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LINC LIMITED Annual Report 2021
62274_rns_2021-06-28_ea38273e-3dcf-4fbc-bcdd-8eb697de2262.pdf
Annual Report
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| 28" June, 2021 | ||
|---|---|---|
| The Listing Department,Ltd.7, Lyons Range,Kolkata - 700001 | The ManagerThe Calcutta Stock Exchange The Department of Corporate The Listing Department,Services,BSE Limited, P. J. Towers,Dalal Street,Mumbai - 400001 | The Manager,National Stock Exchange of IndiaLimited, Exchange Plaza,Bandra Kurla Complex,Bandra (East), Mumbai - 400051 |
This is to inform you that Board of Directors of the company at its meeting held today i.e. on Monday, 28" June, 2021, inter-alia approved the following:
- Pursuant to regulation 33 of SEB] (LODR) Regulation, 2015, the Audited financial results for the Quarter / Year ended 31°t March, 2021 along with the Statement of Assets and Liabilities, Cash Flow Statement and Auditors' Report are attached.
As regards the Audited Financial Results of the Company for the Quarter / Year ended 31* March, 2021, it is hereby declared that the Statutory Auditors of the Company M/s. Singhi & Co., Chartered Accountants have given unmodified opinion in their Audit Report.
- The Board did not recommended any Dividend.
The meeting commenced at 4.00 P.M. and concluded at 6.05 P.M.
The above is for your kind information and record.
Thanking You,
Yours faithfully,
For LINC PEN & PLASTICS LTD.
(No). Pin i = ee
N. K. Dujari Chief Financial Officer & Company Secretary
| Linc Pen &Regd. Off: Satyam Towers, 3, Alipore Road, Kolkata - 700 027, Phone: 033-3041 2100, Fax: 91-33-24790253, | Plastics Limited | |||||
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| Corporate Identity Number: L36991WB1994PLC065583, E-mail: [email protected], Website: www lincpen.comStatement of Audited Financial Results for the Quarter / Year Ended 31st March, 2021 | ||||||
| Ss! | Quarter ended | Year Ended | (Rs. in Lakhs) | |||
| No. | Rants, | 31.03.21(Refer Note-2) | 31.12.20(Audited) (Unaudited) (Audited) | 31.03.20(Refer Note-2) | 31.03.21 (Audited) | 31.03.20(Audited) |
| 1}a. Revenue from Operationsb. Other Income | 9,376.52113.14 | 7,092.7230.25 | 10,013.9278.91 | 25,666.13145.64 | 39,698.71301.08 | |
| Total Income2 )Expenses | 9,489.66 | 7,122.97 | 10,092.83 | 25,811.77 | 39,999.79 | |
| a. Cost of Materials Consumedb. Purchase of Stock-in-Tradec. Changes in inventories of Finished goods, | 3,026.942,740.94 | 2,190.452,275.82 | 3,044.833,125.42 | 7,715.627,825.04 | 13,891.4911,954.55 | |
| stock-in-trade and work in progressd. Employee Benefits Expense | 582.32857.28 | 460.22783.32 | (73.80)1,004.77 | 1,731.712,777.38 | (988.05)3,577.49 | |
| e. Finance Costf. Depreciation and amortisation expense | 19.59305.92 | 64.77324.16 | 120.16316.25 | 274.281,269.36 | 546.331,254.38 | |
| g. Other ExpensesTotal Expenses | 1,515.699,048.68 | 1,195.557,294.29 | 1,886.849,424.47 | 4,599.3426,192.73 | 7,437.6537,673.84 | |
| 3}Profit / (Loss) before Exceptional Items and Tax (1-2)4/Exceptional Items | 440.98- | (171.32) | 668.367 | (380.96)= | 2,325.95e | |
| 5 Profit / (Loss) before Tax (3-4)6] Tax Expensesa. Current Tax | 440.98 | (171.32) | 668.36155.00 | (380.96) | 2,325.95562.00 | |
| b. Income Tax for earlier yearsc. Deferred Tax | -(303.74)125.15 | --(43.18) | -15.83, | -(235.01)(149,87) | -(160.67) | |
| Total Tax Expenses7 Profit / (Loss) for the period (5-6) | (178.59)619.57 | (43.18)(128.14) | 170.83497.53 | (384.88)3.92 | 401.331,924.62 | |
| 8] Other Comprehensive Income (Net of tax)9 Total Comprehensive Income for the period (7+8) | 22.47 | (10.01) | (25.37) | (7.56) | (40.04) | |
| [ Comprising Profit / (Loss) for the period (after tax)and Other Comprehensive Income (after tax) ]10 Paid up Equity Share Capital (Face Value - Rs.10/- each) | 642.041,487.23 | (138.15)1,487.23 | 472.161,487.23 | (3.64)1,487.23 | 1,884.581,487.23 | |
| 11) Other Equity12 Earnings per Equity Share-not annualised (Amount in Rs.) | 11,983.46 | 12,210.18 | ||||
| (a) Basic :(b) Diluted : | 4.174.17 | (0.86)(0.86) | 3.353.35 | 0.030.03 | 12.9412.94 | |
| Notes:1. | The aforementioned results were reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 28th June, 2021. | |||||
| 2. | The figures of the last quarter are the balancing figures between audited figures in respect of full financial year upto March 31, 2021/ March 31, 2020 and theunaudited published year-to- date figures upto December 31, 2020 / December 31, 2019 being the data of the end of the third quarter of financial year | |||||
| 3. | respectively which were subject to limited review.These financial results have been prepared in accordance with Indian Accounting Standards (Ind AS), prescribed under section 133 of the Companies Act, 2013 | |||||
| 4, | read with Rule 3 of the Companies (Indian Accounting Standards) Rule, 2015 and relevant amendments thereafter.The Code on Social Security 2020, (the 'code') received Presidential assent on 28th September 2020. However, the date on which the Cade will come into effect | |||||
| 5. | has not yet been notified. The Company will assess the impact of the Code in the period(s) in which the provisions of the Code become effective.The outbreak of Coronavirus (COVID-19) pandemic globally and in India is causing significant disturbance and slowdown of economic activity. The Company's | |||||
| operations and revenue during the period were also impacted due to COVID-19. The Company has made detailed assessment of its liquidity position for a periodof at least one year from the balance sheet date, of the recoverability and carrying values of its assets comprising property, plant and equipment, Intangible assets, | ||||||
| Trade Receivables, Inventory, other current and non-current assets and ability to pay its liabilities as they become due and effectiveness of internal financialcontrols at the balance sheet date, and has concluded that there are no material impact or adjustments required in the financial statements and does not anticipate | ||||||
| any challenge in the Company's ability to continue as a going concern, The impact of the pandemic may be different from that estimated as at the date of approvalof these results and the management continues to closely monitor any material changes to future economic conditions. | ||||||
| The Company's business activity falls within a single reportable operating segment i.e. "Writing Instruments and Stationery", hence has only one reportableoperating segment as per IND AS 108-Operating Segments. | ||||||
| The Statement of Assets and Liabilities as on 31st March, 2021 and Cash Flow Statement for the year ended 31st March, 2021 are annexed herewith.The previous period figures have been regrouped / rearranged wherever necessary, to conform to the current period figures. | }oe | |||||
| For and on behalf of thé Board |
yal
epak Jalan Managing Director
Place : Kolkata Date : 28th June, 2021
| PenPlasticsLinc& | Limited | |
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| Regd. Off: Satyam Towers, 3, Alipore Road, Kolkata - 700 027, Phone: 033-3041 2100, Fax: +91-33-2479 0253,CIN:L36991WB1994PLC065583, E-mail: [email protected], Website: www.lincpen.com | ||
| Statement of Assets & Liabilities | ||
| (Rs. in Lakhs) | ||
| Particulars | As at 31.03.21 | As at 31.03.20 |
| ASSETS | (Audited) | (Audited) |
| 1. Non-Current Assets | ||
| a) Property, plant and equipment | 6,681.58 | 7,415.53 |
| b) Capital Work - in - progress | 322.07 | 284.28 |
| c) Right-of-Use Assetsc) Intangible Assets | 94.44 | 154.86 |
| d) Financial Assets - Loans | 7.55123.56 | 15.22107.18 |
| - Others | 0.78 | 0.67 |
| e) Income Tax Assets (net) | 152.81 | 97.03 |
| f) Other Non - Current Assets | 1,310.09 | 1,470.38 |
| Total Non-Current Assets2. Current Assets | 8,692.88 | 9,545.15 |
| a) Inventories | 6,261.28 | 8,313.13 |
| b) Financial Assets | ||
| i) Trade Receivablesii) Cash & Cash Equivalents | 3,589.33 | 4,355.74 |
| iii) Other Bank Balances | 14.3812.74 | 13.0212.85 |
| iv) Security Deposits | 1.96 | 2.09 |
| c) Other Current Assets | 1,473.21 | 2,293.42 |
| Total Current AssetsTOTAL ASSETS | 11,352.9020,045.78 | 14,990.25 |
| 24,535.40 | ||
| EQUITY AND LIABILITIES | ||
| Equity | ||
| a) Equity Share Capitalb) Share Suspense | 1,487.23 | 1,487.23 |
| c) Other Equity | -11,983.46 | -12,210.18 |
| Total Equity | 13,470.69 | 13,697.41 |
| Liabilities | ||
| 1. Non-Current Liabilitiesa) Financial Liabilities | ||
| i) Borrowings | - | 1,879.64 |
| ii) Lease Liabilites | 40.46 | 95.54 |
| b) Provisionsc) Deferred Tax Liabilities (Net) | 240.79 | 216.61 |
| Total Non-Current Liabilities | 392.11673.36 | 544.512,736.30 |
| 2. Current Liabilities | ||
| a) Financial Liabilities | 811.8769.05 | 2,351.6770.17 |
| i) Borrowings | ||
| ii) Lease Liabilitesli) Trade Payables, | 289.67 | 242.71 |
| Total outstanding dues of micro enterprises and | ||
| small enterprises | 3,946.91 | |
| Total outstanding dues of creditors other than | 3,558.65 | |
| micro enterprises and small enterprises | ||
| iii) Othersb) Other Current Liabilities | 539.35623.64 | 950.83529.61 |
| c) Provisions | 9.50 | 9.79 |
| Total Current LiabilitiesTOTAL EQUITY AND LIABILITIES | §,901.7320,045.78 | 8,101.6924,535.40 |
Line Pen & Plastics Limited CIN: L36991WB1994PLC065583
| Line Pen & Plastics LimitedCIN: L36991WB1994PLC065583 | ||||
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| 7 | Cash Flow Statement for the year ended 31st March, 2021For the year ended | For the year ended | (Rs in Lakhs) | |
| Particulars | 3ist March, 2021 | 31st March, 2020 | ||
| A. Cash flow from operating activities ;Net profit/(Loss) before tax as per Statement of Profit and Loss | (380.96) | 2,325.95 | ||
| Adjustments for:Depreciation and amortization expenseProfit on sale of Property, Plant and Equipment | 1,269.362.91 | 1,254.38(0.54) | ||
| Interest IncomeUnrealised loss/(gain) on foreign exchange fluctuation (Net) | (2.06)(118.60) | (3.62)(296,79) | ||
| Finance costOperating profit before working capital changes(Increase) / Decrease in Trade Receivables | 274.28786.74 | 1,425.891,044.93 | 546.33131.11 | 1,499.763,825.71 |
| (Increase) / Decrease in Inventories(Increase) / Decrease in Other Non Current Assets(Increase) / Decrease in Other Current Assets | 2,051.86(16.17)820.21 | (1,269.79)(10.61))446,09 | ||
| Increase / (Decrease) in Long Term ProvisionsIncrease / (Decrease) in Trade Payables | 14.08(239.89) | 35.041,129.52 | ||
| Increase / (Decrease) in Other Current LiabilitiesIncrease / (Decrease) in Other Non-Current Liabilities | 134,32(55,08) | 21.0295.54 | ||
| Increase / (Decrease) in Short Term ProvisionsCash generated from operationsLess:Direct taxes paid | (0.29) | 3,495.784,540.71(182.34) | 1.90 | 579.824,405.53570.49 |
| Net Cash Generated From Operating Activities | 4,723.05 | 3,835.04 | ||
| B. Cash flow from investing activities :Addition to Property, Plant and Equipment (Including Intangibles)Sale of Property, Plant and Equipment | (412.63)8.40 | (1,391.61)24,91 | ||
| Interest ReceivedNet Cash Used in Investing Activities | 2.06 | (402.17)(402.17) | 3.62 | (1,363.08)(1,363.08) |
| C. Cash flow from financing activities :Proceeds (Repayment) of Long term borrowings (Net) | (2,223.02) | (169.09) | ||
| Proceeds /(Repayment) of Short term borrowings (Net)Repayment of Lease Liabilities | (1,542.95)(56.19) | (1,461.06)(49.96) | ||
| Interest Paid (Including interest on Lease liabilities)Other borrowing costDividend Paid | (272.33)(1.95)(223.08) | (543,35)(2.98)(197,96) | ||
| Dividend Tax PaidNet Cash Used in Financing Activities | - | (4,319.52)(4,319.52) | (45.59) | (2,469.99)(2,469.99) |
| Net increase in cash and cash equivalents (A+B+C) | 1.36 | 1.97 | ||
| Cash and cash equivalents - Opening balanceTotal Cash and cash equivalents - Opening balance | 13.0213.0214.38 | 11.0511.0513.02 |
T +91(0)33-2419 6000/01/02
Independent Auditor's Report on Annual Financial Results of Linc Pen & Plastics Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)
To, The Board of Directors of Linc Pen &Plastics Limited
Report on the audit of the annual financial results 7
Opinion
We have audited the accompanying annual financial results of Linc Pen & Plastics Limited ('the Company") for the year ended 31" March 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 ("Listing Regulation').
In our opinion and to the best of our information and according to the explanations given to us, the Statement :
- (a) is presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
- (b) gives a true and fair view in conformity with the applicable accounting standards and other accounting principles generally accepted in India, of the net profit and other comprehensive 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 Annual Financial Results" section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our ethical responsibilities in accordance with the 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 on the annual financial results.
Emphasis of Matter
We draw your attention to the following :
Note 5 to the annual financial results which explain the management's assessment of the financial & operational impact due to the lock-down and conditions related to the COVID — 19 and its consequential impact on the carrying values of assets as at 31st March, 2021.
Management's and Board of Directors' Responsibilitiesfor the Annual Financial Results
These annual results have been prepared on the basis of the annual financial statements.
The Company's Management and the Board of Directors are responsible for the preparation and presentation of the Statement that givesa true and fair view of the net profitand other comprehensive income of the Company and other financialinformation in accordance with the applicable accounting standards prescribed under Section 133 of theAct read with relevant rules issued there under and other accounting principles generally accepted in Indiaand in compliance with Regulation 33 of the Listing
Singhi & Co. Chartered Accountants sees CONE,
Regulations. This responsibility also includesmaintenance of adequate accounting records in accordance with the provisions of the Act for safeguardingof the assets of the Company and for preventing and detecting frauds and other irregularities, selection andapplication of appropriate accounting policies; making judgments and estimates that are reasonable andprudent: and the design, implementation and maintenance of adequate internal financial controls, that wereoperating effectively for ensuring the accuracy and completeness of the accounting records, relevant to thepreparation and presentation of the Statement that give a true and fair view and are free from materialmisstatement, whether due to fraud or error. ~
In preparing the annual financialresults, the Management and the Board of Directors are responsible for assessing the Company's ability tocontinue as a going concer, disclosing, as applicable, matters related to going concern and using the goingconcern basis of accounting unless the Board of Directors either intends to liquidate the Company or tocease 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 annual Financial Results
Our objectives are to obtain reasonable assurance about whether the Statement as a whole arefree frommaterial misstatement, whether due to fraud or error, and to issue an auditor's report that includes ouropinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conductedin accordance with SAs will always detect a rraterial misstatement when it exists. Misstatements can arisefrom fraud or error and are considered material if, individually or in the aggregate, they could reasonablybe 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 professionalskepticism throughout the audit. We also:
- « dentify 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 issufficient and appropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error, as fraud may involvecollusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- * Obtain an understanding of internal contro! relevant to the audit in order to design audit proceduresthat are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsiblefor expressing our opinion through a separate report on the complete set of standalone financial statements whether the company has adequate internal financial controls withreference to financial statements in place and the operating effectiveness of such controls.
- » Evaluate the appropriateness of accounting policies used and the reasonableness of accountingestimates and related disclosures made by the Management and Board of Directors.
- * Conclude on the appropriateness of the Management and Board of Directors' use of the going concern basis ofaccounting 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 goingconcern. If we conclude that a material uncertainty exists, we are required to draw attention in ourauditor'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 ourauditor's report. However, future events or conditions may cause the Company to cease to continueas a going concern.
- e 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 achievesfair presentation.
Singhi ef Co. Chartered Accountants seve CONE,
Materiality is the magnitude of misstatements in the financial results that individually or in aggregate, make it probable that the economic decisions of a reasonably knowledgeable user of the financial results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the financial results.
We communicate with those charged with governance regarding, among other matters, the planned scopeand timing of the audit and significant audit findings, including any significant deficiencies in internalcontrol that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevantethical requirements regarding independence, and to communicate with them all relationships and othermatters that may reasonably be thought to bear on our independence, and where applicable, relatedsafequards.
Other Matter
The annual financial results includes the results for the quarter ended 31° March, 2021being the balancing figure between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year which were subject to limited review by us, as required under the listing regulations.
For Singhi& Co. Chartered Accountants Firm's Registration No. 302049E
) .—_
(Aditya Singhi) Partner Membership No.: 305161 UDIN: 21305161AAAAAX3446
Place: Kolkata Date: 28day of June, 2021
