Outcome of Board Meeting

• Security Code: 506079
• Company: LAKPRE

Lakshmi Precision Screws Ltd has informed BSE that the Outcome of the Meeting of the Board of Directors of the Company held on November 14, 2016, the meeting was started at 2:30 p.m. and concluded at 7:15 p.m.:

1. Appointed Mr. Kailash Sarup Bhatnagar as Additional (Independent) Director with effect from November 14, 2016 and recommended his appointment as Independent Director to the Members.

2. Noted the Appointment of Mr. Sanjay Kumar Agarwal as Associate Vice President (Finance & Accounts) as one level below Key Managerial Personnel with effect from October 01, 2016.

3. Noted the Appointment of Mr. Sunil Kumar as DGM (Quality) as one level below Key Managerial Personnel with effect from October 17, 2016.

4. Approved for entering into lease agreement between the Company and Mrs. Yashika Jain, Related Party in which Directors of the Company are interested and transaction is falling under the purview of Section 188 of the Companies Act, 2013 and rules made there under read with Regulation 23 of the SEBI (Listing Obligations and Disclosure requirements) Regulations, 2015, which need recommendation from Audit Committee and approval from the Board, the necessary approvals obtained.

5. Approved for entering into lease agreement between the Company and Mr. Gagan Jain, Related Party in which Directors of the Company are interested and transaction is falling under the purview of Section 188 of the Companies Act, 2013 and rules made there under read with Regulation 23 of the SEBI (Listing Obligations and Disclosure requirements) Regulations, 2015. which need recommendation from Audit Committee and approval from the Board, the necessary approvals obtained.

6. Noted the credit rating "B+ (stable) and downgraded" assigned to the Company by Brickwork Ratings India Pvt. Ltd. for the bank loans/ working capital facilities.

Reason for downgraded rating: The rating downgraded reflects deterioration in financial position of the Company marked by widening of losses. The liquidity position of the Company is also stretched, which has impacted the debt servicing ability of the Company.

7. The agenda item for approval of Unaudited Financial Results for the 2nd quarter / 1st half year ended on September 30, 2016 was put up before the Board, however due to want of additional informations by the Audit Committee on Financial Results, The Board of Directors meeting was adjourned at 7:15 pm., the Adjourn meeting will be conducted on November 21, 2016 at 2:30 PM.