SALZER ELECTRONICS LTD. EEIZEI— CIN : L03210TZ1985PLC001535 February 06, 2020 TO THE CORPORATE RELATIONSHIP DEPT M/s. National Stock Exchange of India Ltd., BSE Limited Exchange Plazar C-l, Block G, I Floor, New Trading Ring, BandraKuria Complex, Rotunda Building, Bandra (E),Mumbai — 400 051 P.J.Towers, Dalai Street, Tel :+91 22 26598235/36, 26598346 Fort, Mumbai — 400 001. Fax : +91 22 26598237/38 SCRIP CODE: 517059 Symbol: SALZERELEC Dear Sir, Sub : Outcome of the Board Meeting — Submission of the Financial results in compliance with Regulation 33 0f SEBI (Listing Obligations and Disciosure Requirements) Regulation 2015 (“SEBI LODR Regulations") Ref : Our letter dated December 27, 2019 This is to inform in terms of Regulation 30 of SEBI LODR Regulation and with reference to our letter referred above that our Board of Directors of the Company at their meeting held today (February 06, 2020 ) considered and approved the following Un— audited Financial Results as required under Regulation 33 of SEBI LODR Regulations:— a) Standalone Un—audited Financial Results for the Nine Months and Third Quarter period ending December 31, 2019 together with the Limited Review report of the Statutory Auditor M/s. JDS Associates, Chartered Accountant, Coimbatore - 641002 and b) Consolidated Un-audited Financial Results for the relevant period together with the Limited Review report of the Statutory Auditor M/s.JDS Associates, Chartered Accountant, Coimbatore -641002. Enclosed herewith both Standalone and Consolidated Un-audited Financial Results along with the Limited Review Report of the statutory auditor for your records and dissemination to the stakeholders. A copy of the same wiil be uploaded in the Company's website www.salzergroughet. Samichettipalayam. Coimbatore - 641 047, India. Phone : + + 91 422 4233600 Fax : + + 91 422 2692170 E-mail : [email protected]Website : www.saizergroup.com ISO 9001
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Further, Pursuant to Regulation 47 of SEBI LODR Regulations an extract of theaforesaid financial results in the manner prescribed under the SEBI Listing Regulationswill be published in English and Tamii newspapers within time stipulated.
The Meeting commenced at 11.00 a.m and closed at 1 ' 30 (PM
The Company operates in only one segment viz., Electrical installation products;
The above Un-audited financial results were duly reviewed by the Audit Committee at, itsmeeting held on February 05, 2020 and were taken on record and approved by the Board ofDirectors at their meeting held on February 06, 2020 along with the Limited Review Reportissued by the Statutory Auditor on Financial Results for third quarter and Nine Months Periodending December 31, 2020.
The Company, as a Promoter, earlier had held 76.92% equity stake with voting rights inKaycee Industries Limited (“Subsidiary Company”). During the quarter under review, itdiluted 2.01% equity stake in the open market and reduced its holding to 74.91% whichenabled the subsidiary company complying with the norms of minimum public shareholding ofnot less 25% in terms of Rule 19(2) and Rule 19A of the Securities Contracts (Regulation)Rules, 1957 and Regulation 38 of SEBI (Listing Obligations and Disclosure Requirements)2015.
Previous period figures have been regrouped / reclassified wherever necessary to confirm tocurrent period's presentation.
1. We have reviewed the accompanying statement of standalone unaudited financialresults of Saizer Electronics Limited (CIN:L03210T21985PLC001535) having itsRegistered Office at Samichettipalayam, Coimbatore -641047 for the quarter endedDecember 31, 2019 and year to date results for the period from April 01, 2019 toDecember 31, 2019 being submitted by the company pursuant to the requirement ofRegulation 33 SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015("SEBI LODR Regulations”) as modified by circular SEBI No.CiR/CFD/FAC/62/2016 datedJuly 05, 2016;
2. This statement which is the responsibility of the Company's Management and approved-by the Board of Directors at their meeting held on February 06, 2020 has beenprepared in accordance with the recognition and measurement principles laid down inthe Indian Accounting Standard 34 "Interim Financial Reporting" (1ND AS 34) prescribedunder section 133 of the Companies Act, 2013 read with relevant Rules issued thereunder and other accounting principles generally accepted in India. Our responsibility isto issue a report on these financial statements based on our review;
3. We conducted our review of the statement in accordance with the Standard on ReviewEngagement (SRE) 2410, ”Review of interim Financial information" performed by theIndependent Auditor of the Entity issued by the institute of - Chartered Accountants ofIndia. This standard requires that we plan and perform the review to obtain moderateassurance as to whether the financial statements are free of material misstatement. Areview is limited primarily to inquiries of company personnel and analytical proceduresapplied to financial data and thus provides less assurance than an audit. We have notperformed an audit and accordingly, we do not express an audit opinion.
4. Based on our review conducted as above, nothing has come to our attention thatcauses us to believe that the accompanying statement of unaudited financial resultsprepared in accordance with the aforesaid Indian accounting standards and otheraccounting principles generally accepted in India has not disclosed the informationrequired to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations andDisclosure Requirements) Regulations, 2015 as modified by circularNo.ClR/CFD/FAC/62/2016 dated July 05, 2016 including the manner in which it is to bedisclosed or that it contains any material Misstatement.
For JDS ASSOCIATES
Chartered Accountants
FRN : 0087355
(BJAYARAM)Partner
Memb.No : 028346
Date : February 06,2020
Place : Coimbatore
UDIN:9?@0J,532{é H1109 BC/glé)
/13. JAYARAM K-P- LATHA J. FRANKLIN DAVIDT. SAMINATHAN 3,001“, F,C.A., D.I.S.A., M.Com., F.C.A., D.I.S.A., M.Com.. F.C.A..
E-mail : [email protected] Website : www.salzergroup.com ISO 9001 x. f
J D S ASSOCIATESCHARTERED ACCOUNTANTS
To
The Board of Directors,
LIMITED REVIEW REPORT
Salzer Electronics LimitedCoimbatore -641 047
Dear Sirs,
1. We have reviewed the accompanying StatementResults of Salzer Electronics Limited ("the Parent"subsidiary together referred to as "the Group"),2019 and for the period between July 01,2019 tobeing submitted by the Parent pursuant to the req(Listing Obligations and Disclosure Requirements)
2. Initially the parent acquired 72.32%Kaycee Industries Limited under Shdated May 24, 2019 from its erstwhile Promotersand subsequently another 4.60%the Company as a fulfilment of(Substantial Acquisition and Takeoas at September 30,2019, the aggregate shareholdinat 76.92%.
3. in order to enable the subsidiary to achieve the Mini25% as required under Regulation 38 of SEBI (Requirements) Regulation 2015 (19A of the Securities Contracts (Regulation)stake in the open market under permissibSubsidiary to the level of 74.91%
of Consolidated Unaudited Financial) and its subsidiary1the Parent and itsfor the quarter ended December 31,December 31,2019 (”the Statement")uirement of Regulation 33 ofthe SEBIRegulations, 2015, as amended;
equity shares with voting rights on July 11,2019 inand Transfer of Control Agreement- Universal Trustees Private Limited
acquired from the Public in the Open offer made byobligations arising under Regulation 3 81 4 o SE81
("SE81 (SAST) Regulations”) andg of Parent in the Subsidiary stood
mum Public shareholding norm ofListing Obligation and Disclosure
“SEBI LODR Regulations”)read with Rule 1912) and RuleRules, 1957, the parent diluted 2.01% equityle mode and reduced its shareholding in the
Since the Parent has effectively started exercising control over the affairs of theSubsidiary from July 11, 2019 as stated in Para 2, the year to date consolidated financialresults represent nine months financials of parent and financials of the subsidiarycompany only from the date of acquisition of its Controlling interest i.e July 11, 2019.
The given figures are not strictly comparable to any of the relevant correspondingperiod of the last year in view of reasons stated above and accordingly figures for
respective period of previous years not furnished.
This Statement, which is the responsibility of the Parent's Management and approved
by the Parent's Board of Directors, has been prepared in accordance with the
recognition and measurement principles laid down in lndian Accounting Standard 34
"Interim Financial Reporting” (“IND AS 34" ), prescribed under Section 133 of the
Companies Act, 2013, and other accounting principles generally accepted in India. Our
responsibility is to express a conclusion on the Statement based on our review;
We conducted our review of the Statement in accordance with the Standard on Review
Engagements (SRE) 2410 "Review of interim Financial Information Performed by theIndependent Auditor of the Entity", issued by the institute of Chartered Accountants of
India. A review of interim financial information consists of making inquiries,_ primarilyof persons responsible for financial and accounting matters, and applying analytical andother review procedures. A review is substantially less in scope than an audit conducted
in accordance with Standards on Auditing and consequently does not enable us to
obtain assurance that we would become aware of all significant matters that might be
identified in an audit. Accordingly, we do not express an audit opinion;
We also performed procedures in accordance with the Circular issued by the SEBJ under
Regulation 33(8) ofSEBI LODR Regulations as amended to the extent applicable;
The Statement includes the results of the following entity:
10. Based on our review conducted and procedures performed as stated in paragraph 6
above and based on the consideration of the review reports of the other auditors
referred to in paragraph 10 below, nothing has come to our attention that causes us to
believe that the accompanying Statement, prepared in accordance with the recognition
and measurement principles laid down in the aforesaid Indian Accounting Standard 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 (ListingObligations and Disclosure Requirements) Regulations, 2015, as amended, including the
manner in which it is to be disclosed, or that it contains any material misstatement and
11. We did not review the interim financial statements/ financial information/ financial
results of the subsidiary Kaycee industries Limited included in the consolidated
financial results reflect total revenues of Rs. 1184.42 lakhs, total net profit after tax of
Rs. 80.27 Lakhs and total comprehensive income / loss of Rs. 76.17 Lakhs for the period
from the date of initial acquisition —July 11,2019 to December 31, 2019, as considered
in the consolidated unaudited financial statements. These interim financial statements/
financial information / financial results have been reviewed by other auditors whosereports have been furnished to us by the- Management and our conclusion on the
Statement, in so far as it relates to the amounts and disclosures included in respect ofthis subsidiary, is based solely on the reports of the other auditors and the proceduresperformed by us as stated in paragraph 6 above.
Our conclusion on the Statement is not modified in respect ofthe above matters.
For JDS ASSOCIATES
Chartered Accountants
FRN :0087355
(BJAYARAM)
Partner
Memb.No : 028346
Date : February 06, 2020
Place ; Coimbatore -641001
UDJN: 02900275134 61/414 19148136543
B. JAYARAM K-P- LATHA J. FRANKLIN DAVIDT- SAMINATHAN B.Com.. 90.4.. 0.1.9.4.. M.Com.. E04. 01.64. M.Com., 7.0.4..