Premier Limited — Interim / Quarterly Report 2021

Feb 13, 2021

Kanak Jani

Chartered Accountant & Insolvency Professional IBBI Reg No. IBBI/IPA-001/1P-P-01 75 7/2019 -2020/12685

Date: 13" February. 2021

Chartered Accountant & Insolvency ProfessionalIBBI Reg No. IBBI/IPA-001/1P-P-01 75 7/2019 -2020/12685
13" February. 2021Date:
To,	To,
BSE Limited	ExchangeNationalStockIndiaofLtd
Listing Department	Listing Department
Floor 25, P.J. Towers,	'Exchange Plaza'. Bandra-Kurla Complex.
Dalal Street. Mumbai-40001	Bandra (E). Mumbai 400051
Scrip Code: 500540	NSE Symbol: PREMIER

Dear Sir/s,

Sub: Un-audited Financial Results (Standalone and Consolidated) For the Quarter ended December 31*, 2020

This is in continuation to our intimation dated February 12'", 2021 u/r 29 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 regarding declaration of results on 13th February, 2021.

The Unaudited Financial Results (Standalone and Consolidated) of the Company for the quarter ended 31' December, 2020 along with the Limited Review Report issued by M/s Jayesh Dadia & Associates, LLP, the Statutory Auditors, pursuant to Regulation 33 of the Listing Regulations. The said results along with Limited Review Report thereon are attached herewith.

Registered. Office: 17, Sai Moreshwar Luxuria,Plot No. 74, Sector 18, Kharghar , Next to Sanjeevani International School, Navi Mumbai, Maharashtra -410210 Correspondence Office: 4th Floor, Indian Mercantile Mansion Extn, Madame Cama Road, Colaba, Mumbai — 400005 Email Id: premier.cirp@gmail.com | Contact No: 9819875760

Kanak Jani

Chartered Accountant & Insolvency Professional IBBI Reg No. IBBI/IPA-001/IP-P-01757/2019 -2020/12685

As you are aware that the company is under Corporate Insolvency Resolution Process (CIRP) in terms of the Order of Hon'ble NCLT. Mumbai Bench dated 29" January. 2021. The powers of the Board of Directors are suspended and are vested in the undersigned Interim Resolution Professional and Company's affairs. business and assets are being managed by the undersigned Interim Resolution Professional. The results were taken on record and signed by Chairman cum Managing Director and Interim Resolution Professional at 2 $O pm

Thanking you,

Yours faithfully,

For Premier Limited

(Company under Corporate Insolvency Resolution Process)

Interim Resolution Professional

IP Reg. No: IBBI/IPA-001/IP-P-01757/2019 -2020/12685

(Premier Limited is under Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code 2016. Its affairs and assets are being managed by the Interim Resolution Professional, Ms. Kanak Jani, appointed by the National Company Law Tribunal, Mumbai Bench by order dated 29" January, 2021 under the provisions of the code.

Registered. Office: 17, Sai Moreshwar Luxuria.Plot No. 74, Sector 18, Kharghar . Next to Sanjeevani International School, Navi Mumbai, Maharashtra -410210 Correspondence Office: 4th Floor. Indian Mercantile Mansion Extn. Madame Cama Road. Colaba. Mumbai — 400005 Email Id: premier.cirp@gmail.com | Contact No: 9819875760

Regd. Office : 169 Gat Villago Sawardari Taluka Khed (Chakan Industrial Area) Pune 440501 CIN: L34103PN1944PLC020842 E-mail : investors@premier.co.in

		CE—>	PREMIER		LTD.
	Regd. Office : 169 Gat Villago Sawardari Taluka Khed (Chakan Industrial Area) Pune 440501		CIN: L34103PN1944PLC020842
				E-mail : investors@premier.co.in
	Statement of Standalone Unaudited			Financial Results for the Quarter and Nine months ended 31st December, 2020
					Standalone		(Rs Lakhs)
			Quarter ended			Nine months ended	Year ended
Sr.No.	Particulars			34.12.2020 { 30.09.2020 31.12.2019 31.12.2020 [ 31.12.2019 (Unaudited/ (Unaudited /] (Unaudited / (Unaudited/ (Unaudited /			34.03.2020
°		Reviewed)	Reviewed)	Reviewed)	Reviewed)	Reviewed)	(Audited)
1	Revenue from operations	200		712	200	982	987
3	2__ Other Income Total Income	10210	409409	18730	532732	441026	671054
4	{Expenses
	(a) Cost of materials consumed{b)/ Changes in inventories of finished	8		WW	8	211	211
	goods, work in progress and stock-in-trade	153	5	739	153	859	872
	(c) Employee benefits expense	473	407	484	1329	1443	1902
	(d) Finance Costs{e) Depreciation and Amortisation	1296	1243	1384	3735	4736	5567
		437	486	503	1409	1666	2108
	(f} Provision for doubtful debts/bad debts(g) Inventory obsolence	84	70	2797	154	2797	2797
	{h)/Reversat of Impairment on Assets	=-	=-	=-	--	30290	3029(222)
	(i) Other ExpensesTotal Expenses	4052556	912297	3196237	2517039	91515655	99917263
5	Profit / (Loss) before exceptional items
6	and tax{Exceptional Items	(2346)9	(1888)0	(5507)0	(6307)	(14630)15007	(16209)14087
7	Profit/ (Loss) before tax	(2346)	(1888)	(5507)	0(6307)	377	(2122)
8	Tax Expenses
	a) Current Taxb) Deferred Tax	00		oO0	Oo0	04585	oO4585
9	Net Profit(Loss) for the period (7-8}	(2346)	(1888)	{5507)	(6307)
						(4208)	(6707)
10	Other Comprehensive income
{)	(i) items that will not be reclassified toProfit or loss	(42)	(1)	32	(2)	a	a
	(ii) Income tax relating to items that will	0	0	0		0	0
	not be reclassified to Profit or loss.{b) {i) tems that will be reclassified to				0
	Profit or loss.	0	0	0	0	r	a
	{ii) Income tax relating to items that willbe reclassified to Profit or loss	0	0	9	0	0	o
41	Total Comprehensive income for theperiod (9+40)	( 2388 )	(1889 )	( 5475 )	( 6309 )	(4137)	(6669)

Page 1 of2

td

12	Paid-up Equity Share Capital (facevalue Rs. 10 each)	3037	ann	—	—	3037	3037
43	Eaming per equity share (face value of{a) Basic	(7,72)	(6.22)	(18.13)	(20.77)	(13.85)	(22.08)
	(b) Diluted	(7.72)	(6 22)	{18.13)	(20.77)	{13 85)	{22.08)

Notes:

• 1) The Hon'ble National Company Law Tribunal (NCLT), Mumbai Bench has admitted the petition of Anand Rathi Global Finance Ltd, for initiating Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC) vide its order dated 29th January, 2021. Ms. Kanak Jani is appointed as the Interim Resolution Professional (Bearing registration no. IBBVIPA-001/IP-P-01757/2019-2020/12685) of the Company effective 29th January, 2021. Accordingly, she has taken control of the Management and operations of the Company.
• 1. In view of the above, as per section 17 of the Insolvency and Bankruptcy code, 2016 the powers of the Board of Directors stands suspended and such powers are vested with the Interim Resolution Professional
• 1. Accordingly. the unaudited (Standalone & Consolidated) financial results have not been considered and recommended by Audit Committee and consequently by the Board of Directors. However, the same have been certified by Mr.Maitreya V. Doshi, Chairman & Managing Director (DIN No.00060755) of the Company. Based on the certification, this unaudtited (standalone & consolidated) financial results have been taken on record by the RP of the Company on 13th February, 2021.
• 1. As reported in the last quarter/ year end, the manufacturing activities at its newly relocated plant at Chakan remains temporarily suspended since 3rd March, 2020 in view of lack of working capital.
• 1. The statutory auditors have reviewed the above results of the Company and limited review report in this regard are attached herewith.
• 1. The Company is engaged in the Engineering business and therefore, there is only one reportable segment as per Ind AS 108 on "Operating Segments".
• y Previous period/year figures have been regrouped and / or rearranged wherever necessary.

tified by' Taken on record by:

Page 2 of 2

For Premier Ltd

Maitreya V.Doshi Jani Place : Mumbai Chairman & Managing Director Interim Resolution Professional Date : 13th February, 2021 {DIN : 00060755] IP Registration No.IBBI/IPA-001/IP-P-01757/2019-2020/12685

Company is under Corporate insolvency resolution process NCLT pronounced dated January 29, 2021 y p BY.NELT Order,

JAYESH DADIA & ASSOCIATES LLP CHARTERED ACCOUNTANTS

422, Arun Chambers, Tardeo, Mumbai - 400034. Tel.: +91-22-66602417 / 66601056 Fax : +91-22-66602418 E-mail: info@jdaca.com Website : www.jdaca.com

Independent Auditor's Review Report on Quarterly Standalone Financial Results

The Board of Directors M/s. Premier Limited Mumbai,

• 1. We have reviewed the accompanying statement of standalone unaudited financial results ('the Statement') of M/s. PremierLimited ('the Company') for the quarter ended 31st December, 2020 (the 'Statement) and the year to date results for the period from 1s April, 2020 to 31stDecember, 2020 attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations 2015, as amended.This Statementis the responsibility of the Company's Management. However, as mentioned in note no. 1 to this statement, the Honorable NCLT, Mumbai Bench has admitted the petition for commencing Corporate Insolvency Resolution Process under the Insolvency & Bankruptcy Code against the Company. Accordingly, this statement is certified by Chairman & Managing Director of the Company & taken on record by the Interim Resolution Professional on 13 February, 2021. Our responsibility is to issue a report on the Statement based on our review.
  • 2. 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 & perform the review to obtain moderate assurance as to whether the financial statements are free of material misstatement. A review is limited primarily to enquiries of company personnel andanalytical 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.

3. Basis for Qualified Conclusion

We draw your attention to the fact that the Net Worth of the company has been substantially eroded as at the quarter ended 31sDecember, 2020. Further, the company has incurred a further loss of Rs. 6,307 Lakhs (excluding other comprehensive income) for the nine month period ended 31%*December, 2020.

Further, the operations of the company have continued to remain suspendedduring the nine month periodended 31*December, 2020 owing to the lack of working capital available to the company as mentioned in note no.4 to these standalone financial results.

These conditions indicate that a material uncertainty exists that may cast significant doubt on the entity's ability to continue as a going concern. Despite these circumstances, these standalone financial results have been prepared on a going concern basis.

1. Based on our review conducted as stated above, except as stated in the Basis for Qualified Conclusion paragraph above, nothing has come to our attention that causes us to believe thatthe accompanying statement of unaudited financial results prepared in accordance with applicable accounting standardsand 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, as amended,including _ the manner in which it is to be disclosed, or that it contains any material misstatement.

For Jayesh Dadia & Associates LLP Chartered Accountants Firm Registration No. 121142W /W100122

ee

Par y t e n s e h r D adia Membership No. 033973 Mumbai, Dated: 13th February, 2021 UDIN: 21033973 AAAABF6154

G>> PREMIER LTD.

Roge. Olen ; 160 Gat Village Sawardas) Taluka Khod (Chakan tnduntelal Aroa) Pune 410501 CIN: 1.34103PN1944P1.C020842 E-nall: Investora@promior.coten

		G>>	PREMIER
					LTD.
	Roge. Olen ; 160 Gat Village Sawardas) Taluka Khod (Chakan tnduntelal Aroa) Pune 410501
				CIN: 1.34103PN1944P1.C020842E-nall: Investora@promior.coten
S	tatoment of Consolidated Voaudited Flnanclal Results for the Quarter and Nina months ended 31st December, 2020
———					Consolidated		{Rs Lakhs)
we	Particulars		Quarter ended	31.42.2020 30.09.2020 31.12.2019 31.12.2020 31.12.2019		Nine months ended	Year ended31.03.2020
°				{Unaudited / {Unaudited /] (Unaudited / {Unaudited / (Unaudited/			(Audited)
			Roviowed) Reviowod)	Raviowod)	Roviowed)	Roviewod)
1{Other income	[Revenue from operations	20040	409	71218	200§32	98244	98767
2_[Total Income3.		210	403	730	732	1026	1054
[Expenses4	(a} Cost of matorials consumed					211	211
	{b) Changes in Inventories of finished	8	-		8
trade	goods, work in progress and stock-in-	153	-	739	153	B59	872
	(c)/Employee benefits expense	473	407	484	1329	1443	1902
(d) Finance Costs	({e) Depreciation and Amartisation	1296	1243	1384	3735	4736	5567
	(f} Provision for doubtful debts/oad debts	43784	48670	5032797	1409154	16662797	21082797
(g)jInventory obsolence						3029	3029
	(b} Reversal of Impairment on Assets	--	:-	--	--	0	(222)
{i) Other ExpensesTotal Expenses		1052556	912297	3196237	2537039	91515655	99917263
5	Profit / (Loss) before exceptional items
and tax[Exceptional Items		(2346)	(1888)	(5507)	(6307)	{14630)	(16209)
6	7 = Profit/ (Loss) before tax	0{2346)	0(1888)	0(5507)	9{6307}	15007377	14087(2122)
_ Tax Expenses8
a) Current Taxb) Deferred Tax		Q	0	0	0	0	0
	Net Profit/(Loss) for the period (7-8)	Q	6	0	0	4585	4585
9		(2346)	(1888)	{5507)	(6307)	(4208)	{6707}
10	} Other Comprehensive income
(a)Profit or loss	(i) items that will not be reclassified to	a42	1a	32		a
	(ii) income tax relating to items that willnot be reclassified to Profit or loss.	0	0	0	(2)0	0	380
	(b) (i) items that will be reclassified to		0
Profit or loss.	(li) Income tax relating to items that will	Q		0	0	e	2
	be reclassified to Profit or lossTotal Comprehensive income for the	0	a	0	0	2	o
period (9+10)		(2388)	(1889)	(5475)	(6309)	(4137)	(6669)

Page 1 of 2

	Paid-up Equity Share Capital (lace	an	io	=ae	or
12	vate Rs 1 each)_13 Earning per equity share (face value of	3037	3037	3037	3037	3037—i	3037
	(a) Basic	(7.72)	(622)	(18 13)	(20 77)	(13.85)	(22.08)
	{b) Diluted	(7.72)	(6.22)	(18.13)	(20 77}	(43.85)	(22.08)

Notes:

• 1} The Hon'ble Natonal Company Law Tribunal (NCLT), Mumbai Bench has admitted the petition of Anand Rath: Global Finance Ltd, for initiating Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC) vide its order dated 29th January, 2021. Ms. Kanak Jani is appointed as the Interim Resolution Professional (Bearing registration no IBBINPA-001/IP-P-01757/2019-2020/12685) of the Company effective 29th January, 2021. Accordingly, she has taken control of the Management and operations of the Company.
• 2) In view of the above, as per section 17 of the Insolvency and Bankruptcy code, 2016 the powers of the Board of Directors stands suspended and such powers are vested with the Interim Resolution Professional
• 3) Accordingly, the unaudited (Standalone & Consolidated) financial results have not been considered and recommended by Audit Committee and consequently by the Board of Directors. However, the same have been certified by Mr.Maitreya V. Doshi, Chairman & Managing Director (DIN No:00060755) of the Company. Based on the certification, this unaudtited (standalone & consolidated) financial results have been taken on record by the RP of the Company on 13th February, 2021.
• 4) As reported in the last quarter/ year end, the manufacturing activities at its newly relocated plant at Chakan remains temporarily suspended since 3rd March, 2020 in view of lack of working capital.
• 5) The statutory auditors have reviewed the above results of the Company and limited review report in this regard are attached herewith,
• 6) The Company is engaged in the Engineering business and therefore, there is only one reportable segment as per Ind AS 108 on "Operating Segments".
• 7) Previous petiod/year figures have been regrouped and / or rearranged wherever necessary.

ertified by: Taken on record by: if 4 % sy 8 b: ake Coe tow eege

Maitreya V.Doshi 'anak Jani

Page 2 of 2

For Premier Ltd OH

Place : Mumbai Chairman & Managing Director interim Resolution Professional Date : 13th February, 2021 (DIN : 00060755] IP Registration No.IBBIJPA-001/1P-P-01757/2019-2020/12685

Company is under Corporate insolvency resolution process by NCLT Order, pronounced dated January 29, 2021

JAYESH DADIA & ASSOCIATES LLP CHARTERED ACCOUNTANTS

422, Arun Chambers, Tardeo, Mumbai - 400034. Tel.: +91-22-66602417 / 66601056 Fax : +91-22-66602418 E-mail: info@jdaca.com Website : www.jdaca.com

Independent Auditor's Review Report on Quarterly Consolidated Financial Results

The Board of Directors M/s. Premier Limited Mumbai.

• 1. We have reviewed the accompanying statement of consolidated unaudited financial results ('the Statement')of M/s. Premier Limited ('the Holding Company') and its associate, PAL Credit & Capital Limited (the Holding Company and its associate together referred to as the "Group")for the quarter& nine month period ended 31%! December, 2020 (the 'Statement)attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations 2015, as amended.
• This Statement is the responsibility of the Holding Company's Management However, as mentioned in note no. 1 to this statement, the Honorable NCLT, Mumbai Bench has admitted the petition for commencing Corporate Insolvency Resolution Process under the Insolvency & Bankruptcy Code against the Holding Company. Accordingly, this statement is certified by Chairman & Managing Director of the Holding Company & taken on record by the Interim Resolution Professional on 13th February, 2021. Our responsibility is to issue a report on the Statement based on our review.
• 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. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial & 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 also performed procedures in accordance with the circular issued by the Securities and Exchange Board of India under Regulation 33(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable.

Basis for Qualified Conclusion

We draw your attention to the fact that the Net Worth of the Holding Company has been substantially eroded as at the nine month period ended 31st"December, 2020. Further, the

Company has incurred a further loss of Rs. 6,307 Lakhs (excluding other comprehensive income) for the nine month period ended 31s'December, 2020.

Further, the operations of the Holding Company have continued to remain suspended during the quarter ended 31stDecember, 2020 owing to the lack of working capital available to the company as mentioned in note no. 4 to these consolidated financial results

These conditions indicate that a material uncertainty exists that may cast significant doubt on the entity's ability to continue as a going concern. Despite these circumstances, these consolidated financial results have been prepared on a going concern basis.

• Holding 5. Based on our review conducted and procedures performed as stated in Paragraph 3 above and except as stated in the Basis for Qualified Conclusion paragraph above, nothing has come to our attention that causes us to believe that the accompanying statement of unaudited financial results prepared in accordance with Indian Accounting Standards and other accounting principles and policies, 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.
  • 6 . W e did n ot r e v i e w, th e in te r i m f i n a n c i a l r e s u lt s a n d ot her f i n a n c i a l in for mat ion o f t h e ass o ci at e c o m p a n y f or th e qu a rt er & ni n e mo nt h pe ri od e nd e d 3 1 st D e ce mb e r , 2 0 20.F ur t he r , t he s e r e su l t s h a v e a ls o n o t been r ev i e w e d b y t h e au di to rs o f t h e ass oc i at e c o m p a ny . W e ha ve relied o n t h e f in an ci a l r e s u l t s dra wn u p & c er t if i ed by t h e m an a ge m en t up to the s am e r ep or t ing d a te as t ha t of t he H o l d i n g C o m p a ny i . e . 31 %tDe cem ber , 20 2 0 .

T he c o n s ol i d a t ed f i n a nc i a l r e s u l t s a r e p r e p a r e d wh er ei n t h e i nv es tm en t in ass o c ia t e s is v a lu e d a s p e r t h e Eq uit y me thod in t er ms o n I n d-A s 28 , I nv e s tm e nt i n Asso c ia t es & Jo int Ve nt ure s. T h e n e t wo rt h of the associ ate company h a s been erode d a nd th ere being n o c arr y in g va lue of th e s a i d i n ve st me nt as a t t h e q u a rt e r e n d, t he H ol d ing C o m p a ny ha s n ot r e co g ni z ed it s s h ar e o f a ny f u r t h e r l osse s of t h e ass oci a t e d u r in g t he q ua r t e r .

O u r Co nc lu si on on th e St at eme nt i s n o t m o d if i e d i n r e sp e c t of t h i s m att er .

F or J a y es h D a d i a & Ass o cia t e s LL P Ch ar t e red Acc o u n t a n t s F ix m Reg istr atyOn No . 1 211 4 2 W / W 100 122

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a y e s h : Partner Membership No. 033973 Mumbai, dated: 13'" February, 2021 UDIN: 21033AA AA9B7G8375 7