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Elecon Engineering Co.Ltd. Annual Report 2021
63235_rns_2021-05-27_76b75ba4-b443-4128-9744-dc8d3b1c8345.pdf
Annual Report
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27th May, 2021
To,
| The Manager (Listing), | The Manager (Listing), |
|---|---|
| The BSE Ltd. | National Stock Exchange of India Ltd. |
| Mumbai | Mumbai |
| Company's Scrip Code: 505700 | Company's Scrip Code: ELECON |
Sub Outcome of Board Meeting held on Thursday, 27th May, 2021
Ref Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Dear Sir/ Madam,
In terms of the subject referred regulation, this is to inform you that the Board of Directors of the Company has, at its meeting held today i.e. 27th May, 2021, inter alia, taken following decisions:
-
- Approved the Audited Financial Results (Standalone & Consolidated) alongwith Auditors' Report of the Company for the financial year ended on 31st March, 2021 as per Regulations 33 and 52 & 54 of the SEBI (LODR) Regulations, 2015 and also the Declaration with respect to Audit Report with unmodified opinion on the said financials.
-
- The Board of Directors has recommended a Dividend of Rs. 0.40 j- per Equity Share of Rs. 2/- each i.e. 20 % Dividend.
-
- Appointment of Shri Pranav Amin (DIN : 00245099) designated as an Independent Director (Additional Director) on the Board of Directors of the Company. He shall hold the office as an Independent Director (Additional Director) for a period of 5 (Five) years with effect from 27th May, 2021 subject to the approval of the shareholders at the ensuing 61st Annual General Meeting of the Company. The brief profile of Shri Pranav Amin is attached as Annexure -A.
-
- Pursuant to Regulation 17(1A) of SEBI (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2018, the Board approved the continuation of Shri Pradip Patel (DIN : 00012138) as a Non-Executive Non-Independent Director on the Board of the Company subject to the approval of the Shareholders at the ensuing 61st Annual General Meeting of the Company, who is liable to retire by rotation, notwithstanding his attaining the age of Seventy-five (75) years on 5th November, 2022.
Gearing industries. Gearing economies.
ELECON ENGINEERING COMPANY LIMITED, Anand - Sojitra Road, Vallabh Vidyanagar • 388 120, Gujarat, India. Tel.: +91-2692-238701, 238702. Fax: +91-2692-227484. CIN L29100GJ1960PLC001082 I [email protected] I www.elecon.com
The brief profile of Shri Pradip Patel:-
Shri Pradip Patel has more than three decades of experience in bearing indush-y. He served as Managing Director of ABC Bearings Limited from August 1, 1981 to August 31, 2018. His core area of sh·ength relating to the business is strong leadership, sh·ategy building and operational direction.
Relationship with any Director of the Company- Shri Pradip M. Patel is the sister's husband of Shri Prayasvin Patel, Chairman & Managing Director of the Company.
- The Audit Committee and the Board of Directors of the Company had subject to the approval of the Shareholders at the ensuing 61st Annual General Meeting of the Company (AGM), approved the appointment of M/ s. C N K & Associates LLP (Firm Registration No. 101961W /W-100036), Chartered Accountants, Mumbai, as the Statutory Auditors of the Company for a period of 5 (five) years from the conclusion of ensuing 61st Annual General Meeting (AGM) of the Company to be held in the year 2021 till the 66th conclusion of AGM to be held in the year 2026, in place of the existing Statutory Auditors, M/ s. B S R & Co. LLP, Chartered Accountants on completion of their term of five years at the conclusion of ensuing 61st Annual General Meeting of the Company. The particulars for appointment of M/ s. C N K & Associates LLP (CNK or The Firm), Chartered Accountants, as Statutory Auditors of the Company is attached as Annexure-B.
The aforesaid change in Statutory Auditors of the Company is in compliance with the requirements of Section 139 of the Companies Act, 2013 read with the Companies (Audit and Auditors) Rules, 2014.
- The Constitution of the Risk Management Committee pursuant to the recent amendments in Regulation 21 of SEBI (LODR) (Second Amendment) Regulations, 2021.
The details as required under Regulation 30 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time, are given as Annexures herewith.
The meeting commenced at 1:30 p.m. and concluded at £ : 'So p.m.
You are requested to take the same on your records.
Thanking you.
Yours faithfully, For Elecon Engineering Company Limited, ~:. . . •.·
~ Bharti Isarani
Company Secretary & Compliance Officer
Encl.: As above
Annexure -A
The particulars for appointment of Shri Pranav Amin (DIN : 00245099) as an Independent Director (Additional Director) of the Company are as under:
| Reason for change viz. appointment, resignation, removal, death or otherwise; |
Appointment |
|---|---|
| Date of appointment | 27.05.2021 |
| Term of Appointment | Appointment as an Independent Director (Additional Director) for a period of 5 (Five) years |
| Brief Profile | Shri Pranav Amin was born in 1975. He graduated with a double major in Economics and Industrial Management from USA. He followed that with an MBA in International Management from Thunderbird, The American Graduate School of International Management. Shri Pranav Amin is the Managing Director of Alembic Pharmaceuticals Ltd. Alembic Pharmaceuticals Ltd, established in 1907, is part of the Alembic group based out of Vadodara, India. |
| Keeping in view his vast experience and knowledge as well as leadership skill, it will be in the interest of the Company that Shri Pranav Amin be appointed as a Non-Executive Independent Director of the Company. |
|
| Disclosure of relationships between directors |
Shri Pranav Amin is not related to any of the Promoters, Members of the Promoter Group and Directors of the Company. |
The particulars for appointment of Mfs. C N K & Associates LLP (CNK or The Firm), Chartered Accountants, as Statutory Auditors of the Company are as under:
| change Reason for viz. appointment, resignation, removal, death or otherwise; |
Appointment Completion of a term of five consecutive years at the conclusion of ensuing 61st Annual General Meeting of the Company as per Section 139(2) of Companies Act, 2013 of present Statutory Auditors namely M/ s. B S R & Co. LLP, Chartered Accountants. |
|---|---|
| Date of appointment & Term of Appointment |
Appointment of new Statutory Auditors for 5 (five) years from the conclusion of AGM to be held in the year 2021 till the conclusion of AGM to be held in the year 2026, subject to the approval of members of the Company. |
| Brief Profile (in case of appointment) |
M/ s. C N K & Associates LLP (CNK or The Firm), is a Chartered Accountant Firm registered with The Institute of Chartered Accountants of India ("ICAI'') with Firm Registration No. 101961W /W100036. The firm has presence in in including Vadodara and 4 major cities India Ahmedabad. The Firm has been associated as Statutory Auditors of many listed and other large companies, Banks, including PSUs (including a Fortune 500 company) for more than 5 decades, and is closely working with regulatory bodies in various capacities. The firm has been subjected to peer by The Chartered review process Institute of Accountants of India and has received a Certificate of Peer Review. The Firm has significant experience in audit of large manufacturing entities including in the engineering sector. |
You are requested to take the above on your records.
Thanking you.
Yours faithfully, For Elecon Engineering Company Limited,
~ Isarani
Bharti Company Secretary & Compliance Officer .. .,·
ELECON ENGINEERING COMPANY LIMITED
Sr. No. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 # a) b) c) STATEMENT OF AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31 MARCH 2021 (Amounts in INR Lakhs) Quarter Ended Year ended 31 Mar 2021 31 Dec 2020 31 Mar 2020 31 Mar 2021 31 Mar 2020 Particulars (Audited) (Unaudited) (Audited) (Audited) (Audited) Refer Note 2 Refer Note 2 Revenue from operations 27,346.80 22,804.03 20,169.19 79.636.37 83,573.82 Olher income 239.82 495.71 160.57 1,079.06 930.58 Total Income (1+2) 27,586.62 23 299.74 20,329.76 80,715.43 84,504.41) Expanses (a) Cost of materials consumed 10,841.90 10,240.89 5,922.13 31,963.54 37,231.73 (b) Changes in inventories of finished goods and work-in-progress 1,803.48 1,087.34 4,506.98 4,358.86 646.51 (c) Manufacturing expenses and erection charges 1,954 34 2,065.66 2,069.51 7,305,22 13,960.64 (d) Employee benefits expense 1,916 24 1,450.11 1,987.29 6,367,93 7.145.43 (e) Finance costs 1,257.36 1,300.90 1,640.41 5,426.89 6,963.25 (f) Depreciation and amortisation expense 1,042.02 1,064,97 1,170.56 4,231.33 4,369,33 (g) Other expenses 5,053.26 4,203.33 4,396.26 15,233.48 14,059.72 Total Expenses 23,868.60 21,413.22 21,693.16 74,887.25 84,376.61 Profit I (loss) before tax (3-4) 3,718.02 1,886.52 (1,363.40) 5,828.18 127.79 Tax expenses Current tax (3,17) 3.17 116.13 - 118.13 Deferred tax (Refer note 4 (a) & (b)) 1,478.40 641 .09 (7,704.65) 2,201.69 (7,232.23) Net Profit for the period after tax (5-6) 2,242.79 1,242.26 6,223.12 3,626.49 7,241 .89 Other comprehensive Income I (expenses) (net of tax) Items that will not be reclassified to profit or loss 134.57 (7.39) (17.12) 112,42 (29.53) Income tax related to items that will not be reclassified to profit or loss (36.04) 2,58 5.98 (28.30) 10.32 Total comprehensive income for the period (7+8) 2,341.32 1,237.45 6,211.98 3,710.61 7,222.68 Paid-up equity share capital (Face value per equity share INR 21-) 2.244.00 2,244.00 2,244.00 2,244,00 2,244,00 Debt capital# 9,571,43 10,000.00 Other equity (including debenture redemption reserve) 79,692.54 75,981.93 Debenture redemption reserve 2,500.00 2,500.00 Earnings per share (of INR 2/- each) (not annualised) (In Rupees) (a) Basic 2.00 1.10 5.54 3.23 6.45 (b) Diluted 2,00 1.10 5.54 3.23 6.45 Deb! Equity Ratio 0.31 0.50 Debt Service Coverage Ratio 1,07 1,51 Interest Service Coverage Ratio 2.25 1.02 Represents Non convertible debentures Ratios have been computed as follows: Debt Equity Ratio : Debt I Equity Debt: Non-current borrowings + Current maturity of non-current borrowings + Current borrowings + Lease liabilities Equity : Equity share capital + Other equity Debt Service Coverage Ratio : (EBIT-Tax expenses) I Debt to be serviced EBIT : Profit Before Tax+ Interest on Debt Debt to be serviced : Interest on Debt+ Scheduled principal repayment of non-current borrowings + Current maturity of lease liabilities Interest Service Coverage Ratio : EBIT /Interest on Debt
Gearing industries. Gearing economies.
ELECON ENGINEERING COMPANY LIMITED, Anand- Sojitra Road, Vallabh Vidyanagar- 388 120, Gujarat, India. Tel.: +91 -2692-238701, 238702. Fax: +91-2692-227484 CIN L29100GJ1960PLC001082 I [email protected] I www.elecon.com
Notes~
- TM above audilec stand;llone nnanclal res~ l5 for the quarter and year ended 31 March 2021 ·were reviewed and recommended by (he Audit Commf\tea and approved by the Board of Dlrector!l al tllefr resp€'dJve meelln11s neld on 27 May 2021. The statutory J!Uditors have expressed an unmodWed opinion on these standalone Rnanolal results.The audit repOrt hilS been 'filed with the stock exchange and ls avalJable on the Gompany's website.
- 2 Figures for the quarter ended 31 March, 2021 and corresponding quarler ended In the PrllVIous year as reported In these stan!falone financial resulls are the balancing figures In resper::t of t~!l full financial y~ar and the published year·IO·dale ngures up to U1a end or third quarter or the relevant financial year, Also the ffgurl!!> upro the en~ of third quarter had only been reviewed and not s~b ~cted ro audit.
- 3 As per lnd AS 10B 'Operating Segments', lhe 0ompany has reported segment information under two segments I.e. 1) Material Handling E:!!ulpment an~ 2) Tran~ml5sion Equipment •
- .ol B) On zo September 2019, vide the Taxatlon Laws {Amendm7n0 Ortflnance 2019 ('the. Ordinance'), '"" Government of India Inserted SeCllcn 115BAA In lhe Income Ta>~ Ai::l, Hl6i whtcn provldes domestic eompanJes a non-reversJble option to pay corpor.ate tax at reduced rale\$ effective 1 April 2019, subject to certaln aontflllo:ns. Tru< expenses ror the year ended 31 !vi arch 2020, reflect the lmpect•Ot expected adopllon ot lhls oplion by t.h~ Company basis Managemenl's Internal (M!I~alloll . F~rl<16f , true. expense~ tor tile quarter and year end !XI 31 march 2Q21 , reflect the Impact arlslng rrom tha change In !he liming of expected adoption or thl• option by 111& Company,
b) AI tho: Ume or lransiHon to:> Indian Acoou~ling Standards. (ind AS) with etrect flom 1 April 2015, U1e Company had recognised the rarr value ot Its ian(! per~~~rs m the boor<s of sccqunt and had elsa recognised corresponding deterred tax ltaollrty considering th!l future lax obllg_atlon that would arise upon sale or land In (he expeote~ manner In futuro (sale efland parcels on & piecemeal basis, deflnkea irom the business).
Purl ~!he year ended 31 March 2020, the Company had reassessed lhe sxpectl!d manner of recover'y of lhe carrying value of all land pa:rcel.s and determined the\ a number or 1111ch land parcels would not be dellnked lrom the business as llley elther form an Integral part of the business oparalions or are proximate to the factory premises. Consequently, !he Company e~pects that In the event or disposal ol most of lhe land parcels In tutUre, thesa would onlY be disposed off along with the business and In a slump ~ale arraneemant· thereby resulllng In no temporary difference 'bl!lween the accounting position and postuon as par laM laws upon &uchluture dlspo al .
Basis the above, deterred IS)( lla~JIIIV aggregatlng to INR 6,11 B lakh\$ recognls!XI on such land parcels at the time of lranslllon to In~ AS, has bee~ reversed In the Statement or Profit and Loss during the year ended 31 March :m~o .
5 SUbsequent to outbr.eak or COVID-1\l pandemic anq consequent loell d~wn across the ctlun~y. the Company's operations have res.umed post temporary suspenslon, as per lhe guldeUnes and norms prescribed by the Government authorities, The Company ~nl nuas to monitor the lmpacl of COVIO- 9 on lis bu!iines>; ncludlng customers, s\Jpply·chain, employees/Worl<ers and loglsllcs, TMe managemenr has taken specific sleps by way or negollafing b'e\tar payrrumt tenus lor new order\$ aod cCisl ration all!atro" Initiatives lo manage the cas~ nows and liquidity position, The Company hils considered Internal and e)(temal Information while evaluating varlouo estimates In reta:uon to Its nnanclat results lip to the date of lis approval by the Board of Directors and has not idenUned any material llnpecl on (he carrying value ol assets., liabltllres or prOvisions.
Fllrtherl mpact or the COVID-19 pandemic, If any, rnay be dlfferenllrom estimated as at the dale of approval ol these financial results and the Company believes t11at no precise estlmaliol') CB(l be made about lh~ actuallmpact of the pandemic on the overall economy, spectnc lndus\1)' sectors and IM CoiTlJlany Itself ~llhls sta_pa bulls closely monitoring the emerging situation
- 6 The Indian Parliament has approveil 11\e Code on SoclaJ Security, 2020 (' Co~c') which may iiMely Impact ~e contrlbuUons made by tho Company loWOI'ds Provident Fund and Gratuity. The Company will assess the Impact and liS evaluatron once the cortespondlug rules are "otlfied and w II eNe appropnate impact In the r.nanclal statements ln tne period 111 which the 0ode becomes effecUve and the related rules are ootmeq
- 1 Board of directors recommended dividend of Rs . 0.40/- ('20%) ~er equity shafe orR>. 2J. each amounting lo Rs. !Ma.80 Lakhs ror the year 2020.21
8 Prev1otJs period tigure:s have been regrouped I reclassined whelelier necessary,
| Quarter Ended | Year ended | ||||
|---|---|---|---|---|---|
| Particulars | 31 Mar 2021 | 31 Dec 2020 | 31 Mar 2020 | 31 Mar 2021 | 31 Mar 2020 |
| (Audited) | (Unaudited) | (Audited) | (Audited) | (Audited) | |
| Refer Note 2 | Refer Note 2 | ||||
| 1. SEGMENT REVENUE | |||||
| (a) Material Handling Equipment | 5,528.37 | 3,002.26 | 3,107.93 | 13,924.65 | 22,897.76 |
| (b) Transmission Equipment | 21,818.43 | 19,801.77 | 17,061.26 | 65,71172 | 60,676.06 |
| Net Sales/Income from Operations | 27,346.80 | 22,804.03 | 20,169.19 | 79,636.37 | 83,573.82 |
| 2. SEGMENT RESULTS PROFIT (+)/LOSS(-) BEFORE TAX & INTEREST | |||||
| (a) Material Handling Equipment | (1,508.11) | (1,853.21) | (2, 243, 50) | (5,043,30) | (1,862.92) |
| (b) Transmission Equipment | 7,429.88 | 4,809.29 | 2,486.72 | 17,154.51 | 9,470.54 |
| Total | 5,921.77 | 2,956.08 | 243.22 | 12,111.21 | 7,607.62 |
| Less: | |||||
| I) Finance Cost | 1,257.36 | 1,300.90 | 1,640.41 | 5,426.89 | 6,963.25 |
| (ii) Other unallocated corporate overheads | 981.37 | 185.63 | 438.57 | 1,484.08 | 1,212.00 |
| (iii) Unallocable income | (34.98) | (416.97) | (472.36) | (627.94) | (695.42) |
| Total Profit / (Loss) before Tax | 3,718.02 | 1,886.52 | (1, 363, 40) | 5,828.18 | 127.79 |
| 3. SEGMENT ASSETS | |||||
| (a) Material Handling Equipment | 43,240.68 | 43,846.85 | 48,300.02 | 43,240.68 | 48,300.02 |
| (b) Transmission Equipment | 1,09,016.93 | 1,03,812.19 | 1,16,39778 | 1,09,016.93 | 1,16,397.78 |
| (c) Unallocated | 17,933.01 | 18,089.79 | 18,938.41 | 17,933.01 | 18,938.41 |
| Total | 1,70,190.62 | 1,65,748.83 | 1,83,636.21 | 1,70,190.62 | 1,83,636.21 |
| 4. SEGMENT LIABILITIES | |||||
| (a) Material Handling Equipment | 29,601.18 | 33,603.60 | 36,824.88 | 29,601.18 | 36,824.88 |
| (b) Transmission Equipment | 53,155 59 | 48,923.41 | 65,686.26 | 53,155.59 | 65,686 26 |
| (c) Unallocated | 5,497.31 | 3,626.60 | 2,899.14 | 5,497 31 | 2,899 14 |
| Total | 88,254.08 | 86,153.61 | 1,05,410.28 | 88,254.08 | 1,05,410.28 |
| 5. NET CAPITAL EMPLOYED | 81,936.54 | 79,595.22 | 78,225,93 | 81,936.54 | 78,225.93 |
- (~ <: ~ ~ NAGAR v.v. ~ 'P
~ ~~~"~ ro., . -\$ r--..
~7-ieo~'V Prayasvin B. Patel - Place : Vallabh Vidyanagar - Chairman & Managing Director Date : 27 May. 2021 DIN : 00037394
STANDALONE STATEMENT OF ASSETS AND LIABILITIES
| I. Non-current assets (a) Property, plant and equipment (b) Right-of-use assets |
||
|---|---|---|
| 54,706.63 | 58,469.68 | |
| 3,840.57 | 3,914.42 | |
| (c) Capital work-in-progress | 30.96 | 18.17 |
| (d) Investment properties | 2,547.00 | 2,559.99 426.76 |
| (e) Intangible assets (f) Financial assets |
299.97 | |
| (i) Investments | 11,865.28 | 11,915.16 |
| (li) Loans | 6.53 | 6.53 |
| (iii) Other financial assets | 1,047.55 | 581 .69 |
| (g) Income tax assets (net) | 2,020.33 | 2,336.29 |
| (h) Other non-current assets | 1,175.17 | 1,244.90 |
| 77.539.99 | 81,473.59 | |
| II.Current assets | ||
| (a) Inventories | 17,610.95 | 22,835.51 |
| (b) Financial assets | ||
| (i) Trade receivables | 46,688.78 | 55,899.34 |
| (ii) Cash and cash equivalents | 1,594.15 | 521.80 |
| (iii) Bank balance other than (ii) above | 3,466.41 | 1,952.43 |
| (iv) Loans | 1,302.48 | 1,391.70 |
| (v) Other financial assets | 19,178.46 | 15,469.44 |
| (c) Other current assets | 2,809 39 | 4 092.40 |
| 92,650.62 | 1 ,02, 162.62 | |
| Total Assets | 1,70,190.61 | 1,831636.21 |
| EQUITY AND LIABILITIES | ||
| Equity | ||
| (a) Equity share capital | 2,244.00 | 2,244.00 |
| (b) Other equity | 79,692.54 | 75,981 ,93 |
| 81,936.54 | 78,225.93 | |
| LIABILITIES | ||
| I. Non-current liabilities | ||
| (a) Financial liabilities | ||
| (i) Borrowings | 11,615.40 | 13,130.67 |
| (ii) Lease liabilities | 1,640.51 | 2,718.52 |
| (b) Provisions | 336.63 | 199.32 |
| (c) Deferred tax liabilities (net) | 2,999.11 | 769.12 |
| 16,591.65 | 16,817.63 | |
| II.Current liabilities | ||
| (a) Financial liabilities | ||
| (i) Borrowings | 8,964.80 | 20,388.89 |
| (ii) Lease liabilities | 1 '107.26 | 969.03 |
| (iii) Trade payables | ||
| Total outstanding dues of micro and small enterprises | 4,367.94 | 8,191.05 |
| Total outstanding dues of other than micro and small enterprises | 31,793 04 | 37,619.26 |
| (iv) Other financial liabilities | 5,942.12 | 5,310.31 |
| (b) Other current liabilities | 15,469.39 | 12,162.28 |
| (c) Provisions | 2,466.69 | 2,139.02 |
| (d) Current tax liabilities (net) | 1,551.18 | 1,812.81 |
| 71,662.42 | 88,592.65 | |
| Total Liabilities | 88,254.07 | 1,05,410.28 |
| Total Equity and Liabilities | 1,83,636.21 |
Prayasvin B. Patel Chairman & Managing Director DIN : 00037394
Place : Vallabh Vidyanagar Date : 27 May, 2021
ELECON ENGINEERING COMPANY LIMITED
STANDALONE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2021
| (Amounts in INR Lakhs) | ||
|---|---|---|
| Particulars | Year ended | Year ended |
| 31 Mar 2021 | 31 Mar 2020 | |
| (Audited) | (Audited) | |
| Cash flow from operating activities | ||
| Profit before Tax | 5,828.18 | 127.79 |
| Adjustments for. | ||
| (i) Depreciation and amortisation expense | 4,231,33 | 4,369.33 |
| (ii) Finance costs | 5,426.89 | 6,963.25 |
| (Iii) (Galn)/loss on fair valuation of investment | (57.41) | 81.19 |
| (iv) Loss on sold/discarded of Property, Plant and Equipments (net) | 27.11 | 81.61 |
| (v) Interest income | (214.16) | (249.90) |
| (vi) Dividend Income | (344.68) | (67.60) |
| (vii) Bad debt written off | 11,418.90 | 3,136.74 |
| (viii) Excess provision on doubtful debts written back | (7,362.77) | (2,861 .73) |
| (ix) Unrealised exchange (gain) /loss | (319.81) | 396.54 |
| (x) Provision for contractualliabilities,warranty and others | 495.30 | 494.88 |
| (xi) Increase I (reversal) of provision for onerous contract | 145.78 | (89,52) |
| (xii) Liabilities written back | (113.22) | |
| 19,161.44 | 12,382.58 | |
| Working Capital Adjustments | ||
| Decreasel(increase)l in trade receivables | 5,180.64 | (1 ,446.49) |
| Decrease in Inventories | 5,224.56 | 1,047.05 |
| (lncrease)/decrease in financial assets | (3,620.80) | 3,182,93 |
| Decrease in other current and non-current assets | 1,352.74 | 3,176.23 |
| (Decrease)nncrease in trade payables | (9,242.51) | 11,062.49 |
| Increase in provisions, current and non-current liabilities | 3,243.43 | 191.20 |
| lncreasel(decrease) in other financial liabilities | 592.11 | (12,253.94) |
| Cash generated from operations | 21,891.61 | 17,342.05 |
| Tax refund (net of taxes paid) | 57.92 | (293.18) |
| Net cash generated from operating activities (A) | 21,949.53 | 17 048.87 |
| Cash flow from Investing activities | ||
| Payments for purchase of property, plant and equipment | (377.63) | (1 ,238.47) |
| Proceeds from sale of property, plant and equipment | 126.58 | 36.32 |
| Interest received | 203.26 | 259.76 |
| Dividend received | 341.09 | 67.60 |
| (Increase) in bank balances not considered as cash and cash equivalent (net) | (1 ,967.94) | (984.13) |
| Other bank balances acquired pursuant to merger | 423.65 | |
| Proceeds from redemption of investments | 107.29 | 139.21 |
| Net cash (used ln)lgenerated from Investing activities (B) | (1,567.35) | (1,296.06) |
ELECON ENGINEERING COMPANY LIMITED
STANDALONE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2021
| (Amounts In INR Lakhs) | |||||
|---|---|---|---|---|---|
| Particulars | Year ended | Year ended | |||
| 31 Mar2021 | 31 Mar 2020 | ||||
| (Audited) | (Audited) | ||||
| Cash flow from financing activities | |||||
| Repayment from non current borrowings | (1,847.05) | (3,040.57) | |||
| Repayment of current borrowings (net) (note 3) | (11 ,443.40) | (9,003.35) | |||
| Proceeds from financing arrangements | 4,199.15 | ||||
| Repayment against financing arrangements | (944.04) | (570.64) | |||
| Finance cost paid | (5,022.39) | (6,839.98) | |||
| Dividend paid (including dividend distribution tax) | (13.71) | (290.98) | |||
| Principal payment of lease liabilities | (39.24) | (37.39) | |||
| Net cash (used In) financing activities (C) | (19,309.83) | (15,583.76) | |||
| Net (decrease) /Increase In cash and cash equivalents (A+B+C) | 1,072.35 | 169.05 | |||
| Cash and cash equivalents at 1 April | 521.80 | 352.75 | |||
| Cash and cash equivalents as at Balance Sheet date | 1,594.15 | 521 .80 | |||
| Components of cash & cash equivalents ; | |||||
| Cash on hand | 0.26 | 0.26 | |||
| Balances with banks | |||||
| -In current accounts | 1,572.89 | 521.54 | |||
| Cheques on hand | 21.00 | ||||
| 1,594.15 | 521.80 |
Notes:
-
Cash and cash equivalents includes bank overdrafts that are repayable on demand and form an integral part of the Company's cash managemen
-
The above Statement of Cash Flow has been prepared under the "Indirect Method" as set out in Indian Accounting Standard (lnd AS 7)- Statement of Cash Flows.
-
In accordance with para 22 of lnd AS 7 - Statement of Cash Flows, cash flows from current borrowings have been reported on net basis since these being working capital facilities, the maturities are short.
Place : Vallabh Vidyanagar Date : 27 May, 2021
B S R & Co. LLP
Chartered Accountants
903 Commerce House V, Near Vodafone House, Prahaladnagar, Corporate Road, Ahmedabad - 380 051 - India
Telephone: +91 79 7145 0001 Fax: +9 ! 79 7145 0050 -
Independent Auditors' Report
To the Board of Directors ofEiecon Engineering Company Limited
Report on the audit of tbe Standalone Annual Financial Results
Opinion
We have audited the accompanying standalone annual financial resalts ofEleconEngineering Company Limited (hereinafter referred to as the "Company") for the year ended 31 March 2021, attached herewith, being subiDltted by the Company pursuant to the requirement of Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements)Regulations, 2015, as amended ("Listing Regulations").
In our opinion and to the best of our infoxmation and according to the explanations given to us, the aforesaid standalone annual financial results:
- a. are presented in accordance with the requirements of Regulation 33 and 52 of the Listing Regulations in this regard; and
- b. give a true and fairview in conformity witll the recognition and measurement principles laid down in Ute applicable Indian Accounting Standards, and other accounting principles generally accepted in India, of the net profit and other comprehensive income and other financial information for the year ended 31 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 ('the Act''). Our responsibilities under those SAs are further described in the Auditor 's Responsibilities for the Audit of the Standalone 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 lndia together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act, and the Rules thereunder, and we have fuJfilled 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 on the standalone annual financial results.
B SR & Co. f4 PIMOIWllp firm w1thRe~-llon No. 8Ail1223) corrvoned lmoB SA & Co. t.P {a limltod Uablllty Partt•orstUpWilhllP ReglotmtJonNo. AAS-8181)wilhoffeetfrcm Octi>Mr 14.2013 Pflrclpal Offl:o:
14th Floor. CGmral B Wing and North C Wing. No..:o IT Pat!< 4. N&ICO Center. Western ExsnGS Htgl\way, Go!W3<)0 teno. Mumbal-400063
BS R&Co. LLP
Independent Auditors' Report on Standalone Annual Financial Results of Elecon Engineering Company Limited pursuant to Regulation 33 and 52 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (continued)
Management's and Board of Directors' Responsibilities for tbe Standalone Annual Financial Results
These standalone annual financial results have been prepared on the basis of the standalone annual financial statements.
The Company's Management and the Board of Directors are responsible for the preparation and presentation of these standalone annual financial results that give a true and fair view of the net profit and other comprehensive income and other financial infonnation in accordance with the recognition and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 of the Act and other accounting principles generally accepted in India and in compliance with Regulation 33 and 52 of the Listing Regulations. Tlris 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 the design, implementation and maintenance of adequate internal financial controls. that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone annual financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the standalone annual financial results, the Management and the Board of Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters relnted 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 bas no realistic alternative but to do so.
The Board of Directors is responsible fOT overseeing the Company's financial reporting process.
Auditor's Responsibilities for the Audit of tbe Standalone Annual Financial Results
Our objectives are to obtain reasonable assurance about whether the standalone annual financial results as a whole are free from material misstatement, wheth.er 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 standalo oe annual 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 annual financial results, whether due to fraud or error, design and ped'orm audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for out opinion. The nsk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forge~)-, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in older to design audit procedures that are appropriate in the ciicumstances. Under Section 143(3) (i) of the Act, we are also responsible for expressing our opinion through a separate report on the complete set of financial statements on whether the Company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
-
BSR&Co.LLP
Independent Auditors' Rep()rt on Standalone Annual Financial ResuJts of Elecon Engineering Company Limited pursuant to Regulation 33 and 52 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (continued)
-
Auditor's ResponSl"bilities for the Audit of the StandaloneAmwal Financial Results (Coldinlled)
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the standalone financial results made by the Management and Boanl of Directors.
- Conclude on the appropriateness of the Management and Boanl of Directors use of the going concem 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 appropriateness of this assumption. 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 standalone annual financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the aodit 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 concem
- Evaluate the overall presentation, structure and content of the standalone annual financial results, including the disclosures, and whether the standalone annual financial results represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those cbaiged with governance reganling, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in inlemal control tbat 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 safeguanls.
Other Matters
The standalone annual financial results include the results for the quarter ended 31 March 2021 being the balancing figure between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the cunent financial year which were subject to limited review by ns.
ForBSR& Co.LLP Chartered Accountants Firm's Registration No. 10 1248W IW -100022
Rupen Sbah Partner Membership No. 116240
Place: Mumbai Date: 27 May 2021 ICAI UDIN: 21116240AAAABN1546
ELECON ENGINEERING COMPANY LIMJTEO
| Particulars | ||||||
|---|---|---|---|---|---|---|
| from operations | ||||||
| Cost of matelials consumed | 14,638.36 | 13,501.48 | 9,695.54 | 43,910.33 | 49,688.95 | |
| (b) Changes in inventolies of finished goods and work-In-progress | 1,930.18 | 905.36 | 4,050.78 | 4,625.73 | 653.07 | |
| 2,105 41 | 2,125 48 | 2,114,00 | 7,677.93 | 14,223.88 | ||
| 3,482.99 | 2,538.01 | 3,418.81 | 11,793.91 | 13,391.68 | ||
| 1,444.08 | 1,420 30 | 1,878.97 | 5,980.63 | 7,703.52 | ||
| Depreciation and amortisation expense | 1,296.37 | 1,280.13 | 1,603.09 | 5,211 23 | 5,325.81 | |
| (g) Other expenses | 5,505.06 | 4,947.78 | 4,743.76 | 17,901.85 | 16,85118 | |
| Total Expenses | ||||||
| 5 Profit before share In profit of associate and tax (3-4) | 4,709.11 | 3,074.48 | (599.05) | 7,941 .77 | 1,793.35 | |
| 6 Share in profit of associate (net of tax) | 4.20 | 52.81 | 19.56 | 187,39 | 157 69 | |
| 7 Profit before tax (5+6) | 4,713.31 | 3,127.29 | (579.49) | 8,129.16 | 1,951.04 | |
| 8 | ||||||
| 42.31 | 18.88 | 104.72 | 134 28 | 216.73 | ||
| of tax relating to earlier peliods | 30.09 | 30.09 | ||||
| tax (Refer note 4 (a) & (b)) | 1,478.40 | 641 .09 | (7,704.69) | 2,201 .69 | (7,235.84) | |
| 9 | 7,020.48 | 5,763.10 | 8,970.15 | |||
| 10 | ||||||
| 11 | 7,020.48 | 5,763.10 | 8,970.15 | |||
| 12 | comprehensive income/(expense) (net of tax) | |||||
| (733.11 | (745.52) | |||||
| tax related to items that will not be reclassified to profit or loss | ||||||
| Items that will be reclassified to profit or loss | ||||||
| 13 | I comprehensive income/( expense) for the period (11 +12) | |||||
| 14 | ||||||
| 2,244.00 | 2,244.00 | 2,244,00 | 2,244.00 | 2,244.00 | ||
| 15 | 9,571.43 | 10,000.00 | ||||
| 16 | 89,680 83 | 83,175.38 | ||||
| 17 | redemption reserve | 2,500.00 | 2,500.00 | |||
| 18 | per share (of INR 2/- each) (not annualised) (In Rupees) | |||||
| 2.82 | 2,20 | 6.25 | 5.14 | 7.99 | ||
| 2.82 | 2.20 | 6.25 | 5.14 | 7.99 | ||
| 19 | 0.36 | 0.57 | ||||
| 20 | 1.02 | 1.55 | ||||
| 21 | ||||||
| # Represents Non convertible debentures | ||||||
| Ratios have been computed as follows : | ||||||
| a) Debt Equity Ratio : Debt I Equity | ||||||
| Debt: Non-current borrowings + Current maturity of non-current borrowings+ Current borrowings+ Lease liabilities | ||||||
| Equity : Equity share capital+ Other equity | ||||||
| b) Debt Service Coverage Ratio: (EBIT-Tax expenses) I Debt to be serviced | ||||||
| EBIT : Profit Before Tax+ Interest on Debt | ||||||
| Debt to be serviced : Interest on Debt + Scheduled plincipal repayment of non-current borrowings+ Current matulity of lease liabilities | ||||||
| Ratio: EBIT /Interest on Debt | ||||||
| Plastic Industry Marine Industry |
Power Industry | Steel Industry | Sugar lndusiry | 111 Cement Industry | ||
| Rubber Industry Cranes |
ELECON ENGINEERING COMPANY LIMITED, Anand- Sojitra Road, Vallabh Vidyanagar- 388 120, Gujarat, India. Tel.: +91-2692-238701, 238702. Fax: +91-2692-227484. CIN L29100GJ1960PLC001082 I [email protected] I www.elecon.com
Notes:
- lhe above audited consolidated financial results lor the quarter and year ended 31 March 2021 were reviewed and recommended by the Audit Committee and approved by tho Board or Directors at their respective meetings held on 27 May 202 1. The statutory auditors have expressed an unmodified opinion on these consolidated f111 ancial results.The audit report has been filed with the stock exchange and ls available on lhe Holding Company's website.
- 2 Figures for the quarter ended 31 March 2021 and corresponding quarter ended in the previous year as reported in these consolidated financial results are the balancing figures in respect of the full financial year and the published year-to-date f~gures up to the end of third quarter or the relevant financial year Also the f~gures upto the end c f third quarter had only been reviewed and not subjected to audil
- 3 As per lnd AS 108 'Operating Segments' , the Group has reported segment information under two segments i.e. 1) Material Handling Equipment and 2) Transmission Equipment
- a) On 20 September 2019, vide lhe Taxation Laws (Amendment) Ordinance 2019 ('the Ordinance'), the Government oflndia inserted Section 115BAA In the Income Tax Act, 1961 which provides domestic companies a non-reversible option Ia pay corporate tax at reduced rates effective 1 Apri1201 9, subject lo certain condilions. Tax expenses for the year ended 31 March 2020, reflect the impact of expected adoption of this option by the Holding Company basis Management's internal evaluation Further, Ia expenses for lhe quarter and year ended 31 March 2021 , reflect the impact arising from th e change fn the timing or expected adoption or this option by th& Holding Company.
b) At the time or transition to Indian Accounting Standards (lnd AS) with effect from 1 April 2015, lhe Holding Company had recognised lhe fair value orns land parcels In the books or account and had also recognised corresponding deferred tax liability considering tihe future taX obligation that would anse upon sale of land In lhe expected rnanner In future (sale of land parcels on a piecemeal basis, delinked from the business).
During th e year ended 31 March 2020, the Holding Company had reassessed the expected manner of recovery or lhe carrying value of all land parcels and determined that a nu mber or such land parcels would not be delinked from the business as they either form an integral part or the business operations or are proximate to the factory premises. Consequently, lhe Holding Company expects that fn the event or disposal or most or the land parcels 1n future, these would only be disposed off along with the business and In a slump sale arrangement thereby resulting rn no temporary difference between the accounting position and position a5 per tax laws upon such future disposal. Basis the above, deferred tax liability aggregating to INR 6,1 t8 lakhs recognised on such land parcels a1 1he time of transition to lnd AS, has been reversed In the Statement of Profit and Loss during the quarter and the year ended 31 March 2020.
5 Subsequent lo outbreak of COVID-i9 pandemic and consequent lock down across the country, the Holding Company's operations have resumed post temporary suspension, as per the gUidelines and norms prescribed by the Government authorities. However, lhe subsidiaries In United Kingdom and USA, which cater to the needs or essential services sector, continued to operate but at reduced levels adhering to guidelines issued by respective local authorities. Subsidiaries operating In other julisdlctions continued to operate as per the guidelines issued by respective local authorities.
The Group continues 10 monitor the impact of COV/D-19 on ll\$ business including customers, supply-chain, employees/workers and logistics The management has taken specific steps by way or negotiating better payment terms for new orders and cost rationalization initiatives to manage the cash flows and liquidity position. The Group has considered internal and external information While evaluating vanous estimates In relation lo its financial results up to tha date of /Is approval by the Board of Directors and has not identified any material impact on the carrying value of assets, liabilities or prov1s1ons.
Further impact of the COVID-19 pandemic, if any, may be different from estimated as at the date of approval of these financial results and the Group believes that no prectse estimation can be made about the actual impact of the pandemic on the overall economy, specific industry sectors and the Group itself at this slage but is closely monlloring the emerging situation.
- 6 lhe Indian Parliament has approved the Code on Social Security, 2020 ('Code') which may likely impact the contributions made by the Holding Company towards Provident Fund and Gratuity. The Group will assess the impact and Its evaluation once the corresponding rules are notified and wijl give appropriate impact in lhe financial statements In the period In which tne Code becomes effective and lite related rules are notified.
- Board of directors recommended dividend of Rs. 0.40/- (20%) per equity share of Rs. 2/- each amounting toRs 448.80 Lakhs for the year 2020-21
- 8 Previous period OgUres have been re grou ed I reclassified wherever necessary.
| (Amounts in INR Lakhs) Year ended |
||||||
|---|---|---|---|---|---|---|
| Quarter ended | Year ended | |||||
| Particulars | 31 March 2021 | 31 Dec 2020 | 31 March 2020 | 31 March 2021 | 31 March 2020 | |
| (Audited) | (Unaudited) | (Audited) | (Audited) | (Audited) | ||
| 1. SEGMENT REVENUE | Refer Note 2 | Refer Note 2 | ||||
| (a) Material Handling Equipment | 5,528.37 | 3,002.28 | 3,107.93 | 13,924.65 | 22,897.76 | |
| (b) Transmission Equipment | 29,484.87 | 26,611.53 | 23,741.45 | 90,546.00 | 85,948.73 | |
| Net Sales/Income from Operations | 35,013.24 | 29,613.81 | 26,849.38 | 1,04,470.65 | 1,08,846.49 | |
| 2. SEGMENT RESULTS(PROFIT)(+)/LOSS(-) BEFORE TAX & INTEREST FROM EACH SEGMENT |
||||||
| (a) Material Handling Equipment | (1,508.11) | (1,853.21) | (2, 243.50) | (5,043.30) | (1,862.92) | |
| (b) Transmission Equipment | 7,863.29 | 6,488.02 | 4,148.41 | 19,601 10 | 12,340.14 | |
| Total | 6,355.18 | 4,634.81 | 1,904.91 | 14,557.80 | 10,477.22 | |
| Less: | ||||||
| i) Finance costs | 1,444 07 | 1,420.30 | 1,878.97 | 5,980.63 | 7,703.52 | |
| ii) Other unallocated corporate overheads | 269.44 | 236.01 | 780.38 | 879.29 | 1,291.68 | |
| (iii) Unallocable income | (71.64) | (148.79) | (174.95) | (431.28) | (469.02) | |
| Total Profit before tax | 4,713.31 | 3,127.29 | (579.49) | 8,129.16 | 1,951.04 | |
| 3. SEGMENT ASSETS | ||||||
| (a) Material Handling Equipment | 43,240.68 | 43,846.85 | 48,300.02 | 43,240.68 | 48,300 02 | |
| (b) Transmission Equipment | 1,50,817.53 | 1,41,531.57 | 1,57,848.06 | 1,50,817 53 | 1,57,848.06 | |
| (c) Unallocated | 5,215.40 | 11,323.72 | 7,350.23 | 5,215.40 | 7,350.23 | |
| Total | 1,99,273.61 | 1,96,702.14 | 2,13,498.31 | 1,99,273.61 | 2,13,498.31 | |
| 4. SEGMENT LIABILITIES | ||||||
| (a) Material Handling Equipment | 29,601.18 | 33,603.60 | 36,824.88 | 29,601.18 | 36,824.88 | |
| (b) Transmission Equipment | 72,079.65 | 71,038.75 | 88,330.71 | 72,079.65 | 88,330.71 | |
| (c) Unallocated | 5,667.95 | 3,749 35 | 2,923.34 | 5,667.95 | 2,923.34 | |
| Total | 1,07,348.78 | 1,08,391.70 | 1,28,078.93 | 1,07,348.78 | 1,28,078.93 | |
| 5.NET CAPITAL EMPLOYED | 91,924.83 | 88,310.44 | 85,419.38 | 91,924.83 | 85,419.38 | |
AUDITED CONSOLIDATED SEGMENT WISE REVENUE, RESULTS, ASSETS AND LIABILITIES FOR THE QUARTER AND YEAR ENDED 31 MARCH 2021
~13 o-;~ PrayasVlli a. P&"'" Chairman & Managing Director Date : 27 May, 2021 DIN : 00037394
Place : Vallabh Vidyanagar - ' '
ELECON ENGINEERING COMPANY LIMITED CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES
| !Amounts In INR Lakhs) | ||||
|---|---|---|---|---|
| ~cUIBJ:8' | As at :31 Match 2021 |
Aaat ·~ |
||
| ."'.bili'iltleill | · _i{~dlt~d) |
|||
| ASSETS | ||||
| I. Non-current assets | ||||
| (a) Property, plant and equipment | 54,83446 | 58,952 82 | ||
| (b) Right- <lf-use assets<="" td=""> | 5,900.08 | 6,539.90 | 5,900.08 | 6,539.90 |
| (c) Capital work-in-progress | 3096 | 4050 | ||
| (d) Investment properties | 2,547.00 | 2,559 99 | ||
| (e) Goodwill | 10,712.15 | 9,890.03 | ||
| (f) Other intangible assets | 1,797.64 | 1,952.41 | ||
| (g) Investments accounted for using the equity method | 5,173 57 | |||
| 5,312 85 | ||||
| (h) Financial assets | ||||
| (i) Investments | 3074 | 8062 | ||
| (ii) Loans | 6.53 | 653 | ||
| (iii) Other financial assets | 1,047 55 | 581.69 | ||
| (i) Deferred tax assets (net) | 501 73 | 561_25 | ||
| fj) Income tax assets (net) | 2,020.33 | 2,336.29 | ||
| (k) Other non-current assets | 1,1 75.17 | 1,244.90 | ||
| 86,917.19 | 89,920.50 | |||
| II.Current assets | ||||
| (a) Inventories | 25,022 35 | 30,655,12 | ||
| (b) Financial assets | ||||
| (i) Trade receivables | 50,77361 | 61,207.21 | ||
| (ii) Cash and cash equivalents | 9,614.49 | 7,728 06 | ||
| (iii) Bank balances other than (ii) above | 4,533,96 | 3,020.18 | ||
| (iv) Loans | 420.95 | 57895 | ||
| (v) Other financial assets | 19,187.34 | 15,478.56 | ||
| (c) Current tax assets (net) | 3,803.72 | 4,909.73 | ||
| 1,13,356.42 | 1o23,577.81 | |||
| Total Assets | 1 99 273.61 | 213 498.31 | ||
| EQUITY AND LIABILITIES | ||||
| Equity | ||||
| (a) Equity share capital | 2,244 00 | 2,244.00 | ||
| (b) Other equity | 89.660.83 | 83 175.38 | ||
| 91,924.83 | 85,419.38 | |||
| UABILmES | ||||
| 1. Non-current liabilities | ||||
| (a) Financiaillabilities | ||||
| (i) Borrowings | 11 ,74159 | 14,64316 | ||
| (ii) Lease liabilities | 3,22912 | 4,854.61 | ||
| (b) Non·current provisions | 5,466.95 | 6,266 94 | ||
| (c) Deferred tax liabilities (net) | 3,024.35 | 79332 | ||
| (d) Other non-current liabilities | - | 5.58 | ||
| 23,462.01 | 26,563.61 | |||
| II.Currontllabilltles | ||||
| (a) Financial liabilities | ||||
| (i) Borrowings | 13,016.62 | 25,514.08 | ||
| 1,485 52 | ||||
| (ii) Lease liabilities | 1,66411 | |||
| (iii) Trade payables | ||||
| -Total outstanding dues of micro and small enterprises | 4,367 94 | 8,191 ,05 | ||
| -Total outstanding dues of creditors other than micro and small enterprise | 38,06653 | 43,734.86 | ||
| (iv) Other financial liabilities | 7,854.13 | 5,310 32 | ||
| (b) Other current liabilities | 14,624,95 | 13,209.19 | ||
| 2,595,91 | 2,257.49 | |||
| (c) Current provisions | ||||
| (d) Current tax liabilities (net) | 1,696.58 | 1,81 2.81 | ||
| 83,886.77 | 1,01,515.32 | |||
| Total Liabilities | 1,07,348.78 | 1,28,078.93 | ||
| Total Equity and Liabilities | 1 99,273.61 | 213 498.31 | ||
~~@0-~
Prayasvin B. ·oooo Chairman & Managing Director DIN : 00037394
Place : Vallabh Vidyanagar Date : 27 May, 2021
ELECON ENGINEERING COMPANY LIMITED
CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2021
| (Amounts in INR Lakhs) | ||
|---|---|---|
| Particulars | Year ended 31 March 2021 |
Year ended 31 March 2020 |
| (Audited) | (Audited) | |
| Cash flow from operating activities | ||
| Profit before tax | 8,129.16 | 1,951 .04 |
| Adjustments for: | ||
| (i) Share of profit of associates | (187.39) | (157.69) |
| (ii) Depreciation and amortisation expense | 5,211 .23 | 5,325.81 |
| (iii) Finance costs | 5,980.63 | 7,703.52 |
| (iv) (Gain)lloss on fair valuation of investment | (57.41) | 81.19 |
| (v) Loss on sold/discarded of property, plant and equipments (net) | 18.90 | 69.23 |
| (vi} Interest income | (220.96) | (240.95) |
| (vii) Dividend income | (0.02) | (0.50) |
| (viii} Bad debts written off | 11,418.69 | 3,224.18 |
| (ix) Unrealised exchange (gain)lloss | (527.82) | 35.56 |
| (x) Provision for other contract liabilities, warranty and others | 506.05 | 532.65 |
| (xi) lncrease/(reversal) of provison for onerous contract | 145.78 | (89.52) |
| (xii) Liabilities no longer required, written back | (113.22) | |
| (xiii) Excess provision on doubtful debts written back | (7,362.77) | (2,861.73) |
| 22,940.85 | 15,572.79 | |
| Working Capital Adjustments | ||
| Decrease/(increase) in trade receivables | 6,499.86 | (2,066.47) |
| Decrease in inventories | 5,632.77 | 1,267.44 |
| (lncrease)/decrease in financial assets | (3,551 .77) | 4,167.02 |
| Decrease in other current and non-current assets | 1,175.74 | 3,443.72 |
| (9,236.12) | 11 ,295.40 | |
| (Decrease)lincrease in trade payables | 710.29 | 1,252.43 |
| Increase in provisions, other current and non-current liabilities Increase/( decrease) in other financial liabilities |
592.10 | (12,324.52) |
| Cash generated from operations | 24,763.72 | 22,607.81 |
| Tax refund (net of taxes paid) | 38 95 | (391.78) |
| Net cash generated from operating activities (A) | 24,802.67 | 22,216.03 |
| Cash flow from Investing activities | ||
| Payments for purchase of property, plant and equipment | ||
| (396.67) | (1,355.54) | |
| Proceeds from sale of property, plant and equipment | 134.79 | 49.92 |
| Interest received | 210.06 | 145.14 |
| Dividend received | 0.02 | 0.50 |
| Increase in bank balances not considered as cash and cash equivalents (net) | (1,967.75) | (1,577.83) |
| Dividend received from associate Proceeds from redemption of investments |
44.51 107 29 |
67.11 139.21 |
| Net cash (used In) from investing activities (B) | (1,867.75) | (2,531.49) |
ELECON ENGINEERING COMPANY LIMITED
CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2021
(Amounts in INR Lakhs)
| Particulars | 31 March 2021 | Year ended 31 March 2020 |
|---|---|---|
| (Audited) | (Audited) | |
| Cash flow from financing activities | ||
| Repayment of non current borrowings | (2,394.71) | (10,182.51) |
| Repayment of current borrowings (net) (Note 3) | (11 ,443.40) | (2,629.16) |
| Proceeds from other financing arrangements | 4,199.15 | |
| Repayment against other financing arrangements | (944,03) | (570.64) |
| Finance cost paid | (5,576.13) | (7,580.22) |
| Dividend paid (including dividend distribution tax) | (13.71) | (290,98) |
| Principal payment of lease liabilities | (676.51) | (506.37) |
| Net cash (used in) financing activities (C) | (21 ,048.49) | (17,560.73) |
| Net increase in cash and cash equivalents {A+B+C) | 1,886.43 | 2,123.81 |
| Cash and cash equivalents at 1 April | 7,728.06 | 5,604.25 |
| Cash and cash equivalents as at Balance Sheet date | 9,614.49 | 7,728.06 |
| Components of cash and cash equivalents :- | ||
| Cash on hand | 0.26 | 0.26 |
| Balances with banks | ||
| -In current accounts | 9,593.23 | 7,727.80 |
| Cheques on hand | 21 .00 | |
| 9,614.49 | 7.728.06 |
Notes:
1 Cash and cash equivalents includes bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
2 The above Statement of Cash Flow has been prepared under the "Indirect Method" as set out in Indian Accounting Standard (lnd AS 7)- Statement of Cash Flows.
- In accordance with para 22 of lnd AS 7 - Statement of Cash Flows, cash flows from current borrowings have been reported on net basis since these being working capital facilities, the maturities are short.
Place : Vallabh Vidyanagar Date : 27 May, 2021
Prayasv Chairman & Managing Direc o DIN : 00037394
B S R & Co. LLP
Chartered Accountants
903 Commerce House V, Near Vodafone House, Pranatadnagar, Corporate Road, Ahmedabad - 380 051 - India
Telephone: +91 79 7145 0001 Fax: +91 79 7145 0050 -
Independent Auditors' Report
To the Board of Directors of Elecon Engineering Company Limited
Report on tbe audit of tbe Consolidated Annual Financial Results
Opinion
We have audited the accompanying consolidated annual financial results of Elecon Engineering Company Limited (hereinafter referred to as the ·'Holding Company') and its subsidiaries (Holding Company and its subsidiaries together referred to as "the Group") and its associates for the year ended 31 Mareh 2021 (the "cotlSOlidated annual financial results"), attached herewith, being submitted by the Holding Company pursuant to the requirement ofRegulation33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. as amended ( 'Listing Regulations").
In our opinion and to the best of our infonnation and according to the explanations given to us and based on the consideration of reports of other auditors on separate audited financial statements of the subsidiaries and an associate, the aforesaid consolidated annual financial results:
- a include the annual financial results of the entities as per Anne:\:ure ~
- b. are presented in accordance with the requirements of Regulation 33 and 52 of the Listing Regulations in this regard; and
- c. give a troe and fairview in confonnity with tbe recognition and measurement principles laid down in the applicable Indian Accounting Standards. and other accounting principles generally accepted in India, of the consolidated net profit, other comprehensive income and other financial information of the Group for the year ended 31 Malcb 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 SAs are further descnl>ed in the Auditor's Responsibilities for the Audit of the ConsolidaJed Annual Financial ResulJs section of our report. We are independent of the Group and its associates 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 statements under the provisions of the Act, 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 obtained by us along with the consideration of audit reports of the other auditors referred to in sub paragraph (a) of the "Other Matters" paragraph below, is sufficient and appropriate to provide a basis for our opinion on the consolidated annual financial results.
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BS R&Co. LLP
Independent Auditors' Report on Consolidated Annual Financial Results of Elecon Engineering Company Limited pursuant to Regulation 33 and 52 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (continued)
Management's and Board of Directors' Responsibilities for the Consolidated Annual Financial Results
These consolidated annual financial results have been prepared on the basis of the consolidated annual fmancial statements.
The Holding Company's Management and the Board of Directors are responsible for the preparation and presentation of these consolidated annual fmancial results that give a true and fair view of the consolidated net profit/Joss, other comprehensive income and other financial information of the Group including its associates in accordance with the recognition and measurement principles laid down in Indian Accounting Standards prescnl>ed under Section 133 of the Act and other accounting principles generally accepted in India and in compliance with Regulation 33 and 52 of the Listing Regulations. The respective Management and Board of Directors of the companies included in the Group and of its associates are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of each 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 pruden~ and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated annual financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the pmpose of preparation of the consolidated annual financial results by the Management and the Directors of the Holding Company, as aforesaid.
In preparing the consolidated annual financial results, the Management and the respective Board of Directors of the companies included in the Group and of its associates are responsible for assessing the ability of each company to continue as a going concern, disclosing, as applicable, matters related to going concern and us1ng the going concern basis of accotmting unless the respective Board of Directors either intends to liqwdate the company or to cease operations, or has no realistic alternative but to do so.
The respective Board of Directors of the companies included in the Group and of its associates is responsible for overseeing the financial reporting process of each company.
Auditor's Responsibilities for the Audit of the Consolidated Annual Financial Results
Our objectives are to obtain reasonable asswance about whether the consolidated annual financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that inclndes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs wiU 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 consolidated annual financial results.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism tlrrougbout the audit. We also:
• Identify and assess the risks of material misstatement of the consolidated annual .financial results, whether due to fraud or error, design and perfotm 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 fiaud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
BSR&Co. LLP
Independent Auditors' Report on Consolidated Annual Financial Results of Elecon Engineering Company Limited pursuant to Regulation 33 and 52 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (continued)
Auditor's Responsibilities for the Audit of the Consolidated Annual Financial Results (Continued)
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the ci.Icum.st.aoces. Under Section 143(3) (i) of the Act, we are also responsible for expressing our opinion through a separate report on the complete set of financial statements 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 in the consolidated rmaocial results made by tbe Management and Board of Directors.
- Conclude on the appropriateness of the Management and 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 appropriateness of this asswoption. If we conclude tbat a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated awmal 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 Group and its associates to cease to continue as a going coocem
- Evaluate the ove131l presentation. structure and content of the consolidated annual financial results, including the disclosures, and whether the consolidated annual financial results represent the underlying transactions and eveots in a manner that achieves fair presentation.
- Obtain sufficient appropriate audit evidence regarding the financial results/financial information of the entities within the Group and its associates to express an opinion on the consolidated annual financial results. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the consolidated financial results of which we are the independent auditoJS. For the other entities included in the consolidated annual financial results, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits canied out by them We remain solely respoDSible for our audit opinion. Our responsibilities in this regard are further described in sub paragraph (a) of the "Other Matters" paragraph in this audit report
We communicate with those charged with governance of the Holding Company and such other entities included in the consolidated annual financial results of wbich we are tbe independent auditors 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 matteJS that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
We also performed procedures in accordance with the cin:ular No ClR/CFD/CMDl/44/2019 issued by the SEBI under Regulation 33(8) of the Listing Regulations, as amended, to the extent applicable.
BS R&Co. LLP
Independent Auditors' Report on Consolidated Annual Financial Results of Elecon Engineering Company Limited pursuant to Regulation 33 and 52 of the Securities and Exchange Board oflndia (Listing Obligations and Disclosure Requirements) Regulations, 2015 (continued)
-
Other Matters
- (a) The consolidated annual financial results include the audited financial statements I financial information of 11 subsidiaries, whose financial statements I financial information reflect total assets (before consolidation adjustments) of Rs. 38.138.65 Lakbs as at 31 March 2021, total revenue (before consolidation adjustments) of Rs. 31,476.09 Lakhs, total net profit after tax (before consolidation adjustments) ofRs. 2,365.03 Lakhs and net cash inflows ofRs. 814.09 Lakhs for the year ended on that date, as considered in the consolidated annual financial results. The consolidated annual financial results also include the Group's share of net profit (and other comprehensive income) of Rs. 187.21 Lakhs for the year ended 31 March 2021, in respect of one associate. The independent auditor's reports on financial results I financial information of these entities have been furnished to us by the management and our opinion on the consolidated annual fmancial results, in so far as it relates to the amounts and disclosures included in respect of these entities, is based solely on the report of such auditors and the procedures performed by os are as stated in paragraph above.
- (b) The consolidated annual financial results also include the Group's share of net profit aftertax (and other comprehensive income) of Nil for the year ended 31 Maxch 2021, in respect of three associates, whose financial information has not been audited by us or by other auditors. This unaudited financial information as approved by the respective management of these entities, has been furnished to us by the Board of Directors and our opinion on the consolidated annual financial results, in so far as it relates to the amounts and disclosures included in respect of these associates is based solely on such unaudited annual financial information. In our opinion and according to the information and explanations given to us by the Board of Directors, this unaudited financial information is not material to the Group.
Our opinion on the consolidated annual financial results is not modified in respect of the above matters with respect to our reliance on the wotk done, and the reports of the other auditors and the :financial infonnation certified by the Board of Directors.
(c) The consolidated aiUlual financial results include the results for the quarter ended 3 1 March 2021 being the balancing figure between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year which were subject to limited review by us.
ForBSR& Co. ll.P Chartered Accountants Firm's Regist:Iation No. 10 l248W 1W -100022
w
RopenSbah Partner Membership No. 116240
Place: Mumbai Date: 27 May 2021 ICAI UDJN: 21116240AAAABP4382
BSR&Co. LLP
Independent Auditors' Report on Consolidated Annual Financial Results of Elecon Engineering Company Limited pursuant to Regulation 33 and 52 of the Securities and Exchange Board oflndia (Listing Obligations and Disclosure Requirements) Regulations, 2015 (continued)
Annexure -1: List of entities whose financials results are included in the Consolidated Annual Financial Results
| Sr. No. | Name of Entity | Relationship |
|---|---|---|
| 1 | Radicon Transmission UK Limited (including 0\n its following Wholly ed Step-down subsidiaries): a) Benzlers Systems AB b) AB Benzlers c) Radicon Drive Systems Inc. d) Benzlers Transmission A. S e) Benzlers Antriebstechnik GmbH f) Benzlers TBA B.V. |
Wholly Owned Subsidiary |
| 2 | g) OY Benzlers AB b) Benzlers Italia s.r.l Elecon Singapore Pte. Limited |
Wbollv Owned Subsidiary |
| 3 | Elecon Middle East FZE | Wholly Owned Subsidiary |
| 4 | Eimco (Elecon) India Limited | Associate |
| 5 | Elecon Eng. (Suzhou) Co. Linuted | Associate |
| 6 | Elecon Africa Ptv. Limited | Associate |
| 7 | Elecon Australia Pty. Limited | Associate |
)
-
27th May, 2021
To,
| The Manager (Listing), | The Manager (Listing), |
|---|---|
| The BSE Ltd. | National Stock Exchange of India Ltd. |
| Mumbai | Mumbai |
| Company's Scrip Code: 505700 | Company's Scrip Code: ELECON |
Sub Declaration with respect to Audit Report with unmodified opinion to the Audited Financial Results for the financial year ended 31st March, 2021
Dear Sir/ Madam,
We hereby declare that the Statutory Auditors M/s. B S R & Co. LLP, Chartered Accountants (Firm Reg. No. 101248W /W100022) have issued the Audit Report with Unmodified Opinion on the Standalone and Consolidated Audited Financial Results for the quarter and year ended on 31st March, 2021.
The above declaration is made in pursuant to Regulations 33, 52 and 54 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
You are requested to take the same on your records.
Thanking you.
Yours faithfully, For v Engineering Company Limited,
Narasimhan R Chief Financial Officer
ELECON ENGINEERING COMPANY LIMITED, Anand- Sojitra Road, Vallabh Vidyanagar · 388 120, Gujarat, India. Tel.: +91·2692-238701, 238702. Fax: +91-2692-227484. CIN L29100GJ1960PLC001082 I [email protected] I www.elecon.com
27th May, 2021
To,
The Manager (Listing), The BSE Limited Mumbai Company's Scrip Code: 505700
Sub : Intimation under Regulations 52 (4) and 54 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the "Regulations")
Dear Sir/ Madam,
With reference to the subject referred regulations, we submit herewith below information with respect to listed 12.25% Senior Secured Rated Listed Redeemable Non-Convertible Debentures ('NCDs') issued by the Company on private placement basis of Rs. 100 Crores:-
| Matters required to be disclosed under lation 52(4 Re |
Details disclosed as on 31st March, 2021 |
|---|---|
| Credit Rating and change in credit rating (if any); |
NCDs rated minus All the as BWR A Stable) by Brickwork Ratings India (Outlook- Private Limited. Credit rating of said NCDs were reaffirmed at (pronounced BWR A Minus) and BWR A- outlook has been revised to "Negative" from "Stable". |
| Asset Cover available | 1.71 times |
| Debt Equity Ratio (for financial year ended on 31st March, 2021) |
0.31 times |
Gearing industries. Gearing economies.
ELECON ENGINEERING COMPANY LIMITED, Anand - Sojitra Road, Vallabh Vidyanagar- 388 120, Gujarat, India. Tel.: +91-2692-238701 , 238702. Fax: +91-2692-227484. CIN L29100GJ1960PLC001082 I [email protected] I www.elecon.com
| Matters required to be disclosed under Re lation 52 4) |
Details disclosed as on 31st March, 2021 |
|---|---|
| Previous due date for the payment of interest dividend of non convertible preference / /repayment non shares of principal of shares/ non convertible preference and convertible debt securities payable whether the same has been paid or not. |
Previous Due date for payment of Interest and repayment of principal on NCDs for the period from 1st October, 2020 to 31st March, 2021:- Previous Due date for payment of Interest 1st November, 2020 and 1st February, 2021. Re-payment of Principal on NCDs for Series I:- 1st November, 2020 and 1st February, 2021. Due date for pavment of Redemption Premium on instalment due for Series I:- 1st November, 2020 and 1st February, 2021. All above said payments were made by the Company on/before the due date. |
| due payment Next date for of interest/ dividend non convertible of preference shares /principal alongwith the amount of interest/ dividend of non convertible preference shares payable and the redemption amount. |
Next due date for pavment of interest on NCDs 1st April, 2021 to 30th September, 2021 :- 1st May, 2021 (as on date of this disclosure, the same has been paid by due date) and 1st August, 2021 amounting to Rs. 2,88,75,073/- and Rs. 2,94,12,952/- respectively. Next due date for Re-payment of Principal on NCDs as under for Series I:- 1st May, 2021 (as on date of this disclosure, the same has been paid by due date) of Rs. 1,42,85,714/- and 1st August 2020 of Rs. 1,42,85,714/- Next due date for payment of Redemption Premium on instalment due for Series I:- 1st May, 2021 (as on date of this disclosure, the same has been paid by due date) of Rs. and 1 ,42, 999/- 1st Au ust, 2021 of Rs. 1,74,692/- |
| Debt Service Coverage Ratio | 1.07 times |
| Interest Service Covera e Ratio Outstanding redeemable preference shares and value) ( uanti |
2.25 times Not Applicable |
| Matters required to be disclosed under Regulation 52(4) |
Details disclosed as on 31st March, 2021 |
|---|---|
| Capital Redemption Reserve/Debenture Redemption Reserve |
Debenture Redemption Reserve:- Rs. 2,500.00 Lakhs for the year ended 31st March, 2019 & 31st from the year ended March, 2020, additional Debenture Redemption Reserve not required to be created pursuant to the amendment of the Companies (Share Capital and debentures) Amendment Rules, 2019 dated 16th August, 2019 as the said NCDs are listed and privately placed. Hence, same is not created for financial year ended 31st March, 2021. |
| Net Worth | Rs. 81,936.54 Lakhs |
| Net Profit After Tax | Rs. 3,626.49 Lakhs (Excl. OCI) |
| Earnings Per Share | Basic EPS before and after extraordinary items, net of tax expenses (not atmualized) is Rs. 3.23 per share Diluted EPS before and after extraordinary items, net of tax expenses (not annualized) is Rs. 3.23 per share |
Kindly, take the above on your record.
Thanking you,
Yours faithfully,
For on ehalf of the Board of Directors, '-'~r<=--.r~, En · any Limited
Prayasvin B. Patel Chairman & Managing Director DIN:- 00037394
Date:- 27th May, 2021 Place:- Vallabh Vidyanagar