Balrampur Chini Mills : Outcome of the Board Meeting (Audited Financial Results for the quarter and year ended 31st March, 2017 and Credit Rating)

REGD.OFF. :"FMC FORTUNA" 2ND FLOOR, 234/3A, A. J. C. BOSE ROAD, KOLKATA - 700 020 PHONE : 2287-4749 FAX :(033) 22873083 I 22808874 GRAM : BALSUCO, CALCUTIA

Email :bcml@bcml.in • Internet Website http :I I www.chini.com • CIN - L15421WB1975PLC030118

27th May, 2017

Dear Sir/ Madam,

Sub: Outcom e of t he Board Meeting a n d Di sclosur es und er Regul ation 30 .

We wish to inform you that the Board of Directors of the Company at their meeting held today, i.e. 27th May, 2017, has, inter alia, approved the following:

1. Audited Financial Resul ts :

   Audited Financial Results (Standalone) for the Quarter and Year ended 31st March, 20 17 and (Consolidated) for the Year ended 31st March, 2017.

   In this regard, we are enclosing herewith a copy of the following as prescribed under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("the Listing Regulations"):

2. The Audited Financial Results (as stated above) in the detailed format as per the Listing Regulations, along with the Auditors' Report.

3. Declaration regarding unmodified opinion of Auditors on the said results in terms of Regulation 33.

4. III. Extracts of the said results as being released to advertisement agency for publica tion in newspapers in terms of Regulation 47.

5. Div idend:

   The interim dividend, approved by the Board of Directors of the Company on 11th August, 2016 and paid to the shareholders on 26th August, 2016, at a rate of Rs. 3.50 per equity share (350%) of the face value of Re. 1 each has been confirmed by the Board of Directors as the final dividend for the financial year 2016-20 17.

6. Cha nge in Statuto ry A ud itor s:

   Based on the recommendation of the Audit Committee, the Board has recommended the appointment of M/s Lodha & Co., Chartered Accoun tants (Firm's Registration No. 301051£) as the Statutory Aud itors of the Company for a period of 5 years from the conclusion of the 4 lst Annual General Meeting (AGM) of the Company until the conclusion of the 46th AGM, in place of Mis. G. P. Agrawal & Co., Chartered Accountants, the existing Statutory Auditors of the Company. Accordingly the proposal for the above appointment will be placed before the shareholders at the ensuing AGM.

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

   Continuation Sheet

   The change is in compliance with the mandatory rotation of the auditors, as per the provisions of Companies Act, 2013. Brief profile of M/s Lodha & Co. is as under:

   "LODHA & Co, having its Head Office at 14 Government Place East, Kolkata 700069 was fou nded in 1941. It has Branches in Mumbai, Delhi, Hyderabad, Chennai and Jaipur. The Firm currently has 15 Partners and a dedicated team of more than 80 Professionals. Staff strength of the Firm, other than the Professional staff, is around 220 personnel. The Firm is currently providing Assurance, Taxation, Accounting and Advisory Services. The Firm having more than 75 years of professional experience, has presence in all major Business Groups, Banks and various non-Government and Government organisations in India. It is empaneled with Controller and Auditor General of India and Reserve Bank of lndia and is currently eligible to carryout statutory audit of Maharatna and large Public Sector Banks. It has experience of working with several Multinational Companies, listed entities and companies with Multi-products and Services. "

7. Re-appointment of Dr. A. K. Saxena as Whole-time Director:

   Re-appointed Dr. A. K. Saxena as a Whole-time Director of the Company w.e.f. 1st August, 2017 for period of five years, based on the recommendation of Nomination & Remuneration Committee, subject to approval of the shareholders.

8. Credit Rating:

Noted the Credit Rating issued by CRlSIL (Credit Rating Agency) vide its letter dated 26th May, 2017 (copy enclosed) assigning Long Term Rating "CRISIL AA I Stable" to the Company. The Credit Rating Agency also assigned "CRISIL Al+" to the Commercial Papers of the Company.

The above credit ratings are in addition to the ratings issued by ICRA ( already informed to the Stock Exchanges).

Further, the said meeting commenced at 1.00 P.M.and concluded at 3.45 P.M. Thanking you ,

Yours faithfully,

For Balra mpur Chini Mills Limited

Nitin Bagada O

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(Company Secretary) '

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G.P. AGRAWAL & CO.

CHARTERED ACCOUNTANTS

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

Ph:(033) 2248 3941 Fax:(033) 2248 6814

Email: mail@gpaco.net

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

1. We have audited the accompanying statement of standalone quarterly financial results of BALRAMPUR CHINI MILLS LIMITED ("the Company") for the quarter ended 3151 March, 2017 and the year ended 3151 March, 2017 attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI circular no. CIR/CFD/ FAC/ 62/ 2016 dated 5th July, 2016. These financial results have been prepared on the basis of the annual financial statements, which are the responsibility of the Company's management and approved by the Board of Directors. Our responsibility is to express an opinion on these financial results based on our audit of such financial statements, which have been prepared in accordance with the Indian Accounting Standards prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India.

2. 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 financial results are free of material misstatement. An audit includes examining evidence supporting the amounts disclosed in the financial results. An audit also includes assessing the accounting principles used and significant estimates made by the management. We believe that our audit provides a reasonable basis for our opinion.

3. Based on our audit conducted as above, in our opinion and to the best of our information and according to the explanations given to us, these financial results:

4. are presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI circular no.

   CIR/CFD/FAC/62/ 2016 dated 5th July, 2016 in this regard; and

5. give a true and fair view of the net profit and total comprehensive income and other financial information for the quarter ended 31st March, 2017 as well as the year ended on 31st March, 2017.

6. The figures of financial results for the Quarter ended 31" March, 2017 are the balancing figure between audited figures in respect of the full financial year and the published year to date figures up to the th.ird quarter of the current financial year which were subjected to limited review by us.

7. For G.P.Agrawal & Co. Chartered Accountants

   Firm's Registration No. 302082E

   ) ii q

   (CA. Sunita Kedia)

   Partner Membership No. 60162

   Place of Signature: Kolkata Date : 27th May, 2017

   G.P. AGRAWAL & CO.

   CHARTERED ACCOUNTANTS

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

   Ph:(033) 2248 3941 Fax:(033) 2248 6814

   Email:mail@gpaco.net

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

8. We have audited the accompanying statement of consolidated annual financial results of BALRAMPUR CHIN[ MILLS LIMITED ("the Holding Company") and its subsidiary (the Holding Company and its subsidiary together referred to as 'the Group") and an associate for the year ended 31" March, 2017 attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI circular no. CIR/ CFD/FAC/62/2016 dated 5th July, 2016. These consolidated annual financial results have been prepared on the basis of the related consolidated financial statements, which are the responsibility of the Holding Company's management and approved by the Board of Directors. Our responsibility is to express an opi.nion on these consolidated financial results based on our audit of such consolidated financial statements, which have been prepared in accordance with the Indian Accounting Standards prescribed under Section 133 of the Compa.nies Act, 2013 read with relevant rules issued thereund er and other accounting principles generally accepted in India.

9. 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 financial results are free of material misstatement. A.n audit includes examining evidence supporting the amounts disclosed in the financial results. An audit also includes assessing the accounting principles used and significant estimates made by the management. We believe that our audit provides a reasonable basis for our opinion.

10. Other Matters

    We did not audit the financial statements of Indo Gulf Industries Ltd., a subsidiary included in the consolidated annual financial results, whose annual financial statements reflect total assets of ™9 lacs as at 31•1 March, 2017, total revenue of n3 lacs, total loss after tax of 't51 lacs and total comprehensive loss of 't51 lacs for the year ended on that date, and financial statement of Visual Percept Solar Projects Private Ltd., an associate in which the Group's share of net profit is 't98 Lacs and total comprehensive income is 't 98 lacs for the year ended 31" March, 2017, as considered in the consolidated financial results. These annual financial statements and other financial information have been audited by other auditors whose reports have been furnished to us, and our opinion on the consolidated annual financial results to the extent they have been derived from such annual financial statements, is based solely on the report of such other auditors.

    Our opinion on the consolidated financial results is not modified in respect of the above matters with regards to our reliance on the work done and the reports of the other auditors.

11. In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the report of the other auditors on separate financial statement and other financial information of subsidiary and associate referred to in para 3 above, these consolidated annual financial results:

12. are presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI circular no. CIR/ CFD/ FAC/ 62/ 2016 dated 5th July, 2016 in this regard; and

13. give a true and fair view of the consolidated net profit and consolidated total comprehensive income and other financial information for the year ended 31" March, 2017.

14. Place of Signature: Kolkata Date : 27th May, 2017

    For G. P. Agrawal & Co.

    Chartered Accountants

    Firm's Registration No. 302082E

    )uwu :

    (CA. Sunita Kedia)

    Partner Membership No. 60162