I'> 7 3 HINDOOSTAN The General Manager, Department of Corporate Services - Listing, BSE Limited, Phiroze Jeejeebhoy Tower s, Dalal Street, Mumbai - 400 00 1 MILLS Scrip Code: 509895 Dear Sir, Re: Outcome of Board Meeting held on August 08, 2018. August 08, 2018 1. Un-Audited Financial Results and "Limited Review" for the 1 51 Quarter ended June 30, 2018 In terms of Regul at ion 33 SEBI (List in g Ob li gation And Discl osure Requirement) Reg ul at ions, 2015 and modifications, if any, we are enclosing herewith Un -Audited Financial Res ul ts for the I 51 Quarter ended June 30, 2018 together with "Limited Review" report by the Auditors, as reviewed by the Audit Co mmittee and approved by the Board of Directors at its Meeting held on August 08, 2018 for your information and record. 2. Change in Board of Directors In terms of Regulation 30 of SEBI (Listing Obligation And Disclosure Requirement) Regulations, 20 15, This is to inform you that the Board of Directors of the Company has at its Meet in g held today: • Noted retirement of Mr. K. D. Vora (DIN: 00883649), Independent Director of the Company at I 14th Annual General Meeting of the Company. • Appointed of Mr. Pradyumna D. Vora (DIN: 08188248) as Additional Director designated as Independent Director with immediate ef fect. Hindoostan Mills Ltd. Sir Vit ha lda s Cha mb ers, 16 Mum bai Sa m achar Marg, Fort, Mumbai 400 0 01. Indi a T. +91 -22-61240 700 I 22040 846/47/48 F. +91- 22-22833841 E-mail contact @hindoost an .co m CIN : Li7121MH1 904PLCooo195 www. hindoostan.com A T HACKERSEY GROUP COMPANY
Transcript
I'> 7 3
HINDOOSTAN
The General Manager, Department of Corporate Services - Listing, BSE Limited, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400 00 1
MILLS
Scrip Code: 509895
Dear Sir,
Re: Outcome of Board Meeting held on August 08, 2018.
August 08, 2018
1. Un-Audited Financial Results and "Limited Review" for the 151 Quarter
ended June 30, 2018
In terms of Regulation 33 SEBI (Listing Obligation And Disclosure Requirement) Regulations,
2015 and modifications, if any, we are enclosing herewith Un-Audited Financial Results for the
I 51 Quarter ended June 30, 2018 together with "Limited Review" report by the Auditors, as
reviewed by the Audit Committee and approved by the Board of Directors at its Meeting held on
August 08, 2018 for your information and record.
2. Change in Board of Directors
In terms of Regulation 30 of SEBI (Listing Obligation And Disclosure Requirement)
Regulations, 2015, This is to inform you that the Board of Directors of the Company has at its
Meeting held today:
• Noted retirement of Mr. K.D. Vora (DIN: 00883649), Independent Director of the
Company at I 14th Annual General Meeting of the Company.
• Appointed of Mr. Pradyumna D. Vora (DIN: 08188248) as Additional Director designated
as Independent Director with immediate effect.
Hindoostan Mills Ltd. Sir Vithaldas Chamber s, 16 Mu mbai Samacha r Marg, Fort , Mumbai 4 0 0 0 01. India
T. +91-22-61240700 I 22040 846/ 47/48 F. +91-22-22833841 E-mail [email protected] CIN : Li7121MH1904PLCooo195
www.hindoosta n.com
A T HACK ERSEY GROUP COMPANY
The details are as follows:
a. Reason of change Appointment as Additiona l Director designated as
Independent Director
b. Date of Appointment & August 08, 2018 & Terms of appointment as per
Terms of appointment appointment letter.
c. Brief Profile Mr. Pradyumna D. Vora has studied up to Inter
Commerce with Certificate course of weaving from
Sasmira Institute of Management Studies and
Research, Mumbai. He has work experience in power
loom Sector & Dyeing Div ision and engaged s ince last
50 years in whole sale textile business and in textile
exports since last 5 years.
d . Disclosure of Relationship Nil.
between Directors
The Meeting of the Board of Directors commenced at 1.00 PM and concl uded at 3.00 PM.
Kindly take the matter on record.
Thanking you,
Yours faithfully, For HINDOOSTAN MILLS LTD.
rfr:rt~~ Jagat Rcshamwala Company Secretary & Compliance Officer
Encl: As above.
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HINDOOSTAN MILLS
Statement of Unadited Results for t he Quarter ended 30th June, 2018
(a) Net Sales/Income from Operations 3,720.66 3,985.57 3,875.91 (b) Other Operating Income 75.97 29.11 91.65
Total Revenue from operations 3,796.63 4,014.68 3,967.56 Other Income 15.33 69.65 37.88 Total Revenue 3,811.96 4,084.33 4,005.44
Expenses
a) Cost of Materials Consumed 2,395.96 2,519.35 2,697.53 b) Purchase of Stock- in ·Trade 239.88 237.56 157.40 c) Changes in Inventories of Finished goods, Work in progress and Stock in (118.98) (26.14) (115.96)
Total Expenses 3,896.88 4,289.95 4,218.04 Profit I (Loss) before Exceptional items and Tax (84.92) (205.62) (212.60) Exceptional items (Note No. 2) - - (3.85) Profit I (Loss) before Tax (84.92) (205.62) (216.45) Tax expense
- Deferred Tax 3.06 2.39 0.21 Loss for the period from continuing operations (87.98) (208.01) (216.66) Loss before tax f rom discontinued operation (380.65) (117.10} (32.66) Tax expense of discontinued operation 1.39 (1.47) 0.07 Loss for the period f rom discontinuing operations (including Impairment loss-
(382.04) (115.63) (32.73) Refer Note No.3)
Loss for the Period (470.02) (323.64) (249.39) Other Comprehensive Income
- Items that w ill not be reclassified subsequently to profit & loss (4.56) (11.00) (2.31) Total Comprehensive Income (474.58) (334.64) (251.70)
Paid·up Equity Share Capital (Face value ~10/-each) 166.45 166.45 166.45 Earnings Per Equity Share from cont inuing operation
- Basic (5.29) (12.50) (13.02) - Diluted (5.29) {12.50) (13.02) Earnings Per Equity Share f rom discontinuing operation
1 Segment Revenue a) Textile 3,495.20 3,492.43 3,707.89 14,264.17 b) Engineering Products 301.43 522.25 259.67 1,423.25 c) Composite Products - Discontinued operation 84.82 152.18 234.10 812.47
Gross Sales/Income from Operations 3,881.45 4,166.86 4,201.66 16,499.89
2 Segment Results (loss)/ Profit before Tax, Interest & Unallocable overheads a) Textile (41.55) (277.13) (170.30) (932.24)
b) Engineering Products 1.40 74.40 (2.11) 165.42 c) Composite Products- Discontinued operat ion (373.07) (124.78) (32.46) {218.16) Total (413.22) (327.51) (204.87) (984.98)
Inte rest Expenses (46.10) (61.27) (60.55) (234.69) Unallocable overheads net of unallocable income (6.25) 66.06 16.31 156.97 Total (loss)/ Profit before Tax (465.57) (322.72) (249.11) (1,062.70)
3 Segment Assets a) Textile 8,326.02 8,438.04 8,915.77 8,438.04 b) Engineering Products 982.26 1,139.05 1,130.61 1,139.05 c) Composite Products- Discontinued ope ration 632.42 1,165.90 1,689.23 1,165.90 d) Unallocable 498.98 539.71 546.54 539.71 Total Assets 10,439.68 11,282.70 12,282.15 11,282.70
4 Segment liabilities a) Textile 2,493.16 2,456.62 2,275.18 2,456.62 b) Engineering Products 320.71 342.07 314.09 342.07 c) Composite Products- Discontinued operat ion 7.67 39.09 130.05 39.09 d) Unallocable 678.92 794.06 821.14 794.06 Total Liabilities 3,500.46 3,631.84 3,540.46 3,631.84
5 Capital Employe d {Segment Assets - Segment liabilitie s) a) Textile 5,832.86 5,981.42 6,640.59 5,981.42 b) Engineering Products 661.55 796.98 816.52 796.98 c) Composite Products- Discontinued operation 624.75 1,126.81 1,559.18 1,126.81
d) Unallocable (179.94) (254.3S) (274.60) (254.35) Total Capital Employed in the Company 6,939.22 7,650.86 8,741.69 7,650.86
Notes:
1) The above unaudited financial results as reviewed by the Audit Committee, have been approved and taken on record at t he meeting of the Board
of Directors held on 8th August 2018. The lim it ed review as required as per listing agreement has been carried out by t he statutory auditors of
t he Company.
2) Exceptional Items :
Quarter Ended Quarter Ended Quarter Ended Year to date Particulars 30.06.2018 31.03.2018 30.06.2017 31.03.2018
Loss due to Fire - (3.8S) (3.85)
Total - - _13.85) (3.85
3) The Board of Directors at t heir meeting held on S'h June, 2018 have decided to discontinue the operations of Composite Division effective from
30'h June, 2018. Barring unforeseen circumstances, t he M anagement expects t o complete t he t ransaction of sale of t he assets of the said
Division either in whole or subst ant ially t he w hole or in parts. In the meantime, the assets of the said Division having an aggregate written down
value of ~ S02.64 lakhs have been reclassified as "Assets Held for Sale" valued at t heir respective written down values or net realizable values
whichever are lower. Accordingly, in the results for the Quarter ended 30th June, 2018 an amount of ~ 324.02 lakhs has been recognized as
impairment loss.
4) The Company has recognized interest subsidy, as per New Textile Policy 2012, as Other Income of Ill: 106.8S lakhs on accrual basis f or t he period
October, 2016 to 30th June, 2018 (Including Ill: 10.08 lakhs for t he current quarter). The Government Resolution in this regard for release of
subsidy is awai ted.
5) Post the applicability of Goods and Services Tax (GST) w.e.f. July 1, 2017, revenue from operations is disclosed net of GST, which hitherto was
inclusive of excise duty (other t han Textile Business). Hence, the revenue from operat ions for t he quarter ended June 30, 2018 and June 30, 2017
respectively are not comparable.
6) In view of losses for the quarter ended 30th June 2018, no provision f or Income Tax and M inimum Alternate Tax under Section 115JB of Income
Tax Act, 1961 are required to be made.
7) There was no invest or complaint pending at the beginning of t he quarter. During the quarter ended 30th June 2018, the Company has not
received any complaint and hence no complaint is pending as at 30th June 2018.
8) Figures of t he earl ier per iods have been regrouped I recast I reclassified wherever necessary.
~-~~ Chandra has Thackersey •
Chairman
Mumbai
Dated : 8t h August 2018
M.A. PARIKH & CO. CHARTERED ACCOUNTANTS
Independent Auditor's Review Report On Quarterly Financial Results of the Company Pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
To, Board of Directors of Hindoostan Mills Limited
1. We have reviewed the accompanying statement of 'Un-audited financial results' of Hindoostan Mills Limited for the quarter ended 30th June,2018 (hereinafter referred to as 'Statement'). This Statement which is the responsibility of the Company's Management has been prepared in accordance with recognition and measurement principles laid down in Indian Accounting Standard (Ind AS) 34 on "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 and has been approved by the Board of Directors. Our responsibility is to issue a report on this Statement based on our limited review.
2. We conducted our review in accordance with the Standard on Review Engagement (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 analytical procedures applied to financial data and thus provide less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.
3. Based on our review conducted as above nothing has come to our attention that causes us to believe that the accompanying statement, prepared in accordance with the aforesaid Indian Accounting Standards and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as modified by Circular No. CIR/CFD/FAC/62/2016 dated 5th July, 2016, including the manner in which it is to be disclosed, or that it contains any material misstatement.
