for RAVI A. SHAH & ASSOCIATES Chartered Accountants 125079w

yRegnNo.

avi A. ^{S a} , Proprietor Vlembership No. 116667 Vlumbal, May 18, 2019

HIND RECTIFIERS LIMIT Ξ D

REGD. & H.O. LAKE ROAD, BHANDUP (W), MUMBAI - 400 078. • TEL.: +91 22 2569 6789 • FAX: +91 22 2596 4114 · www.hirect.com · corporate@hirect.com / marketing@hirect.com · CIN: L28900MH1958PLC011077

STATEMENT OF AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2019

Sr. No	Particulars	For the Quarter ended on			(Amount in Lakhs) For the Year ended on
		31.12.2018 31.03.2019		31.03.2018	31.03.2019	31.03.2018
		(Audited)	(Unaudited)	(Audited) *	(Audited)	(Audited)
$\mathbf{1}$	Income
$\mathbf{a}$	Revenue from operations	8,392.92	6,852.80	5,432.34	25,514.29	12,705.51
$\mathbf b$	Other income	42.05	6.27	19.70	61.55	42.88
	Total income	8,434.97	6,859.07	5,452.04	25,575.84	12,748.39
$\overline{2}$	Expenses
$\mathbf{a}$	Cost of materials consumed	6,427.12	5,306.32	4,060.28	19,299.73	8,993.52
$\mathbf b$	Purchases of stock-in-trade	۰		(6.92)		82.38
$\mathbf{c}$	Changes in inventories of finished goods, work-in-progress and stock-in- trade	(303.12)	(272.37)	(24.26)	(708.89)	(279.75)
d	Excise Duty/Service Tax	۰	$\overline{\phantom{a}}$			136.31
e	Employee benefit expense	560.84	596.19	492.29	2,231.14	1,828.17
f	Finance costs	186.83	185.30	155.53	700.24	529.74
g	Depreciation and amortisation expense	66.50	69.76	76.61	271.86	230.73
h	Other Expenses	835.14	531.41	308.75	2,161.90	1,025.53
	Total expenses	7,773.31	6,416.61	5,062.28	23,955.98	12,546.63
$\overline{3}$	Profit/(Loss) before exceptional items and tax	661.66	442.46	389.76	1,619.86	201.76
$\overline{4}$	Exceptional items	(2.54)	47.59		45.05
5	Profit/(Loss) before tax	659.12	490.05	389.76	1,664.91	201.76
6	Tax expense
a	Current tax	$\frac{1}{2}$	w	$\mathbf{H}$		$\blacksquare$
$\mathbf b$	Deferred tax	163.03	174.68	70.31	485.83	70.31
$\overline{\tau}$	Net Profit/ (Loss) after tax	496.09	315.37	319.45	1,179.08	131.45
8	Other comprehensive income/(loss)
	Items that will not be reclassified to profit and loss in subsequent period (i) Actuarial Gains/(Loss) on post- employment defined benefit plan	1.28	1.30	25.68	7.90	11.74
	(ii) Balance of Carrying value of loan converted to Equity Share Capital	۳	$\tilde{z}$	13.88	F
	(iii)Tax on Above	(0.46)	(0.36)	(3.27)	(2.30)	(3.27)
9	Total Comprehensive income for
	period	496.91	316.31	355.74	1,184.68	139.92
10	Details of equity share capital
	Paid-up equity share capital of Rs. 2 each	331.27	331.27	331.27	331.27	331.27
11	Reserves excluding revaluation reserve
12 1	Earnings per equity share
	Basic & Diluted	2,99	1.90	1.93	7.12	0.79 CTIFIERS

SEMICONDUCTORS RECTIFIERS NVERTERS CONVERTERS TRANSFORMERS ed Acco

$\sigma$

MUMBA!

ND RECTIFIERS L HII D

REGD. & H.O. LAKE ROAD, BHANDUP (W), MUMBAI - 400 078. • TEL.: +91 22 2569 6789 • FAX: +91 22 2596 4114
• www.hirect.com • corporate@hirect.com / marketing@hirect.com • CIN: L28900MH1958PLC011077

(Rs. In lakhs)
Sr. No	Particulars	As at 31st Mar 2019	As at 31st Mar 2018
L	ASSETS
ť	Non Current Assets
a.	Property, Plant and Equipment	2,150.07	2,212.96
b.	Capital Work in Progress	627.50	23.09
c.	Intangible Assets	470.41	518.94
d.	Intangible Assets under Development	756.93	400.56
e.	Financial Assets
	i. Investments	10.00	10.00
	ii. Loans	5.67	6.65
	iii. Others	402.38	307.00
f.	Deferred tax Assets (net)	685.16	1,058.29
g.	Other Non Current Assets	260.39	254.91
		5,368.51	4,792.40
$\overline{2}$	Current Assets Inventories	5,414.87	3,441.07
ä.	Financial Assets
b.	ii. Trade Receivables	6,325.73	5,538.54
	iii. Cash and cash equivalents	25.19	20.81
	iv. Other Bank balances	144.95	205.21
	v. Loans	0.83	2.83
	vii. Other Financial Assets	14.51	300.11
c.	Current Tax Assets (Net)	122.28	72.18
d.	Other current Assets	977.79	780.74
		13,026.15	10,361.49
3	Assets held for Sale	57.84	115.26
TOTAL ASSETS		18,452.50	15,269.15
П.	EQUITY AND LIABILITIES
1	Equity
a.	Equity Share Capital	331.27	331.27
b.	Other Equity	7,482.26	6,297.58
		7,813.53	6,628.85
$\overline{2}$	Liabilities
	Non Current Liabilities
ä.	Financial Liabilities
	i. Borrowings	1,674.20	1,003.25
	ii. Other Financial Liabilities	19.76	17.76
b.	Provisions	204.16	168.37
		1,898.12	1,189.38
	Current Liabilities
a.	Financial Liabilities i. Borrowings	4,190.94	3,809.97
	×. ii. Trade Payables
	a. total outstanding dues of micro and small
	enterprises	153.59	82.04
G	b. total outstanding dues of creditors other than micro-		š,
	and small enterprises	3,132.92	2,698.26
	iii. Other Financial Liabilities	806.54	534.73
b.	Other Current Liabilities	168.88	279.98
c.	Provisions	287.98	45.94 to.
	$H & A_S$	8,740.85	7,450.92
	TOTAL EQUITY AND LIABILITIES	18,452.50	15,269.15

25079W

Production SEMICONDUCTORS RECTIFIERS NIVERTERS CONVERTERS TRANSFORMERS

ANANBI

HIND RECTIFIERS LIMITED

REGD. & H.O. LAKE ROAD, BHANDUP (W), MUMBAI - ⁴⁰⁰ 018. . TEL.: +91 ^{22 2569 6789} . FAX: +91 22 2596 4114 . www.hlrect.cam . corporate®hlrectcom / marketing@hlrect.com . CIN: L23900MH1958PLCO11017

Not. :

1) The above results of the Company, which have been subjected to an audit by the statutory Auditors ot the Company, have been reviewed hy the Audit Committee and taken on record by the Enaid of Directors at their respective meetings held on 18th May, 21119. There are no quallficatians in the audit report issued tor the year ended 31st March, 2019.

2) The above results, published in accordance with Regulation ³³ afthe SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, have been prepared in accordance with Indian Accounting Standards (IND AS) notified under section 133 or the Companies Act, 1013 read with Rule ³ oi the Companies (indian Accounting Standard) Rules, 2015-, Companies (indian Accounting Standards) (Amendment) Rules, 2016 and guidelines issued oy the Securities and Exchange Board or india (SEBI) and other accounting principles generally accepted in india.

3) During the quarter and the year ended 31st March, 2019, the company has not granted any stock options.

A) Revenue from Operations for the quarter ended 31\$t March 2015, 315! December 2015, 315t March ²⁰¹³ and year ended ilst March ²⁰¹⁹ are net of Goods and Services Tax (GST), however sales for vear ended 315t March 2015 are grass of Excise Dutv 8t Service Tax, The Net Revenue from Operations (Net of SST/Excise Duty/Service Tax] as applicable are stated as below: (Rs. in lakhs)

	For the Quarter ended all			For Illl: Year ended all
'"'"'"h'" 1	31.03.2019 (Audited)	31.12.2013 (Unaudited)	31.03.2018 (Audited)	31.03.2019 (Audited)	31.03.2011; (Audited)
Net Revenue from OPEVINDIIS	8,392.92	6,852.80	5,432.34	25,5".29	12,569.20

s) ^M the revenue frum 'Components- segment was reduced to less than 10% in the year mud and continues to be less than ¹¹⁷ st in the current ilnancial year. hence the segmentwise results is not given.

6) Exceptional Items for the year ended 315! March 2015 include the following:

i) Profit on sale of Unit I| oi Dehradun Plant or Rs. 96.80 Lacs

ii) Loss on insurance claim of Rs. 51.75 lacs

7) The Board of Directors have recommended ^a dividend of Rs. 0.40 Per equity share drRs. 2/- each [Previous year Rs. Nil). The same is suoject to the approval of members ofthe company in the AGM to be held on 3th August, mm.

B) The figures for the quarter ended 31st March, 1019 and 315' March, 2018 are the balancing figures between the audited figures in respect of the full financial years and the published year to date figures unto the third quarter of the respective financial years.

9) Previous year's figures have been reclassified and regrouped wherever necessary.

FOR HIND RECI'IFIERS LIMITED

\ r '

S.K.NEVAT1A Dated: 18th May, 2019. \ / CHAIRMAN & MANAGING DIRECTOR

.

HIND RECTIFIERS LIMITED

REGD. & H.O. LAKE ROAD, BHANDUP (W), MUMBAI - 400 078. • TEL.: +91 22 2569 6789 · FAX: +91 22 2596 4114 . www.hirect.com . corporate@hirect.com / marketing@hirect.com . CIN: L28900MH1958PLC011077

Ref. No. HIRECT/SEC/2019-20/18

18th May, 2019

Corporate Relations Department BSE Ltd. 1st Floor, New Trading Ring Rotunda Building, Phiroz Jeejeebhoy Towers, Dalal Street, Mumbai 400 001

Corporate Listing Department The National Stock Exchange of India Ltd. "Exchange Plaza" 5th Floor, C-1, Block 'G' Bandra Kurla Complex 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 having its 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, 2019.

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 27th May, 2016.

Request you to kindly take this declaration on your records.

Thanking you,

Yours Faithfully,

For Hind Rectifiers Limited

A. K. Nemani Chief Financial Officer

. SEMICONDUCTORS . RECTIFIERS, INVERTERS, CONVERTERS, TRANSFORMERS