Tt ieita Shri Keshav Cements and Infra Limited Regd. Off: “Jyoti Tower’ 215/2, Karbhar Galli, 6th Cross, Nazar Camp, M. Vadgaon, Belagavi-590 005. Cc E M EN T @ : 2483510, 2484412

CIN No, :L26941KA1993PLC014104, Email: info@keshavcement.com Website; www.keshavcement.com

To Date: 13.11.2019 Department of Corporate Services

BSE Limited

Phiroze Jeejeebhoy Towers, Dalal Street,

Mumbai-400 001

Sub: Outcome of the Board Meeting.

Ref: Scrip Code, 530977

Scrip Name: M/s. Shri Keshav Cements and Intra Limited.

Dear Sir,

With reference to the above please find outcome of Board Meeting- At the meeting of the Board of Directors of the Company held today, 13™ November, 2019, the following items of business were transacted.-

Un-audited financials of the Company for the 2" quarter ended September 30, 2019. Please find enclosed herewith copy of the Un-audited Financial Results and the Limited Review Report issued by the Statutory Auditors of the Company.

We have made arrangements to get the accounts published in one national news paper and one regional news paper.

The Meeting was concluded at 04.35 PM.

This is for your kind information.

Thanking You,

Yours faithfully,

For Shri Keshay Cements and Infra Limited

Eee

Company Secretary

SHRI KESHAV CEMENTS AND INFRA LIMITED “Jyoti Tower", 215/2, 6th Cross, Nazar Camp, Karbhar Galli, M. Vadgaon, Belagavi - 590005

CIN: L26941KA1993PLC014104 E-mail: info@keshavcement.com; Website: www.keshavcement.com

STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER & HALF YEAR ENDED SEPTEMBER 30, 2019

(Rs. in Lakhs, except per share data)

Quarter ended Half Year ended Year ended

S.No. Particulars 30.09.2019 | 30.06.2019 | 30.09.2018 | 30.09.2019 | 30.09.2018 | 31.03.2019

Unaudited | Unaudited | Unaudited | Unaudited | Unaudited Audited 1 [Income from Operation

Revenue from operations 1,472.88 2,004.27 1,729.66 3,477.15 2,922.35 7,003.15 2 |Other income, net 3.43 3.00 3.45 6.43 5.43 44.07

3. |Total Revenue (1+2) 1476.31] 2,00727| 1,733.11 | 3,483.58 7,047.22 4 |Expenses:

Cost of Materials Consumed 480.04 633.53 479.38 1,113.57 848.97 1,802.51 Purchase of stock in trade 258.85 239.06 325.42 497.90 761.00 1,373.80 Ch: in inventories of Finished Goods and Stock i Pa ESE 14.72] (112.73) 375.69 (08.00) 15.78 321.43 Other Manufacturing Expenses 56.11 62.87 78.98 118.97 136.69 252.00 Employee benefit expense 95.16 88.23 77.89 183.39 168.32 344.03 Finance Costs 391.20 "393.18 470.05 784.39 921.87 1,835.58 Depreciation and amortisation expenses 289,43 285.25 417.63 574.68 706.94 1,174.37 Other expenses 115.36 133.63 72.86 249.00 140.91 384.67

Total expenses 1,700.88 1,723.02 2,297.91 3,423.89 | 3,700.48 7,488.39

5 | Profit / (Loss) before exceptional items and tax (3 - 4) (224,56) 284,25 (564.80) 59.69 (772.71) (441.17)

6 |Exceptional Items « 1 a « < 7 eS 7 {Profit / (Loss) before tax (5-6) (224.56) 284.25 (564.80) 59.69 (772.71)} (441.17) 8 |Tax Expenses:

Current Tax (37.66) 52.58 14.92 eS Deferred Tax 226.34 (97.32) 894.67 129.02 894.67 1,534.06 Provision for Tax previous year - - (3.37) MAT Credit reversal of previous year - 53.14

Total Tax expenses 188,68 (44,74) 894,67 143,94 894.67 1,583.82 9 Net Profit / (Loss) from continuing operations after

tax (7-8) (413,24) 328,99 | (1,459.46) (84.25)| (1,667.38) | (2,025.00)

10 Net Profit / (Loss) from discontinuing operation - : - - - -

11 |Tax Expense of discontinuing operations : = : = = * 12 Net Profit / (Loss) from discontinuing operations after

tax (10-11) : : : - : > oe

13. [Net Profit / (Loss) for the period (9+12) (413.24) 328.99 (1,459.46) (84.25)| (1,667.38) (2,025.00)

14° |Other Comprehensive Income (OCI) Items that will not be reclassified subsequently to profit

or loss

Remeasurement of the net defined benefit liability/asset (8.16) (8.16) 1.44 ‘Tax impact on items that will not be reclassified to profit and loss statement 2.12 212 (0.38) Ttems that will be reclassified subsequently to profit or , loss - : - - - =

Total Other Comprehensive Income (Net of Tax) (6.04) - - (6.04) - ior] 1s TOTAL COMPREHENSIVE INCOME FOR THE

PERIOD (13+14) (419.28) 328,99 | (1,459.46) (90,29)| _(1,667.38)| (2,023.93) Paid up equity share capital 51.24 51.24 51.24 51.24 | 51.24 31.24 (Face Value Rs. 10/- per share)

16 |Eamings per equity share (Not Annualised) 1, Basic (in Rs.) (8.18) 6.42 (28.48) (1.76) (32.54) (39.50) 2. Diluted (in Rs.) (8.18) 6.42 (28.48) (1.76) (32.54) (39.50)

Notes:

1. The figures of corresponding previous periods have been regrouped or reclassified where ever necessary, to make them comparable.

2. Operational profit of Rs. 67.58 lakhs this quarter compared to Rs, -147.17 lakhs in the corresponding quarter of previous year.

3. EBITA for this quarter of Rs. 458.78 lakhs is 40% higher than Rs. 322.88 lakhs in the corresponding quarter of previous year.

4. Finance cost is steadily decreasing from 470.05 lakhs to 391.20 lakhs in the corresponding quarter of previous year

5. There is significant decrease in sales during the quarter due to Natural calamities (Flood in entire North Kamataka and Maharashtra region)

6. Profit Before Tax is reporting loss on account of higher depreciation and amortization cost due to capitalization of newly commissioned solar plant.

7. The Audit Committee has reviewed the above results and the Board of Directors has approved the above results and its release at their

respective meetings held on 13th November 2019. The Statutory Auditors of the Company have carried out a Limited Review of the aforesaid results.

For Shri Keshav Cer d Infra Limited *

Place: Belagavi

Date: 13.11.2019 Managing Director

SHRI KESHAV CEMENTS AND INFRA LIMITED

"Jyoti Tower", 215/2, 6th Cross, Nazar Camp, Karbhar Galli, M. Vadgaon, Belagavi - 590005

CIN: L26941KA1993PLC014104

E-mail: info@keshavcement.com; Website: www.keshavcement.com

UNAUDITED STATEMENT OF ASSETS AND LIABILITIES AS AT 30 SEPTEMBER 2019

(Rs. in lakhs)

3 As at 30-9-2019 | As at 31-03-2019

Particulars (Unaudited) (Audited)

A |Assets

1 |Non- current assets :

Property, plant and equipment 18,159.96 18,855.99

Capital work-in-progress 519.88 143.19

Financial assets

i) Other non-current financial assets 172.97 172.98

‘Total Non-current Assets E 18,852.80 19,172.16

2 |Current Assets

Inventories 2,043.41 1,857.46

Financial assets

i) Trade receivable 777.03 1,105.74

ii) Cash and cash equivalents 222.97 152.73

iii) Other current financial assets 13.43 6.43

Other current assets 201.73 151.46

Total Current assets 3,258.57 3,273.82

Total Assets 22,111.37 22,445.98 << ———

B |Equity and liabilities

1 |Equity Equity Share capital 512.42 512.42

Other Equity

i)General Reserve 592.05 592.05

ii) Retained Earnings/surplus 1,087.55 -1,003.30

iii) Other comprehensive income 25,82 -19.79

iv) Other Component of equity “17.78 -17.32

Total Equity -26.69 64.06

2 | Liabilities e Non-current liabilities

Financial liabilities

i) Borrowings 10,014.17 10,324.30

Deferred Tax Liabilities (Net) 2,261.56 2,134.66

Total Non-Current liabililties 12,275.73 12,458.96

Current Liabililties

Financial liabilities i) Borrowings 6,650.39 6,760.24

ii) Trade payables 649.73 610.87

iii) Other current financial liabilities 2,278.44 2,287.82

Other current liabilities 224.46 232.83

Provisions 59.32 31.20

Total Current Liabillities 9,862.33 9,922.96

Total Equity and Liabilities 22,111.37 22,445.98

Notes:

1. Due to higher depreciation & deferred tax liability provision as a res

ult of setting up of Solar Plant & expansion of Cement plant,

company incurred higher net loss after tax for the past two years. Hence the Networth of the Company reduced.

The Company has raised an amount of Rs.2817.33 Lakhs by Rights Iss

the results are prepared on going concern basis.

2. The aforementioned results were reviewed by the Audit Committee

meetings held on 13th November 2019 at Belgaum. Limited Review

ue subsequently and increased equity to that extent. Hence,

and approved by the Board of Directors at their respective

of these results as required under Regulation 33 of SEBI

(Listing and other Disclosure Requirements) Regulations, 2015 has been completed by the Statutory Auditors.

3. The previous period figures have been regrouped/ rearranged wherever necessary to conform to the current period figures.

For Shri Keshav Cements and Infra Limited

Place: Belagavi

Date: 13.11.2019

Me Katwa

Managing Director

UNAUDITED SEGMENT INFORMATION FOR THE QUARTER AND HALF YEAR ENDED AS AT 30TH SEPTEMBER, 2019

Quarter Ended Half Year Ended Year Ended

Particul articulars 30 June'l9

a

and Ti in Coal

Dealers of Petrol and

Solar Power Generation

Total Less: Inter Revenue

Total

and Ti in Cements T in Coal

Dealers of Petrol and

& Others

Income

Ti

Ti in Coal

Dealers of Petrol

Power Generation &

Dealers Note:

As per Indian Accounting Standard 108 ‘Operating Segments’, the Company has reported ‘Segment Information’, as described below:

1, Manufacturing and Trading in Cements (MTC):

This includes production and sale of cement and also revenue from purchase and sale of cement.

2. Trading in Coal (TC):

This includes purchase and sale of Coal.

3. Trading in Petrél and Diesel (TPD): This includes sale and purchase of petrol and diesel.

4. Solar power generation and Supply:

This includes generation and sale of solar power in excess of captive consumption.

5. Unallocated: General liability and assets which is directly associated with any of the above reporatable segment and related income and expense are classified as unallocated.

6. The figures of corresponding previous periods have been regrouped or reclassified whereever necessary, to make them comparable.

For SHRI KESHAY CEMENTS & INFRA LTD,

VILAS KATWA Managing Director

SHRI KESHAV CEMENTS & INFRA LIMITED

CIN: L26941KA1993PLC014104

Reg. Office: Jyothi Tower, 215/2, 6th Cross, Nazar Camp, Karbhar Galli, Madhavpur, Vadgaon, Belgaum- 590005 KA

CASH FLOW STATEMENT

(Amount Rs in Lakhs)

. For the Period ended | For the Year ended Particulars

30 September 2019 31 March 2019

Cash fow from operating activities

Net Profit / (Loss) from continuing operations before tax from

Continuing Operations 62.41 (441.17)

Discontinued Operations - -

Profit before income tax including discontinued operations 62.41 (441.17)

.|Adjustments for:

Depreciation and amortisation expense 574.68 1,174.37

Interest income classified as investing cash flow (0.82) (12.68)

Interest Expenses 784.39 1,835.58

Provision for gratuity 3.60 6.99

Sundry Balance Write off 1.34 (23.74)

Bad Debts Written off - 9.46

Profit on sale of Assets - (0.52)

Changes in operating assets and liabilities :

(Increase)/Decrease in trade receivables 328.70 (514.60)

(Increase)/Decrease in inventories (185.95) (285.58)

(Increase)/Decrease in other non current financial assets 0.01 22.37

(Increase)/Decrease in other current financial assets (6.99) 6.40

(Increase) / Decrease in other current assets (50.28) 735.79

Increase/(Decrease) in trade payables 37.52 420.07

Increase/(Decrease) in Other current financial liabilities (9.38) (2,260.20)

Increase/(Decrease) in current liabilities and provisions (9.65) 156.10

Cash generated from operations 1,529.58 828.63

Taxes paid - -

Net cash inflow (outflow) from operating activities A 1,529.58 828.63

Cash fow from investing activities

Payments for property, plant & equipments (255.33) (636.95)

Interest received 0.82 12.68

Net change in margin money

Net cash inflow (outflow) from investing activities B (254.51) (624.27)

Cash fow from financing activities

Net Proceeds from borrowings (377.67) 1,257.02

Less : Interest Paid (784.39) (1,835.58)

Rights issue expenses (0.46) (17.32)

Net cash inflow (outflow) from financing activities Cc (1,162.52) (595.88)

Net increase/(decrease) in cash and cash equivalents A+B+C 112.56 (391.52)

Cash and cash equivalents at the beginning of the year (2,340.50) (1,948.98)

Exchange difference on restatement of foreign currency cash and cash equivalents -

Cash and cash equivalents at the end of the year (2,227.95) (2,340.50)

Cash and cash equivalents as per above comprise of the following

‘| Particulars 30 September 2019 31 March 2019

Cash and cash equivalents 222.97 152.73

Bank Overdrafts (2,450.92) (2,493.24)

Balance as per statement of cash flows (2,227.95) (2,340.50)

For SHRI KESHAV CEMENTS & INFRALTD.

> VILAS KATWA Managing Director

Singhi sf Co. Chartered Accountants

Independent Auditor’s Review Report on Review of Unaudited Quarterly and Year to date Financial Results

of Shri Keshav Cements and Infra Limited Pursuant to the Regulation 33 of the SEBI

{Listing Obligations and Disclosure Requirements) Regulations, 2015

The Board of Directors,

Shri Keshav Cements and Infra Limited

Jyothi Tower, 215/2, 6th cross -

Belagavi-590005 KA

We have reviewed the accompanying statement of unaudited financial results (‘‘the statement”) of Shri Keshav Cements and Infra Limited for the quarter ended September 30, 2019 and year to date results for the period April 1, 2019 to September 30, 2019. (‘‘the statement”)

This statement is the responsibility of the Company’s Management and has been approved by the Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian

Accounting Standard 34 “Interim Financial Reporting” (“Ind AS 34”) prescribed under Section 133 of Companies

Act, 2013 (“the Act”) as amended read with relevant rules issued thereunder and other accounting principles

generally accepted in India. Our responsibility is to issue a report on these financial statements 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 the Independent Auditor of the Entity”, issued by the

Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain

moderate assurance as to whether the financial statements are free of material misstatement. A review is limited

primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides

less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.

Based on our review conducted as above, nothing has come to our attention that causes us to believe that the

accompanying statement of unaudited financial results prepared in accordance with applicable accounting standards

and other recognized accounting practices and policies has not disclosed the information required to be disclosed in

terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 including

the manner in which it is to be disclosed, or that it contains any material misstatement.

Other Matters:

We draw attention to matters stated in Note No.1 of Unaudited Statement of Assets and Liabilities as at 30

September 2019, regarding preparation of the Ind AS financial results on going concern basis for the reasons and

measures undertaken by the management to raise the requisite funds subsequently.

For Singhi & Co.

Chartered Accountants, @ 8 ss ICAI FRN No. 302049E

Date: 13/11/2019. Members ip No: 077508

Place: Bangalore UDIN: P9077508AAAAOIS658

No. 28, V. S Raju Road, Palace Guttahalli, Near BDA Head Office, Kumara Park, Bangalore-560 020 India.

E mail : bangalore@singhico.com Web : www.singhico.com