Weizmann Limited. — Annual Report 2019

May 27, 2019

CIN : L65990MH1985PLC038164

Regd. Office: 214, Empire House, Dr. D. N. Road, Ent. A. K. Nayak Marg, Fort, Mumbai-400 001. Website: www.weizmann.co.in, Email: contact@weizmann.co.in Tel. Nos: 22071501 ( 6 lines) Fax No.: 22071514

May 27, 2019

National Stock Exchange of India Limited	BSE Limited
Listing Department,	Corporate Relation Department,
Exchange Plaza, C-1, Block- G,	Listing Department,
Sandra Kurla Complex,	Phiroze Jeejeebhoy Towers,
Sandra (East), Mumbai-400 051.	Dalal Street, Mumbai - 400 023.
Fax No. 26598235/8237/8347.	Facsimile No. 22723121/22722037/2041
Symbol: WEIZMANIND	Scrip Code 523011

Sub: Outcome of Board Meeting pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations1 2015 (LODR).

Dear Sir/Madam,

With regard to the captioned matter and in compliance with the LODR, this is to inform you that the Board of Directors at its meeting held today i.e. on 27th May, 2019 have considered the following matters :

• 1. Adopted and Approved Audited Financial Results of the Company (Standalone for the quarter and year ended March 31, 2019 and Consolidated for the year ended March 31, 2019).Copies of the same are enclosed herewith along with Statutory Auditors Reports and Declaration of unmodified opinion pursuant to Regulation 33(3)(d) of SEBI LODR.
• 1. Recommended Dividend @ 5 % i.e. Rs. 0.50/- per Equity Share of Rs. 10/- each. The dividend will be paid by the Company to the Shareholders subject to the approval of the same by the shareholders at the ensuing Annual General Meeting of the Company.
• 1. In continuation to our letter dated April 23, 2019, resignation of Mr. Navneet K Pandya as Chief Financial Officer of the Company with effect from April 30, 2019 was noted and taken on record by the Board. The Company is in the process of filling in the position of Chief Financial Officer.

The Board meeting commenced at 4.30 p.m and concluded at 5.05 p.m.

You are requested to take the above on record and oblige.

Thanking You. Yours Sincerely, For Weizm nn Limited .

Ami Purohit Company Secretary

Encl: As above

Weizmann Limit~cl

[ CIN NO: l65990MH1985PLC038164)

l 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Regd Office · Empire House 214 Or D N Road Ent A K Nayak Marg, Fort Mumbai 400 001 ' - (Rs.in lacs except per share data) AUDITIO STANDALONE ANO CONSOLIDATED FINANCIAL RESULTS FOR THE Q UARTER AND YEAR ENDED 31st MARCH, 2019 STANDALONE STANDALONE CONSOLIDATED QUARTER ENDED YEAR ENDED YEAR ENDED Particulars (Audited) (Unaudited) (Audited) (Audited) I (Audited) (Audited) 31.03.2019 31.U.18 3L03.U 31.03.2019 31.03.2018 31.03.2019 31.03.2018 Income (a) Revenue from Operations 2,419.99 2,381.56 2,680.92 l0,472.64 8,685.60 10,472.64 8,685.60 (b) Other Income 20.48 49.45 97.79 194.12 290.74 194.12 290.74 Total Income 2,440.47 2,431.01 2,n8.11 10,666.76 8,976.34 10,666.76 8,976.34 Expenses (a) Cost of Materials Consumed 832.02 810.08 1,861.60 4,502.31 5,177.87 4,502.31 5,177.87 (b) Purchases of Stock-in-trade - (14.52) (25.65) - . (c) Changes in Inventories of Flnished Goods, - - Work-in-Progress and Stock-in-Trade (208.06) 183.09 (182 .. 35) (18.45) (182.02) (18.45) (182.02) (d) Employee Benefit Expenses 199.95 175.79 217.07 732.33 681.16 732.33 681.16 (e) Finance costs 4.43 1.25 6.23 8.70 12.21 8.70 12.21 (f) Depreciation and Amortisation expenses 53.39 50.12 36.22 171.98 135.66 171.98 135.66 (g} Advertisement Expenses 400.00 - - 400.00 400.00 - (h) Other Expenses 1,061.69 1,006.17 818.30 3,752.29 2,674.80 3,752.29 2,674.80 Total Expenses 2,343.42 2,211.98 2,731.41 9,549.16 8,499.68 9,549.16 8,499.68 Profit before exceptl onal items and tax (1-2) 97.05 219.04 47.30 1,117.60 476.66 1,117.60 476.66 Exceptional Items (Ref: Note No.6) - - - Profit before tax (3-4) 97.05 219.04 47.30 1,117.60 476.66 1,117.60 476.66 Tax Expenses (a} Current Tax 39.45 47.24 (60.78) 314.45 135.80 314.45 135.80 (b) Current Tax Expense Relating to Earlier Year's 18.24 (25.98) - (7.74) {72.98) (7.74) (72.98) (c) Deferred Tax 80.26 (29.88) 89.50 (46.07) 112.46 (46.07) 112.46 Profit/(Loss) for the period/year (5-6) (40.90) 227.65 18.59 856.96 30138 856.96 301.38 Add: Share in Proflt/(Loss) of Associate - - - - - (224.27) 4.89 Total Net Profit/(Loss) after Tax (40.90) 227.65 18.59 856.96 301.38 632.69 306.27 Other Comprehensive Income (OCI} (A) Items that will not be reclassified to Profit and loss (i) Re-measurment gain/(Loss) on Defined benefit p'lan 1.90 - 2.60 1.90 (2.32) 1.90 (2.32) (ii) Income tax effect on above (0.55) - (1.55) (0.55) 0.07 (0.55) 0.07 (iii) Net gain/(loss) on Equity Shares fair value thro OCI (707.02) (3.22) (5,595.38) (1,121.27) 461.44 (1,121.27) 461.44 (iv) Income tax effect on above 169.02 0.72 1,232.08 261.21 (103.12) 261.21 (103.12) (v) Share in OCI of Associate - - - - - (2,931.10) 3,072.29 (B) Items that will be reclassified to Profit and loss - - - . - - - Total Other Comprehensl ve Income (536.65) (2.50) (4,362.25) (858.71) 356.07 (3,789.81} 3,428.36 Total Comprehensive Income (after Tax) (7+8} (sn.55) 225.16 (4,343.65) {1.75) 657.45 (3,157.12} 3,734.63 Profit ror the year attributable to: • Owners of the Company - - - - - 632.69 306.27 - Non Controlling Interest - - - . - - - Other comprehensive Income for the year attributable· to: - Owners of the Company . - - - - (3,789.81) 3,428.36 . Non Controlling Interest - - - - - Total comprehensive Income for the year attributable to: - Owners of the Company . - - - (3,157.12) 3,734.63 - Non Controlling Interest - - . - - - - Paid-up Equity Share capital 1,727.15 1,727.15 1,727.15 1,727.15 1,727.15 1,727.15 1,727.15 (Face value of Re. 10/- each) Other Equity - - - 5,314.70 5,420.54 6,825.24 10,086.46 Earning per Share (Rs.) Basic (0.24) 1.32 0.11 4.96 1.74 3.66 1.77 Diluted (0.24) 1.32 0.11 4.96 1.74 3.66 1.77

Notes to the financial results:

1 These results have been reviewed by the Audit Committee and approved by the Board of Directors at the meeting held on May 27, 2019.

2 The above results are prepared in accordance with the Indian Accounting Standards (Ind-AS) as prescribed under section 133 of the Companies Act 2013 read with rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) Amendment Rules, 2016

• 3 The Company is primarily operating in the business of processing and manufacture of textiles. Hence, there is only one business segment as per Ind-AS 108 - Operating Segments.
• 4 As required under Regulation 33 of SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015, the audit by the Statutory Auditors has been completed for the quarter & year ended March 31, 2019, and the Report has been forwarded to the stock exchanges. The Report does not contain any qualification.
• S The Board of Directors, In their meeting held on 27th May 2019, has recommended final dividend of Rs 0.50 Per equity share of the company of Rs.10/- each for the financial year 2018-2019.
• 6 The Company has adopted, IND AS 115-"Revenue from Contracts With Customers" w.e.f. 01-04-2018. There is no material impact on the financial Statements of the Company on such adoption.
• 7 Previous period's figures have been regrouped/reclassified wherever necessary to confirm to this period's classification.

For and on Behalf of the Board p--~ ~ 1- ,f'J)

Neelkamal V Sirai r--- Managing Director

Date :- 27th May, 2019 Place:-Mumbai

Weizmann Limited

STANDALONE AND CONSOLIDATED BALANCE SHEET AS AT 31st MARCH, 2019

		(Rs in Lacs)
Particulars		STANDALONE		CONSOLIDATED
	As at 31.03.2019	As at 31.03.2018	As at 31.03.2019	As at 31.03.2018
ASSETS
Non-Current Assets
a Property ,Plant and Equipment	2,354.00	1,989.69	2,354.00	1,989.69
b Capital Work in Progress	1.12	11.80	1.12	11.80
c Financial Assets
(i) Investments	4,143.96	2,048.14	5,654.50	6,714.05
(ii) Loans	-	4.31	-	4.31
(ill) Others	388.43	199.64	388.43	199.64
d Income Tax Assets (Net)	97.82	25.61	97.82	25.61
e Other non-current assets	499.72	201.12	499.72	201.12
Current Assets
a Inventories	737.96	1,200.46	737.96	1,200.46
b Financial Assets
(i) Equity instrument held for trading	103.70	108.80	103.70	108.80
(ii) Trade Receivables	1,211.97	575.70	1,211.97	575.70
(iii) Cash and cash equivalents	67.80	60.06	67.80	60.06
(iv) Bank balances other than (iii) above	87.49	83.48	87.49	83.48
(v) Loans c Other current assets	64.18 450.53	3,346.47 10.76	64.18 450.53	3,346.47 10.76
Total Assets	10,208.68	9,866.04	11,719.22	14,531.95
EQUITY AND LIABILITIES Equity
a Equity Share capital	1,727.15	1,727.15	1,727.15	1,727.15
b Other Equity	5,314.70	5,420.54	6,825.24	10,086.45
Total Equity	7,041.85	7,147.69	8,552.39	11,813.60
LIABILITIES
Non-Current Liabilites
a Financial Liabilities
(i) Borrowings	139.59	54.75	139.59	54.75
(ii) Other financial liabilities	150.00	240.00	150.00	240.00
b Provisions	4.87	10.09	4.87	10.09
c Deferred tax liabilites (Net)	63.84	371.12	63.84	371.12
Current Liabilites
a Financial Liabilities
(i) Borrowings	69.34	-	69.34	-
(ii) Trade payables
Micro & Small Enterprises	-	-
Other than Micro & Small Enterprises	2,232.70	1,516.31	2,232.70	1,516.31
(iii) Other financial liabilities	118.14	71.62	118.14	71.62
b Other current liabilities	369.16	440.70	369.16	440.70
c Provisions	19.19	0.37	19.19	0.37
d Current Tax Liabilities (Net)	-	13.39	-	13.39
Total Equity and Liabilities	10,208.68	9,866.04	11,719.22	14,531.95

For and on behalf of the Bo

N. V. Siraj

DIN: 00021986 Vice-Chairman & Managing D rector

Mumbai, 27th May, 2019

BATLIBOI & PUROHIT Chartered Accountants

Independent Auditor's Report on Annual standalone Financial Results of Weizmann Limited pursuant to Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

To Board of Directors of Weizmann Limited

• 1. We have audited the standalone financial results of Weizmann Limited (the "Company") for the year ended March 31, 2019 ("standalone annual financial results"), attached herewith, being submitted by the company pursuant to the requirement of Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('Listing Regulations').
• 1. These standalone annual financial results have been prepared on the basis of the annual financial statements and reviewed quarterly financial results which are the responsibility of the Company's Management. Our responsibility is to express an opinion on these standalone annual financial results based on our audit of the annual financial statements which have been prepared in accordance with the recognition and measurement principles laid down in the Companies (Indian Accounting Standards) Rules, 2015 as per Section 133 of the Companies Act 2013 and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations.
• 1. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the standalone annual financial results are free of material misstatement(s). An audit includes examining, on a test basis, evidence supporting the amounts disclosed as financial results. An audit also includes assessing the accounting principles used and significant estimates made by Management. We believe that our audit provides a reasonable basis for our opinion.
• 1. In our opinion and to the best of our information and according to the explanations given to us, these financial results:
• (i) are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
• (ii) give a true and fair view of the net profit and other comprehensive income and other financial information for the year ended March 31, 2019.
• 1. Attention is drawn to the fact that the figures for the last quarter ended March 31, 2019 and the corresponding quarter ended in the previous year as reported in these standalone annual financial results are the balancing figures between audited figures in respect of the full financial year and the published year to date figures upto the end of the third quarter had only been reviewed and not subjected to audit.

For BATLIBOI & PUROHIT Chartered Accountants ICAI Firm Reg. No.101048W

~M~

Atul Mehta Partner Membership No. 015935

Place : Mumbai Date : May 27, 2019

BATLIBOI & PUROHIT Chartered Accountants

Independent Auditor's Report on Annual Consolidated Financial Results of Weizmann Limited pursuant to Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,2015

To the Board of Directors of Weizmann Limited

• 1. We have audited the consolidated annual financial results of Weizmann Limited (hereinafter referred to as the "Holding Company") and its associate for the year ended March 31, 2019, attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations").
• 1. These consolidated annual financial results have been prepared from consolidated annual financial statements which are the responsibility of the Holding Company's Management. Our responsibility is to express an opinion on these consolidated annual financial results based on our audit of such consolidated annual financial statements, which have been prepared in accordance with the recognition and measurement principles laid down in the Companies (Indian Accounting Standards) Rules, 2015 as per section 133 of the Companies Act 2013 and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations.
• 1. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated annual financial results are free of material misstatement(s). An audit includes examining, on a test basis, evidence supporting the amounts disclosed as financial results. An audit also includes assessing the accounting principles used and significant estimates made by Management. We believe that our audit provides a reasonable basis for our opinion.
• 1. We did not audit the Group's share of total loss of Rs. 3,155.37 lakhs (including other comprehensive income) in respect of an associate - Windia Infrastructure Finance Limited (a Non-Banking Finance Company). These financial statements have been prepared in accordance with the accounting standards prescribed under section 133 of the Companies Act 2013, read together with paragraph 7 of the Companies (Accounts) Rules, 2014 (hereinafter referred to as 'Previous GAAP') and have been audited by other auditors whose report has been furnished to us. For the purpose of consolidation, the management of the said associate has restated these financial statements in accordance with Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) and are reviewed by us so far as it related to conversion adjustments from Previous GAAP to Ind AS. Our opinion on the statement, in so far as it relates to this associate is based on the aforesaid audit report of other auditor and our review of the said conversion adjustments. Our opinion is not modified in respect of this matters.

Our opinion on the consolidated annual financial results is not modified in respect of the above matter with respect to our reliance on the work done and the reports of the other auditors.

BATLIBOI & PUROHIT Continuation Sheet

Chartered Accountants

• 1. In our opinion and to the best of our information and according to the explanations given to us, these consolidated annual financial results:
• (i) include the annual financial result of one associate Windia Infrastructure Finance Limited;
• (ii) have been presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
• (iii) give a true and fair view of the consolidated net loss and other comprehensive income and other financial information for the year ended March 31, 2019.

For BATLIBOI & PUROffiT Chartered Accountants ICAI Firm Reg. No.101048W ~ "--' o.-c'7--

Atul Mehta Partner Membership No.015935 Place: Mumbai

Date :May 27, 2019

CTN : L65990MH1985PLC038164 Regd. Office: 214, Empire House, Dr. D. N. Road, E nt. A. K. Nayak Marg, Fort, Mumbai - 400 001. Website: www.weizmaun.co.in, Email: contact@weizmann.co.in Tel. Nos: 22071501 ( 6 lines) Fax No.: 22071514

May 27, 2019

National Stock Exchange of India Ltd.	BSE Ltd.
Listing Department.	Corporate Relation Department,
Exchange Plaza, C-1 , Block- G,	Listing Department,
BandraKurla Complex,	PhirozeJeejeebhoy Towers,
Sandra (East) Mumbai-400 051.	Dalal Street, Mumbai - 400 023.
Fax No. 26598235/8237/8347.	Facsimile No. 22723121/22722037/2041
Symbol: WEIZMANIND	Scrip Code 523011

Sub: Declaration pursuant to Regulation 33 (3) (d) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR).

Dear Sir/Madam,

In compliance with provIsIons of Regulation 33(3)(d) of SEBI LODR, we hereby declare that, Statutory Auditors of the Company M/s. Batliboi & Purohit, Chartered Accountants (FRN : 101048W) have issued an Audit Report with unmodified opinion on Audited Financial Results (Standalone and Consolidated) of the Company for the year ended 31 st March, 2019.

You are requested to take note of the same.

Thanking You. Yours Sincerely, For eizmann Limited

Neel mal V Siraj Mana ing Director