®£) Hindustan Foods Ltd.

Registered Office & Corporate Headquarters: Office No.3, Level-2, Centrium, Phoenix Market City, 15, Lal Bahadur Shashtri Road, Kurla (W), Mumbai, Maharashtra, India. 400 070.

Email: business@thevanitycase.com Website: www.hflgoa.com Tel. No. +91-22-61801700 CIN: L15139MH1984PLC316003

Company Scrip Code: 519126

To, The General Manager Department of Corporate Services BSE Limited Floor 25, P. J. Towers, Dalal Street, Mumbai-400 001. Tel : (022) 2272 1233 I 34

Dear Sir /Madam,

Date: 22nd May, 2019.

Through Listing Centre

Sub.: Outcome of Board Meeting- Financial Results

Pursuant to the Regulation 30 and 33 of the SEBI (Listing Obligations and Disclosure

Requirements) Regulations, 2015 we wish to inform you that, the Board of Directors of the

Company at its meeting held today i.e. Wednesday, the 22"d May, 2019, inter-alia, approved the

Audited Financial Results of the Company for the quarter and year ended 31 51 March, 20 19. Copy

of the same is enclosed along with the Reports of tbe Auditors thereon and a declaration duly

signed by Mr Sameer Kothari, Managing Director of the Company, stating that the said reports

are with unmodified opinion.

The results will be published in the newspapers in terms ofRegulation 47(1) (b) ofSEBI ((Listing

Obligations and Disclosure Requirements) Regulations, 2015 in due course.

The Board meeting commenced at 11.00 a.m. and concluded at 2.15 p.m.

We request you to take the above on record.

Thanking you,

Yours faithfully for lllNDUST AN FOODS LIMITED

Ba~~ Company Secretary

Encl. as above

Panaji Office: Dempo House, Campa! , Panaji, Goa. 403001. Tel. No. +91-832-2441300 o Fax: +91-832-2225098 o Email: hfl@dempos.com

Sr. No.

I II Ill

IV

v

VI

VII

VIII

IX

X

XI

XII

HINDUSTAN FOODS LIMITED

Regd.Office : Level • 2, Centrium, Phoenix Market City, 15 LBS Marg, Kurla, Mumbai • 70 CIH: L15139MH1984PLC316003, Website: www.hindustanfoods.com, E·mail: investorrelatlons@thevanitycase.com

STATEMENT OF AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR END ED MARCH 31, 2019

PARTICULARS Three Months Three Months Three Months For the ended on ended on ended on year ended

31.03.2019 31 . 12.2018 31.03.201 8 31.03.20 19 (Audited) (Unaudited) (Audited) (Audited)

Revenue from operations 8,396.05 5,572.04 6,368.23 23,660. 12 Other income 2.25 47.50 21.60 62.40 Total income ( 1+11) 8,398.30 5,619.54 6,389.83 23,722.52

Expenses

(a) Cost of material consumed 5,568.22 3,562.93 4,173.37 14,901. 18 (b) Purchase of stock·in·trade 3.84 12.92 2.55 37.09 (c) Changes in inventories of finished goods, 90.99 (527.25) (278.07) (796.63)

stock-in-trade and work-in-progress

(d) Employee benefits expense 401.47 408.81 243.96 1,377.25 (e) Finance costs 159.54 94.01 78.64 394.79 (f) Depreciation and amortization expense 117.56 69.81 54.98 313.24 (g) Manufacturing and operating costs 1,266.74 1,194.90 I ,325.52 4,632.20 (h) Other expenses 490.68 376.17 419.34 1,472.40 Total expenses (IV) 8,099.04 5,192.30 6,020.29 22,331.52

Profit before tax (Ill· IV) 299.26 4 27.24 369.54 1,391.00

Tax expense (a) Current tax 59.95 104.66 86.06 293.04

Less: M.A T credit entitlement 13.29 (8.71) (60.23) (34.62) (b) Deferred tax (excluding MAT credit entitlement) 7.51 22.68 101.94 112.55 (c) MA"I credit entitlement for earlier year (32.71 ) Total tax expense (VI) 80.75 118.63 95.06 370.97

Profit for the period I year (V·VI) 218.51 308.61 274.48 1,020.03

Oth~r compreht'nsive income (OCI)

OLher comprehensive income not to be reclassified to profit or loss :

Re-mcasurement gains on defined benefit plans (8.98) (1.59) 12.09 (11.41)

lncorr:c tax effect on above 2.51 0.45 (3 .39) 3.32

Total other comprehe nsive income (VIII) (6.47) (1.14) 8.70 (8.09)

Total comprehensive income for the period I year (VII+VIII) 212.04 307.47 283.18 1,011.94

Paid· up equity share capital (face value of Rs. 10/· each) 1,349.25 1,349.25 1,299.25 1,349.25

Other equity 4,929.57

Earnings per share (of Rs. 1 0/· each) (not annualised): (a) Basic 1.62 2.29 2.18 7.65 (b) Diluted 1.62 2.29 2.18 7.65

(Rs In Lakhs) For the

year ended

31.03.2018 (Audited)

13,885.50 112.78

13,998.28

8,194.68 55.93

(406.31 )

795.79

131.25 121.68

3,179.33 I ,060.60

13, 132.95

865 .33

157.12 (101.82) 213.39 (30.89)

237.80

627.53

(3.71)

0.97

(2.74)

624.79

I ,299.25

2,525.13

4.81 4.81

HINDUSTAN FOODS LIMITED

STATEMENT OF ASSETS AND LIABILITIES FOR THE YEAR ENDED MARCH 31, 2019

(Rs In Lakhs) Sr. Particulars March 31, 2019 March 31, 2018 No. (Audited) (Audited)

I ASSETS

1 Non-current assets

Property, plant and equipment 7,249.11 3,892.24 Capital work-in-progress 34.05 303.22 Intangible assets 176.34 10.91 Financial assets

Loans 40.06 24.04 Other financial assets 23.47 13.56

Deferred tax asset (net) - 23.73 Non-current tax assets (net) 31.70 59.93 Other non-current assets 1,036.41 270.5 1

Total non-current assets 8,591.14 4,598.14

2 Current assets

Inventories 3,482.88 2,436.30 Financial assets

Trade receivables 3,545.80 2,905. 93 Cash and cash equivalents 425.19 650.16 Bank balances other than cash and cash equivalent 13.95 10.56 Loans 125.00 Other financial assets 371.27 450.20

Other current assets 1,744.16 703.67 Total current assets 9,708.25 7,156.82

Total assets 18,299.39 11 ,754.96

II EQUITY AND LIABILITIES

1 Equity

Equity share capital 1,349.25 1,299.25

Other equity 4, 929.57 2,525.13 Total equity 6, 278.82 3,824.38

Liabilities

2 Non-current liabilities

Financial liabilities

Borrowings 4,779.97 2,970.13

Other financial liabilities 81.52 29.33

Employee benefits obligation 40.75 44.58

Deferred t ax liablities (net) 50.89

Other non current liabilities 84.67 -Total non curr ent liabilit ies 5,037.80 3,044.04

3 Current liabilities

Financial liabilities

Borrowings 1,520.09 313.30

Trade payables

(i) outstanding dues of micro enterprises and small enterprises 0.17 -(ii) outstanding dues of creditors other than micro enterprises and small 4,428.82 4,152.83

enterprises

Other financial liabilities 709.07 117.40

Other current liabilities 114.14 144.56

Employee benefits obligation 65.38 16.53

Current income tax (net) 145.10 141.92

Total current liabilities 6,982.77 4,886.54

Total liabi lities 12,0i0.57 7,930.58

Total equity and liabilities 18,299.39 11,754.96

Notes to the financial results:

1) The financial Results for the year ended March 31, 2019 have been duly reVIewed by the Audit Committee and approve d by the Board of Directors at its meeting held on May 22, 2019.

2) The audited financial results for three months ended March 31, 2019 and three months ended Ma rch 31, 2018 are the balancing figures between the audited figures for the full financial years then ended and the published year to da te reviewed figures upto the third quarter of the respective year.

3) Revenue from opera tions for periods upto June 30, 2017 includes Excise Duty, which is discontinued effective July 1, 2017 upon imple mentation of Goods and Services Tax (GST) in India. In accordance with lnd-AS 18 "Revenue", GST Is not included in Revenue from operations. In view of the aforesaid change, Revenue from operations for periods upto June 30, 2017 and year ended March 31, 2018 are no t comparable with pre vious periods. The following information Is provfded to facilitate such comparison: ..

(Rs In Lakhs) Three Months Three Months Three Months for the For the

ended on ended on ended on year ended y~ar ende d

Particulars 31.03.2019 31.12.2018 31.03.2018 31.03.2019 31 .03.2018 (Audited) (Unaudited) (Unaudited) (Audited) (Audited)

Revenue from opera tions 8,396.0S S,S72.04 6,368.23 23,660.12 13,88S.SO Less: Excise duty on sales 19.68 Revenue from operations (net of excise duty) 8,396.0S S,S72.04 6,368.23 23,660.12 13,86S. 82

4) The Company's operations predominantly re late to contract manufacturing and other manufacturing for sate under the Company's own brand name. The Chief Operating Decision Maker (CODM) reviews the operations of the Company as contrac t manufacturing and o ther manufacturing for sale under the Company's own brand name. Since, the quantitative threshold as per para 13 of lnd AS 108 on Segment Reporting are not met for '"other manufacturing for sate under Company's O'M'I brand name·, no separate segme nt information has ~n furnished here'W'ith.

Summary of segment information as at and for the quarter and year ended 31 March 2019ls as fotlows:

(Rs In Lokhs) Particulars Three Months Three Months Three Months For the For the

ended on ended on ended on year ended year ended 31.03.2019 31.12.2018 31 .03.20 18 31.03,2019 31.03.2018

(Audited) (Unaudited) (Audited) (Audited) (Audited)

Segment revenue Contract Manufacturing 8,395.S7 S,S70.99 23,6S7.84

Other< 0 .48 1.0S 2.28 Inter· segment revenue

Total revenue 8,396.0S S,S72.04 23,660.12

Segme nt result

Contract Manufacturing 47S.19 S24.06 1,808.76

Others (22.86) (3.9S) (31.06)

Add/ (less) Finance cost (1S9.S4) (94.01) (394.79)

Provision for tax (80.7S) (118.63) (370.97)

Net profit 212.04 307.47 1, 011 .94

Segment anets

Contract Manufacturing 18,132.73 14,9S6.80 18,132.73

Other< 166.66 190.00 166.66

Unallocated asset Total assets 18,299. 39 1 s , 146.80 18,299.39

Seament liabilitic~s Contract Manufacturing 12,020. S7 9,0S7.87 12,020.S7

Other< Unallocated liability

Total liabilities 12 020.S7 9 057.87 12 020.S7 Net caoital cmoloved 6 278.82 6 088.9 3 6 278 82

5) Subsequent to the year ended 31 March 2019, the Company has issued 2,m,n9 share warrants convertible into equity shares to non· p romoter entities.

6) The Company is awaiting approval from National Company Law Tribunal for the scheme of arrangement for demerger of Contract Manufacturing (Hyderabad) Business of Avalon Cosmetics Private Limited, having its registered office at Mumbai into Hindustan Foods limited.

7) Effective April1 , 2018, the Company has adopted lnd AS 11S · 'Revenue from contract with customers. The opplication of lnd AS 11S did not have any material impact on the financial results of the Company.

Place : Mumbai Date : 22 May 2019

~;•••m SAMEER R. KOTHARI Managing Director DIN :01361343

MSKA & Associates Chartered Accountants

Floor 3, Enterprise Centre

Nehru Road, Near Domestic Airport

Vile Parle (E), Mumbai 400099, INDIA

Tel: +91 22 3358 9800

Auditor's Report On Quarterly Financial Results and Year to Date Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)

Regulations, 2015

To the Board of Directors of Hindustan Foods Limited

1. We have audited the accompanying Statement of Financial Results of Hindustan Foods Limited ('the Company' ) for the quarter and year ended March 31, 2019 (the 'Statement'), being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as modified by Circular No. CIR/CFD/FAC/62/2016 dated July 5, 2016.

2. The Statement, as it relates to the quarter ended March 31, 2019, are the balancing figures between audited figures in respect of the full financial year and the published year to date figures up to the end of the third quarter of the financial year, prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ('lnd AS 34'). The Statements also relates to the year ended March 31, 2019, has been prepared on the basis of the related financial statements for the year ended March 31 , 2019, prepared in accordance with the Indian Accounting Standards prescribed under Section 133 of the Companies Act, 2013, read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, and other accounting principles generally accepted in India. This Statement is the responsibility of the Company's Management and is approved by the Board of Directors. Our responsibility is to express an opinion on the Statement based on our audit of such financial statements.

3. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the Statement is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures 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 due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company's preparation of the Statement that give a fair presentation view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors, as well as evaluating the overall presentation of the Statement.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis

Head Office: Floor 3, Enterprise Centre, Nehru Road, Near Domestic Airport, Vile Parle (E), Mumbai 400099, INDIA, Tel: +91 22 3358 9800 Bengaluru I Chennai I Hyderabad I Kolkata I Mumbai I New Delhi- Gurugram I Pune www.mska.in

MSKA & Associates Chartered Accountants

Opinion

4. 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 (Listing Obligations 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 and other accounting principles generally accepted in India of the net profit, total comprehensive income and other financial information of the Company for the year ended March 31 , 2019.

For MSKA & Associates Chartered Accountants ICAI Firm Registration No.105047W

Am@:.:~~ Partner Membership No. : 101739

Place: Mumbai Date: May 22, 2019

®£) Hindustan Foods Ltd.

Registered Office & Corporate Headquarters: Office No.3, Level-2, Centrium, Phoenix Market City, 15, Lal Bahadur Shashtri Road, Kurla (W), Mumbai, Maharashtra, India. 400 070.

Email: business@thevanitycase.com Website: www.hflgoa.com Tel. No. +91-22-61801700 CIN: L 15139MH1984PLC316003

Company Scrip Code: 519126

To, The General Manager Department of Corporate Services BSE Limited Floor 25, P. J. Towers, Dalal Street, Mumbai-400 001. Tel: (022) 2272 1233 I 34

Dear Sir /Madam,

Date: 22nd May, 2019.

Through Listing Centre

Sub.: Declaration pursuant to Regulation 33 (3) (d) of the SEBI (Listing Obligations and Disclosures Requirements} Regulations, 2015

Pursuant to the provisions of Regulation 33 {3) {d) of SEBI {Listing Obligations and Disclosures Requirements) Regulations, 2015, We hereby confirm that the Statutory Auditors of our Company M/s. MSKA & Associates, Chartered Accountants {Registration No. 105047W), Mumbai have issued the Audit Report with Unmodified Opinion for the annual Audited Financial Results of the Company for the year ended 31 51

March, 2019.

Kindly take this declaration on record.

Thanking you

Yours faithfully for UST AN FOODS LIMITED

Sameer R. Kothari Managing Director DIN: 01361343

Panaji Office: Dempo House, Campa!, Panaji, Goa. 403001. Tel. No. +91-832-2441300 o Fax: +91-832-2225098 o Email: hfl@dempos.com