AI assistant
Kothari Industrial Corpn. Ltd. Interim / Quarterly Report 2022
64209_rns_2022-11-15_dce29a85-6d96-451b-bdff-24759b4dcfad.pdf
Interim / Quarterly Report
Open in viewerOpens in your device viewer
New No. 8/2, Old No. 19, On First Floor, 2nd Cross Street, Kalaimagal Nagar First Main Road. Ekkattuthangal, Chennai - 600 032 i Arockiasamy Phone : 044-48501179 & Raj Cell +91 9444035374, 9962666255 Chartered Accountants E-mail : [email protected] [email protected].
UDIN : 22020680BDCBQs6899
Unaudited Independent Standalone Auditor's Review Report on the Quarterly and Year to Date Regulation 33 of Financial Results of the Company Pursuant to the the SEBI (Listing Obligationsand Requirements) Regulations, Disclosure 2015,
To The Board of Directors KOTHARI INDUSTRIAL CORPORATION LIMITED
- We have reviewed the accompanying financial results of statement of unaudited standalone for the quarter KOTHARI INDUSTRIAL CORPORATION LIMITED (the "Company") ended September 30, 2022 (the "Statement") being submitted bythe attached herewith, Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligationsand Disclosure Requirements) Regulations, 2015, as
as 'the SEBI Circular'), and other accounting principles generally acceptedin India. Our responsibility is to express a conclusion on the Statement based on our review.
- We conducted our review of the Statement in accordance with the Standard on ReviewEngagements Performed by the Independent (SRE) 2410, " Review of Interim Financial Information Auditor of the Entity, issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the Standards on Auditing specified under section 143(10) of the Act, and consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
_ New No. 8/2, Old No. 19, First Floor, 2nd Cross Street, Ekkattuthangal, Chennai - 600 032 i Phone : 044-48501179 [email protected]:
Without modifying opinion on the financial results, we bring attention to the following facts.
- (i) The financial statement has been presented on principles applicable to a going concern despite accumulated losses and consequent erosion of net worth, there is also significant mismatch between current liability and current assets therefore there is material uncertainty in fulfilling the gabs within reasonable time. Significant amount of moneys being made available from time to time by associate companies of Managing Director for working funds and settlement of old creditors and would continue to do so. Further, the business plan envisaged by management provides for large scale expansion with injection of finance. On this basis the company has prepared the financial statements on going*concern basis.(Refer Note No.3).
- (ii) No provision has been created in the books against loss that may arise due to the claim raised by Government against Coonoor Property (Refer Note No.4),
-
(iii) Arbitration Award against the Company regarding additional electricity dues of erstwhile Caustic Soda Plant which is challenged by the company before Madras High Court and pending Adjudication (Refer Note No.5).
-
Based on our review conducted as above, nothing has come to our attention that causes us tobelieve that the accompanying Statement, prepared in accordance with the recognition andmeasurement principles laid down in the aforesaid Indian Accounting Standards (Ind AS')specified under Section 133 of the Companies Act, 2013 as amended,and as per the presentation requirements of the SEBI Circular, and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in accordance with the requirements of Regulation 33 of the. SEBI (Listing
; New No, 8/2, Old No. 19, \ Kalaimagal Nagar First Main Road. Ekkattuthangal, Chennai - 600 032 e e Ar Phone : 044-48501179 ockiasamy & Raj Cell :+91 9444035374, 9962666255 Chartered Accountants E-mail : [email protected] [email protected] —
Obligations and Disclosure Requirements) Regulations, 2015 (as amended}, including the manner in which it is to be disclosed, or that it contains any material misstatement.
- The comparative Ind AS financial information of the Company for the corresponding quarter September 30, 2021 included in these standalone Ind AS financial results, were reviewed by us and the Ind AS financial statements of the Company for the year ended March 31, 2022, were audited by us and expressed an unmodified opinion on such financial information on May 28, 2022.
: ; For AROCKIASAMY & RAd Places, Chennai "CHARTERED ACCOUNTANTS Date: 14.11.2022 FERN : BO6850S A.NAGARASATT Pariner M.No: 020680
¥
- New No. 8/2, Old No. 19, First Floor, 2nd Cross Street, Kalaimagal Nagar First Main Road. s @ Ekkattuthangal, Chennai - 600 032 [email protected]
UDIN : 22020680BDCCCG2754
Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Consolidated financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligationsand Disclosure Requirements) Regulations, 2015(as amended)
To The Board of Directors KOTHARI INDUSTRIAL CORPORATION LIMITED
- We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of KOTHARI INDUSTRIAL CORPORATION LIMITED (the "Holding Company") and its subsidiary (the Holding Company and its subsidiary together comprehensive referred to as "the Group"), and its share of the net profit after tax and total income for the quarter ended September 30,2022 (the "Statement") requirements attached herewith, being submitted by the Holding Company pursuant to the of Regulation 330f the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the"Listing Regulations"),
®
- Management This Statement, which is the responsibility of the Holding Company's Prepared and approvedby the Holding Company's Board of Directors, has been in Indian in accordance with therecognition and measurement Principles laid down Accounting Standard 34, (Ind AS 34)"Interim Financial Reporting" the prescribed presentation under Section 133 of the Companies Act, 2013 asamended, and as per requirements of SEBI Circular CIR/CFD/FAC/62/2016 2016 (hereinafter dated 5 July generally referred to as 'the SEBI Circular), and other accounting principles Statement accepted in India. Our responsibility is to express a conclusion on the based on our review.
New No. 8/2, Old No. 19, First Floor, 2nd Cross Street, Kalaimagal Nagar First Main Road. ' Ekkattuthangal, Chennai - 600 032 Phone : 044-48501179 [email protected] |
- We conducted our review of the Statement in accordance with the Standard on ReviewEngagements (SRE) 2410, "Review of Interim Financial Information Performed by the IndependentAuditor of the Entity" issued by the Institute of Chartered Accountants of India. This standardrequires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists ofmaking inquiries, primarily of persons responsible for financial and accounting matters, andapplying analytical and other review procedures. A review is substantially less in scope than anaudit conducted in accordance with Standards on Auditing and consequently does not enable us toobtain assurance that we would become aware 'of all significant matters that might be identified inan audit. Accordingly, we do not express an audit opinion.
We also. performed procedures in accordance with the _ Circular No. CIR/CFD/CMD1/44/2019 dated March 29, 2019 issued by the Securities and Exchange Board of India under Regulation 33(8) ofthe Listing Regulations, to the extent applicable.
Without modifying opinion on the financial results, we bring attention to the following facts.
- (i) The financial statement has been presented on principles applicable to a going concern despite accumulated losses and consequent erosion of net worth, there is also significant mismatch between current liability and current assets therefore there is material uncertainty in fulfilling the gabs within reasonable time. Significant amount of moneys being made available from time to time by associate companies of Managing Director for working funds and settlement of old creditors and would continue to do so. Further, the business plan envisaged by management provides for large scale expansion with injection of finance. On this basis the company has prepared the financial statements on going concern basis.(Refer Note No.3).
- (ii) No provision has been created in the books against loss that may arise due to the claim raised by Government against Coonoor Property (Refer Note No.4)
New No. 8/2, Old No. 19, First Floor, 2nd Cross Street, [email protected] °
(iii) Arbitration Award against the Company regarding additional electricity dues of erstwhile Caustic Soda Plant which is challenged by the company before Madras High Court and pending Adjudication (Refer Note No.5).
-
The Statement includes the results of the entity as mentioned in Annexure 1.
-
Based on our review conducted and procedures performed as stated in paragraph 3 above andbased on the consideration of the review report of other auditor, nothing has come to our attentionthat causes us to believe that the accompanying Statement, prepared in accordance' withrecognition and measurement principles laid down in the aforesaid Indian Accounting Standards("Ind AS') specified under Section 133 of the Companies Act, 2013, as amended, and as per the presentation requirements of the SEBI Circulars and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including the manner in which it is to be disclosed, or that it contains any material misstatement.
-
We did not review the interim financial Fesults and other financial information of subsidiaries, whose interim financial results reflect total assets of Rs.9.67 lacs as at 'September 30, 2022, total revenues of Rs.Nil lacs, total net Loss after tax of Rs.(0.09)lacs for the quarter ended September 30, 2022 included in the consolidated unaudited financial results, as considered in the consolidated unauditedfinancial results. This interim financial result has been reviewed by other auditor, whose report has been furnished to us by the management and our conclusion on the Statement, in so far as it relatesto the amounts and disclosures in respect of the subsidiary is based solely on the report of the other auditor and procedures performed by us as stated in Paragraph 3 above. Our conclusion on the Statement is not modified in respect of the above matter,
-
The Ind AS consolidated financial statements of the Group for the year ended March 31, 2022, were audited by us and expressed an unmodified opinion on May 28, 2022.
Place: Chennai For AROCKIASAMY & RAJ Date: 14.11.2022 CHARTERED ACCOUNTANTS FAN :9p6850S A NOK A.NAGAR ARALAN ., Partner M.No: 020680
'
New No. 8/2, Old No. 19, First Floor, 2nd Cross Street, Kalaimagal Nagar First Main Road. Ekkattuthangal, Chennai - 600 032 Phone : 044-48501179 Cell +91 9444035374, 9962666255 E-mail : [email protected] [email protected] °
Annexure-I
List of Subsidiary
| S.No | Name |
|---|---|
| 1 | Kothari Marine International Limited |
| Regd. Office: Kothari Buildings, 114, Mahatma Gandhi Salai, Nungambakkam, Chennai | KOTHARI INDUSTRIAL CORPORATION LIMITED | - 600034 | ||||
|---|---|---|---|---|---|---|
| email Id: [email protected] | CIN No.L24110TN1970PLCO0S865. Phone No.044-28334565 |
Website:www.kicl.in | (Rs.in lakhs) | |||
| UNAUDITED STATEMENT OF RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30th SEPTEMBER 2022 | STANDALONE | |||||
| PARTICULARS | , 30.09.2022 (Unaudited) |
Quarter Ended 30.09.2021 (Unaudited) |
30.06.2022 (Unaudited) |
Six Months Ended 30.09.2022 (Unaudited) |
30.09.2021 (Unaudited) |
Year Ended 31.3.2022 (Audited) |
| Income from Operations Gross Revenue from sale of products and services Other Operating revenue |
114.03 63.92 |
386.34 9.17 |
166.79 30.26 |
280.82 94.18 |
555.04 30.71 |
68.68 |
| REVENUE FROM OPERATIONS ((i}+(ii)) OTHER INCOME 1 TOTAL REVENUE EXPENSES |
177.95 38.95 216.90 |
395.51 6.28 401.79 |
197.05 28.15 225.20 |
375.00 67.10 442.10 |
585.75 10.37 596.12 |
877.09 945.77 86.09 1,031.86 |
| a) Cost of Material consumed b) Purchase of stock-in-trade c) Changes in inventories of finished goods, stock-in-trade, work-in-progress and |
92.77 (1.07) |
= 321.63 10.88 |
* 97.02 41.47 |
x 189.79 40.40 |
506.84 (25.54) |
= 801.06 (73.22) |
| e) Employee Benefits Expenses f) Finance Costs ig) Depreciation and amortisation expense |
53.57 281.90 3.00 |
31.30 - 2.00 |
30.12 281.38 4.00 |
83.69 563.28 7.00 |
\$2.37 3.24 4.00 |
160.69 973.55 10.74 |
| h) Other expenses 2/ TOTAL EXPENSES 3 PROFIT/ (LOSS) Before Exceptional and Tax (1-2) |
159.88 590.05 (373.15) |
114.66 480.47 (78.68) |
138.73 \$92.72 (367.52) |
298.61 1,182.77 (740.67) |
166.29 707.20 (111.08) |
420.68 2,293.50 (1,261.64) |
| 4) Exceptional Items:- a) Loss / (Profit) on Sale of Asset b) Creditors Writen back |
- | 411.15 (1,050.77) 1,522.32 |
411.15 (1,050.77) 1,522.32 |
169.54 | ||
| c) Infructuous Project Expenses written off c) Provision for Expenses 5 PROFIT/ (LOSS) Before tax (4-5) |
(373.15) | (60.40) 332.47 |
(367.52) | (740.67) | (60.40) 300.07 |
(1,092.10) |
| 6 Extraordinary Items 7 PROFIT/ (LOSS) Before Tax (5-6) a) Current Tax |
(373.15) | 332.47 | (367.52) | (740.67) | 300.07 | (1,092.10) 6.75 |
| lb) Deferred Tax 8/TAX EXPENSE 9 PROFIT/{LOSS) FOR THE PERIOD (7-8) 10) OTHER COMPREHENSIVE INCOME |
(373.15) | 332.47 | (367.52) | ao (740.67) |
300.07 | 6.75 (1,098.85) |
| items that will not be reclassied to profit or loss (ii) Income tax relating to items that will not be reclassified to Profit or loss |
* | : | 32.23 | |||
| B (i) Items that will be reclassied to profit or loss {ii) Income tax relating to items that will be reclassified to Profit or loss 11) TOTAL COMPREHENSIVE INCOME (9+10) |
(373.15) | 332.47 | (367.52) | (740.67) | 300.07 | (1,066.62) |
| 221 PAD UE CITY SHARE CAPTIBL (Face Value of the Share is of Rs. 5/- each) RESERVE EXCLUDING REVALUATION RESERVES. 13] EARNING PER SHARE(of Re. S/- each) (not annualised): |
955.54 (1.95) |
955.54 £74 |
955.54 (1.92) |
955.54 (3.88) |
955.54 157 |
955.54 (5.75) |
| KOTHARI INDUSTRIAL CORPORATION LIMITED | Rs in Lakhs | |
|---|---|---|
| Standalone Balance Sheet |
||
| Particulars | 30.9.2022 (Unaudited) |
31.03.2022 (Audited) |
| ASSETS | ||
| NON-CURRENT ASSETS {a) Property, Plant and Equipment |
2,762.18 | 2,738.82 |
| (b) Intangible assets {c) Property held for sale |
- - |
- |
| (d) Deferred tax assets (net) (e) Financial Assets |
778.03 | 778.03 |
| (i) Investments (ii) Loans |
9.99. 180.46 |
9.99 133.46 |
| (iii) Others (f) Other non-current assets |
- - |
- + |
| Non-Current Assets CURRENT ASSETS |
3,730.66 | 3660.3) |
| (a) Inventories (b) Financial Assets |
181.88 - |
222.29 - |
| (i) Investments (ii) Trade receivables |
- 166.07 |
- 225.17 |
| (iii) Cash and cash equilants (iv) Other financial assets |
23.77 674.90 |
17.09 521.75 |
| (vi) Other (c) Other current assets |
||
| 'Current Assets TOTAL ASSETS |
1046.62 4,777.28 |
986.30 4,646.60 |
| EQUITY AND LIABILITIES | ||
| EQUITY (a) Equity Share Capital |
955.54 (4,458.19) |
955.54 (3,717.52) |
| (b) Other Equity Equity |
-3,502.65 | (2,761.98) |
| UABILITIES NON-CURRENT LIABILITIES |
||
| {a) Financial Liabilities | 6,759.32 | 6,252.84 |
| (i) Borrowings | - | - |
| (ii) Other Financial liabilities (b) Provisions |
16.03 | |
| ( c) Deferred tax Liabilities (Net) ({d) Other non-current liabilities |
- | - |
| Non Current Liabilities CURRENT LIABILITIES |
6775.35 | |
| (a) Financial Liabilities {i) Borrowings |
- | - |
| {ii) Trade payables Total outstanding dues of micro enterprises and small enterprises |
93.92 | |
| Total outstanding dues of creditors other than micro enterprises and small enterprises} {iii) Other Financial liabilities |
66.09 1,256.85 |
16.03 6268.87 33.94 202.56 815.49 |
| (b) Other Current liabilities {¢) Provisions |
- 87.72 |
- 87.72 |
| (d) Current Tax Liabilities (Net) Current Liabilities |
1504.58) 4,777.28 |
1139.71 4,646.60 |
| KOTHARI INDUSTRIAL CORPORATION LIMITED | ||||
|---|---|---|---|---|
| the half year ¢ fone Cash Flow State |
For th | e Period ended 30th September | Rs. In Lakhs | |
| 2022 | For the Period ended 30th September | |||
| 2021 | ||||
| A) Cash flow from Operating Activities PROFIT/(LOSS) BEFORE TAX |
(740.67) | 300.07 | ||
| ADJUSTMENTS FOR Depreciation and amoratization expense |
7.00 | 4.00 | ||
| Finance Cost Creditors written back |
563.28 | 3.24 1,522.32 |
||
| (Profit) /Loss on sale of Property | -1,050.77 -60.40 |
|||
| Provision for Doubtful debts Discount Received |
(0.27) | |||
| Foreign Exchange Fluctuation Gain Provision for Tax |
418.12 | |||
| OPERATING PROFIT BEFORE WORKING CAPITAL CHANGES | 570.28 (170.39) |
(118.05) | ||
| ADJUSTMENTS FOR MOVEMENT IN WORKING CAPITAL; |
40.41 | (12.11) | ||
| Inventories Trade Receivables Other Financial Assets |
59.10 (153.14) |
30.79 19.20 |
||
| Short Term Provisions Trade Payables |
0.04 (72.42) |
(5.50) | ||
| Financial Liabilities | 436.85 | 310.84 | (2,247.46) | (2,215.08) |
| NET CASH FLOW FROM OPERATING ACTIVITIES | 140.45 | (2,333.13) | ||
| B) CASH FLOW FROM INVESTING ACTIVITIES | ||||
| Sale / (Purchase) of Property, Plant and equipments, Intangibles Interest Received ; |
(30.37) | 422.60 3.24 |
||
| (30.37) | 425.84 | |||
| NET CASH FLOW FROM INVESTING ACTIVITIES(B) | ||||
| B) CASH FLOW FROM FINANCING ACTIVITIES Long Term Borrowings |
506.40 | 1,816.20 | ||
| Advances Interest Paid |
(47.00) (562.80) |
86.47 | ||
| NET CASH FLOW FROM FINANCING ACTIVITIES(C) NET INCREASE IN CASH AND CASH EQUIVALENTS(A+B+C) |
(103.40) 6.68 |
1,902.67 (4.62) |
||
| CASH AND CASH EQUIVALENT OPENING BALANCE EFFECT OF EXCHANGE DIFFERENCES ON RESTATEMENT OF FOREIGN |
17.09 | 19.44 | ||
| CASH AND CASH EQUIVALENT CLOSING BALANCE COMPONENTS OF CASH AND CASH EQUIVALENTS |
23.77 | 14.82 | ||
| Cash on Hand Balances on Current Accounts Cheques on Hand |
0.72 23.05 |
0.82 14.00 |
Note: The above cash flow statement has been prepared under "Indirect method ~ Set out in the Ind AS 7 - Cash flow statement
| Mr. S. S. Contract Mr. | |||||||
|---|---|---|---|---|---|---|---|
| KOTHARI INDUSTRIAL CORPORATION LIMITED Segment-wise Renvenue, Results, Assets and Liabilities for the Quarter and Half Year ended 30th September 2022 |
(Bs.in lakhs) | ||||||
| PARTICULARS | 30.09.2022 | Quarter Ended 30.09.2021 |
30.06.2022 | STANDALONE Half Year Ended 30.09.2022 |
30.09.2021 | Year Ended 31.3.2022 |
|
| SI. | 1 Segment Revenue (Net Sales/Income from Operations) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) 677.32 |
| a. Fertilizer b. Rental from Property c. FMCG Products |
66.17 93.17 1.36 |
300.74 9.17 85.60 |
123.41 30.26 10.71 |
189.58 123.43 12.07 |
466.45 30.71 88.59 |
45.43 223.02 |
|
| d. Drone e. Marketing f. Hotel |
22.45 1.87 46.49 |
32.67 | 22.45 1.87 79.16 |
||||
| H.other Total |
231.51 | 395.51 | 197.05 | 13.54 442.10 |
585.75 | ||
| Less: Inter Segment revenue Net Sales / Income from Operations 2 Segment Results (Profit before Tax and Interest) |
231.51 | 395.51 | 945.77 | ||||
| a. Fertilizer | (193.92) | 197.05 | 442.10 $\overline{\phantom{a}}$ |
585.75 | 945.77 | ||
| b. Rental from Property | 93.17 | (77.49) 9.17 |
(106.80) 30.26 |
(300.72) 123.43 |
(135.68) 30.71 |
(379.85) 45.43 |
|
| c. FMEG Products d. Drone |
14.00 (19.63) |
(16.64) | (37.75) | (23.75) (19.63) |
(13.24) | (39.76) | |
| e. Marketing f. Hotel |
(9.60) (14.22) (130.20) |
(84.96) | (114.29) | (9.60) (14.22) (244.49) |
(118.21) | (374.18) | |
| Total Segment results Less: (i) Unallocated Interest and finance Charges |
281.90 | $\overline{\phantom{a}}$ | 281.38 | 563.28 | 3.24 | 973.55 | |
| (ii) Other Unallocable expenditure net of unallocable income Profit before tax |
38.95 (373.15) |
417.43 332.47 |
28.15 (367.52) |
67.10 (740.67) $\overline{\phantom{a}}$ |
421.52 300.07 |
255.63 (1,092.10) |
|
| 3 Segment Assets a. Fertilizer |
979.68 | 462.36 | 801.55 | 979.68 132.14 |
462.36 103.65 |
854.16 132.14 |
|
| b. Rental from Property c. FMCG Products d. Drone |
132.14 84.90 23.44 |
103.65 88.12 |
132.14 92.73 11.32 |
84.90 23.44 |
88.12 | 85.50 | |
| e. Marketing f.Hotel |
1.35 5.57 |
1.35 5.57 |
4,107.55 | 3,574.80 | |||
| Unallocated Total Segment Assets |
3,550.20 4,777.28 |
4,107.55 4,761.68 |
3,575.78 4,613.52 |
3,550.20 4,777.28 |
4,761.68 | 4,646.60 | |
| 4 Segment Liability a. Fertilizer |
1,416.86 | 197.12 | 1,133.19 | 1,416.86 | 197.12 | 1,051.99 | |
| b. Rental from Property c. FMCG Products |
12.17 38.24 |
12.17 114.25 |
$\omega_c$ 123.06 |
12.17 38.24 |
12.17 114.25 |
$\sim$ 140.98 |
|
| d. Drone e. Marketing f.hotel |
(40.17) 0.52 8.12 |
(31.02) 3.43 |
(40.17) 0.52 8.12 |
3,543.10 | 6,215.61 |
Note: 1. The above Audited Standalone Financial results Segment Results were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 14th November 2022. 2. The Company is engaged in trading of Fertilizer, Mixtures, FMCG Products, Royalty,Lease Rentals, Drones survey and food industries. ' 3. Due to continues losses the net worth of the Company has eroded. The Current Liabilities exceed Current Assets. The Managing Director is arranging continous finance through the Associate Companies for working capital and settlement of old creditors and would continue to do so. Further, the business plan envisaged by management provides for large scale expansion with injection of additional finance. In view of the foregoing, the financials have been prepared on principles applicable to a Going Cocern. 4, The proceedings initiated by the Collector of Nilgiris for repossession of certain plots of land in Coonoor earmarked for public use has been challenged by the company ona Writ Petition filed before Madras High Court and the matter is pending adjudication. 5. Pursuant to an arbitration award dated 30.9.2017 relating to additional electricity dues of Caustic Soda manufactured sold by the Company in the year 1986 amounting to Rs. 2.31 Crores together with interest at 6% p.a. The Company has challenged the award before the Madras High Court which is pending adjudication. Company made payment to SPIC Rs.40 laks in this quarter ended Sep 2022 to settle part liabilites. The Statutory Auditors have drawn attention to Note No.3,4 and 5 in the above matters without qualifying their Limited Review report. 6. The Company has considered to repay interest on loan to a related party of Rs.5.63 Crores. The Company stands commited to its Future obligations of Term Loan Interest without Fail. 7. The figures of the previous periods have been regrouped reclassified wherever necessary. 8. The financial results are available on the website of BSE Limited and on the company's website www.kicl.in Place: Chennai 600034 Chairman Date : 14.11.2022 DIN:01315682
| Regd. Office: Kothari Buildings, 114, Mahatma Gandhi Salai, Nungambakkam, Chennai - 600034 Phone No.044-28334565 email Id: [email protected] |
KOTHARI INDUSTRIAL CORPORATION LIMITED CIN No.L24110TN1970PLCO0S865 Website:www.kicl.in |
{Rs.in lakhs) | ||||
|---|---|---|---|---|---|---|
| UNAUDITED STATEMENT OF RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30th SEPTEMBER 2022 | CONSOLIDATION | |||||
| PARTICULARS | 30.09.2022 (Unaudited) |
Quarter Ended 30.09.2021 (Unaudited) |
30.06.2022 (Unaudited) |
30.09.2022 (Unaudited) |
Six Months Ended 30.09.2021 (Unaudited) |
Year Ended 31.3.2022 (Audited) |
| Income from Operations Gross Revenue from sale of products and services Other Operating revenue REVENUE FROM OPERATIONS ({i)+{ii)) |
114.03 63.92 177.95 |
386.34 9.17 395.51 |
166.79 30.26 197.05 |
280.82 94.18 375.00 |
555.04 30.71 585.75 |
|
| OTHER INCOME [EXPENSES |
38.95 216.90 |
6.28 401.79 |
28.15 225.20 |
67.1 442.10 |
10,37 596.12 |
68.68 945.77 86.09 1,031.86 |
| a) Cost of Material consumed b) Purchase of stock-in-trade c) Changes in inventories of finished goods, stock-in-trade, work-in-progress and e) Employee Benefits Expenses |
- 92.77 -1.07 53.57 |
- 321.63 10.88 31.30 |
- 97.02 41.47 30.12 |
- 189.79 40.4 83.69 |
506.84 (25.54) 52.37 |
- 160.69 |
| f) Finance Costs g) Depreciation and amortisation expense h) Other expenses |
281.90 3.01 159.90 590.08 |
- 2.01 114.73 480.55 |
281.38 4.01 138.78 592.78 |
563.28 7.02 298.68 1,182.86 |
3.24 4.02 166.39 707.32 |
10.77 420.84 2,293.69 |
| a) Loss / (Profit) on Sale of Asset b) Creditors Writen back |
(373.18) | (78.76) 411.15 (1,050.77) 1,522.32 |
(367.58) | (740.76) | (111.20) 411.15 (1,050.77) 1,522.32 |
169.54 |
| c) Infructuous Project Expenses written off c) Provision for Expenses |
(373.18) | (60.40) 332.39 |
(367.58) | (740.76) | (60.40) 299.95 |
|
| 1} TOTAL REVENUE 2 TOTAL EXPENSES 3 PROFIT/ (LOSS) Before Exceptional and Tax (1-2) 4 Exceptional Items:- 5 PROFIT/ (LOSS) Before tax (4-5) 6 Extraordinary Items 7 PROFIT/ (LOSS) Before Tax (5-6) a) Current Tax b) Deferred Tax |
(373.18) | 332.39 | (367.58) | (740.76) | 299.95 | 6.75 |
| 8 TAX EXPENSE 9 PROFIT/(LOSS) FOR THE PERIOD (7-8) 10) OTHER COMPREHENSIVE INCOME Items that will not be reclassied to profit or loss (ii) Income tax relating to items that will not be reclassified to Profit or loss |
(373.18) | 332.39 - |
(367.58) - |
: (740.76) |
299.95 | 877.09 801.06 (73.22) 973.55 (1,261.83) (1,092.29) (1,092.29) 6.75 (1,099.04) 32.23 |
| B (i) Items that will be reclassied to profit or loss (ii) Income tax relating to items that will be reclassified to Profit or loss 11) TOTAL COMPREHENSIVE INCOME (9+10) |
(373.18) | 332.39 | (367.58) | (740.76) | 299.95 | (1,066.81) |
| 12) PAID-Ue ECUTTY SHARE CAPITAL (Face Value of the Share is of Rs. 5/- each) RESERVE EXCLUDING REVALUATION RESERVES 13 EARNS HER SHARE(of Re. 5/- each) (not annualised): |
955.54 (1.95) |
955.54 1.74 |
955.54 (1.92) |
955.54, (3.88) |
955.54 157 |
955.54 (5.75) |
| KOTHARI INDUSTRIAL CORPORATION LIMITED | Rs in Lakhs | |
|---|---|---|
| Consolidated Balance Sheet Particulars |
30.9.2022 | 31.03.2022 |
| ASSETS: | (Unaudited) | (Audited) |
| NON-CURRENT ASSETS (a) Property, Plant and Equipment |
2,762.18 | 2,738.82 |
| (b) Intangible assets (c) Property held for sale |
= a |
|
| (d) Deferred tax assets (net) (e) Miscellaneous Expenditure |
778.03 0.06 |
|
| (e) Financial Assets {i) investments |
- | |
| {ii) Loans (iii) Others |
180.46 - |
|
| (f) Other non-current assets Non-Current Assets |
- 3,720.73 |
& |
| CURRENT ASSETS {a) Inventories |
181.88 | |
| ({b) Financial Assets {i) investments |
- - |
- |
| {ii) Trade receivables (iii) Cash and cash equilants |
166.07 23.77 |
|
| (iv) Other Bank Balances (v) Other financial assets |
- 675.35 |
- |
| (vi) Other (c) Other current assets |
||
| Current Assets TOTAL ASSETS |
1047.07 4,767.80 |
|
| EQUITY AND LIABILITIES EQUITY |
||
| (a) Equity Share Capital (b) Other Equity |
955.54 ~4,458.86 |
= * |
| Equity UABILITIES: |
-3,503.32 - |
|
| NON-CURRENT LIABILITIES (a) Financial Liabilities |
||
| (i) Borrowings (ii) Other Financial liabilities |
6,759.32 - |
- |
| (b) Provisions (c) Deferred tax Liabilities (Net) |
16.03 - |
- |
| (d) Other non-current liabilities | ||
| Non Current Liabilities CURRENT LIABILITIES (a) Financial Liabilities |
6775.35 | |
| {i) Borrowings {ii) Trade payables |
- | - |
| Total outstanding dues of micro enterprises and small enterprises | 93.92 | 778.03 0.06 133.46 3650.37 222.29 225.17 17.09 522.21 986.76 4,637.13 955.54. (3,718.10) (2,762.56) 6,252.84 16.03 6268.87 33.94 |
| Total outstanding dues of creditors other than micro enterprises and small enterprises (iii) Other Financial liabilities (b) Other Current liabilities |
66.09 1,247.64 0.39 |
|
| ( ¢) Provisions {d) Current Tax Liabilities (Net) (Current Liabilities |
87.73 1495.77 |
202.56 806.25 0.35 87.72. 1130.82 |
| KOTHARI INDUSTRIAL CORPORATION LIMITED | Rs. | |||
|---|---|---|---|---|
| For the Period ended 30th September 2022 | For the Period ended 30th September 2021 |
In Lakhs | ||
| A) Cash flow from Operating Activities | ||||
| PROFIT/(LOSS) BEFORE TAX ADJUSTMENTS FOR |
(740.76) | 299.95 | ||
| Depreciation and amoratization expense | 7.00 | 4.02 | ||
| Finance Cost Creditors written back |
563.28 | 3.24 1,522.32 |
||
| (Profit) /Loss on sale of Property | (1,050.77) | |||
| Provision for Expenses | = | (60.40) | ||
| Provision for Doubtful debts Discount Received |
||||
| Foreign Exchange Fluctuation Gain Provision for Tax |
= | 0.27 | ||
| OPERATING PROFIT BEFORE WORKING CAPITAL CHANGES | 570.28 (170.48) |
418.68 (118.73) |
||
| ADJUSTMENTS FOR MOVEMENT IN WORKING CAPITAL; |
||||
| Inventories | 40.41 | (12.11) | ||
| Trade Receivables Other Financial Assets |
59.10 (153.60) |
31.33 19.23 |
||
| Short Term Provisions | 0.04 | |||
| Trade Payables Financial Liabilities |
(72.44) 436.85 |
(5.50) (2,247.21) |
||
| Other Current Liabilities INET CASH FLOW FROM OPERATING ACTIVITIES |
310.36 139.88 |
(0.16) | (2,214.42) | |
| (2,333.15) | ||||
| B) CASH FLOW FROM INVESTING ACTIVITIES Sale / (Purchase) of Property, Plant and equipments, Intangibles |
(30.07) | 422.62 | ||
| Interest Received : |
- | 3.24 | ||
| NET CASH FLOW FROM INVESTING ACTIVITIES(B) | (30.07) | 425.86 | ||
| 8) CASH FLOW FROM FINANCING ACTIVITIES | ||||
| Long Term Borrowings Advances |
506.67 | 1,816.20 | ||
| Interest Paid | {47.00) (562.80) |
86.47 = |
||
| NET CASH FLOW FROM FINANCING ACTIVITIES(C) NET INCREASE IN CASH AND CASH EQUIVALENTS(A+B+C) |
(103.13) | 1,902.67 | ||
| (CASH AND CASH EQUIVALENT OPENING BALANCE | 6.68 17.09 |
(4.62) 19.44 |
||
| (CASH EQUIVALENTS (CASH AND CASH EQUIVALENT CLOSING BALANCE |
= 23.77 |
: 14.82 |
||
| 'COMPONENTS OF CASH AND CASH EQUIVALENTS | ||||
| Cash on Hand Balances on Current Accounts |
0.72 23.05 |
0.82 14,00 |
||
| Cheques on Hand TOTAL CASH AND CASH EQUIVALENTS |
23.77 | — | 14.82 |
| KOTHARI INDUSTRIAL CORPORATION LIMITED | |||||||
|---|---|---|---|---|---|---|---|
| -wise Renvenue, Results, Assets and Liabilities for the Quarter and Half Year ended 30th September 2022 | CONSOLIDATION | ||||||
| PARTICULARS | Quarter Ended 30.09.2022 30.09.2021 30.06.2022 |
Year Ended | Year Ended | ||||
| 30.09.2022 | 30.09.2021 | 31.03.2022 | |||||
| Revenue ( Net from |
( | ||||||
| - Fertilizer . Rental from |
|||||||
| c. FMCG Products | |||||||
| d. Drone | |||||||
| 'Hotels | |||||||
| h.others | |||||||
| revenue Less: Inter |
|||||||
| Sales / income from | |||||||
| Results (Profit before Tax and | |||||||
| Fertilizer | |||||||
| Rental from | |||||||
| FMCG Products | |||||||
| Drone | |||||||
| Others | |||||||
| 'otal results |
|||||||
| Less: | |||||||
| Interest and finance | |||||||
| net of unallocable Income Other Unallocable Profit before tax |
|||||||
| Assets | |||||||
| Fertilizer Rental from |
979.68 | ||||||
| : c. FMCG Products |
132.14 | ||||||
| Drone | pS | 84.90 | |||||
| 1.35 | |||||||
| 5.57 | |||||||
| 4,604.05 | 3,571.08 | 4,752.22 | 3,565.33 | ||||
| 4,798.16 | 4,637.13 | ||||||
| Fertilizer | |||||||
| Rental from | |||||||
| FMCG Products | |||||||
| Drone | |||||||
| -hotel | z | ||||||
| 6,206.72 | |||||||
| otal Liabilities |
7,734.18 | ! | 7,399.69 | ||||
| otal |
Note:
-
The above Audited Consolidated Financial results Segment Results were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 14th November 2022. 2. The Company is engaged in trading of Fertilizer, Mixtures, FMCG Products, Royalty,Lease Rentals, Drones survey and food industries.
-
Due to continues losses the net worth of the Company has eroded. The Current Liabilities exceed Current Assets. The Managing Director is arranging continous finance through the Associate Companies for working capital and settlement of old creditors and would continue to do so. Further, the business plan envisaged by management provides for large scale expansion with injection of additional finance. in view of the foregoing, the financials have been prepared on principles applicable to a Going Cocern.
4, The proceedings initiated by the Collector of Nilgiris for repossession of certain plots of land in Coonoor earmarked for public use has been challenged by the company on a Writ Petition filed before Madras High Court and the matter is pending adjudication.
5, Pursuant to an arbitration award dated 30.9.2017 relating to additional electricity dues of Caustic Soda manufactured sold by the Company in the year 1986 amounting to Rs. 2.31 Crores together with interest at 6% p.a. The Company has challenged the award before the Madras High Court which is pending adjudication. Company made payment to SPIC Rs.40 laks in this quarter ended Sep 2022 to settle part liabilites.
The Statutory Auditors have drawn attention to Note No.3,4 and 5 in the above matters without qualifying their Limited Review report.
- The Company has considered to repay interest on loan to a related party of Rs.5.63 Crores. The Company stands commited to its Future obligations of Term Loan Interest without Fail.
'7. The figures of the previous periods have been regrouped reclassified wherever necessary.
- The financial results are available on the website of BSE Limited and on the company's website www.kicl.in,
Place: Chennai 600034 Date: 14.11.2022