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Hindustan Composites Ltd — Earnings Release 2022
May 26, 2022
60983_rns_2022-05-26_45f9c7c5-698e-4c4b-b746-87429e97b71e.pdf
Earnings Release
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I HINDUSTAN tOMPOSITES LIMITED
HINDUSTAN COMPOSITES LTD.
Peninsula Business Park, Tower A, 8th Floor, Senapati Bapat Marg.Lower Parel,Mumbai - 400 013. Tel.:(91) (22) 6688 0100•Fax: (91) (22) 6688 0105 E-mail : [email protected] Website : www.hindcompo.com CIN No. L29120MH1964PLC012955
26U[1 ] May, 2022
To The Manager-DCS BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai- 400 001 Scrip Code: 509635
The Manager - Listing National Stock Exchange of India Ltd. Exchange Plaza, 5[th ] Floor, 'G' Block Bandra Kurla Complex, Bandra (East), Mumbai - 400 051 SYMBOL: HINDCOMPOS
Dear Sir/ Madam,
Sub: Outcome of Board Meeting held on 26[th ] May, 2022
Pursuant to the provisions of Regulations 30 and 33 (3) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the Board of Directors of the Company at its meeting held today i.e. 26U[1 ] May, 2022, inter alia, considered the following matters:
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Approved the Audited Standalone Financial Results of the Company for the quarter and financial year ended 31[st ] March, 2022;
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Approved the Audited Consolidated Financial Results of the Company for the quarter and financial year ended 31[st ] March, 2022;
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Recommended the payment of dividend on Equity Shares of Rs. 5/- each@ Rs. 2/- (Rupees Two only) per share for the financial year ended 31[st ] March, 2022, subject to approval of the shareholders in the ensuing Annual General Meeting of the Company. The dividend, if approved at the ensuing Annual General Meeting of the Company, shall be paid/ dispatched between 7th October, 2022 to 20u, October, 2022;
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Recommended the appointment of M/ s. Lodha & Co., Chartered Accountants, (having FRN:301051E) as Statutory Auditors of the Company, in place of retiring Auditors under Section 139(2) of the Companies Act 2013 at its ensuing 58[t] h Annual General Meeting, by the members to hold the office for a period of 5 (five) consecutive years i.e. w.e.f. the conclusion of the ensuing 53u, Annual General Meeting to the conclusion of the 63[rd ] Annual General Meeting of the Company to be held for the financial year ending 31[st ] March 2027.
M/ s. Lodha & Co., Chartered Accountants are one of the largest and most respected professional firm with over 80 years of an unblemished track record, ranked continuously among the top audit firms in India having National footprint (Kolkata, Mumbai, Delhi, Chennai, Hyderabad, Jaipur) with strong focus on high quality standards and integrity of work by dedicated team of approx. 350 people.
Regional Sales Offices
East 29. Ganesh Chandra Avenue. Banda House.Room No. 207, 2nd Floor. Kolkata - 700 013•Tel 91 - 33- 2236078• Fax West: Peninsula Business Pari(, 'A' Tower, 8th Floor. Senapati Bapat Marg, Lower Parel. Mumbai - 400 013 lndia•Tel: 91-22-6688 0100 North : 401. Rohit House, 3 -Tolstoy Marg, New Delhi - 110 001 •Tel: 91-11-2331 3845•Fax: 91-11-23313846 South : New No. 931, Old No. 478. Ramaniyam Citadel Apartment. 2nd Floor. Poonamallee High Road,Arumbakkam, Chennai - 600 106 Tel : 91- 44-2363 3722
OMPOSITES C
- Re-appointed M/ s. S M M P & Company, Chartered Accountants as Internal Auditors of the Company for the financial year 2022-23, pursuant to the provisions of Section 138 of the Companies Act, 2013 and Rules made thereunder.
M/ s. SM MP & Company was set-up in 1982 and have a comprehensive experience of more than three decades in various fields of Audits, Taxation, and Consultancy. The firm has a number of Associates, Principals, and Managers, who have over the years gained versatile experience.
The firm has grown from a small sized firm having staff strength of 5 in 1985 to strength of 100 including 25 Chartered Accountants at present.
- Re-appointed M/ s M. R. Pandit & Co., Cost Accountants, Aurangabad (Firm Registration No. 000268) as Cost Auditors of the Company for the Financial Year 2022-23.
M/ s M. R. Pandit & Co., Cost Accountants is Practicing Cost Accountants Firm having five partners in the firm working for over 20 years in the areas of Cost Accounting, Cost Auditing, Cost System, GST Consulting and Audit, Co-op Society Audit of Gramin and Co. Op. Banks, Stock Audits of Nationalized Bank and Sugar Factories, Central Excise Audit, Service Tax, Certification, Internal Audit & VAT, Stock Audits, Bank Audits and Finance, Company Incorporations, Partnership Consultancy etc.
A copy of the Audited Standalone and Consolidated Financial Results for quarter and financial year ended 31[st ] March, 2022 along with Cash Flow Statement for the financial year ended as on that date and Statement of Assets and Liabilities as on 31[st ] March, 2022, Auditors' Reports on said results and declaration of un-modified opinion pursuant to Regulation 33(3)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, are enclosed for your records.
The meeting of the Board of Directors commenced at 2.45 p.m. and concluded at 4.55 p.m.
Kindly take the above on your record.
Thanking you,
Yours faithfully,
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ustan Composites Limited
Vikram Soni Company Secretary & Compliance Officer Membership No: A36705
Encl.: As stated above
Hl�DUSTAN OMPOSITES ', LIMITED
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HINDUSTAN COMPOSITES LIMITED
Regd.Office: A Tower,8th Floor, Peninsula Business Park,
Senapati Bapat Marg,Lower Parel, Mumbai • 400013
T�I; 022·66660100, Fax:022-66860105
visit us at www.hinctcompo.com
CIN No. L29120MH1964PLC012955
Statement of Audited Standalone Financial Results for the quarter and year ended 31st March, 2022
| riculars INCOME a) Revenue from operations b) Other Income Total Income Expenses a) Cost of matenals consumed b) Changes 1nInventories of fimshed goos and work.•in.progress c) Employee benefits expense d) Financ Costs e) Depreciation and amortlZafion exense I) Other Expenses Total Expenses Prollt / (Loss) before Tax (1-2) Tax Expenses Current tax Deferred lax Net Proft for the Period (3-) Other Comprehensive Income (OCI) a) Items that will not be reclassifed to profit or loss b) Income tax reating to items that wI1 not be reciassified lo profit or loss c) Items that will be recJassWied to profit or loss d) Income tax reating to ,ters that willbereclassifiedto profit or loss Other Comprehensive Income Total Comprehensive Income afer Tax (5+6) Paid-up Equity $hare Capita (Face Value of Rs.5 per share) Other Equity Earnings per $hare (Basic and Diluted) (Rs.) |
Three Months Three Months Ended Ended 31-Mar-22 31-Dec-21 IAudltedl • IUnauditedl 6,672 6,627 5 7 6,677 6,634 3,162 2,5 82 195 9 883 3 2 213 216 1746 1 644 6,172 5,50 505 1 134 69 156 (Rs. In Lakhs, except per share data) Three Months Ended 31-Mar-21 !Audited!. 5,829 6 829 2.601 29 88 4 217 152 S 261 568 2 Year Year Ended Ended 31-Mar-22 31-Mar-21 (Audited) !Audited! 23,264 18,459 38 616 23,302 19 077 10,598 7 342 (83) 185 3 60 3 259 8 20 85 887 5.846 4,905 20,831 16 598 2 471 2 479 308 285 |
Three Months Three Months Ended Ended 31-Mar-22 31-Dec-21 IAudltedl • IUnauditedl 6,672 6,627 5 7 6,677 6,634 3,162 2,5 82 195 9 883 3 2 213 216 1746 1 644 6,172 5,50 505 1 134 69 156 (Rs. In Lakhs, except per share data) Three Months Ended 31-Mar-21 !Audited!. 5,829 6 829 2.601 29 88 4 217 152 S 261 568 2 Year Year Ended Ended 31-Mar-22 31-Mar-21 (Audited) !Audited! 23,264 18,459 38 616 23,302 19 077 10,598 7 342 (83) 185 3 60 3 259 8 20 85 887 5.846 4,905 20,831 16 598 2 471 2 479 308 285 |
Three Months Three Months Ended Ended 31-Mar-22 31-Dec-21 IAudltedl • IUnauditedl 6,672 6,627 5 7 6,677 6,634 3,162 2,5 82 195 9 883 3 2 213 216 1746 1 644 6,172 5,50 505 1 134 69 156 (Rs. In Lakhs, except per share data) Three Months Ended 31-Mar-21 !Audited!. 5,829 6 829 2.601 29 88 4 217 152 S 261 568 2 Year Year Ended Ended 31-Mar-22 31-Mar-21 (Audited) !Audited! 23,264 18,459 38 616 23,302 19 077 10,598 7 342 (83) 185 3 60 3 259 8 20 85 887 5.846 4,905 20,831 16 598 2 471 2 479 308 285 |
Three Months Three Months Ended Ended 31-Mar-22 31-Dec-21 IAudltedl • IUnauditedl 6,672 6,627 5 7 6,677 6,634 3,162 2,5 82 195 9 883 3 2 213 216 1746 1 644 6,172 5,50 505 1 134 69 156 (Rs. In Lakhs, except per share data) Three Months Ended 31-Mar-21 !Audited!. 5,829 6 829 2.601 29 88 4 217 152 S 261 568 2 Year Year Ended Ended 31-Mar-22 31-Mar-21 (Audited) !Audited! 23,264 18,459 38 616 23,302 19 077 10,598 7 342 (83) 185 3 60 3 259 8 20 85 887 5.846 4,905 20,831 16 598 2 471 2 479 308 285 |
Three Months Three Months Ended Ended 31-Mar-22 31-Dec-21 IAudltedl • IUnauditedl 6,672 6,627 5 7 6,677 6,634 3,162 2,5 82 195 9 883 3 2 213 216 1746 1 644 6,172 5,50 505 1 134 69 156 (Rs. In Lakhs, except per share data) Three Months Ended 31-Mar-21 !Audited!. 5,829 6 829 2.601 29 88 4 217 152 S 261 568 2 Year Year Ended Ended 31-Mar-22 31-Mar-21 (Audited) !Audited! 23,264 18,459 38 616 23,302 19 077 10,598 7 342 (83) 185 3 60 3 259 8 20 85 887 5.846 4,905 20,831 16 598 2 471 2 479 308 285 |
Three Months Three Months Ended Ended 31-Mar-22 31-Dec-21 IAudltedl • IUnauditedl 6,672 6,627 5 7 6,677 6,634 3,162 2,5 82 195 9 883 3 2 213 216 1746 1 644 6,172 5,50 505 1 134 69 156 (Rs. In Lakhs, except per share data) Three Months Ended 31-Mar-21 !Audited!. 5,829 6 829 2.601 29 88 4 217 152 S 261 568 2 Year Year Ended Ended 31-Mar-22 31-Mar-21 (Audited) !Audited! 23,264 18,459 38 616 23,302 19 077 10,598 7 342 (83) 185 3 60 3 259 8 20 85 887 5.846 4,905 20,831 16 598 2 471 2 479 308 285 |
Three Months Three Months Ended Ended 31-Mar-22 31-Dec-21 IAudltedl • IUnauditedl 6,672 6,627 5 7 6,677 6,634 3,162 2,5 82 195 9 883 3 2 213 216 1746 1 644 6,172 5,50 505 1 134 69 156 (Rs. In Lakhs, except per share data) Three Months Ended 31-Mar-21 !Audited!. 5,829 6 829 2.601 29 88 4 217 152 S 261 568 2 Year Year Ended Ended 31-Mar-22 31-Mar-21 (Audited) !Audited! 23,264 18,459 38 616 23,302 19 077 10,598 7 342 (83) 185 3 60 3 259 8 20 85 887 5.846 4,905 20,831 16 598 2 471 2 479 308 285 |
Three Months Three Months Ended Ended 31-Mar-22 31-Dec-21 IAudltedl • IUnauditedl 6,672 6,627 5 7 6,677 6,634 3,162 2,5 82 195 9 883 3 2 213 216 1746 1 644 6,172 5,50 505 1 134 69 156 (Rs. In Lakhs, except per share data) Three Months Ended 31-Mar-21 !Audited!. 5,829 6 829 2.601 29 88 4 217 152 S 261 568 2 Year Year Ended Ended 31-Mar-22 31-Mar-21 (Audited) !Audited! 23,264 18,459 38 616 23,302 19 077 10,598 7 342 (83) 185 3 60 3 259 8 20 85 887 5.846 4,905 20,831 16 598 2 471 2 479 308 285 |
Three Months Three Months Ended Ended 31-Mar-22 31-Dec-21 IAudltedl • IUnauditedl 6,672 6,627 5 7 6,677 6,634 3,162 2,5 82 195 9 883 3 2 213 216 1746 1 644 6,172 5,50 505 1 134 69 156 (Rs. In Lakhs, except per share data) Three Months Ended 31-Mar-21 !Audited!. 5,829 6 829 2.601 29 88 4 217 152 S 261 568 2 Year Year Ended Ended 31-Mar-22 31-Mar-21 (Audited) !Audited! 23,264 18,459 38 616 23,302 19 077 10,598 7 342 (83) 185 3 60 3 259 8 20 85 887 5.846 4,905 20,831 16 598 2 471 2 479 308 285 |
|---|---|---|---|---|---|---|---|---|---|
| Three Months Three Months Ended Ended 31-Mar-22 31-Dec-21 IAudltedl • IUnauditedl 6,672 6,627 5 7 6,677 6,634 |
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| 3,162 2,5 82 195 9 883 3 2 213 216 1746 1 644 |
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| 6,172 | 5,50 | S 261 568 2 |
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| 505 | 1 134 | ||||||||
| 69 | 156 | ||||||||
| 14 | (30 |
18 | 3 | 95 | |||||
| 440 | 1 08 | 548 | 2,160 | 2 099 | |||||
| 111 2,955 (476) **51 ** |
1,670 (30) (1,078) 314 |
1,147 (262) (36) 112 611 |
7.709 1 024 (1,402) 831 |
3,222 (78) 710 12071 |
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| 3 15 | 1 | 546 | 1 | 8,162 | 2 939 | ||||
| 3,59 73 29 |
1 | 1554 | 1,159 | 10,322 | 5,038 | ||||
| 8 6 |
738 6.83 |
738 3 71 |
738 91 19 14.63 |
738 61,169 14 21 |
Sr.No. Particulars 1 INCOME
Reporting of Segment wise Revenue,Result, Assets and Llabllltles as on 31st March, 2022
| **Sr.No. ** | Particulars |
Tot |
Three Months Ended 31-Dec-21 IUnaudltedl 4,753 1,874 6,627 Three Months Ended 31-Mar-21 !Audited)' 4,906 923 5,829 Year Ended 31-Mar-22 !Audited) 18,592 4,672 23,264 (Rs.InLakhs) Year Ended 31-Mar-21 !Audited I 15,007 3 452 18 459 |
Three Months Ended 31-Dec-21 IUnaudltedl 4,753 1,874 6,627 Three Months Ended 31-Mar-21 !Audited)' 4,906 923 5,829 Year Ended 31-Mar-22 !Audited) 18,592 4,672 23,264 (Rs.InLakhs) Year Ended 31-Mar-21 !Audited I 15,007 3 452 18 459 |
Three Months Ended 31-Dec-21 IUnaudltedl 4,753 1,874 6,627 Three Months Ended 31-Mar-21 !Audited)' 4,906 923 5,829 Year Ended 31-Mar-22 !Audited) 18,592 4,672 23,264 (Rs.InLakhs) Year Ended 31-Mar-21 !Audited I 15,007 3 452 18 459 |
Three Months Ended 31-Dec-21 IUnaudltedl 4,753 1,874 6,627 Three Months Ended 31-Mar-21 !Audited)' 4,906 923 5,829 Year Ended 31-Mar-22 !Audited) 18,592 4,672 23,264 (Rs.InLakhs) Year Ended 31-Mar-21 !Audited I 15,007 3 452 18 459 |
Three Months Ended 31-Dec-21 IUnaudltedl 4,753 1,874 6,627 Three Months Ended 31-Mar-21 !Audited)' 4,906 923 5,829 Year Ended 31-Mar-22 !Audited) 18,592 4,672 23,264 (Rs.InLakhs) Year Ended 31-Mar-21 !Audited I 15,007 3 452 18 459 |
Three Months Ended 31-Dec-21 IUnaudltedl 4,753 1,874 6,627 Three Months Ended 31-Mar-21 !Audited)' 4,906 923 5,829 Year Ended 31-Mar-22 !Audited) 18,592 4,672 23,264 (Rs.InLakhs) Year Ended 31-Mar-21 !Audited I 15,007 3 452 18 459 |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Three Months Ended 31-Mar-22 IAudltedl' 5,643 1029 |
Three Months Ended 31-Dec-21 IUnaudltedl 4,753 1,874 |
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| 1 2 |
Segment Revenue - Composite Products •Investment Segment Results (Profit(+)/ Loss(-) before Tax from each segment) -Composite Products - Investment |
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| al Inco Sub T |
me ota |
6 67 |
2 | 6,627 | 264 18 459 |
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| 183 740 l 923 420 3 5 505 9,386 87,331 35 |
3 0 |
41 1,44 |
9 |
245 706 3 |
291 49 619 2533 |
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| Less UnalloaDle Expenses Less·Finance Cost AddOlherIncome |
3 0 3 5 5 |
1 490 31 2 7 **1,134 ** |
951 3,787 3 152 |
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| 379 4 1,34 3 |
6 8 8 1 6 1 1271 20 618 2 479 9,688 78.878 3703 |
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| Prollt bfore T | ax | 7 9 |
568 2 47 |
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| 3 | a) Segment Assets - Compsite Proucts - Investment -Unalocable |
T T |
8,89 87.31 3 63 |
7 0 0 |
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| ota otal |
l 100 283 4,988 2,145 1 216 8,39 |
3 | 99,837 | |||||||||
| b) Segment Liabilities • Compsite Proucts - Investment -UnalocDle |
4,52 5,72 1 24 |
4 2 8 |
4,793 4,3:8 1 241 0,362 4,988 2,145 1 216 8,349 4 793 4328 1241 10,362 |
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| 11 49 | 4 | 1 |
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HINDUSTAN OMPOSITES LIMITED
HINDUSTAN COMPOSITES LIMITED
Regd.Offlce: A Tower,8th Floor, Peninsula Business Park, Senapati Bapat Marg,Lower Parel, Mumbai • 400013 Tel: 022-66880100, Fax:022-668 0105 VISlt us c,t www.hlndcompo.com
ON No. L29120MH1964P.C012955 Standalone Statement of Assets and Liabilities as at 31st March 2022 ,
| Regd.Offlce: A Tower,8th Floor, Peninsula Business Park, Senapati Bapat Marg,Lower Parel, Mumbai• 400013 Tel:022-66880100, Fax:022-668 0105 VISlt us c,twww.hlndcompo.com ON No. L29120MH1964P.C012955 Standalone Statement of Assets and Liabilities as at 31st March 2022 , |
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| Sr. Particulars No. I� (1)NON-CURRENT ASSETS (a) Property Plant and Equipment (b) Other Intangible assets (c) lntang,ble assels under development (d) f,nanc,al Assets (,)Investmen s (i) Loans (iQ OtherFnanaal Assets (e) Other Non Cur eru Assets TOTAL NON-CURRENT ASSETS (2) CURRENT ASSETS (a) lnventones (I>) F nanc.al Assets (il Investments [■) Trade receivables (11) Cash and cash equ,valents [N) Bank balances other lhan (111) above (v) Loans (v1) other financial assets (c) Other current assets (d) Current tax assets (Net) TOTAL CURRENT ASSETS (3) NON-CURRENT ASSETS CLASSIFIED AS HELO FOR SALE TOTAL ASSETS II EQUITY ANO LIABILmES � (a) Equity Share cap11a1 (b) other Equrty TOTAL EQUITY ll/\BILITIES (1) NON-CURRENT UABIUTIES (a) Fr,anaal lJabilities • llom>wings (b)PtOYISl()OS (C) Oelerrad tax -..s (Net) (cl) Olhef non-current habollbes TOTAL NON-CURRENT LIABILITIES (2) CURRENT LIABILITIES (a)Fnaooal Liabilities (1) Borrowings (N) Tracie payables •Tolal Outstanding Dues of Micro and small enlerpnses • To1a1 OullOland1ng Dues of Credrtors other then Micro andsmall enterpnses (m) Otherfinancial liabilities (b) Other current habililtes (c)Provisions TOTAL CURRENT LIABILITIES TOTAL EQUITY ANO LIABILITIES |
(Rs. In Lakhal As II As at 31-Mar-22 31-Mar-21 (Audited) (Audited) 11,277 11.590 60 19 16 75,962 65,355 1.750 68 57 71 89,188 TT,075 1,351 1,186 3.633 3,304 3.750 4 191 246 145 35 75 478 4,490 1,046 1,354 322 285 121 164 10,982 15 194 113 100,283 92,269 738 738 91196 81.169 91 934 81 907 19 347 318 3 270 5,487 93 88 3729 5 897 11 80 57 4,164 3,892 66 111 149 151 150 216 4 620 4 465 100 213 92 269 |
Notes·
1 The above Financial resulls have be n reviewed by the Audrt Commttee and approved by the 8oarcl al 0"8dors at ls meemg held on 26th May , 2022 The statutory aucl,tors ol the Company have aud1led the financial result tor the quaner and year ended 31st Mardi 2022 n lem\S al Regulabons 33 of SEBI (1.Jsting and Other Disclosure Requirements) Regulations, 2015 and have ,ssued their repons with unmodified op,n,on on the Auclrted S1an11-.e Fnanc,al Resut The Board of directors of the Company has recommended the payment of dMdend on equity shares or Rs 51- eaeh G Rs 2 per $hare 10< the year eodeo 31st March. 2022
2 The Company presently wooung at rts normal capac,ty similar to the pre COVIO levels with adequate precaut,ons roc safety and wellbeing of rts employees The management apart rrom constdenng the ,n1ema1 and external rtonnabon uplo the dale al approval of these fnanc,81 results expee1s to recover lhe carry,ng amount of the asseto inciuding financial investments Tne Company w,11 oontnue lo closely mcn,10< any matenal changes to Mure ecooomoc 1101 s
3 The Code on Soa l Seeunty 2020 ('Code ) relaong 10 employee benefits dunng employment and post-employment beneftls has been published in lhe Gazette of Indra However tne oato on whK:11 the Code Wil cone ,nlo etfea has not been notified The Company will assess tM impact of the Code and recognise the same when the Code becomes effecllve
4 The Company. ITT 8CCO<cl8nce With its policy al penod,cal rev,ew of effective lax ra1es for the purposes or providing deferred tax liability, keeping ,n v,ew the reasonably prllcllctable finality of assessed tax rates, has changed lhe effective lax rates for proVldtng deferred tax liabllitv with effect from 1st April, 2021 and because of lh,s change the Other Comprehensrvo Income (OCI) for the quarter and year eOd8cl 31st March, 2022 ere h,gher by Rs. 3,560 lal<hs
5 • The ftgLRS for the quarter ended �1st March, 2022 and 31st March, 2021 are the balancing figures between the audited ones ,n respect of lhe full finana t year and published unaudtled year 10 date r,gures upto lhe ll'llrd quarter or the financial result
6 Previous per1odS' figures have been rearranged I regrouped wherever considered necessary 10 contorm to the presentation at. the current penod Al figures ot linanaal resuHs have been rounded off to nearest lakhs rupees
Place Mumbai Oated 26th May, 2022
Managing Director (DIN No.00535670)
· HINDUSTAN OMPOSITES � LIMITED
HINDUSTAN COMPOSITES LIMITED
Regd.Office: A Tower,Bth Floor, Peninsula Business Park, Senapatl Bapat Marg,Lower Parel, Mumbai - 400013 Tel: 022-66880100, Fax:022·66880105 11Is!t us at www.hlndcompo.com CIN No. l29120MH1964PLC012955
Standalone Statement of Cash Flow for the vear ended 31st March 2022
| Standalone Statement of Cash Flow for the vear ended 31st March 2022 |
Standalone Statement of Cash Flow for the vear ended 31st March 2022 |
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|---|---|---|---|---|
| Sr. No. |
Paricular | (R&. In Lakhs) | ||
| Year Ended Year Ended 31-Mar-22 31-Mar-21 (Audited) (Audited) |
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| A 8 C Cash fow from operating activities; Net proit before tax Adjustment to reconcile proft before tax to net cash fows Depreoation Net gain on sale/ fair valuation ofinvestments through profit and oss (Profil)/loss on Sale of property, plan! and equipment (Mt) Remeasurements of defined benefit plans Provisoon for doubtful debts Balances no longer payable wntten back Interest expenses Open1tin9 proft before woring capita! changes Adjustment for (lncrease)Decrease 1n Trade and other rece,vable (lncrease)Decrease In Inventories (Oecrease}lncrease m Trade and other payables Cash generated from operations Add/(Deduct) Direct taxes paid (net) Net cash generated from open1tlng activities Cash generated from investing activities Purchase of property, plant and equpmenl Proceeds from sale of property plant and equpment Purehase of Investments Proeeds from Sale ofInvestments Inter-Corporate Depcslts Placed Inter-CorporateDepcsrts Redeemed (tncrease)/Decreasein otherreceivable Income from Investment (net) Net cash fow (used in) from investing activities Cash genented from financing activities Proceedsl(repayment)from long-term borrowings (net) Proceeds/(repaymenl)from shor-term brrowings (net) Dividend paid(including crporate dividend lax) Interest paid |
2,471 2,479 85 887 (2,591) (1.677) 7 (599) (95) (145) 73 (8) 8 20 721 965 349 (515) (165) 70 215 856 |
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| 1120 1 376 1629\ (4591 |
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| 491 917 (712) (392) 25 739 (20,177) (12,200) 14,503 9,191 (360) 1,615 970 1,181 (1,305) 4.405 3 015 |
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| '80 18 15 (40) (19) (503) (295) (295) *18* (20) |
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| D Cash generated from Rnanclng activiti Not Increase/ Decrease in cash and ca Al the beginning of the year Al the end of lhe vear !Refer note below) |
es sh equivalent ( A+B+C) |
1307 66- |
(8581 | |
| 77 | ||||
| 734 | 657 |
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| 1,398 | 73 |
Note.
1 The Cios,ng Casn and Cash Equivalents include investment in Liquid Mutual fund of Rs 1,152 lakhs (Previous Year Rs. 589 lakhs).
2 Previoos penods' hgures have been rearranged I regrouped wherever considered necessary lo conform to the presentation of the current penod All figures of standaJone statement of cash flow have been rounded off to neares·t lakhs rupees
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701, Stanford, +91 (22) 62505600 Junction of S. V. Road & bagariaco.com Barfiwala Marg, Andheri (W) Mumbai 400058, INDlA
BAGARIA& co LLP Chartered Accountants
Independent Auditor's Report
To
The Boa-rd of Directors of Hindustan Composites Limited
Report on the audit of the Standaoone Financial Results
Opinion
We have aud.ited the accompanying standalone quarterly financial results of Hindustan Composites Limited ('the Company') for the quarter and year ended March 31, 2022, attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 al the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as a.mended ("Listing Regulations").
In our opinion and to the best of our information and according to the explanations given to us, these standalone financial results:
- (i) are presented in accordance with the requirements of Regu.lation 33 of the SEBI (Listing Obligations and Disclosu.re Requirements) Regulations, 2015 in this regard; and
(ii) give a true and fai,r view in conformity with the recognition and measurement principles laid down in the applicable accounting standards and other accounting principles generally accepted in India, of the net profit and other comprehensive income and other financial information for the quarter and year ended March 31, 2022.
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 Standards are further described in the Auditor's Responsibilities for the Audit of the Finonciol Results section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the financial results under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements aol'ld the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Management's Responsibilities for the Standalone Financial Results
These quarterly financial resU"lts as well as year to date financial results have been prepared on the basis of the standalone financial statements. The Company's Board of Directors are responsible for the preparation of these standalone financial results that give a true and fair view of the net profit and other comprehensive income 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 accou,nting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the financial results, 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 Di-rectors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Boa.rd of Directors a.re also responsible for overseeing the Company's financial reporting process.
Auditor's ResponsiobMities for the Audit of the Standalone Financial Results
Ou,r objectives are to obtain reasonable assurance about whether the standalone financial res�ts as a whole are free from materia.l 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 cond"Ucted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error a,nd 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 fiinancial 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 financial results, 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 h�gher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
-
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.
-
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 �n the standalone financial results or, if such disclosures are �nadequate, to modify our opinion. Our conclusions a.re based on the audit evidence obtai.ned 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 standalone financial results, including the disclosures, and whether the standalone financial results represent the underlying transactions and events in a manner that achieves fa�r presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
Other Matters:
-
(i) We draw your attention to the Note 2 of the standalone financial results regarding the assessment made by Management relating to impact of COVID-19 pandemic on the operations of the Company.
-
(ii) The Standalone Financial Results include the results for the quarter ended March 31, 2022 and corresponding quarter ended of the previous year being the balancing figure between audited figu,res in respect of fuJI financial year and the published unaudited year to date figures up to the third quarter of the current and previous financial year which were subject to limited review by us.
Oll'r opinion on the standalone financial results is not modified in respect of the above matters.
Place: Mu,mbai Date: May 26, 2022
For Bagaria and Co. LLP Chartered Accountants Firm Registration No.1 �1 � Vinay Somani Partner Membership No. 143503 umN : 22143503AJQZMG2637
-�l HINDUSTAN l� OMPOSITES W;1 LIMITED HINDUSTAN COMPOSITES LIMITED
Regd.Office: A Tower,Sth Fk>or, Peninsula Business Park, Senapati Bapat Marg,LOwer Parel, Mumbai - 400013
Tel: 022-66880100, Fax:022-66880105
visit us at www.hlndcompo.com
CIN No. Ll9120MH1964PLC012955
Statement of Audited Consolidated Financial Results for the quarter and year ended 31st March, 2022
| Sr.No. 1 2 3 4 5 6 7e 9 ,0 Paraular INCOM a) Rev b) Olh Totl In Expens a) Co b) Ch c) Em d) Fin e) De f) Oth Total E Profit b $hare o Profit b Tax Ex Curr Defe Net Pro Other C a) Item b) Inco c) llem d) Inco Other C Total C Paid-up Other E Eaming |
s E enue from operatons er Incme come es st of materials cnsumed anges in lnventones of finish ployee bnefls expnse ance Cosls pr tion and amortllation e er Expenses xpenses efore tax and shareorjoint f (loss) of joint venture # efore tax (3+4) pense ent tax rred tax ftlor te Period (M> omprehensive Income (OC s that will not be reclassifed me tax relating to items that s thal will b reclassid 10 p metaxrelating to items that omprehenslve Income omprehensive Income afe Equty Share Gapital (Face V quiy s per Share (Basis and Dilute |
ed gOs and work-nprogress xpense venture (1-2) I) to profit or loss will not be redassified topftor oss roft or loss willbereclassifed to profit or loss r Tax (7+8) alue of Rs. 5 per share) d) !Rs ) |
||||
|---|---|---|---|---|---|---|
| Three Monts Ended 31-Mar-22 IAudijedl • 6,672 5 |
Three Mnhs Ended 31-Dec-21 /Unauditd) 6,627 7 |
|||||
| &77 | 6 634 2.50 195 883 2 216 1 644 |
829 23 302 19 077 601 10,598 7,342 29 (83) 165 86 3.60 3.259 4 8 20 217 85 687 542 5 846 495 |
||||
| 3.162 82 9 3 213 1746 |
||||||
| 6 172 | 660 | 6 | 2'1 20 831 16 698 6 2,471 2479 |
|||
| **66 ** | 113 | |||||
| (10 11271 668 2,471 2,362 |
||||||
| **66 ** | **113 ** | |||||
| 2 308 285 18 3 95 |
||||||
| 69 | 15 | |||||
| (4) | (30J | |||||
| 40 | **108 ** | |||||
| 111 2.955 (476) 51 |
1,670 (3) (1.078) 314 66 1 55 |
|||||
| 3 161 3.591 |
897 8 162 3 919 1,435 10.322 5 891 |
|||||
| 738 2.98 |
738 6.83 |
73 738 738 90,98 80.961 3.64 14.63 13 35 |
Reporting of Segment wise Revenue,Result, Assets and liabilities as on 31st March, 2022
| Sr.No. 1 2 3 |
Particulars |
Three Months Three Mnths Ended Ende 31-Mar-22 31-Dec-21 (AudHod)' (Unaudtol Three Mnths Ended 31-Mar-21 !Audited)• Year Ended 31-Mar-22 (Audited) |
Three Months Three Mnths Ended Ende 31-Mar-22 31-Dec-21 (AudHod)' (Unaudtol Three Mnths Ended 31-Mar-21 !Audited)• Year Ended 31-Mar-22 (Audited) |
Three Months Three Mnths Ended Ende 31-Mar-22 31-Dec-21 (AudHod)' (Unaudtol Three Mnths Ended 31-Mar-21 !Audited)• Year Ended 31-Mar-22 (Audited) |
Three Months Three Mnths Ended Ende 31-Mar-22 31-Dec-21 (AudHod)' (Unaudtol Three Mnths Ended 31-Mar-21 !Audited)• Year Ended 31-Mar-22 (Audited) |
Three Months Three Mnths Ended Ende 31-Mar-22 31-Dec-21 (AudHod)' (Unaudtol Three Mnths Ended 31-Mar-21 !Audited)• Year Ended 31-Mar-22 (Audited) |
Three Months Three Mnths Ended Ende 31-Mar-22 31-Dec-21 (AudHod)' (Unaudtol Three Mnths Ended 31-Mar-21 !Audited)• Year Ended 31-Mar-22 (Audited) |
Three Months Three Mnths Ended Ende 31-Mar-22 31-Dec-21 (AudHod)' (Unaudtol Three Mnths Ended 31-Mar-21 !Audited)• Year Ended 31-Mar-22 (Audited) |
Three Months Three Mnths Ended Ende 31-Mar-22 31-Dec-21 (AudHod)' (Unaudtol Three Mnths Ended 31-Mar-21 !Audited)• Year Ended 31-Mar-22 (Audited) |
(Rs.Inlakhs) | (Rs.Inlakhs) | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Three Months Ended 31-Mar-22 **(AudHod)' ** |
Year Ended 31-Mar-21 (Audtedl |
||||||||||||||
| Sgment Revenue • Composite Products •Investment Segment Results (Profit(•)/ Loss 1-) before Tax from eae seoment) •Composite Products - Investment |
6,8 1 029 |
4,76 1.87 |
3 4 |
4,96 923 18,692 4 672 16,007 3 452 |
|||||||||||
| Total Income | 6,672 |
6 62 | 7 | **6 ** | 829 | 23 2 18 469 |
|||||||||
| 183 740 |
4 1 44 |
1 9 |
245 70 |
291 3496 3,787 619 2 533 3162 |
|||||||||||
| Less: Unallocable Expenses Less:Loss of J01nt venture Less: F 1nance Cost Add:Other Income |
SUb Total | 923 |
1 49 |
0 |
961 | ||||||||||
| 420 3 5 |
31 2 7 |
379 10 4 |
1346 8 38 2471 1,271 127 20 618 2 362 |
||||||||||||
| Prof"r before Tax | 606 |
1134 | 66 | ||||||||||||
| • I Segmnt Assots -Compos':e Products - Investment - Unalloable |
9342 87331 35 |
8.852 87.310 3 630 |
9 78 3 |
.634 ,878 703 |
9.342 87,331 3 5 100 239 5.152 2,145 1 216 9,634 78 878 3.703 92 216 4.947 4 328 I 241 |
||||||||||
| Total | 10n, |
99 792 | **92 ** | 216 | 100 5 2 1 |
23 .15 ,14 21 |
9 | ||||||||
| b) Sement Uabillle • CompcsiteProducts - Investment •Unallocable |
5,152 2,145 I 216 **8 613 ** |
4,686 5,722 1 248 |
4 4 1 |
,947 ,328 241 |
2 5 6 |
4.947 4 328 I 241 |
|||||||||
| Total | 3 | 11,666 | 10 | ,616 | 8 | 61 | 3 | **10 616 ** |
==> picture [87 x 96] intentionally omitted <==
' HINDUSTAN ·\ OMPOSITES ··. LIMITED
HINDUSTAN COMPOSITES LIMITED Regd.Office: A Tower,Sth Floor, Peninsula Busines Park, Senapatl Bapat Marg,Lower Parel, Mumbai - 400013
Tel: 022·66880100, Fax:022-66880105 v1s1t us at www.hPndcompo.com
CIN No. l29120MH1964PlC0t29S5
Consolidated Statement of Assets and Liabilities as at 31st March, 2022
| Sr.No. | Parcular | (Rs. in Lakhs) | (Rs. in Lakhs) | (Rs. in Lakhs) | |||
|---|---|---|---|---|---|---|---|
| Asal As at 31•Mar•22 31-Mar-21 (Audtod) (Aud�t) |
|||||||
| I (1) (2) (3) II (1) (2) |
ASSETS NON-CURRENT ASSETS (a)Proprly. PlantandEquipment lb) O1MrIntangibleassets (e) Intangible assets under development (d)F,nanc,al Assets I•) Investments (ti) Loans (1i1}Other FinancialAssets (e)Otner Non CurrentAssets TOTAL NON-CURRENT ASSETS CURRENT ASSETS (a) Inventories {b) Financial Assels (1) Investments (11)Trade receivables (111) Cash and cash equ1varents (1v) Bank balances other than(iii}above (v) loans (v) Other fnancial assets (c) Other current assets (d) Current tax assets (Net) TOTAL CURRENT ASSETS NON.CURRENT ASSETS CLASSIFIED AS HELD FOR SALE TOTAL ASSETS EQUITYANDLIABILITIES EQUITY (a) Equity Share Caprtal (b) Otner Equity TOTAL EQUITY LIABILITIES NON-CURRENT LIABILITIES (a) Financial Liabilites - Borrowings (b)Provisions (c) Deferred tax l1aD1l11s(Net) (d} Othernon-currentliab,lltles TOTAL NON.CURRENT LIABILITIES CURRENT LIABILITIES (a) FinancialLiabil1tes (i) Borrowings {ii)Trade payables •Total Outstanding Dues of Micro and smallemerpnses •Total Outstanding Dues of Creditorsother then Micro and small enterprises {iii)Other financial hablhtles (b) Other current liab,hlies (c) Prov,s1ons TOTAL CURRENT LIABILITIES TOTAL EQUITY AND LIABILITIES |
11.277 11,590 60 19 16 75,92 65,355 1,750 68 57 71 38 |
|||||
| 8$, 188 77076 1,351 1,186 3,633 3,303 3,706 4,138 246 145 35 75 478 4,490 1,046 1,354 322 285 121 164 |
|||||||
| 10 93 | 8 1614 3 |
||||||
| 11 |
|||||||
| 10,239 92,216 73 738 9,988 80.961 |
|||||||
| 91.726 81699 19 4 37 318 3 270 5,487 93 88 |
|||||||
| 3 729 | 68'7 | ||||||
| 11 80 4,328 66 149 150 |
|||||||
| 4 78 |
Notes
1 The abOve Financial results have been reviewed by the Audit Commmee and approved by the Board of Directors al its meeting held on 26th May, 2022 The statutory auditors of the Company have audited the financial result for the quarter and �ear ended 31st March , 2022 in terms of Regulations 33 of SEBI (Listing and Other Disdosure Requirements) Regulations, 2015 and have is-sued their reports wllh unmodrfied opinion on the Audited Consolidate-cl Financial Result The Board of directors of the Company has recommended the payment of dividend on equity shares of Rs. 5/- each � Rs. 2 per share for the yea, ended 31st March, 2022
The Company presently working at Its normal capadty similar to the pre COVID levels with adequate precaubons for s.afety and wellbeing or rts employees. The management apan from considering the mtemal and external information upto the date of approval of these financial results expects to recover the carrying amount of the assets including financial investments The Company will continue to closely monitor any material changes to future economic cond1tfons
3 The Code on Socia I SeGur,ty. 2020 (Code ) relating to employee benefits <luring employment an<J post-employment benefits has b n published In the Gazette of India. However, the date on which the Code will come into effect has not oeen notified. The Company will assess the impact of the Code and recognise the same when the Code becomes
4 # The Company's share of loss.es in the Jornl Venture Company has exceeded ilS investment value and therefore, m compllance with IND AS 28, the Company has discontinuad recognizing Its share of further losses in lhe consolidated results from the quarter ended June 30, 20,21
-
5 The Company, in accordance with its policy of pefiodlcal revl81N of effective taX rates for the purposes of providing deferred tax liability, keeping in view the reasonably predictable finality of asses-sed taX rates, has changed the effective tax rates for prov;ding deferred tax liability with effect from 1st April. 2021 an<J because Of this change, the Other Comprehensive Income {OCI) for the quarter and year ended 31st March, 2022 are higher by Rs 3,560 lakhs.
-
6 • The figures for the quarter ended 31st March, 2022 and 31st March, 2021 are the balancing figures bet'-Neen the audited ones in respect of the full hnanc1al year and publisheo unaudited year to date figures upto the third quarter of the financial resull
Previous periods[' ] figures have been rearranged I regrouped wherever considered necessary to conform to the presentauon of the current penod All figures of hnancial results have been rounded off to nearest lakhs rupees.
==> picture [194 x 91] intentionally omitted <==
Place : Mumbai Dated : 26th May, 2022
�INOUSTAN OMPOSITES ,; LIMITED
HINDUSTAN COMPOSITES LIMITED
Regd.Office: A Tower,Sth Floor, Peninsula Busines Park, Senapatt Bapat Marg,Lower Parel, Mumbai - 400013 Toi: Ol:2•66880100, fax:022-66.880105 Vistt: us at www.hmdcompo.com CIN No. L29120MH1964PLC012955
Consolidated Statement o fC ash Flow for the vear ended 31st March, 2022
| Sr. No. A B C D Note Particulars Cash now from operating activitie: Net proft beore tax Adjustment to reconcile profit beore tax to net cash nows Depreaatmn Nel gain oo sae_I_fair vauation of investments tnrough profit and loss (Profil)lloss on Sale of propery plan! and equpmenl (nel) Remeasurements of defined beneft plans Provision for doubtful debts Balances no longer payable wen back Interest expenses Operating profit before worting capital ch.n;cs Adjustment for (lncrease}Decrease 1n Trade and other receivable (lncrease}Decrease 1n lnventones (Decrease)lncreaseinTrade andothrpayab�s Cash generated from operations Add/(Deducl) Direct taxes paid (netl Ne cash generated rrom operating actvities CaS generated from inveting activitie Purchaseofproperty,plantandequipment Proceeds from sale of property, plant and equipment Purchase of Investments ProceedsfmSaleofInvestments ln1er-Corpora1e Depostts Placed Inter.Corporate Deposits Redeemed (locrease)/DecreaseIn other receivable Incme from Investment (nel) Ntcash flow ( u.ed In) from inveting actvitie Cosh generated from fnonclng activitie Proceeds/(repayment) from log-1em, borrowings (nel) Proc ds/(repaiment)from short-term bOrrowmgs (net) Divtdend paid (indud1ng corporate dividend tax) Interest paid Cash gener.ted from financing aclvttfe Ne Increase/ Decrease In cash .nd cash equlvalent ( A+B+Cj Cash and Cash equivalents At the end of the vear (Refer note blow} |
(Rs, In Ukhs) |
(Rs, In Ukhs) |
|
|---|---|---|---|
| Year Ended 31-Mr-22 (Audited) 2,471 85 (2,591) 7 (95) 73 (8) 8 |
Year Ende 31-Mar-21 (Audhed) 2,352 887 (1,677) (599) (145) 20 |
||
| 721 | 8 | ||
| 339 (165) 225 |
(633) 70 1 301 |
||
| 112 (629) |
1376 (4591 |
||
| 491 | 917 | ||
| (712) 25 (20,177) 14.53 (3) 1,615 1,181 4.405 4 15 (19) (295) j8 |
(392) 739 (12,200) 9,191 970 (1,305) 3 015 18 (40) (503) (295) 120 |
||
| (307 66 |
t818 77 |
||
| 73 | 667 |
||
| 1398 | 73 | ||
- 1 The Closing Cash and Cash Equ/\'alents include investment in Liquid Mutual fund of Rs. 1,152 lakhs (Previous Year Rs 589 lakhs) 2 Previous periods' figures have b n rearranged I regrouped wherever considered necessary 10 confom, to the presentabon of the current period All figures of consolidated statement of cash flow have been rounded off to nearest lakhs rupees
==> picture [85 x 94] intentionally omitted <==
701, Stanford, +91 (22) 62505600 Junction of S. V. Road & bagariaco.com Barfiwala Marg, Andheri (W) Mumbai 400058, INDJA
BAGARIA& co LLP Chartered Accountants
Independent Auditor's Report
To
The Board of Directors of Hindustan Composites Limited (Ho0d3ng Company)
Report on the Audit of the Consolidated Financial Results
We have audited the accompanying consolidated quarterly financial results of Hindustan Composites Limited (hereinafter referred to as the "Holding Company") and its Joint Venture (the Holding Compa,ny a,nd its Joint Venture together referred to as "the Group) for the quarter and year ended March 31, 2022, attached herewith (Refer "Other Matters" section below), 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 ('Listing Regulations').
In our opinion a,nd to the best of our information and accordoing to the explanations given to us, and based on the consideration of the reports of the other auditors on separate audited financial statements/financial results/ financial information of the Joint venture, the aforesaid consolidated financial results:
-
a. include the 2,n,n,ual financial results cl the Compo Advics Private (India) Limited (Joint Ventu,re having 49% stake therein);
-
b. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard and
-
c. give a true and fair view in conformity with the applicable accounting standards and other accownting principles generally accepted in India, of the net profit and other comprehensive income a,nd other financial information of the Group for the quarter and year ended March 31, 2022
Basis for Opinion
We condoucted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Companies Act, 2013 (the Act). Our responsibilities u-nder those Standards are further described in the Auditor's Responsibilities for the Audit of the Consolidated Financial Results section of our report. We a.re independent of the Group in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethica,1 responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us and other auditors in terms of their report referred to in "Other Matter" paragraph below is sufficient and appropriate to provide a basis for our audit opinion.
Board of Directors' Respomsibilities for the Consoli.dated Financian Results
These consolidated financial results have 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 these consolidated financial results that give a true and fai•r view of the net profit and other comprehensive income and other financial information of the Group in accordance with the Indian Accounti,ng Standards prescribed under Section 133 of the Act, read with relevant rules issued thereunder, and other accounting principles generally accepted i' l India and in compliance with Regulation 33 of the Listi' l g Regulations. The respective Board of Directors of the Companies included in the Group are responsible for ma�ntenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated fina,ncial results that give a true a,nd fair view and are free from materi2J misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated financial results by the Directors of the HolcNng Company, as aforesaid.
In preparing the consolidated financial results, the respective Board of Directors of the Companies induded in the Group are responsible for assessing the ability of the Group to continue as a going concern, disclosing, as a.pplicable, matters related to going concern and using the going concern basis of accou,nting unless the respective Board of Directors either intends to liquidate the Group 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 are responsible for overseeing the financial reporting process of the Group.
Auditor's Responsibilities for the Audit of the ConsoMdated Financial Results
Our objectives are to obtain reasonable assurance about whether the consolidated financial results 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, individuaOOy or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated 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 consolidated financial results, 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 fraoud 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(3Mi) of the Act, we are also responsible for expressing our opinfon on whether the Company has adequate internal financial controls with reference to consolidated financial statements in place and the operating effectiveness of such controls.
-
Evaluate the appropriateness of accounting policies used and the reasonableness of accou.nting 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 the Group to continue as a going concern. If we conclude that a material u.ncertainty exists, we are required to draw attention in our auditor's report to the related disclosu•res in the conso�dated financial results or, if such disclosures are inadequate, to modify our opinion. Ou,r conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, futu,re events or cond.itions may cause the Group to cease to continue as a going concern.
-
Evaluate the overall presentation, structure and content of the consolidated financial results, including the disclosures, and whether the consolidated financial results represent the underlying tra.nsactions and events in a manner that achieves fair presentation.
-
Obtain sufficient appropriate audit evidence regarding the financial results/financial information of the entities within in the Group to express an opinion on the consolidated financial results. We are responsible for the direction, supervision and performance of the audit of financial information of such entities incl,uded in the consolidated financial results of which we are the independent auditors. For the other entities included in the consolidated financial results, which have been audited by other auditors, such other auditors remain responsible for the di,rection, 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 the Holding Company and such other entities included in the consolidated financial results of which we are the Independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in interna•I 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 aM relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
We are not required to perform procedures (as there is no significant component which in the aggregate represents at least eighty percent of each of the consolidated revenue, assets and profits) in accordance with the circular issued by the SEBI under Regulation 33 (8) of the Listing Regulations as amended, to the extent applicable.
Other Matters :
-
(i) We draw your attention to the Note 2 to the conso,lidated financial results regarding the assessment made by Management relating to impact of COVID-19 pandemic on the operations of the Group.
-
(ii) We did not a.udit the financial statements of the joint venture included in the consolidated financiaJ results (whose losses have exceeded the Group's investments) and therefore, have not been considered in the consolidated financial results in compliance with IND AS 28. (Refer note no 4 to the consolidated financia•I results). These financiaJ statements have been audited by other auditor whose report has been furnished to us by the Holding Company's management and our conclusion on the Statement, in so far as it relates to the a,mou,nts and disclosu,res included in respect of the joint venture, is based solely on the report of the other auditor and our opinion is based solely on the report of such other auditor.
-
(iii) The Consolidated Financial Results include the results for the quarter ended March 31, 2022, and corresponding quarter ended of previous year being the balancing figu•re between audited figures in respect of the full financial year and the published unaudited year to date figuores up to the thid quarter of the current financial year which were subject to li.mited review by us.
Our opinion on the consolidated financial results is not modified i•n respect of the a,bove matters.
Place: Mumbai Date: May 26, 2022
For Bagaria and Co. LLP Chartered Accountants Firm Registration No.11 �1 � Vinay Somani Partner Membership No. 143503 UDIN : 22143503AJRACS2559
HINDUSTAN OMPOSITES LIMITED
HINDUSTAN COMPOSITES LTD. Peninsula Business Park, Tower "A", 8th Floor, Senapati 13apat Marg, Lower Parel, Mumbai - 400 013. Tel.: (91) (22) 6688 0100 •Fax: (91) (22) 6688 0105 E-mail : [email protected] Website : www.hindcompo.com CIN No. L29120MH1964PLC012955
DECLARATION ON AUDITED FINANCIAL RESULTS
(Pursuant to the second proviso to Regulation 33(3)(d) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015)
Pursuant to the second proviso to the Regulation 33(3)(d) of the Securities and Exchange Board of India(Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby confirm that the Statutory Auditors of the Company, M/ s. Bagaria and Co. LLP, Chartered Accountants, Mumbai (FRN: 113447W) have issued the Audit Reports with unmodified opinion on the Audited Standalone and Conolidated Annual Financial Results of the Company for the financial year ended 31 [st ] March, 2022 which are approved at the Board Meeting held today i.e. 26 [th ] May, 2022.
F r Hindustan Composites Limited
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' P.K. Choucfha y Sunil Jindal Managing Director Chief Financial Officer DIN: 00535670
Place: Mumbai Date: 26 [th ] May, 2022
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