Esab India Ltd. — Annual Report 2020

Jun 24, 2020

24 June 2020

ESAB/BSE/2020

Bombay Stock Exchange Limited P.I Towers Dalal Street Mumbai 400 023

Scrip Code: 500133

Dear Sir.

Sub: Submission of Audited Financial Results and other decisions of the Board

Audited Results

This is to inform you that in terms of Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Audited Results for the year ended 31 March, 2020 have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 24 June, 2020. The meeting of the Board of Directors commenced at 11:30 hours and concluded at 15:00 hours.

We are sending herewith the textual matter of Audited Financial Results for the year ended 31 March 2020. The Audit Report issued by M/s. S R Batliboi & Associates, LLP, Chennai, the Statutory Auditors with respect to the audited financial results and declaration for audit report with unmodified opinion are enclosed. The results would also be uploaded in the Company's website www.esabindia.com.

Dividend

The Board of Directors of the Company after careful consideration of the financial results for the year ended 31 March, 2020 and taking into account the interim dividend already declared for this financial year, has not recommended any further final dividend for the Financial year ended 31 March, 2020.

Annual General Meeting

The Thirty Third Annual General Meeting of the Members of the Company is scheduled to be held on Friday the 28 August, 2020 at 9.00 a.m. through Video Conferencing ("VC") / Other Audio-Visual Means ("OAVM")

S. Vendant

Company: ESAB INDIA LIMITED Plot No.13, 3rd Main Road, Industrial Estate, Ambattur, Chennai - 600 058

Telephone: 91-(0)44 - 42281100 Fax $91-(0)44 - 42281150$ Website: www.esabindia.com CIN: L29299TN1987PLC058738

Registered Office ESAB INDIA LIMITED Plot No.13, 3rd Main Road, Industrial Estate, Ambattur, Chennai - 600 058

Book Closure dates

The Board of Directors approved the book closure dates from 20 August, 2020 to 28 August, 2020 (both days inclusive)

SecurityCode	Type ofSecurity	Book Closure dates		Purpose
500133	Equity	From20 August,2020	١o28 August,2020	Annual GeneralMeeting of theCompany
		Both days inclusive

Kindly bring this to the attention of the members and investors.

Thanking you,

Yours truly, For ESAB India Limited

C. vental

S. Venkatakrishnan Company Secretary

Company: ESAB INDIA LIMITED Plot No.13, 3rd Main Road, Industrial Estate, Ambattur, Chennai - 600 058

Telephone: 91-(0)44 - 42281100 Fax: 91-(0)44 - 42281150 Website: www.esabindia.com CIN: L29299TN1987PLC058738 Registered Office ESAB INDIA LIMITED Plot No.13, 3rd Main Road, Industrial Estate, Ambattur, Chennai - 600 058

24June 2020

ESAB/BSE/2020

Bombay Stock Exchange Limited P J Towers Dalal Street Mumbai 400 023.

Scrip Code : 500133

Dear Sir,

Sub : Declaration with respect to the Audit Report with unmodified opinion to the Audited Financial Results for the financial year ended 31 March, 2020

Pursuant to the regulation 33(3)(d) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended by the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2016 vide notification number SEBl/LAD-NRO/GN/2016-17 /001 dated May 25, 2016 and Circular no. CIR/CFD/CMD/56/2016 dated May 27, 2016, we declare that the Statutory Auditors M/s. S R Batliboi and Associates, LLP, Chennai (Firm registration No. 101049W/ E300004) have issued an audit report with unmodified opinion with respect to the Audited Financial Results for the financial year ending 31 March, 2020.

Kindly bring this to the attention of the members and investors.

Thanking you,

Yours truly, For ESAB India Limited

S. Venkatakrishnan Company Secretary

~ B Mohan

Vice President- Finance and Chief Financial Officer

91-{0)44 - 42281100 Fax:

Website: www.esabindia.com ESAB INDIA LIMITED Plot No.13, 3rd Main Road,

Registered Office : Industrial Estate, Ambattur, Chennai - 600 058

th r oar A moct SR. 8Ar ·o I & ASSOCIATES LLP Tidcl Par!\ No 4

Chartered Accountants R 1v Cand 1 Sal<i Tamma Ch 11na1 600 13 lnctta li I ~' 14 6 1 9000

lndependent Auditor's Report on the Qua rterly and Year to Date Audited Financial Results of ESAB India Limited Pu rsuan t to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 201 5, as a mended

To The Board of Directors of ESAB Ind ia Limited

Report on the a udit of the Fina ncial Results

Opinion

We have audited the accompanying statement of quarterly and year to date financial results of ESAB India Limited (the "Company") for the quruter ended March 31. 2020 and for the year ended March 31, 2020 ("Statement"). attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations. 2015, as amended (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 requirements of the Listing Regulations in this regard; and
• 1. gives a true and fair view in conformity with the applicable accounting standards and other accounting principles generally accepted in India, of the net profit and other comprehensive loss and other financial information of the Company for the quarter ended March 31 , 2020 and for the year ended March 3 I, 2020.

Basis fo r Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143( I 0) of the Companies Act, 20 J 3, as amended ("the Act"). Our responsibilities under those Standards are further described in the "Auditor's Responsibilities for the Audit of the Financial Results·' section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder. and we have fulfilled our other ethical responsibilities in accordance "'ith these requirements and the Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Ma tter paragra ph

We draw attention to Note 9 of the Statement which describes the impact of Covid-19 pandemic, and its possible consequential implications, if any, on the Company's operations including related uncertainties. Our opinion is not modi tied in respect of this matter.

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Chartered Accountant~

Ma nagement's Responsibilities for the Fina ncia l Results

The Statement has been prepared on the basis of the annual financial statements. The Board of Directors of the Company 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 of the Company and other financial information in accordance with the applicable accounting standards prescribed under Section 133 of the Act read "'ith relevant rules issued thereunder and other accounting principles generally accepted in lndia and in compliance with Regulation 33 oft~e Listing Regulations. This responsibility also includes maintenance of adequate accounting re<:ords 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 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 are 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 th e Financial Results

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is 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 thac 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 pa1t 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 perfonn 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. Under Section I 43(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequare 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 Board of Directors.

S.R. 8ATLIBOI & ASSOCIATES LLP

Chartered Accountdnls

• 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. lfwe conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial results or, if such disclosures arc 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 govemance 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.

The Statement includes the results for the quarter ended March 31, 2020 being the balancing figure between the audited figures in respect of the full financia l year ended March 31, 2020 and the published unaudited year-to-date figures up to the third quarter of the current financia l year, which were subjected to a limited review by us, as required under the Listing Regulations.

For S.R. BA TLIBOI & ASSOCIATES LLP Chartered Accountants ICAI Firm Registration Number: l01049W/E300004

~~

per S Bala ~ yam Partner "ah.\tj Membership No.: 053315

UDIN: 20053315AAAABH639 1 Place: Chennai Date: June 24, 2020

ESAB INDIA LIMITED

CIN No. L29299TN1987PLC058738 Regd Office: Plot No. 13, 3rd Main Road,

Industrial Estate, Ambattur, Chennai - 600 058

Telephone No. 044-42281100 email id : investor.relations@esab.co.in

Extract of Statement of Audited Financial Results for the quarter and year ended March 31, 2020

						Rs. in Lakhs (Except EPS)
SINo		Ouarter endedMarch 31, 2020	Onarter endedDecember 31,2019	Ouarter endedMarch 31, 2019	Year ended March 31
	Particulars				March 31, 2020	March 31, 2019
		Audited	Unaudited	Audited	Audited	Audited
1	Total income from operations	17,878	17,274	18,278	71,147	68,835
$\overline{2}$	Net Profit for the period (before Tax, Exceptional and / orExtraordinary items)	2,560	2,365	2,350	9,724	8,482
3	Net Profit for the period before Tax (after Exceptional and / orExtraordinary items)	2,560	2,365	2,350	9,724	8,414
$\overline{4}$	Net Profit for the period after Tax (after Exceptional and / orExtraordinary items)	1,807	1,776	1,636	7,141	5,759
5	Total Comprehensive income for the period [Comprising Profit for]the period (after tax) and Other Comprehensive Income (after tax)]	1,813	1,766	1,567	7,116	5,721
6	Equity Share Capital	1,539	1,539	1,539	1,539	1,539
7	Earning Per Share (of Rs 10/each) (for continuing anddiscontinued operations)
	- Basic	11.74	11.54	10.63	46.40	37.41
	- Diluted	11.74	11.54	10.63	46.40	37.41

Note:

The above is an extract of the detailed Statement of audited Financial Results for the quarter and year ended March 31, 2020 filed with the Stock Exchanges under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The same would be available on the Company's website www.esabindia.com and on the website of the Stock Exchanges - BSE Limited and National Stock Exchange of India Limited.

The Company has exercised the option permitted under Section 115BAA of the Income-tax Act, 1961 as introduced by the Taxation Laws (Amendment) Ordinance, 2019. Accordingly, the Deferred Tax Asset (net) as at 31st March 2019 and the estimate of tax expenses for the year ended 31st March 2020 have been re-measured.

Chennai June 24, 2020

For ESAB India Limited

Rohit Gambhir Managing Director

"We Shape the Future" Visit our website : http://www.esabindia.com

		ESAB INDIA LIJ\fiTED
		CIN No. L29299TN I 987PLC058738Regel Office: Plot No. 13, 3r <l main="" roacl,<="" th="">
	Industrial Estate, Ambattur, Chennai - 600 058
	Teleohone No. 044-42281 JOO email id : investor.relationstal.csab.co.in
Statement of Audited Financial Results for the ou11rter and vear ended March 3				1. 2020
					Rs. in Lakhs (Except EVS'
	Quarter ended	Quarter ended	Quarter endedMa.rm 31, 2019	'ear ended March .H
	March 31, 2020	December 31 ,		March 31, 2020	March 31, 2019
Particulars		2019
	Audited	Unaudited	Audited	Audited	Audited
Revenue from contract with customers	17,498	16.919	18,090	69,796	67, 163
Other income	380	355	188	1,351	l,672
Total income from operations	11,818	17,274	18,278	7J,147	68,835
Expenses
Cost of rnw materials and components consumed	9,213	8,503	9,897	35,000	35,958
Cost of traded goods sold	2,251	2,049	1,558	8,984	7,084
(lncrease)/decrease in inventories of work-in-pro~
and finished goods	(827)	(115)	86	(400)	78
Employee benefits expense	1,912	l.884	l.944	7,556	7.004
Finance cost	16	14	-	50	-
Depreciation and amortisation expense	298	313	268	1,258	1,070
Other expenses	2455	2.261	2175	8 975	9.159
Total e:q>enses	15,318	14,909	15,928	61,423	60,353
Profit befor e exceptional items	2,560	2,365	2,350	9,724	8,482
Less: Exceptional items (refer note 6)	-	-	-	-	68
Profit after exceptional items before tllx	2,560	2,365	2,350	9,724	8,414
Tax expense
-Current tax	617	554	767	2,.B9	2,586
-Adjustment of lax relating to earlier years	147	-	24	147	24
-Defe1Ted tax cxpense/(credit)	(11)	35	(11)	(3)	45
	753	589	714	2,583	2,655
Profit for the period	1,807	1,776	1,636	7,141	5,759
Other comprehensive income/( expense) - net of tax	6	( 10)	(69)	(25)	(38)
Total comprehensive income	J,813	1,766	J,567	7,116	5,721
Paid up equity share capit-21 (Face value of Rs. 10each)	1,539	1,539	1,539	1,539	1,539
Reserves and surplus (i.e other equity)Networth				32,23633,775	25,12026,659
Earnings per equity share (EPS)
Basic and diluted (in Rs.)	I 1.74	11.54	l0.63	46.40	37.41
Weighted average number of hares (Nos.)Par value of equity share (in Rs.)	15,393,020LO	15,393,02010	15,393,020IO	15,393,02010	15,393,02010

ESAB INDIA U:MJTED

CIN No. L29299TN 1987PLC058738

Regd Office: Plot No. 13, 3rd Main Road,

lndusllial Estate, Ambauur, Chennai - 600 058

Tclenhone No_ 044-422811 00 emaiJ id: investor.relatioas@lesab.co.in

Statement of Audited Financial Results for the ouarter and year roded March 31, 2020

Statement of Assets and Liabilities

		Rs. in Lakhs
	As at	As at
	March 31 2020	March 31 2019
Assets
Non-current assets
P1·ope1ty. plaut aud equipment	7,935	8, 11 8
Capital work in progress	653	3 14
Intangible assets	147	194
Right-of-use assets	560	-
Financial assets
( i) Ot he.r financial assets	297	5 13
Deferred tax ass~ts (net)	153	141
Olher assets	166	326
	9.911	9,606
Current assets
T nventories	7,841	6,815
Financial assets
(i) Investments	6,998	3.026
(ii) Loans	-	3,850
(iii) Trade receivables	8,460	6.362
(iv) Cash and cash equivalents	1,868	4,307
(v) Bank balances olher than (iv) above	8, 146	1,308
(vi) Olhcr financial assets	488	228
Other assets	1,598	l,674
Current tax assets (net)	422	491
	35.821	28 061
As.set held for sale	209	209
Total assets	45.941	37 876
Equity and Uabftities
Equity
Equity sJ1are capital	1,539	1,539
Other equity	32,236	25 120
Total equity	33,775	26,659
Non-current liabilities		-
Lease liability	340	362
Long tenn provisions	370710	362
Current liabilities
Finam:ial Liabilities
Lease liability	128	-
Trade payables
(A) total outstanding dues of micro enterprises and small enterprises	915	1,314
(B) total outstanding dues of creditors other than micro enterprises and small enterprises	7,897	7,129
Other financial liabilities	677	213
Shon Lenn provisions	786	929131
Liabilities for Current tax (net)	170883	1,139
Orher cum:ot liabilities	11.456	to 855
Total liabilities	12. 166	11.217
Tota.I HJUitv and liabilities	45-941	37 876

ESAB INDIA LIMITED

ClN No. L29299TN 1987PLC058738

Rcgd Office: Plot No. 13, 3rd Main Road,

• lndusirial E.state, Ambauur, Cb.enuai - 600 058

T clephonc No. 04442281100 email id : investor.relations@}csab.co.in

Statement of Audited Financial Results for the ouarter and year ended March 31, 2020

Au diced Statemenl of Cashflows for the year eaded 3 lst March, 2020		Rs. in Lakhs
	31 March 2020	31 March 2019
Particulars	Audited	Audited
A. Cash flow from Operating activities:
Profit before tax after exceptional items	9,724	8.414
Adiustments to reconcile urofit before tax to net cash flows:
Dividend from investments	( 173)	(435)
Fair value of investments	(1 47)	(20)
Profit on sale of investments	(62)	(87
(Profit)/loss on sale of propenv. plant and eauinment	1	(54)
Unrealised foreign cxchan11.e gain	(120)	(25
-----Provision/(Wriie back) of provision for doubtful receivables	34	(142
Interest on bank deposits and others	(429)	( l 63)
Interest from loan to related party	(69)	(401 '
Others	(4)	(4'
Finance Cost	50	-
Depreciation and amortisation expense	I 258	1.070
Pro,·ision for warrantv	103	236
Property, plant and equipment written off	42	27
Impairment loss on property, plant and equipment	-	68
Workin2 capital adjustments:
(lucrease)/decrease in inventories	( 1,026)	458
(lncreaseYdecreasc in trodc receivables	(2,16:2	(309'
(lnc:rease)/decrease in other financfal assets	(89	67
(lncrease)/decrease in 0th.er assets	239	(1331
Increase/(dccrease} in trade payables	521	l 008
increase/( decrease} in other financial liabilities	1.033	9
Increase/(decrease) in provisions	(272'	( 114)
lncrease/(decrease) in ocher current liabilities	(256)	(348)
Operatin!! cash flow after workinl! c.apjta) cbanl!es	8,196	9, 122
Taxes oaid, net ofrefund	(2 4 78	(2 383)
Net cash flows from oneratin!! activities	5,718	6,739
B. Cash flow from Investinl! activities:
Capital expenditure (including capital woric in progress and capital advances)	(1,978'	(l 238)
Proceeds from sale of orooerty, plant and equipment	5	122
Purchase of current inveslmenls	(27,765'	(20,572)
Proceeds from sale of current investments	24,003	30,110
Dividend received from investments	173	435
Investment in bank deposits	(8,300'	(2 463)
Redemption/maturity of bank deposits	1,741	3,595
lnlercsc income	113	210
Net cash flows from/(used in) iovesti.Dl! activities	(12,008)	10,199
C. Cash flow from Financin2 activities:
Dividend to shareholders	-	(1 4 008)
Dividend disuibutioo tax	-	(2.880)
Finance cost	(50'	-
Pavment of orincioal oortion of lease liabilities	(106'
Loan to related party	-	(750)
Repayment from loan to related party	3,850	900
Interest received from loan to related oanv	157	394
Net cash flows used in financine activities	3 851	06.344)
Net increascl(decrease) in cash and cash equivalents	(2,439)	594
Cash and cash equi,·alents at the belriuning of the year	4,307	3,713
	1,868	4,307
Cash and cash eouivalents at year end

ESAB INDIA LIMITED

CIN No. L29299TN I 987PLC058738

Regd Office: Plot No. 13, 3rd Maio Road, lndustrial Estate, Ambattur, Chennai - 600 058

Tele hone No. 044-42281100 email id: investor.relations esab.co.io Statement of Audited Financial Results for the uarter and •ear ended March 31 2020

I. The results have been prepared in accordance with the Indian Accounting Standards (JND AS) notified under Section 133 of Companies Act, 2013, read with the Companies (Indian Accounting Standards) Rules 20 15 as amended.

1. The figures of last quarter are the balancing figures between the audited figures in respect of the full financial year and published unaudited year-to-date figures up to the third quarter of the respective financial year which were subjected to limited review.

2. Tbe above audited financial results for the quaner and year ended March 31 , 2020 were reviewed by the Audit Committee and approved by tbe Board ot Directors at their respective meeting held on June 24, 2020.

3. The Company has exercised the option pennined Wider Section I J 5BAA of the Income-tax Act, J 961 as introduced by the Taxation Laws (Amendment) Ordinance, 20 19. Accordingly, the Deferred Tax Asset (net) as at 31st March 2019 and the estimate of tax expenses for the year ended 31st March 2020 have been re-measured.

5. Effective April I, 20 19, the Company has adopted Ind AS 116 "Leases", applied to all lease contracts existing on April I, 20 19 using I.be modified retrospective approach wherein the right to use assets and lease liability was created. Accordingly, comparatives for the year ended March 31, 2019 have not been retrospectively adjusted. The effect of this adoption is immaterial on the profit for tile period and eamin)itS per share.

1. The Company undertook a restructuring exercise during the previous years at Taratala plant for optimizing its capacities, which had resulted in iropairmeat of property, plant and equipment. Such amounts have been disclosed as exceptional items.

2. Rased on a detailed evaluation of Jccy financial parameters reviewed, the Company believes that it operalcs in only one segment i.e. Fabrication Techoology.

3. An interim dividend of Rs. 70 per equil)' share of Rs. LO/- each was declared by the Company at the meeting of Board of directors held on 28 May 2020 for the financial year 2019-20.

4. The outbreak of COVT0-1 9 pandemic and the resulting lockdown enforced from March 25, 2020 has affected the Company's regular operations. Accordingly, the Company has considered the possibli: effects that may result from the pandemic on the canying amounts of Property, Plant and Equipment, Investments, Inventories, Receivables and other current assets. In developing the assumptions relating to the possible future uncertainties in the global economic conditions because of this pandemic, tlte Company, as at the elate of approval of these financial results has used internal and external information w.bicb are relevant io determining the expected future performance of the Company. The Company has evaluated its Liquidity position, recoverability of such assets and based on current estimates expects the carrying amount of these assets ~Jj U be recovered. The impact of COVID-J 9 on the Company's financial results may differ from that estimated as at rbe dare of approval of these financial results.

I 0. Previous period's figures have been regrouped or reclassified wherever necessary.

11 . The results would be uploaded and available for viewing on the Company's website www.esahindia.com and on rhe websile of the Stock Exchanges - BSE Limited and National Stock Exchange of lndia Limited.

For ESAB India Limited

R ohit Gambhir Managing Director

' :

Chennai June 24, 2020

"We Shape the Future" Visit our website : h ://www.esabindia.com

Notes: