Avro India Limited — Interim / Quarterly Report 2021

Nov 13, 2021

To Date:13t» November, 2021 The Head- Listing Compliance National Stock Exchange of India Ltd., Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (E) Mumbai - 400 051

Symbol: AVROIND

Sub: Outcome of Board Meeting

Dear Sir/ Madam,

Pursuant to Regulation 30 and 33 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, this is to inform you that the Board of Directors of the Company at its meeting held on 13 November, 2021 i.e. today, commenced at 12:30 P.M. and concluded at 04:15 P.M has inter-alia considered and approved the following business(es):

1. Un-Audited Financial Results of the Company for the Half year ended September 30, 2021 along with Statement of Assets & Liabilities, Cash Flow Statement and Limited Review Report as on September 30, 2021.

Un-Audited Financial Results of the Company for the half year ended September 30, 2021 along with Limited Review Report is attached herewith for your reference.

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

Thanking you,

Yours Faithfully,

(Managing Director) DIN: 02515025

Encl: A/a

Road,

Tel: 0120-4376091 Indl. Area (Opp. Rathi Udyog Ltd.) Helpline: 9910039125 Follow us on 9 @ &® Ghaziabad-201009 (UP), India info@avrofurniture.com

www.avrofurniture.com

CIN: L25200UP1996PLC101013

of G.T.

A-7/36-39, South

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- 201009 CIN: L25200UP1996PLC101013

		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- 201009 CIN: L25200UP1996PLC101013
	Statement of unaudited Financial Results for six months ended 30th September, 2021
				@ in Lacs unless otherwise stated
		Six months ended 30th	Six months ended 31th	Six months ended 30th	Year ended
	Particulars r	September,	March,	September,	31st March, 2021
		2021 Unaudited	2021 Unaudited	2020 Unaudited	Unaudited
I	Revenue from operations	2,670.74	3,083.77	2,243.32	§,327.10
II	{Other Income III Total Income (I+II)	9.86 2,680.60	10.86 3,094.63	19.22 2,262.54	30.08 5,357.18
IV _	Expenses
	Cost of material consumed
	Purchase of stock-in-trade	1,918.29 144.42	1,112.88 1,413.73	757.14 1,046.54	1,870.02 2,460.27
	Change in inventories of finished goods	(58.43)	231	13.92	16.23
	Employee benefits expense Finance costs	67.14 20.76	76.05 13.56	57.22 13.58	133.28 27.15
	Depreciation and amortization expense	58.47	75.16	68.41	143.57
	Other expenses Total expenses (IV)	478.04 2,628.69	271.35 2,965.04	195.60 2,152.41	466.95 §,117.47
	V_ Profit before exceptional items and tax (III-IV)	\$1.91	129.59	110.13	239.71
	VI Exceptional items	-	-	-	-
	VII Profit before tax VIII Tax expense:	\$1.91	129.59	110.13	239.71
	(1) Current tax	12.62	34.11	31.04	65.14
	(2) Deferred tax Total tax expense	(2.62) 10.00	2.36 36.47	5.78 36.82	8.15 73.29.
	IX Profit after tax (VI-VIID	41.91	93.12	73.31	166.42
	X_ Other Comprehensive Income (OCI) (i) Items that will not be reclassified to profit or loss
	Measurement of the defined benefit plan	2.00	0.31	(2.18)	(1.87)
	(ii) Income tax relating to Items that will not be	(0.50)	(0.08)	0.55	0.47
	reclassified to profit or loss Total other Comprehensive Income (net of tax)	1.49	O23	(1.63)	(1.40)
	XI_ Total Comprehensive income (IX+X)	43.41	93.35	71.68	165.02
Xi	Paid up Equity share capital (Face value of Rs. 10/- each)
	XIII Reserves excluding Revaluation reserves as per Balance Sheet of the previous accounting year				679.11
	XIV Earnings per Share (not annualized) Basic %	1.33	2.87	2.20 2.20	5.07

Notes:

• I. The Company has adopted Indian Accounting Standards (°Ind AS"') from 01.04.2021 and accordingly standalone financial results have been prepared in accordance with the recognition and measurement principles laid down in the Ind AS-34 'Interim Financial Reporting"' prescribed under section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and the other accounting principles generally accepted in India. This statements is as per regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended.
• The above financial results of the company for the six months ended 30.09.2021 were reviewed by the Audit Committee, approved by the Board of Directors at its meeting held on 13.11.2021 and have been subjected to a 'Limited Review' by the Statutory Auditors. The Ind AS complaint corresponding figures for the six months ended 30.09.2020 have not been subjected to limited review. However, the Company has exercised necessary due diligence to ensure that such financial results provide a true and fair view of its affairs.
• Reconciliation between the results as reported under previous Generally Accepted Accounting Principles (IGAAP) and Ind As are summarised below:

The Company has adopted Indian Accounting Standards (°Ind AS"') from 01.04.2021 and accordingly standalone financial results have been prepared in accordance with the recognition and measurement principles laid down in the Ind AS-34 'Interim Financial Reporting"' prescribed under section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and the other accounting principles generally accepted in India. This statements is as per regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended.
The above financial results of the company for the six months ended 30.09.2021 were reviewed by the Audit Committee, approved by the Board of Directors at its meeting held on 13.11.2021 and have been subjected to a 'Limited Review' by the Statutory Auditors. The Ind AS complaint corresponding figures for the six months ended 30.09.2020 have not been subjected to limited review. However, the Company has exercised necessary due diligence to ensure that such financial results provide a true and fair view of its affairs. Reconciliation between the results as reported under previous Generally Accepted Accounting Principles (IGAAP) and Ind As
are summarised below:
	Zin Lacs
	Profit/Loss Reconciliation
Particulars	Six months	Year ended
	ended 30th	31st March,
	September, 2020	2021
Profit after tax under IGAAP	82.66	181.18
Impact of Depreciation due to first time adoption of Ind AS	(2.21)	(4.42)
Impact of actuarial valuation as per Ind AS	2.18	1.87
Impact of measuring financial liabilities at amortized cost Impact of Deferred tax	(0.50)	(0.96)
Net profit before OCI as per Ind AS	(8.82) 73.31	(11.25)
Reconciliation of Other Equity as at 31st March, 2021 is as follows:		166.42 Zin Lacs
		Reserve
Particulars		reconciliation
		as at 31st March, 2021
Reserve under IGAAP		1,183.52
Impact of first time adoption of Ind AS for Property, plant and Equipment		263.61
Impact of measuring financial liabilities at amortized cost		(0.96)
Impact of Deferred tax Other Equity as Ind AS per		(10.79) 1,435.38

Reconciliation of Other Equity as at 31st March, 2021 is as follows:	Zin Lacs
Particulars	Reserve reconciliation as at 31st
	March, 2021
Reserve under IGAAP	1,183.52
Impact of first time adoption of Ind AS for Property, plant and Equipment	263.61
Impact of measuring financial liabilities at amortized cost	(0.96)
Impact of Deferred tax	(10.79)
Other Equity as Ind AS per	1,435.38

The Company has considered possible impact of known events arising from COVID 19 pandemic on the carrying amount of assets in the preparation of financial statement. However, the impact assessment of COVID 19 is a continuing process given the uncertainties associated with its nature and duration. The company will continue to monitor any material changes to future economic conditions. The Company has consider the internal and external source of information including economic forecasts and industry reports up to the date of approval of the financial statements in determining the impact on various elements of its financial statements. The company has use the principals of prudence in applying judgments, estimates and assumptions including sensitivity analysis and based on the current estimates, the company does not have any material impact due to COVID-19 outbreaks. The eventual outcome of impact of the global health pandemic may be different from those estimated as on date of approval of these financial statements.

Figures for the previous periods have been re-grouped/re-arranged wherever necessary Place: Ghaziabad

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- 201009 CIN: L25200UP1996PLC101013

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- 201009
CIN: L25200UP1996PLC101013
Statement of Assets and Liabilities as at 30th September, 2021		2 in Lacs unless otherwise stated
Particulars	As at 30th September, 2021	As at 31st March ,2021
ASSETS	Unaudited	Unaudited
Non-current assets
Property, plant and equipment Intangible assets	962.40 0.46	1,017.45 0.52
Financial assets (i) Investments
(ii) Trade receivables	= i	-
(1) Other financial assets 'Deferred tax assets (net)	bi	- :
Other non-current assets	- 27.81	- 27.65
Sub Total -Non current assets Current assets	990,67	1,045.62
Inventories Financial assets	399.63	169.23
(1) Investments	6.00	78.00
(ii) Trade receivables (iii) Other financial assets	1,261.86 118.75	1,078.54 59.10
(iv) Cash and cash equivalents	16.83	38.67
Current tax assets (net) Other current assets	10.46 154.04	6.98 13.14
Sub -Total-Current assets	1,967.57	1,443.66
TOTAL ASSETS EQUITY AND LIABILITIES	2,958.24	2,489.28
EQUITY Equity share capital	325.40	325.40
Other equity	1,478.79	1,435.38
Total equity LIABILITIES	1,804.19	1,760.78
Non-current liabilities Financial liabilities
(i) Borrowings (11) Trade payables	32:71,	50.05
(A) total outstanding dues of micro enterprises and small	-	:
enterprises; and (B) total outstanding dues of creditors other than micro	-	-
enterprises and small enterprises (itt) Other financial liabilities
Other non-current liabilities	- eS	- =
Provisions Deferred tax liabilities (net)	7.78 4.92	8.45 7.04
Sub Total- Non current liabilities 'Current Liabilities	44.41	65.54
Financial liabilities
(i) Borrowings (1) Trade payables	406.56	364.72
(A) total outstanding dues of micro enterprises and small enterprises; and	327.07	150.15
(B) total outstanding dues of creditors other than micro	290.68	83.81
enterprises and small enterprises (iii) Other financial liabilities	16.02	18.25
Other current liabilities Provisions	68 34 0.97	45.22 0.81
Current tax liabilities (net)	:	=
Sub Total- current liabilities +	1,109.64	662.96

TOTAL BQUITY AND LIABILITIES 2,958.24 2,489.28 DIN: 02515025 Date: 13th Day of November, 9 Place: Ghaziabad

AVRO INDIA LIMITED

(Formerly known as Avon Moldplast Limited) Registered office: A-7/36-39, South of G.T.Road Industrial Area Electrosteel Casting CIN: L25200UP1996PLC101013

Statements of Cash Flows for six months ended 30th September, 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
CIN: L25200UP1996PLC101013
Statements of Cash Flows for six months ended 30th September, 2021
	@ in Lacs unless otherwise stated
Pardeulits	Six months ended 30th September, 2021	Year ended 31st March, 2021
Cash flows from operating activities	Unaudited	Unaudited
Net profit before taxation, and extraordinary items	51.91	239.70
Adjustments for: Depreciation and amortization	58.47	143.57
Finance costs	20.76	26.87
Other Comprehensive income	2.00	(1.87)
Assets written off Adjustment to the Carrying value of Investment	- -	731 0.35
Profit on sale of assets Profit on redemption of mutual fund	(1.13) (6.68)	(4.31) (1252)
Non operating Income	-	(0.01)
Operating profit before working capital changes Change in working capital:	125.33	410.09
Decrease/(increase) in inventories	(230.39)	(24.88)
Decrease/ (increase) in trade receivables Decrease/ (increase) in other financial assets	(183.32) (60.11)	(270.55) (17.76)
Decrease/ (increase) in other non - current assets	(0.16)	(0.14)
Decrease/ (increase) in other current assets Increase/(Decrease) in trade payables	(140.91) 383.79	16.20 (42.72)
Increase/(Decrease) in other financial liabilities	(2.61)	3.63
Increase/(Decrease) in other current liabilities Increase/(Decrease) in long term provisions	23:13 (0.67)	1.48 2.63
Increase/(Decrease) in short- term provisions Cash generated from operations	0.16	0.50
Less: Income taxes paid	(85.76) (15.33)	78.48 (70.11)
Net cash flow from / (used in) operating activities (A) Cash flows from Investing activities	(101.09)	8.37
Purchase of property, plant and equipment	(14.17)	(83.63)
Proceeds from sale of property, plant and equipment Purchase of investments	12.00 (30.00)	5.50 (82.52)
Proceeds from sale of investments	108.68	43.52
Net cash flow from / (used in) investing activities (B) Cash flows from financing activities	76.51	(117.13)
Proceeds from long term borrowings	-	26.50
Repayment of long term borrowings Proceeds from short term borrowings	(28.85) 2,622.72	(36.88) 4,234.33
Repayment of short term borrowings	(2,570.36)	(4,069.46)
Finance costs Net cash flow from / (used in) financing activities (C)	(20.77) 2.74	(26.87) 127.62
Net increase / (decrease) in cash and cash equivalents (A+B+C)	21.83)	18.86
Cash and cash equivalents at the beginning of the year/period	Poe	ran
Cash and cash equivalents at the end of the year/period	16.83	38.67

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Independent Auditor's Review Report on the Half Yearly and Year to Date Unaudited Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

Review Report to The Board of Directors Avro India Limited (Formerly Known as Avon Moldplast Limited)

• |. We have reviewed the accompanying statement of unaudited standalone financial results of Avro India Limited (the "Company") for the year to date from April 01, 2021 to September 30, ²⁰²¹ ("the Statement") attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").
• to This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting"' prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.

As stated in Note 2 of the statement, we have not performed a review of the figures relating to the corresponding six months ended 30.09.2020 including the reconciliation of net-profit for the Six months ended 30.09.2020 between the previous GAAP and the Indian Accounting Standard.

• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410."Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
• 1. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

UDIN: 21304483AAAAAE9452 Place: Ghaziabad, the 13" day of November 2021