Beardsell Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2020

NOTES TO STANDALONE FINANCIAL RESULTS:

For Beardsell Limited

Place : Chennai Amrith Anumolu

Date : June 29, 2020 Executive Director

c) Effective April 01, 2019, the Company adopted lnd AS 116 "Leases" and it applied to all lease contracts existing on April 1, 2019 using the modified retrospective

method wherein the right of use asset was created for an amount equal to the lease liability. Accordingly, comparatives for the year ended March 31, 2019 have not been

retrospectively adjusted. The adoption of Ind AS 116 has not resulted in material impact on the profit for the period and earnings per share.

BEARDSELL LIMITED

REGISTERED OFFICE: 47, GREAMS ROAD, CHENNAI 600 006

CIN: L65991TN1936PLC001428

a) The Standalone financial results for the quarter and year ended March 31, 2020, which have been prepared in accordance with the Indian Accounting Standards (Ind

AS) as prescribed under Section 133 of the Companies Act, 2013 as amended, have been reviewed by the Audit Committee and approved by the Board of Directors at its

meeting held on June 29, 2020. An audit of the Standalone financial results for the quarter and year ended March 31, 2020 have been carried out by the statutory auditors

(also refer note b)

b) The standalone financial results for the quarter ended March 31, 2020 and March 31, 2019 are balancing figures between audited figures in respect of the full financial

years and the unaudited published year-to-date figures upto December 31, 2019, being the date of the end of the third quarter for respective financial years which were

subjected to limited review.

i) The above financial results are also available on the stock exchange websites www.bseindia.com, www.nseindia.com and on our website www.beardsell.co.in.

j) Figures of the previous period, wherever necessary, have been regrouped / reclassified to conform to the current period’s classification / presentation.

d) The standalone financial results for the quarter and year ended March 31, 2020 also includes the loss from the controlled entity - Saideep Polytherm (Partnership firm)

amounting to Rs.33 lakhs and Rs.150 lakhs respectively under other expenses.

e) On October 23, 2019, the Company has transferred leasehold rights on land situated in GIDC industrial estate, Dahej III, Taluka Vagra, Gujarat for a consideration of

Rs.205 lakhs to a third party. The Company has recognised an amount of Rs.69 lakhs as gain on disposal of leasehold rights during the quarter ended December 31, 2019

and the year ended March 31, 2020 as an exceptional item.

f) The outbreak of COVID-19 pandemic and the resulting lockdown enforced from March 23, 2020 has affected the Company’s regular operations. Accordingly, the

Company has considered the possible effects that may result from the pandemic on the carrying amounts of property, plant and equipment, Investments, Inventories,

receivables and other current assets. In developing the assumptions relating to the possible future uncertainties in the economic conditions because of this pandemic, the

Company, as at the date of approval of these financial results has used internal and external information which are relevant in determining the expected future

performance of the Company. The Company has evaluated its liquidity position, recoverability of such assets and based on current estimates expects the carrying amount

of these assets will be recovered. The impact of COVID-19 on the Company's financial results may differ from that estimated as at the date of approval of these financial

results.

g) The Company have exercised the option permitted under Section 115BAA of the Income-tax Act, 1961 as introduced by the Taxation Laws (Amendment) Ordinance,

2019. Accordingly, the resultant impact due to remeasurement of current/ deferred tax has been fully recognized during the year ended March 31, 2020, which includes

wite back of deferred tax liability as at March 31, 2019 amounting to Rs. 25 lakhs.

h) Subsequent to the balance sheet date, in the meeting held on May 27, 2020, the Board

h) Subsequent to the balance sheet date, in the meeting held on May 27, 2020, the Board of Directors have approved a proposal to raise funds upto an aggregate value not

exceeding Rs.8.90 crores, by way of issue of equity shares of the Company to its eligible shareholders on a right basis ('Rights issue') in a ratio of one share for every three

shares held.

i) The above financial results are also available on the stock exchange websites www.bseindia.com, www.nseindia.com and on our website www.beardsell.co.in.

j) Figures of the previous period, wherever necessary, have been regrouped / reclassified to conform to the current period’s classification / presentation.
See accompanying notes to the consolidated financial results