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Alps Industries Ltd. Audit Report / Information 2021
17833_rns_2021-06-30_58bd33ed-fdf6-4982-8e70-25a6b8d0390e.pdf
Audit Report / Information
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Alps Industries Ltd.
REGD.lCORP. OFFICE
57/2, Site-IV, Industrial Area Sahibabad, Ghaziabad - 201010 Uttar Pradesh (India)
ALPS/088/SEll/2021-22 June 30, 2021
| The General Manager | TheRelationship Manager |
|---|---|
| Market Operations Deptt., | CorporateRelationship Deptt., |
| National Stock Exchange of India Ltd., | Bombay Stock Exchange Limited, |
| ExchangePlaza,5thFloor, | 1STFloorNewTradingRing, |
| Plot No.C/1, G-Block,Bandra-KurlaComplex | Rotunda Building,P.J.Towers, |
| Bandra(E), Mumbai-400 051 | 001.Dalal Street,Fort,Mumbai-400 |
| Ph- 91-22-26598101- 8114 | Ph-022-22728995 |
| Fax:022-26598237/38/26598100 | Fax:022-22723121/ |
| [email protected] | 3719/2037/2039/2041/2061 |
| [email protected], | |
| corp.relationseabseindia.com |
RE: DECLARATION IN COMPLIANCE OF CIRCULAR CIR/CFD/CMD/56/2016 DATED 27.5.2016 ON THE MODIFIED OPINION AUDIT REPORTS FOR THE FINANCIALYEAR 2020-21.
Dear Sir,
DECLARATION
In terms of regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with the compliance of SEBI circular no- CIR/CFD/CMD/56/2016 dated 27.5.2016, we hereby declare that Audit Report on Standalone & Consolidated financial Statements of My s. Alps Industries Limited, having its registered office at 57/2, Site IV, Industrial Area Sahibabad, Ghaziabad (U.P.), as provided by the Statutory Auditors of the company is modified Opinion and Qualified Opinion related to the financial year ended on March 31,2021. As required the Statement on Impact of Audit Qualifications is enclosed.
This is for your kind information and record, please.
STATEMENT ON IMPACT OF AUDIT QUALIFICATIONS (FOR AUDIT REPORT WITH MODIFIED OPINION) SUBMITTED ALONG-WITH ANNUAL FINANCIAL RESULTSFOR THE FINANCIAL YEAR ENDED ON MARCH 31, 2021 IN TERMS OF REGULATION 33 OF SECURITIES AND EXCHANGE BOARD OF INDIA (LISTING OBLIGATIONS AND DISCLOSUREREQUIREMENTS) REGULATIONS, 2015 AS AMENDED ON 9TH MAY, 2018 AND CIR/CFD/CMD/56/2016 DATED MAY 30,2016 (STANDALONE)
NAME OF THE COMPANY: ALPSINDUSTRIESLTD. (L51109UP1972PLC003544)
STATEMENTON IMPACT OF AUDIT QUALIFICATIONS FORTHE FINANCIAL YEAR ENDEDMARCH 31, 2021. (See Regulation 33 of the SEBI (LODR) (Amendment) Regulations, 2016)
| Rs. in Lakh | ||||
|---|---|---|---|---|
| I. | SlNo. | Particulars | AuditedFigures(as reportedbeforeadjustingforqualification) | AdjustedFigures(auditedfigures afteradjustingfor qualifications) |
| 1. | Turnover/TotalIncome | 26419.06 | 26419.06 | |
| 2. | Total Expenditure | 33874.93 | 188757.14 | |
| 3. | Net Profit/(Loss) | -7455.87 | -162338.08 | |
| 4. | Earnings per share (in Rs.) | -19.06 | -415.04 | |
| 5. | Total Assets | 19793.11 | 19793.11 | |
| 6. | Total Liabilities | 82618.64 | 237500.85 | |
| 7. | Net Worth | -62825.53 | -217707.74 | |
| 8. | Anyotherfinancialitem(s)(asfeltappropriateby themanagement)-ContingentLiabilitytowards&DerivativeContractsCorporateGuarantee Etc. | - | - |
I. AUDIT QUALIFICATION (EACHAUDIT QUALIFICATION SEPARATELY)
| a. | Detail ofAudit Qualification | 38"Refer tonoteno.tothenoteson accounts,notprovidedforitsliabilitytheCompanyhastowardsinterest& partof ptincipelloan,waivedearlier,and impactof retainedearningsin termsofdraftrehabilitationschemeandnowrevokedamountingtoRs.byitsconsentedlenders154882.21lakh,accordinglythe loss for the yearand loan liabilitywould have been increased andshareholder'sfundwouldhavebeenreducedtothat extent. /I |
|---|---|---|
| b. | Type of Audit qualification(Qualified opinion/Disclaimerof Opinion/Adverse Opinion) | Qualified Opinion |
| c. | Frequency of qualificationfirst(Whetherappearedtime/repetitive/sincehoe long continuing) | Since Financial Year 2017-18 |
~. M ~g a arNa\ naging D )
ForAlps Industries Ltd.
irector *~
{ ,~
| d. | AuditQualificationwheretheimpact | During earlier year, the lendershaving more than 83% of |
|---|---|---|
| quantifiedbytheAuditor,Management'sViews: | the secured debts of the Companyrevoked theirconsenttotheDRS/settlementschemecirculatedbyerstwhileHon'bleBIFR, interaliacontainingtherestructuringof thedebts of the Company, which was partly implemented.TheCompany objectedto the said revocationof consent beingunjustifiedand beyond termsof the scheme and furthersubmittedan offerforsettlement.M/sEdelweiss AssetsReconstructionCompanyLtd.,(presentlyholdingmorethan98% ofthetotalsecureddebtoftheCompany)(EARC)in order to recover its dues from the Company hasalso filedan OriginalApplicationbeforeDebts RecoveryTribunal,LucknowBench,whichapplicationis pendingadjudication.In additiontoaboveEARC has undertheprovisionsofSARFAESI auctionedcertainpropertiesincludingduringtheyearLeaseholdLand,BuildingandPlant & Machinerieslying at Plot nos. A-2 & A-3, Loni Road,IndustrialArea, Ghaziabad(UP) and Lenders having firstpari passu chargeover theseassets have adjustedtheirdueswiththerealizationmadethereof.EARC has alsotakenoverthesymbolicpossessionofpropertiesbeingLeaseholdLand &Buildingatplotno.lA,Sec.-10,liE,SIDCUL,Haridwar,under section 13(4) of the SARFAESIActand issued a sale noticeunderRule 8(6) and Rule 6(2) oftheSecurityInterest(Enforcement)Rules,2002.Theadjustmentsas may arise on account of furtheraction of | |
| lenders, if any, shall be made in the books of account in theyear upon receipt of informationfrom them.TheCompanyonceagainsubmittedarevisedsettlement/restructuringproposalwithlenderswhichis | ||
| under active considerationwith them.Managementof the | ||
| revisedCompanyexpectstogetthe | ||
| settlement/restructuringproposalapprovedfromlenders | ||
| andaccordingly,theCompanywouldbemeetingits | ||
| revisedfinancialobligations.Accordingly,thefinancial | ||
| statementsof the Company for year ended on March 31, | ||
| 2020have been preparedon goingconcernassumption | ||
| basis and continue with the earlier consentedrestructuring | ||
| scheme. The impact,arising upon approvalof the revised | ||
| settlement/restructuringproposal,willbe given effectinthefinancialstatementsoftheyearoffinalsettlement | ||
| with lenders. |
For Alps Industries Ltd.
(S~A;ONal) ~~ . Managing Director . 0-
| considerednecessaryHence,noprovisionintheseaccounts towardsintereston entiresecured loans & partofprincipalsecuredloan, waivedearlier,and impactonretainedearnings thereontotalingto Rs. 154882.21lakhas per provisionsof earlierconsentedscheme, whichtheCompanycontinuestogiveeffecttillthetimerevisedsettlement/restructuringproposal is finally approvedby itslenders. | ||
|---|---|---|
| e. | Audit Qualificationwhere the impact is not quantifiedby the Auditor;- | |
| (i) | Management'sEstimationon the impact ofaudit qualification | N.A |
| (ii) | If managementis unabletoestimatetheimpact, reasons for the same | NA |
| (iii) | Auditor'sComments on (i) or (ii) above: | NA |
For R.K. Govil & Co. Chartered Accountants
Place: Ghaziabad Dated: June 30,2021. U()IN:-~153fJo-r7 AAAA Dl1-q
F
FQf,& 01) b~halt of BQa{d or A ps mcus nes L d.
c__,._~ (Sandeep-Aga)lNal) S Manaainat)(Lfeecctor andeep ~ga'l'wa Managing Director DIN: 00139439
p,a}~:' (Audit Committee Chairman)
DIN: 02569624
AS~~ Sing~~~~ --
President (Corporate F&A) CFO
STATEMENT ON IMPACT OF AUDIT QUALIFICATIONS (FOR AUDIT REPORT WITH MODIFIED OPINION) SUBMITTED ALONG-WITH ANNUAL FINANCIAL RESULTSFOR THE FINANCIAL YEAR ENDED ON MARCH 31, 2021 IN TERMS OF REGULATION 33 OF SECURITIES AND EXCHANGE BOARD OF INDIA (LISTING OBLIGATIONS AND DISCLOSUREREQUIREMENTS) REGULATIONS, 2015 AS AMENDED ON 9TH MAY, 2018 AND CIR/CFD/CMD/56/2016 DATED MAY 30,2016 (CONSOLIDATED)
NAME OF THE COMPANY: ALPS INDUSTRIESLTD. (LS1109UP1972PLC003544)
STATEMENTON IMPACT OF AUDIT QUALIFICATIONS FORTHE FINANCIAL YEAR ENDED MARCH 31, 202l. (See Regulation 33 of the SEal (LODR) (Amendment) Regulations, 2016)
| Rs. in Lakh | ||||
|---|---|---|---|---|
| I. | SINo. | Particulars | AuditedFigures(as reportedbeforeadjustingfor qualification) | AdjustedFigures(auditedfigures afteradjustingforqualifications) |
| 1. | Turnover/TotalIncome | 26383.70 | 26383.70 | |
| 2. | Total Expenditure | 33892.49 | 188774.70 | |
| 3. | Net Profit/(Loss) | -7508.79 | -162391.00 | |
| 4. | Earnings per share (in Rs.) | -19.20 | -415.17 | |
| 5. | Total Assets | 19610.95 | 19610.95 | |
| 6. | Total Liabilities | 82688.08 | 237570.29 | |
| 7. | Net Worth | -63077.13 | -217959.34 | |
| 8. | Anyotherfinancialitem(sHasfeltappropriateby themanagement)-ContingentLiabilitytowardsDerivativeContracts&CorporateGuarantee Etc. | - | - |
II. AUDIT QUALIFICATION (EACHAUDIT QUALIFICATION SEPARATELY)
| a. | Detail of Audit Qualification | 38"Refer to note no.to the notes on accounts,theCompany hasnotprovidedforitsliabilitytowardsinterest& partof principalloan,waived earlier,andofretainedearningsintermsofdraftimpactrevokedbyitsrehabilitationschemeandnow154882.21lendersamountingtoRs.consentedyearandloanlekh,accordinglythelossfortheliabilitywouldhavebeenincreasedandshareholder's fundwould havebeenreduced to thatextent." |
|---|---|---|
| b. | Type of Audit qualification(Qualified opinion/Disclaimerof Opinion/Adverse Opinion) | Qualified Opinion |
| c. | Frequency of qualificationfirst(Whetherappearedtime/repetitive/sincehoe long continuing) | Since Financial Year 2017-18 |
For Alps Industries Ltd. GrJ
(Sa-ndeep Agan'Val) Managing Director
| d. | AuditQualificationwheretheimpactquantifiedbytheAuditor,Management'sViews: | During earlier year, the lenders having more than 83% of thesecured debts of the Companyrevokedtheirconsent to theDRS/settlementscheme circulatedby erstwhileHon'ble BIFR,interaliacontainingtherestructuringofthedebtsofthe |
|---|---|---|
| Company,whichwaspartlyimplemented.TheCompanyobjectedto the said revocationof consentbeing unjustifiedand beyondtermsof thescheme and furthersubmittedanofferforsettlement.M/sEdelweissAssetsReconstruction | ||
| Company Ltd., (presentlyholdingmore than 98% of the totalsecured debt of the Company)(EARC) in order to recoverits | ||
| dues fromthe Company has also filed an Original Application | ||
| beforeDebtsRecoveryTribunal,LucknowBench,which | ||
| applicationis pending adjudication.In additionto above EARChasundertheprovisionsofSARFAESI auctionedcertainpropertiesincludingduring the year Leasehold Land, Building | ||
| and Plant & Machineriesnos. A-2 & A-3, LonilyingatPlot | ||
| Road, IndustrialArea, Ghaziabad (UP) and Lenders having firstpari passu charge over these assets have adjusted theirdues | ||
| withtherealizationmade thereof.EARChas also takenover | ||
| being Leasehold Land &the symbolicpossession of propertiesBuildingat plotno. lA, Sec.-10, liE, SIDCUL, Haridwar,under | ||
| section13(4) oftheSARFAESIAct and issued a sale notice | ||
| underRule8(6)andRule6(2)oftheSecurityInterestRules, 2002. The adjustments | ||
| (Enforcement)as may arise onaccount of furtheractionof lenders, if any, shall be made in | ||
| the books of accountin the year upon receiptof information | ||
| from them.TheCompanyonceagainsubmittedarevised | ||
| settlement/restructuringproposal withlenders which is under | ||
| active considerationwith them. Managementof the Company | ||
| expects to get therevised settlement/restructuringproposal | ||
| approvedfromlenders and accordingly,the Company would | ||
| be meetingits revised financialobligations.Accordingly,the | ||
| financial statementsof the Company for year ended on March | ||
| 31, 2020 have been preparedon goingconcernassumption | ||
| basis and continuewiththeearlierconsentedrestructuring | ||
| scheme.Theimpact,arisinguponapprovaloftherevised | ||
| settlement/restructuringproposal, willbe given effectin the | ||
| financialstatementsoftheyearoffinalsettlementwith | ||
| lenders. | ||
| Hence, no provisionconsiderednecessary in these accounts | ||
| towardsintereston entiresecuredloans & part of principal |
(Sandesp Agarwal) Managing Director
secured loan, waived earlier, and impact on retained earnings thereon totaling to Rs. 154882.21 Lakh as per provisions of earlier consented scheme, which the Company continues to give effect till the time revised settlement/restructuring proposal is finally approved by its lenders. e. Audit Qualification where the impact is not quantified by the Auditor :- (i) Management's Estimation on the impact of N.A audit qualification (ii) If management is unable to estimate the NA impact, reasons for the same (iii) Auditor's Comments on (i) or (ii) above: NA
For R.K. Govil & Co. Chartered Accountants
.. .
Membership No. DIN: 00139439 Firm Regn. No. - 000748C
Place: Ghaziabad Dated: June 30, 2021.
For & on behalf of Board For Alps Industries Ltd.
-"") / (SeR6eegarwal) sande~R!~pirector Managing Director
Prab at Krishna (Audit Committee
Chairman) DIN: 02569624
ASh:tt~~ Singhal President (Corporate F&A)
CFO