Miven Machine Tools Ltd. — Interim / Quarterly Report 2023

Feb 10, 2023

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To The General Manager- Listing BSE Limited 24[th] Floor, P J Towers, Dalal Street, Fort Mumbai-400001

February 10, 2023

Dear Sir,

Sub: Outcome of Board Meeting held on February 10, 2023 pursuant to the provisions of Regulation 33 of the SEBI(Listing Obligations and Disclosure Requirements) Regulations, 2015 regarding approval of Unaudited Financial Results for the Third Quarter ended December 31, 2022 along with the Limited Review Report of the statutory auditors thereon

Ref: Scrip Code 522036

This is to inform you, pursuant to the provisions of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”), that the Board of Directors of the Company at its meeting held today considered and approved the Unaudited Financial Results for the Third Quarter ended December 31, 2022 alongwith the Limited Review Report (“LRR”) of the statutory auditors thereon. A copy of the aforesaid financial results along with the Limited Review Report are attached.

We request you to take on record of the same.

Thanking you,

Yours faithfully

For Miven Machine Tools Limited

Digitally signed by ANAND ANAND BINDURAO BINDURAO KAMALAPUR KAMALAPUR Date: 2023.02.10 19:13:21 +05'30'

……………………………………

Anand Kamalapur Director

RAO ASSOCIATES CHARTERED ACCOUNTANTS

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Independent Auditor’s Review Report on Quarterly and Year to date Standalone Financial Results of Miven Machine Tools Limited Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

To The Board of Directors of Miven Machine Tools Limited

1. We have reviewed the accompanying Statement of Unaudited quarterly Financial Results (‘Statement’) of Miven Machine Tools Limited (“the Company”) for the quarter and nine months period ended December 31, 2022, together with the notes thereon, attached herewith, being submitted by the Company pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

2. The 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 accounting principles laid down in Indian Accounting Standard 34, Interim Financial Reporting (‘Ind AS 34’), prescribed under Section 133 of the Companies Act, 2013 (‘the Act’), 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 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 provide less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.

4. 4 . Based on our review conducted as, nothing has come to our attention that causes us to believe that the accompanying statement of unaudited standalone financial results prepared in accordance with applicable accounting standards i.e. Indian Accounting Standards (“Ind AS”) prescribed under Section 133 of the Act, read with relevant rules issued thereunder, SEBI Circulars CIR/CFD/CMD/15/2015 dated 30[th] November 2015 and CIR/CFD/FAC/62/2016 dated 5[th] July 2016 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

Head Office: # 32/1, VASISHTA PARADISE, 2[ND] FLOOR, 1[ST] TEMPLE ROAD, 11[TH] CROSS, MALLESWARAM, BANGALORE – 560003 Branch Office: # 161, GAYATHRI, S L BYRAPPA ROAD, 3[RD] CROSS, 3[RD] MAIN, HANUMANTHANAGAR, BANAGLORE – 560 019 TEL: +91-80-23560112, 23560114 EMAIL: info@raoassociates.com

RAO ASSOCIATES CHARTERED ACCOUNTANTS

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Requirements) Regulations, 2015 including the manner in which it is to be disclosed, or that it contains any material misstatement.

1. Material Uncertainty related to Going Concern:

The unaudited financial results of the company indicate erosion of complete net worth of the company. The Company’s liabilities exceed its total assets by INR 1,270.37 Lakhs as at 31[st] December 2022. We draw reference to Note 4 of unaudited financial results of the company regarding company’s plan for continuing its business. As stated therein these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

1. A copy of the unaudited quarterly financial results of the Company for the period under review, which formed the basis of our limited review, duly initiated by us for the purpose of identification is enclosed to this report.

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For RAO ASSOCIATES CHARTERED ACCOUNTANTS Firm Registration No: 003080S

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(SANDEEP S SHEKAR) PARTNER Membership No. 232631 UDIN: 23232631BGWJPM3097

Place: Bangalore Date: 10[th] February, 2023

Head Office: # 32/1, VASISHTA PARADISE, 2[ND] FLOOR, 1[ST] TEMPLE ROAD, 11[TH] CROSS, MALLESWARAM, BANGALORE – 560003 Branch Office: # 161, GAYATHRI, S L BYRAPPA ROAD, 3[RD] CROSS, 3[RD] MAIN, HANUMANTHANAGAR, BANAGLORE – 560 019 TEL: +91-80-23560112, 23560114 EMAIL: info@raoassociates.com

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MIVEN MACHINE TOOLS LIMITED CIN-L29220KA1985PLC007036

TARIHAL INDUSTRIAL AREA, HUBBALLI, KARNATAKA

STATEMENT OF CASH FLOW FOR NINE MONTHS ENDED 31ST DEC 2022

						(INR in Lakhs)	(INR in Lakhs)
Particulars			As at 31 Dec, 2022			As at 31 March 2022
A. CASH FLOW FROM OPERATING ACTIVITIES
Profit (Loss) before tax as per Profit and Loss Account					(66.90)	(148.79)
Adjustments for:
Depreciation and Amortisation Expenses					6.01		8.23
Finance Costs					29.81		54.58
Interest received					(0.73)		(2.67)
Dividend Received					(0.06)		(0.06)
Provisions					(6.73)		(5.72)
Profit on Sale of Land/Assets					(1.69)		(0.29)
CASH FLOW BEFORE WORKING CAPITAL CHANGES					(40.30)		(94.73)
Adjustments for Working Capital Changes
Change in Inventories					(35.39)		90.27
Change in Trade Receivables					18.22		(21.48)
Change in Other Financial Assets - Non Current Assets					(0.29)		2.06
Change in Other Financial Assets - Short Term					-		(0.53)
Change in Other Current Assets					8.45		3.24
Change in Trade Payables					6.88		(20.74)
Change in Other current Liabilities					(4.75)		9.94
Change in Other Financial Liabilities					19.44		26.31
Cash Flow (Used) in Operating Activities					(27.75)		(5.66)
B. CASH FLOW FROM INVESTING ACTIVITIES
Sale Proceeds of Assets					1.75		2.04
Interest received					0.73		2.67
Dividend Received					0.06		0.06
Proceed from Maturity of Deposit with Banks held as Margin Money with maturity of more than 90 days					(13.28)		41.75
Cash Flow from Investing Activities					(10.75)		46.53
C. CASH FLOW FROM FINANCING ACTIVITIES
Proceeds/ (Payment) from/to Long Term Borrowings					30.50		46.57
Interest Paid					(19.22)		(54.58)
Cash Flow (Used) in Financing Activities					11.28		(8.01)
Net Increase / (Decrease) in Cash and Cash Equivalents					(27.21)		32.86
Cash and Cash Equivalents at the beginning of the year					46.38		13.52
Cash and Cash Equivalents at the end of the Year					19.17		46.38
Add:
Fixed deposits with original maturity of more than 90 days					20.00		17.36
Cash and cash equivalents at end of period as per Financial Statements					39.17		63.74
Cash and Cash Equivalents Comprise :
Cash on Hand					0.51		0.03
Balance with Banks
On Current Accounts					18.66		46.36
On Fixed Deposits					20.00		17.36
Cash and Cash Equivalents as per Financial Statements					39.17		63.74
Significant Accounting Policies and key Accounting Estimates				1
See accompanying notes forming part of the financial statements.				26
The Cash Flow Statement has been prepared on Indirect Method as provided in Ind AS 7
	For	and on behalf		of the	Board
Place : Hubli
Date : 10th February, 2023
		Vikram R Sirur
		Managing Director