Tilaknagar Industries Ltd — Interim / Quarterly Report 2019

Aug 9, 2019

ONLINE FILING

Ref: TI/BSE/COMP/ 19-20/31

August 09, 2019

To, The Manager (Listing), BSE Limited, P.J. Towers, Dalal Street, Mumbai - 400 001 Ph: 0 22 2272 1233/ 34 Fax: 022 2272 3719

Sub: Unaudited financial results (Standalone and Consolidat ed) of the Company for the quarter ended June 3 0, 2 0 19 Ref: Scrip Code - 507205

Dear Sir/ Madam,

We wish Lo inform you that the Board of Directors of the Company has, in its Meeting held on August 09, 2019, approved and took on record the unaudited financial results (Standalone and Consolidated) of the Company for the quarter ended June 30, 2019. Copies of the same a long with the Limited Review Reports submitted by M/s. M. M. Parikh & Co., Statutory Auditors of the Company are enclosed herewith pursuant to the provisions of Regulation 33 of th e SEBI (LODR) Regulations, 201 5.

Please take note that the Meeting commenced at 11:45 a.m. and concluded at 02:55 p .m.

Kindly acknowledge the receipt and take the same on your record.

Thanking you,

You rs faithfully,

Company Secretary

Encl: a/a

Corp. Office: Industrial Assurance Building, 3rd Floor, Churchgate, Mumbai, Maharashtra - 400 020, India P +91 (22) 2283 1716/18 F +91 (22) 2204 6904 E tiliquor@tilind.com

Regd. Office: P.O. Tilaknagar, Tai Shrirarnpur, Dist Ahrnednagar v\aharashtra • 413 720, India p +9. (2422) 265 123 I 265 032 F +91 (2422) 265 135 E regoff@tilind.com

M. M. PARIKH (9 CO.

Chartered Accountants

M. M. Parikh B. com.,LL.B.,F.C.A. Kishor M. Parikh B. Com.,F.C.A., DIP. IFR. (U.K.) Pankaj M. Parikh B. cori.,F.C.A.

A/114, Super Shopping Complex, Bajaj Cross Road, Kandivli (West), Mumbai - 400 067. Tel.: 022 - 2887 7741 • Emai l : pankaj2703@yahoo.co.in • mmparikh1978@yahoo.in

Independent Auditor's Review Report on th e QuarterlyUnaudited Standalone Financial Results of Tilaknagar Industries Ltd. pursuant to Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

To Board of Directors of Tilaknagar Industries Ltd.

• I. We have reviewed the accompanyi ng statement ofunaudited standalone financial results of Tilaknaga r Industries Ltd. (the "Company") for the quarter ended June 30, 2019 ('the Standalone Statement'), attached herewith. being submitted by the company pursuant to the req uirement of Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 20 15 ("Listing Regulations'), as amended.
• 1. This Standalone 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 Indian Accounting Standard 34 "Interim f inancial Reporting" (" Ind AS 34"), prescribed under Section 133 of the Companies Act. 20 13 ('the Act'), and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Standalone Statement based on our review.
• J. We cond ucted our review of the Standalone Statement in accordance with the Standard on Review Engagements (SRE) 24 10 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Cha11ered Accountants of India. This standard requires that we pl an and perform the review to obtain moderate assurance as to whether the financial statements are free of material misstatement. A re' iew is limited primarily to inquiries of company personnel and an anal) tical procedure applied to tinancial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.
• 1. The Company has not impaired one of the ENA plants as required b) Indian Accounting Standard (I nd AS 36) ' Impairment of Assets' though there is an indication of impairment. Reference is invited to note no 5 of the standalone statement.
• 1. The company has not made Impairment of advances given to certain parties amounting to Rs. 6074.08 lakhs as required by Indian Accounting Standard (Ind AS 109) 'Financial Instruments'. Reference is invited to note no 6 of the standalone statement.
• 1. The National Company Law Tribunal ("NCL T') has ordered for liquidation of Prag Distillery (P) Ltd ("Prag'') wholly owned subsidiar) of the Corn pan), vide its order No. MA 309/2018 in CPI 0671 2017 dated Ju l) 26. 2018. However. the Compan) has not made impairment provision for equit) investment of Rs. 1543.35 lakhs in Prag as required b) Indian Accounting Standard (Ind AS 36) ' Impairment of assets'. Reference is invited to note no 8 of the standalone statement.

M. M. PARIKH <9 CO. Continuation Sreet

Chartered Accountants

• 1. Based on our review conducted and procedures performed as stated in paragraph 3 above, except for the effects of the matters described in paragraph 4, 5 and 6 nothing has come to our attention that causes us to be! ieve that the accompanying Standalone Statement of unaudited financial results has not been prepared in all material respects in accordance with the recogn ition and measurement principl es laid down in the aforesaid Indian Accounting Standard specified under the Act, read with relevant rules issued thereunder and other accounting principles generally accepted in India and has not disclosed the information required to be disclosed in terms of Regulation 33 ofthe Listing Regulations, 2015 including the manner in which it is to be disclosed, or that it contains any material misstatement.
• 1. We draw attention to note 7 in the standalone statement that the Company has incurred net loss d_uring the quarter and due to accumulated losses, the net worth has been eroded. Further the curren t liabilities have exceeded the total assets. These events indicate that a material uncertainty exist that may cast significant doubt on the Company's ability to continue as a going concern. Our conclusion is not modified in respect of this matter
• 1. We draw attention to note 9 in the standalone statement that the Company has defaulted principal dues and Interest payable to Banks and Financial Institutions. The Company has provided interest liability based on the last available sanction letter on the principal outstanding and is actively in discussions with the Lenders for Debt restructuring /one-time settlement. Pending the final outcome of the settlement with the Lenders no further adjustments have been made in the financial results in respect of the principal amount of loans and interest provided thereon. Our conclusion is not modi fied in respect of this matter.

For M. M. Parikh & Co Chartered Accountants !CAI Firm Reg. No. I 07557W

~~~

Kishor Parikh Partner Membership No.031110

Place: Mumbai Date: August 9, 2019 UDJN: 19031 I IOAAAAAB3849

TILAKNAGAR INDUSTRIES LTD. (CIN: L 15420PN1933PLC133303)

Corporate Office: 3rd Floor, Industrial Assurance Building, Churchgate, Mumbai, Maharashtra. 400 020 Regd.Office: P.O. Tilaknagar, Tai. Shrirampur, Dist. Ahmodnagar, Maharashtra . 413 720

Email: invostor@til ind.com: Website: www.tilind.com: Phone: +91 22 22831 716/18: Fax: +91 2222046904

	Stat ement of Standalone Unaudited Financial Resu lts for the Quarter ended June 30, 2019				(Rs In lacs'
	Particulars	Quarter ended			Year ended
		30.06.2019	31.03.2019	30.06.2018	31 03.2019
		Unaudited	Audited	Unaudited	Aud ited
I	Revenue from Operations	20,226.62	28,587.98	9,015.77	78,161.22
II	Other Income	97.14	50.39	45.99	204.39
Ill	Total Income (I + II)	20,323.76	28,638.37	9,061.76	78,365.6•
IV	Expenses
	(a) Cosl of materials consumed	5,799.05	9, 158.44	2,351 69	23,554.8<
	(b) Purchases of stock-in-trade			-
	Changes 1n inventories of finished goods. stock-in-trade and work-in-progress (C)	(900.05)	(1,852.69)	31.64	(2.355.10)
	(d) Excise duty	8,243 43	10,929.36	2.404 91	29.2621
	(e) Employee benefits expense	525.13	878 86	396.65	2.359.41
	Finance costs (f)	4.417 99	4.539 97	3.447.32	16.8191.
	(g) Depreaa11on and amortization expense	777 38	833.93	881 77	3.499 4.
	(h) Olher expenses	4,738.52	4.225 60	4,396.06	20.113.6'
	Total Expenses	23,601.46	28,713.47	13,910.04	93,253.59
v	Profit/(Loss) before exceptional items and tax (Ill-IV)	(3,277.70)	(75.10)	(4,848.28)	(14,887.98)
VI	Exceptional items
VII	Profit/(Loss) before tax (V-VI)	(3,277.70)	(75.10)	(4,848.28)	(14,887.98)
VIII	Tax Expense
	(a) Current tax
	(b) Deferred lax
	Total Tax Expense
IX	Profit/(Loss) for the period (VII-VIII)	(3,277.70)	(75.10)	(4,848.28	(14.887.98)
x	Other Comprehensive Income/( Loss)
	(a) Items that wlll not be reclassified lo Profit & Loss
	(i) Remeasurement gain /(loss) in respect of the defined benefit plans (ii) Deferred tax on remeasurement oain /(loss) in respect of defined benefit plans	(1 98)	9.20	(5.71	(7.941
	(b) llems that will be reclassified to Profit & Loss
	Total Other Comprehensive lncome/(Loss) for the period [(a) +(b)]	(1.98)	9.20	(5.71)	(7.94)
XI	Total Comprehensive lncomet(Loss) for the period (IX+X)	(3,279.69)	(65.90)	(4,853.99	(14,895.92)
XII	Paid-up equity share capital (Face value of Rs. 10/- per Share)	12.513.38	12,513.38	12.493 12	12,513.38
XIII	Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year				(45.69 .6C
XIV	Earnings Per Equity Share of Rs. 10 /.each (not annualized)
	(a) Basic (Rs.)	(2 62)	(0.06)	(3.89)	(119'
	(b) Diluted (Rs)	(2.62)	(0.06)	(3.89)	(11.91)

Notes:

• The above Results have been reviewed by the Audit Committee and approved by the Board of Directors at Meeting held on August 09, 2019 and have been sul,jected to a limited review by the Statutory Auditors
• 2 The financial results for all periods presented have been prepared 1n accordance with recognition and measurement pnnc1ples laid down in the IND-AS 34 lnten'll F1nanc1al Reporting prescnbed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally 1ccepted in India
• 3 The figures for the quarter ended March 31, 2019 are the balancing figures between the audited figures in respect of the full financial year and the published ear to date figures (unaudited) upto the third quarter of the relevant financial year. which have been subjected to limited review by the Statutory Auditors
• 4 The Company is predominantly engaged 1n the business of manufacture and sale of Indian Made Foreign Liquor (IMFL) and its related products, which constitute a single business segment as per IND-AS 108 Operating Segments Accordingly, disclosure 1n accordance with the provisions of Circular issued by the SEBI on July '.l5. 2016 1s not applicable
• 5 The Company had applied to t11e State government authorities for dual feed permission for manufacture of ENA through molasses as well as grain at one of its ENA r-lants Perm1ss1on has been received for operating the fermentation section for one year It is expected that permission for operating the distillation section 1lso will be received soon In view of this the management believes that there is no impairment 1n value of its ENA Plant and hence the recoverable amount of the ENA t>lant is not required to be estimated
• 6 In lieu of advances given to certain parties amounting to Rs.6.07 4 08 lacs.the Company had received land from one of the group concerns of the a~ ^sThe land received has been registered in the name of the Company The advances have not been adjusted pending certain formalities to be completed on the part of the said parties In view of this the management believes that no prov1s1on is considered necessary 1n the books of accounts
• 7 The Company's net worth has eroded however there 1s an improvement 1n operational performance of the liquor business in terms of higher sales.marKet share and margins in the southern states The Company 1s also 1n active discussion with the lenders on debt restructunng Hence the accounts are prepared on going concern basis
• 8 The National Company Law Tnbunal("NCL T") ordered for l1qu1dation of Prag Distillery (P) Ltd.wholly owned subs1d1ary of the Company ("Prag") v1de its order No MA 30912018 in CP 106712017 dated July 26. 2018, as a going concern The Official L1qu1dator has initiated the process of llqu1dat1on of the company as a going concern Hence. the accounts have been prepared on a going concern basis
• 9 The Company has defaulted 1n repayment of principal dues of loans as well as interest payable to banks and financial institutions except for making certain in account payments to banks and Edelweiss Asset Reconstruction Company Limited The Company 1s 1n active discussion with all the lenders for debt restructuring cvmprom1se >ettlement. However interest has been provided in books of accounts on the principal outstanding at original contracted rates.
• 1 O State Bank of India, a financial creditor of the Company has filed an application before the National Company Law Tribunal. Mumbai under Section 7 of the ln:;olvency & Bankruptcy code claiming default by the Company in repayment of its financial obligation to the Bank. The said application is pending admission by the T bunal The Company is 1n advanced stage of negotiating compromise settlement
• 11 The Company has adopted mod1f1ed s1mphf1ed retrospective approach under Ind AS 11 6 Leases, with effect from Apnl 01 2019 Accordingly the Cor1pany has recognized 'Right of use' assets of Rs 106 84 lacs and present value of lease liab1l1t1es of Rs 106 84 lacs as on April 01, 201 9 In the statement of profit and >SS for the current period instead of rent expenses (as accounted under previous periods),amort1zat1on of right of use has been accounted under deprec1at1on ana an1ort1zat1on expenses and unwinding of discount on lease hab1hhes has been accounted under finance cost Accordingly, current period's figures are not comparable w1 previous penods to that extent

The effects of adoption of Ind AS 116 on results for the quarter ended June 30 2019 are as follows·

	Amount
[ Particulars	{Rs in lacs)
Profit / (loss) before adoption of Ind AS 116 for the quarter ended June 30, 2019	(3.283. 18)
Earnings per share for the quarter enaed June 30, 2019 (before adoption)	(2.62)
Impact of Ind AS 116:
Less. Increase in depreciation and amortization expenses	(9.65)
Less: Increase in finance cost	(3.70)
Add Decrease 1n other expenses (operating rent expense)	9.86
Net impact of profit tor the quarter ended June 30, 2019	(3.49)
Profit I (loss) after adoption of Ind AS 116 for the quarter ended June 30, 2019	(3 279.69)
Earnings per share for the quarter ended June 30, 2019 (as reported)	(2.62)

12 The previous period figures have been regrouped and reclassified wherever necessary

Place: Mumbai

.. Jte : August 09, 2019 Chairman & Managing Director

M. M. PARIKH r9 CO.

Chartered Accountants

M. M. Parikh B. Com.,LL.B.,F.C.A. Kishor M. Parikh B. Com.,F.C.A., DIP.IFR. (U.K.) Pankaj M. Parikh B. Con .,F.C.A.

A/114, Super Shopping Complex, Bajaj Cross Road, Kandivli (West), Mumbai - 400 067. Tel. : 022 - 2887 7741 • Email : pankaj2703@yahoo.co.in • mmparikh1978@yahoo.in

Independent Auditor's Review Report on the QuarterlyUnaudited Consolidated Financial Results of Tilalmagar Industries Ltd. pursuant to Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

To Board of Directors ofTilaknagar Industries Ltd.

• I. We have reviewed the accompanying statement ofunaudited consolidated financial results o · Tilaknagar Industries Ltd. (hereinafter referred to as the "'Holdi ng Company")comprising its subsidiaries (collecti vely referred to as ·the Group')and its associate for the quarter endec. June 30. 2019 (' the ConsolidatedStaternent), attached herewith, being submitted by the company pursuant to the requirement of Regulation 33 of Securities and Exchange Board o · India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('Listing. Regulations'). as amended.
• 1. This Consolidated Statement, wh ich is the responsibil ity of the Company's management and approved by the Holding Company's Board of Directors. has been prepared 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 Comparnes Act. 2013 ('the Act'). and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Consolidated Statement based on our review
• 1. We conducted our review of the ConsolidatedStatement in accordance with the Standard on Review Engagements (SRE) 2410 ''Revie\ of Interim Financial Information Performed b) the Independent Aud itor of the Entity", issued by the Institute of Chartered Accountants ot 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 111 isstatcme11t. A review is limited primarily to inquiries of company personnel and an analytical procedure applied to financial data and thus provides less assurance than an audit. We have not pcrforrned an audit and accordingly, we do not express an audit opi111on.

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. 20 15, as amended, to the extent appl icable.

• 1. The Consolidated Statement includes the results of entities mentioned in An·1exure I.
• 1. The Company has not impaired one of the El'.A plants as required b) Indian Accounting Stand:ud (Ind AS 36) ' Impairment of Assets' rhough there is an indication of impairment.

M. M. PAQIKH r9 CO. Continuation Sheet

Chartered Accountants

• 1. The company has not made Impairment of advances given to certain parties amounting to Rs. 6074.08 lakhs as required by Indian Accounting Standard (Ind AS 109) 'Financial Instruments' . Reference is invited to noteno 7 of the consolidated statement.
• 1. The management has not impaired Goodwill of Rs. I, 175.25 lakhs relati ng to its wholly owned subsidiary Prag Distillery (P) Ltd as requ ired by Indian Accounting Standard (Ind AS) 36 ·Impairment of Assets' though there is an indication of impairment as explained in note no 9 of the consolidated statement.
• 1. Based on our review conducted and procedures performed as stated in paragraph 3 above, except for the effects of the matter described in paragraph 5, 6 & 7 above, nothing has come to our attention that causes us to believe that the accompanying Consolidated Statement of unaudited financial results has not been prepared in all material respects in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard speci tied under the Act. read with relevant rules issued thereunder and other accounting principles generally accepted in India and has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, 2015 including the manner in which it is to be disc losed. or that it contains any material misstatement.
• 1. We draw attention to note no 8 in the consolidated statement that the Company has incurred net loss during the quarter and due to accumulated losses, the net worth has been eroded. Further the current liabi I ities have exceeded the total assets. These events indicate that a material uncertainty ex ist that may cast significant doubt on the Company's abi lity to continue as a going concern. Our conclusion is not modified in respect of this matter
• I 0. One of the Subsidiary of the Group namely Prag Distillery (P) Ltd. has been referred to National Company Law Tribunal for Corporate Insolvency Resolution Process (CIRP) under the provisions of Insolvency and Ban kruptcy Code 20 16 (the Code). Further the Subsidiary has incurred net loss during the quarter ended June 30. 2019 and as of that date the business has reduced significan tly. These events indicate that a material uncertaint) exist that may cast significant doubt on the subsidiary Company's ability to continue as a going concern. Our conclusion is not modified in respect of this matter. Reference is invited to note no 9 of the consoli dated statement.
• 1. We draw attention to note no I 0 in the consolidated statement that the Company has defaulted principal dues and Interest payable to Banks and Financial Institutions. The Company has provided interest liability based on the last available sanction letter on the principal outstanding and is actively in discussions with the Lenders for Debt restructuring lone-time settlement. Pending the final outcome of the settlement with the Lenders no further adjustments have been made in the financial results in respect of the principal amount of Loans and interest provided thereon. Our conclusionis not modified in respect of this matter.
• 1. We did not review the interim financial statements information of 3 subsidiaries included in the consolidated financial results, whose interim financial statements informationreflects total revenue of Rs 13.205.53 lakhs and total loss of Rs. 436.961akhs incl uding other comprehensive income for the quarter ended June 30, 20 19 as considered in the consolidated unaudited financial results. These Financial ,;tatements have been reviewed by other auditors whose reports have been furnished to us by the Management, and our conclusion on the

· M. M. PARIKH &5' CO. Continuation Sheet

Chartered Accountants

consolidated statements insofar as it relates to the amounts and disclosures included in respect of these subsidiaries is based solely on the report of the other auditors and the procedures performed by us asstated in paragraph 3 above.

Our conclusionon the consolidated statements is not modified in respect of the above matter with respect to our reliance on the work done and the reports of other auditors.

1. We did not review the interim financial statements I information of 5 subsidiaries included in the consolidated financial results whose interim financial statements I information reflects total reven ue of Rs Nil lakhs and total loss of Rs. 0.36 lakhs including other comprehensive income for the quarter ended June 30, 2019 and the interim financial statements I information of one associate which reflects group share of total loss of Rs. Nil including other comprehensive income for the quarter ended June 30, 2019 which are not reviewed by other auditors and are certified by the Management. According to the information and explanations given to us by the Management, these interim financial results and other financial information are not material to theGroup.

Our conclusion on the consolidated statement is not modified in respect otihe above matter.

For M. M. Parikh & Co Chartered Accountants !CAI Firm Reg. No. I 07557W

Kishor M Parikh Partner Membership No.031110

Place: Mumbai Date: August9, 2019 UDlN: 190311 IOAAAAAC2663 Tilalmagar Industries Ltd.

Annexure 1 - List of subsidiaries and associate included in consolidation:

	Holding Company
I	Tilaknagar Industries Ltd.
	Subsidiaries:
2	Prag Disti I lery (P) Ltd.
3	Vahni Distilleries Private Limited.
4	Kesarval Spring Distillers Pvt. Ltd.
5	PunjabExpo Breweries Pvt. Ltd.
6	Mykingdom Ventures Pvt. Ltd.
7	Studd Projects P Ltd.
8	Srirampur Grains Pvt. Ltd.
9	Shi vprabha Sugars Ltd.
	Associate:
10	Mason & Summers Marketing Services Pvt. Ltd.

TILAKNAGAR INDUSTRIES LTD. (CIN: L 15420PN1933PLC133303)

Corporate Office: 3rd Floor, Industrial Assurance Building, Ch urchgate, Mumbai, Maharashtra - 400 020 Regd.Orfice : P.O. Tilaknagar, Tai. Shrirampur, Dist. Ahmednagar, Maharashtra - 413 720

Email: investor@tilind.com; Website: www.tilind.com; Phone: +91 22 22831716/18; Fax: +91 22 22046904

					!Rs In lacs)
	St atement of Conso lidated Unaudited Financial Results for the Quarter ended June 30, 2019 Quarter ended
	Particulars	30.06.2019	31.03.2019	30.06.2018	Year ended 31.03.2019
		Unaudited	Audited	Unaudited	Audited
	Revenue from Operations	32,318.92	40,172.44	32,616.15	1,52,549.35
I			142.57	120.72	520.65
II Ill	Other Income Total Income (I + II)	132.35 32.451.27	40,31 5.01	32,736.87	1,53,070.00
IV	Expenses
	(a) Cost of materials consumed	6.830.88	11.338.03	4.412.92	33,741.68
	Purchases of stock-in-trade (b)
	Changes in inventories of finished goods. stock-in-trade and work-in-progress	184.53	(2.698.83)	1 767 75	(1.77481)
	(C) (d) Excise duty	18.813 39	22.587.37	17.888.99	86.416.35
		82000	t .243 87	534 61
	(e) Employee benefits expense	4.621 56	4.770.65	3,950.26	3.328 1
	Finance costs (f) (g)	822.90	877.81	925.17	18.420 68
	Oeprec1a1ton and amortization expense (h) Other expenses	4,053.94	5,529.39	7, 175 72	3.674.93 25.224.54
	Total Expenses	36,147.20	43,648.29	36,655.42	1,69,031.50
v	ProfiV(Loss) before exceptiona l items and tax (Ill-IV)	(3,695.93)	(3,333.28)	(3,918.55)	(15,961.50)
VI	Exceptional Items		-
VII	ProfiV(Loss) before tax (V-VI)	(3,695.93'	(3,333.28)	(3,918.55)	(15,961.50)
VIII	Tax Expense
	(a) Current tax		(376.g5)
	(b) Deferred tax		64.15		2305 64 15
	(c) MAT Credit		(97.37)		(97.37)
	Total Tax Expense		(410.17)		(10.17'
IX	ProfiV(Loss) for the period before Share of ProfiV(Loss) of associate (VII-VIII)	(3,695.93)	(2,923.11)	(3,918.55)	(15,951.33)
x	Share of ProfiV(Loss) of associate
	ProfiV(Loss) for the period (IX+X)
XI		(3,695.931	(2,923.11 )	(3,918.55)	(15,951.33)
XII	Other Comprehensive Income/( Loss)
	(a) Items that will not be reclassified to Profit & Loss
	(i) Remeasurement gain /(loss) in respect or the defined benefit plans	(4.40)	(4.04)	(4.53)	(17 62:
	(11 ) Tax on above		0 27		027
	(b) Items that will be reclassified to Profit & Loss
	Total Other Comprehensive lncome/(Loss) for the period [(a) +(b)l	(4.40)	(3.77)	(4.53)	(17.35)
XIII	Total Comprehensive lncome/(Loss) for the period (Xl+Xll)	(3,700.33)	(2,926.88)	(3,923.08)	(1 5,968.68)
XIV	ProfiVLoss for the period attributable to
	(a) Owners of the Company	(3,695.93)	(2.923.11)	(3.918 55)	(15.951331
	(b) Non-Controlling Interests
xv	Other Comprehensive lncome/(Loss) fo r the period attributable to
	(a) Owners of the Company	(4 40)	(3.77)	(4.53)	(17 35\
	(b) Non-Controlling Interests
XVI	Total Comprehensive Income/( Loss) for the period attributable to
	(a) Owners or the Companv	(3,700.33)	(2,926.88)	(3.923.08)	(15.968.68)
	(b) Non-Controlling Interests
XVII	Paid-up equity share capital (Face va lue of Rs. 10/- per Share)	12.513 38	12.513 38	12.493.12	12.513 38
XVIII	Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year				(41235231
XIX	Earnings Per Equity Share of Rs. 10 /-each (not annualized)
	(a) Basic (Rs )	(2.96)	(2 .33)	(3 14)	(12 76)
	(b) Diluted (Rs )	2.96)	(2 .33)	(3.1 4)	(12.76)

Notes :

• The above Results have been reviewed by the Audit Committee and approved by the Board of Directors at Meeting held on August 09. 2019 and have been subjected to a limited review by the Statutory Auditors
• 2 The financial results for all periods presented have been prepared in accordance with recognition and measurement principles laid down in the IND-AS 34 . Interim Financial Reporting prescribed under Section 133 of the Companies Act. 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India.
• 3 The figures for the quarter ended March 31 . 2019 are the balancing figures between the audited figures in respect of the full financial year and the published year to date figures (unaudited) upto the third quarter of the relevant financial year which have been subjected to limited review by the Statutory Auditors.
• 4 The unaudited Consolidated Financial Results have been prepared by the Company 1n accordance with IND-AS 110. Consolidated Financial Statements and IND-AS 20· Accounting for Investments in Associate in Consolidated Financial Statements prescribed under Section 133 of the Companies Act, 2013 and other recognized accounting practices and policies.
• 5 The Company 1s predominantly engaged in the business of manufacture and sale of Indian Made Foreign Liquor (IMFL) and its related products, which constitute a single business segment as per IND-AS 1 OB· Operating Segments Accordingly, disclosure 1n accordance with the provisions of Circular issued by the SEBI on July 05. 2016 1s not applicable.
• 6 The Company had applied to the State government authorities for dual feed perm1ss1on for manufacture of ENA through molasses as well as grain at one of its ENA Plants Perm1ss1on has been received for operating the fermentation section for one year. It 1s expected that perm1ss1on for operating the distillation section also will be received soon. In view of this the management believes that there is no impairment in value of its ENA Plant and hence the recoverable amount of the ENA Plant 1s not required to be estimated
• 7 In lieu of advances given to certain parties amounting to Rs 6,074.08 lacs, the Company had received land from one of the group concerns of the parties. The land received has been registered in the name of the Company. The advances have not been adjusted pending certain formalities to be completed on the part of the said parties In view of this, the management believes that no prov1s1on 1s considered necessary in the books of accounts.
• 8 The Company's net worth has eroded. however. there 1s an improvement in operational performance of the liquor business 1n terms of higher sales. market share and margins 1n the southern states The Company 1s also in active discussion with the lenders on debt restructuring Hence. the accounts are prepar•'d on going concern basis
• 9 The National Company Law Tribunal("NCL T") ordered for liquidation of Prag Distillery (P) Ltd, wholly owned subs1d1ary of the Company ("Prag") vide its order No. MA 309/2018 in CP 106712017 dated July 26, 2018. as a going concern.The Offic1al Liquidator has initiated the process of liquidation of the company as a going concern Hence. the accounts have been prepared on a going concern basis
• 1 O The Company has defaulted in repayment of principal dues of loans as well as interest payable to banks and financial institutions except for making certain >n account payments to banks and Edelweiss Asset Reconstruction Company L1m1ted The Company 1s in active discussion with all the lenders for debt restructuring I compromise settlement.However interest has been provided in books of accounts on the principal outstanding at original contracted rates
• 11 State Bank of India. a f1nanc1al creditor of the Company has filed an application before the National Company Law Tribunal, Mumbai under Section 7 of the Insolvency & Bankruptcy code claiming default by the Company in repayment of its financial obligation to the Bank. The said application is pending admission by the Tribunal.The Company 1s in advanced stage of negotiating compromise settlement
• 12 The Standlone and Consolidated unaudited financial results of the Company for the quarter ended June 30. 2019 are available on the Company s website (www t1llnd com) and on the website of SSE (www.bseind1a.com) and NSE (www nsemd1a.com)
• 13 The Company has adopted modified simplified retrospective approach under Ind AS 116 Leases with effect from April 01 2019 Accordingly the Com pa ~y has recognized 'Right of use' assets of Rs 117 99 lacs and present value of lease hab1ht1es of Rs 117 99 lacs as on April 01 2019 In the statement of profit and loss for the current period, instead of rent expenses (as accounted under previous periods). amort1zat1on of right of use has been accounted under deprec1at1on and amortization expenses and unwinding of discount on lease liablhties has been accounted under finance cost. Accordingly, current period's figures are not comparable with previous periods to that extent

The effects of adoption of Ind AS 116 on results for the quarter ended June 30, 2019 are as follows

	Amount
Particulars	IRs in lacsl
Profit I (loss) before adoption of Ind AS 116 for the quarter ended June 30, 2019	(3,704 10)
Earnings per share for the quarter ended June 30. 2019 (before adoption)	(2 96)
Impact of Ind AS 116:
Less Increase in depreciation and amortization expenses	(10.94)
Less Increase in finance cost	(4.08)
Add: Decrease in other expenses (operating rent expense)	11 .25
Net impact of profit for t he quarter ended June 30, 2019	(3.77)
Profit I (loss) after adoption of Ind AS 116 for the quarter ended June 30, 2019	(3,700.33)
Earnings per share for the quarter ended June 30. 2019 (as reported)	(2 .96)

14 The previous period figures have been regrouped and reclassified wherever necessary

~ Place: Mumbai .. Date : August 09, 2019 Chairman & Managing Director