Balrampur Chini Mills : Unaudited Financial Results for the quarter and nine months ended 31st December, 2016.

BALRAMPUR CHINI MILLS LIMITED

REGO. OFF. : "FMC FORTUNA" 2ND FLOOR, 234/3A, A J. C. BOSE ROAD, KOLKATA - 700 020 PHONE : [phone] FAX : [phone] GRAM : BALSUCO, CALCUTIA

Email :[e-mail] • Internet Website http : / / www.chini.com • CIN - L15421WB1975PLC030118

11th February, 2017

National Stock Exchange of India Limited Listing Deptt., Exchange Plaza, 5th Floor, Plot No. C/1, G Block, Bandra Kurla Complex, Bandra (E) Mumbai- 400051	BSE Limited The Corporate Relationship Department 1st Floor, New Trading Wing, Rotunda Building, Phiroze Jeejeebhoy Towers Dalal Street, Fort, Mumbai- 400001	The Calcutta Stock Exchange Limited 7, Lyons Range, Kolkata - 700 00 I
Scrip Code: BALRAMCHIN	Scrip Code:500038	Scrip Code: 12012

Dear Sir/ Madam,

Ref: Unaudited Financial Results and Limited Review Report for the quarter and nine months ended 31st December, 2016

Pursuant to the Regulation 30 and 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, (the Listing Regulations), we are enclosing herewith the standalone unaudited financial results of the Company for the quarter and nine months ended 31st December, 2016 as considered and approved by the Board of Directors of the Company at its meeting held today.

Further, pursuant to Regulation 33 of the Listi ng Regulations, we are enclosing herewith a copy of the Limited Review Report issued by Mis. G. P. Agrawal & Co., Chartered Accountants, the Statutory Auditors of the Company for the said period.

The said meeting commenced at 1.00 PM and concl uded at 3.30 PM. Thanking you,

Yours faithfully,

:!1

For Balrampur Chini Mills Limited

'

Nitin

°'

(Company Secretary)

FACTORIES :BALRAMPUR •BABHNAN •TULSIPUR •HAIDERGARH •AKBARPUR • MANKAPUR • RAUZAGAON •KUMBHI • GULARIA • MAJZAPUR •KHALILABAD

G.P. AGRAWAL & CO.

CHARTERED ACCOUNTANTS

7A, Kiran Shankar Ray Road, Kolkata - 700 001

Ph: [phone] Fax:[phone]

Email: [e-mail]

INDEPENDENT AUDITOR' S REVIEW REPORT TO THE BOARD OF DIRECTORS OF BALRAMPUR CHINJ MILLS LIMITED

1. We have reviewed the accom pa nying statement of standalone u naudited financial results of BALR AMPUR CHIN! MILLS LIMITED ("the Company") for the Qua rter and Nine months ended 3151 December, 2016 ("the statement'), includ ing the restated figures for the (a) Corresponding 3 months ended 31st December, 2015, (b) Correspond ing 9 months ended 31st December, 2015 and (c) Year ended 3151 Ma rch, 2016. This statemen t is the responsibili ty of the Com pany's managemen t and has been approved by the Board of Directors. Our responsibility is to issue a report on these financial statements based on our rev iew.

2. We cond ucted our review in accordance with the Sta nda rds on Review Engagement (SRE) 2410, "Review of i nterim Fina ncial Information Performed by the Independent Aud itor of the Entity " issued by the Institu te of Chartered Accountants of India. This standard requ ires that we plan and perform the review to obtain moderate assurance as to whether the fina ncial 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 provid es less assurance than an aud it. We have not performed an audit and accord ingly, we do not express an audit opinion .

3. Based on ou r review cond ucted as above, nothing has come to ou r attention that causes us to believe that the accompanying statement of standalone unaudited financial resu lts prepared in accordance with the applicable Ind ian Accountin g Standards and other recognized accounting practices and policies has not disclosed the information requ i red to be d isclosed in terms of Regulation 33 of the SEBl (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Circular no. CIR/ CFD/ FAC/62/2016 dated 5th Ju ly, 2016, including the manner in which i t is to be disclosed, or that it con tains any material m isstatement.

   For G. P. AGRAWAL & CO. CHARTERED ACCOUNT ANTS

   Firm's R istra ·on No. 302082E

   ' (_

   _Ji

   Place of Signatur e: Kolkata Date : 11th February, 2017.

   )..AA.I. '•

   (CA. SUNITA KEDIA)

   Partner MEMBERSHIP NO. 60162

   PART-1

   •

   BALRAMPUR CHINI MILLS LIMITED

   Regd.Office :2341 3A, A.J.C.Bose Road,FMC Fortuna, 2nd Floor,Kolkata • 700020

   CIN • L15421WB1975PLC030118, Phone No. [phone], Fax No.[phone] / 22808874

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   E-mall:bcml 411> bcml.n- Website :www.chin.com

   ot """""n-"""" 1--- r•0nc••• n--··1ta for th• nuart- and Nine -onth& en"ed 31/1· 16

   I1nuca
   3months	Preceding	Corresponding	9 months	Corresponding	Year
   SI.	Particulars	ended	3 months ended	3 months ended	ended	9 months ended	ended
   No.	31/12/2016	30/09/2016	31/1212015	31/12/2016	31/1212015	31/0312016
   inthe previous	in the previous
   vaar	vear
   (Unaudited)	(Unaudited)	(Unaudted)	- unaudited)	IUnaudited)	(Unaudited)
   1 I	ncome from Operations
   a} Revenue from operabons	98931	93722	88136	275336	207116	287407
   b) Other =rabno 111come		.
   Total Income from ooeratlons		98931	93722	88136	275336	207116	287407
   2	Expenses
   a} Cost of matenals consumed		82008	312	52754	87002	67195	211254
   b} Excise duty on sale of gOOds		5203	4974	3249	13931	8510	11741
   c} Changes,n 1nventones of finished gOOds and workan-progress		(26578)	63361	11059	86813	97495	(13623)
   d} Employee benefits expense		4416	3734	3849	11559	10644	15095
   e} Depreciation and amortJsat,on expense		2563	2736	2745	7977	8387	11011
   IllOther e>nnses		8253	4070	5464	15556	13223	21836
   Total expenses		76865	79187	79120	222838	205454	257314
   3	Profit from operations before otherIncome, finance
   costs and except onal Items (1 2)		22066	14535	9016	52498	1662	30093
   4	Other income		969	408	319	1908	4048	4737
   5	Profit from ordinary activities before finance costs
   and exceptional Items (3+4)		23035	14943	9335	54406	5710	34830
   6	Finance costs		280	1195	598	3594	4952	6655
   7	Profit from ordinary activities after finance costs
   but before exceptional Items (5-6)		22755	13748	8737	50812	758	28175
   8	Exceptionalitems		416	17310
   9	Profit from ordinary activities before tax (7· 8)		22755	13748	8737	50812	342	10865
   10	Tax expense		5235	3148	18	11622	73	797
   11	Net Profit for the period (9-10)		17520	10600	8719	39190	269	10068
   12	Other ComprehensiveIncome (net of tax)		(1)	(1)	(1)	2	(38)
   13	Total Comprehensive Income (11+ 12)		17520	10599	8718	39189	271	10032
   14	Paid- up Equity share capital		2450	2450	2449	2450	2449	2449
   (Face value of ,11·each)
   15	Reserves excluding Revaluabon Reserve as per		.	.	121010
   previous accounting year		(All on 31/312016)
   16	Earnings per share
   (of t 1/-each) (not annualised for quarterly and nine months figures):
   a) Basi		7.15	4 33	3.56	16.00	0.11	4.11
   b) Di uted (f)		7.15	433	3.56	16.00	0.11	4.11
   See accompanying notes to the flnanclal results
   Unaudited Standalone Segment Wise Revenue,Results, Assets and Uabilitles for the Quarter and Nine months ended 31/12/2016
   3 months	Preceding	Corresponding	9 months	corresponding	Yeu
   SI.	Particulars		ended	3 months ended	3 months ended	ended	9 months ended	ended
   No.	31/12/2016	30/09/2016	31/1212015	31/12/2016	31/12/2015	31/03/2016
   inthe prev,ous	inthe previous
   vear	vear
   (Unaudited)	(Unaudited)	!Unaudited)	(Unaudited)	(Unaudrted)	(Unaudited)
   1	Segment Revenue
   a}Sugar		93443	84743	81350	250687	180379	254826
   b} Co-generation		12397	1751	10040	20351	20399	41153
   c) Oisbllery		7093	10520	7372	25632	22437	29549
   dl Others		114	360	892
   Total		112933	97014	98876	296670	223575	326420
   Less: nter Seament Revenue		14002	3292	10740	21334	16459	39013
   Revenue from ooerations		98931	93722	88136	275336	207116	287407
   2	Segment Results·Profitl(Loss} before tax, finance costs and
   Exceptionalitems
   a) Sugar		17677	11984	2598	39999	(10264)	5448
   b) Co-generation		4229	(490)	4375	5868	8229	17908
   c) Distillery		2092	4189	3004	10535	9598	13458
   d) Others		(24'	(2)	43	126)	100	285
   Total		23974	15681	10020	56376	7663	37099
   Less I.Finance costs		280	1195	598	3594	4952	6655
   11. Other un-allocabie expend1Me net of Un-allocable income		939	738	685	1970	1953	2289
   111. Exceptional ttems		416	17310
   3	Profit before tax		22765	13748	8737	50812	342	10865
   Segment Assets
   a) Sugar		166648	144486	160813	166648	160813	267208
   b) Co-generation		64558	61552	54103	64558	54103	89911
   c) Dlsbllery		20652	23890	17515	20652	17515	20528
   d) Others		35	92	899	35	899	921
   e} Unallocable		18484	17009	51223	18484	51223	16689
   Total		270377	247029	284553	270377	284553	375255
   Segment Llabllitles
   a) Sugar		33196	11413	44672	33196	44672	57410
   b} Co-generation		2033	1828	1358	2033	1358	1333
   c) Oisbilery		963	1620	1331	963	1331	1387
   d) Others		2	22	37	2	37	102
   e} Unallocable		81845	97304	123470	81845	123470	191564
   Total		118039	112187	170868	118039	170868	251796

   BALRAMPUR CHINI MILLS LIMITED

   Regd.Olrice :2341 3A, A.J.C. Bose Road, FMC Fortuna, 2nd Floor, Kolkata • 700020

   CIN. L15421WB1975PLC030118, Phone No.[phone], Fu No. [phone] / 22808874

   E-mail: bcml ct bcml.ln- Website :www.chlnl.com

   Notes:

   1)

   The ,1bove un•udHed st.inculone fin.1.ndaJ results were reviewed by the Audit Committee i..nd the.-e.Uler the Board of Directors has ,1pproV"ed the above results ilt thei.r cesp«tive meetings held on 11th February,2017.

4. The St,1ndaJone fi.nanci•l resuJts of the Compa.ny have been prepared in accordilnce with Indian Accounting Standuds (Ind AS) notified under the Compilnies (lndiiln Acc-ounting St.andilrd.s) Rules, 2015 as •mended by the Comp.tin.ies {lndiin Accounti.ng St,1nda..rds) (Amendment) Rules, 2016.The Company hu adopted Ind AS from 1st Aprit 2016, with a tH.nsition date of 1st ApriJ , 2015 .ind accordingly these result s {including for iillll the periods presented in accordance with Ind AS 101 • First-time Adoption of Indian Account ing Standuds) h•ve been restate to comply with the requirment of Ind AS and to ma.ke them cOmp.ilnble with those of the ru.nent quarter and nine months f'nded 31st Dec,mber,2016.

   These fimmciilJ results have been prepared in t1ccordant'e with the recognition t1nd meilsurement principles stipuJiited under Ind AS 34 -Interim Financial Reporting •nd other ,1ccounting principles genenlly acrepted in lnctia.

   The Statutory Auditors have carried out •Limit ed Review• of the aforesa..id financial results for a.II the periods presented.

5. The format Cor un•udited quarterly results u prescribed vide SEBI drrulu CIR/CFD/CMD/1 5 dated 30th November. 2015 hos been modified to comply with the requirements of SEBI circulu dated Sth July,2016 and Schedule Ill (Division ll) to the Companies Act, 2013applicoble to comp•nies Uut are required to comply with Ind AS.

   4a) Reconril.i,11ion of stndalone financ:iaJ resuUs as previou sly reported (referred to ilS •Previous GAAP'") ilnd Ind AS for quarter and nine months ended 31st December,2015 .tnd year ended 31st M..i«h, 2016

   is liunder:

   ( lIn Lacs)

   P•rticulars

   Net Profit u per Previous GAAP (after tax)

   Ad d/(Less) ·Effect or trans,t,on to Ind AS.·

6. Measurement of Investment m debentures at c1morttsed cost

7. (i.i) Net gam on recognihon of fa1r valueor denvdhves

   (1.il) Reclass1hcc1t1on or actuarial gam/(loss) ansmg m respect of employee benefits scheme to Other Comprehensive Income (net of tdx) (1v) Other adjustments

   (v) Tax o1d1ustments

   Net imp.-ct of lnd AS .-djustments Net Profit ,1s reported under Ind AS

   Other Comprehensive Income (net of tax)

   Tot..) Comprehensive Income as reported under Ind AS

   Quarter ended Nine Months ended Year ended 31st December, 2015 nst December,201.S 31st Man:n, 2016

   8780 64 9942

   46 136 181

   (102) 148 157

   38

   (5) (24) (27)

   (55) (223)

   (61) 205 126

   8719 269 10068

   (1) 2 (36)

   8118 211 10032

8. Under Previous GAAP, long term investments were curied ,11cost less provi ion for diminution recorded to re.:ogn.iff .iny decline, other lha.n temporuy, in the nrrying value of uch invesl"r:nent .

   Under Ind AS, investn1ents in equity instruments a.re recognised and meil.Sured at fair valu e. lmp•cl of fafr value changes (net of tax) as on the d•te of transition has been recognised in ret.Uned Umings and for changes the.rei!ter in Other Comprehensive Income.

   Investm ent in debentuteS fulfillin& the prescribed dassifiution rriteri.a , ii.re dilified iamortised cost •nd interest thereon is accounted for u.sing the effective interest ule under Ind AS.

9. Under previous GAAP. the net mule t·o muket losses on deriv,1tive financia.l instruments as at the Balance Sheet date,were recognised in the St,1tement of Pro£it and Loss; a.nd the net gain, if any, was ignored.

   Under Ind AS, such deriv,1tive financi.i instruments are recognised at fair v•Jue ilnd impact of fair value chilnp,es as on the date of transition has been recognised in reserves ,1nd for changes there•Cter in the Statement of Profit and Loss.

10. Under Previou s CAAP,.actuarial gainsand losses were recognised in the St•tement of Profit t1nd Loss.Under Ind AS,the actuariaJ gafo.s ind losses forming pvt of re- measu rement of the net defined benefit li.tbility/ilSset is recognjsed in Other Comprehensive Income (net of tu).

11. (i) Under Previous GAAP,certain government grants received by the Comp•ny in the nature of promoter's contribu tion were credited to C•pit,11Reserve. Under Jnd AS,such gra;nts a.re tceated a.nd presented in the Balance Sheet by setting u p the grant ;1;5 deferred income and deferred inl'ome is rec:ogni.sed in the Statement of Profit and Loss on • systematic ba.sis over the useful life of the related assets.

(ii) Under Previous GAAP,loan processing fees/ transaction rost were recognised in the Statement of Profit and Loss.Under lnd AS1such expenditures are considered for calculating effecHve interest rate. The impact of the same a.son the date of lril.Mition hasbeen rec:ogn.ised in retained nmings and t hereilfte:r in the St,.lement of Profit t1nd Loss.

(t) The deferred tax impact of transit-ion •djustments together with the Ind AS mandiilte of u sing b•lance sheet approach (•ga.inst profit and loss a.pproi1ch under previou.s GAAP) for computation of deferred laxes hills resulted indebit to reserves on the d1:te of 1Ti1.nsition and to the Statement of Profit and Los.s for the subsequent periods.

1. Other expenses include:

2. Net loss on disposaVdiscud of property, plant and equipment aggregating to l226 l,1cs and t 677 l•cs for nine months period and qu1..rter ended 31st De«mber 2016 respectively including loss of t 544 lacs a.nd l 74 lac-s for nine months period and qua.rter ended 31st December.2016 respectively relating to di.5post1Vdiscud of usel:s of the dosed sugar unit illl Kh.alib.bad.

   b} A sum of l noo lacs relating to cane commission rtteiv,ble which hu been written off during for qua.rter and nine months period ended 31st December, 2016,in ,1ccordince with t he notification dilled 28th December,2016 issued by the Government of UuuPrt1desh.

3. Exceptional items represent expenditure on iccount of Voluntary retirement 54.:heme in relation to staff/workers of the closed sugar unit at Khi1Jifabad.

4. 7) The Company has entered into a Share Purchase Agreement on 27th Ja..nua ry; 2017 for sale of its entire S3.96o/o stake in lndo Gulf Jndust-ries Ltd., •Subsidiary of the Company.

5. Pursuant to the approv of the Boa.rd of Direon 15th November, 2016 and Sha.reholders by way of Postal Ballot on 2nd J•nu;uy,2017;the Company has made a Public Announcement on 3rd January, 2017 for buyback of uplo 1,.00,00,000 equity sh.a res of 't 1. Heh al a price of t1·per share for a.n ilggregilte of .tmount of upto f 17500 lacs in accordilnre with the SEBI (Buyb,1ck of Serurities)

   ReguJations, 1998, as•mended. The Compan y hasillso ctisptched the Letter of Offer to the Sho1reholders of the Company. The Buyback Offer period hu commenced on 7th Februuy,2017 .and sha.U close on

   20th February,2017.

6. The Company has aUoted 1500 Equity Sh,1res of f t/·ech at i price of {45/· per share (Inclurung premium of t Mf· J)'!rshue) on 16.U.2016 lo the eligible employees under the Employees Stock Option Scheme of the Company.

7. Sugar being ,1 Season.ii Industry,the pe.r::formance of the Comp.1ny varies from quarter to quiirler.

8. The figures of previou.s periods h•ve been regrouped/reclnsfied whereever necess.uy to m,.ke them compitrable wilh t hose of the current period.

-

PlitCe of Signif:tu.re :Kolkilt1 Date:11th February ,2011

For ..nd on beh,11£ of the Bo.ud of Directors of

BillrampurO,,ini t4.ill.s Limited

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