Permanent Magnets Ltd. — Interim / Quarterly Report 2022

Nov 11, 2021

PERMANENT MAGNETS LIMITED

B-3, MIDC, Village Mira, Mira Road East, Thane - 401104, Maharashtra, India

==> picture [58 x 35] intentionally omitted <==

Phone : +91-22-68285454 Facsimile : +91-22-29452128 Email : sales@pmlindia.com Website : www.pmlindia.com

Date: November 11, 2021

To, Corporate Relation Department The Bombay Stock Exchange Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400 001

Scrip Code : 504132

Security ID : PERMAGN

Sub: Unaudited Standalone Financial Results for the Quarter and Half year ended September 30, 2021

Meeting Commencement Time 12.00 PM Meeting Conclusion Time 01.45 PM

Dear Sir/Madam,

Pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith the Statement containing Standalone Unaudited financial results and Cash Flow Statement of the company for the Quarter and Half year ended September 30, 2021 as per IND-AS duly approved by Board of Directors along with Limited Review Report thereon issued by the Statutory Auditors of the Company M/s. Ramanand & Associates, Chartered Accountants.

We request you to kindly take the same on record.

Thanking you,

Yours Faithfully,

FOR PERMANENT MAGNETS LIMITED

==> picture [109 x 47] intentionally omitted <==

RACHANA RANE COMPANY SECRETARY

==> picture [77 x 52] intentionally omitted <==

==> picture [78 x 52] intentionally omitted <==

Regd Office: Harsh Avenue, 302, 3[rd] Floor, opp. Silvassa Police Station, Silvassa Vapi Main Road, Silvassa- 396 230. Dadra and Nagar Haveli (U.T.) (All correspondence has to be made at our Mira Road address only) CIN-L27100DN1960PLC000371

Permanent Magnets Limited

Regd Office : Harsh Avenue, 302, 3rd Floor, Opp. Silvasa Police Station, Silvassa - 396230, D & NH (UT) CIN - L27100DN1960PLC000371, Email: investors@pmlindia.com, Phone : +91 22 68285454 Website: www.pmlindia.com

Statement of Standalone unaudited Financial Results for the Quarter & Half Year ended 30th September,2021

Sr. Particulars 1 (a) Gross Sales/Income from Operations (b) Other Income Total Income 2 Expenditure (a) Consumption of Raw Material (b) Purchase of stock-in-trade (c) Changes in inventories of Finished Goods, work-in- progress and stock-in-trade (d) Employee cost (e) Finance Cost (f) Depreciation & Amortisation Expenses (g) Other Expenditure Total Expenditures 3 Profit / (Loss) from Operations before Exceptional and Tax (1-2) 4 Exceptional Items 5 Profit before tax (3+4) 6 Tax expenses Current Tax Deferred Tax 7 Profit/(Loss) for the period from Continuing Operations ( after tax ) (5-6) 8 Profit/(Loss) from Discontinuing Operation 9 Tax Expenses of Discontinuing Operation 10 Profit/(Loss) from Discontinuing Operations ( after tax ) (8-9) 11 Profit/(Loss) for the period (7+10) 12 Other Comprehensive Income (OCI) 13 Net Profit/(Loss) ( Including Comprehensive Income )( 11+12) 14 Paid-up Equity Share Capital (Face Value of Rs. 10/- each) Total Reserves ( excluding revaluation reserve) 15 (i) Earning Per Share (before and after Extra Ordinary Items) - Basic - Diluted

(Rs. In lakh except EPS) Year Ended 30.09.2021 (Unaudited) 30.06.2021 (Unaudited) 30.09.2020 (Unaudited) 30.09.2021 (Unaudited) 30.09.2020 (Unaudited) 31.03.2021 (Audited) 3,149.50 3,151.82 3,194.18 6,301.32 4,734.85 11,667.93 51.63 120.27 (6.87) 171.90 28.33 88.58 3,201.13 3,272.09 3,187.31 6,473.22 4,763.18 11,756.51 1,670.84 1,588.95 1,534.64 3,259.79 2,178.52 5,387.94 - - - - - - (267.30) (75.44) (8.64) (342.74) 112.03 208.11 196.59 203.65 181.60 400.24 363.85 744.64 22.33 17.89 33.81 40.22 32.31 102.10 87.97 75.79 77.58 163.77 145.98 329.29 864.00 822.69 835.68 1,686.69 1,167.07 2,802.35 2,574.44 2,633.53 2,654.67 5,207.97 3,999.76 9,574.43 626.69 638.56 532.64 1,265.25 763.42 2,182.08 - - - - - - 626.69 638.56 532.64 1,265.25 763.42 2,182.08 164.17 161.58 174.69 325.75 247.19 568.29 163.34 159.62 152.12 322.96 214.55 574.75 0.83 1.96 22.57 2.79 32.64 (6.46) 462.53 476.97 357.95 939.50 516.23 1,613.79 - -- - - - - -- - - - - - - - - - 462.53 476.97 357.95 939.50 516.23 1,613.79 - - - 1.59 462.53 476.97 357.95 939.50 516.23 1,615.38 859.85 859.85 859.85 859.85 859.85 859.85 5.38 5.55 4.16 10.93 6.00 18.79 5.38 5.55 4.16 10.93 6.00 18.79 Quarter Ended on Half Year Ended on

Notes:

• 1 The above results for the quarter ended 30th September, 2021, have been reviewed and recommended by the Audit Committee, approved by the Board of Directors at their Meeting held on 11/11/2021 through video conferencing. The Statutory Auditors have expressed an unqualified audit opinion.

• 2 This statement has been prepared in accordance with the Companies (Indian Accounting Standards) Rule ,2015 (Ind AS) prescribed under Section 133 of Companies Act ,2013, read with rule 3 of the Companies (Indian Accounting Standards) Rules,2015 and Companies (Indian Accounting Standards) Rule ,2016.

• 3 As the Company operates mainly in one Business Segment i.e Engineering and Current Sensing applications hence are considered to be a single primary business segment, therefore the disclosure requirement of IND AS 108, Operating Segment is not applicable.

• 4 The figures for the quarter ended September 30, 2021 are the balancing figures between unaudited figures in respect of half year ended September 30, 2021 and the unaudited published figures upto June 30, 2021 being the first quarter of the financial year, which were subjected to Limited Review.

• 5 Honourable Bombay High Court has given interim stay order against the winding up order passed against the Company dated 15/04/2015. Next hearing in this matter shall come up as per listing of the court. Company has deposited Rs. 19,05,179/- Lac with interest as per direction of honourable Bombay High Court.

• 6 The figures for the previous period / year have been regrouped wherever necessary to confirm to the current year's classification.

==> picture [566 x 61] intentionally omitted <==

----- Start of picture text -----

For Permanent Magnets Limited
Place : Mumbai Sharad Taparia
Date: 11.11.2021 Managing Director
----- End of picture text -----

==> picture [567 x 459] intentionally omitted <==

----- Start of picture text -----

STATEMENT OF ASSETS AND LIABILITIES AS AT SEPTEMBER 30,2021
As at As at
Particulars
30.09.2021 31.03.2021
ASSET
(1) Non Current Assets
(a) Property, Plant and Equipment 541.40 512.80
(b) Other Intangible assets 17.17 20.31
(c) Right-of-use Assets 370.57 273.21
(d) Financial Assets
(i) Loans 75.59 77.64
(e) Deferred Tax Assets (Net) 153.80 156.59
(f) Other Non-Current Assets 154.00 95.78
1,312.53 1,136.33
(2) Current Assets
(a) Inventories 2,534.05 2,100.54
(b) Financial Assets
(i) Trade Receivables 3,300.27 3,286.97
(ii) Cash and Cash Equivalents 68.15 343.17
(iii) Bank Balances 1,923.36 1,934.36
(iv) Loans 106.45 79.31
(c) Other Current Assets 708.53 518.52
8,640.81 8,262.86
Total Assets 9,953.35 9,399.19
EQUITY AND LIABILITIES
(1) Equity
(a) Equity Share Capital 859.85 859.85
(b) Other Equity 6,396.37 5,542.85
7,256.22 6,402.70
Liabilities
(2) Non Current Liabilities
(a) Financial Liabilities
(i) Borrowings 178.37 180.75
(ii) Other Financial Liabilities 395.90 187.40
(b) Provisions 71.02 76.24
645.29 444.40
(3) Current Liabilities
(a) Financial Liabilities
(i) Borrowings - -
(ii) Trade Payables (Current) 1,651.87 2,215.34
(iii) Other Financial Liabilities 156.86 236.41
(b) Other Current Liabilities 158.54 46.43
(c) Provisions 4.04 4.04
(d) Current Tax Liabilities 80.54 49.87
2,051.84 2,552.09
Total Equity and Liabilities 9,953.35 9,399.19
For Permanent Magnets Limited
Place : Mumbai Sharad Taparia
Date: 11.11.2021 Managing Director
----- End of picture text -----

CASH FLOW STATEMENT (INDIRECT METHOD) FOR THE HALF YEAR ENDED 30.09.2021

==> picture [566 x 460] intentionally omitted <==

----- Start of picture text -----

Particulars 30.09.2021 31.03.2021
INR INR
CASH FLOW FROM OPERATING ACTIVITIES
Profit before tax and extraordinary items (PAT) 1,265.25 2,183.67
Adjustment for :
Depreciation for PPE 81.39 186.28
Depreciation for Leased assets 82.38 143.01
Loss/(Profit) on Sale of Assets (2.23) (0.45)
Finance Charges 21.06 45.61
Financial Charges under lease agreement 19.15 56.49
Interest income on security deposit (4.88) (11.37)
Misc balance w/off 0.93 (0.35)
Short /Excess provision of earlier years - (13.69)
Unrealised Foreign Exchange Gain (14.78) (7.64)
Operating Profit before working Capital Changes 1,448.28 2,581.58
Adjustment for:
Inventories (433.52) (175.76)
Trade Receivables (0.04) (543.29)
Other Assets (294.18) (1,315.77)
Trade Payables (562.88) 716.86
Other Liabilities 184.95 (59.76)
342.62 1,203.85
Direct Taxes Paid 259.85 511.19
Net cash flow from Operating Activities 82.77 692.66
CASH FLOW FROM INVESTMENT ACTIVITIES
Sale of/ (Additions to) Fixed Assets (104.62) (205.51)
Net cash used in investing activities (104.62) (205.51)
CASH FLOW FROM FINANCING ACTIVITIES
Dividend and Tax on Dividend Paid (93.34) -
Proceeds from Long Term Borrowings (Net) (2.39) (4.49)
Proceeds from Short Term Borrowings (Net) - (16.56)
Finance Charges paid (Net) (21.06) (45.61)
Payment of Lease liabilities (136.37) (275.54)
Net cash from Financing Activities (253.16) (342.20)
NET INCREASE IN CASH AND CASH EQUIVALENTS (275.01) 144.94
Opening Cash and Cash Equivalents 343.17 198.23
Closing Cash and Cash Equivalents 68.15 343.17
For Permanent Magnets Limited
Place : Mumbai Sharad Taparia
Date: 11.11.2021 Managing Director
----- End of picture text -----

Ramanand & Associates

Chartered Accountants

6/C Ostwal Park Building No4, Jesal Park, Opp Jain Temple, Bhayander East Thane – 401105 Email id: rg@caramanandassociates.com Tel: 9322006131 / 02228171199

Independent Auditors’ Review Report on the Quarterly and half yearly Unaudited Standalone Financial Result of the Company pursuant to the regulation 33 of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, as amended

To,

The Board of Directors of

Permanent Magnets Limited

1. We have reviewed the accompanying statement of unaudited financial results of Permanent Magnets Limited ('Company') for the quarter & half year ended September 30,2021 ('financial results') attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('Listing Regulations').

2. This Statement is the responsibility of the Company's Management and is subject to approval by the Board of Directors of the Company at their meeting to be held on November 11, 2021. This statement has been prepared on the basis of the related interim financial statements 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 read with relevant rules issued there under and other accounting principles generally accepted in India. Our responsibility is to issue report on these financial statements based on our review.

3. We conducted our review 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 Accounts of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the statement is free from material misstatements. 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. 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 principles laid down in 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 and policies has not disclosed the information required to be disclosed in terms of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, including the manner in which it is to be disclosed or that it contains any material misstatement.

5. We draw attention to Note no. 5 of statement which states that Honourable Bombay High Court had given interim stay order against winding up order and hearing in this matter shall come up as per listing of the court.

Our report is not modified in respect of above matters.

For Ramanand & Associates Chartered Accountants ICAI Firm Reg. No. 117776W CA Karan Verma Partner M. No. 161335 UDIN: 21161335AAAACY8863 Place: Mumbai Date: November 11, 2021