Modi Rubber Ltd. — Interim / Quarterly Report 2021

Feb 12, 2021

Suresh Surana & Associates LLP

Suresh Surana & Associates LLP

BD

Independent Auditor's Review Report On consolidated unaudited quarterly and year to date financial results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended.

To, The Board of Directors of Modi Rubber Limited

• 1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of Modi Rubber Limited (the "Parent') and its subsidiaries (the parent and its subsidiaries together referred to as "the Group") and its share of the net profit after tax and total comprehensive income of its associates and joint ventures for the quarter and nine month ended December 31 2020 ("the Statement"), being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").
• 1. This statement is the responsibility of the Parent's Management which has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting', prescribed under section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India and has been approved by the Board of Directors/Committee of Board of Directors. Our responsibility is to express a conclusion on these financial statements based on our review.
• 1. We conducted our review in accordance with the Standard on Review Engagement (SRE) 2410 "Review of Interim Financial Information Performed by the Independent 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 Standards on Auditing 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

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33 (8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable.

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• 1. The Statement includes the results of the below mentioned subsidiaries, joint ventures & associates :
• (a) Subsidiaries
  • (i) Spin Investment (India) Limited
  • (ii) Superior Investment (India) Limited.
• (b) Joint Ventures
  • (i) Asahi Modi Materials Private Limited
  • (ii) Gujarat Guardian Limited
  • (iii) Modi Marco Aldany Private Limited
• (c) Associate
  • (i) Vinura Beverage Private Limited
• 5 Based on our review conducted and procedures performed as stated in paragraph 3 above, nothing has come to our attention (read with paragraph 6 below) 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 Regulation 52 read with Regulation 63 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 misstatements
• 6 The consolidated financial results includes the Group's share of net profit after tax of Rs.693.29 lacs and Rs 652.15 lacs for the quarter and nine month ended December 31, 2020 respectively and total comprehensive income/(loss) of Rs.693.29 lacs and Rs 652.15 lacs for the quarter and nine month ended December 31, 2020 respectively, as considered in the Statement, in respect of 3 joint ventures and 1 Associate whose interim financial information have not been reviewed by us.

These interim financial information/ financial results have not been reviewed by their auditors and these unaudited interim financial information/ financial results and other unaudited financial information have been approved and furnished to us by the Parent's Management. According to the information and explanations given to us by the Management, these interim financial information/financial results are material to the Group.

FOR SURESH SURANA & ASSOCIATES LLP Chartered Accountants irm's Registration No. 121750 W / W-100010

hul Singhal) PARTNER Membership No. 096570 UDIN: 21096570AAAABY4373

Place: New Delhi Dated: 12" February 2021

Suresh Surana & Associates LLP

Suresh Surana & Associates LLP

LIMITED REVIEW REPORT

To, The Members of Modi Rubber Limited

We have reviewed the accompanying statement of unaudited standalone financial results ("the statement") of Modi Rubber Limited ("the Company") for the quarter ended on 31° December 2020 and the year to date results for the period 01 April 2020 to 31 December 2020, being submitted by the company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulation"), read with SEBI Circle No. CIR/CFD/CMDI/80/2019 dated 19 July 2019 ("the Circle").This statement is the responsibility of the Company's Management which has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting", prescribed under section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India and has been approved by the Board of Directors/Committee of Board of Directors. Our responsibility is to issue a report on these financial statements based on our review.

We conducted our review in accordance with the Standard on Review Engagement (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the financial statements are free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provided less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.

Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying statement of unaudited financial results prepared in accordance with applicable accounting standards and other recognized accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Circular No: SEB! Circle No. CIR/CFD/CMDI/80/2019 dated 19 July 2019 including the manner in which it is to be disclosed, or that it contains any material misstatements.

FOR SURESH SURANA & ASSOCIATES LLP Chartered Accountants irm's Registration No. 121750 W / Wine 0

ul Singhal) PARTNER Membership No. 096570 UDIN: 21096570AAAABZ6364

Place: New Delhi Dated: 12th February 2021

Statement of Standalone and Consolidated Audited Financial Results for the Quarter and Nine months ended December 31, 2020 Modi Rubber Limited
CIN: L25199UP1971PLC003392, Registered office : Modinagar - 201204 (U. P.)

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PARTI						Quarter ended					Nine Months ended			(Amount in Lacs) Year ended
S.No.		Particulars					Consolidated		Standalone			Consolidated	Standalone	Consolidated
				Standalone
			Dec 31, 2020	Dec 31				Sep 30, 2020	Dec 31, 2020	Dec 31,2019	Dec 31, 2020	Dec 31,2019	March 31, 2020	March 31, 2020
			Un-Audited	Un-Audited	2019 Sep 30, 2020 Dec 31, 2020		Dec 31,2019	Un-Audited	Un-Audited	Un-Audited	Un-Audited	Un-Audited	Audited	Audited
			Note 10			Note 10
	6	Net Sales / Income from Operations Revenue from operations						$\mathbf{I}$		×
	죠	Other Operating Revenue	50.86	125,36	46.87	38.86	125.36	46.87	206.88	349.34	188.88	349.34	513.35	489.35
			50.86	125.36	46.87	38.86	125.36	46.87	206,88	349.34	188.88	349.34	513,35	489.35
		Total Revenue from operations							1,579.55	2,083.69	452.55	1,003.63	2669.19	1147.23
	$\overline{2}$	Other Income	98.83	122.23	1,390.10	151.28	191.66	187.88
	s.	Total income (1+2)	149.69	247.59	1436.97	190.14	317.02	234.75	1,786.43	2,433.03	641.43	1,352.97	3182.54	1636.58
	ᢦ	Expenses
	T	Cost of material consumed			¥,			t.	$1 \quad 1$		٠	×	k,	$\mathbf{d}_i$
	公	Change in inventories of finished goods, work- in-progress and stock-in-trade						$\mathbf{3}$					$\blacksquare$	$\cdot$
	ø	Employee benefits expense	98.13	136.01	120.08	98.13	136.01	120.08	322.62	332.84	322.62	332.84	465.41	465.41
	ত	Finance costs	6.31	7.75	11.42	6.31	7.73	11.44	25.47	23.25	25.49	26.65	57.17	60.57
	$\widehat{\bullet}$	Depreciation and amortisation expense	68.15	75,98	66.77	68.15	75.98	66,77	200.50	219.81	200.50	219.81	297.30	297.30
	C	Other expenses	330.90	436.74	247.59	331.38	433.01	270.36	780.59	1,158.46	839.59	1,190.78	1513.24	1555.84
		Total Expenses	503,49	656.48	445.86	503.97	652.73	468.65	1,329.18	1,734.36	,388.20	1,770.08	2333.12	2379.12
	5	Profit/(Loss) from continuing operations	(353.80)	(408.89)	991.11	(313.83)	[335.71]	(233.90)	457.25	698.67	(746.77)	(417.11)	849.42	(742.54)
	6	before exceptional Items and tax (3-4) Exceptional Items (Refer note 14)						(260, 20)			(260.20)
	$\overline{r}$	Profit I(Loss) from continuing operations	(353.80)	408.89	991.11	(313.83)	(335.71)	(494.10)	457.25	698.67	(1006.97)	(417.11)	849.42	(742.54)
		before tax and share in net profit/ (loss) of oint ventures and associates (5-6)
	8	Share in net profit/ (loss) of joint ventures and associates	i.		X	693.29	214.75	426.96	$\mathbf{I}$	ï	652.15	873.57	$\,$ I	811.97
	ġ,	Profit/ (loss) before tax (7+8)	(353.80)	408.89)	991.11	379.46	(120.96)	(67.14)	457.25	698.67	(354.82)	456.46	849.42	69.43
	$\frac{1}{2}$	Tax expense										ï	ï	19.17 99.76
		- Current Tax - Earlier year	(1.57)	$1 - 1$	E 3	(1.57)	(0.81)	$\mathbf{i}$	(1.57)	$\cdots$	(1.57)	(0.81)	101.07	183.70
		- MAT credit written off - Deferred Tax	ŧ.		$\pm$ $\pm$		ì.	$\Gamma$ $\blacksquare$	$\mathbf{I}$	$\lambda$		ÿ,	183.80	0.00
	$\mathbf{r}$	Net Profit/(Loss) from continuing operations	(352.23)	408.89)	991.11	381.03	(120.15)	(67.14)	458.82	698.67	(353.25)	457.27	564.55	(233.20)
		after tax (9-10)										(82.89)	(235.63)	(401.59)
	$\vec{c}$	Other comprehensive income/(loss)	419.15	145.96)	456.00	868.51	(249.52)	910.02	1,061.41	(84.92)	2,129.84
	$\overline{1}$	Total Comprehensive income/(Loss) for the quarter (11+12)	66.92	554.85)	1447.11	1249.54	(369.67)	842.88	1,520.23	613.75	1,776.59	374.38	328.92	(634.79)
													HERE	SANTED
		B ASSO C												HANDROAD
		ES WWW.NS											100 MW	*

S.No.	Particulars			Quarter Ended						Nine Months ended			Year ended
			Standalone			Consolidated			Standalone		Consolidated	Standalone	Consolidated
		Dec 31, 2020 Dec 31, 2019		Sep 30, 2020 Dec 31, 2020		Dec 31,2019	Sep 30, 2020				Dec 31, 2020 Dec 31,2019 Dec 31, 2020 Dec 31,2019		March 31, 2020 March 31, 2020
			Un-Audited Un-Audited	Un-Audited	Un-Audited	Un-Audited	Un-Audited	Un-Audited	Un-Audited	Un-Audited	Un-Audited	Audited	Audited
$\overline{4}$	Paid-up equity share capital (Rs. Lacs) (Face value Rs. 10/- per share)	2504.05	2504.05	2504.05	2504.05	2504.05	2504.05	2504.05	2504.05	2504.05	2504.05	2504.05	2504.05
15	(as per balance sheet of previous accounting Reserves excluding revaluation reserves vear) (Rs. Lacs)	N.A.	Α,	N.A.	Ϋ́Σ	N.A.	Ϋ́Υ	N.A.	N.A.	Α,	NA.	ΔÁ.	Á.
16	Earnings per share (EPS) (a) Basic (in Rs.)	EE EEE	$\overline{3}$	3.96	$32$ $52$	$(0.48)$ $(0.48)$	$(0.27)$ $(0.27)$	83	2.79 2.79	(1.41)	$\frac{6}{6}$	2.25	(0.93)
	(b) Diluted (in Rs.)		$\overline{3}$	3.96						(1.41)		2.25	(0.93)
	• Not Annualised

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$\overline{a}$

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$\hat{\alpha}$

1,288,015 9,341,580 8.20 Un-Audited 5.14 14,410,937 91.80 57.55 37.31 ended Dec 31,2020 Quarter $\equiv$ $\frac{1}{2}$ Standalone Quarter Ended Un-Audited 1,288,015 9,341,580 91.80 57.55 8.20 14,410,937 5.14 37.31 Un-Audited 9,341,580 15,698,952 100.00 62.69 37.31 % age of Shares (as a % age of the total Shareholding % age of Shares (as a % age of the total Shareholding % age of Shares (as a % age of the total Share capital % age of Shares (as a % age of the total Share capital Remaining unresolved at the end of the quarter Promoters and promoter group Shareholding Particulars of Promoter and Promoter group) Pending at the beginning of the quarter of Promoter and Promoter group) PARTICULARS OF SHAREHOLDING Percentage of Shareholding Disposed off during the quarter Received during the quarter INVESTOR COMPLAINTS Pledged/Encumbered: of the Company) of the Company Number of Shares Non Encumbered: Public Shareholding No of Shares No of Shares ã $\widehat{\sigma}$ ż ∢ S.No.	E E	oelected information for the Quarter ended December 31, 2020
Dec 31, 2020 Dec 31,2019 Sep 30, 2020 March 31, 2020				Year ended
Audited
9,341,580
1,288,015 8.20 91.80 5.14 14,410,937				37.31
57.55

Modi Rubber Limited

1. Financial Results for the quarter ended December 31, 2020

(a) Net profit(loss) from ordinary aclivities (afler tax): Rs. (352.23) Lacs

(6) Other Compreherisive income/(loss): Rs. 419.15 Lacs

(c) Total Comprehensive incame/(loss) for the quarter (after tax) : Rs. 66.92 Lacs

1. The above financial results for the quarter and nine months ended December 31, 2020 have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on February 12th, 2021.

2. The Statutory Auditors have carried out a limited review of the above results for the quarter and nine months ended December 31, 2020 and issued an unmodified opinion on the same.

4, In accordance with IND AS 108 - Operaling Segment used to present the segment information are identified on the basis of informal report used by the Company to allocate resource to the segment and assess their performance. The Board of Directors of the Company is collectively Chief Operating Decision Maker (CODM).The Company is engaged in Renting of immovable property which in the context of Ind AS 108 "Operating Segment" is considered as the only segment, The Company's aclivilies are restricted within India and hence no separate geographical segment disclosure is considered necessary.

1. Modi Nagar Plant, set-up on the land & shed taken on lease from Modi Export Processors Limited (MEPL) which Is under liquidation, could not be repaired/re-started due to seal put in by the Official Liquidator of MEPL. The Company has filed Special Leave Petition before the Division Bench of Allahabad High Court for taking back possession for carrying out industrial activities.

2. In compliance of difections issued by the BIFR vide its order dated February 23, 2010, the unimplemented portion of the SS-08 is under implementation by the company and a slatus report to this effect as al Seplémber 30, 2016 was also submitted by the company wilh BIFR periodically on October 20, 2016. With effect from December 01, 2016, SICA repealed by Government of India vide its Gazette Nolification dated November 25, 2016 and all approved schemes will now be governed by National Company Law Tribunal.

3. During the quarter ended December 31, 2020, the Company has not granted any stock options under Employee Stock Oplion Scheme to its employees.

4. During the quarter ended December 31, 2020 the Campany has not allotted any equity Shares, Paid up Capital of the Campany as on December 31, 2020 is Rs 2,504.05 lacs consisting of 25,040,532 Equity Shares of the face value of Rs. 10/- each.

5. The basic and diluted earnings per share has been calculated in accordance with the IND AS - 33 "Earnings Per Share".

6. Figures (consolidated as well as standalone) for the quarter ended December 31, 2020 represent the difference between reviewed figures for the nine months ended December 31, 2020 and the published figures for the six month ended September 30, 2020.

7. Incorne Tax, Deferred Tax Asset/Liability and MAT credit entitlement will be reviewed at the yearend.

12 The Company aiong with subsidiary "Spin Investment Limited" has made investments of Rs.3,590.17 lacs. and has given loans and advances of Rs. 121.47 lacs (inclusive of interest) aggregating to Rs.3,711.64 lacs (hereinafter together referred as "Exposure") in "Modi Marco Aldany Private Limited" and "Uniglobe Mod Travels Private Limited" which are group companies. The company's management has made an assessment that considering the long term and strategic nature of investment, impairment in the value of investments due to erosion in the networth of the investee entities is considered temporary and accordingly there is no need to make impairment/provision against the same at this stage.

13 The Company's subsidiary company "Spin Investment Limited" has made investments of Rs.285.86 lacs and has given foans and advances of Rs. 4.33 lacs (inclusive of interes!) aggregating to Rs.290.19 lacs (hereinafter together referred as "Exposure") in its associale company " Vinura Beverages Private Limited" of which net worth has-substantially eroded. In view of the prudence concept, the company has provided complete provision against the carrying value of Rs 260.20 lacs during the quarter ended 30th Seplember 2020.

1. The outbreak of Coronavirus (COVID -19) pandemic globally and in India is causing significant disturbance and siowdown of economic activity. A nationwide lackdown was declared by the Government of India (GON) with effective from 23 March 2020 and GO! has. declared it as an 'Act of God" as result of said pandemic which was further extended with some relaxation and now un-locking is being declared with some restrictions. The Company has definitive evaluated impact of this pandemic on Its business operations and based on its review on liquidity position, recoverability of assets and current indicators of future economic conditions to the extent possible in view of highly uncertain economic environment as on date, there is no adjustment required at this stage.

2. Previous and corresponding quarter figures have been regrouped and rearranged wherever considered necessary to conform to the classification in current quarter.

For Modi Rubber Limited

=

Alok ar Modi Managing Director Place: New Delhi Date: 12th February, 2021

Cht: L25199UP1971PLC003392, Registered office : Modinagar - 201204 ( U, P.)
Cht: L25199UP1971PLC003392, Registered office : Modinagar - 201204 ( U, P.)

$\frac{1}{2}$ $\label{eq:3.1} \frac{1}{\sqrt{2}}\frac{1}{\sqrt{2}}\frac{1}{\sqrt{2}}\frac{1}{\sqrt{2}}\frac{1}{\sqrt{2}}\frac{1}{\sqrt{2}}\frac{1}{\sqrt{2}}\frac{1}{\sqrt{2}}\frac{1}{\sqrt{2}}\frac{1}{\sqrt{2}}\frac{1}{\sqrt{2}}\frac{1}{\sqrt{2}}\frac{1}{\sqrt{2}}\frac{1}{\sqrt{2}}\frac{1}{\sqrt{2}}\frac{1}{\sqrt{2}}\frac{1}{\sqrt{2}}\frac{1}{\sqrt{2}}\frac{1}{\sqrt{2}}\frac{1}{\sqrt{2}}\frac{1}{\sqrt{2}}\$ $\hat{\mathcal{L}}$

(Amount in Lacs March 31, 2020 Consolidated 489.35 69.43 69.43 (233, 20) (634, 79) 2,504.05 NA (0.93) Audited Year Ended
March 31, 2020 Standalone 513.35 849.42 849,42 564.55 328.92 2,504.05 N.A 2.25 Audited
, Un-Audited Un-Audited Un-Audited Un-Audited Un-Audited Un-Audited Un-Audited 349.34 456.46 456.46 2,504.05 457.27 374.38 N.A 1.83
188,88 (94.62) (354.82) (353.25) 1,776.59 2,504.05 N.A 14.441 (0.37) Nine Months ended
and the compact December 31, 2020 349.34 698.67 2,504.05 698.67 613.75 698.67 X.A 2.79 2.79
206.88 457.25 457.25 458.82 1,520.23 2.504.05 X.A 1.83 1.83 46.87
193.06 (67, 14) (67.14) 2,504.05 842.88 $\frac{1}{2}$ (0.27) 0.77 125.36 (120.96) (120.96) (120.15) (369.67) N.A (0.48) (0.48)
Consolidated 2,504.05 38.86 379.46 379.46 381.03 2,504.05 N.A 1,249.54 1.52 1.52
Quarter Ended 991.11 2,504.05 991.11 991.11 N.A ,447.11 3.96 3.96
l Dec 31,2019 Sep 30, 2020 Dec 31, 2020 Dec 31,2019 Sep 30, 2020 Dec 31, 2020 Dec 31, 2020 Dec 31,2019 125,36 (408.89) (408.89) (408.89) (554.85) Standalone 2,504.05 N.A (1.63) (1.63)
Dec 31, 2020 Un-Audited 50.86 (353.80) (353.80) (352.23) 66.92 504.05 N.A (1.41) (1.41)
7 Reserves (excluding Revaluation Reserves as shown in the Balance) 3 Net Profit/ (Loss) for the period before tax (after exceptional items) 2 Net Profit/ (Loss) for the period (before tax and exceptional items) AlNet Profit/ (Loss) for the period after tax (after exceptional items) 8 Earnings per share (EPS) (of Rs. 10/-each) (Not Anrualised) (ia) Basic and Diluted EPS (before exceptional liems) (in Rs.) S Equity Share Capital (Face value of share is Rs. 10/- each) (b) Basic and Diluted EPS (after exceptional Items) (in Rs.) 5 Total Comprehensive Income for the period (after tax)
1 The above is an avtract of the district of Particulars 1 Total Income from operations (Net)
Sheet of previous year)
S.No. Notes:

Extract of Standalone and Consolidated Un-Audited Financial Results for the quarter and nine month

es.
1 The above is an extract of the dealied format Financial Results field once Regions and the SEBI (Listing Obligations and Disclosure Requierments) Regulations, 2015. The full format of the Quartehy 2 The above results have been reviewed by the and subsequently approved by the Board of Directors of the free the of February 12th, 2021. The Statulory Audross of the Company have carried out a Annual Financial Results are available on the stock exchange website, www.nseindia.com, and on the Company website www.modrobberifrinted.com

$(0.93)$

3 Previous quarterf year end figures have been rearranged and / or regrouped, wherever necessary, to make them comparable with those of the current quarterf year end.

By order of the Board

New Delhi
Date: 12th February, 2021

Marconary
Mark Kumar Modi
Managing Director