Hind Rectifiers Ltd. — Interim / Quarterly Report 2019

Jun 3, 2019

REGD. & H.O. LAKE ROAD, BHANDUP (W), MUMBAI - 400 078. ^o TEL.: +91 22 2569 6789 o FAX: +91 22 2596 4114 ^o www.hirect.com ^o corporate@hirect.com I marketing@hirect.com ^o CIN: L28900MH1958PLCO11077

3rd June, 2019

Corporate Relations Department BSE Ltd. 15't Floor, New Trading Ring Rotunda Building, Phiroz Jeejeebhoy Towers, Dalal Street, Mumbai 400 001

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 31st March, ²⁰¹⁹

Dear Sir,

In reference to the intimation made by the Company on 18th 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/ clarified this to the National Stock Exchange of India Limited.

Thanking you,

Yours faithfully, Fox Hind Recti M32231Li iteCdL

'Meenakshi Anchlia (Compliance Officer)

- - 10, Shriniket Apts, 23, Bajaj Road RaVl A' Shah & ASSOCIateS Vile Parle West, Mumbai—400056

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 315t 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 year to 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 rega rd; 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 year to date results for the period from April 1, 2018 to March 31,2019.

for RAVI A. SHAH & ASSOCIATES Chartered Accountants

filavi A. Sh'filfProprietor Vlembership No. 116667 umbai, May 18, 2019

REGD. & H.O. LAKE ROAD, BHANDUP (W), MUMBAI -⁴⁰⁰ 078. ^o TEL: +91 ^{22 2569 6789 o} FAX: +91 22 ^{2596 4114 o} www.hirect.com ^o corporate@hirect.com I marketing@hirect.com ⁰ cm: L28900MH1958PLC011077

STATEMENT OF AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 315T MARCH, 2019

					(Amount in Lakhs )
	Particulars	For the Quarter ended on			For the Year ended on
Sr. No		31.03.2019	31.12.2018	31.03.2018	31.03.2019	31.03.2018
		(Audited)	(Unaudited)	(Audited)"	(Audited)	(Audited)
1	Income
a	Revenue from operations	8,392.92	6,852.80	5,432.34	25,514.29	12,705.51
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
2	Expenses	=
a	Cost of materials consumed	6,427.12	5,306.32	4,060.28	19,299.73	8,993.52
b	Purchases of stock-in-trade	-	-	(6.92)	-	82.38
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	-	-	-	—	136.31
e	Employee benefit expense	560.84	596.19	492.29	2,231.14	1,828.17
1'	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
	Profit/(Loss) before exceptional items
3	and tax	661.66	442.46	389.76	1,619.86	201.76
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	-	-	-=	m	-
b	Deferred tax	163.03	174.68	70.31	485.83	70.31
7	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
	(1) Actuarial Gams/(Loss) on post- employment defined benefit plan	1.28	1.30	25.68	7.90	11.74
	value of loan (ii) Balance of Carrying	_	_	13 88 '	_	_
	converted to Equity Share Capital
	(iii)Tax on Above	(0.46)	(0.36)	(3.27)	(2.30)	(3.27)
9	income for Total Comprehensive
	period	496.91	316.31	355.74	1,184.68	139.92
10	Details of equity share capital
	Pa'd'UP "my of RS' 2 Share "pm" each -	331.27	331.27	331.27	331.27	331.27
11	Reserves excluding revaluation
	»11eserve
.1112: V V	Earningsper equity share
	Basic &Diluted

REGD. & H.0. LAKE ROAD, BHANDUP (W), MUMBAI - 400 078. ^o TEL.: +91 22 2569 6789 o FAX: +91 22 2596 4114 ^o www.hirect.com ^o corporate@hirect.com I marketing@hirect.com ^o CIN: L28900MH1958PLCO11077

BALANCE SHEET AS ON 315T MAR 2019 (Rs. In lakhs)
Sr. No	Particulars	As at	As at
		31st Mar 2019	Slst Mar 2018
I.	ASSETS
1	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	1000
	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
2	Current Assets
:1.	Inventories	5,414.87	3,441.07
b.	Financial Assets
	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
(1.	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
	EQUITY AND LIABILITIES
11.
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
2	Liabilities
	Non Current Liabilities
a.	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
	b. total outstanding clues ofcreditors other than micro
	and small enterprises	3,132.92	2,698.26 V
	iii. Other Financial Liabilities	806.54	53473
b.	Other Current Liabilities	168.88	279.98
c. ,	PrEVis'ions , 8	287.98	45.94
,, ff	" - - ~. _	8,740.85	7,450.92
	TOTAL" EQUITX AND LIABILITIES	18,452.50	15,269.15

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 ^I marketing@hirect.com . CIN: L28900MH1958PLCO11077

Not:s :

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 18th May, 2019. There are no qualifications in the audit report issued for the year ended 3lst March, 2019.

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 Rule ³ of the Companies (Indian Accounting Standard) Rules, 2015; Companies (Indian Accounting Standards) (Amendment) Rules, 2016 and guidelines issued by the Securities and Exchange Board of India (SEBI) and other accounting principles generally accepted in India.

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

4) Revenue from Operations for the quarter ended 315t March 2019, 315t December 2018, 3lst March ²⁰¹⁸ and year ended 3lst March 2019 are net of Goods and Services Tax (GST), however sales for year ended 315t March 2018 are gross of Excise Duty & Service Tax. The Net Revenue from Operations (Net of GST/Excise Duty/Service Tax) as applicable are stated as below: (Rs. in lakhs)

	For the Quarter ended on			For the Year ended on
Particulars	31.03.2019 (Audited)	31.12.2018 (Unaudited)	31.03.2018 (Audited)	31.03.2019 (Audited)	31.03.2018 (Audited)
Net Revenue from Operations	8,392.92	6,852.80	5,432.34	25,514.29	12,569.20

5) /'s the revenue from 'Components' segment was reduced to less than 10% in the year 2017-18 and continues to be less than 10 % in the current financial year, hence the segmentwise results is not given.

5) Exceptional Items for the year ended 315t March 2019 include the following:

i) Profit on sale of Unit II of Dehradun Plant of 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 of Rs. 2/- each (Previous year Rs. Nil). The same is subject to the approval of members of the company in the AGM to be held on 8th August, 2019.

8) The figures for the quarter ended 3lst March, 2019 and Blst March, ²⁰¹⁸ are the balancing figures between the audited figures in respect of the full financial years and the published year to date figures upto the third quarter of the respective financial years.

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

FOR HIND RECTIFIERS LIMITED —\_ r '

—

Place : Mumbai \7':\,/l '1'! s.K.NEVATIA

.

REGD. & 1-1.0. LAKE ROAD, BHANDUP (W). MUMBAI -⁴⁰⁰ 013.0 TEL: ^{991 22} 2569 6789 ⁰ FAX: *91 22 2595 4114 - www.hlroct.com- corpontoghlrectcomImarkntlng@hlroct.como CIN: L28900MH1958PLCO11077

Ref. No. HlREClYSEC/ 2019-20/18 '18''1 May. ²⁰¹⁹

Corporate Relations Department Corporate Listing Department 1" Floor, New Trading Ring Ltd. Towers, Dalal Street, Mumbai ^{400 001} Bandra Kurla Complex

BSE Ltd. The National Stock Exchange of India Rotunda Building, Phiroz Ieejeebhoy "Exchange Plaza" 5'" Floor, C-1, Block 'G' Bandra (East) Mumbai 400 ⁰⁵¹

Security Code No. 50-1036/H1REC1' Type of Security: Equity

Sub: Declaration pursuant to Regulation 33(3)(d) of the SEBl LODR, ²⁰¹⁵

Declaration

l, A. K Nemani, Chief Financial Officer of Hind Rectifiers Limited having its reg'mtered office at Lake Road, Bhandup \'Vest, Mumbai, ⁴⁰⁰⁰⁷⁸ Maharashtra, hereby declare that, the Statutory Auditor of the Company, M/s Ravi A. Shah 5: Associates (FRN — 115079W) has issued an Audit Report with unmodified opinion on the annual Audited Financial Results of the Company (Standalone) for the year ended 31" March. 2019.

This declaration is given in compliance to Regulation 33(3)(d) of the SE81 LODR, 2015 as amended and SEBl Circular No. ClR/CFD/ CMD/ 56/2016 dated 27'" May, 2016.

Request you to kindly take this declaration on your rccords.

Thanking you,

Yours Faithfully,

For Hind Rectifiers Limited

3.0 A. K. hemanr Chief Financial Officer

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