Hind Rectifiers Ltd. — Regulatory Filings 2021

Feb 10, 2021

Address : Lake Road, Bhandup (W), Mumbai - 400078. Fed Tel. 1 +91-22-25696789 Fax : +91-22-25964114 Email : corporate@hirect.com / marketing@hirect.com CIN : L28900MH1958PLC011077 HIND RECTIFIERS LIMITED Website : www.hirect.com

Ref. No. HIRECT/SEC/2020-21/72 10% February 2021

BSE Limited National Stock Exchange of India Rotunda Building, Limited 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

1. Un-audited Financial Results for the quarter and nine months ended 315 December ²⁰²⁰

2. Appointment of Independent Director 3. Cancellation/termination of MOU between the Company and Ganugra Group

Dear Sir/Madam,

1. We enclosed herewith the statement of un-audited financial results for the quarter and nine months ended 31st December 2020 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 Wednesday, 10 February 2021.

The Limited Review Report by the Statutory Auditors of the Company on the aforesaid results is also enclosed for your reference and record.

1. Pursuant to Regulation 30 of SEBI LODR, 2015, we hereby inform you that the Board of Directors has been re-designated Mr. Vandan Shah as an Independent Director w.e.f. 10 February 2021 for the five consecutive years, subject to the approval of members in the ensuing Annual General Meeting. He is not related to any of the Director/Key Managerial Personnel of the company.

Further, as per the requirement of Circular No. List/ Comp/14/2018-19 dated 20t June 2018 issued by BSE on the subject of enforcement of SEBI Orders regarding appointment of Directors by listed companies, we hereby affirm that the Independent Director being appointed is not debarred from holding the office of Independent Director by virtue of any order of SEBI or any other such authority. The details required under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular No. CIR/CFD/CMD/4/2015 dated 9! September 2015 is given in the enclosed Annexure.

Perfectly Engineered Power Conversion Systems

Annexure' Brief Profile

Mr. Vandan Shah (DIN: 00759570) has done Bachelor of Industrial Engineering (B.E.) from R. V. College of Engineering, Bangalore.

He has over 33 years of work experience in companies such as LML-Piaggio, Sipra Engineers Pvt. Ltd, Veena Diecasters and Engineers Pvt Ltd., Rishi Lasers Limited, and Hercules Hoists Limited. He is presently the Managing Director in Sipra Engineers.

Sipra Engineers has won 20 National and Regional awards in his leadership. It manufactures automotive castings. Mr. Vandan Shah is a member of the National Council of CII, Western Regional Council of CII, and was the Chairman, Nasik Zonal Council of CII. He is also a member of the Rotary Club of Bombay.

1. We refer to our communication to the stock exchanges dated 13 February 2015 by which we have communicated to the Exchanges about the Board decision on an investment in the Gauranga Soft-tech Private Limited and Gauranga Systems Private Limited and by which the Company was to acquire stake in the said companies.

In this regard, kindly note that the Company has invested in the said companies on different dates, but the said companies are not responding on this matter.

Now the Board at the meeting held on 10 February 2021 has decided to terminate the MOU.

Kindly take the above on records.

Thanking you,

Yours Faithfully,

For Hind Rectifiers Limited My rcsrebrsls Andis

Meenakshi Anchlia (Company Secretary & Compliance Officer)

Encl: As above

INDEPENDENT AUDITORS REVIEW REPORT ON REVIEW OF INTERIM STANDALONE FINANCIAL RESULTS TO THE BOARD OF DIRECTORS OF HIND RECTIFIERS LIMITED

• 1. We have reviewed the accompanying Statement of Standalone Unaudited Financial Results of Hind Rectifiers Ltd. ('the company') for the quarter and nine months ended December 31, 2020 ('the Statement'), being submitted by the Company pursuant to the requirement of Regulation 33 of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, as amended.
• 1. This Statement, which is the responsibility of the Company's Management and has been approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("IND AS 34"), prescribed under section 133 of Companies Act, 2013 read with relevant rules issued there under and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review in accordance with the Standard on Review Engagement (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India (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 Standards on Auditing specified under section 143(10) of the Companies Act, 2013 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.
• 1. Based on our review conducted as state in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement of Unaudited Financial Results prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

UDIN: 21116667AAAACX4516 for Ravi A. Shah & Associates tered Accountants

avi A. Shah, Proprietor {2 embership No.116667 So ey

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

STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DEC, ²⁰²⁰

		Address : Lake Road, Bhandup (W), Mumbai - 400078. : +91-22-25696789 Fax : +91-22-25964114 Tel. } corporate@hirect.com / marketing@hirect.com Email
	HIND RECTIFIERS LIMITED		CIN	Website	: L28900MH1958PLC011077 : www.hirect.com
	STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DEC, 2020
Sr. No	Particulars	For the Quarter ended on			(Amount in Lakhs) For Nine months ended on For the Year
		31.12.20	30.09.20	31.12.19	31.12.20	31.12.19	ended on 31.03.20
	1__ Income		(Unaudited) _ (Unaudited)	(Unaudited) (Unaudited)		(Unaudited)	(Audited)
a___	Revenue from operations	8,099.38	10,091.11	7,020.37	22,952.85	22,173.38	29,962.05
b	[Other i Total income	3:73 8,103.61	8.64 10,099,75	18.68 7,039.05	25.98 22,978.83	24,70	48.16
2__	Expenses a__ Cost of materials consumed					22,198.08	30,010.21
	b___ Purchases of stock-in-trade	7,132.98 -	6,824.21 :	5,916.38	16,651.55	16,103.87,	22,175.21
¢	Changes in inventories of finished goods, work-in-progress and stock-in	(799,52)	1,123,97	: (993.97)	- 1,037,88	- (939.37)	- (1,240,68)
	trade
	d__ Employee benefit expense €__ Finance costs	848.88 226.26	826.07	742.67	2,450.77	2,163.12	2,980.15
f	{Depreciation and amortisation expense	95.75	238.75 91.06	216.16 99.71	661.82 277.71	537.17 293.13	731.63 407.26
g	_ Other Expenses	432.07
	Total expenses	7,936.42	\$92.61 9,696.67	532.23 6,513.18	1,275.88 22,355.61	1,709.28 19,867.20	2,332.57 27,386.14
3	Profit/(Loss) before exceptional items and tax	167.19	403.08	525.87	623.22	2,330.88	2,624.07
4	__ Exeeptional items	-	:	:	-	=	:
	5__ Profit/(Loss) before tax 6__ Tax expense	167,19	403.08	525,87	623.22	_2,3530.88	2,624.07
a__	Current tax	(44.68)	168.15	164.66	138,90	553.31	634.45
b__ 7	[Deferred tax __ Net Profit/ (Loss) after tax	86.73 125.14	(51.06) 285.99	(7.45)	36,53	136.58)	141,71
	Other comprehensive income/(loss)			368.66	447,79	1,640.99	1,847,91
8	Items that will not be reclassified to
	profit and loss in subsequent period	(2.18)	7.07	3.18	6.74	6.04	(25.05),
	(i) Actuarial Gains/(Loss) on post- employment defined benefit plan		(2.06)	(1.51)	(1.96)	(1.76)	7.29
	(ii)Tax on Above	0.64		372.33	452.57	1,645.27	1,830.15
9	Total Comprehensive income for period	123.60	291.00
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	331.27
11	Reserves excluding revaluation						9,232.55
12	reserve [Earnings per equity share
	Basic & Diluted	0.75	1.73	2.24	2.70	9.93	11.16

Perfectly Engineered Power Conversion Systems

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

Notes :

1)The above results have been recammended by the Audit Committee and approved by the Board of Directors of the Company at the meeting held on 10th February, 2021. The Statutory Auditors have carried out the Limited Review of the financial results for the quarter and nine months ended 31st December, 2020 under Regulation 33 of SEBI {Listing Obligation & Disclosure Requirements) Regulation, 2015.

2) The above results, published in accordance with Regulation 33 of the SEB! (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) On account or the spread of COVID 19 virus, the Central / State Government had imposed a Lockdown in the month of March, 2020 leading to shut down of the Company's manufacturing facilities and operations. Since then the Government has progressively relaxed lockdown conditions and has allowed most of the industries and businesses to resume operations ina phased manner. The Company has resumed its operations in a phased manner as per directives from the Government, after putting in place due safety precautions and standard norms. Management believes that the impact of the lockdown is temporary in nature and the pandemic is not likely to have a major impact on the future operations and the recoverability of the carrying value of its assets as at Dec 31, 2020. The management is continuously and closely monitoring the developments and possible effects that may result from the current Pandemic on its financial condition, liquidity and operations and is actively working to minimize the impact of this unprecedented situation. As the situation is still continuously evolving, the eventual impact may be different from the estimates made as of the date of approval 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 , 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 nine months ended 31st Dec, 2020, the company has not granted any stock options.

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

Place : Mumbai Dated: 10th February, 2021

FOR HIND RECTIFIERS LIMITED