Hind Rectifiers Ltd. — Regulatory Filings 2020

May 23, 2020

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HINDRECTIFIERSLIMITED

Ref. No. HIRECT/SEC/2020-21/10

Address : Lake Road, Bhandup(W), Mumbai-400078 Tel. :+91-22-25696789 Fax: +91-22-25964114 Email : corporate@hirect.com/marketing@hirect.com CIN :L28900MH1958PLC011077 Website : www.hirect.com

23[rd] May, 2020

BSE Limited National Stock Exchange of India Rotunda Building, Limited Phiroz Jeejeebhoy Towers, “Exchange Plaza” 5[th] Floor, C-1, Block ‘G’ Dalal Street, Mumbai Bandra Kurla Complex, 400 001 Maharashtra Bandra (East) Mumbai 400 051

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

Sub: Impact of CoVID-19 pandemic on the Company

Sir/Madam,

The Company is having following three plants:-

1. Lake Road Bhandup West, Mumbai-40078 Maharashtra

2. Plot No.110/111, MIDC, Satpur, Nashik-422007 Maharashtra

3. New Khasra No. 64-67, and 74, Village Chharba, Vikas Nagar, Dehradun-248197 Uttarakhand

In view of announcement made by State/Central Government from time to time operations of Mumbai plant was suspended w.e.f. 19[th] March, 2020 and operation at Nashik & Dehradun Plants was suspended w.e.f. 23[rd] March, 2020.

Further, considering the relaxation given by the Government, operations at Nashik Plant was started w.e.f. 27[th] April, 2020 and of Dehradun plant w.e.f. 6[th] May, 2020. Initially both the plants were working with the capacity of 20 to 25% & now both the plants are working with 50% capacity. Dehradun Plant will be fully operative from Monday the 25[th] May, 2020. The Company is considering various possibilities for utilization of better capacity at Nashik as well Dehradun plants. Operations at Mumbai plant are still not yet started. The Company has decided not to start operations at Mumbai plant up to 31[st] May 2020 & will take decision considering the guidelines issued by Government.

In view of lock down declared by Government, many of the employees are working from home only and ensures that required operations are not affected adversely.

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HIND RECTIFIERS LIMITED

Due to the suspension of the operations in all the plants, performance of the first quarter may affect adversely but the Company is of the view that it will be able to recover the same in balance three quarters, if lock down is not further extended.

Due to sudden lock down declared by the Government, the Company was not able to dispatch the materials and payment from customer was also held up. This has put some pressure on the liquidity of the Company, however after some time payment starting coming. At present liquidity position of the Company is comfortable and due to that operations are not affected adversely. The Company is also able to serve debt and other financial obligation. As a measure of safety the Company has availed the deferment scheme of interest and principal declared by Reserve bank of India for the month of April and May 2020, however interest and installment of March 2020 was paid. The Company is having adequate working capital facility from banks.

For internal financial reporting and control finance team is working online and same is reviewed by the management.

The security system of the Company monitors safety of assets regularly and same is reviewed by the management. The Company has taken adequate insurance policy for security of assets.

So far, we have not faced major problem in the supply chain as the majority of the required materials were available with the Company, however actual position will come to know only after 31[st] May, 2020 i.e. after higher capacity utilization at Nashik and Dehradun plants.

Demand for the Company’s product is expected to be stable and there is no non fulfillment of any commitment by any of the party which will have a significant impact on the performance of the Company.

We request you to kindly take the above information on record.

Thanking you,

Yours Faithfully,

For Hind Rectifiers Limited

Digitally signed by MEENAKSHI ANCHLIA DN: c=IN, o=Personal, postalCode=311001, st=Rajasthan, 2.5.4.20=e730281436e01058aebc02a72c4965c47f07af5e7fa6eb9717c91e446d2554f5, serialNumber=fd049ba8df1613d925a2968d34c90013fa51c975fa02fe06ea599dfdd479b3f6, cn=MEENAKSHI ANCHLIA cn=MEENAKSHI ANCHLIA Date: 2020.05.23 14:36:10 +05'30'

2.5.4.20=e730281436e01058aebc02a72c4965c47f07af5e7fa6eb9717c91e446d2554f5, MEENAKSHI ANCHLIA serialNumber=fd049ba8df1613d925a2968d34c90013fa51c975fa02fe06ea599dfdd479b3f6, cn=MEENAKSHI ANCHLIA Date: 2020.05.23 14:36:10 +05'30' Meenakshi Anchlia (Company Secretary & Compliance Officer)