Precision Camshafts Limited(100% EOU Division)

r.|fT"-®~ Works : D-5,D-6,7,7-1, M I D C, Chincholi, Solapur413 255

_i ll

Date: 27th May, 2019

s;HciMAV/s;kiN8!BnfjH9National Stock Exchange of India Limited, BSE Limited,"Exchange Plaza" 5tn Floor, PhirozeJeej.eebhoyTowers,

Plot No. C-1, G Block, Dalal Street,

Bandra Kurla Complex, Bandra (East), Mumbai -400001BSEScripCode-539636

M u in ba i - 400051

NSE Scrip Code - PRECAM

Subject: Outcome of the Board Meeting held on 27th May, 2019Reference: Regulation 30 and 33 of the SEBl lListing Obligations and Disclosure Reciuirementsl

Regulations. 2015

Dear Sirs/Madam,

ln terms of the provisions of Regulation 30 and 33 of the SEBl (Listing Obligations and Disclosure

Requirements) Regulations, 2015 ("SEBI LODR Regulations"), this is to inform you that, the Board of

Directors at its meeting held today i.e. 27thMay, 2019 has ,inter alia, considered and approved the

followino:-

1. The Audited Standalone Financial Results for the quarter and financial year ended 31st

March, 2019 and Audited Financial Results for year ended 31st March, 2019.

2. Auditor's Report (Standalone) on the Audited Financial Results for the quarter and financial

year ended 31stMarch, 2019 received from M/s P.G. Bhagwat, Chartered Accountants,Statutory Auditors of the Company.

3. A declaration in respect of unmodified opinion by the Statutory Auditors for Standalone

Financials year ended 31st March,2019.

4. Anditor's Report (Consolidated) on the Audited Finaneial Results for the financial year ended

31stMarch, 2019 received from M/s P.G. Bhagwat, Chartered Accountants, Statutory

Auditors of the Company.

5. Statement on Impact of Audit Qualifications (for audit report with modified opinion)

submitted along -with Consolidated Annual Audited Financial Results for 31st March, 2019.

6. A Statement of Assets and Liabilities as at 31stMarch, 2019

The meeting started at 1.00 p.in. and ended at 8: 15 p.in.

You are requested to take the same on record.

For Precision Camshafts Limited

r'aif-±Mayuri I Kulkarni

Company Secretary and Compliance officer

Phone ; +91-9168646531/32/33. Fax: 91 -217-2357645 .e-mall : info@pclindia.in .Website : www.pclindia.in

Regd. Office E-102/103 M.I.D.C., Akkalkot Road, Solapur413 006 CIN-L24231PN1992PLC067126

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WS P. G. BHAGWATCHARTERED ACOUNTANTS

HEAD OFFICESuites 101-102,. Orchard'

Di.. Pal Marg. Baner. Pune -45Tel (0): ()20 -27290771 / I 772/1773Web: www.pgbhagwatca.com

Auditors' ReportOn the Quarterly and Year to DateStandalone Indian Accounting Standards (Ind AS) Results ofPrecision Camshafts LimitedPursuant to the Regulation 33 ol. tlie SEBI

(Listing Obligations and Disclosure Requirements) Regulations, 2015

ToThe Board of Directors

Precision Camshafts Limited

E102/103, M.I.D.C,

Akkalkot Road, Solapur- 413 006

Maharashtra, India

We have audited the quarterly standalone lnd AS financial results of Precision Camshafts Limited

("the Company") for the quarter ended March 31, 2019 and the year to date standalone lnd AS resultsfor the period April I. 2018 to March 31, 20]9, attached herewith, being submitted by the company

pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and DisclosureRequirements) Regulations, 2015.

These quarterly standalone lnd AS financial results and year to date standaloTie lnd AS financial

results have been prepared on the basis of the standalone lnd AS financial statements, which are the

responsibility of` the Company's management. Our responsibility is to express an opinion on these

standalone lnd AS financial results based on our audit of such standalone lnd AS financial statements.

which have been prepared in accordance with the recognition and measurement principles laid down

in Accounting Standards prescribed, under Section 133 of the Companies Act, 2013 read with Indian

Accounting Standard Rules 2015, (as amended) and other accounting principles generally accepted in

India.

We conducted our audit in accordance with the auditing standards generally accepted in India. Those

standards require that we plan and perform the audit to obtain reasonable assurance about whether the

standalone lnd AS 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.

In our opinion and to the best of our information and according to the explanations given to us, these

quarterly standalone lnd AS financial results and the year to date standalone lnd AS financial results:

(i) are presented in accordance with the requirements of Regulation 33 of the SEBI (ListingObligations and Disclosure Requirements) Regulations, 2015 (as amended) in this regard;

and

WS P. G. BHAGWATCHARTERED ACOUNTANTS

(ii) give a true and fair view of the standalone net profit, standalone other comprehensiveincome and other financial information of the quarter ended 3 ls' March 2019 and the year

to date standalone lnd AS financial results for the period from April 1, 2018 to March 31,

2019.

For M/s P.G.BIIAGWATChartered AccountantsFirm.'s Registration No.

Partner

Membership No.: 136835

Pune

May 27, 2019

01 I 18W

PRECISION CAMS[IAFTS LIMITED AUDIT REPORT (STANDALONE ) MARCH 31, 2019 2

Precision Camshafts Limited(100% EOU Division)

iilcrfu-®w Works : D-5,D-6,7,7-1, M I D C, Chincholi, Solapur 413 255

Date: 27th May, 2019

s;Hc|MAV|S;itN8;B|2:fJro

Subject: Declaration in respect of unmodified opinion by the Statutory Auditors

Dear Sirs/Madam,

Pursuant to Regulation 33 of SEBl (Listing Obligations and Disclosure Requirements) Regulations,

2015 we hereby declare that the Statutory Auditors of the Company M/s P. G. Bhagwat, Chartered

Accountants (Firm Registration No.101118W) have issued an Audit Report with Unmodified Opinion

on the Standalone Audited Financial Results of the Company for the Financial Year ended 31St March,

2019.s

You are requested to kindly take the same on record.

Thanking

For Precision Camshafts Limited

\tr_Ravindra R. J

Whole-time Director and CFO

Phone : +91-9168646531/32/33. Fax: 91 -217-2357645 .e-mail : info@pclindia.in .Wobsito : www.pclindia.in

Regd. Office E-102/103 M.I.D.C„ Akkalkot Road, Solapur413 006 CIN-L24231 PN1992PLC067126

M/S P. G. BHAGWATCLIARTEREDACO`j'T`'l`AN'I`S

HEAD OFFICESuites 101 -102.. Orehard`

Dr. Pal Marg, Baner, Pune -45Tel (0): 020 -27290771 / 1772/1773Web: www. pgbh agwatca. com

Auditors' ReportOn the Year to DateConsolidated Indian Accounting Standard (Ind AS) Results ofPrecision Camshafts LimitedPursuant to the Regulation 33 of the SEBI

(Listing Obligations and Disclosu re Requirements) Regulations, 2015

ToThe Board of. Directors

Precision Camshafts Limited

EI 02/103, M.I.D.C.

Akkalkot Road, Solapur- 413 006

Maharashtra, India

We have audited the year to date consolidated lnd AS financial results of Precision Camshafts

Limited ("tlie Company.') for the period April I, 2018 to March 31. 2019. attached herewith, being

submitted by the company pursuant to the requirement of Regiilation 33 of the SEBI (Listing

Obligations and Disclosure Requirements) Regulations. 2015.

These year to date consolidated lnd AS financial results have been prepared from the consolidated lnd

AS financial statements, which is the responsibility of the Company's management. Ourresponsibility is to express an opinion on these consolidated lnd AS financial I-esults based on our

audit of such consolidated lnd AS financial statements, which have been prepared in accordance with

the recognition and measurement principles laid down in Accounting Standards, prescribed under

Section 133 of the Companies Act, 2013 ("the Act") read with the Indian Accounting Standard Rules

2015 (as amended) and other accounting principles generally accepted in India.

Basis of Qualiried OpinionWe conducted our audit in accordance with the auditing standards genei.ally accepted in India. Those

standards require that we plan and perform the audit to obtain reasonable assurance about wllether the

consolidated lnd AS 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 and the audit evidence obtained by the other auditors in terms of their

I.eports as referred to in sub paragraph (a) & (b) of the Other Matters paragraph below pro\Jides a

reasonable basis foI. our qualified opinion.

The Company, on a line by line basis, has consolidated as on March 31, 2019, the consolidated

financial statements of its 100% subsidiary company PCL (Intemational) Holding BV, Netherlands

(PCL BV) which includes three step down subsidiary companies namely MFT Motoren undFahrzeutechnik GmbH, Germany (76%), EMOSS Mobile Systems BV. Netherlands (51%) and PCL

Brasil Automotive LTDA ( I 00%).

M/S P. G. BHAGWATCHARTERED ACOUNTANTS

The consolidated rinancial statements of PCL BV reflect total assets of Rs. 29,303.181akhs as at

March 3L 2019, net assets Rs. 2,741.61 lakhs. total revenues of Rs. 22,771.071akhs,loss of Rs.

339.70lakhsandnetcashflowsinflow/(outflows)amountingtoRs.(796.34)lakhsfortheyearended

on that date. These consolidated financial statements of PCL BV are material with respect to theConsolidated lnd AS financial statements of. the Company.

The consolidated financial statements of PCL BV are management drawn as on March 31, 2019 and

have not been audited or reviewed by us. Consequently, we were unable to determine whether any

adjustmentstotheseamountswerenecessaryincludingwithrespecttolndASspecifiedundersection

133oftheAct(if any).OuropinionontheConsolidatedlndASFinancialStatementsoftheCompany

in so far as it relates to the amounts and disclosures included, in respect of the consolidated financial

statements of PCL BV, is based on such management certified financial information.

Qualified Opinionln our opinion and to the best of our information and according to the explanations given to us these

year to date consolidated lnd AS financial results:

(i) include financial results of its subsidiary companies PCL (lntemational) Holding BV,Netherlands, MFT Motoren und Fahrzeugtechnik GmbH, Germany, EMOSS Mobile

Systems BV, Netherlands, Memco Engineering Private Limited, India, PCL (Shanghai)

Company Limited, China, PCL Brasil Automotive LTDA and

(ii) include share of results of its jointly controlled entities Ningbo Shenglong PCLCamshafts Company Limited, China, PCL Shenglong (Huzhou) Specialised Casting

Company Limited. China using equity method for the period April 1, 2018 to September

30. 2018. Refer note 9 to the consolidated lnd AS financial results.

(iii)

(iv)

subject to the matter specified in the `Basis of Qualified Opinion' above have been

presented in accordance with the requirements of Regulation 33 of the SEBl (ListingObligations and Disclosure Requirements) Regulations, 2015 (as amended) in this regard;

and

subject to the matter specified in the `Basis of Qualified Opinion' above give a true and

fair view of the consolidated net profit, consolidated other comprehensive income and

other financial information for the year to date consolidated lnd AS financial results for

the period from April 1, 2018 to March 31, 2019.

Other mattersa. We did not audit the financial results, in respect of a subsidiary, whose lnd AS financials

statements include total assets of Rs 56.941akhs and net assets of Rs 41.701akhs as at March

31, 2019 and total revenue of Rs 363.411akhs and net cash inflows/(out flows) of Rs (41.66)

1akhs for the year ended on that date. The subsidiary referred above is located outside India

whose financials statements and other financial information have been prepared in accordance

with accounting principles generally accepted in their respective country in which the

subsidiary is situated and which has been audited by other auditors under generally accepted

auditing standards applicable in its respecti\'e country as on December 31, 2018. The Holding

Company's management has prepared and converted the financial statements of such

PRECISION CAMSHAFTS LIMITED AUDIT REPORT (CONSOLIDATED) MARCH 31. 2019 2

IVS P. G. BHAGWATCHARTERED ACOUNTANTS

subsidiary located outside India into Accounting Standards applicable in India namely Indian

Accounting Standards (Ind AS) for the year ended March 31, 2019. We have audited such

conversion adjustments made by the Holding Company's managemeTit. Our opinion in so far

as it relates to the amounts and disclosures of such subsidiary located outside India is based

on the report of other auditors. the financial statements prepared by the Holding Company's

management for the year ended March 31, 2019 and conversion adjustments prepared by the

management of the Holding Company.

b. We did not audit the financial results, in respect of a subsidiary, whose lnd AS financials

statements include total assets of Rs 3,426.23 lakhs and net assets of Rs I.499.48 ]akhs as at

March 31, 20] 9 and total revenue of Rs 4.726.51 lakhs and net cash inflows of Rs 23.13 lakhs

for the year ended on that date. The subsidiary referred to above is located in India and these

fmancial statements have been audited by other auditors whose reports have been furnished to

us by the Management and our opinion on the consolidated lnd AS financial statements, in so

far as it relates to the amoimts and disclosures included in respect of this subsidiary company

is based solely on the reports of the other auditors.

c. The consolidated lnd AS financials results also include the Group's share of net loss of Rs

34.4] lakhs for the period April I, 2018 to September 30. 2018 (refer note 9 to [nd AS

financial results), as considered in the consolidated lnd AS financial statements. in respect of

two joint ventures Oojntly controlled entities), whose financials statements and other financial

information have been prepared in accordance with accounting principles generally accepted

in their respective country in which thejoint ventures Oointly controlled entities)are situated

and which have been audited by other auditors under generally accepted auditing standards

applicable in their respective country as on December 31, 2018. The Holding Company'smanagement has prepared and converted the financial statements of such joint ventures

¢ointly controlled entities) located outside India into Accounting Standards applicable inIndia namely Indian Accounting Standards (Ind AS) for the period April I, 2018 to

September 30, 2018. We have audited such conversion adjustments made by the Holding

Company's management. Our opinion in so far as it relates to the amoimts and disclosures of

such joint ventures Oointly controlled entities) located outside India is based on, the financial

statements prepared by the Holding Company's management for the April 1. 2018 to

September 30, 2018 and conversion zidjiistments prepared by the management of the Holding

Company.

Our opinion is unmodified with respective to matters described in the Other Matters paragraph.

For M/s P.G.BHAGWAT

Chartered Accou ntants

Partner

Membership No. 136835

Pune

May 27. 2019

PRECISION CAMS[1AFTS LIMITED AUDIT REPORT (CONSOLIDATED) MARCH 31. 2019 3

Precision Camshafts Limited(100% EOU DMsion)

•.fctf/ow Works : D-5,D-6,7,7-1, M I D C, Chincholi, Solapur413 255

fp^

Statement on Impact of Audit Qualifications (for audit ref)ort with modified oDinionl submitted

along +^/ith Consolidated Annual Audited Financial Results

Stateme nt on lmDact of Audit Qualifications for the Financial Year ended March 31 2019[See Regulation 33/52 of the SEBl (LODR) (Amendment) Regulations, 2016]

I. Sl. No, Particulars Audited Figures Audited Figures

(as reported (audited figuresbefore adjusting after adjusting forfor qualifications) qualifications)(Rs. In Lakhs) (Rs. In Lakhs)

1. Turnover/ Total Income 2:2-J7L.in 2:2J71fJil2. Total Expenditure 23,110.77 23,110.773. Net Profit/ (Loss) (339.70) (339.70)4. Earnings Per Share (8.64) (8.64)5. Total Assets 29,303.18 29,303.186. Total Liabilities 29,303.18 29,303.187. Net worth 1,495.54 1,495.548. Any other financial item(s) (as felt

appropriate by the management)11. Audit a ualification leach audit Qualification seDarate vl

1

a. Details of Audit Qualification:

The consolidated financial statements of PCL BV are management drawn as on March31, 2019 and have not been audited or reviewed by us. Consequently, we were unableto determine whether any adjustments to these amounts were necessary includingwith respect to lnd AS specified under section 133 of the Act (if any). Our opinion onthe Consolidated lnd AS Financial Statements of the Company in so far as it relates tothe amounts and disclosures included, in respect of the consolidated financialstatements of PCL BV, is based on such management certified financial information.

b. Type of Audit Qualification: Qualified Opinio ,' DiselaimeF ef OpiF`ie.-.,` ,^`d.,.ei:seOpjJin

IC. Frequency of qualification: Whether appeared first time/ Fepetiti`..e,` siFiee he....' long

•....-I

d. For Audit Qualification (s) where the impact is quantified by the auditor: NOManagement View:Not applicable

e. For Audit Qualification (s) where the impact is not quantified by the auditor

(i) Management's estimation on the impact of audit qualificationPCL (International) B.V, Netherlands is a Wholly Owned Subsidiary of Precision

Camshafts Limited. It has acquired MFT Moteren und Fahrzeuntechnik GmbH on22/03/2018 and EMOSS Mobile Systems B.V. (Netherlands) during FY 2018-19.Themanagement of Precision Camshafts Limited have already started implementing

Phone . +91-9168646531/32/33. Fax: 91 -217-2357645 .e-mall : info@pclindia.in .Website : www.pclindia.in

Regd. Office E-102/103 M.I.D.C., Akkalkot Road, Solapur413 006 CIN-L24231PN1992PLC067126

Precision Camshafts Limited(100% EOU DMsjon)

•"GtrJ-ow Works : D-5,D-6,7,7-1, M I D C, Chincholi, Solapur 413 255

accounting practices and procedures which are necessary to comply with Indian Lawsand Accounting Principles. According tandAuditRequirementcriteriainNethauditandthereforetheConsolidatedIfarasitrelatestotheamountsanddiso the prevailing applicable Accounting Standardserlands,PCL(International)B.V.isnotsubjecttondASFinancialStatementsoftheCompanyinsoclosuresincluded,inrespectoftheconsolidated

financfinanc ial statements of PCL (International) B.V., is based on such management certifiedialinformation.

From the financial year 2019-20, pursuant to Regulation 33(3)(b) of SEBl (LODR)Regulations,2015,Listedentitieshastosubmitquarterly/yeartodateconsolidated

financial resu ts w_ith effect from Ap ril 1, 2019 . Accordingly, the management ofPrecisions Camshafts Limited has taken necessary steps to erisure that the books ofaccounts of PCL (International) B.V. will be audited as per the statutory requirementsofLODR.

(ii) lf management is unable to estimate the impact, reasons for the same: Not applicableAuditors'Commentson(i)or(ii)above:ASqtryAny`tKuvtftries:

(iii)

111. Signato

{/.

\\-,, lty.M ul th A u.

IthL

Yatin S. Shah Ravindra R. Joshi Pramod Mehendale Abhijeet BhagwatMana8i ng Director Chief Financial Offer Chairman, Partner, P.G. Bhagwat

Audit Com in ittee Statutory AuditPlace: P uneDate: 27 th May2019 -

Phone : +91-9168646531/32/33. Fax: 91 -217-2357645 .a-mail : info@pclindia.in .Website : www.pclindia.in

Regd. Office E-102/103 M.I.D.C., Akkalkot Road, Solapur413 006 CIN-L24231PN1992PLCO67126

liEAD OFFICE

Suites 101 -102] 'Orchard'.

B:£a.!#{&5Paner,

Tel.: 020 -2?290771, 27291 "2, 27291773

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ersmn€ialYcar_enrapdMarch31±a±2

Of rm qutematiomD holding B.V.. Netherlands are_I;+±Z u,C7 `,V[]o`,A,u..4`,` ........ A..r~ _._,_____

minagemeutdrawnandnctaudited,anditimpacts(if any)aenctdeterminable.As the consolidated

For M/s P.a.BHAGWAT

:*¥ng;sco¥#oiii8W£;=n#AEfifigiJ2EagREPanerMenbershjp No. 136835PuneMay27,2019

Scanned with Camscanner

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PRECISION CAMSIIAFTS LIMITEDRegd. Once : E-102/103 MIDC, ALk]iltoI Rood, Solapur 413006

CIN: U2.23lpN1992PLC067126

AUDITED STATEMENT OF ASSETS ANI) LIABILITIES AS AT MARCH 31, 2019Rs, In Llkhe

PartieuJarg StaDdaloD. Consolid-ledAS,, Asa' Asat As,I

Marcli 31, 2019 M8rcll 31, 2018 Marsh 31, 2019 March 31, 2018Restated

ASSETSI.Non