Hindustan Composites Ltd — Interim / Quarterly Report 2020

Nov 13, 2019

HINDUSTAN COMPOSITES LTD.

HINDUSTAN OMPOSITES LIMITED

Peninsula Business Park, Tower "A", 8th Floor, Senapati Bapat Marg, Lower Parel, Mumbai - 400 013. Tel.: (91) (22) 6688 0100 •Fax: (91) (22) 6688 0105 E-mail : hcl@hindcompo.com Website : www.hindcompo.com CIN No. L29120MH1964PLC012955

13th November, 2019

To, The Manager Department of Corporate Services BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai-400 001 SCRIP CODE: 509635

The Manager - Listing National Stock Exchange of India Limited Exchange Plaza, 51h Floor, 'G' Block Bandra Kurla Complex Bandra (East), Mumbai -400 051 SYMBOL: HINDCOMPOS

Dear Sir(s),

Sub: Outcome of Board Meeting held on 13th November, 2019

Pursuant to the provisions of Regulation 30 and 33 (3) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the Board of Directors of the Company at its meeting held today i.e. l 31h November, 2019, inter alia, considered and approved the Un-audited Standalone and Consolidated Financial Results of the Company for the quarter and six months ended 301h September, 2019 along with Cash Flow Statement for the half year ended on 301h September, 2019 and Un-audited Statement of Assets and Liabilities as on that date.

A copy of Un-audited Standalone and Consolidated Financial Results of the Company for the quarter and six months ended 30th September, 2019 along with the Cash Flow Statement for the half year ended on 30th September, 2019 and Un-audited Statement of Assets and Liabilities as on that date and Limited Review Reports received from the Statutory Auditors of the Company on the said results are enclosed herewith for your records.

The meeting of the Board of Directors commenced at 5.00 p.m. and conclude at 6.30 p.m.

Kindly take the same on your record.

Thanking you,

Yours faithfully,

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For Hindustan Composites Limited � � Vikram Soni Company Secretary & Compliance Officer Membership No. A36705

Encl: As stated above

Regional Sales Offices

East: 29, Ganesh Chandra Avenue, Bando House, Room No. 207, 2nd Floor, Kolkata - 700 013. • Tel.: 91-33-2236078 • Fax: 91-33-22360788 West . 8_ 11, Paragon Condominium, 1st Floor, p B. Marg, Worli, Mumbai - 400 013. • Tel.: 91-22-2495 1355 •Fax: 91-22-2495 1365 North: 401. Rohit House, 3 - Tolstoy Marg, New Oelhi - 110 001 • Tel.: 91-11-2331 3845 •Fax: 91-11-23313846 South: New No. 931, Old N'o 478, Ramaniyam Citadel Apartment, 2nd Floor, Poonamallee High Road, Arumbakkam. Chennai - 600 106. •Tel: 91-44-2363 3722

lf[HINDUSTAN ] lOMPOSITES � LIMITED

HINDUSTAN COMPOSITES LIMITED

Regd.Office: A Tower,8th Floor, Peninsula Business Park,

Senapati Bapat Marg,Lower Parel, Mumbai - 400013

Tel: 022-66880100, Fax:022-66880105

visit us at www.hindcompo.com CIN No. L29120MH1964PLC012955

Statement of Unaudited Standalone Financial Results for the quarter and half year ended 30th September, 2019

Sr. No.	Particulars	(Rs. In Lakhs, except per share data)	(Rs. In Lakhs, except per share data)	(Rs. In Lakhs, except per share data)	(Rs. In Lakhs, except per share data)	(Rs. In Lakhs, except per share data)	(Rs. In Lakhs, except per share data)	(Rs. In Lakhs, except per share data)
		Three Months Three Months Ended Ended 30-Sep-19 30-Jun-19 (Unaudited) (Unaudited)		Three Months Ended 30-Sep-18 (Unaudited)	Half Year Half Year Ended Ended 30-Sep-19 30-Sep-18 (Unaudited) (Unaudited)			Year Ended 31-Mar-19 (Audited)
1 2 3 4 5 6	INCOME a) Revenue from operations b) Other Income Total Income Expenses a) Cost of materials consumed b) Changes in Inventories of finished goods and work-in-progress c) Employee benefits expense d) Finance Costs e) Depreciation and amortization expense f) Other Expenses Total Expenses Profit/ (Loss) before Tax (1-2) Tax Expenses Current tax Deferred tax Tax of eartier years reversed Net Profit for the Period (3-4) Other Comprehensive Income (OCI) a) Items that will not be reclassified to profit or loss b) Income tax relating to items that will not be reclassified to profit or loss c) Items that will be reclassified to profit or loss d) Income tax relating to items that will be reclassified to profit or loss Other Comprehensive Income Total Comprehensive Income after Tax (5+6) Paid-up Equity Share Capital (Face Value of Rs. 5 per share) Earnings per Share (Basis and Diluted) (Rs.)	4,287 4,985 24 9		4,872 28	9,272 9,662 33 47			19,661 217
		4,311	4,994	4,900	9,305	9,709		19,878
		1,729 (43) 835 7 236 1,340 4,104	2,202 2,152 (35) (53) 881 785 5 6 233 215 1,385 1,365 4 671 4 470		3,931 4,335 (78) (199) 1,716 1,579 12 15 469 429 2,725 2,692 8,775 8,851			8,683 (108) 3,192 22 875 5,391
								18,055
		207	323 430		530 858			1 823
		38	17 24		55 52 230
		/86	/28	36	/114 /18			1126
								/181
		255	334	370	589 824			1,900
		132 (24) 287 **(84) **	103 (11) 427 (124)	562 (116) (162) 47	235 1,457 (35) (370) 714• (608) (208) 177
								954 (211) (405) 118
		311	395	331	706 656			456
		566	729	701	1,295 1,480			2,356
		738 1.73	738 2.26	738 2.51	738 738 738 3.99 5.58 12.86

Reporting of Segment wise Revenue,Result, Assets and Liabilities as on 30th September, 2019

Sr. No.	Particulars	(Rs. In Lakhs)	(Rs. In Lakhs)	(Rs. In Lakhs)	(Rs. In Lakhs)	(Rs. In Lakhs)	(Rs. In Lakhs)
		Three Months Three Months Ended Ended 30-Sep-19 30-Jun-19 {Unaudited) {Unaudited)		Three Months Half Year Ended Ended 30-Sep-18 30-Sep-19 {Unaudited) {Unaudited)		Half Year Ended 30-Sep-18 {Unaudited)	Year Ended 31-Mar-19 {Audited)
1 2 3	Segment Revenue - Composite Products - Investment	3,422 4,131 865 854		3,821 1,051	7,553 1,719	7,834 1,828	15,841 3,820
	Total Income	4,287 4,985		4,872 9,272		9,662	19,661
	Segment Results {Profit(+)/ Loss (-) before Tax from each segment) - Composite Products - Investment	(21) 86 618 630		26 65 792 1,248		232 1,350	325 2826
	Sub Total	597 716		818	1,313	1 582	3 151
	Less: Unallocable Expenses Less: Finance Cost Add:Other Income	407 397 7 5 24 9		410 6 28	804 12 33	756 15 47	1,523 22 217
	Profit before Tax	207	323	430	530	858	1 823
	a) Segment Assets - Composite Products - Investment - Unallocable	8,882 73,595 3,686	10,253 72,857 3,225	9,492 72,373 3 125	8,882 9,492 73,595 72,373 3 686 3 125		10,266 72,234 3,081
	Tota	l 86,163	86,335	**84,990 **	86,163 84,990		85 581
	b) Segment Liabilities - Composite Products - lovestment - Unallocable	3,787 4,065 1,086	4,292 3,886 **1,084 **	4,367 3,997 **1,096 **	3,787 4,367 4,065 3,997 1,086 1,096		4,278 3,819 1 090
	Tota	l 8,938 9 262		9,460	8,938 9 460		9,187

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H;· ,t!6 OMPOSITES[HINDUSTAN] '· �; L I M I T E D

Standalone Statement of Assets and Liabilities as at 30th September 2019

Standalone Statement of Assets and Liabilities as at 30th September 2019	Standalone Statement of Assets and Liabilities as at 30th September 2019
Sr. Pariculars No.		(Rs. In Lakhs)
		As at 30-Sep-19 (Unaudited)	As at 31-Mar-19 (Audited)
(1)	NON-CURRENT ASSETS
(2) (1) (2) II	(a} Property, Plant and Equipment (b} Intangible assets (c} Financial Assets (i} Investments (ii} Loans (iii} Other Financial Assets (d} Other Non Current Assets TOTAL NON-CURRENT ASSETS CURRENT ASSETS (a} Inventories (b} Financial Assets (i} Investments (ii} Trade receivables (iii} Cash and cash equivalents (iv} Bank balances other than (iii} above (v} Loans (vi} Other financial assets (c} Other current assets (d} Current tax assets (Net) TOTAL CURRENT ASSETS TOTAL ASSETS EQUITY AND LIABILITIES EQUITY (a} Equity Share Capital (b} Other Equity TOTAL EQUITY LIABILITIES NON-CURRENT LIABILITIES (a} Financial Liabilities (i} Borrowings (b) Provisions (c} Deferred tax liabilities (Net) (d} Other Non Current liabilities TOTAL NON-CURRENT LIABILITIES CURRENT LIABILITIES (a) Financial Liabilities (i} Borrowings (ii) Trade payables - Total Outstanding Dues of Micro and small enterprises - Total Outstanding Dues of Creditors other then Micro and small enterprises (iii) Other financial liabilities (b) Other current liabilities (c) Provisions (d) Current tax liabilities (Net} TOTAL CURRENT LIABILITIES TOTAL EQUITY AND LIABILITIES	12,531 20 59,457 1,750 60 12 73,830 12,533 3 57,942 1,750 61 5 72 294
		1,073 3,786 2,836 132 59 2,567 1,602 194 84 12 333 86,163 738 76,487 1,230 3,773 3,413 74 48 3,306 919 524 - 13 287 85,581 738 75,547
		77 225 76 285
		55 148 5,037 76 5 316 43 9 3,189 244 52 85 3 622 86,163 109 134 4,866 70 5 179 159 76 3,428 286 103 50 15 4117 85,581

Notes:

1 Tha above results were reviewed by the Audit Committee and approved by the Board of Directors in their meeting held on 13th November, 2019 and the Statutory Auditors of the Company have carried out a 'Limited Review' of the same.

• 2 Effective from 1st April 2019 the Company has adopted IND AS 116 "Leases". However there is no impact in financial results for the quarter and half year ended 30th September 2019.

• 3 Previous periods' figures have been rearranged I regrouped wherever considered necessary to conform to the presentation of the current period. All figures of financial result has been rounded off to nearest lakhs rupees.

• 4 Standalone Statement of Cash Flow for the half year ended 30th September 2019 are annexed.

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Managing Director
(DIN No.00535670)
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Place Mumbai Dated 13th November, 2019

HINDUSTAN OMPOSITES C LIMITED

C HINDUSTAN OMPOSITES LIMITED	C HINDUSTAN OMPOSITES LIMITED	C HINDUSTAN OMPOSITES LIMITED
S di tan a one statement o as F ow ort e a vear en e Ot f C h I f h h If d d 3 h Seotem er01 b 2 9
Sr. No. Pariculars	(Rs. In Lakhs)
	Half Year Ended 30-Sep-19 (Unaudited) Half Year Ended 30-Sep-18 (Unaudited)
A B C D CASH FLOW FROM OPERATING ACTIVITIES NET PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX Adjustment for Depreciation Net gain on sale / fair valuation of investments through profit and loss (Profit)/Loss on Sale of Fixed Assets (Net) Remeasurements of defined benefit plans Interest expenditure OPERATING PROFIT BEFORE WORKING CAPITAL CHANGES Adjustment for (lncrease)Decrease in Trade and other receivable (lncrease)Decrease in Inventories (Decrease)lncrease in Trade and other payables CASH INFLOW FROM OPERATIONS ACTIVITIES Direct Tax Paid (Net) NET CASH FLOW FROM OPERATING ACTIVITIES (A) CASH FLOW FROM INVESTMENT ACTIVITIES Purchase of Fixed Assets Proceeds from Sale of Fixed Assets Purchase of Investments (Net) (lncrease)/Decrease in Inter- Corporate Deposits Income from Investment (Net) NET CASH FLOW (USED IN)/ FROM INVESTING ACTIVITIES (B) CASH FLOW FROM FINANCING ACTIVITIES Borrowings ( Net) Proceeds/(Repayment) from long-term borrowings (Net) Proceeds/(Repayment) from short-term borrowings (Net) Dividend Paid ( including Corporate Dividend Tax) Interest paid NET CASH USED IN FINANCING ACTIVITIES (C) Net Increase/ Decrease in cash and cash equivalent ( A+B+C) Cash and Cash equivalents as at beginning of the half year Cash and Cash equivalents as at end ofthe halfyear	469 (697) (14) (8) 12 604 157 (306) (498) 28 (926) 750 626 (74) (116) (356) (12) 530 1238** 292 455 747 (112) 635 120* (20) (558) (558) 57 75 132 858 429 (852) (8) 15 1416* 442 (29) (321) 210 (140) 302 (172) 130 (588) (1.269) 750 929 1178) (178 (87) 139 (89) (15) (52) (52 (100) 149 49
		(52 (100) 149
		49

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701, Stanford, +91 (22) 62505600 Junction of S. V Rood, bogarioco.cam & Barfiwala Marg, Andheri (W) Mumbai 400 058, IND/A

Chartered Accountants

BAGARIA & co LLP

LIMITED REVIEW REPORT

To The Board of Directors of Hindustan Composites Limited

We have reviewed the accompanying statement of unaudited standalone financial results of Hindustan Composites Limited ('the Company') for the quarter ended September 30, 2019 and year to date results for the period from April 01, 2019 to September 30, 2019 ("the Statement") attached herewith, being submitted by the Company pursuant to the requirements of Regulations 33 of the SEBI (Listing, Obligations and Disclosure requirements) Regulations, 2015 ('Listing regulations').

This Statement, which is the responsibility of the Company's Management and approved by the 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 the Companies Act, 2013, and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.

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. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the financial statements are free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying statement of unaudited financial results prepared in accordance with applicable accounting standards and other recognized accounting practices and policies, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with circulars issued from time to time, including the manner in which it is to be disclosed, or that it contains any material misstatement.

Place: Mumbai Date: November 13, 2019

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For Bagaria and Company LLP
Chartered Accountants
ICAI Firm Regi -- ��•
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Vinay Somani
Partner
Membership No. 143503
UDIN: 19143503AAAAOV4938
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OMPOSITES ( LIMITED[HINDUSTAN ]

HINDUSTAN COMPOSITES LIMITED

Regd.Office: A Tower,Sth Floor, Peninsula Business Park,

Senapati Bapat Marg,Lower Parel, Mumbai - 400013 Tel: 022-66880100, Fax:022-66880105

visit us at www.hindcompo.com

CIN No. L29120MH1964PLC012955

Statement of Unaudited Consolidated Financial Results for the quarter and half year ended 30th September, 2019

Sr. No. Pariculars	(Rs. In Lakhs,exceptper share data)	(Rs. In Lakhs,exceptper share data)	(Rs. In Lakhs,exceptper share data)	(Rs. In Lakhs,exceptper share data)	(Rs. In Lakhs,exceptper share data)	(Rs. In Lakhs,exceptper share data)
	Three Months Ended 30-Sep-19 (Unaudited)	Three Months Ended 30-Jun-19 (Unaudited)	Three Months Ended 30-Sep-18 (Unaudited)	Half Year Ended 30-Sep-19 (Unaudited)	Half Year Year Ended Ended 30-Sep-18 31-Mar-19 (Unaudited\ (Audited|
1 2 3 4 5 6 7 8 INCOME a) Revenue from operations b) Other Income Total Income Expenses a)Cost of materials consumed b) Changes in Inventories of finished goods and work-in-progress c) Employee benefits expense d) Finance Costs e) Depreciation and amortization expense f) Other Expenses Total Expenses ProfitI(Loss) before Tax (1-2) Share of (loss) of joint venture Profit before tax Tax Expenses Current tax Deferred tax Tax of earlier years reversed Net Profit for the Period (5-6) Other Comprehensive Income (OCI) a) Items that will not be reclassified to profit or loss b) Income tax relating to items that will not be reclassified to profit or loss c) Items that will be reclassified to profit or loss d) Income tax relating to items that will be reclassified to profit or loss Other Comprehensive Income Total Comprehensive Income after Tax (7+8) Paid-up Equity Share Capital (Face Value of Rs. 5 per share) Earnings per Share (Basis and Diluted) (Rs.)	4,287 24	4,985 9	4,872 28	9,272 33	9,662 19,661 47 217
	4,311	4,994	4 900	9 305	9 709 19878
	1,729 (43) 835 7 236 1,340	2,202 (35) 881 5 233 1 385	2,152 (53) 785 6 215 1 365	3,931 (78) 1,716 12 469 2 725	4,335 8,683 (199) (108) 1,579 3,192 15 22 429 875 2 692 5 391
	4,104	4,671	4,470	8,775	8,851	18055
	**207 **	323	430	530	858	1 823
	(42	(38	(30)	(80)	**169\ **	(145)
	165	285	400	450	789	1 678
	38	17	24	55	52	230
	(86) 213	(28) 296	36 340	(114) . **509 **	(18) 755	(126) (181) 1 755
	132 (24) 287 (84)	103 562 (11) (116) 427 (162) (124) 47		235 (35) 714 (208)	1,457 (370) (608) 177	954 (211) (405) 118
	311	395 331		706	656	456
	524	691 671		1,215	1,411	2,211
	738 1.44	738 2.00	738 2.30	738 3.45	738 5.11	738 11.88

Reporting of Segment wise Revenue,Result, Assets and Liabilities as on 30th September, 2019

Sr. No.	Particulars	(Rs.InLakhs)	(Rs.InLakhs)	(Rs.InLakhs)	(Rs.InLakhs)	(Rs.InLakhs)	(Rs.InLakhs)
		Three Months Three Months Ended Ended 30-Sep-19 30-Jun-19 (Unaudited) (Unaudited)		Three Months HalfYear Ended Ended 30-Sep-18 30-Sep-19 (Unaudited) (Unaudited) Half Year Ended 30-Sep-18 (Unaudited)			Year Ended 31-Mar-19 (Audited)
1 2 3	Seamen!Revenue - Composite Products •Investment	3,422 4;131 865 854		3,821 1 051 7,553 1 719 7,834 1 828			15,841 3 820
	Total Income	4 287 4,985		4 872 9 272 9 662			19 661
	Segment Results (Profit(+)/ Loss (·) before Tax from each segment) • Composite Products - Investment	(21) 86 618 630		26 792	65 1,248 232 325 1 350 2 826
	Sub Total	597 716		818	1,313 1,582 3 151
	Less: Unallocable Expenses Less: Loss of joint venture Less: Finance Cost Add:Other Income	407 397 42 38 7 5 24 9		410 30 6 28	804 80 12 33 756 1,523 69 145 15 22 47 217
	Profit before Tax	165	285	400	450	789 1 678
	a) SegmentAssets - Composite Products • Investment •Unallocable	8,882 72,648 3 686	10,253 71,914 3 225	9,492 71,544 3 125	8,882 72,648 3 686 9,492 10,266 71,544 71,329 3125 3 081
	Tota	l 85,216	85,392	84,161	85,216	84,161 84,676
	b)Segment Liabilities • Composite Products • Investment •Unallocable	3,787 4,292 4,065 3,886 1,086 1,084		4,367 3,997 1,096	3,787 4,065 1,086	4,367 4,278 3,997 3,819 1096 1 090
	Tota	l 8,938 9,262		, 9,460	8,938	9,460 9 187
		~~�~~ e�Mrr �-�/'o . � I0 �d� �� 1- O', _,& _v_Nv1S� -

HINDUSTAN I OMPOSITES ·<ft L I M I T E D

Consolidated Statement of Assets and Liabilities as at 30th Seotember 2019	Consolidated Statement of Assets and Liabilities as at 30th Seotember 2019
Sr.Pariculars No.		(Rs.InLakhs)
		As at As at 30-Sep-19 31-Mar-19 (Unaudited) (Audited)
I (1) (2) II (1)	ASSETS NON-CURRENT ASSETS (a) Property, Plant and Equipment (b) Intangible assets (c) Financial Assets (i) Investments (ii) Loans (iii) Other Financial Assets (d) Other Non Current Assets TOTAL NON-CURRENT ASSETS CURRENT ASSETS (a) Inventories (b) Financial Assets (i) Investments (ii) Trade receivables (iii) Cash and cash equivalents (iv) Bank balances other than (iii) above (v) Loans (vi) Other financial assets (c) Other current assets (d) Current tax assets (Net) TOTAL CURRENT ASSETS TOTAL ASSETS EQUITYAND LIABILITIES EQUITY (a) Equity Share Capilal (b) Other Equity TOTAL EQUITY LIABILITIES NON-CURRENT LIABILITIES (a) Financial Liabilities (i) Borrowings (b) Provisions (c) Deferred tax liabilities (Nel) (d) Other Non Current liabilities	12,531 12,533 20 3 58,510 57,037 1,750 1,750 60 61 12 5
		72 883 71 389
		1,073 1,230 3,786 3,773 2,836 3,413 132 74 59 48 2,567 3,306 1,602 919 194 524 84 -
		12 333		13 287
		85 216 84,676 738 738 75,540 74,642
		76 278		75 380
		55 109 148 134 5,037 4,866 76 70
(2)	TOTAL NON-CURRENT LIABILITIES CURRENT LIABILITIES (a) Financial Liabilities (i) Borrowings (ii) Trade payables - Total Outstanding Dues of Micro and small enterprises - Total Outstanding Dues of Creditors other then Micro and small enterprises (iii) Other financial liabilities (b) Other current liabilities (c) Provisions (d) Current tax liabilities (Net) TOTAL CURRENT LIABILITIES TOTAL EQUITY AND LIABILITIES	5316 5,179
		43 159 9 76
		3,189 3,42 8 244 286 52 103 85 50 . 15
		3622 4,117
		85216 84,676

Notes:

1 The above results were reviewed by the Audit Committee and approved by the Board of Directors in their meeting held on 13th November, 2019 and the Statutory Auditors of the Company have carried out a 'Limited Review' of the same.

2 Effective from 1st April 2019 the Company has adopted IND AS 116 "Leases". However there is no impact in financial results for the quarter and half year ended 30th September 2019.

• 3 Previous periods' figures have been rearranged I regrouped wherever considered necessary to conform to the presentation of the current period. All figures of financial result has been rounded off to nearest lakhs rupees.

4 Consolidated Statement of Cash Flow for the half year ended 30th September 2019 are annexed.

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Managing Director
(DIN No.00535670)
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Place : Mumbai Dated : 13th November, 2019

HINDUSTAN 1t)l i �q i,, OMPOSITES LIMITED

I'd d S Conso I ate tatement o as F ow or t ea f C h I f h h Ifvear en e t d d 30 h Septem er 1 b 20 9	I'd d S Conso I ate tatement o as F ow or t ea f C h I f h h Ifvear en e t d d 30 h Septem er 1 b 20 9	I'd d S Conso I ate tatement o as F ow or t ea f C h I f h h Ifvear en e t d d 30 h Septem er 1 b 20 9
Sr .. No.			(Rs. In Lakhs)
	Half Year Ended 30-Sep-19 (Unaudited)		Half Year Ended 30-Sep-18 (Unaudited)
ACASH FLOW FROM OPERA TING ACTIVITIES NET PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX Adjustment for Depreciation Net gain on sale_I_fair valuation of investments through profit and loss (Profil)/Loss on Sale of Fixed Assets (Net) Remeasurements of defined benefit plans Interest expenditure OPERATING PROFIT BEFORE WORKING CAPITAL CHANGES Adjustment for (lncrease)Decrease in Trade and other receivable (lncrease)Decrease in Inventories (Decrease)lncrease in Trade and other payables CASH INFLOW FROM OPERATIONS ACTIVITIES Direct Tax Paid (Net) NET CASH FLOW FROM OPERATING ACTIVITIES (A) BCASH FLOW FROM INVESTMENT ACTIVITIES Purchase of Fixed Assets Proceeds from Sale of Fixed Assets Purchase of Investments (Net) (lncrease)/Decrease in Inter- Corporate Deposits Income from Investment (Net) NET CASH FLOW (USED IN)/ FROM INVESTING ACTIVITIES (B) CCASH FLOW FROM FINANCING ACTIVITIES Borrowinqs ( Net) Proceeds/(Repayment) from long-term borrowings (Net) Proceeds/(Repayment) from short-term borrowings (Net) Dividend Paid ( including Corporate Dividend Tax) Interest paid NET CASH USED IN FINANCING ACTIVITIES (C) DNet Increase/ Decrease in cash and cash equivalent ( A+B+C) Cash and Cash equivalents as at beginning of the half year Cash and Cash equivalents as at end of the halfyear	469 (697) (14) (8) 12 604 157 (306) (498) 28 (846) 750 626 (74) (116) (356) (12)		450 (238) 212 455 667 (112) 555 60 60 1558** (558 57 75 132 789 429 (852) - (8) 15 (416) 373 (29) (321) 210 (140) 233 (172) 61 (588) (1,200) 750 929 1109 (109) (87) 139 (89) (15) 152* (52) (100) 149 49*
				233 (172)
				61 1109
				**(109) **
				) ) ) *152*
				(52) (100) **149 **
				49

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701, Stanford, +91 (22) 62505600 Junction of S. V. Rood, bogorioco.com & Borfiwolo Marg, Andheri (W) Mumbai 400 058, IND/A

BAGARIA & co LLP Chartered Accountants

LIMITED REVIEW REPORT

To The Board of Directors Hindustan Composites Limited

1. We have reviewed the accompanying statement of Consolidated Unaudited Financial Results of Hindustan Composites Limited ("the Parent Company") and its Joint Venture (together referred to as "the Group") for the quarter ended September 30, 2019 and for the period from April 1, 2019 to September 30, 2019 ("the Statement") attached herewith, being submitted by the Parent Company pursuant to the requirements of Regulations 33 of the SEBI (Listing, Obligations and Disclosure requirements) Regulations, 2015 ('Listing regulations'), as amended.

2. This Statement, which is the responsibility of the Parent Company's Management and approved by the Parent'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 the Companies Act, 2013, and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 241 O "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons 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 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.

We are not required to perform procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.

1. The Statement includes the results of the following entities:

Nameof the Entity	Relationship
Compo Advics (India) Private Limited	Joint Venture in which holds 49% stake Parent Company

1. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review report of other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard 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 · · is to be disclosed, or that it contains any material misstatement. ( <o

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1. (i) We did not review the financial statement of a joint venture in India included in the consolidated financial results, whose financial statements reflect Group's share

of loss of Rs. 42 Lakhs and Rs. 80 Lakhs and total comprehensive loss of Rs.42 Lakhs and Rs. 80 Lakhs for the quarter ended September 30, 2019 and for the period from April 1, 2019 to September 30, 2019; respectively as considered in the consolidated unaudited financial results, in respect of a joint venture. These financial statements have been reviewed by other auditor whose review report has been furnished to us by the management and our conclusion on the statement, in so far as it relates to the amounts and disclosures included in respect of the joint venture is based solely on the report of such other auditor

• (ii) Consolidated figures for the quarter and half year ended 30th September 2018 as reported in these consolidated financial results have been approved by the Board of Directors, but have not been subjected to review since the requirement of submission of quarterly consolidated financial results has become applicable only from 1st April, 2019.

Our conclusion on the Statement is not modified in respect of the above matters referred in para 6.

Place: Mumbai Date: November 13, 2019

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For Bagaria and Company LLP
Chartered Accountants
ICAI Firm Registration No.
113447W/W-100019
Vinay Somani
Partner
Membership No. 143503
UDIN: 19143503AAAAOW3689
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