Weizmann Limited. — Regulatory Filings 2020

Aug 1, 2020

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 : 022-22071501 { 6 lines) Fax No.: 022-22071514

31 st July, 2020

National Stock Exchange of India limited	BSE limited
Listing Department,	Corporate Relation Department,
Exchange Plaza, C-1, Block- G,	Listing Department,
BandraKurla Complex,	PhirozeJeejeebhoy Towers,
Bandra (East), Mumbai-400 051.	Dalal Street, Mumbai - 400 023.
Fax No. 26598235/823 7 /834 7.	Facsimile No. 22723121/ 22722037 /2041
Symbol: WEIZMANIND	Scrip Code: 523011

Dear Sir/Madam,

Sub: Outcome of Board Meeting 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 31st July, 2020 have considered the following matters:

• 1. Adopted and Approved Audited Financial Results (Standalone and Consolidated) of the Company for the quarter and year ended 31st March, 2020. 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 (Listing Obligations and Disclosure Requirements) Regulations, 2015.
• 1. Recommendat ion for consideration of the members at ensuing Annual General Meeting that the Interim Dividend of Rs. 10/- i.e 100% per equity share of face value of Rs. 10/- each fully paid up, declared by the Board of Directors of the Company at its meeting held on 61h March, 2020, be considered as the Final Dividend for the financial year ended 31st March, 2020.
• 1. Approved the re-appointment of Mr. Balady S Shetty (DIN: 01262317) as an Independent Director of the Company for the second term of 5 years (based on the recommendation of Nomination and Remuneration Committee) as prescribed under the provisions of the Companies Act, 2013 and SEBI (LODR), subject to the approval of the members at the ensuing Annual General Meeting of the Company. Brief Profile i.e details as required under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read alongwithSEBI Circular No. CIR/CFD/CMD/4/2015 dated September 9, 2015 is as below:

Sr. No	Particulars	Mr. Balady S Shetty (DIN: 01262317)
l.	Reason for change	Re-appointment as Independent Director
2.	Date of Appointment	Appointment with effect from the conclusion of 33rd AGM of 2020 upto the conclusion of 3gth AGM of2025
3.	Terms of appointment	5 years

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

4.	Brief Profile	s Shetty has vast experience in Mr. Ba lady
		Administration, Finance, Full-fledged Money
		Changers, Treasury and Wind Projects. He is a
		Commerce Graduate, CA\IB, LLB and ACS
5.	Disclosure of relationships	None
	between directors

It may be further noted that, Mr.Balady S Shetty is not debarred from holding the office of Director by virtue of any SEBI order or any other such authority.

The Board Meeting commenced at 9.30.pm. and concluded at 11.40 p.m.

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

Thanking You. Yours Sincerely, For Weiz ann Limited

Company Secretary

Encl. as above

BATLIBOI & PUROHIT Chartered Accountants

Independent Auditors' Report To the Board of Directors of Weizmann Limited Report on the audit of the Standalone Annual financial results

Opinion

We have audited the accompanying standalone financial results of Weizmann Limited (hereinafter referred to as the "Company") for the quarter and year ended March 3 I, 2020, attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('Listing Regulations').

In our opinion and to the best of our infonnation and according to the explanations given to us, the aforesaid standalone financial results:

• a. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
• b. give a true and fair view in confonnity with the recognition and measurement principles laid down in the applicable Indian Accounting Standards, and other accounting principles generally accepted in India, of the net profit and other comprehensive income and other financial information for the quarter and year ended March 31, 2020.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under section 143( I 0) of the Companies Act, 20 I 3 ("the Act"). Our responsibilities under those SAs are further described in the Auditor's Responsibilities for the Audit of the standalone financial results section of our report. We are independent of the Company, in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial results under the provisions of the Act, and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained, is sufficient and appropriate to provide a basis for our opinion on the standalone financial results.

Management's and Board of Directors' Responsibilities for the standalone financial results

These standalone financial results have been prepared on the basis of the standalone financial statements. The Company's Management and the Board of Directors arc responsible for the preparation and presentation of these standalone financial results that give a true and fair view of the net profit and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting Standards prescribed under Section I 33 of the Act and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial results that give a true and fair view and are free from material ~=:::..... misstatement, whether due to fraud or error. ~.o_r • ^A . - T, ^~

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Chartered Accountants

In pr-1.·puring the standalone financial results. the Management and the Board of Directors arc responsible for assessing th1.· Company's ability to continue as a going concern, disclosing, as applicable, matters n:lutcd to going concl'.m and using the going concern basis of accounting unless the Board of Directors cith1.•r intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Dir1."Ctors is responsible for overseeing the Company's financial reporting process

Auditor's Responsibilities for the Audit of the Standalone financial results

Our objectives arc to obtain reasonable assurance about whether the standalone financial results as a whole arc free from material misstatement. whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and arc considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalone financial results, whether due to fraud or error, design and perfom1 audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one rcsult.ing from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that arc appropriate in the circumstances. Under Section l43(3)(i) of the Act, we arc also responsible for expressing our opinion through a separate report on the complete set of financial statements on whether the company has adequate internal financial controls with reference to financial statements in place and the operating cff ectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the standalone financial results made by the Management and Board of Directors.
• Conclude on the appropriateness of the Management and Board of Direct0rs use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the appropriateness of this assumption. If we conclude that a material uncertainty exists, we arc required to draw attention in our auditor's report to the related disclosures in the standalone financial results or, if such disclosures arc inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the standalone financial results, including the disclosures, and whether the standalone financial results represent the underlying transactions and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the Standalone financial results of the Company to express an opinion on the standalone financial results.

Materiality is the magnitude of misstatements in the standalone financial results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Standalone financial results may be influenced. We consider quantitative materiality and qualitative

Chartered Accountants

factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Standalone financial results.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other Matter

The standalone financial results include the results for the quarter ended March 31 , 2020 being the balancing figure between the audited figures in respect of the full financial year and the published unaudited year to date figures up to nine months ended December 3 I, 2019 which were subject to limited review by us.

Our opinion is not modified in respect of this matter.

For BATLIBOI & PUROHIT

Chartered Accountants ICAI Firm Reg. No.101048W

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Kaushal Mehta Partner Membership No. 111749 ICAI UDIN: 2011 I 749AAAACV4381

Place: Mumbai Date: July 31, 2020

Weizmann ^L .imitecl

[ CIN NO: L65990MH1985PLC038164 J

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 (6 Lines) Fax: 022-22071514

	STANDALONE AUDITED FINANCIAL RESULTS FOR THE QUARTER ANO YEAR ENDED MARCH 31, 2020
Sr			Quarter Ended			Year ended
No	Particulars	Audited	Unaudited	Audited		Audited
		31.03.2020	31.12.2019	31.03.2019 31.03.202( 31.03.2019
	1 Income
	(a) Revenue from Operations	2,482.29	2,486.81	2,419.99	9,635.05	10,472.64
	(b) Other Income	(5.93)	4_20	20.48	13.18	194.12
	Total Income 2 Expenses	2,476.36	2,491.01	2,440.47	9,648.23	10,666.76
	(a) Cost of Materials Consumed
	(b) Purchases of Stock-in-trade	963.85 -	870.40	832.02	3,548.39	4,502.31
	(c) Changes in Inventories of Finished Goods, Work-in		-	-
	Progress and Stock-in-Trade	0.43	20.02	(208,06)	54.00	(18.45)
	(d) Employee Benefit Expenses	220.46	195.79	199.95	734 07	732.33
	(e) Finance costs	12.77	5.59	4.43	45,73	8.70
	(f) Depreciation and Amortisation expenses	55.99	55.96	53.39	240,95	171,98
	(g) Advertisement Expenses	-	-	400.00	400,00	400,00
	(h) Power& Fuel	352.62	371,65	-	1,409.69	1,335.81
	(i) Job Work Charges	273.62	277.25	-	1,043.14	1,055.28
	0) Other Expenses	427.14	437.93	1,061 .69	1,570.15	1,361 .20
	Total Expenses	2,306.87	2,234.59	2,343.42	9,046.11	9,549.16
	3 Profit before exceptional items and tax (1-2)	169.49	256.42	97.05	602.12	1,117.60
4	Exceptional Items	-	-	-	-	-
	5 Profit before tax (3-4)	169.49	256.42	97,05	602.12	1,117.60
	6 Tax Expenses
	(a) Current Tax	26.28	76,00	39.45	155,28	314.45
	(b) Current Tax Expense Relating to Earlier Year's	-	-	18.24		(7,74)
	(c) Deferred Tax	7.34	4.76	80.26	14.75	(46.07)
	7 Profit/(Loss) for the period/year (5-6)	135.88	175.66	(40.90)	432.09	856.97
	8 Total Net Profit/(Loss) after Tax	135.88	175.66	(40.90)	432.09	856.97
	9 Other Comprehensive Income (OCI)
	(A) Items that will not be reclassified to Profit and Loss (i) Re-measurment gain/(Loss) on Defined benefit
	plan	5.91	-	1.90	5.91	1.90
	(ii) Income tax effect on above (iii) Net gain/(Loss) on Equity Shares fair value	(1.72)	-	(0.55)	(1. 72)	(0.55)
	through OCI	(102.12)	(14.73)	(707.02)	334.31	(1,121.27)
	(iv) Income tax effect on above	23.79	3.43	169.02	(77.88)	261 .21
	(B) Items that will be reclassified to Profit and Loss	-	-	-
	Total Other Comprehensive Income	(74. 14)	(11.30)	(536.65)	260.62	(858.71)
	Total Comprehensive Income (after Tax) (7+8)	61.74	164.36	(577.55)	692.71	(1.74)
	1 O Paid-up Equity Share Capital (Face value of Re. 10/- each 11 Other Equity	1,727.15 -	1,727.15	1,727,15	1,727.15	1,727,15
	12 Earning per Share (of Rs. 10/- each)		-	-	3,821.06	5,314.70
	Basic
	Diluted	0.79 0.79	1.02 1.02	(0.24) (0,24)	2.50 2.50	4.96 4.96

Notes to the Audited Standalone Financial Results:

1 The above results have been prepared in accordance with Indian Accounting Standards ('Ind AS') notified under Section 133 of the Companies Act. 2013, read together with the Companies (Indian Accounting Standards) Rules, 2015 (as amended).

2 These results have been reviewed by the Audit Committee and approved by the Board of Directors at the meeting held on 31st July 2020

• 3 The Board of Directors of the Company at its meeting held on 6th March, 2020 declared an Interim Dividend of Rs. 10/- per equity share of Rs. 10/- each for the year ended March 31, 2020.
• 4 The Company is primarily operating in the business of precessing and manufacture of textiles. Hence, there is only one business segment as per Ind-AS 108 - Operating Segments.
• 5 As required under Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the audit by the Statutory Auditors has been completed for the quarter and year ended March 31, 2020 and the Report has been .....c::::::=:,.... arded to the Stock Exchanges. The Report does not contain any qualification.

• 6 Government of India declared lock down on March 23, 2020 due to the outbreak of Coronavirus Disease (COVID-19) a global pandemic declared by World Health Organisation (WHO). Consequent to this, the operations of the Company has been affected temporarily in compliance with the directives & orders issued by the relevant authorities, The Company has made assessment of its liquidity position and of the recoverability and carrying values of its assets comprising of property. plant and equipment inventories, investments. receivables and other current assets as at the balance sheet date and on the basis of current estimates it has been concluded that no material adjustment is required in the standalone financial results. However, the impact assessment of COVID-19 ls a continuing process, given the uncertainties associated with its nature and duration. The Company will continue to monitor any material charge to future economic conditions.
• 7 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.
• 8 Previous period's figures have been regrouped/reclassified wherever necessary.

Date : 31st July 2020 Place:-Mumbai Neelkamal Vrajlal Sira? (

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Vice Chairman and Managing Director DIN: 00021986

Regd. Office: Empire House, 214, Dr. D.N.Road, Ent. A. K. Nayak Marg, Fort, Mumbai - 400 001. [ CIN NO: L65990MH198SPLC038164] Website: www.we,zmann.co.in E-mail: contact@wel zmann.co.,n Tel: 022 22071501 (6 L,nes) Fax: 022 22071514

Statement of Assets & Liabilities- Standalone as at 31st March 2020

(Rs In Lakhs)

		31.03.2020	ll.Ol.2019
		AUDITED	AUDITED
ASSETS
	Non-current assets
	(al Property, plant and equipment	2,324.17	2,354.00
	(b) Right of Use Assets	1.66
	(c) Capital work-in-progress	159.07	1.12
	(d) Financial assets
	(ii Investments	3,179.73	4,143.96
	(iii Other Non-current financial assets	250.79	388.44
	(el Non-current tax assets (Net)	148.33	97 82
	(f) Other Non-current assets	1,005.64	499.72
	Deferred tax assets (Net)
	Total Non Current Assets	7,069.39	7,485.06
	Current assets
	(a) Inventories	711.00	737.95
	(bl Financial assets
	(i) Equity Instruments held for Trading	52.95	103.70
	(ii) Trade receivables	1,264.51	1,211 99
	(iii) Cash and Cash Equivalents	129.57	67.80
	(Iv) Bank Balances other than (iii) above	7061	87.48
	(v) Loans	17.08	64.19
	(c) Other current assets	81.09	450.53
	Total Current Assets	2,326.81	2,723.64
	TOTAL ASSETS	9,396.20	10,208.70
	EQUITY ANO LIABILITIES
Equity
	(a) Equity share capital	1,727.15	1.727.15
	(b) Other equity	3,821.06	5,314.70
	Total Equity	5,548.21	7,041.86
	Liabilities
	Non-current liabilities
	(a) Financial liabilities
	(i) Borrowings	79.16	139.59
	(ii) Lease Llabliities	1.72
	(iii) Other financial liabilities	12.00	150.00
	(iv) Provisions		4.87
	(b) Deferred tax liabilities (net)	156.47	63.84
	Total Non Current Liabilities	249.35	358.30
	Current liabilities
	(a) Financial liabilities
	(i) Borrowings	1,753.05	69.34
	(ii) Trade payables	1,592.04	2,232 73
	(iii) Ot her financial liabilities	142.07	118.14
	(b) Other current liabilities	89.29	369.16
	(cl Provisions	22.19	19.18
	(di Current Tax Liabilities (Net)
	Total Current Liabilities	3,598.64	2,808.55
	TOTAL EQUITY AND LIABILITIES	~Jv- 9,396.20	10,208.70

Date :- 31st July 2020

Place:-Mumbai Neelkamal Vrajlal Siraj - Vice Chairman and Managing Director ,r.,- .............. DIN: 00021986

Regd. Office : Empire House, 214, Dr. D.N.Road, Ent. A. K. Nayak Marg,

Fort, Mumbai - 400 001. [ CIN NO: L65990MH1985PLC038164]

Website· www weizmann.co.in E-mall: contaet@weizmann.co.in Tel: 022 22071501 (6 Lines) Fax: 022 22071514

STANDALONE AUDITED STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31st March, 2020

				Rs. in lakhs
Particulars Net Profit / (Loss) before exceptional Items and tax	31.03.2020	602.11	31.03.2019	1,117.60
Ad1ustments for:
Depreciation and amortisation	240.95		171.98
(Profit) / Loss on Sale / Write off of Assets	5.12		12.57
Profit on Sale of Securities/lnvestments	(19.59)		(31.60)
Finance Costs	45.73		8.70
Interest Income	(17.62)		(142.19)
Interest Income on Income Tax	-		{4.38)
Dividend Income	(2.17)		(0.44)
Fair Value Galn/(Losses) on FVTPL invesntment/Eouitv Instrument	51.38		5.11
Rental Income from Investment Prooertles	(6.80)		(1.38)
Liabilities / Provisions no lonoer required written back	(18.38)		(10.27)
Sundry Balances written off	-		1.88
		278.62		9.98
Operating Profit/ (Loss) before Working Capital Changes		880.73		1, 127.58
Chanaes in workina caoitat: Adjustments for (Increase) / Decrease in Operating Assets:
Inventories
Trade Receivables	26.95 (34.14)		462.51 (627.87)
Short-Term Loans and Advances	47,11		3,282.29
Leno-Term Loans and Advances	137.65		(184.48)
Other Current Assets	(136.48)		(738.37)
Bank Deposits	16.87		(4.01)
Adjustments for Increase I (Decrease) in Operating liabilities:
Trade Payables	(640.66)		716.40
Other Current Llabllltles	(255.94)		(38.41)
Short-Term Provisions	8.92		20.74
Lono-Term Provisions	(4.87)		(5.22)
		(834.59		2 883.57
Cash Generated from Operations		46.15		4,011.15
Net Income Tax (Paid)/ Refunds		(207.56)		(387.01)
Net Cash Flow from / (used In) Operating Activities (A)		(161.41)		3 624.14
8. Cash Flow from Investing Activities
Purchase of Fixed Assets, includinq Caoital Advances	(317.67)		(545.02)
Proceeds from Sale/Discarded of Fixed Assets	1.76		6.83
Purchase of lono-tenm Investments	-		(3,207.78)
Proceeds from Sale of Lonq-Term Investments	1,298.54		9.31
Equity Instruments for Tradlnq	18.96		24.90
Interest Received	17.62		142.19
Dividend Received	2.17		0.44
Rental Income from Investment Prooerties	6.80		1.38
Net Cash Flow from / (used in) Investing Activities (B)		1,028.18		(3 567.75)
c. Cash Flow from Financing Activities
Lonq-term borrowinqs	(60.43)		84.85
Short-Term Borrowinos	1,683.71		69.34
Other Lonq-Term liabilities	(138,00)		(90.00)
Finance Cost	{40.13)		(8.70)
Principle Lease Payment	(63.80)		-
Dividend Paid Tax on Dividend	(1,813.51) (372.83)		(86.36) (17.76)
Net Cash Flow from/ (used in) Financing Activities (C)		(804.99)		(48.63)
Net increase/ (decrease) In Cash and Cash Equivalents (A+B+Cl		61.77		7.76
Cash and Cash Equivalents at the Beginning of the Year Cash and Cash Equivalents at the End of the Year	67.80 129.57	61.77	60.04 67.80	7.76
Reconciliation of Cash and Cash Equivalents with the Balance Sheet:
Cash and Cash Equivalents at the End of the Year *
* Comprises:
~ (al Cash on Hand	4.74		5.23
(bl Cheques, Drafts on Hand
(cl ff with Balances Banks
J · _ ~ In Current , ~ Accounts (i)	124.83	129.57	62.57	67.80

BATLIBOI & PUROHIT Chartered Accountants

Independent Auditors' Report To the Board of Directors of Weizmann limited Rt.•port on the audit of lhc Consolidated Annual Financial Results

Opinion

We haw audited the accompanying consolidated financial results of Weizmann Limited (hcrcinaflcr referred to as the "Holding Company") and its associate (Holding Company and its associate together referred to as "the Group"), for the quarter and year ended March 31, 2020, attached herewith, being submitted by the Holding Company pursuant to the requiremenc of Rcgulacion 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('Listing Regulations').

In our opinion and to the best of our infonnation and according 10 che explanations given to us the aforesaid consolidated financial results:

• 1. include the financial results of one associate Windia Infrastructure Finance limited
• 1. arc presented in accordance with che requirements of Regulation 33 of chc Listing Regulations in this regard; and
• 1. give a true and fair view in confonnity with the recognition and measurement principles laid down in the applicable lndian Accounting Standards, and other accounting principles generally accepted in India, of consolidated net profit and other comprehensive income and other financial infonnation of the Group for the quarter and year ended March 31, 2020.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under section 143( I 0) of the Companies Act, 2013 ("the Act"). Our responsibilities under chose SAs are further described in the Auditor's Responsibilities for the Audit of the Consolidated Financial Results section of our report. We arc independent of the Group in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that arc relevant to our audit of the financial results under the provisions ofche Act, and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us along with the consideration of audit report of the other auditor referred to in sub paragraph 3 of the "Other Matters" paragraph below, is sufficient and appropriate to provide a basis for our opinion on the consolidated annual financial results.

Management's and Board of Directors' Responsibilities for the Consolidated Financial Results

These consolidated financial results have been prepared on the basis of the consolidated financial statements. The Holding Company's Management and the Board of Directors arc responsible for the preparation and presentation of these consolidated financial results that give a true and fair view of the consolidated net profit and other comprehensive income and other financial information of the Group in accordance with the recognition and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 of the Act and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Management and Board of Directors of the companies included in the Group arc responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of each company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that ~==:::::,,.__

Chartered Accountants

were operating effectively for ensuring accuracy and completeness of the accounting records, r~lc~ant to the preparation and presentation of the consolidated financial results that give a trne and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated financial results by the Management and the Directors of the Holding Company, as aforesaid.

In preparing the consolidated financial results, the Management and the respective Board of Directors of the companies included in the Group arc responsible for assessing the ability of each company to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group is responsible for overseeing the financial reporting process of each company.

Auditor's Responsibilities for the Audit of the Consolidated Financial Results

Our objectives are to obtain reasonable assurance about whether the consolidated financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SA 's will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and arc considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the consolidated financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that arc appropriate in the circumstances. Under Section 143(3) (i) of the Act, we arc also responsible for expressing our opinion through a separate report on the complete set of financial statements on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Management and the Board of Directors.
• Conclude on the appropriateness of the Management and Board of Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the appropriateness of this assumption. If we conclude that a material uncertainty exists, we arc required to draw attention in our auditor's report to the related disclosures in the consolidated financial results or, if such disclosures arc inadequate, to modify our opinion. Our conclusions arc based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.

Chartered Accountants

• Evaluate the overall presentation, structure and content of the consolidated financial re ults, including the disclosures, and whether the consolidated financial results represent lhe underlying transactions and events in a manner that achieves fair presentation. . .
• Obtain sufficient appropriate audit evidence regarding the financial results of the entitie~ with111 the Group to express an opinion on the consolidated financial results. We arc responsible for the direction, supervision and perfom1ance of the audit of financial infomiation of such cnlity included in the consolidated financial results of which we arc the independent auditors.

Materiality is the magnitude of misstatements in the Consolidated Financial Results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the ~•a~dalonc Financial Results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Standalone Financial Results.

~Ve communicate with those charged with governance of the Holding Company and such other entities included in the consolidated financial results of which we arc the independent auditors regarding. among other matters, the planned scope and timmg of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all rclalionships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

We pcrfomicd 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.

Other Matters

• I. The consolidated financial results include the results for the quarter ended March 31 , 2020, being the balancing figure between the audited figures in respect of the full financial year and the published unaudited year to date figures up to nine months ended December 31 , 2019 which were subject to limited review by us.
• 1. Attention is drawn to Note 9 of the Consolidated Financial Results which states that the figures for the quarter ended March 31, 2019 included in the consolidaled financial results are balancing figures between audited figures in respect of full financial year and published year to date unaudited figures up to the nine months ended December 3 I, 2018 which have been approved by the Holding Company's Board of Directors, but have not been subjected to our review.
• 1. The consolidated financial results include the Holding Company's share of net profit of Rs. 13.82 lakhs and other comprehensive income of Rs. I 07.88 lakhs for the quarter ended March 3 I, 2020 and its share of net loss of Rs. 133. 70 lakhs and other comprehensive income of Rs. I 08.52 lakhs for the year ended March 31, 2020 in respect of the associate company, • W india 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 auditor whose report have been furnished to us by the management. For the purpose of consolidation, the management of the Holding Company has restated these financial statements in accordance

Chartered Accountants

so far as it related o com~:oo adjus:tments from Pre\ious GAA.P to Ind AS. Our report on lh.e St.atemeru, i.n so far as it relates to the a.mount-s and disclosures included in respect of this associate. is oased solely oo the audit repor1 of the other auditor and our review of the said comers ion adjustments.

Our opinion is not modified in respect of the oho, e mJners

For BATLIBOI & PL"ROHlT

Chartered Account.anl.S !CAI Firm Reg ~ o.10104 W

,~~ ~~

Kausba.l .\ltbta Partner \ !embcrsrup ~o. 111749 ICAI CD~ : _Q ¹¹ 1 49AAA.AC\ '5_54

Place: Mumbai Date: July 31. 2020

\IVeiz.mann Limited

( CIN NO: L65990MH1985PLC038164]

Regd Office · Empire House 214 Dr D N Road Ent A K Nayak Marg Fort Mumbai - 400 001 Website: www.welzmann.co.in E-mail : contact@weizmann.co.in Phone: 022-2207 1501 (6Unes) Fax: 022-22071514

					( Rs. In Lakhs except oer share data l
	CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31 , 2020
		Audited	Unaudited	Audited	Audited	I
	1 Income	31.03.2020	31 .12.2019	31.03.2019	31.03.2020	31.03.2019
	(a) Revenue from Operations	2,482.29	2,486.81	2.419.99	9,635.05	10,472.64
	(b) Other Income	(5.93)	4.20	20.48	13.18	194.12
	Total Income	2,476.36	2,491.01	2,440.47	9,648.23	10,666.76
	2 Expenses
	(a) Cost of Materials Consumed	963.85	870.40	832.02	3,548.39	4,502.31
	(b) Purchases of Stock-in-trade
	(c) Changes in Inventories of Finished Goods. Work-in
	Progress and Stock-in-Trade	0.43	20.02	(208.06)	54.00	{18.45)
	{d) Employee Benefit Expenses	220.46	195.79	199.95	734.07	732.33
	(e) Finance costs	12.77	5.59	4.43	45.73	8.70
	(I) Depreciation and Amortisation expenses	55.99	55.96	53.39	240.95	171.98
	(g) Advertisement Expenses			400.00	400.00	400.00
	(h) Power & Fuel	352.62	371 .65		1,409.69	1,335.81
	(i) Job Work Charges	273.62	277.25		1,043.14	1,055.28
	(j) Other Expenses	427.14	437.93	1,061.69	1,570.15	1,361.20
	Total Expenses	2,306.87	2,234.59	2,343.42	9,046.11	9,549.16
	3 Profit before exceptional items and tax (1-2)	169.49	256.42	97.05	602.12	1,117.60
4	Exceptional Items
	5 Profit before tax (3-4)	169.49	256.42	97.05	602.12	1.117.60
	6 Tax Expenses
	(a) Current Tax {b) Current Tax Expense Relating to Earlier Year's	2628	76.00	39.45	155.28	314.45
				18.24		(7.74)
	(c) Deferred Tax	7.34	4.76	80.26	14.75	(46.07)
	7 Profit/(Loss) for the period/year (5-6) Add: Share in Profil/(Loss) of Associate	135.88 13.82	175.66 10.98	(40.90) (386.51)	432.09 (133.70)	856.97 (224.27)
	8 Total Net Profit/(Loss) after Tax	149.70	186.64	(427.41)	298.39	632.70
	9 Other Comprehensive Income (OCI)
	(A) Items that will not be reclassified to Profit and Loss
	(i) Re-measurment gain/(Loss) on Defined benefit
	plan	5.91		1.90	5.91	1.90
	(ii) Income tax effect on above	(1.72)		(0.55)	(1.72)	(0.55)
	(iii) Net gain/(Loss) on Equity Shares fair value
	through OCI	(102.12)	(14.73)	(707.02)	334.31	(1 ,121 .27)
	0v) Income tax effect on above (v) Share in OCI of Associate	23.79 107.88	3.43	169.02	(77.88)	261 .21
	{B) Items that will be reclassified to Profit and Loss		22.74	(2.740.01 )	108.52	(2,931.10)
	Total Other Comprehensive Income	33.74	11 .44	(3,276.67)	369.14	(3,789.81)1
	Total Comprehensive Income (after Tax) (7+8)	183.43	198.07	(3,704.08)	667.53	(3,157.1 1)
10	Profit for the year attributable to:
	- Owners of the Company				298.39	632.70
	- Non Controlling Interest
	Other comprehensive income for the year
11	attributable to:
	• Owners of the Company • Non Controlling Interest				369.14	(3,789.81)
	Total comprehensive Income for the year
12	attributable to:
	• Owners of the Company				667.53	(3,157.11)
	· Non Controlling Interest
	10 Paid-up Equity Share Capital (Face value of Re. 10/- each	1,727.15	1,727.15	1,727.15	1,727.15	1,727.15
	14 Other Equity				5,306.41	6,825.23
	11 Earning per Share (of Rs. 10/ each)
	Basic	087	1.08	(2.47)	1,73	3.66
	Diluted	0.87	1.08	(2.47)	1.73	3.66

Notes to the Consolidated financial results:

¹suits have :Jeen prepared in accordance with Indian Accounting Standards ('Ind AS') notified under Section 133 of the Companies Act, ether with the Companies (Indian Accounting Standards) Rules, 2015 (as amended).

have been rnviewed by the Audit Committee and approved by the Board of Directors at the meeting held on 31st July 2020

• 3 The Board of Directors of the Company at its meetlng held on 6th March, 2020 declared an Interim Dividend of Rs. 10/- per equity share of Rs. 10/ each for the year ended March 31, 2020.
• 4 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.
• 5 As required under Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the audit by the Statutory Auditors has been completed for the quarter and year ended March 31 , 2020 and the Report has been forwarded to the Stock Exchanges. The Report does not contain any qualification.
• 6 Government of India declared lock down on March 23, 2020 due to the outbreak of Coronavirus Disease (COVID-19) a global pandemic declared by World Health Organisation (WHO). Consequent to this, the operations of the Company has been affected temporarily in compliance with the directives & orders issued by the relevant authorities. The Company has made assessment of its liquidity position and of the recoverability and carrylng values of its assets comprising of property, plant and equipment inventories. investments, receivables and other current assets as at the balance sheet date and on the basis of current estimates it has been concluded that no material adjustment is required in the Consolidated financial results. However, the Impact assessment of COVID-19 ls a continuing process, given the uncertainties associated with its nature and duration. The Company will continue to monitor any material charge to future economic conditions.
• 7 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.
• 8 Previous period's figures have been regrouped/reclassified wherever necessary.

Date: 31st July 2020

Place:-Mumbai i=~:v" ~lkamal Vrajlal Slraj "L

Vice Chairman and Managing Director DIN: 00021986

Regd. Office : Empire House, 214, Dr. D.N.Road, Ent. A. K. Nayak Marg, Fort, M umbai • 400 001. [ CIN NO, L65990MH1985PLC038164 J

Website: www welzmann.co.ln E-mail ; contact@weizmann.co.ln Tel · 022-2207 1501 (6 Lines) F'a)(: 0'22·22071S14

Statement of Assets & Liabilities- Consolidated as at 31st March 2020

(Rs In Lakhs)

	31.03.2020	31.03.2019
	AUDITED	AUDITED
ASSETS
Non-current assets
(a) Property, plant and equipment	2,324.17	2,354.00
(b) Right of Use Assets	1.66
(c) Capital work-in-progress	159.07	1 12
(d) Financial assets
(I) Investments	4,665.06	5 ,654 49
(ii) Other Non-current financial assets	250.79	388.44
(el Non-current tax assets (Ne!)	148 33	97 82
tn Other Non-current assets	1,005.64	499.72
Deferred tax assets (Net)
Total Non Current Assets	8,554.74	8,995.59
Current assets
(a) Inventories	71 1.00	737 95
(b) Financial assets
(i) Equity Instruments held for Trading	52.95	103.70
(ii) Trade receivables	1,264.49	1.211.97
(iii) Cash and Cash Equivalents	129.57	67.80
(iv) Bank Balanc,:s other than (iii) above	70 61	87.48
(v) l oans	17.08	64.19
(c) Other current assets	81.09	450.53
Total Current Assets	2,326.79	2,723.62
TOTAL ASSETS	10,881.53	11,719.21
EQUITY AND LIABILITIES
Equity
(a) Equity share capital	1,727 15	1,727. 15
(b) Other equity	5,306.41	6,825.23
Total Equity	7,033.56	8,552.38
Liabilities
Non-current liabilities
(a) Financial liabilities
(I) Borrowings	79.16	139.59
(ii) Lease Liabliities	1.72
(iii) Other financial liabilities	12 00	150.00
{ivl Provisions		4.87
(b) Deferred tax liabilities (net)	156.47	63.84
Total Non Current liabilities	249.35	358.30
Current liabilities
(a) Financial liabilit ies
(i) Borrowings	1,753.05	69.34
(ii) Trade payables	1,592.02	2,232.71
(iii) Other financial liabilities	142.07	118 14
(b) Other current liabilities	89.29	369.16
(c) Provisions	22.19	19.18
(d) Current Tax Liabilities (Net)
Total Current Liabilities	3,598.62	2,808.53
TOTAL EQUITY AND LIABILITIES	10,881.53	11,719.21

'" aod oo boha" ••=~ '-~ (_. ~ ISkaj

ice Chairman and Managing Director DIN: 00021986

Regd. Office : Empire House, 214, Dr. D.N.Road, Ent. A. K. Nayak Marg,

Fort, Mumbai - 400 001.

( CIN NO: l65990MH198SPLC038164 ] Webslte: www.weizmann.co.in E-mail: contact@welzmann.c.o.ln Tel: 022 22071501 {6 Lines) Fax: 022 22071514

CONSOLIDATED AUDITED STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31st March, 2020

Particulars	31.03.2020		31.03.2019	Rs In lakhs
Net Profit/ (Loss) before exceptional items and tax		602.11		1, 117.60
Adiustments for:
Depreciation and amortisation	240.95		171.98
(Profit) / Loss on Sale / Write off of Assets	5.12		12.57
Profit on Sale of Securities/Investments	(19.59)		(31.60)
Finance Costs	45.73		8.70
Interest Income	( 17.62)		(142.19)
Interest Income on Income Tax			(4.38)
Dividend Income	(2.17)		(0.44)
Fair Value Gain/(Losses) on FVTPL invesntment/Eauitv Instrument	51.38		5.11
Rental Income from Investment Properties	(6.80)		(1.38)
liab,lltles / Provisions no lonaer required written back	(18.38)		(10.27)
Sundry Balances written off			1.88
		278.62		9.98
Operating Profit/ (Loss) before Working Capital Changes		880.73		1,127.58
_Changes in workina caoital:
Adjustments for (Increase) I Decrease in Operating Assets:
Inventorles	26.95		462.51
Trade Receivables	(34.14)		(627.87)
Short-Term Loans and Advances	47.11		3,282.29
Lona-Term Loans and Advances	137.65		(184.48)
Other Current Assets	(136.48)		(738.37)
Bank Deposits	16.87		(4.01)
Adjustments for Increase I (Decrease) in Operating liabilities:
Trade Payables	(640.66)		716.40
Other Current Liabilities	(255.94)		(38.41)
Short-Term Provisions	8.92		20.74
Lona-Term Provisions	(4.87		(5.22)
		(834.59;		2 883.57
Cash Generated from Operations		46.15		4, 011.15
Net Income Tax (Paid) / Refunds		(207.56)		(387.01)
Net Cash Flow from/ (used In) Operating Activities (A)		(161.41)		3,624.14
B, Cash Flow from Investing Activities
Purchase of Fixed Assets, lncludinq Capital Advances	(317.67)		(545.02)
Proceeds from Sale/Discarded of Fixed Assets	1.76
Purchase of Iona-term investments			6.83
Proceeds from Sale of Lona-Term Investments			(3,207.78)
	1,298.54		9.31
Eauitv Instruments for TradinQ	18.%		24.90
Interest Received	17.62		142.19
Dividend Received	2.17		0.44
Rental Income from Investment Properties	6.80		1.38
Net Cash Flow from/ (used in) Investing ActiviUes (B)		1 028.18		(3 567.75)
C. Cash Flow from Financing Activities
LonQ-term borrowinos	(60.43)		84.85
Short-Term Borrowinqs	1,683.71		69.34
Other Lona-Term Liabilities	(138.00)		(90.00)
Finance Cost	(40.13)		(8.70)
Principle Lease Payment	(63.80)
Dividend Paid	(1,813.51)
Tax on Dividend	(372.83)		(86.36) (17.76)
Net Cash Flow from / (used in) Financing Activities (Cl		(804.99)		(48.631
Net increase/ (decrease) ln Cash and Cash Equivalents ( A+ B+ C)		61.77
				7.76
Cash and Cash Equivalents at the Beginning of the Year	67.80 129.57 --	---		60.04 f---=-=-:--1
Cash and Cash Equivalents at the End of the Year		6- 1-.-77	67.80	7.76
Reconciliation of Cash and Cash Equivalents with the Balance Sheet:
Cash and Cash Equivalents at the End of the Year Comorises:
(a) cash on Hand	4.74		5.23
(bl Cheques, Dra~s on Hand
(cl Balances with Banks /ll In Current Accounts	124.83	129.57	62.57	67.80

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

31st July, 2020

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

Sub: Declaration pursuant to Regulation 33 (3) (dl 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 quarter and year ended 31st March, 2020.

Requesting you to take this on your records.

Thanking You. Yours Sincerely, For Weizmann limited

Prakash Kumar Mewara Chief Financial Officer