Avro India Limited — Annual Report 2021

Jun 28, 2021

Date: 28.06.2021

To Listing Department National Stock Exchange of India Exchange Plaza, Bandra Kurla Complex, Bandra (E), Mumbai-400051

Symbol: AVROIND

Sub: Outcome of Board Meeting

Pursuant to Regulation 30(5) and 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI LODR"), we wish to inform you that the Board of Directors at its meeting held on June 28, 2021 i.e. today commenced at 12.00 Noon and concluded at 02:40 P.M. has inter-alia considered and approved the following business (es):

• 1. Audited Financial Results of the Company for the Half Year and Year ended 31S March, 2021.
• 1. Auditor's Report on Financial Results of the Company for the Half Year and Year ended 31* March, 2021.

Audited Financial Results of the Company for the half year and year ended March 31, 2021 along with Auditor's report issued by Statutory Auditors in terms of Regulation 33 of SEBI LODR is attached herewith for your reference.

You are requested to kindly take the above information on record.

Thanking You,

Yours Faithfully,

Encl: As Above

A-7/36-39, South of G.T. Road, Tel: 0120-4376091 www.avrofurniture.com Indl. Area (Opp. Rathi Udyog Ltd.) Helpline: 9910039125 Foll Ghaziabad-201009

(UP), India info@avrofurniture.com ee a ® 3 "On Selected Products

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CIN: L25200UP1996PLC101013

AVRO INDIA LIMITED

(Formerly known as Avon Moldplast Limited)

Statement of Standalone Audited Financial Result for the Half Year and Year ended March 31, 2021

	(Formerly known as Avon Moldplast Limited)	AVRO INDIA LIMITED
	Registered office: A-7/36-39, South of G.T.Road Industrial Area, Electrosteel Casting Compound, Ghaziabad, UP 201009	CIN- L25200UP1996PLC101013
	Statement of Standalone Audited Financial Result	for the Half Year and Year ended March 31, 2021
						(= In Lakhs)
			Half Year ended			Year Ended
Sr.No.	[Particulars	31st March 2021 (Audited)	anhSeptemberanae	31st March 31stadie(Audited)	March-—(Audited)	31st March2020 (Audited)
			(Unaudited)
1(a)	RevenueRevenue from Operations	3,083.78	2,243.32	2,385.53	§,327.10	4,406.61
(b)	Other incomeTotal Revenue	10.863,094.64	19.222,262.54	13.142,398.67	30.085,357.18	40.814,447.42
2	Expenses	1,112.88	767.14	822.21	1,870.02	1,525.99
(a)(b)	Cost of Material ConsumedPurchases of Stock-in-trade	1,413.73	1,046.54	1,157.03	2,460.27	2,211.24
(c)(d)	Changes in inventories of Finished goodsErnployee Benefits Expense	2.3175.74	13.9259.41	(11.53)56.56	16.23135;15	(36.92)111,06
(e)	Finance Costs	13.44	13.09	14.03	26.20	29,35
(f)5	Depreciation and amortisation expenseOther expenses	72.95271.35	66.20195.60	76.83193.72	139.15466.95	145.38321.06
:	Total Expenses	2,962.07	2,151.90	2,308.85	5,113.97	4,307.16
3	Profit before exceptional and extraordinary items and tax	132.57	110.64	89.82	243.21	140.26
45	Exceptional itemsProfit before extraordinary items and tax	-132.57	-110.64	-89.82	-243.21	-140.26
6	Extraordinary items	:	-	:89.82	:243.21	:140.26
78	Profit before taxTax expense	132.57	110.64
	Current tax	34.15	31.04	21.70	65.19	37.26
	Deferred taxEarlier Year Tax	(0.05)(0.05)	(3.06)-	(1.44)0.22	(3.11)(0.05)	(10.76)0.22
	Total tax expenses	34,05	27.98	20.48	62.03	26.72
9	Profit/(Loss) for the period from continuing operations	98.52	82.66	69.34	181.18	113.54
1011	Profit/(Loss) from discontinuing operationsTax Expense of discontinuing operations	::	::	==	:=	-=
12	Profit/(Loss) from discontinuing operations (after tax)	:	-	-	-	:
13	Profit/(Loss) for the period	98.52	82.66	69.34	181.18	113.54
14	Details of Equity Share CapitalPaid-up Equity share capital(face value of Rs.10/-each)	325.40	325.40	325.40	325.40	325.40
	Reserve excluding Revaluation Reserves as per Balance				679.14	565.57
43	Sheet of Previous accounting yearEarning per Equity Share (before extraordinary items)
	(of Rs.10/-each)
14	Basic & DilutedEarning per Equity Share (after extraordinary items)	3.03	2.54	2.13	5.57	3.49
	(of Rs.10/-each)Basic & Diluted	3.03	2.54	2.13	5.57	3.49

Notes:

4 The above financial results of the Company for the year ended 31st March, 2021 have been reviewed by the Audit committee and approved by the Board of Directors at its meeting held on 28th June 2021.

• above results. 2 In accordance with Regulation 33 of SEBI (LODR) Regulations 2015, the Statutory Auditors of the company have carried out the audit of the

• 3 The company has single primary business as defined in AS 17, therefore segment reporting is not applicable to company.

• 4 The company did not have any investors complaint pending for the half year ended 31st March 2021

• 5 EPS has been calculated in accordance with AS-20 notified by Ministry of Corporate Affairs.

• 6 According to Rule 4 of the Companies (Indian Accounting Standards) (Amendment) Rules 2016, all the listed companies have to prepare Financial Statement as per Ind AS. Since the company is listed on SME platform of NSE, the financial statement have not been prepared on the basis of Ind AS.

• 7 Despite the challenges posed by Covid-19, the company has not only managed to sustain its growth, but also optimistic for achieving healthier results in the coming financial year subject to the condition that no such event or natural calamity takes place which might be beyond the control of management.

• 8 An enquiry has been conducted by Superintendent, Central Intelligence Unit(CIU) under the provisions of Central Goods and Service Tax Act, 2017 and rules made applicable vide section 174 of Central Goods and Service Tax Act, 2017 on the erstwhile central excise and service tax matters. For this purpose Inspection was conducted at factory, registered office and godown in Ghaziabad by officers of Central Intelligence Unit, Central Goods and Service Tax Department, Meerut Zone on March 28, 2018. Liabilities arising out of this enquiry are settled with the amount deposited in Electronic Cash Ledger.

• 9 Insurance claim recoverable of Rs. 27.42 lacs lying in the books are yet to be received by the company. The company has filed case against Insurance company in consumer court for wrongful deduction in the claim submitted under fire insurance. According to the management, the stated amount will be received at the earliest.

• 10 The matter of Prayag Polytech Private Limited Vs Avro India Limited (Formerly known as Avon Moldplast Limited) as pending before Allahabad bench of Hon'ble NCLT was listed for final arguments on March 20,2020. However, the matter was not taken up on March 20,2020 due to nationwide lockdown. Thereafter, the matter has not been listed further due to resurgence of Covid- 19 cases in Allahabad.

• 41 Security deposit held with the party for Patna depot of Rs. 2.25 lacs lying in the books has not been refunded after termination of the agreement. However, the company has filed a criminal complaint against party on 14th October, 2020 for the refund of the stated deposit. The matter is pending for essay of the Complainant before Judicial Magistrate, First Class, Patna.

• 12 The Company has violated the provisions of Section 96 of Companies Act, 2013 and Section 166 of Companies Act 1956 of conducting Annual General Meeting at the place outside city, town, village where the registered office was situated from the financial year 2010 to 2017. The Company filed an application suo-motto by filing form GNL-1 dated 12/02/2019. However, due to technical reasons, the form was rejected. The Company is in process to file the application again with the authority after keeping legal view of this issue.

• 13 The figures for half year ended 31st March, 2021 are balancing figures between audited figures of full financial year and unaudited figures of half year ended 30th September, 2020. Previous year figures have been regrouped /rearranged wherever considered necessary.

Place: Ghaziabad Date: 28th June 2021

AVRO INDIA LIMITED

Statement of Audited Assets and Liabilities as at 31st March 2021

	AVRO INDIA LIMITED(Formerly known as Avon Moldplast Limited)
	Registered office: A-7/36-39, South of G.T.Road Industrial Area, Electrosteel Casting Compound, Ghaziabad, UP 201009CIN- L25200UP1996PLC 101013
	Statement of Audited Assets and Liabilities as at 31st March 2021
Sr. No.	Particulars'	As at 31.03.2021'Audited	(2 In Lakhs)As at 31.03.2020Audited
A	EQUITY AND LIABILITIES
1(a)	Shareholders' fundsShare capitalReserves and surplus	325.40	325.40
(b)(c)	Money received against share warrantsSub-total-Shareholders' Funds	1,183.51-1,508.91	1,002.33-1,327.73
2	Share application money pending allotment	-	-
3(a)	Non-current liabilitiesLong-term borrowings
		50.05	99.46
(b)(c)	Deferred tax liabilities (Net)Other long term liabilities	--	--
(d)	Long-term provisionSub-total- Non-current liabilities	8.4558.50	6.82105.28
4(a)	Current liabilitiesShort-term borrowings	364.72	160.84
(b)	Trade payables(i) total outstanding dues of micro enterprises and small enterprises; and	160.15	95.63
	(ii) total outstanding dues of creditors other than micro enterprises and small
(c)	enterprisesOther current liabilities	83.8162.52	181.0557.74
(d)	Short term provisionsSub-total- Current liabilities	0.81662.01	S7.57532.83
B	TOTAL EQUITY AND LIABILITIESASSETS	2,229.42	1,965.84
q(a)	Non-current assetsProperty, Plant & Equipment
	(i) Tangible assets	753.840.53	814.220.35
	(ii)Intangible assets(iii)Capital work-in-progress	-	-
	(iv)Intangible assets under developmentTotal Property, Plant & Equipments	=754.37	a814,57
(b)(c)	Non-current investmentsDeferred Tax assets(Net)	-O75	-0.64
(d)(e)	Long-term loans and advancesOther Non Current Assets	727.65	=27.50
	Sub-total- Non Current Assets	785.77	842.71
2(a)	Current assetsCurrent Investments	78.00	37.13
(b)(c)	InventoriesTrade receivables	169.231078.53	144.35811.68
(d)(e)	Cash and cash equivalentsBank balance other than Cash & cash equivalents	38.67-	19.80-
(f)(g)	Short-term loans and advancesOther current assetsSub-total-Current Assets	-79,22)1,443.65	-110.171,123.13

(Sushil hairman & Whole Time Directo DIN : 00248707

Place: Ghaziabad Date: 28th June 2021

AVRO INDIA LIMITED

Audited Cash Flow Statement for the year ended March 31, 2021

AVRO INDIA LIMITED
(Formerly known as Avon Moldplast Limited)
Registered office: A-7/36-39, South of G.T.Road Industrial Area, Electrosteel Casting Compound, Ghaziabad, UP 201009CIN- L25200UP1996PLC 101013
Audited Cash Flow Statement for the year ended March 31, 2021		(2 In Lakhs)
Particulars	31.03.2021	31.03.2020
A. CASH FLOW FROM OPERATING ACTIVITIES	Audited	Audited
Net profit before taxation, and extraordinary itemsAdjustment for:	243.21-	140.26-
	139.15	145.3831.02
Add: Assets written off	25.927.31	11.56
	(0.35)	0.35
	=(4.31)	(1.74)(4.76)
Less: Interest on fixed depositsLess: Profit on sale of assetsLess: Profit on redemption of mutual fund	(1.62)	(0.50)
Operating profit before working capital changesAdjustment for change in working capital	409.41	321.57
(Increase)/Decrease in trade receivables	(270.55)(24.88)	5.41(11.09)
(Increase)/Decrease in inventories(Increase)/Decrease other current assets	(1.35)	4.81
(Increase)/Decrease other non - current assets	(0.15)	(0.10)
increase/(Decrease) in trade payablesIncrease/(Decrease) in other current liabilities	(42.72)§.11	(58.79)0.75
Add: Depreciation and AmortisationAdd: Finance costsAdd: Adjustment to the Carrying Value of InvestmentIncrease/(Decrease) in long term provisions	2.63	(0.02)
Increase/(Decrease) in short- term provisionsCash generated from operations	0.5078.00	0.07262.61
Less: Income taxes paid	(70.10)	(39.00)
Net Cash generated from operating activities (A)B. CASH FLOW FROM INVESTING ACTIVITIES	7.90	223.61
Purchase of tangible assets	(83.63)	(169.41)
Proceeds from sale of tangible assetsInterest on fixed deposits	5.50-	48.511.74
Proceeds from sale of investments	43.52	78.34
Purchase of investmentsNet cash used in investing activities (B)	(82.52)(117.13)	(96.00)(141.85)
C. CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from long term borrowingsRepayment of long term borrowings	26.50(36.89)	16.00(38.15)
Proceeds from short term borrowings	4,234.33	2,884.45
Repayment of short term borrowingsFinance costs	(4,069.46)(26.37)	(2,944.45)(31.02)
Net cash used in financing activities before extraordinary items	128.11	(113.17)
Less: Extraordinary itemsNet cash used in financing activities (C )	¢128.11	-(113.17)
	18.87	(31.41)
Net increase/(decrease) in cash and cash equivalents(A + B + C)Add:Cash and cash equivalents at the beginning of the periodCash and cash equivalents at the end of the period	19.8038.67	$1.2119.80
Reconcilliation of Cash & Cash Equivalents with Balance Sheet	-	m
Cash & Cash equivalent as per Balance SheetLess; Other earmarked BalancesOkan h	38.67:	19.80:

DIN : 00248707

Place: Ghaziabad Date: 28th June 2021

\vyo India Limited

SAARK AND CO Chartered Accountants

INDEPENDENT AUDITOR'S REPORT

TO THE BOARD OF DIRECTORS OF AVRO INDIA LIMITED (FORMERLY KNOWN AS AVON MOLDPLAST LIMITED)

Report on the audit of the Standalone Financial Results

Opinion

We have audited the accompanying standalone half year financial results of Avro India Limited (the company) for the half year ended March 31, 2021 and the year to date results for the period from April 01, 2020 to March 31, 2021 attached herewith, being submitted by the company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations").

In our opinion and to the best of our information and according to the explanations given to us these standalone financial results:

• i, are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
• i. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable accounting standards and other accounting principles generally accepted in India of the net profit and other financial information for the half year ended March 31, 2021 as well as the year to date results for the period from April 01, 2020 to March 31, 2021.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013 (the Act). Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Standalone Financial Results section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial results under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter

We draw attention to note 7 of the financial results which state that despite the challenges posed by Covid-19, the company has not only managed to sustain its growth, but also optimistic for achieving healthier results in the coming financial year subject to the

H.0.: 301-302, 203, Plot No.7, Aggarwal Plaza, SOS) VA Ph.: 011-22622960 | E-mail: casGehtalad condition that no such event or natural calamity takes place which might be beyond the control of management.

We draw attention to note 9 of the financial results which state that Insurance claim recoverable of Rs. 27.42 lacs lying in the books are yet to be received by the company. The company has filed case against Insurance Company in consumer court for wrongful deduction in the claim submitted under fire insurance. According to the management, the stated amount will be received at the earliest.

We draw attention to note 10 of the financial results which state that the matter of Prayag Polytech Private Limited Vs Avro India Limited (Formerly known as Avon Moldplast Limited) as pending before Allahabad bench of Hon'ble NCLT was listed for final arguments on March 20, 2020. However, the matter was not taken up on March 20, 2020 due to nationwide lockdown. Thereafler, the matter has not been listed further due to resurgence of Covid- 19 cases in Allahabad.

We draw attention to note | of the financial results which state that Security deposit held With the party for Patna depot of Rs, 2.25 lacs lying in the books has not been refunded after termination of the agreement. However, the company has filed a criminal complaint against party on 14th October, 2020 for the refund of the stated deposit. The matter is pending for essay of the Complainant before Judicial Magistrate, First Class, Patna.

We draw attention to note 12 of the financial results which state that Company has violated the provisions of Section 96 of Companies Act, 2013 and Section 166 of Companies Act, 1956 of conducting Annual General Meeting at the place outside city, town, village where the registered office situated from the financial year 2010 to 2017. The Company filed an application suo-motto by filing form GNL-1 dated 12.02.2019. However, due to technical reasons, the form was rejected. The Company is in process to file the application again with the authority after keeping legal view of this issue.

Our opinion is not modified in respect of these matters.

Management's Responsibilities for the Standalone Financial Results

These half yearly financial results as well as the year to date standalone financial results have been prepared on the basis of the interim financial statements. The Company's Board of Directors are responsible for the preparation of these financial results that give a true and fair view of the net profit and other financial information in accordance with the recognition and measurement principles laid down in Accounting Standard 25, 'Interim Financial Reporting' prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error.

2/%

ni Pepa the standalone financial results, the Board of Directors are responsible for atters 8 ee s ability to continue as a going concern, disclosing, as applicable, related to going concern and using the going concern basis of accounting unless the Board of Directors either int i ra ntends to liquidate the Company or t i realistic alternative but to do so. SH ELAS AEE

The Board of Directors are also res ponsible i for overseeing i the C ' i reporting process. a ak Cas A

Auditor's Responsibilities for the Audit of the Standalone Financial Results

Our objectives are to obtain reasonable assurance about whether the standalone financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalone financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose ofexpressing an opinion on the effectiveness of the company's internal control,
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
• Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the standalone financial results, including the disclosures, and whether the financial results represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied

with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and 'tne applicable, related safeguards.

ForSA ARK AND CO (Formerly Known as Sushil Lal & Associates) Chartered Accouning

Membership No.: 304483 UDIN: 21304483AAAAAB4817

Place: Ghaziabad Date: June 28, 2021

Date: 28.06.2021

To Listing Department National Stock Exchange of India Ltd Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (E), Mumbai-400051

NSE Symbol: AVROIND

Sub: Declaration with respect to the Audit Report with Unmodified Opinion to the Audited Financial Results for the year ended March 31, 2021

Dear Sir,

Pursuant to Regulation 33(3)(d) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, we do hereby confirm that the Statutory Auditors of the Company M/s S AA R K AND CO, Chartered Accountants, Delhi (Firm Registration No.: 021758N) (formerly known as M/s Sushil Lal & Associates) have submitted the Audit Report with unmodified opinion on Audited Financial Results of the Company for the year ended 315t March, 2021.

You are requested to kindly take the above information on your records.

Thanking You, Yours Faithfully,

Fo Ne ee Limited

te Ghinshyam Singh Chief Financial Officer

A-7/36-39, South of G.T. Road, Tel: 0120-4376091 www.avrofurniture.com pag Paw Indl. Area (Opp. Rathi Udyog Ltd.) Helpline: 9910039125 Follow us on 9 © Ghaziabad-201009 (UP), India info@avrofurniture.com