Manugraph India Ltd — Interim / Quarterly Report 2022

Aug 10, 2021

August 10, 2020

lo DepL of Corporate Services, BSE Limited, Phiroze f eejebhoy Tower, Dalal Street, Fort, Mumbai - 400 001.

To The Manager, Listing Department, National Stock Exchange of India Limited, Exchange Plaza, Bandra Kurla Complex, Bandra (EJ, Mumbai - 400 051

SecurityCodeNo. :505324

Security Symbol Security Series : MANUGRAPH :EQ

Dear Sir,

Sub.: Outcome of Board Meeting

ln continuation ofour intimation dated August 2,zo20,we wish to inform you that the Board of Directors of the company at its meeting held today approved the unaudited Financial Results IStandalone and Consolidated) for the quarter ended ]une 30, 2021.

Pursuant to Regulation 33 of the SEBI flisting obligations and Disclosure Requirements] Regulations, 2015, prease find enclosed herewith standarone and consoridated unaudited Financial Results for the quarter ended |une 30,20201 along with the Limited Review Reports as reviewed by the Audit committee and approved by the Board of Directors of the Company at their respective meetings held today.

The meeting ofthe Board ofDirectors commenced at 3.15 p.m. and concluded at S.00 p.m.

we request you to kindly bring the above information to the notice ofyour members.

For Manugraph India Limited

\6 QN'J , -

MihYlr Mehta Compatry Secretary

EncL: a/a

MANUGRAPH INDIA LTD.

idhwa House, N. A. Sawant Marg, Colaba, Mumbai 400 O l-22 2287 4815 Fax: 91-22-2297 0702 CtN: 129290MHi9 Email: info@manugraph.com Website: www.manLlqral

R-E,VIEW RIPORT ON THE INTERIM STANDALONE FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF MANUGRAPH INDIA LIMITED

• l. We have reviewed the accompanying Statement of Standalone Financial Results of MANUGRAPH INDIA LIMITED (the "Company"), for the quarter ended June 30, 2021, (the "statement"), being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing obligations and Disclosure Requirements) Regulations, 201 5, as amended (the "Listing Regulations") as amended.
• This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review. 2
• We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 24lO "Review of Interim Financial lnformation Perlormed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of lndia (ICAI). A review of interim financial information consists of making inquiries, primarily of the Company's personnel responsible for financial and accounting matters, ind applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of alt significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 3
• The comparative unaudiled standalone financial results of the Company for the quarter ended on June 30, 2020 included in this Statement had been reviewed/audited by the predecessor Auditor, whose reports dated August 11, 2020 expressed unmodified opinion on those unaudited standalone financial results for the quarter ended on June 30, 2020. These reports have been relied upon by us for the purpose for our review of the Statement. Our conclusion on the Statement is not modified in respect ofthis matter. 1
• 1. Based on our review conducted as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aloresaid Indian Accounting Standard and other accounting principles generally accepted in lndia,

H.0. : Unit N0.623,6th Floor, The Summit Business Bay, Behind Gurunanak Petrol Pump, Next to Western Express Highway Metro Station, Suren Road, Andheri (E). Mumbai - 400 093. o Tel. : 26839090lr,Ia/2683 2850 t E-mail : cadesaishah@0mail com

Branch : 203, Bhula Laxmi Business Centre, 0pp. DCB Bank, Char Basta, Vapi - 390195 + E-mail : vapi@cadsa.in

has not disclosed the information required to be disclosed in terms ol Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 including the manner in which it is to be disclosed, or that it contains any material misstatement.

6. Emphasis of matter

We draw attention to note no. 6 of the statement which describes management's assessment of the impact of the COVID-19 pandemic on the operations and financial results of the Company.

Our conclusion on the Statement is not modified in respect ofthis matter

For, Desai Shah & Associates Chartered Accountants Fi t10n>>y*

Yagnesh M, Desai Partner Membership No : 034975 uDrtt : 2l o 3 /+97r AqAA FD' I ?+

Place : Mumbai Date : August 10,2021

Regd. Office: 2nd FIoor, Sidhwa House, N.A. Sawant Mar& Colaba, Mumbai 400 005 CIN-L29290MH 1972PLC01 5772; Tel. No. 022-22A? 4815-, F ax No. 022-22A7 07 02 Email: sharegrievances@manugraph.com; Website : www.manugraph.com

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS POR THE QUARTER ENDED 3OTH JUNE, 2021

				(Rs. in crores)
	Quarter ended			Year ended
Particulars	30.o6.2021	31.o3.2021Reviewed	30.06.2020	31.o3.2021
	Unaudited	{Note 2)	Unaudited	Audited
I Revenue from Operations	4.45	16.00	3.75	29.69
II Other Income	0.70	1.56	0.76	3.34
III Total Income (l+U)	5.15	17.56	4.51	3 3.03
IV Expenditure
a) Cost ofmaterials consumed	3.72	3.03		11.06
b) Changes in inventories offinished goods,
work-in-progress and stock-in-trade	(2,28)	6.37	2.74	7.65
clEmployee beneht expense	4.76	5.27	3.77	77.37
d) Finance Cost	0.61	0.66	0.45	2.44
e) Depreciation and amortisation expense	0.36	0.37	o.47	1.70
0Other expenses	zA6	3.52	1.31	9.27
Total Expenses (lV)	9.03	19.16	4.47	49.53
V Pront/(Loss) before Exceptlond ttem and Tax (Ill - lU	(3.88)	(1.60)	(3.96)	( 16.s0)
VI Exceptional item (See Note 5)		t0.23)		[ 11.70)
VII Pront/(Loss) before Tax (V + VI)	(3.88)	(1.83)	(3.96)	[2s.2O)
1Current Tax
2Deferred Tax	0.06	o.25	0.01	0.43
3Tax adjustment ofprevious year		0.05		0.05
VIII Tax Expense	0.06	0.30	0.01	o.4a
IX Profit/(Loss) for the period (Vll - ull)	(3.e4)	(2.13)	(3.e71	(28.68)
X Other Comprehenslve lncome
a) Items that will not be reclassified to statement of profitand loss
i)Remeasurement gain / (loss) on defined benefit plans	(0.08)	0.24	(0.1e)	[0.33)
ii) Tax effect relating to items in (a) above	0.02	[0.06)	0.05	0.09
b) Items that will be reclassified to statement of profit andloss
Other Comprehensive lncome after tax	(0,o6)	0.18	(0.14)	(o.241
XI Total Comprehenslve lncome after tax (IX + X)	f4.00)	( 1.e s)	(4.11)	(2B.ezl
XII Paid-up equity share capital fFace value of Rs. 2/- each)				6.08
XIII Other Equity				118.08
XIV Earning pershare [ofRs.2/- each) Not annualised:
a) Before exceptional item - Basic & Diluted fin Rs.]		[0.63]	(1.30)	(s.s9)
b) After exceptional item - Basic & Diluted [in Rs.)	1.30i	[0.71]	(1.30)	(e.44)
Par value (in Rs.l	2.00	2.00	2.00	2.00

lslr.

tr

Notes:

• 1 The above unaudited standalone nnancial results were reviewed and recommended for adoption to the Board by the Audit committee at its meeting held on August 10, 2021 and approved by the Board ofDirectors at its meeting held on August 10, 2021. The statutory auditors have carried out "Limited Review" ofthe above resulLs.
• The statement includes the results for the quarter ended March 31, 2021 which are the balancing figures between audited figures in respect of full financial year ended March 31, 2021 and the unaudited published year to date figures up to the third quarter ended December 31, 2020 which were subjected to limited review. 2
• The unaudited standalone financial statements are prepared in accordance with the lndian Accounting Standards (lnd ASJ as prescribed under section 133 of the Companies Ac! 2013 read with Rule 3 of the Companies (lndian Accounting Standards) Rules, 2015 and Companies (lndian Accounting Standards) Amendments Rules, 2016. 3
• 4 During the current quarter ended lune 30, 2O2l and previous year ended March 31, 2021, there has been salary rationalization for the employees ofthe Company.
• 5 Exceptional items represents:

As a part ofreducing employee costs, the Company has formulated a plan for employee separation. During the quarter ended March 31, 2021, the Company had paid Rs 0.23 crores and for the year ended March 31, 2021, the amount paid Rs 11.70 crores for such separated employees.

• The spread of CovlD 19 has severely impacted the business in the current year due to regional lock down. The company will continue to evaluate the pandemic relaGd uncertainty arising from the on-gJing second wave and update its assessmenL The financial results ofthe company have been prepared on a going coi.".i brrir''- 6
• 7 The Company has only one reportable primary business segment i.e. Engineering as per lnd As 10g ,,operati Segments".
• 8 Previous period figures have been re-grouped and re-aranged wherever necessary to make them comparable with those ofthe current period.

On behalf ofthe Board For Manugraph lndla Limited

Chairman & Managing Dlrector

Place: Date: Mumbai

Desai Shah & Associates CHARTEREO ACCOUNTANTS

REVTEW REPORT ON THE INTERIM CONSOLIDATED FINANCIAL RESULTS

TO THE BOARD OF DIRICTORS OF IVLANUGRAPH INDIA LIMITED

• I We have reviewed the accompanying Statement of Consotidated Financial Results ol MANUGRAPH INDIA LIMITED (the "Parent") and its subsidiaries (the Parent and its subsidiary together referred to as the "Group"), for the quarter ended June 30, 2021, (the ,.State.enf i being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing obligations and Disclosure Requirements) Regulations, 2015 (the "Listing Regulations"), as amended.
• 1. This Statement, which is the responsibility olthe Parent's Management and approved by the Parent's Board of Directors, iras been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financiat Reporting'; ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013read with relevant rules issued thereunder and other accounting principles generally accepted in lndia. our responsibility is to express a conclusion on the statement based on our review.
• 1. We conducted our review ofthe statement in accordance with the standard on Review Engagements (sRE) 2410 "Review of Interim Financial Information Perlormed by the Ind"ep"endent Auditor of the Entity", issued by the Institute of Chartered Accountants of maia ltC41;. A review of interim financial information consists of making inquiries, primarily olthe parent's personnel responsible for financial and accounting matters, and lppf,i"g analytical and oiher review procedures. A review is substantially less in scope ,hun" un- audit conducted in accordance with Standards on Auditing specified under section 143(10) of the companies Act, 2013 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.

WealsoperformedproceduresinaccordancewiththecircularissuedbytheSEBIunder n"gutution33(8)oftheSEBI(ListingobtigationsandDisclosureRequirements) Regulations, 2015, as amended, to the extent applicable'

4.ThecomparativeunauditedconsolidatedfinancialresultsoftheGroupforthequarter ended on June 30, 2020 included in this statement had been reviewed/ audited by predecessor Auditor, whose reports dated August 11,-2020 express unmodified opinion tn those unaudited consolidatei financial results for the quarter ended on June 30, 2-020' These reports have been relied upon by us for the purpose for our- review of the Statemeni. Our conclusion on the Statement is not modified in respect ofthis matter.

H.0. : Unit No. 623, 6rh Floor, fte summit Business Bay, Behind Gurunanak Petrol Pump, Next to Western Express Highway Metro station' Suren Road, Andheri (E), Mumbsi - 400 093. + Tei. : 2683 9090 / 2683 2850 C E-mail : cadesaishah@qmail com

Blancl:203,BhulaLaxmiBusinesscentre,0pp.DCBBankcharBasta,Vapi.396lg5}E-mail:vapi@cadsa.in

-rl

1. The Consolidated Financial Results includes the financial results of the following entltles

Parent.

i Manugraph India Limited

Subsidiara

• i. Manugraph Americas Inc. (a 100% Subsidiary)
• 1. Based on our review conducted and procedures perlormed as stated in paragraph 3 above and based on the consideration of the review reports o[ other auditors referred to in paragraph 4 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 and 52 of the SEBI (Listing Obligarions and Disclosure Requirements) Regulations, 2015, including the manner in which it is to be disclosed, or that it contains anv material misstatement.
• 7' The Statement includes the interim financial results ofone subsidiary which has not been reviewed by their auditors, whose interim financial results reflect total revenue of Nil, total Net loss after tax of Rs. Nil and total comprehensive income of Rs. Nil for the quarter ended June 30, 2021 as considered in the Statement. According to the information and explanations given to us by the management, these interim financial results are not material to the Group. our conclusion on the statement is not modified in respect of the above matters.

8. Emphasis of matter

we draw attention to note no. 6 of the starement which describes management's assessment of the impact of the coVID-19 pandemic on the operations and financial results ofthe Company.

Our conclusion on the Statement is not modified in respect olthis matter.

Place Mumbai

For, Desai Shah & Associa tes ountants , iYe/a /. strat 8174W ,2

Yagnes h M. Desai Partner Membership No.: 034975 iTVrorrs Date: August Ar.hA FE trr?6 1,0, 2021

Regd. Ofnce: znd Floor. Sidhwa House, N.A. Sawant Mar& Colaba, Mumbat 400 O0S CIN-129290M H r972PLC0 157 7 2i 7 el. No. 022 -2287 4A 75 i F ax No. O22 -ZZA7 O7 02 Email: shareSriev:nces@manugraph.com; Website I www.manu8raph.com

STATEMENT OF CONSOLIDATED UNAUDITED NNANCIAI RESULTS FORTHE QUANTERENDED 3OTH

30.06.202131.03.202130.06.202031.03.2021ParticularsReviewedUnaudited(Note 2)UnauditedAuditedΙRevenue from Operations4.4516.003.7529.69ПOther Income0.701.560.763.34ШTotal Income (I+II)5.1517.564.5133.03IVExpenditurea)Cost of materials consumed3.723.030.3311.06b)Changes in inventories of finished goods,work-in-progress and stock-in-trade(2.28)6.372.747.65Employee benefit expensec)4.165.213.1717.37d)Finance Cost0.610.660.452.48e)Depreciation and amortisation expense0.360.370.471.70f)Other expenses2.463.521.319.27Total Expenses (IV)9.0319.168.4749.53VProfit/(Loss) before Exceptional item and Tax (III - IV)(3.88)(1.60)(3.96)(16.50)VIExceptional item (See Note 5)(0.23)$\overline{\phantom{a}}$(11.70)VII Profit/(Loss) before Tax $(V + VI)$(3.88)(1.83)(3.96)(28.20)$\mathbf{1}$Current Tax۷2Deferred Tax0.060.250.010.433Tax adjustment of previous year0.050.05VIII Tax Expense0.060.300.010.48IXProfit/(Loss) for the period from continuing operation(3.94)(2.13)(3.97)(28.68)XProfit/(Loss) from discontinued operation(0.01)XITax expense of discontinued operationæ$\overline{\phantom{a}}$L.XIIProfit/(Loss) from discontinued operation after tax(0.01)XIII Profit/(Loss) for the period $(IX + XII)$(3.94)(2.13)(3.97)(28.69)XIV Other Comprehensive Incomea)Items that will not be reclassified to statement of profit andlossi)Remeasurement gain / (loss) on defined benefit plans(0.08)0.24(0.19)(0.33)ii)Tax effect relating to items in (a) above0.02(0.06)0.050.09b)Items that will be reclassified to statement of profit andlossi)Exchange difference in translating the financial statement of(0.01)(0.01)(0.02)Other Comprehensive Income after tax(0.07)0.17(0.14)(0.26)XVTotal Comprehensive Income after tax (XIII + XIV)(4.01)(1.96)(4.11)(28.94)XVI Paid-up equity share capital (Face value of Rs. 2/-each)6.08XVII Other Equity116.95XVIII Earning per share (for continuing operation) - Not annualised:Before exceptional item - Basic & Diluted (in Rs.)a)(1.30)(0.62)(1.30)(5.58)b)After exceptional item - Basic & Diluted (in Rs.)(1.30)(0.70)(1.30)(9.43)Par value (in Rs.)2.002.002.002.00XIX Earning per share (for discontinued operation) - Not annualised:Basic & Diluted (in Rs.)Par value (in Rs.)2.002.002.002.00XX Earning per share (for Continuing. & Discont. operation) - Notannualiseda)Before exceptional items - Basic & Diluted (in Rs.)(1.30)(0.62)(1.30)(5.58)b)After exceptional items - Basic & Diluted (in Rs.)(1.30)(0.70)(1.30)(9.43)				(Rs. in crores)
		Quarter ended			Year ended
2.00	Par value (in Rs.)	2.00	2.00	2.00

Signed for Identificati, Purpose

//'

Notes

• 1 The above unaudited consolidated financial results were reviewed and recommended for adoption to the Board by the Audit Committee at its meeting held on August 10, 2021 and approved by the Board of Directors at its meeting held on August 10, 2o2l' The statutory auditors have carried out "Limited Review" of tIe above results and have issued their unmodified opinion thereon.
• 2 The statement includes the results for tle quarter ended March 31, 2021 which are tie balancing figures between audited figures in respect of full financial year ended March 31, 2021 and the unaudited published year to date figures up to the third quarter ended December 31., 2020 which were sub.iected to limited review.
• 3 The bove unaudited consolidat€d financial statements are prepared in accordance witJr the Indian Accounting standards (lnd AS) as prescribed under section 133 of the Companies Act, 2013 read with Rule 3 of the Companies [lndian Accounting Standardsl Rules, 2015 and Com pan ies (lndian Accounting Standards) Amend ments Rules, 2016.
• 4 During the current quarter ended lune 30, 2021 and previous year ended March 3l, zozl, there has been salary rauonalisation for the employees ofthe Group.

5 Exccpdonal item repres€nts:

As a part of reducing employee costs, the Group has formulated a plan for employee separation. During the quarter ended March 31, 2027, fie Group had paid Rs 0.23 crores and for the year ended March 3i, 202r, the "r;*, ;; R,li.;; crores for such separated employees.

• 6 The spread of CoVID 19 has severely impacted the business in the curent year due to regional lock down. The croup will continue to evaluate the pandemic related uncertainity arising from the on-going second wave and update its assessmenL The financial results of the Group have been prepared on a going concern basis.
• 7 The Group has only one reportable primary business segment i.e. Engineering as per Ind AS 1og ,,operating segments, However, the Group has secondary geographical segment which is disclosed in consolidated financial statements as pe Ind AS 108.

			ln crores
Particulars	In lndia	Outside India
Segment Revenue			-m!'l
Quarter Ended - 30.06.2021	2.6L	1.44	4.45
- 31.03.2021	7.40	8.60	16.00
- 30.06.2020	3.75		3.75
Year Ended - 31.03.2021	19.19	10.50	29.69
Segment Assets
Quarter Ended - 30.06.2021	777.39	0.33	777.72
. 37.03.2021	L4237	0.96	183.33
- 30.06.2020	220.23	t.7 6	221.99
Year Ended - 31.03.2021	t4237	0.96	183.3 3

B Previous period figures havebeen of the current period. re'grouped and re-arranged wherever necessary to make them comparable with those

On behalfof the Board For Manugraph India Limited

Snray .fwu SShah

Chalrman & Managlng Dlrector

Place: Date : Mumbai August 10,2021

Signed for Identificatit' Purposc