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National 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
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
r'aif-±
Mayuri I Kulkarni
Company Secretary and Compliance officer
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WS P. G. BHAGWAT HEAD OFFICE
CHARTERED ACOUNTANTS Suites 101-102,. Orchard'
Di.. Pal Marg. Baner. Pune -45
Tel (0): ()20 -27290771 / I 772/1773
Web: www.pgbhagwatca.com
Auditors' Report
On the Quarterly and Year to Date
Standalone Indian Accounting Standards (Ind AS) Results of
Precision Camshafts Limited
Pursuant to the Regulation 33 ol. tlie SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015
To
The 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 results
for 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 Disclosure
Requirements) 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 (Listing
Obligations and Disclosure Requirements) Regulations, 2015 (as amended) in this regard;
and
WS P. G. BHAGWAT
CHARTERED ACOUNTANTS
(ii) give a true and fair view of the standalone net profit, standalone other comprehensive
income 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.
Partner
Membership No.: 136835
Pune
May 27, 2019
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Dear Sirs/Madam,
Thanking
\tr_
Ravindra R. J
Whole-time Director and CFO
Auditors' Report
On the Year to Date
Consolidated Indian Accounting Standard (Ind AS) Results of
Precision Camshafts Limited
Pursuant to the Regulation 33 of the SEBI
(Listing Obligations and Disclosu re Requirements) Regulations, 2015
To
The 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. Our
responsibility 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.
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 und
Fahrzeutechnik GmbH, Germany (76%), EMOSS Mobile Systems BV. Netherlands (51%) and PCL
Brasil Automotive LTDA ( I 00%).
M/S P. G. BHAGWAT
CHARTERED 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 the
Consolidated 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 Opinion
ln 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 PCL
Camshafts 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) 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 (Listing
Obligations and Disclosure Requirements) Regulations, 2015 (as amended) in this regard;
and
(iv) 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 matters
a. 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
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's
management has prepared and converted the financial statements of such joint ventures
¢ointly controlled entities) located outside India into Accounting Standards applicable in
India 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.
Partner
Membership No. 136835
Pune
May 27. 2019
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 figures
before adjusting after adjusting for
for qualifications) qualifications)
(Rs. In Lakhs) (Rs. In Lakhs)
1. Turnover/ Total Income 2:2-J7L.in 2:2J71fJil
2. Total Expenditure 23,110.77 23,110.77
3. Net Profit/ (Loss) (339.70) (339.70)
4. Earnings Per Share (8.64) (8.64)
5. Total Assets 29,303.18 29,303.18
6. Total Liabilities 29,303.18 29,303.18
7. Net worth 1,495.54 1,495.54
8. 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:
accounting practices and procedures which are necessary to comply with Indian Laws
and 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 of
Precisions Camshafts Limited has taken necessary steps to erisure that the books of
accounts 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
IthL
/.
{ \\-,, lty.M ul th A u.
Yatin S. Shah Ravindra R. Joshi Pramod Mehendale Abhijeet Bhagwat
Mana8i ng Director Chief Financial Offer Chairman, Partner, P.G. Bhagwat
Audit Com in ittee Statutory Audit
Place: P une
th May2019 -
Date: 27
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Tel.: 020 -2?290771, 27291 "2, 27291773
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Menbershjp No. 136835
Pune
May27,2019
a) Fmancial assets(i)lnvcsthents
9,990.34 I I ,022.52 9,990.34 11,022.52
(iv) Bank balance other than (iii) above 6,478.08 14.174 52 6.599 48 14.194.64
I,246 07 I,463.96
10,965 54 5,293.95
(iL) ChhcT financial liabilides 2.837.82 3,316 39
I,557 20 I,149.15 I,557 20 I,729.32
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H4 rmerred tax Liabilities (net)
v'sions 614 83 593.35 854 81 847.90
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/ip 9elbo -a, btiiabiiitie9 2,172.03 1'742.50 16.21S.37 l|,187.S6
*j
ot.I Eqdafa£J Liabilities 73.953.68 72,569.40 98,610.49 88.603.19