SPEL Semiconductor Ltd. — Interim / Quarterly Report 2023

Nov 8, 2023

SPEL Semiconductor Limited an IC Assembly & Test Company

November 7, 2023

BSE LIMITED Department of Corporate Affairs Phiroze Jeejeebhoy Tower Dalal Street Mumbai-400001

Dear Sir/Madam,

Scrip Code: 517166

Sub: Outcome of Board Meeting to consider and approve the un-audited financial results of the Company, for the Quarter ended 30th September 2023.

Ref: BSE Notice No. 20230315-41 dated 15 Mar 2023

Pursuant to Regulation 30, 33 and other applicable provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and pursuant to BSE Notice No. 20230315-41dated 15th March 2023, we wish to inform that the Board of Directors of the Company at its Meeting held today i.e., 7th November 2023 has inter-alia approved the following:-

1.Approved the unaudited financial results of the Company for the Quarter ended 30th September 2023.

Copies of the Unaudited Financial Results and Limited Review Report of the Statutory Auditors of the Company for the Quarter ended 30th September 2023 are enclosed pursuant to Regulations 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The Meeting of Board of Directors commenced at 2:45 P.M and concluded at 5.00 P.M today.

This is for your kind information and records.

Thanking You, Yours faithfully

For SPEL SEMICONDUCTOR LIMITED

SANKARANARAYANAN SIVARAMAN(FCS 2918) COMPANY SECRETARY

VENKA TISH & CO Chartered Accountants

Inde iiitor's Limited Review Report on Unaudited Standalone Financial Results for the quarter ended September 30, 2023 of SPEL Semiconductor Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

To

The Board or lJlreclors of SPI:L Semiconductor limited

We have revi~w~d th~ ~c:mmr~nying st~t~m~nt of Im~IJdit~d st~nd~lon~ fin~nc:ial results ('the Statement') of SPEL Semiconductor Limited ('the company') for the quarter ended September 30,2023, being submitted by the Company pursunnL Lo the requirements of RegulaLion 33 or the SEBI (Listing Obligations and Disclosure Requirements), Regulation 2015 Cthe Regulation") as amended (the "Listing Regulations''), read with SEBI Circular No. CIR/CFD/CMI/80/2019 dated 19th July, 2019 Cthe Circular'').

The Statement 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 Indian Accounting Standard (Ind AS) 3'1, 'Interim Financial Reporting' prescribed under Section 133 of the Companies Act, 2013 und 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 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.

Basis for Qualified Review

We draw reference to accompanying statement where in the Company has incurred losses and generated negative cash flows during the period under review and in earlier years. The above indicates that a material uncertainty exists that may cast Significant doubt on Company's ability to continue as a going concern. Pending resolution of the above uncertainty, the Company has prepared the aforesaid statement on going concern basis.

Based on our review conducted as above, except for the effects of the matters described above/ nothing has come to our attention that causes us to believe that the accompanying statement, prepared in accordance with applicable Indian Accounting Standards fInd AS') prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other recoqnised accounting practices and poliCies, has not disclosed the information required to be disclosed in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 including the manner in which it is to be disclosed, or that it contains any material misstatement.

for Venkatesh & Co

Chartere A countants FRN: 004 S

A UasaratyV Partner M No: 026336

!CAl UDIN: 23026336BGULLE4490 Chennai., 07th November 2023

Annexure I

SPEL Semiconductor Limited

5, CMDA Industnal Estate, Maraimala Nagar, Chennai 603209

CIN L32201 TN1984PL CO11434 Regd Mal ld nfo@spel com -Website www spel com

Statement of Asset And Liabilities ( Reter Note 5)

		( in lakhs)
Partlcular	30-9ep-23	31-Mar-23
Assets
A) Non-Current Assets
a) Property, Plant and Equipment and Intang1ble assets
-(0) Property. Plant and Equipment	2,745 66	2.870 26
-() Intang1ble assets
b) Investment Property	4,896 42	4,896 42
c) Financial Assets
---() Others	56 57	56 57
Total Non Current Assets	7,698.65	7,823.25
B) Current Assets
a) Inventories	4,390 21	5,057.48
b) Financial Assets
-- (0) Trade Receivables	137.72	185 26
--- (1) Cash and Cash Equivalents	1.05	0.41
-- (1) Others	18.24
c) Other Current Assets	66.34	212 21
d) Assets held for sale	3,079.81	3.079.81
Total Current Assets	7,693.37	8.535.18
Total Assets	15,392.02	16,358.43
EQUITY & LIABILITIES
A) Equity
a) Equty Share Capital	4,613.25	4,613.25
b) Other Equity	(443.07)	339.74 4,953.00
Total Equity B) Liabilities	4,170.18
Non - Current Liabilities
a) Financial Liabilities
-() Borrowings	1,934.70	1,909.48
--(ii) Others	112.94	108.63
b) Provisions	175.30	169.63
c) Deferred tax liabilities (Net)	2,003.03	2,013.64
d) Other non-current liabilities	87.06	91.37
Total Non - Current Liabilities	4,313.03	4,292.75
Current Liabilities
a) Financial Liabilities
--(i) BorrOwings	580.59	621.24
- (i) Trade Payables
total outstanding dues of micro enterprises and small enterprises; and	1.30	1.99
total outstanding dues of creditors other than micro enterprises and small enterprises	600.12	638.42
--- (i) Others	115.08	100.82
b) Other Current Liabilities	5,475.43	5.61647
c) Short Term Provisions	136.29	133.74
Total Current Liabilities	6,908.81	7,112.68
Total Equity & Liabilities	15,392.02	16,358.43

M.M.Nagar

For and on behalf pf the Board of Directors

P Balamurugan

Head (Operations) & Whole-Time Director

SPEL Semiconductor Limited

Regd Office 5, CMDA, Industrial Estate, Maraimalainagar, Chennai-603209

CIN L32201LTN1984PLC011434- Regd Mail ld. info@spel com- Website www spel.com

Statement of Unaudited Financial Results foe the Quarter ended Sep 30, 2023

	Profit & Loss Statement for Quarter ended Sep 30. 2023						(Rs. in Lakhs)
Sno	Particulars	Quarter Ended		Year to date Ended		Year Ended
			30 09.2023 30 06 2023 30.09 202230 09.2023 30 09.2022 3103.2023
		Unaudited Unaudited		Unaud1ted	Unaud1ted Unaud1ited		Audited
1	Income
	Revenue from Operations	220 96	513.21	199.24	734. 17	480.80	111646
2	Other Income	26.99	43.43	26.71	70.42	57.45	696.10
3	Total Income (1+2)	247.95	556.63	22595	80458	538.25	1812.56
4	Expenses
	a.Cost of Materials Consumed	95.06	215.64	359.53	310.70	685.75	668 47
	b.Changes in inventories of finished goods and work in progress	6.38	0.23	(746.24)	6.61	(1,320.15)	(1,273.05)
	c.Employee Benefits Expense	96.58	146.64	192.67	243.21	388.87	748.66
	d.Finance Cost	53.58	67.35	20.28	120.94	41.20	256.12
	g.Depreciation and Amortisation Expense	71.35	71.44	98.40	142.79	222.05	394.95
	h. Power and Fuel	59.05	79.46	68.05	138.51	132.41	278.53
	i.Other expenses	77.46	83.08	122.18	160.54	267.33	299.45
	Total expenses	459.46	663.84	114.87	1,123.30	417.46	1373.13
5	Profit/ (LOss) before Exceptional items (3-4)	(211.51)	(107.20)	111.08	(318.71)	120.78	439.43
6	Exceptional items	(170.46)	(298.02)		(468.48)		(891.19)
7	Profit/ (Loss) from before tax(5-6)	(381.98)	(405.23)	111.08	(787.19)	120.78	(451.76)
8	Tax Expense
	1) Current tax
	a) Current tax
	b) Prior Period						16.39
	b) Deferred tax charge/(Credit)	(9.04)	(1.57)	(35.03)	(10.61)	(77.42)	(159.25)
	Total Tax expense (a+b)	(9.04)	(1.57)	(35.03)	(10.61)	(77.42)	(142.86)
	Profit/ (Loss) for the period (7-8)	(372.94)	(403.66)	146.11	(776.59)	198.20	(308.90)
10	Other comprehensive incomel (Loss)
	JA () Items that will not be reclassified to Profit or LoSs
	(ü) Income tax relating to items that will not be reclassified to Profit or Loss	(3.11)	(3.11)	(8.20)	(6.22)	(16.41)	(12.44)
	B (i) ltems that will be reclassified to Profit or Loss
	(ü) Income tax relating to items that will be reclassified to Profit or Loss
	Other Comprehensive Income (10A+10B)	(3.11)	(3.11)	(8.20)	(6.22)	(16.41)	(12.44)
11	Total comprehensive income / (Loss) for the period (9+10)	(376.05)	(406.77)	137.91	(782.81)	181.79	(321.34)
12	Paid-up Equity Share Capital (Face value of Rs 10/- Per Share)	4613.25	4613.25	4613.25	4613.25	4613.25	4613.25
13	Other Equity as per balance sheet of previous Jaccounting year						339.74
14	Earnings Per Share (EPS) of Rs 10/- each (Not annunalised)
	a) Basic	(0.81)	(0.88)	0.32	(1.68)	0.43	(0.67)
	b) Diluted	(0.81)	(0.88)	0.32	(1.68)	0.43	(0.67)

Notes

1 The abOve results were reviewed by the Audit Committee and then approved by the Board of Directors at their Meetings held on Nov 7,2023. The Statutory Auditor has conducted a limited review on the above unaudited financial results.

2.The Head (Operation) and wholetime Director based on the internal business reporting system, identified that the Company has only one segment viz. manufacture and sale of Integrated Circuits. Accordingly there are no other reportable segments in terms of Ind AS 108 3 Exceptional Items consists of

Particulars	Quarter			Half Year Ended		Year Ended
		Ended
	30.09.23	30 06.23	30 09.22	30 09 23	30.09.22	31.03.23
a. Credit balances written back	(137.71)	(7.09)		(144 80)		(375.84)
b. Inventory Written Off	308.17	305.11		613.28		1.267 03
Total	170.46	298.02		468 48		891.19

1. The issue of negative cash flows and incurrence of operating losses over the years highighted by the Auditor are being addressed by restructuring of operations and infusion of necessary funds.

2. The statement of asset and liability as of Sep 30.2023 and statement of cashflow for the half year ended Sep 30,2023 are provided as annexures to the Statement.

3. The previous period figures have been regrouped / reclassified wherever necessary to conform to current period.

Place Chennai Date: Nov 7, 2023

For andÍn behalf of the Board of Directors

P Balamurugan

Head (Operations)'& Whole-Time Director

CIN L32201TN1984PLC011434 Regd Mail ld info@spel com - Website www.spel.com 5 CMDA Industrnal Estate, Maraimalai Nagar. Chennai 603209. SPEL Semiconductor Limited

Statement of Cash flow ( Refer Note5)

		(R in lakhs)
Particulars	30-09-2023	31-03-2023
Cash Flows From Operating Activities:
Profrt/ (loss) for the year
Non cash & Non -operating items	(776.59)	(308.90)
Add:
Deferred tax
Depreciation & Amortisation Expenses	(10.61)	(159.25)
Bad & doubtful debts/advances provided	142.79	394.95
Foreign exchange (gains)/losses	7.49	0.04
Finance costs	(8.62)	33.38
Less:	120.94	234.59
Interest received		7.74
Rent income	0.00 70.42	135.95
Profit on sales of PPE	0.00	1.91
Cash Flow Before Working Capital changes:		49.20
Change in operating assets and liabilities	(595.02)
Adjustments for changes for
(increase)/decrease in inventories	667.27	175.00
(Increase )/decrease in Trade receivables	47.54	(80.46)
(increase)/decrease in Other non current & current financial assets	(18.24)	112.45
(Increase)/decrease in Other non current & current assets	145.88	278.94
Increase/(decrease) in Trade payables	(38.99)	(410.30)
Increase/(decrease) in Other non current & current financial liabilities	18.57	(594.94)
increase/(decrease) in Other non current & current liabilities	(710.35)	184.31
Increase/(decrease) in Non current & current provisions	1.98	(20.49)
Cash generated from operations	(481.35)	(306.28)
Less: income taxes paid (net of refunds)	0.00	16.39
Net Cash Generated From Operating Activities (A)	(481.35)	(322.67)
Cash Flow from Investing Activities:
Purchase of PPE (including changes in CWIP)	(18.19)	(50.33)
Advance for sale of capital asset	S65.00	1054.50
Interest received	0.00	7.74
Rent received	70.42	135.95
Sale of PPE	0.00	13.60
Movement in other bank balances	0.00	0.00
Net Cash fiow used in Investing Activities (B)	617.22	1161.46
Cash Fiow from Financing Activities:
Proceeds from/ (repayment of) borrowings	(15.43)	(604.50)
Finance costs	(120.94)	(234.59)
Net Cash fiow used in Financing Activities (C)	(136.36)	(839.09)
Net increase/(Decrease) in Cash and Cash Equivalents: (A+B+C)	(0.49)
Cash and cash equivalents at the beginning of the financial year	0.42	(0.30) 0.72
Exchange difference relating to foreign currency cash on hand	0.00	0.00
Cash and cash equivalents at end of the year	(0.07)	0.42
Components of cash and cash equivalents
Balances with banks (in current accounts)	0.00	0.00
Cash in Hand	1.05	0.41

For and on behalf of the Board of Directors

P Balamurugan

Head (Operations & Wholetime Director)