Force Motors Limited — Annual Report 2021

May 28, 2021

28th May 2021

FML: SEC: F-42 (17)

The Secretary BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai 400 001.

Scrip Code: 500033 Sub.: Outcome of the Board Meeting held on 28th May 2021

Dear Sir I Madam,

In terms of the prov1s1ons of Regulation 30 (read with Part A of Schedule Ill) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the Board of Directors in its meeting held today, i.e. on 28th May 2021 through video conferencing, has inter alia considered and approved the following:

• i. Approved the Audited Financial Statements (Standalone and Consolidated) for the Quarter and the Financial Year ended 31st March 2021.
• ii. Recommended a dividend of Rs. 5/- (Rupees Five Only) per equity share of Rs. 10/- each, for the Financial Year ended 31st March 2021.

Pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we enclose the following:

• i. Audited Financial Results (Standalone and Consolidated) for the Quarter and the Financial Year ended 31st March 2021;
• ii. Statement of Assets and Liabilities as at 31st March 2021;
• iii. Auditors' Report on Audited Financial Results (Standalone and Consolidated) for the Quarter and the Financial Year ended 31st March 2021; and
• iv. Declaration pursuant to Regulation 33(3)( d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, stating that the Report of Auditors with respect to the Audited Financial Results (Standalone and Consolidated) for the Quarter and the Financial Year ended 31st March 2021, is issued with unmodified opinion.

The meeting of the Board of Directors commenced at 3.10 p.m. and concluded at 6.00 p.m.

We request you to take the above information on your record.

Thanking you,

Yours faithfully, For Force Motors Limited

~;,,· Kish/r; P. Shah

Company Secretary & Compliance Officer Encl.: Ala.

FORCE MOTORS LIMITED

KIRTANE & PANDIT LLP

Independent Auditor's Report on the Audit of the standalone Financial Results

To

The Board of Directors of Force Motors limited

Report on the audit of the standalone Financial Results

Opinion

We have audited the accompanying statement of quarterly and year to date standalone financial results of Force Motors Limited (the "Company") for the quarter ended March 31, 2021 and for the year ended March 31, 2021 (the "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
• ii. gives a true and fair view in conformity with the applicable accounting standards and other accounting principles generally accepted in India, of the net loss and other comprehensive income and other financial information of the Company for the quarter ended March 31, 2021 and of the net loss and other comprehensive income and other financial information of the Company for the year ended March 31, 2021.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013, 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 with 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.

Kirtane & Pandit LLP Chartered Accountants Pune I Mumbai I Nashik I Bengaluru I Hyderabad I New Delhi Regd. Office: 511 Floor, Wing A, Gopal House, S.No. 127/1 B/1, Plot Al, Opp. Hars.hal Hall, Ko~hrud, Pun~ - 411 038, India I Tel: +91 20-67295100 / 25433104 www.kirtanepandit.com I Email : kpca@k1rtanepand1t.com

Management's Responsibilities for the Financial 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 loss 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 with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and 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 the Financial Results

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

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

Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Kirtane & Pandit LLP Chartered Accountants Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143{3}(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
• Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the statement, including the disclosures, and whether the statement represents the underlying transactions and events in a manner that achieves fair presentation.

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

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other Matter

The Statement includes the results for the quarter ended March 31, 2021 being the balancing figure between the audited figures in respect of the full financial year ended March 31, 2021 and the published unaudited year-to-date figures up to the third quarter of the financial year (read with note 6 of the Statement), which were subjected to a limited review by us, as required under the Listing Regulations.

For Kirtane & Pandit LLP Chartered Accountants Firm Registration No.105215W/W100057

__. 10,{,~

Suhas Deshpande Partner

Pune, May 28, 2021

Kirtane & Pandit LLP Chartered Accountants

STATEMENT OF STANDALONE AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31 MARCH 2021.

						(₹IN LAKHS)
Sr.	Particulars	QUARTER ENDED			YEAR ENDED
No.		31 March 2021	31 Dec. 2020	31 March 2020	31 March 2021	31 March 2020
		Audited	Unaudited	Audited	Audited	Audited
1	Revenue from Operations	61,243	49,559	65,367	1,98,782	3,08,013
$\overline{z}$	Other Income	687	319	974	2,489	4,277
3.	Total Income (1+2)	61,930	49,878	66,341	2,01,271	3,12,290
4.	Expenses Cost of Materials consumed (a)	46,601	39,359	44,099	1,52,036	2,14,014
	Changes in inventories of finished goods (b) and work-in-progress	(579)	(2,575)	(627)	(2,665)	8,265
	Employee benefits expense (c)	12,020	8,466	10,199	35,115	40,658
	(d) Finance costs	525	802	758	2,822	2,785
	Depreciation and amortization expense (e)	4,332	4,482	5,247	17,367	19,452
	(f) Other expenses	10,507	6,009	8,491	26,319	31,816
	Expenses capitalized $\left( g \right)$	(3,681)	(5,011)	(4, 182)	(13, 296)	(13, 589)
	Total Expenses	69,725	51,532	63,985	2,17,698	3,03,401
S.	Profit / (Loss) before exceptional items and tax $(3-4)$	(7, 795)	(1,654)	2,356	(16, 427)	8,889
6.	Exceptional Items			(1, 953)		(3,906)
$\overline{z}$	Profit / (Loss) Before Tax (5+6)	(7, 795)	(1,654)	403	(16, 427)	4,983
8.	Tax expense Current tax (a) Deferred tax (b) Taxation in respect of earlier years (c)	(2, 797)	(160)	137 (562) (2)	(5, 241)	897 (1,731) (2)
	Total tax expense	(2, 797)	(160)	(427)	(5, 241)	(836)
9.	Net Profit / (Loss) for the period (7-8)	(4,998)	(1, 494)	830	(11, 186)	5,819
	10. Other Comprehensive Income Items that will not be reclassified to profit or loss (Net of income tax)	9	552	(423)	981	(146)
	11. Total Comprehensive Income for the period $(9+10)$	(4,989)	(942)	407	(10, 205)	5,673
12.	Paid-up equity share capital (Face value of ₹10 per Share)	1,318	1,318	1,318	1,318	1,318
	13. Other Equity				1,84,730	1,96,253
	14. Basic and Diluted Earnings Per Share (not annualised) (in ₹)	(37.93)	(11.34)	6.30	(84.90)	44.16

Notes:

1. The above results have been reviewed by the Audit Committee and approved by the Board of Directors in its meetings held on 28 May 2021.

2. The last quarter of the financial year 2020-21 was also impacted severely due to COVID-19 pandemic. Both revenue and profitability for the year has severe Impact and resulted into loss in the financial year 2020-21. Also with the onset of second wave of COVID-19 pandemic, the impact will continue to affect the business of the Company in coming quarters.

The Company will continue to monitor the developments and the impact of the said pandemic, and necessary counter measure will be taken to minimize the overall impact. The Company, as at the date of approval of these financials statement has relied upon the available market intelligence and information to arrive its best estimates.

1. The audited financial results in respect of fourth quarter are the balancing figures, between audited figures in respect of the full financial year and the figures published year to date upto third quarter of the current financial year.

2. The Board of Directors has recommended a payment of Dividend of ₹5 per equity share of ₹10 each (50 %) subject to approval of Members of the Company.

3. The Company is operating in single segment.

4. Previous period's figures have been re-grouped, re-arranged and re-classified wherever necessary. FORCE MOTORS LIMITED

CIN: L34102PN1958PLC011172 Regd. Office : Mumbal-Pune Road, Akurdi, PUNE - 411 035, INDIA. Tel. : (+91) 20 27476381 Visit us at : www.forcamotors.com

STATEMENT OF STANDALONE ASSETS AND LIABILITIES

31 March 31 March Particulars 2021 2020 Audited Audited ASSETS Non-current assets 1. Property, plant and equipment (a) 1,01,272 1,16,073 (b) Capital work-in-progress 36,873 17,484 (c) Investment property 530 554 Other intangible assets (d) 20,549 23,389 (e) Intangible assets under development 35,612 27,023 (n) Financial assets I. Investments 12,631 9,184 II. Loans and Advances 1,507 1,535 Deferred tax assets (Net) $\left( \mathbf{g} \right)$ 5,760 707 (h) Other Non-current assets 23,477 12,537 Total Non-current assets 2,38,211 2,08,486 $\overline{2}$ . Current assets Inventories (a) 55,782 55,152 (b) Financial assets I. Trade Receivables 12,599 16,872 ii. Cash and cash equivalents 3,212 6,407 III. Bank balance other than (ii) above 226 220 iv. Loans and Advances 107 181 v. Other Financial Assets 6,292 14,230 Current Tax Assets (Net) 1,297 1,031 $\langle c \rangle$ (d) Other Current Assets 8,097 8,075 87,612 Total Current Assets 1,02,168 TOTAL ASSETS 3,25,823 3.10.654 EQUITY AND LIABILITIES 1. Equity (a) Equity Share Capital 1,318 1,318 (b) Other Equity 1,84,730 1,96,253 1,97,571 Total equity 1,86,048 $\overline{2}$ Liabilities Non-current liabilities Financial liabilities (a) 49,378 18,750 i. Borrowings 2,951 3,049 (b) Provisions Other Non-current Liabilities 88 173 (c) 52,417 21,972 Total Non-current Liabilities Current Liabilities Financial Liabilities (a) 4,722 3,000 I. Borrowings		YEAR ENDED
Ш
ii. Trade payables
242 40 - Total outstanding dues of Micro and Small enterprises
58,152 57,991 - Total outstanding dues other than Micro and Small enterprises
9,982 16,463 iii. Other Financial Liabilities
8,522 16,617 Other Current Liabilities (b)
979 1,759 Provisions $\lbrack$ c
87,358 91,111 Total Current Liabilities 1,39,775 1,13,083
Total Liabilities 3,25,823 3,10,654 TOTAL EQUITY AND LIABILITIES

For and on behalf of the Board of Directors

HURS LIMITED

PRASAN FIRODIA MANAGING DIRECTOR Contrated Mumbai-Pune Road, Akurdi, PUNE - 411 035, INDIA, Tel.: (+91) 20 27476381
Visit us at: www.forcemolors.com

Place : Pune Date: 28 May 2021

FORCE MOT

CONTRACTOR

STATEMENT OF STANDALONE CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021

			IT IN LARMS
Particulars		YEAR ENDED 31 March	31 March
		2021 Audited	2020 Audited
A.	Cash flow from Operating Activities
	Profit / (Loss) before tax
	Adjustments for	(16, 427)	4,983
	Depreciation and Amortization expense	17,367
	Net exchange differences (unrealised)	(394)	19,452 234
	Interest Income	(311)	(2, 195)
	Dividend Income on Equity Securities		(4)
	Loss / (Gain) on disposal of Property, Plant and Equipment	2,225	(9)
	Finance Costs	2,822	2,785
	inventory write down	240	190
	Operating Profit before Working Capital adjustments	5,522	25,436
	Working Capital adjustments
	(Increase)/Decrease in
	Trade Receivables Inventories	4,337	(191)
	Other Financial Assets	(869) 96	(4,987)
	Other Non-financial Assets	(22)	(130) 1,098
	Trade Payables	472	18,233
	Financial Llabilities	222	(27)
	Non-financial Liabilities	(8,180)	3,385
	Provisions	(606)	(306)
	Cash generated from Operations	972	42,511
	Income Tax paid (Net)	(265)	(1,624)
	Net Cash flow from / (used in) Operating Activities	707	40,887
8.	Cash flow from Investing Activities	(45, 324)	(45, 842)
	Payments for Property, Plant and Equipment and Intangible Assets Proceeds from sale of Property, Plant and Equipment and Intangible Assets	80	64
	Withdrawal of deposits from Financial Institution	13,500	17,500
	Interest received.	1,031	2,165
	Investments in Joint Venture	(2,550)	(6, 630)
	Dividend received
	Net cash flow from / (used in) Investing Activities	(33, 263)	(32, 739)
C.	Cash flow from Financing Activities
	Proceeds from/Repayment of borrowings (Net)	33,474	2,385
	Interest paid Dividend paid (including Dividend Distribution Tax)	(2,811) (1, 318)	(2,769) (1,589)
	Net Cash flow from / (used in) Financing Activities	29,345	(1, 973)
	Net Increase/(Decrease) in Cash and Cash equivalents	(3,211)	6,175
	Cash and Cash equivalents at beginning of the financial year	6,403	228
	Cash and Cash equivalents at end of the financial year	3,192	6,403
	Cash and Cash equivalents	3,212	6,407
	Effects of exchange rate fluctuations on Cash and Cash equivalents held	(20)	(4)
		3,192	6,403

Place : Pune Date: 28 May 2021

FORCE MOTORS LIMITED CIN: L34102PN1956PLC011172

Regd. Office: Mumbai-Pune Road, Akurdi, PUNE - 411 035, INDIA. Tel.: (+91) 20 27476381
Visit us at : www.forcemotors.com

For and on behalf of the Board of Directors

PRASAN FIRODIA MANAGING DIRECTOR DIN 00029664

KIRTANE & PANDIT LLP

Independent Auditor's Report on the Audit of the Consolidated Financial Results

To

The Board of Directors of Force Motors Limited

Report on the audit of the Consolidated Financial Results

Opinion

We have audited the accompanying consolidated statement of quarterly and year to date consolidated financial results of Force Motors Limited (the "Holding Company") and its subsidiary (the parent and its subsidiary together referred to as the "Group") and its joint Venture, for the quarter ended March 31, 2021 and for the year ended March 31, 2021 (the "Statement"), attached herewith, being submitted by the Holding 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 and based on the consideration of reports of other auditors on separate audited financial statements of a subsidiary and Joint Venture, the Statement:

Sr. No.	Name of Entity	Relationship
1	Force motors Limited	Parent
2	Tempo Finance (West) Private Limited	Subsidiary
3	Force MTU Power Systems Private Limited	Joint Venture

i. Include the financial results of the following entities:

• ii. is presented in accordance with the requirements of the Listing Regulations in this regard; and
• iii. gives a true and fair view in conformity with the applicable accounting standards and other accounting principles generally accepted in India, of the net loss and other comprehensive income and other financial information of the Company for the quarter ended March 31, 2021 and of the net loss and other comprehensive income and other financial information of the Group for the year ended March 31, 2021.

Basis for Opinion

We conducted C'ur audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013, as amended ("the Act"). Our responsibilities under those Standards are further described in the "Auditor's Responsibilities for the Audit of the Consolidated

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 with 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.

Management's Responsibilities for the Consolidated Financial Results

The Statement has been prepared on the basis of the Consolidated annual financial statements. The Holding Company's Board of Directors are responsible for the preparation and presentation of the Consolidated Statement that gives a true and fair view of the net loss and other comprehensive income of the Group including joint venture and other financial information in accordance with the applicable accounting standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations.

The respective Board of Directors of the companies included in the Group and a joint venture are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group and its Joint venture 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, which have been used for the purpose of preparation of the statement by the directors of holding Company as aforesaid

. In preparing the Statement, the respective Board of Directors of the companies included in the Group and its Joint Venture are responsible for assessing the ability of the Group and its Joint Venture to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the Group and its Joint Venture 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 its Joint venture are also responsible for overseeing the Company's financial reporting process of each company.

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

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

Kirtane & Pandit LLP Chartered Accountants

Page 2 of 4

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

• Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3}(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
• Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of Group and its Joint venture to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group and its joint venture 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.
• Obtain sufficient appropriate audit evidence regarding the financial results of the entities within the Group of which we are the independent auditors and whose financial information we have audited, to express an opinion on the Statement. We are responsible for the direction, supervision and performance of the audit of the financial information of such entities included in the Statement of which we are the independent auditors. For the other entities included in the Statement, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

We communicate with those charged with governance of Holding Company 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.

Kirtane & Pandit LLP Chartered Accountants

Page 3 of 4

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other Matter

The accompanying Statement includes the audited financial statements and other financial information, in respect of

• The subsidiary, whose financial statements include total net assets of 566 lakhs as at March 31, 2021, total revenues of Rs. 9 lakhs and Rs. 37 lakhs, total net profit after tax of Rs. 7 lakhs and Rs. 27 Lakhs, for the quarter and the year ended on that date respectively, and net cash inflows of Rs. 27 lakhs for the year ended March 31, 2021, as considered in the Statement, which have been audited by independent auditor.
• The Joint Venture, whose financial statements include Group's share of net loss (including other comprehensive Income) of Rs. 371 lakhs and Rs. 1193 lakhs, for the quarter and for the year ended March 31, 2021 respectively, as considered in the Statement, whose financial statements, other financial information have been audited by independent auditor.

The independent auditor's report on the financial statements of these entities have been furnished to us by the Management and our opinion on the Statement in so far as it relates to the amounts and disclosures included in respect of the subsidiary and joint venture is based solely on the reports of such auditors and the procedures performed by us as stated in paragraph above. Our opinion on the Statement is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors.

The Statement includes the results for the quarter ended March 31, 2021 being the balancing figures between the audited figures in respect of the full financial year ended March 31, 2021 and the published unaudited year-to-date figures up to the end of the third quarter of the current financial year, which were subjected to a limited review by us, as required under the listing Regulations

For Kirtane & Pandit LLP Chartered Accountants Firm Registration No.10521SW/W100057

Partner Membership No.: 031787 UDIN: Q. / 0317 <67 f)fJf)flf}Z. 33 KS

Pune, May 28, 2021

Kirtane & Pandit LLP Chartered Accountants Page 4 of 4

STATEMENT OF CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31 MARCH 2021.

						(TIN LAKHS)
Sr.		QUARTER ENDED			YEAR ENDED
No.	Particulars	31 March 2021	31 Dec. 2020	31 March 2020	31 March 2021	31 March 2020
		Audited	Unaudited	Audited	Audited	Audited
1.	Revenue from Operations	61,253	49,568	65,378	1,98,819	3,08,052
$\overline{2}$	Other Income	687	319	974	2,489	4,277
3.	Total Income (1+2)	61,940	49,887	66,352	2,01,308	3,12,329
4.	Expenses
	Cost of Materials consumed (a)	46,601	39,359	44,099	1,52,036	2,14,014
	(b) Changes in Inventories of finished goods and work-in-progress	(579)	(2,575)	(627)	(2,665)	8,265
	Employee benefits expense (c)	12,020	8,466	10,199	35,115	40,658
	(d) Finance costs	525	802	758	2,822	2,785
	Depreciation and amortization expense (e)	4,332	4,482	5,247	17,367	19,452
	(f) Other expenses	10,507	6,009	8,490	26,319	31,816
	Expenses capitalized (g)	(3,681)	(5,011)	(4, 182)	(13, 296)	(13, 589)
	Total Expenses	69,725	51,532	63,984	2,17,698	3,03,401
5.	Profit / (Loss) before share of Profit / (Loss) of Joint Venture and exceptional items (3-4)	(7,785)	(1, 645)	2,368	(16, 390)	8,928
6.	Share of Profit / (Loss) of Joint Venture	(374)	(408)	(230)	(1, 195)	(821)
7.	Profit / (Loss) before exceptional items and tax $(5+6)$	(8, 159)	(2,053)	2,138	(17, 585)	8,107
8.	Exceptional Items			(1, 953)		(3,906)
9.	Profit / (Loss) Before Tax (7+8)	(8, 159)	(2,053)	185	(17, 585)	4,201
10.	Tax expense ${a}$ Current tax Deferred tax (b)	3 (2,797)	2 (160)	140 (562)	10 (5, 241)	907 (1,731)
	Taxation in respect of earlier years (c)			(2)		(2)
	Total tax expense	(2,794)	(158)	(424)	(5, 231)	(826)
11.	Net Profit / (Loss) for the period (9-10)	(5,365)	(1,895)	609	(12, 354)	5,027
12.	Other Comprehensive Income Items that will not be reclassified to profit or loss (Net of income tax)	11	552	(424)	982	(147)

FORCE MOTORS LIMITED CIN : L34102PN1958PLC011172 Regul. Office : Mumbai-Pune Road, Akurdi, PUNE - 411 035, INDIA. Tel. : (+91) 20 27476381
Visit us at : www.forcemotors.com

Sr.			QUARTER ENDED			YEAR ENDED
No.	Particulars	31 March 2021	31 Dec. 2020	31 March 2020	31 March 2021	31 March 2020
		Audited	Unaudited	Audited	Audited	Audited
	13. Total Comprehensive Income for the period $(11+12)$	(5, 354)	(1, 343)	185	(11, 372)	4,880
	14. Profit / (Loss) attributable to:
	Owners of the Company (a)	(5,367)	(1,898)	606	(12, 363)	5,017
	(b) Non controlling interest	2	з	з	9	10
	15. Total Comprehensive Income attributable to:
	Owners of the Company (a)	(5, 356)	(1, 346)	182	(11, 381)	4,870
	Non controlling interest (b)		3	3	9	10
	16. Paid-up equity share capital (Face value of ₹10 per Share)	1,318	1,318	1,318	1,318	1,318
17.1	Other Equity				1,82,465	1,95,216
	18. Basic and Diluted Earnings Per Share (not annualised) (in ₹)	(40.73)	(14.41)	4.60	(93.83)	38.08

Notes:

• 1. The above results have been reviewed by the Audit Committee and approved by the Board of Directors in its meetings held on 28 May 2021
• 1. The last quarter of the financial year 2020-21 was also impacted severely due to COVID-19 pandemic. Both revenue and profitability for the year has severe impact and resulted into loss in the financial year 2020-21. Also with the onset of second wave of COVID-19 pandemic, the impact will continue to affect the business of the Company in coming quarters.

The Company will continue to monitor the developments and the impact of the said pandemic, and necessary counter measure will be taken to minimize the overall impact. The Company, as at the date of approval of these financials statement has relied upon the available market intelligence and information to arrive its best estimates.

• 1. The audited financial results in respect of fourth quarter are the balancing figures, between audited figures in respect of the full financial year and the figures published year to date upto third quarter of the current financial year.
• 1. The Board of Directors has recommended a payment of Dividend of ₹5 per equity share of ₹10 each (50 %) subject to approval of Members of the Company.
• 1. The Company is operating in single segment.
• 1. Previous period's figures have been re-grouped, re-arranged and re-classified wherever necessary.

FORCE MOTORS LIMITED

CIN: L34102PN1958PLC011172 Regd. Office : Mumbal-Pune Road, Akurdi, PUNE - 411 035, INDIA. Tel. : (+91) 20 27476381 Visit us at : www.forcemotors.com

STATEMENT OF CONSOLIDATED ASSETS AND LIABILITIES

		NEAR ENDAD
	Particulars	31 March	31 March
		2021	2020
	ASSETS	Audited	Audited
$\mathbf{1}$	Non-current assets
	(a) Property, plant and equipment
		1,01,272	1,16,073
	(b) Capital work-in-progress	36,873	17,484
	(c) Investment property Goodwill	530	554
	(d) Other intangible assets (e)	1
	Intangible assets under development (f)	20,549 35,612	23,389
	Financial assets (g)		27,023
	i. Investments	9,990	7,788
	ii. Loans and Advances	1,507	1,535
	Deferred tax assets (Net) (h)	S.760	707
	(1) Other Non-current assets	23,477	12,537
	Total Non-current assets	2,35,571	2,07,091
$\mathbf{2}$	Current assets
	(a) Inventories	55,782	55,152
	Financial assets (b)
	I. Trade Receivables ii. Cash and cash equivalents	12,599 3,472	16,872
	iii. Bank balance other than (ii) above	226	6,640 220
	iv. Loans and Advances	107	181
	v. Other Financial Assets	6,598	14,536
	Current Tax Assets (Net) (c)	1,298	1,032
	Other Current Assets (d)	8,097	8.075
	Total Current Assets	88,179	1,02,708
	TOTAL ASSETS	3,23,750	3,09,799
IT	EQUITY AND LIABILITIES
1.	Equity
	(a) Equity Share Capital	1,318	1,318
	Other Equity (b) Equity attributable to owners of the Company (c)	1,82,465 1,83,783	1,95,216 1,96,534
	Non-controlling interest (d)	190	181
	Total equity	1,83,973	1,96,715
$\mathbf{z}$	Liabilities
	Non-current liabilities
	(a) Financial liabilities
	i. Borrowings	49,378	18,750
	Provisions. (b)	2,951	3,049
	Other Non-current Liabilities (c)	88	173
	Total Non-current Liabilities Current Liabilities	52,417	21,972
	(a) Financial Liabilities
	i. Borrowings	3,000	4,722
	il. Trade payables
	- Total outstanding dues of Micro and Small enterprises	242	40
	- Total outstanding dues other than Micro and Small enterprises	58,152	57,991
	iii. Other Financial Liabilities	16,465	9,983
	Other Current Liabilities (b)	8,522	16,617
	Provisions (c)	979	1,759
	Total Current Liabilities	87,360	91,112
	Total Liabilities	1,39,777	1,13,084
	TOTAL EQUITY AND LIABILITIES	3,23,750	3,09,799
	KIP SIGNED FOR	For and on behalf of the Board of Directors
	IDENTIFICATION
	Tored Accou	PRASAN FIRODIA
Place: Pune	FORCE MOTORS LIMITED	MANAGING DIRECTOR
	CIN : L34102PN1958PLC011172 Date: 28 May 2021	DIN 00030664

Regd. Office: Mumbal-Pune Road, Akurdi, PUNE - 411 035, INDIA Tel. (+91) 20 27476381
Visit us at : www.forcemotors.com

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021

(₹ IN LAKHS)

			YEAR ENDED
	Particulars	31 March 2021	31 March 2020
		Audited	Audited
A.	Cash flow from Operating Activities
	Profit/(Loss) before tax	(17,585)	4,201
	Adjustments for
	Depreciation and Amortization expense	17,367	19,452
	Net exchange differences (unrealised)	(394)	234
	Interest Income Dividend Income on Equity Securities	(311)	(2, 195)
	Loss / (Gain) on disposal of Property, Plant and Equipment	2,225	(4) (9)
	Finance Costs	2,822	2,785
	inventory write down	240	190
	Share of Profit / (Loss) in Joint Venture	1,195	821
	Operating Profit before Working Capital adjustments	5,559	25,475
	Working Capital adjustments
	(Increase)/Decrease in
	Trade Receivables	4,337	(191)
	Inventories	(869)	(4,987)
	Other Financial Assets	96	(127)
	Other Non-financial Assets	(22)	1,098
	Trade Payables	472 222	18,233
	Financial Liabilities Non-financial Liabilities	(8, 180)	(27) 3,385
	Provisions	(606)	(306)
	Cash generated from Operations	1,009	42,553
	Income Tax paid (Net)	(275)	(1,634)
	Net Cash flow from / (used in) Operating Activities	734	40,919
B.	Cash flow from Investing Activities
	Payments for Property, Plant and Equipment and Intangible Assets	(45, 324)	(45, 842)
	Proceeds from sale of Property, Plant and Equipment and Intangible Assets	80	64
	Withdrawal of deposits from Financial Institution	13,500	17,500
	Interest received	1,031	2,165
	Investments in Joint Venture	(2,550)	(6,630)
	Dividend received		$\mathbf{a}$
	Net cash flow from / (used in) investing Activities	(33, 263)	(32, 739)
C.	Cash flow from Financing Activities
	Proceeds from/Repayment of borrowings (Net)	33,474	2,385
	Interest paid	(2,811)	(2,769)
	Dividend paid (Including Dividend Distribution Tax)	(1, 318)	(1,589)
	Net Cash flow from / (used in) Financing Activities	29.345	(1, 973)
	Net Increase/(Decrease) in Cash and Cash equivalents	(3, 184)	6.207
	Cash and Cash equivalents at beginning of the financial year	6,636	429
	Cash and Cash equivalents at end of the financial year	3.452	6,636
	Cash and Cash equivalents	3,472	6,640
	Effects of exchange rate fluctuations on Cash and Cash equivalents held	(20)	(4)
		3,452	6,636

Place : Pune Date: 28 May 2021 FORCE MOTORS LIMITED CIN: L34102PN1958PLC011172

PAA L GNED FOR
DENTIFICATION

PRASAN FIRODIA MANAGING DIRECTOR DIN 00029664 Ragd. Office: Mumbal-Pune Road, Akurdi, PUNE - 411 035, INDIA. Tel. : (+91) 20 27476381
Visit us at : www.forcemotors.com

For and on behalf of the Board of Directors

FML: SEC: F-42 (17)

28th May 2021

The Secretary BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai 400 001.

Scrip Code: 500033

Sub.: Declaration pursuant to Regulation 33(3)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

DECLARATION

I, Sanjay Kumar Bohra, Chief Financial Officer of Force Motors Limited, hereby declare that, the Statutory Auditors of the Company, M/s. Kirtane & Pandit LLP, Chartered Accountants, Pune, (Firm Registration Number:. 105215W I W100057) have issued an Audit Report with unmodified opinion on the Audited Financial Results of the Company (Standalone and Consolidated) for the quarter and the Financial Year ended on 31st March 2021.

This Declaration is given in compliance to Regulation 33(3)(d) of the SEBI (Listing Obligations ·· and Disclosure Requirements) Regulations, 2015.

Kindly take this declaration on your records.

Yours sincerely,

For Force Motors Limited

/v Mff¢

Sa~~ra Chief Financial Officer

FORCE MOTORS LIMITED

CIN: L34102PN1958PLC011172 Regd. Office: Mumbai-Pune Road, Akurdi, PUf\IE - 411 035, INDIA. Tel.: (+91) 20 27476381 Visit us at : www.forcemotors.com