Weizmann Limited. — Interim / Quarterly Report 2019

Aug 13, 2019

CIN: L65990MH1985PLC038164

Regd. Office : 214, Empire House, Dr. 0. N. Road, Ent. A. K. Nayak Marg, Fort, Mumbai - 400 001. Website: www.weizmann.co.in, Email: contact@weizmann.co.in Tel. Nos : 022-22071501 ( 6 lines) Fax No.: 022-22071514

13th August, 2019

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

Dear Sir/Madam,

Sub: Outcome of Board Meeting

Ref: Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements} Regulations, 2015 (LODR}.

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 13th August, 2019 have considered the following matters :

• 1. Approved and Adopted Un-Audited Financial Results (Standalone and Consolidated) for the quarter ended 30th June, 2019 along with Limited Review Report of the Statutory Auditors' on Standalone and Consolidated Results (Copies of Un-audited Financial Results along with Limited Review Report for the quarter ended 30th June, 2019 are enclosed herewith), pursuant to Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR).
• 1. Appointment of Mr. Prakash Kumar Mewara as Chief Financial Officer (Key Managerial Personnel) of the Company w.e.f. August 13, 2019.

Appointment pursuant to Section 203 of Companies Act, 2013, read with the relevant (Listing rules made thereunder and SEBI Disclosure Requirements) Obligations and Regulations, 2015, to fill in the vacancy that arose in the light of resignation of earlier incumbent.

The particulars of the appointment are as follows :

CIN: L65990MH1985PLC038164

Regel. 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 : 022-22071501 ( 6 lines) Fax No.: 022-22071514

SR. NO.	PARTICULARS	DISCLOSURES
2.	Date of appointment & Term of appointment	13.08.2019 N.A.
3.	of Brief profile {in case appointment)	Mr. Prakash Kumar Mewara, aged 46 years, is a Bachelor of Commerce {Hons -· Accounting) from Jai Narain Vyas University, Jodhpur and is a Chartered Accountant from The Institute of Chartered Accountants of India. He has over 16 years experience in Internal Audit and Accounts in the Manufacturing and Service Industries.
4.	of Disclosure relationships between directors (in case of appointment of a director)	N .A.

The Board meeting commenced at 8.00 p.m. and concluded at 8.35 p.m.

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

Thanking You.

Yours Sincerely, f\For~~ ^~ nn limited ~-·

Ami Purohit Company Secretary

Encl. as above

BATLIBOI & PUROHIT Chartered Accountants

Independent Auditor's Review Report on the Quarterly Unaudited 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, as amended

To Board of Directors of Weizmann Limited

• 1. We have reviewed the accompanying statement of unaudited standalone financial results of Weizmann Limited (the "Company") for the quarter ended June 30, 2019 ('the Standalone Statement'}, 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'), 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 Standards prescribed under Section 133 of the Companies Act, 2013 ('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.
• 1. We conducted our review of the Standalone 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 and perform the review to obtain moderate assurance as to whether the financial statements are free of material misstatement. 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 performed an audit and accordingly, we do not express an audit opinion.
• 1. Based on our review conducted and procedures performed as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Standalone 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 Standards 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 of the Listing Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

For Batliboi & Purohit Chartered Accountants ICAI Firm Reg. No. 101048W

Atul Mehta Partner Membership No. 015935

Place: Mumbai Date: August 13, 2019 UDIN: 19015935AAAAAH9506

Weizmann Limited

[ CIN NO: L65990MH1985PLC038164]

' ' ' ' Regd Office · Empire House 214 Dr D N Road Ent A K Nayak Marg Fort Mumbai - 400 001

	Website: www.weizmann.co.in E-mail : contact®weizmann.co.in Phone : 022-2207 1501			I Rs. in Lacs exceot oer share data )
	UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2019
			Quarter Ended		Year ended
	Particulars	/Unaudited iAuditedl Unaudited 30.06.19	31.03.19	30.06.18	/Audited) 31 .03.19
	1 Income
	(a) Revenue from Operations	2,456.69	2,419.99	3,210.43	10,472.64
	(b) Other Income	11.04	20.48	58.22	194.12
	Total Income	2,467.73	2,440.47	3,268.65	10,666.76
	2 Expenses
	(a) Cost of Materials Consumed	820.75	832.02	1,918.55	4,502.31
	(b) Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade	71.77	(208.06)	(41 .71)	(18.45)
	(c) Employee Benefit Expenses	177.70	199.95	184.70	732.33
	(d) Finance costs	12.69	4.43	1.71	8.70
	(e) Depreciation and Amortisation expenses	66.75	53.39	33.78	171 .98
	(f) Advertisement Expenses	400.00	400.00	-	400.00
	(g) Power & Fuel	353.08	357.60	308.84	1,335.81
	(h) Job Work Charges	266.13	280.87	210.08	1,055.28
	(i) Other Expenses	366.33	423.22	275.63	1,361 .20
	Total Expenses	2,535.20	2,343.42	2,891 .58	9,549.16
	3 Profit before exceptional items and tax (1-2)	(67.47)	.97.05	377.07	1,117.60
4	Exceptional Items	-	-	-	-
	5 Profit before tax (3-4)	(67.47)	97.05	377.07	1,117.60
	6 Tax Expenses
	(a) Current Tax	-	39.45	91 .52	314.45
	(b) Current Tax Expense Relating to Earlier Year's	-	18.24	-	(7.74)
	(c) Deferred Tax	(15.35)	80.26	15.78	(46.07)
	7 Total Net Profit/(Loss) after Tax	(52.12)	(40.90)	269.77	856.96
	8 Other Comprehensive Income (OCI)
	(A) Items that will not be reclassified to Profit and Loss
	(i) Re-measurment gain/(Loss) on Defined benefit plan	-	1.90	-	1.90
	(ii) Income tax effect on above	-	(0.55)	-	(0.55)
	(iii) Net gain/(Loss) on Equity Shares fair value through OCI	(134.87)	(707.02)	(312.80)	(1 ,121 .27)
	(iv) Income tax effect on above	31.42	169.02	69.62	261 .21
	(B) Items that will be reclassified to Profit and Loss	-	-	-	-
	Total Other Comprehensive Income	(103.45)	(536.65)	(243.18)	(858.71)
	Total Comprehensive Income (after Tax) (7+8)	(155.57)	(577.54)	26.60	(1 .75)
	9 Paid-up Equity Share Capital (Face value of Re. 10/- each)	1,727.15	1,727.15	1,727.15	1,727.15
	10 Earning per Share (Rs.)
	Basic	(0.30)	(0.24)	1.56	4.96
	Diluted	(0.30)	(0.24)	1.56	4.96

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 August 13, 2019

2 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.

• 3 The Company has adopted simplified approach under Ind AS 116 Leases, with effect from April 01, 2019. Accordingly the Company has recognised present value of its future lease liabilities of Rs.59.92 lacs as on April 01 , 2019 and an equal amount of 'Right to use' assets as on that date. In the statement of profit and loss for the current period, instead of rent expenses (as accounted under previous periods), amortisation of right of use has been accounted under depreciation and amortisation expenses and unwinding of discount on lease liabilities has been accounted under 'finance cost'. The impact on the profit/(Loss) for the quarter is not material.
• 4 The figures for the 3 months ended March 31, 2019 as reported in these financial results are the balancing figures between audited figures in respect of the full previous financial year and the published year to date figures up to the third quarter of the previous financial year. The figures up to the end of the third quarter of previous financial year had only been reviewed and not subjected to audit.

5 Previous period's figures have been regrouped/reclassified wherever necessary.

Date :- August 13, 2019 Place:-Mumbai

BATLIBOI & PUROHIT Chartered Accountants

Independent Auditor's Review Report on the QuarterlyUnaudited 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, as amended

To Board of Directors of Weizmann Limited

• 1. We have reviewed the accompanying statement ofunaudited consolidated financial results of Weizmann Limited (hereinafter referred to as the "Holding Company") and its associate ( collectively referred to as 'the Group')for the quarter ended June 30, 2019 ('the Consolidated Statement), 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'), as amended. Attention is drawn to the fact that the consolidated figures for the corresponding quarter ended June 30, 2018 and March 31, 2019, as reported in these financial results have been approved by the Parent's Board of Directors, but have not been subjected to a limited review by us.
• 1. This Consolidated Statement, which is the responsibility 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 Standards prescribed under Section 133 of the Companies 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 "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 financial statements are free of material misstatement. 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 performed an audit and accordingly, we do not express an audit opinion.

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, 2015, as amended, to the extent applicable.

• 4.

BATLIBOI & PUROHIT Continuation Sheet

Chartered Accountants

• c. Trueman Properties Pvt Limited (associate of WIFL)
• d. Avinaya Resources Limited (associate of WIFL)
• e. Brahmanavel Energy Projects Limited (associate of WIFL)
• f. KhandeshEnergy Projects Limited (associate of WIFL)
• g. VajharpadaEnergy Limited (associate of WIFL)
• h. Weizmann Corporate Services Ltd. (associate of WIFL)
• 1. The Consolidated Statement includes the Company's share of net loss of Rs. 142.60 lakhs and other comprehensive loss of Rs. 26.40 lakhs for the quarter ended June 30, 2019, as considered in the consolidated results, in respect of the above-mentioned companies, whose financial results have not been reviewed and are certified by the management.
• 1. Based on our review conducted and procedures performed as stated in paragraph 3 above, subject to the effects of the matter specified in paragraph 5 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 Standards 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 of the Listing Regulations, 2015 including the manner in which it is to be disclosed, or that it contains any material misstatement.

For Batliboi & Purohit Chartered Accountants ICAI Firm Reg. No.101048W

Atul Mehta Partner Membership No.015935

Place: Mumbai Date: August 13, 2019 UDIN: 19015935AAAAAJ1672

'VV~i.z.mc:::.-, r-. ^{L i} mit~cl

[ CIN NO: L65990MH1985PLC038164]

Regd Office · Empire House, 214, Dr D.N.Road, Ent A K Nayak Marg, Fort Mumbai - 400 001 Website: www.weizmann.co.in E-mail: contact®weizmann.co.in Phone : 022-2207 1501

UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2019 Quarter Ended Particulars I /Unaudited' /Unaudited! /Unaudited] 30.06.19 31.03.19 30.06.18 1 Income (a) Revenue from Operations 2,456.69 2,419.99 3,210.43 (b) Other Income 11.04 20.48 58.22 Total Income 2,467.73 2,440.47 3,268.65 2 Expenses (a) Cost of Materials Consumed 820.75 832.02 1,918.55 (b) Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade (208.06) (41 .71 ) 71 .77 177.70 199.95 184.70 (c) Employee Benefit Expenses (d) Finance costs 12.69 4.43 1.71 53.39 33.78 (e) Depreciation and Amortisation expenses 66.75 - (f) Advertisement Expenses 400.00 400.00 (g) Power & Fuel 353.08 357.60 308.84 266.13 280.87 210.08 (h) Job Work Charges 366.33 423.22 275.63 (i) Other Expenses 2,343.42 2,891.58 Total Expenses 2,535.20 (67.47) 97.05 377.07 3 Profit before exceptional Items and tax (1-2) - - - Exceptional Items 4 (67.47) 97.05 377.07 5 Profit before tax (3-4) 6 Tax Expenses - 39.45 91 .52 (a) Current Tax - - 18.24 (b) Current Tax Expense Relating to Earlier Year's 15.78 (c) Deferred Tax (15.35) 80.26 7 ProfiU(Loss) for the period/year before share in Associate (5-6) (52.12) (40.90) 269.77 Add: Share in ProfiU(Loss) of Associate (142.60) (607.80) 18.51 8 Total Net ProfiU(Loss) after Tax after share in Associate (194.72) (648.70) 288.28 9 Other Comprehensive Income (OCI) (A) Items that will not be reclassified to Profit and Loss - - 1.90 (i) Re-measurment gain/(Loss) on Defined benefit plan - - (0.55) (ii) Income tax effect on above	I Rs. in Lacs except per share data )
	Year ended
	(Audited)
	31 .03.19
	10,472.64
	194.12
	10,666.76
	4,502.31
	(18.45)
	732.33
	8.70 171.98
	400.00
	1,335.81
	1,055.28
	1,361 .20
	9,549.16
	1,117.60
	-
	1,117.60
	314.45
	(7.74)
	(46.07)
	856.96
	(266.50)
	590.45
	1.90
	(0.55)
(707.02) (312.80) (134.87) (iii) Net gain/(Loss) on Equity Shares fair value through OCI	(1 ,121.27)
(iv) Income tax effect on above 31.42 169.02 69.62	261 .21
(26.40) (2,740.12) (2,912.54) (v) Share in OCI of Associate	(2,937.39)
Total Other Comprehensive Income (129.85) (3,276.77) (3,155.72)	(3,796.10)
(2,867.44) (324.57) (3,925.47) Total Comprehensive Income (after Tax) (7+8)	(3,205.64)
9 Paid-up Equity Share Capital (Face value of Re. 10/- each) 1,727.15 1,727.15 1,727.15 10 Earning per Share (Rs.)	1,727.15
(1 .13) (3.76) 1.67 Basic	3.42
(3.76) (1 .13) 1.67 Diluted	3.42

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 August 13, 2019

• 2 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.
• 3 The Company has adopted simplified approach under Ind AS 116 Leases, with effect from April 01 , 2019. Accordingly the Company has recognised present value of its future lease liabilities of Rs.59.92 lacs as on April 01 , 2019 and an equal amount of 'Right to use' assets as on that date. In the statement of profit and loss for the current period, instead of rent expenses (as accounted under previous periods), amortisation of right of use has been accounted under depreciation and amortisation expenses and unwinding of discount on lease liabilities has been accounted under 'finance cost'. The impact on the profiU(Loss) for the quarter is not material.

4 The figures for the 3 months ended March 31, 2019 as reported in these financial results are the balancing figures between audited figures in respect of the full previous financial year and the published year to date figures up to the third quarter of the previous financial year, which have not been subjected to review by the Statutory Auditors.

• 5 The consolidated figures for the corresponding quarter ended June 30, 2018 and March 31 , 2019, as reported in these financial results have been approved by the Parent's Board of Directors, but have not been subjected to a limited review by statutory auditors.
• 6 Previous period's figures have been regrouped/reclassified wherever necessary.

Date :-August 13, 2019 Place:-Mumbai