ISGEC Heavy Engineering Limited — Interim / Quarterly Report 2022

Nov 12, 2021

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Dated: 12-11-2021

To, The BSE Ltd. Registered Office: Floor 25, P J Towers, Dalal Street, Mumbai 400 001 Company Scrip Code: 533033

To,

The National Stock Exchange of India Limited Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (E) Mumbai – 400 051 Company Scrip Code: ISGEC EQ

Dear Sir(s)/Madam(s),

Furnishing of Information as per SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Sub: Outcome of the Board Meeting held on November 12, 2021

1. This is further to our letter dated November 02, 2021, we wish to inform you that the Board of Directors of the Company at its meeting held today i.e. November 12, 2021 at 10:30 a.m. has inter-alia, considered and approved the Unaudited Standalone and Consolidated Financial Results of the Company, for the quarter and half year ended September 30, 2021, (including Statement of Assets and Liabilities as at September 30, 2021 and Cash Flow Statement for the half year ended September 30, 2021).

2. Pursuant to Regulation 30 and 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith:-

3. a). Unaudited Standalone Financial Results for the quarter and half year ended on September 30, 2021 (including Statement of Assets and Liabilities as at September 30, 2021 and Cash Flow Statement for the half year ended September 30, 2021) along with Limited Review Report of the Statutory Auditors thereon.

4. b). Unaudited Consolidated Financial Results for the quarter and half year ended on September 30, 2021 (including Statement of Assets and Liabilities as at September 30, 2021 and Cash Flow Statement for the half year ended September 30, 2021) along with Limited Review Report of the Statutory Auditors thereon.

5. The meeting of the Board of Directors was concluded at 1:30 p.m.

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1. This intimation is also available on the website of the Company at www.isgec.com, on the website of BSE Ltd. at www.bseindia.com and on the website of National Stock Exchange at www.nseindia.com

The above is for your information and records please.

Thanking you.

Yours faithfully, For Isgec Heavy Engineering Limited

SUDERSHA Digitally signed by SUDERSHAN N KUMAR KUMAR KHORANA Date: 2021.11.12 KHORANA 13:31:42 +05'30'

(S.K. Khorana) Executive Director & Company Secretary Contact Number: 9810188045

Encl: as above

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B-41, Panchsheel Enclave, New Delhi-110 017 Tel.: 26499111, 222/444/555 E: delhi@scvindia.com ● W: www.scvindia.com

S C V & Co. LLP Chartered Accountants

Independent Auditor's Review Report on the Standalone Unaudited Financial Results for the Quarter and Half Year ended 30[th] September 2021 of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

Review Report to The Board of Directors Isgec Heavy Engineering Limited

1. We have reviewed the accompanying Statement of Standalone Unaudited Financial Results of Isgec Heavy Engineering Limited ("the Company"), for the quarter and half year ended 30[th] September, 2021 ("the Statement"), being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.

2. This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, read with relevant rules issued thereunder 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) 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 Statement is 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.

4. Based on our review conducted as stated in paragraph 3 above, 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 applicable Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013, read with relevant rules issued thereunder 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.

Other offices

505, 5[th] Floor, Tower B, World Trade Tower Sector 16, Noida, 201301

T: +91-120-4814400

4/18, Asaf Ali Road, New Delhi-110002

T: +91-11-23274888/77410

B-XIX-220, Rani Jhansi Road, Ghumar Mandi Ludhiana – 121001

T: +91-161-2774527 ● F: +91-161-2771618

SCV & Co. (a Partnership firm) converted into SCV & Co. LLP (a Limited Liability Partnership with LLP Identity No. AAM-5565) with effect from May 3, 2018. Post its conversion to SCV & Co. LLP, its ICAI registration number is 000235N/ N500089 (ICAI registration number before conversion was 000235N).

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Emphasis of Matter

1. We draw attention to Note 3 to the Statement, which describes the uncertainties and the impact of Covid-19 pandemic on the Company's operations, carrying amounts of investments, recoverability of receivables and other assets and management’s evaluation of the future performance of the Company. In view of the uncertain economic environment, a definitive assessment of the impact on the subsequent periods is dependent upon circumstances as they evolve.

Our conclusion is not modified in respect of this matter.

For SCV & CO. LLP Chartered Accountants Firm’s Registration Number: 000235N/N500089

PLACE: Noida DATED: November 12, 2021

ABHINAV Digitally signed by ABHINAV KHOSLA KHOSLA Date: 2021.11.12 12:08:20 +05'30' (Abhinav Khosla) PARTNER MEMBERSHIP No. 087010 ICAI UDIN No. :- 21087010AAAAGE3898

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B-41, Panchsheel Enclave, New Delhi-110 017 Tel.: 26499111, 222/444/555 E: delhi@scvindia.com ● W: www.scvindia.com

S C V & Co. LLP Chartered Accountants

Independent Auditor's Review Report on the Unaudited Consolidated Financial Results for the Quarter and Half Year ended 30[th] September 2021 of the Company pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

Review Report to The Board of Directors ISGEC Heavy Engineering Limited

1. We have reviewed the accompanying Statement of Consolidated Unaudited Financial Results of ISGEC Heavy Engineering Limited ("the Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as “the Group”), and its associate for the quarter and half year ended September 30, 2021 ("the Statement"), being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.

2. This Statement, which is the responsibility of the Parent'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 the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, read with relevant rules issued thereunder 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) 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 Statement is 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.

We also performed 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, to the extent applicable.

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

2. i) Saraswati Sugar Mills Limited ii) Isgec Covema Limited iii) Isgec Exports Limited iv) Isgec Engineering & Projects Limited v) Freelook Software Private Limited vi) Isgec Hitachi Zosen Limited vii) Isgec SFW Boilers Private Limited (Formerly known as ISGEC Foster Wheeler Boilers Private Limited)

viii) Isgec Redecam Enviro Solutions Private Limited

• ix) Isgec Titan Metal Fabricators Private Limited

• x) Eagle Press & Equipment Co. Limited xi) Eagle Press America Inc. xii) 21917375 Ontario Inc. xiii) Isgec Investments Pte. Ltd.

Other offices

505, 5[th] Floor, Tower B, World Trade Tower 4/18, Asaf Ali Road, B-XIX-220, Rani Jhansi Road, Ghumar Mandi Sector 16, Noida, 201301 New Delhi-110002 Ludhiana – 121001

T: +91-120-4814400

T: +91-11-23274888/77410

T: +91-161-2774527 ● F: +91-161-2771618

SCV & Co. (a Partnership firm) converted into SCV & Co. LLP (a Limited Liability Partnership with LLP Identity No. AAM-5565) with effect from May 3, 2018. Post its conversion to SCV & Co. LLP, its ICAI registration number is 000235N/ N500089 (ICAI registration number before conversion was 000235N).

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xiv) Bioeq Energy Holdings One xv) Bioeq Energy Pte. Ltd. xvi) Bioeq Energy B.V xvii) Bioeq Energy Holdings Corp. xviii) Bukid Verde Inc. xix) Cavite Biofuels Producers Inc.

Associate

i) Penwood Project Land Corp.

1. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 7 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 applicable Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder 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.

Emphasis of Matter

1. We draw attention to Note 4 to the Statement, which describes the uncertainties and the impact of Covid-19 pandemic on the Group's operations, recoverability of receivables and other assets and management’s evaluation of the future performance of the Group. In view of the uncertain economic environment, a definitive assessment of the impact on the subsequent periods is dependent upon circumstances as they evolve.

Our conclusion is not modified in respect of this matter.

Other Matters

1. We did not review the interim financial information / financial results of Seventeen subsidiaries included in the consolidated unaudited financial results, whose interim financial information / financial results reflect total revenues of Rs. 3,835 Lakhs and Rs.8,817 Lakhs, total net loss after tax of Rs. 1,180 Lakhs and Rs. 1,587 Lakhs and total comprehensive loss of Rs. 1,067 Lakhs and Rs.1,565 Lakhs, for the quarter and half year ended September 30, 2021, respectively, and Cash inflows (net) of Rs 673 Lakhs for the half year ended September 30,2021 as considered in the consolidated unaudited financial results. The consolidated annual financial results also include the Group’s share of net loss of Rs. Rs. 4 Lakhs and net profit of Rs. 1 Lakh for the quarter and half year ended September 30, 2021, respectively as considered in the consolidated unaudited financial results, in respect of one associate, whose financial information / financial results have not been reviewed by us. These interim financial information / financial results have been reviewed by other auditors whose reports have 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 these subsidiaries is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above.

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Certain of the abovementioned subsidiaries and associate is located outside India whose interim financial information / financial results have been prepared in accordance with accounting principles generally accepted in their respective countries and which have been reviewed by other auditors under generally accepted auditing standards applicable in their respective countries. The Parent’s management has converted the interim financial information / financial results of such subsidiaries and associate located outside India from accounting principles generally accepted in that country to accounting principles generally accepted in India. We have reviewed these conversion adjustments made by the Parent’s management. Our conclusion in so far as it relates to the interim financial information / financial results of such subsidiaries and associate located outside India is based on the reports of other auditors and the conversion adjustments prepared by the management of the Parent and reviewed by us.

Our conclusion is not modified in respect of these matters.

For SCV & CO. LLP Chartered Accountants Firm’s Registration Number: 000235N/N500089

Digitally signed by ABHINAV ABHINAV KHOSLA KHOSLA Date: 2021.11.12 12:15:51 +05'30'

PLACE : Noida (Abhinav Khosla) DATED : November 12, 2021 PARTNER MEMBERSHIP No. 087010 ICAI UDIN No.:- 21087010AAAAGF3418

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