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Birla Cable Limited Annual Report 2021
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Annual Report
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BCL/CS/21-22/ 18 JUNE 2021
BSE Ltd. The Manager, Corporate Relationship Department Listing Department, 1st Floor, New Trading Ring, The National Stock Exchange of India Ltd, Rotunda Building Exchange Plaza, C-1, Block G, P.J.Towers, Dalal Street, Bandra Kurla Complex, Fort, Bandra (E), MUMBAI-400 001 MUMBAI-400 051
Company's Scrip Code: 500060 Company's Scrip Code: BIRLACABLE
Dear Sirs,
Sub: Outcome of Board Meeting
This is to inform that the Board of Directors of the Company at its Meeting held today i.e. 18th June, 2021 has inter alia, considered and:
- (1) Approved the Audited Financial Results of the Company for the year ended 31st March, 2021. The Audited Financial Results of the Company for the year ended 31st March, 2021 alongwith the Auditor's Report on Audited Financial Results by our Auditors Messrs Jain Pramod Jain & Co., Chartered Accountants and Declaration on Audited Financial Results duly signed by the Chief Executive Officer of the Company are enclosed herewith.
- (2) Recommended Dividend of Re. 1/- per share (i.e. 10 %) on 3,00,00,000 Equity Shares of face value of Rs.10/- each of the Company for the financial year 2020-21, subject to approval of the same by the Shareholders in the ensuing Twenty Nineth Annual General Meeting of the Company. Upon approval of shareholders, the dividend declared will be paid within 30 days of declaration.
The aforesaid meeting of the Board of Directors of the Company commenced at 4.30 P.M. and concluded at 7.45 P.M.
Thanking you,
Yours faithfully, For Birla Cable Limited
(Somesh Laddha) Company Secretary
Encl: As above.
Birla Cable Limited
(Formerly Birla Ericsson Optical Limited) Regd. Office & Works: Udyog Vihar, P.O. Chorhata, Rewa - 486 006 Madhya Pradesh, India Telephone: +91 7662 400580, Fax: +91 7662 400680 Email: [email protected]; Website: www.birlacable.com PAN No. AABCB1380L CIN: L31300MP1992PLC007190
18th JUNE 2021
BCL/CEO/21-22/
BSE Ltd. Corporate Relationship Department 1st Floor, New Trading Ring, Rotunda Building P.J.Towers, Dalal Street, Fort. MUMBAI-400 001
Company's Scrip Code: 500060
The Manager, Listing Department, The National Stock Exchange of India Ltd, Exchange Plaza, C-1, Block G. Bandra Kurla Complex, Bandra (E), MUMBAI-400 051
Company's Scrip Code: BIRLACABLE
Dear Sirs.
Sub: Declaration on Audited Financial Results pursuant to Regulation 33(3)(d) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
The Board of Directors of the Company at its meeting held on 18th June, 2021 has approved the Audited Financial Results of the Company for the year ended 31st March, 2021 and we hereby declare that the Statutory Auditors of the Company, Messrs Jain Pramod Jain & Co., Chartered Accountants, (Firm Registration No.016746N) have issued an Audit Report with unmodified opinion thereon.
This declaration is issued in compliance with the provisions of the Regulation 33(3)(d) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
This Declaration may kindly be taken on your records.
Thanking you,
Yours faithfully, For Birla Cable Limited
$R$ fridly
(R.Sridharan) Chief Executive Officer
Phone: 41401901 Email: [email protected] F-591, Sarita Vihar, New Delhi - 110076
INDEPENDENT AUDITOR'S REPORT ON THE AUDITED FINANCIAL RESULTS OF BIRLA CABLE LIMITED FOR THE QUARTER AND YEAR ENDED 31st MARCH, 2021
To the Board of Directors of BIRLA CABLE LIMITED
Opinion
We have audited the accompanying statement of Annual Financial Results of Birla Cable Limited ("the Company"), for the quarter and year ended 31st March, 2021 ("the Statement'), attached herewith, being submitted by the Company pursuant to requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, as amended ("the Listing Regulations").
In our opinion and to the best of our information and according to the explanations given to us, the Statement:
- i) is presented in accordance with the requirement of Regulation 33 of the Listing Regulations; and
- ii) gives a true and fair view in conformity with the applicable Indian Accounting Standards and other accounting principles generally accepted in India of the net profit and other comprehensive income and other financial information of the Company for the quarter and year ended 31st March, 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, as amended ("the Act"). Our responsibilities under those Standards are further described in the "Auditor's Responsibilitiesfor the Audit of the Annual 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 ("ICAI") together with the ethical requirements that are relevant to our audit of the Annual financial results under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Management's Responsibility for the Annual Financial Results
This statement has been prepared on the basis of the Annual Ind AS financial statements. The Company's Board of Directors are responsible for the preparation and presentation of the Statement that gives a true and fair view of the net profit and other comprehensive income and other financial information in accordance with the applicable Indian Accounting Standards (Ind AS) 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 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 Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the Statement, the Board of Directors is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors are also responsible for overseeing the Company's financial reporting process
Auditor's Responsibilities for the Audit of the Annual Financial Results
Our objectives are to obtain reasonable assurance about whether the Statement 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 the Statement.
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 Statement, 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 of expressing our opinion on effectiveness of the Company's internal control. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Company's 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 Statement 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 Statement, including the disclosures, and whether the Statement represents 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 where applicable, related safeguards.
Other Matters
The Statement includes the results for the Quarter ended 31st March, 2021 being the balancing figure between audited figures in respect of the full financial year and the published year to date figures up to third quarter of the current financial year which were subject to limited review by us.
For Jain Pramod Jain & Co. Chartered Accountants Firm's Registration No. 016746 N
$(P.K.Jain)$ Partner Membership No. 010479 UDIN: 21010479AAAAAAQ9055
Place: New Delhi Date:18.06.2021
$\begin{array}{c} \bf{BIRLA\ CABLE\ LIMITED} \ \textit{Regd. Office: Udyog Vihar, P.O.Chontata, Rww1 - 486 006 (M.P.)} \ \textit{CIN: L31300MP1932PLCO07190} \ \textit{Telephone No: 07682-400580, Fax No: 07682-400680} \ \textit{Email: [email protected], Website: www.birlacable.com} \end{array}$
STATEMENT OF AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2021
| $(3 \infty)$ in lakhs) | |||||||
|---|---|---|---|---|---|---|---|
| SI. | Ouarter Ended | Year Ended | |||||
| No. | Particulars | 31.03.2021 | 31.12.2020 | 31.03.2020 | 31.03.2021 | 31.03 2020 | |
| (Audited) | (Unaudited) | (Audited) | (Audited) | (Audited) | |||
| Т | Income | ||||||
| Revenue from Operations(a) | 11895.50 | 8484.50 | 5892.54 | 32852.33 | 22307.12 | ||
| Other Income(b) | 46.40 | 30.59 | 19.80 | 183.35 | 226.08 | ||
| Total Income | 11941.90 | 8515.09 | 591234 | 33035.68 | 22533.20 | ||
| $\overline{2}$ | Expenses | ||||||
| Cost of Raw Materials Consumed(a) | 8946.75 | 6375.07 | 4973.57 | 23898.32 | 16071.92 | ||
| Purchases of Stock-in-Trade(b) | 0.32 | 1.58 | 0.80 | 11.44 | 2.26 | ||
| Changes in Inventories of Finished Goods.(c)Work-in-Progress and Stock-in-Trade, etc. | (92.47) | 119.83 | (806.95) | 625.30 | (739.55) | ||
| Employee Benefits Expense(d) | 599.52 | 529.95 | 554.22 | 2027.94 | 2081.04 | ||
| Finance Costs(c) | 175.93 | 87.51 | 136.41 | 483.69 | 714.56 | ||
| Depreciation and Amortisation Expense(1) | 270.11 | 275.06 | 233.50 | 1120.92 | 1173.81 | ||
| Other Expenses(g) | 1258.13 | 1050.03 | 799.02 | 3772.32 | 3198.81 | ||
| Total Expenses | 11158.29 | 8439.03 | 5890.57 | 31939.93 | 22502.85 | ||
| 3 | Profit/(Loss) before Tax (1-2) | 783.61 | 76.06 | 21.77 | 1095.75 | 30.35 | |
| $\mathbf{4}$ | Tax Expense | ||||||
| (a) Current Tax | 220.44 | 49.21 | 327.63 | ||||
| Excess Tax provision of earlier year written back(b) | $\sim$ | (4.32) | (60.62) | ||||
| (c) Deferred Tax | (69.39) | (2.06) | 12.70 | (47.80) | (10.64) | ||
| $\overline{\mathbf{5}}$ | Net Profit/(Loss) for the Period (3-4) | 632.56 | 28.91 | 9.07 | 820.24 | 101.61 | |
| 6 | Other Comprehensive Income (OCI) | ||||||
| Items that will not be re-classified to Profit or Loss(a) | (77.48) | 134.99 | (549.00) | 439.49 | (1045.30) | ||
| Taxes relating to the above items(b) | (3.52) | ÷ | 19.60 | (7.70) | 72.77 | ||
| Total Other Comprehensive Income/(Loss) | (81.00) | 134.99 | (529.40) | 431.79 | (972.53) | ||
| 7 | Total Comprehensive Income/(Loss) for the Period(Net of Tax) $(5+6)$ | 551.56 | 163.90 | (520.33) | 1252.03 | (870.92) | |
| 8 | Paid-up Equity Share Capital(Face value of ₹10/- per Share) | 3000.00 | 3000.00 | 3000.00 | 3000.00 | 3000.00 | |
| 9 | Other Equity | 13830.86 | 12578.83 | ||||
| 10 | Basic & Diluted Earnings Per Share $(\vec{x})$(not annualised) | 2.11 | 0.10 | 0.03 | 2.73 | 0.34 |
$\frac{\partial \mathcal{L}}{\partial \mathcal{L}}$
| BALANCE SHEET | |||
|---|---|---|---|
| (7 in lakhs) | |||
|---|---|---|---|
| SI.No. | Particulars | As at31.03.2021 | As at31.03.2020 |
| A | ASSETS | ||
| 李 。NON-CURRENT ASSETS | |||
| (1)Property, Plant and Equipment(a) | 7900.11 | 8475.03 | |
| Intangible Assets(b) | 7.06 | 13.13 | |
| Financial Assets(c) | |||
| (i) Investments | 1303.05 | 886.63 | |
| $(ii)$ Loans | 22.03 | 27.88 | |
| (iii) Other Financial Assets | 136.85 | 199.18 | |
| Non-Current Tax Assets (Net)(d) | 203.88 | 240.21 | |
| (e) Other Non-current Assets | 106.38 | 16.48 | |
| Total Non-Current Assets | 9679.36 | 9858.54 | |
| (2) CURRENT ASSETS | |||
| Inventories(a) | 7095.78 | 7153.93 | |
| Financial Assets(b) | |||
| (i) Trade Receivables | 13260.98 | 8130.99 | |
| (ii) Cash and Cash Equivalents | 14.06 | 1383.88 | |
| (iii) Bank Balances Other than (ii) above | 540.99 | 487.66 | |
| (iv) Others Financial Assets | 704.39 | 464.73 | |
| Other Current Assets(c) | 370.06 | 568.08 | |
| (d) Assets Classified as held for Sale/Disposal | 2.00 | 5.30 | |
| Total Current Assets | 21988.26 | 18194.57 | |
| Total Assets | 31667.62 | 28053.11 | |
| B | EQUITY AND LIABILITIESEQUITY(a) Equity Share Capital(b) Other EquityTotal EquityLIABILITIESNON-CURRENT LIABILITIES(1)(a) Financial Liabilities(i) Borrowings(ii) Other Non Financial Liabilities(b) Provisions(c) Deferred Tax Liabilities (Net)Total Non-Current Liabilities(2) CURRENT LIABILITIESFinancial Liabilities(a)(i) Borrowings(ii) Trade PayablesDue to Micro and Small EnterprisesDue to Other than Micro and Small Enterprises(iii) Other Financial LiabilitiesOther Current Liabilities(b)Provisions(c) | 3000.0013830.8616830.861697.4381.8922.04519.372320.734347.68229.226390.721106.00375.9666.45 | 3000.0012578.8315578.831929.22112.0420.56559.472621.294746.88172 113140.131227.64484.4681.77 |
| Total Current Liabilities | 12516.03 | 9852.99 | |
| Total Equity and Liabilities | 31667.62 | 28053.11 |
Contd. $.3$
$\frac{\partial}{\partial x}$
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STATEMENT OF CASH FLOW
| enc | DescriptionaCASH FLOW FROM OPERATING ACTIVITIES | For thevear ended31 st March, 2021 | (7.10.11822)For theyear ended31 st March, 2020 | |||
|---|---|---|---|---|---|---|
| A. | ||||||
| Net Profit Before Tax | 1095.75 | 30.35 | ||||
| Adjustments for: | ||||||
| Depreciation and Amortisation Expenses | 1120.92 | 1173.81 | ||||
| (Profit)/Loss on Disposal of Fixed Assets (Net) | 15.46 | (3.42) | ||||
| (Gain)/Loss on Unrealised Foreign Exchange Rate Fluctuations | (5.99) | 146.00 | ||||
| Interest Income | (86.25) | (118.77) | ||||
| Dividend Income | (15.77) | (15.73) | ||||
| Interest Expense | 408.50 | 614.19 | ||||
| 1436.87 | 1796.08 | |||||
| Operating Profit before Change in Assets and Liabilities | 2532.62 | 1826.43 | ||||
| Change in Assets and Liabilities: | ||||||
| Increase/(Decrease) in Trade Payables and Provisions | 2768.81 | (6257.34) | ||||
| Decrease/(Increase) in Trade Receivables | (5137.36) | 8233.21 | ||||
| Decrease/(Increase) in Inventories | 58:15 | 112.10 | ||||
| Decrease/(Increase) in Loans and Advances | (12.25) | (562.74) | ||||
| (2322.65) | 1525.23 | |||||
| Cash Flow generated from/(used in) Operations | 209.97 | 3351.66 | ||||
| Direct Taxes Paid (Net of Refunds) | (323.31) | (159.88) | ||||
| Net Cash Flow from/(used in) Operating Activities (A) | (113.34) | 3191.78 | ||||
| В. | CASH FLOWS FROM INVESTING ACTIVITIES | |||||
| Purchase of Fixed Assets | (436.55) | (1847.55) | ||||
| Proceeds from sale of Fixed Assets | 11.51 | 30.15 | ||||
| (Investment )/Maturity of Bank Deposits | (5.16) | (175.14) | ||||
| Proceeds from Government Grants | 27.53 | |||||
| Interest Received | 85.36 | 11828 | ||||
| Dividend ReceivedNet Cash Flow from/(used in) Investing Activities (B) | 15.77 | (301.54) | 15.73 | (1858.53) | ||
| C. | CASH FLOWS FROM FINANCING ACTIVITIES | |||||
| Proceeds/(Repayment) from Long Term Borrowings (Net) | (114.70) | 1099.89 | ||||
| Proceeds/(Repayment) from Short Term Borrowings (Net) | (375.16)(27.56) | 239.11 | ||||
| Repayment of Lease Liability - PrincipalRepayment of Lease Liability - Interest | (11.50) | (18.22)(7.82) | ||||
| Interest Paid | (426.02) | (588.98) | ||||
| Dividend Paid | ¥ | (600.00) | ||||
| Dividend Distribution Tax | (123.33) | |||||
| Net Cash Flow from/(used in) Financing Activities (C) | (954.94) | 0.65 | ||||
| Net Increase/(Decrease) in Cash and Cash Equivalents $(A+B+C)$ | (1369.82) | 1333.90 | ||||
| Cash and Cash Equivalents at the beginning of the period | 1383.88 | 49.98 | ||||
| Cash and Cash Equivalents at the end of the period | 14.06 | 1383.88 | ||||
| Components of Cash and Cash Equivalents | ||||||
| Cash on Hand | 4.24 | 3.97 | ||||
| Cheques/Drafts on Hand | 8.56 | 20.64 | ||||
| 1352.20 | ||||||
| Balance in Cash Credit AccountsBalance in Current Accounts | 1.26 | 7.07 |
Contd. ..4
$\ell$
Notes:
- The Board of Directors has recommended a dividend at the rate of $\bar{\tau}$ 1/- (10%) per fully paid up 1 equity share of face value of ₹10/- each for the year ended 31st March, 2021. The payment of dividend is subject to the approval of the shareholders in the ensuing Annual General Meeting of the Company.
- The above Audited Financial Results have been reviewed and recommended by the Audit Committee and approved by the Board of Directors at their respective meetings held on 18th June, 2021.
- The Company has only one reportable primary business segment i.e. Cables, based on guiding principles given in Ind AS 108 "Operating Segments" notified pursuant to Companies (Indian Accounting Standards) Rules, 2015. Accordingly, the disclosure requirements of Ind AS 108 are not applicable.
- The Company has assessed the impact of COVID-19 pandemic on its financial results/position. As $\overline{4}$ per the current assessment, the Company expects to recover the carrying amount of inventory, trade receivables and other assets. However, the impact assessment of COVID19 will be a continuing process given the uncertainties associated with its nature and duration.
- The Government of India, on 20/09/2019, vide the Taxation Laws (Amendment) Ordinance 2019, $\mathcal{L}_{\mathcal{L}}$ inserted a new Section 115BAA in the Income Tax Act, 1961, which provides an option to the Company for paying Income Tax at reduced rates as per the provisions/conditions defined in the said section. The Company is continuing to provide for income tax at the old rates, based on the deductions available to the Company under the Income Tax Act, 1961. However, the Company had applied the lower income tax rates on the deferred tax liabilities(net) to the extent these were expected to be realised or settled in the future period when the Company may be subjected to lower tax rate and accordingly reversed net deferred tax liability of $\bar{\tau}$ 57.65 Lakhs during the quarter and vear ended 31/03/2021.
- The figures of the quarter ended 31st March, 2021 and the quarter ended 31st March, 2020 are the 6 balancing figures between the audited figures in respect of the full financial year and the published unaudited year to date figures upto the third quarter of respective financial years which were subject to limited review.
- The Figures for the previous period/year are re-classified/re-grouped, wherever necessary, to correspond with the current period's/year's classification.
For BIRLA CABLE LIMITED
W. Lackhe
(HARSH V. LODHA) CHAIRMAN DIN: 00394094 KOLKATA
18th June, 2021 Date:
