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BCOSMO FERRITES LIMITED(Govt. of India Recognised Export House)CIN : L27106HP1985PLC006378H.O.: 517, 5th Floor, DLFTower-A, Jasola District Centre, New Delhi-110025 (India)Ph.: +91-11-49398800, Fax: +91-11-49398888E-mail: [email protected] Website : www.cosmoferrites.com
CFR/PI/2019-20/MAY/08 May 13, 2019
The Manager (Listing)Bombay Stock Exchange limitedPhirozeJeejeebhoy Towers,Dalal Street,Mumbai-400 001
Scrip Code: 523100 Security ID: COSMOFE
Sub: Audited Financial Results and Outcome of Board Meeting
Dear Sir,
Pursuant to Regulation 30 & 33 of SEBI (Listing Obligations and Disclosure Requirements)Regulations, 2015, this is to inform that the Board of Directors of the Company at its meeting held todayi.e. May 13, 2019, has approved the following Items:
1. Audited Financial Results of the Company for the Quarter and Year ended as on March 31,2019.A copy of duly signed Audited Financial Results along with Audit Report and declaration in respectof Audit Report with unmodified opinion is enclosed.
2. Based on the recommendations of the Nomination and Remuneration Committee and subject to theapproval of the Shareholders at the ensuing Annual General Meeting, the Board has re-appointed:
a) Ms. Jyoti Dixit (DFN: 06953089) as Independent Director for Second Term of 5 (Five) years onthe Board of the Company w.e.f. August 07, 2019.
b) Mr. Naresh Kumar Gupta (DIN: 00214602) as Independent Second Term of 5 (Five) years on theBoard of the Company w.e.f. September 22,2019.
c) Dr. Rama Kant Dwivedi (DIN: 06922891) as Independent Director for Second Term of 5 (Five)years on the Board of the Company w.e.f. November 04, 2019.
d) Mr. Janardhan Pralhadrao Gupta (DIN: 07029205) as Independent Director Second Term of 5(Five) years on the Board of the Company w.e.f. November 04, 2019.
None of the above Director is debarred from holding the office of Director by virtue of any SEBI orderor any other such authority. Brief profile of all the above directors is enclosed.
ISO \ / ISO
,imLJ { ^],MMJ Re9d- Office & Works : P.O. Jabli, Distt. Solan, H.P.-173 209, (India) 173209 Phone : +91-1792-277231/32/36^ERTmm/ \0;RTO™/ pg^ ^g^ ^ 792-277234 E-Mail: [email protected]
BCOSMO FERRITES LIMITED(Govt. of India Recognised Export House)CIN : L27106HP1985PLC006378H.O.: 517, 5th Floor, DLF Tower-A, Jasola District Centre, New Delhi-110025 (India)Ph.: +91-11-49398800, Fax: +91-11-49398888E-mail: [email protected] Website : www.cosmofemtes.com
The Board of Directors of the Company had also re-approved the Request of Mr. Ashok Jaipuria toreclassify him from promoter category to public category subject to the approval of the shareholders andthe receipt of necessary approvals from the Stock Exchange and the statutory authorities in accordancewith the provisions of Regulation 31 A of the SEBI (Listing Obligation and Disclosure Requirements)Regulations. 2015
Further, the date of ensuing Annual General ]\4eeting will be intimated to the exchange in due course.
The Meeting commenced at 12:00 Noon and concluded at 02. '• ^o P.M.
You are requested to take the same on your records.
Thanking you
Yours faithfully,For Cosmo Ferrites Limited
^^>'Pawan Kumar Lakhotia
Company Secretary & Compliance OfficerACS- 44739
Enclosure: as Above
ISO \ / ISO14000 1 | 9001-20OT
CERTBIED/ VCERTmE] Regd. Office & Works : P.O. Jabli, Distt. Solan, H.P.-173 209, (India) 173209 Phone : +91-1792-277231/32/36Fax: +91-1792-277234 E-Mail: [email protected]
SURESH KUMAR MITTAL & CO.CHARTERED ACCOUNTANTS
60, 1st Floor, Pocket H-3,Sector-18, Rohini, DELHI-110085Phone : 27871988, 9871411946E-mail : [email protected]
Auditor's Report On Quarterly Financial Results and Year to Date Results of the CompanyPursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)Regulations, 2015
ToThe Board of Directors of
Cosmo Ferrites Limited
1. We have audited the accompanying Statement of Standalone Financial Results of Cosmo
Ferrites Limited ("the Company"), for the quarter and year ended March 31, 2019 ("theStatement"), being submitted by the Company pursuant to the requirement of Regulation 33of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as modified byCircular No. CIR/CFD/FAC/62/2016 DATED July 5,2016.
This Statement, which is the responsibility of the Company's Management and approved bythe Board of Directors, has been compiled from the related interim condensed standalonefinancial statements which has been prepared in accordance with Indian Accounting Standard34 "Interim Financial Reporting: (Ind AS 34"), prescribed under Section 133 of the CompaniesAct, 2013 read with relevant rules issued thereunder ("Ind AS") and other accounting principlesgenerally accepted in India. Our responsibility is to express an opinion on the Statement based .on our audit of such interim condensed standalone financial statements.
2. We conducted our audit in accordance with the Standards on Auditing issued by the Instituteof Chartered Accountants of India. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe Statement is free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and thedisclosures in the Statement. The procedures selected depend on the auditor's judgment,including the assessment of the risks of material misstatement of the Statement, whether dueto fraud or error. In making those risk assessments, the auditor considers internal controlrelevant to the Company's preparation and fair presentation of the Statement in order todesign audit procedures that are appropriate in the circumstances, but not for the purpose ofexpressing an opinion on the effectiveness of the Company's internal control. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Management, as well as evaluatingthe overall presentation of the Statement.
We believe that the audit evidence obtained by us, is sufficient and apbasis for our audit opinion.
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SURESH KUMAR MITTAL & CO.CHARTERED ACCOUNTANTS
60, 1st Floor, Pocket H-3,Sector-18, Rohini, DELHI-110085Phone : 27871988, 9871411946E-mail : [email protected]
3. In our opinion and to the best of our information and according to the explanations given to us,the Statement:
(i) is presented in accordance with the requirements of Regulation 33 of the SEBI (ListingObligations and Disclosure Requirements) Regulations, 2015, as modified by Circular No.CIR/CFD/FAC/62/2016 dated July 5, 2016; and
(ii) gives a true and fair view in conformity with the aforesaid Indian Accounting Standards andother accounting principles generally accepted in India of the net loss, total comprehensiveincome and other financial information of the Company for the quarter and year endedMarch 31,2019.
4. The figures for the quarter ended 31st March 2019 and the corresponding quarter ended inthe previous year as reported in these standalone financial results are the balancing figurebetween audited figures in respect of the full financial year and the published year to datefigures up to the third quarter of the relevant financial year.
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Place: New Delhi
Date: 13th May 2019
ForSuresh Kumar Mittal & Co.Chartered Accountants
Firm Registration No. 500063N
PARTNERMembershipNumber: 521915
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SUMMARY OF ASSETS AND LIABILITIES AS AT 31st MARCH 2019Particulars As at
31.03.2019As at
31.03.2018A ASSETS
1 Non-current assets
(a) Property. Plant and Equipment(b) Capital Work in Progress(c) Other Financial Assets
Sub-total - Non-current assets2 Current assets
(a) Inventories(b) Financial Assets
(i) Trade receivables(ii) Cash and cash equivalents
(iii) Bank balance other than cash and cash equivalents(iv) Other Current Financial Assets
(c) Income Tax Assets (net)(d) Current Tax Assets
Sub-total - Current assetsTOTAL-ASSETS
A EQUITY AND LIABILITIESEQUITY(a) Equity Share Capital(b) Other Equity
Sub-totat - Shareholder's fundsLIABILITIES
1 Non-current liabilities
(a) Financial Liabilities(i) Borrowings
(b) Provisions(c) Deferred tax liabilities (net)(c) Other Non Current Liabilities
Sub-total - Non-current liabilities2 Current liabilities
(a) Financial Liabilities(i) Borrowings
(ii) Trade payables(a) Total outstanding dues of micro, small and medium enterprises(b) Total outstanding dues of other than micro, small and medium enterprises
(ii) Other Financial Liabilities(b) Provisions(c) Other current liabilities
Sub-total - Current liabilitiesTOTAL - EQUIPT AND LIABILITIES
59981
536052
1247
12217
1157633
2522951
9003
120311772380
757206
3966
2862
287153433522
61756579003
64042470;
6498
1233
186123
1128514
3893737
10235
120319973200
903196306
51410
3220
159631831
4605625
10235
Notes :
1 The above statement of audited financial result was taken on record by the Board of Directors in Iheir meeting held on 13.05.2019. The statutory auditors have expressed]an unmodified audit opinion on these results.
2 These standalone Hnandal results have been prepared in accordance with (he Indain Accounting Standards (Ind-AS) as prescribed under Section 133 of (he CompaniesAct. 2013 read with Rule 3 of the Companies (Indian AccounUng Standards) Rules. 2015 and relevant amendment rules thereunder.
3 Revenue from operations for the periods upto June 30. 2017 includes excise duly. which is discontinued effective July 01. 2017 upon implementation of Goods andService Tax (GST) in India In accordance with 'Ind-AS 18. Revenue' GST is not included in revenue from operations. In view of the aforesaid restructuring of indirecttaxes, revenue from operations for the quarter/year ended on March 31, 2018 are not comparable with the prevfous periods.Had (he previously reported revenue shownnet of excise duty. comparative revenue from operations would have been as under
Particulars Quarter Ended
31.03.2019 31.12-2018 31.03.2018Year Ended
31.03.2019 31.03-2018revenue from operations 1,771 1.651 2.235 7.842 7811
4 The Company has adopted Ind AS 115 "Revenue from contracts with customers" applying a full retrospective transition approach, which replaces earlier revenue!recognition standard. The Company has assessed that. in case of contracts with customers, some performance obligations comprise arranging for another party to|provide certain services to the customers. Accordingly, revenue for such perfofmance obligalions is recognized as the difference between the consideration allocated for'senvices provided to customers and the related costs for arranging the same. However, there is no impact on retained earnings or proHt for the respective periods.The restated revenue for the quarter and year ended 31 st March 2018 are tower by Rs 59 lakhs and Rs 224 lakhs respectively with the corresponding decrease in otherlexpenses.
5 Exceptional rtem of Rs. 530 lakhs represents one time loss due to discontinuation of LED operations. /y<^^- ^.
[Place: New Delhi[Date : 13th May 2019 )rish Jaipuria
recutive Director & C.E.OCOSMO FERRITES LIMITED
Regd. Office : Jabli, Distt Solan, Himachal Pradesh -173 203
5COSMO FERRITES LIMITED(Govt. of India Recognised Export House)CIN : L27106HP1985PLC006378H.O.: 517, 5th Floor, DLF Tower-A, Jasola District Centre, New Delhi-110025 (India)Ph.: +91-11-49398800, Fax: +91-11-49398888E-mail: [email protected] Website : www.cosmoferrites.com
The Manager (Listing) May 13, 2019Bombay Stock Exchange LimitedPhiroze Jeejeebhoy Towers,Dalal Street,Mumbai-400001
Dear Sir,
Sub: Declaration with respect to audit report with unmodified opinion for the financial yearended March 31, 2019
Pursuant to clause 4.1 of SEBI Circular No. CIR/CFD/CMD/56/2016 dated May 27, 2016 we herebydeclare that the Statutory Auditor of the Company M/s. Suresh Kumar Mittal & Co., ChartedAccountants (Firm Reg No. 500063N), have issued the Audit Report with unmodified opinion onFinancial Results of the Company for the Financial Year ended on March 31, 2019 as per Regulation33(3)(d) ofSEBI (LODR) Regulations, 2015.
You are requested to take note of the above.
Thanking You,
Yours faithfully,For Cosmo Ferrites Limited
/|-v^^\Ambrish JaipuriaExecutive Director & CEO
ISO \ / [SO14800 I I 90B1-2000
CERTIFIED/ V CERTIFIED Regd. Office & Works : P.O. Jabli, Distt. Solan, H.P.-173 209, (India) 173209 Phone : +91-1792-277231/32/36Fax: +91-1792-277234 E-Mail: [email protected]
BCOSMO FERRR-ES LIMITED(Govt. of India Recognised Export House)CIN : L27106HP1985PLC006378H.O.: 517, 5th Floor, DLF Tower-A, Jasola District Centre, New Delhi-110025 (India)Ph.: +91-11-49398800, Fax: +91-11-49398888E-mail: [email protected] Website : www.cosmoferrites.com
DETAILS OF THE DIRECTORS SEEKING REAPPOINTMENT
Name of the Director Ms. Jyoti Dixit Mr. Janardhan Pralhadrao Gupta Mr. Naresh Kumar GuptaDate of Birth March 22, 1979 | December 12,1952 15 April, 1938Qualifications B.COM, CS, LLB Commerce Graduate from University of
RajasthanB.E. (Electrical), B. Sc
Nature of Expertise Experience inCorporateGovernance,Legal andSecretarial
Mr. Janardhan Pralhadrao Gupta hasover three decades of experience in thefield of Accounts, Finance, Secretarial,Purchase, Logistics, new Projects, HR,Legal and various Commercial functions^
General, Strategic & ProjectMGT, Turnaround Strategy etc.
Re -appointment August 07, 2019 November 04, 2019 September 22, 2019Name of other Companies inwhich he holds Directorship
NIL NIL 1. Lohia Corp Limited2. Threads (India) Limited3 Blue Circle Medi Services
Private Limited4. Atura Financial Services
Private LimitedName of the Committees of otherCompanies of which he holdsMembership/Chairmanship
NIL NIL NIL
Shareholding in the Company NIL NIL NIL
Disclosure of relationshipsbetween Directors
Not related toany Director ofthe Company.
Not related to any Director of theCompany.
Not related to any Director ofthe Company.
Name of the Director Dr. Rama Kant DwivediDate of Birth
QualificationsJanuary 09,1942
Nature of Expertise
Date of Appointment/ Re- Appointment
MBA( University of Delhi),Ph.D. (Management)Dr. Rama Kant Dwivedi has about 40 yearsof experience in techno commercial,academic and administrative in large andreputed organisations
November 04,2019Name of other Companies in which heholds Directorship
1. Reliable Data Services Limited
Name of the Committees of otherCompanies of which he holdsMembership/Chairmanship
Reliable Data Services LimitedStakeholder Relationship Committee -Chairman
Shareholding in the CompanyDisclosure of relationships betweenDirectors
NIL
Not related to any Director of theCompany.
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Regd. Office & Works : P.O. Jabli, Distt. Solan, H.P.-173 209, (India) 173209 Phone : +91-1792-277231/32/36Fax: +91-1792-277234 E-Mail: [email protected]
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