M.R.F. Ltd. — Annual Report 2021

Jun 7, 2021

MRF Limited, Regd. Office : 114, Greams Road, Chennai 600 006 E-mail: mrfshare@mrfmail.com; Tel.: 044-28292777; Fax: 91-44-28295087 CIN : L25111TN1960PLC004306; Website: www.mrftyres.com

071/SH/SE/BOARD/JUNE-2021/KGG 7th June,2021

National Stock Exchange of India Ltd	Bombay Stock Exchange Ltd
th Floor Exchange Plaza, 5	Floor 24 P J Towers
Plot G Block Bandra-Kurla No.C/1	Dalal Street, Mumbai 400 001
Complex Bandra (E), Mumbai 400 051

Dear Sir,

AUDITED FINANCIAL RESULTSFORTHE YEAR ENDED31s1 MARCH,2021

Please refer to our letter dated 25th May,2021.

Pursuant to the applicable regulations of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,2015, please find the following:

• 1. Audited financial results (standalone and consolidated) for the year ended 31st March,2021 as approved by the Board of Directors in the Board Meeting held today. Declaration with respect to Auditors' Report with unmodified opinion is given in Audited financial results.
• 1. Auditors' Report for audited financial results for both standalone and consolidated for the year ended 31st March,2021.
• 1. The Board of Directors have recommended a final dividend of Rs.941- (940%) per share of Rs.10 each. The Company has already declared and paid two interim dividends of Rs.3/- each (30%) per share for the financial year ended 31st March,2021. In addition to the final dividend, the Board has recommended a special dividend of Rs.501 - (500%)per share of Rs.10 each in connection with the 60th Annual General Meeting of the Company. The year 2021 also marks the completion of 75 years of establishment of Madras Rubber Factory (which was originally established in 1946 as a proprietorship concern for manufacture of toy balloons). Madras Rubber Factory later took up manufacture of tread rubber at which time it was converted into a partnership concern. Subsequently during the year 1960, it was converted into a limited company after which it started manufacture of automotive tyres and tubes.

The total dividend for the financial year ended 31st March 2021(including the special dividend) works out to Rs.150/- (1500%)per share of Rs.10 each.

The meeting of the Board of Directors of the Company commenced at 11.00 a.m and l d d t ''2.·'20 conc ^u ea p.m.

Kindly take the same on record.

Thanking you.

Yours faithfully For MRF LIMITED

/ /1 ' Jr\A =rv=: ~

S DHANVANTH KUMAA . . COMPANY SECRETARY

SCA AND ASSOCIATES

B-104, Kanakia Zillion, BKC Anne .e LBS/CST Road Junction, Kurla VVl'st MUMBAI - 400 070.

MAHESH, VIRENDER & SRIRAM "BADHE HOUSE" 6-3-788/36&37 A, Du rganar Colony Ameerpeet, Hyderabad - 500016

INDEPENDENT AUDITOR'S REPORT

To The Board of Dir ctors, MRF LTD.

Report on the audit of Standalone Annual Financial Results

Opinion

• L We have audited the accompanying Standalone annual financial results ("the Statement") of MRF Ltd ("the Company") for the year ended ::nsl March, 202't ("the Statement"), attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended.
• 2 In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone annual financial results:
• a) are presented in accordance with the requirements of Regubtion 33 of the Listing Regulations in this regard; and
• b) give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian Ac 'ollnting Standards, and other accounting prino ples generally accepted in India, of the net profit and other cornprehcnsive income and other financial information for the vcar ended 3"1'\March 2021

Basis for opinion

1. We conducted om audit in accordance with the Standards on !\ulliting ("5As") specified under section 143(10) of lhe Com parries Art. 20B ("tilt' Art"). Om rcsponsi bilities under those SAs MC further described in the Auditor's Respqnsibilitics lor the Audit of the Standalone Annual Financial Results section of our report. IN! Me independent or 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 out audit of the financial statements under the provisions of the Act, and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. \Ne believe that tho audit evidence> we have obtained, is suffi ient and appropriate to provide a basis for our opinion on the Standalone an ¹¹ ua I financial results.

Management and Board of Directors' Respon ibil ities for the Standalone Annual Financial Results

..j These standalone annual financial results have b\,l'n prt:pdfL'd nil the basis ot tlu- standalon. annual financial statements.

SCA AND ASSOCIA TES B-104, Kanakia Zillion, EKC Annexe LBSjCST Road Junction, Kurla West MUM BAI - 400 070.

MAHESH, VIRENDER & SRlRAM "BADl{E HOUSE" 6-3-788/36&37A, Durganar Colony Arneerpeet, Hyderabad - 500016

• 1. The Company's Management and the Board of Directors are responsible for the preparation and presentation of these standalone annual financial results that give n true and fair view of the net profit and other comprehensive income an~l other financial information in accordance with the recognition and measurement principles la:id down in Indian Accounting Standards prescribed under Section 133 of the Act and other accounting principles genercllly accepted ill India and in compliance with Regulation 33 of the Usting Regulations. This responslbility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the asset" of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudcnt., and the design, implementation and maintenance of adequate internal financial controls, that were operating euectivclv for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone annual financial results that give a true and rail' view and are free from material misstatement whether due to fraud or error.
• 1. In preparing the standalone annual financial results, the Management and the Board of Directors arc responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends FOliquidate the Company Of to cease operations. or has no realistic alternative but to do so.
• 1. The Board of Directors is responsible for overseeing the Company's financial reporting process

Auditor's Responsibilities for the Audit of the Standalone Annual Financial Results

• 1. Our objectives are to obtain reasonable assurance about whether the standalone annual financiel results as a whole are free from material mi~statement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a hieh revel of assurance. but is not a 8uarnnlee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatement» can arise- from fraud or error and arc considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone annual financial results. '
• 1. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also-
• Identify and assess the risks of materia! misstatement of the standalone annual financial results. whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for out' opinion. The risk of not detecting a matoria l rn isstaternent resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, torgery, intentional omissions, misrepresentations, or the override of inti-mal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section '143(3)(i) of the Act, we are also responsible for expressing our opinion through d separate report on the complete set of financial statements on whether the cOfnpany has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.

seA AND ASSOCIATES

B-104, Kanakia Zillion, BKC Anncxe LBS/csr Road Jun lion, Kurla West MUMBAI - 400 070.

MAHESH, VTRENDER & SRIRAM "BADHE HOUSE" 6-3-788f36&37A, Durganar Colony Ameerpeet, Hyderabad - 500 016

• Conclude on the appropriateness of the Management and Baal d of Directors USE' of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the appropriateness of this assumption. If we conclude that a material uncertainty exists, we are required to draw attention in our auditc r's report to the related disclosures in the standalone annual financial results or, if such disclosures are inadequate, to mod ilv our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report However, future events or conditions OM)' cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the standalone annual financial results, including the disclosures, and whether the standalone annual financial results represent the underlying transactions and events in a mariner that achieves (air presentation.

We communicate with those cI,ar~t.'d with gOVl)n1aIKl' r('gMdin!'" anlong other rnd\1l'r-;, the plannod scope and timing of the audit rind significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied \"\'1t11 relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence. and where applicable, related safeguilrds.

Other Matters

lO.The standalone annual financial results include the results for the quarter ended 3'1" March 2021 being the balancing figure between the audited figures in rcspc>ct of the full financial year and the published unaudited yedf to date figures up to the third quarter of the current financral year which were subject to limited review by us.

(<t~~

(SHlVRATAN AGARWAL) Partner M. No. 104180 UDfN: 2\ l 04-l~O""AAA H 1'41-53+ Mumbai, 07th June, 2021

For MAHESH, VIRENDEH & SRIRAM Chartered Accou nta nts (Reg. No. 0(19395)

~----

(13R MAHESH) Partner M. 1\;0. 18628 UDIN: 2. \ 0\ 86'2.8 AAJ\A f'L;242. Hyderabad, 07th June, 2021

	MRF LIMITED
	Regd.Office: 114, Greams Road, Chennai - 600 006 elN: L25111TN1960PLC004306; Website: www.mrftvres.com; Email: mrfshare@mrfmail.com; Ph: 044-28292777 FAX: 28295087
	Rs.Crores Statement of Audited Standalone Financial Results for the Quarter and Year ended 31st March,2021
			Quarter ended		Year ended
	PARTICULARS	31.03.2021 Audited	31.12.2020	31.03.2020 Audited	31.03.2021	31.03.2020
		(Refer Note 3)	Unaudited	(Refer Note 3)	Audited	Audited
I	Revenue from Operations	4,737.68	4,566.75	3,625.18	15,921.35	15,991.14
II	Other Income	56.53	63.38	57.48	207.23	330.50
III	Totallncome( I + II )	4,794.21	4,630.13	3,682.66	16,128.58	16,321.64
IV	Expenses
	a) Cost of materials consumed	2,874.71	2,624.38	2,137.89	8,853.63	9,461.73
	b) Purchase of stock-in-trade	7.17	4.86	6.67	15.78	22.30
	c) Changes in inventories of finished goods, Stock-in-trade and work-in-progress	32.03	(106.27)	(72.14)	359.36	24.88
	d) Employee benefits expense	352.08	392.94	344.09	1,387.87	1,320.51
	e) Finance costs	74.51	63.75	69.15	264.72	274.26
	f) Depreciation and amortisation expense	296.97	283.07	266.45	1,136.92	980.62
	g) Other expenses	726.12	687.68	638.74	2,410.03	2,838.02
	Total expenses(IV)	4,363.59	3,950.41	3,390.85	14,428.31	14,922.32
V	Profit before Exceptional Items and Tax ( III-IV)	430.62	679.72	291.81	1,700.27	1,399.32
VI	Exceptional Items	-	-	-	-	-
VII	Profit before Tax	430.62	679.72	291.81	1,700.27	1,399.32
VIII	Tax expense
	(1) Current Tax	94.00	164.00	73.80	489.72	401.80
	(2) Deferred Tax	19.36	4.00	(451.46)	(38.51 )	(397.46)
IX	Profit for the period from Continuing Operations ( VII • VIII)	317.26	511.72	669.47	1,249.06	1,394.98
X	Other Comprehensive Income( OCI)
	A(i) Items that will not be reclassified to profit or loss	1.20	(11.40)	(2.92)	(20.90)	(26.82)
	(ii) Incometax relating to items that will not be reclassified to profit or loss	(0.30)	2.87	(1.60)	5.26	6.75
	B(i) Items that will be reclassified to profit or loss	(24.47)	23.48	9.34	(22.06)	13.98
	(ii) Incometax relating to items that will be reclassified to profit or loss	6.17	(5.91)	(1.90)	5.56	(3.52)
XI	Total Comprehensive Income for the PeriodfYear	299.86	520.76	672.39	1,216.92	1,385.37
XII	Paid up Equity Share Capital ( Face Value of Rs. 101- each)	4.24	4.24	4.24	4.24	4.24
XIII	Paid up Debt Capital •	180.00	180.00	340.00	180.00	340.00
XIV	Earnings Per Share for Continuing Operations (of RS.1 01- each) (not annualised):
	Basic (Rs. Per Share)	748.05	1,206.56	1,578.51	2,945.09	3,289.16
	Diluted (Rs. Per Share)	748.05	1,206.56	1,578.51	2,945.09	3,289.16
	xv Other Equity excluding Revaluation Reserve	-	-	-	13,174.62	12,000.11
XVI	Debenture Redemption Reserve	-	-	-	-	-
XVII	Net Worth				13,178.86	12,004.35
XVIII	Debt-Equity Ratio ••				0.08	0.10
XIX	Debt service coverage Ratio ***				5.46	4.03
	xx Interest service coverage Ratio ****				14.06	10.62
	See accompanying Notes to the financial results

Standalone Statement of Assets and Liabilities	Standalone	Rs.Crores
	As at	As at
Particulars	31.03.2021 Audited	31.03.2020 Audited
ASSETS (1) Non-Current Assets
(a) Property, Plant and Equipment	9,366.83	8,820.72
(b) Capital Work-in-Progress	1,001.03	1,734.56
		28.46
(c) Other Intangible Assets	24.31
(d) Financial Assets
(i) Investments	1,150.34	26.53
(ii) Loans	2.67	12.22
(iii) Other financial assets	18.94	18.22
(e) Non Current Tax Asset(Net)	252.22	232.22
(f) Other non-current assets (2) Current Assets	291.42	323.37
(a) Inventories	2,880.33	2,852.69
(b) Financial Assets
(i) Investments	4,725.83	1,513.65
(ii) Trade Receivables	2,220.50	2,257.03
(iii) Cash and cash Equivalents	102.80	1,104.23
(iv)Bank balances other than Cash and Cash Equivalents	2.54	2.62
(v) Loans	6.77	2.89
(vi) Other financial assets	60.28	50.75
(c) Other current assets	152.77	173.95
TOTAL ASSETS EQUITY AND LIABILITIES	22,259.58	19,154.11
Equity
(a) Equity Share Capital	4.24	4.24
(b) Other Equity	13174.62	12 000.11
Total Equity Liabilities	13178.86	12004.35
(1) Non-Current Liabilities
(a) Financial Liabilities
(i) Borrowings	811.76	779.03
(ii) Other Financial Liabilities	312.63	327.48
(b) Provisions	211.25	189.16
(c) Deferred Tax Liabilities (Net)	378.50	427.83
(d) Other non-current liabilities (2) Current Liabilities	184.22	250.64
(a) Financial Liabilities
(i) Borrowings	40.82	241.99
(ii) Trade Payables:
(A) total outstanding dues of micro enterprises and Small enterprises and	54.21	17.02
(B) total outstanding dues of creditors other than micro enterprises and Small enterprises	4,190.65	2,323.12
(iii) Other Financial Liabilities	657.14	730.63
(b) Other Current Liabilities	2,039.81	1,709.78
(c) Provisions	199.73	153.08
Total Liabilities	9080.72	7149.76
TOTAL EQUITY AND LIABILITIES	22,259.58	19,154.11

		Year ended		Rs.Crores
	31st March 2021		31st March 2020
A. CASH FLOW FROM OPERATING ACTIVITIES:
NET PROFIT BEFORE TAX		1,700.27		1,399.32
Adjustment for:
Depreciation	1.136.92		980.62
Unrealised Exchange (Gain) I Loss	6.34		(8.50)
Govemment Grant Accrued	(1.63)		(0.02)
Impairment of Financial Assets	0.14		0.14
Finance Cost	264.72		274.26
Interest Income	(125.43)		(15.27)
Dividend Income Loss I (Gain) on Sale I Disposal of Property. Plant and Equipment	(0.10)		(0.12)
Fair Value changes in Investments	4.91 (28.73)		(0.54) (239.43)
Fair Value changes in Financial Instruments	18.27		59.62
Loss I (Gain) on Sale of Investments	(0.71)		(13.28)
Bad Debts written off	0.16	1,274.86	0.02	1,037.50
OPERATING PROFIT/(LOSS) BEFORE WORKING CAPITAL CHANGES		2,975.13		2,436.82
Trade receivables	26.00		118.64
Other receivables	47.72		(56.36)
Inventories	(27.64)		98.24
Trade Payable and Provisions	1956.97		3.94
Other liabilities	218.81	2.221.86	189.04\	75.42
CASH GENERATED FROM OPERATIONS		5,196.99		2,512.24
Direct Taxes paid		(509.72		(434.43
NET CASH FROM OPERATING ACTIVITIES		4,687.27		2,077.81
B. CASH FLOW FROM INVESTING ACTIVITIES
Purchase of Property, Plant and Equipment	(842.95)		(2,732.29)
Proceeds from sale of Property, Plant and Equipment	1.15		2.39
Purchase of Investments	(6,194.95)		(2,064.74)
Proceeds from sale of Investments	1,879.39		4,625.66
Fixed Deposits with Banks matured	0.22		0.78
Loans (Financial assets) repaid I (given)	8.75		(12.88)
Interest Income	85.43		12.65
Dividend income	0.10		0.12
NET CASH USED IN INVESTING ACTIVITIES		(5,062.86)		(168.31)
C. CASH FLOW FROM FINANCING ACTIVITIES
(Repayments) I Proceeds from Working Capital Facilities (Net)	(200.56)		(166.47)
Proceeds from Term Loans	300.00		-
Proceeds from SIPCOT Loan			80.92
Repayment of Term Loans	(180.92)		(242.57)
Repayment of Debentures	(160.00)		(160.00)
Govemment Grant Accrued	1.63		0.02
Deferred payment Credit Payment of Lease Liability	(0.61)		(0.54)
Interest paid	(97.77) (244.64)		(85.58) (259.14)
Dividend	(42.41 )		(25.45)
Dividend Distribution Tax	-		15.21\
NET CASH FROM FINANCING ACTIVITIES		(625.28)		(864.02)
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS		(1,000.87)		1,045.48
OPENING BALANCE OF CASH AND CASH EQUIVALENTS		1,104.23		57.52
Unrealised Gain I (Loss) on Foreign currency Cash & Cash equivalents		(0.56)		1.23
CLOSING BALANCE OF CASH AND CASH EQUIVALENTS		102.80		1,104.23

Notes:

(1)The above standalone financial results for the Quarter and Year ended 31st March,2021 were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 07th June, 2021.

(2) The auditors have issued audit report for standalone financial results with unmodified opinion for the year ended 31st March 2021 in terms of SEBI Circular CIR/CFD/CMD/56/2016 dated 27th May, 2016.

(3)The figures for the Quarter ended 31st March, 2021 and 31st March,2020 are the balancing figures between the audited figures in respect of the full financial year and the year-to-date figures upto the third Quarter of the Financial year.

(4)These financial results have been prepared in accordance with the recognition and measurement principles laid down in the Ind AS prescribed under Section 133 of the Companies Act, 2013 read with the rules thereunder and in terms of SEBI Circular dated 5th JuIY,2016.

(5)The Company is dealing mainly in rubber products and has no other reportable segment.

(6)The Board of Directors has recommended a final dividend of Rs 94/- (940%) per share of Rs 10/- each which along with two interim dividends of RS.3 /- each (30%) per share already paid works out to Rs 100/- (1000%) per share of Rs 10/- each. In addition to the final dividend, the Board has also recommended a special dividend of Rs.50/-each (500%) per share of RS.10/- each. Thus the total dividend for the year ended 31 st March,2021, works out to Rs 150/- (1500%) per share of Rs 10/- each.

(7)The Company's rating agencies,i.e.CARE and ICRA has reaffirmed its rating of "CARE AAA" /" [ICRA] AAA" for Non Convertible Debentures: CARE has also reaffirmed the rating of "CARE AAA" for Long term Banking Facility and, "CARE A1+" for Short term Banking Facility.

(8)The Listed Secured Redeemable Non Convertible Debentures of the Company aggregating to RS.180 Crore as on 31st March,2021 are secured by way of legal mortgage of Company's Land at Taluka Kadi,District Mehsana,Gujarat, India and hypothecation by way of first charge on Plant & Machinery at the Company's Plants at Perambalur, Trichy, Tamilnadu, equivalent to the outstanding amount.

	Previous Due Date (Paid on Due datc)		Next Due Date
SINo Particulars	Principal	Interest	Principal (Part redemption)	Interest
I 10.09% Non-Convertible Debentures - 180 Crs	th May 27 2020	27'h May 2020	th May 27 2021	27"' May 2021

(9lDetaiis of Secured Non-Convertible Debentures as on 31 st March, 2021 are as follows:

(10) Covid-19 pandemic has caused significant impact on the business environment and the economy. The Company has considered possible impact, if any, due to the current second wave of the pandemic and selective lock down declared in different parts of the country. Based on the current indicators and future economic conditions, the Company does not foresee any incremental risk regarding recoverability of assets and ability to service financial obligations. The Company has strong net worth and has serviced all its debt obligations in a timely manner.

(11) In terms of the requirement of SEBI circular dated 26.11.2018 applicable to large corporates the Initial disclosure for the year 2020- 2021 and Annual disclosure for the year 2020-2021 submitted to the stock exchanges are attached herewith as Annexure-1.

(12) The figures for the previous periods/year have been regrouped/restated wherever necessary .

• Paid up Debt Capital represents Secured Redeemable Non-Convertible Debentures .
• •• Debt to Equity Ratio: Long Term DebtslTotal Net Worth
• ••• Debt Service Coverage Ratio: EBDIT/(Interest + Principal Repayment during the period)
• •••• Interest Service Coverage Ratio: EBDIT/lnterest Expenses

For MRF LIMITED

~ '--f "'f.l.__

.- RAHUL MAMMEN MAPPILLAI Managing Director

Place: Chennai Date: 07th June, 2021 ~L,A AN l) ASSOCIATES B-104, Kanakia Zillion, EKC Annexe LBSjCST Road Junction, Kurla West MUMBAI - 400 070,

MAHESH, VIRENDER & SRIRAM "BADHE I-lOUSE" 6-3-78t5/36&37 A, Durganar Colony Amecrpeet, Hydcrabad ·500016

INDEPENDENT AUDITOR'S REPOHT

To The Board of Directors, MRFLTD.

Report on the audit of Consolidated Annual Financial Results

Opinion

• 1. We have audited the accompanying Consolidated annual financial results of MRF lid (hereinafter referred to as the "Holding Company") and its subsidiaries (I lold ing Companv and its subsidiaries together referred to as "the Group"), ior the YCM ended 31" ~larch, 2021 ("tlw Statement"), attached herewith, being submitted by the Comp<H1Y pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended.
• 2 In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of report of the other auditor on scpar.itc audited financial statements of the subsidi.irv, Ill(' d/ore!'.did consolidated annual financial results:
• <1) include the annual financial results of the following entities

Name of the Entity	Relationship
MRF Corp Limited	Wholly Owned Subsidiary
MRF Lanka (Private) Limited	Wholly Owned Subsidiary
MRF SG PTE Ltd.	Wholly Owned Subsidiary
MRF International Limited	Subsidiary

• b) are presented in accordance with the requirements of Regulation :n of the Listing Regulations in this regard; and
• c) give a true and [air view in conformity with tht' recognition and measurement principles laid down in the applicable Indian Accounting Standards, and other arcounting principles generally accepted in India, of the net profit and other comprehensive income and other financial information for tJ1C year ended ³'1<1 March 2021

Basis for opinion

3 We conducted our audit in accordance with the Standards on i\lIditing ("51\s") specified under section 143(10) of the Companies Act, 20'13 ("the Act"), Our responsibilities under those SAs are further described in the Auditor's Responsibilities for the Audit of the Consolidated Annual Financial Results section of our report. We are independent of the Group 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 the financial statements under till' provisions of the Act, and the Rules thereunder. and we have [u lfil lod our ot hcr ethical responslbilittes ill accordance with these requirements and the Code 01 Ethics We believe that the audit evidence obtained by us along with the consideration of audit report of the other auditor referred to in sub paragraph (a) of tJ1C "Other Matters' paragraph below, is sufficient and appropriate to provide a basis for our opinion on the consolidated annual financial results.

sex AN D ASSOCIATES B-104, Kanakia Zillion, BKC Annexe LBS/CST Road Junction, Kurla West MUMBAl - 400 070.

MAHFSH, VIRENDER & SRIRAM "BAD] IE HOeSE" 6-3-78B/36&37 r\, Durganar Colony Ameerpeet, Hyderabad - 500016

Management and Board of Directors' Responsibilities for the Consolidated Annual financial Results

• 1. These consolidated annual financial results have been prepared on the basis of the consolidated annual financial statement').
• S. The Holding Company's Management and the Board of Directors are responsible for the preparation and presentation of these consolidated annual financial results that give <1 true and fair view of the consolidated net profit and other comprehensive income and other financial information of the Group in accordance with the recognition and measurement principles laid down in lnd ian Accounting Standards prescribed under Section '133 of the Act and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Management and Board of Directors of the companies included in the Group are responsible for maintenance of adequate ace iunring records in accordance with the provisions of the Act for safeguarding of the assets of each company and tor preventing and detecting frauds and other irregularities: selection and application l,f appropriate accounting policies; making [udgrnents and estimates that Ml' reasonable and prll<lvllt; and the design, implementation .md maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated annual financial results that give a true and fair view and arc free from material misstatement, whether dill' to Iraud or error. which have been used for the purpose of preparation of the consolidated annual financial re-sults by the Management and the Directors of tlu: Holding Company, as aforesaid.
• 1. In preparing the consolidated annual financial results, till' Management and the respective Board of Directors of the companies included in the Group am responsible for assessing the ability of each company to continue as a going concern, disclosing us applicable, matters related to going concern and uslng the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the C)mp,H1Y Of to Cl'<l';(' oporations. or hdS no reali"ti, altcrn.uiv« but to do so.
• 1. The respective Board of Directors of tilt> companies included III the Group is responsible for overseeing the financial reporting process of each company

Auditor's Responsibilities for the Audit of the Co nsol id atcd Annual Financial Results

• 1. Our objectives arc to obtain reasonable assurance about whether the consolidated annual financial results as it whole are free (rom material misstatement, whether due to fraud or error, ami to issue an auditor's report that includes Our opinion. Reasonable assuran c is a hip,h level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always del 'ct a material misstatement when it e. ists. Misstatements can arise from fraud or error and are considered material if, individually or in the ap,grl'g.\le, thl')' could reasonably be expected to influence the economic decision .s of users taken ⁰¹¹ the basis of these consolidated annual financial resul is.
• 1. As part of an audit in accordance \ ith S:\s, we exercise professional judgment -md mauuain professional skepticism throughout the audit. VVealso:

SCA AND ASSOCIATES 13-104,Kanakia Zillion, I3KC Annexe LBS/CST Road Junction, Kurl<1 West MUMBAI - 400 070.

MAH ESH, VIRENDEI{ & SRIRAM "I3ADI fE HOUSE" 6-3-788/36&37 A, Durganar Colony Ameerpcet, Hyderabad - 500 0'16

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section "143(3) (i) of the Act, we are also responsible for expressing our opinion through a separate report on the complete set of financial statements on whether the company has adequate internal financial controls with reference 10 financial statements in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures ill the consolidated financial results made by the :--lclfl(lgement and 13iard of Directors.
• Conclude on the appropriateness of the Management and Board of Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether d material uncertainty exists related to events or conditions that may cast significant doubt on the appropriateness of this assumption. If we conclude' that rl rnater ia l uncertainty exists. I've arc required to draw attention in our auditor's report to tb,' related disclosures in the consolidated annual financial resu Its or, i( such d isclosurcs arc inadequate. to mod if y ou r opinion. Our conclusions are based on the audit evidence obtained up to thl' date of our auditor's report. However, future events or conditions may cause the Croup to cease to continue as il going concern .
• Evaluate the overall presentation, structure and content of the consolidated annual financial results. including the disclosures, and whether the ^c insolid atc i annual financial re:>ulls represent the underlying transactions and events in <1manner thal achieves f.lir presentation .
• Obtain sufficient appropriate audit evidence regiH ling till' financial results 01 the entities within the Group to express an opinion on the consolidated annual financial results. We arc responsible for the direction, supervision and performance of the audit of financial information of such entities included in the consolidated financial results or which we are the independent auditors. For the other entity included in the consolidated annual financial results, which has been audited by other auditor, such other auditor remain responsible for the direction, supervision and pcrf'orrnanco of tlw audit curried Jut by \11('11). \;\'v remain solely responsible for our audit opinion. Our responsibilities in this regilrd Ml' tu rtlu-r described in Pdr~ (a) of the section titled "Other Matters' in this audit re port.

We communicate with those Charged with governance o( tlw J-Iolding Company and such other entities included in the consolidated annual financial results of which we tlff' lht' independent auditors regarding, among other matters, the planned scope and liming of the audit and significant audit findings, including any significant dcficicn 'i('s in internal control that WL' idcntirv during our audit.

We also provide those charged with governance with a statc'ment that we helve complied with relevant ethical requirements regarding independence, and to communi-vue with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

We also performed procedures in accordance with the circular )0 ClRICFD/C~',i!D1/44/2019 issued by the SEl3lunder Regulation 33(8) of the Listing Regulations, as amended, to the extent applicable.

SCA AND ASSOCIATES

B-10'1, Kanakia Zillion, 13KC Annexe LI3S/CS~r Road Junction, Kurla West MUMI3AI - 400 070.

MAHESH, VmE~DER & SRlRAM "BADl fE HOGS[" 6-3-7H8/36&37:\, Durganar Colony Amcerpcet. Hyderabad - 500016

Other Matters

j(J The consolidated annual financial results include the audited financial results of certain Subsidiaries, whose financial statements reflect total assets (before consolidation adjustments) of Rs. 1228.159 Crorcs as at 31st March 2021, total revenue (before consolidation adjustments) of Rs. 1424.18 Crores and total net profit after tax (before consolidation adjustments) 01 Rs. :!8.71 Crores and net cash outflow of Rs. 10.45 Crores for the year ended on that date, as considered in the consolidated annual financial results, which has been audited by its independent auditor. The independent auditors' report on financial statements of this entity have been Iurnishod to us by the management and our opinion on the consolidated annual financial results. in so Iar as it relates to the amounts and disclosures included in respect of this cnuty , is bcl"vd solely on till' rL'il()rl of such auditor and the procedures performed by us cue as stated in paragraph above

Our opinion on the consolidated annual financial results is not modified in rc 'peel 01 the above matter with respect to our reliance on the work done and the report uf the other auditor.

^t i.The consolidated annual financial results include the results for the quarter ended 31'1 March 2021 being the balancing figure between the audited figures in respect of the full financial y(~ar and the published unaudited yCM to date figures up io the third quarter of the current financial year which were subject to limited review by us.

For SCA AND ASSOCIATES Chartered Accountants (Reg. No. 101174W) For MAHESH, VmENDER & SIURAM Chartered Accountants (I{eg. No. 0(19395)

	MRF LIMITED Regd.Office: 114, Greams Road, Chennai - 600 006 CIN: L25111TN1960PLC004306; Website: www.mrftyres.com; Email: mrfshare~mrfmail.com; Ph: 044-28292777 FAX: 28295087
	Rs.Crores
	Statement of Audited Consolidated Financial Results for the Quarter and Year ended 31st March,2021 Quarter ended Year ended
	PARTICULARS	31.03.2021 Audited (Refer Note 3)	31.12.2020 Unaudited	31.03.2020 Audited (Refer Note 3)	31.03.2021 Audited	31.03.2020 Audited
I	Revenue from Operations	4,816.46	4,641.60	3,685.16	16,163.19	16,239.36
II	Other Income	57.74	63.62	60.05	209.94	335.38
III	I + II ) Totallncome(	4,874.20	4,705.22	3,745.21	16,373.13	16,574.74
IV	Expenses
	a) Cost of materials consumed	2,915.19	2,652.59	2,177.69	8,952.10	9,577.04
	b) Purchase of stock-in-trade	7.43	4.82	6.67	16.15	22.59
	c) Changes in inventories of finished goods, Stock-in-trade and work-in-progress	20.23	(102.67)	(76.27)	354.25	17.40
	d) Employee benefits expense	358.45	399.92	349.24	1,415.03	1,344.93
	e) Finance costs	76.76	66.40	72.48	274.67	292.82
	f) Depreciation and amortisation expense	298.41	283.88	267.00	1,140.77	982.32
	g) Other expenses	748.74	709.97	644.58	2,483.32	2,903.39
	Total expenses(IV)	4,425.21	4,014.91	3,441.39	14,636.29	15,140.49
V	Profit before Exceptional Items and Tax ( III·IV)	448.99	690.31	303.82	1,736.84	1,434.25
VI	Exceptional Items	-	-	-	-	-
VII	Profit before Tax	448.99	690.31	303.82	1,736.84	1,434.25
VIII	Tax expense
	(1) Current Tax	96.62	166.53	76.16	497.57	409.07
	(2) Deferred Tax	20.22	3.24	(451.36)	(37.80)	(397.39)
IX	Profit for the period from Continuing Operations ( VII - VIII)	332.15	520.54	679.02	1,277.07	1,422.57
X	Other Comprehensive Income( OC I)
	A(i) Items that will not be reclassified to profit or loss	1.80	(11.40)	(2.85)	(20.30)	(26.75)
	(ii) Incometax relating to items that will not be reclassified to profit or loss	(0.45)	2.87	(1.62)	5.11	6.73
	8(i) Items that will be reclassified to profit or loss	(18.89)	16.93	17.04	(26.06)	13.88
	(ii) Incometax relating to items that will be reclassified to profit or loss	6.17	(5.91)	(1.90)	5.56	(3.52)
XI	Total Comprehensive Income for the year attributable to:
	Owners of the Company	320.77	523.03	689.68	1,241.37	1,412.90
	Non Controlling Interest	0.01	-	0.01	0.01	0.01
XII	Paid up Equity Share Capital (Face Value of RS.10/- each)	4.24	4.24	4.24	4.24	4.24
XIII	Paid up Debt Capital •	180.00	180.00	340.00	180.00	340.00
XIV	Earnings Per Share for Continuing Operations (of Rs.10/- each) (not annualised):
	Basic (Rs. Per Share)	783.16	1,227.36	1,601.03	3,011.14	3,354.20
	Diluted (Rs. Per Share)	783.16	1,227.36	1,601.03	3,011.14	3,354.20
xv	Other Equity excluding Revaluation Reserve	-	-	-	13,409.43	12,210.47
XVI	Debenture Redemption Reserve	-	-	-	-	-
XVII	Net Worth				13,413.81	12,214.84
XVIII	Debt-Equity Ratio ••				0.08	0.09
XIX	Debt service coverage Ratio •••				5.46	4.00
xx	Interest service coverage Ratio ••••				13.67	10.08
	See accompanying Notes to the financial results

Consolidated Statement of Assets and Liabilities		RS.Crores
	Consolidated As at	As at
Particulars	31.03.2021	31.03.2020
ASSETS	Audited	Audited
(1) Non-Current Assets
(a) Property, Plant and Equipment	9,416.42	8,841.27
(b) Capital Work-in-Progress	1,002.23	1,740.94
(c) Other Intangible Assets	24.33	28.49
(d) Financial Assets
(i) Investments	1,129.77	5.58
(ii) Loans	2.70	12.25
(iii) Other financial assets	94.48	96.67
(e) Non Current Tax Asset(Net)	252.22	232.22
(f) Other non-current assets (2) Current Assets	292.53	333.88
(a) Inventories	2,938.81	2,905.18
(b) Financial Assets
(i) Investments	4,744.25	1,513.75
(ii) Trade Receivables	2,254.26	2,299.40
(iii) Cash and cash Equivalents	166.85	1,178.52
(iv)Bank balances other than Cash and Cash Equivalents	2.54	2.62
(v) Loans	6.77	2.89
(vi) Other financial assets	61.15	52.58
(c) Other current assets	192.55	196.10
TOTAL ASSETS EQUITY AND LIABILITIES Equity	22,581.86	19,442.34
(a) Equity Share Capital	4.24
(b) Other Equity	13,409.43	4.24 12,210.47
Non Controlling Interest
Total Equity	0.14 13413.81	0.13 12214.84
Liabilities (1) Non-Current Liabilities
(a) Financial Liabilities
(i) Borrowings	811.76	779.03
(ii) Other Financial Liabilities	312.63	327.48
(b) Provisions	211.55	189.72
(c) Deferred Tax Liabilities (Net)	380.24	428.86
(d) Other non-current liabilities (2) Current Liabilities	184.22	250.17
(a) Financial Liabilities
(i) Borrowings	915.41	731.03
(ii) Trade Payables:
(A) total outstanding dues of micro enterprises and Small enterprises and	54.21	17.02
(B) total outstanding dues of creditors other than micro enterprises and Small enterprises	3,387.23	1,888.32
(iii) Other Financial Liabilities	662.28	732.39
(b) Other Current Liabilities	2,045.03	1,727.14
(c) Provisions	199.73	153.53
(d) Current Tax Liabilities (Net)	3.76	2.81
Total Liabilities	9 168.05	7227.50
TOTAL EQUITY AND LIABILITIES	22,581.86	19,442.34

		Year ended		Rs.Crores
	31st March 2021		31st March 2020
A. CASH FLOW FROM OPERATING ACTIVITIES: NET PROFIT BEFORE TAX		1,736.84		1,434.25
Adjustment for:
Depreciation	1.140.77		982.32
Unrealised Exchange (Gain) I Loss	6.13		(8.65)
Government Grant Accrued	(1.63)		(0.02)
Impairment of Financial Assets	0.48		0.20
Finance Cost	274.67		292.82
Interest Income	(127.33)		(21.92)
Dividend Income	-		(0.03)
Loss I (Gain) on Sale I Disposal of Property,Plant and Equipment	4.91		(0.54)
Fair Value changes in Investments	(29.11)		(237.74)
Fair Value changes in Financial Instruments	14.26		57.09
Loss I (Gain) on Sale of Investments	(1.01)		(13.28)
Sad Debts written off	0.16	1,282.30	0.05	1,050.30
OPERATING PROFITI(LOSS) BEFORE WORKING CAPITAL CHANGES		3,019.14		2,484.55
Trade receivables	34.27		97.29
Other receivables	22.80		(72.37)
Inventories	(33.63)		88.02
Trade Payable and Provisions	1588.24		187.92
Other liabilities	210.53	1,822.21	(72.37)	228.49
CASH GENERATED FROM OPERATIONS		4,841.35		2,713.04
Direct Taxes paid		(51677		(441.81
NET CASH FROM OPERATING ACTIVITIES		4,324.58		2,271.23
B. CASH FLOW FROM INVESTING ACTIVITIES
Purchase of Property,Plant and Equipment	(852.74)		(2,752.36)
Proceeds from sale of Property,Plant and Equipment	1.15		2.47
Purchase of Investments	(6,218.07)		(2,065.74)
Proceeds from sale of Investments	1,884.49		4,650.90
Fixed Deposits with Sanks matured	2.76		(5.71)
Loans (Financial assets) repaid I (given)	8.75		(12.86)
Interest Income	87.44		19.58
Dividend income			0.03
NET CASH USED IN INVESTING ACTIVITIES		(5,086.22)		(163.69)
C. CASH FLOW FROM FINANCING ACTIVITIES
(Repayments) I Proceeds from Working Capital Facilities (Net)	184.44		(313.02)
Proceeds from Term Loans	300.00
Proceeds from SIPCOT Loan			80.92
Repayment of Term Loans	(180.92)		(242.56)
Repayment of Debentures	(160.00)		(160.00)
Government Grant Accrued	1.63		0.02
Deferred payment Credit	(0.61)		(0.54)
Payment of Lease Liability	(97.77)		(85.58)
Interest paid	(254.04)		(280.91)
Dividend	(42.41 )		(25.45)
Dividend Distribution Tax	-		(5.23)
NET CASH FROM FINANCING ACTIVITIES		(249.68)		(1,032.35)
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS		(1,011.32)		1,075.19
OPENING BALANCE OF CASH AND CASH EQUIVALENTS		1,178.52		101.95
Unrealised Gain I (Loss) on Foreign currency Cash & Cash equivalents		(0.35)		1.38
CLOSING BALANCE OF CASH AND CASH EQUIVALENTS		166.85		1,178.52

The above Cash Flow Statement has been prepared under the "Indirect Method" as set out in the IndianAccounting Standard (Ind AS·?) . Statementof Cash Flow.

Notes:

(1)The above consolidated financial results for the Quarter and Year ended 31st March,2021 were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 07th June, 2021.

(2) The auditors have issued audit report for consolidated financial results with unmodified opinion for the year ended 31st March 2021 in terms of SEBI Circular CIR/CFD/CMD/56/2016 dated 27th May, 2016.

(3)The figures for the Quarter ended 31 st March, 2021 and 31st March,2020 are the balancing figures between the audited figures in respect of the full financial year and the year-to-date figures upto the third Quarter of the Financial year.

(4)These financial results have been prepared in accordance with the recognition and measurement principles laid down in the Ind AS prescribed under Section 133 of the Companies Act, 2013 read with the rules thereunder and in terms of SEBI Circular dated 5th JuIY,2016.

(5) The group except for MRF Corp Ltd, is engaged in the manufacture of rubber products such as Tyre, Tubes, Flaps, Tread Rubber and / or Trading in Rubber and Rubber Chemicals. In the context of IND-AS 108 operating segment are considered to constitute one single primary segment. MRF Corp Ltd is engaged in the manufacture of Speciality Coatings and its revenues, results and assets do not meet the criteria specified for reportable segment prescribed in the IND-AS. The group's operations outside India do not exceed the quantitative threshold for disclosure envisaged in the IND-AS. Non-reportable segments have not been disclosed as unallocated reconciling item in view of their materiality. In view of the above, primary and secondary reporting disclosures for business/geographical segment are not applicable.

(6)The Holding Company's rating agencies,i.e.CARE and ICRA has reaffirmed its rating of "CARE AAA" / " [ICRA] AAA" for Non Convertible Debentures: CARE has also reaffirmed the rating of "CARE AAA" for Long term Banking Facility and, " CARE A1+" for Short term Banking Facility.

(7)The Listed Secured Redeemable Non Convertible Debentures of the Holding Company aggregating to RS.180 Crore as on 31st March,2021 are secured by way of legal mortgage of Holding Company's Land at Taluka Kadi,District Mehsana,Gujarat, India and hypothecation by way of first charge on Plant & Machinery at the Holding Company's Plants at Perambalur, Trichy, Tamilnadu, equivalent to the outstanding amount.

18\Details of Secured Non-Convertible Debentures as on 31st March, 2021 are as follows:

		Previous Due Date (Paid on Due date)	Next Due Date
SINo Particulars	Principal	Interest	Principal (Part redemntion)	Interest
I 10.09% Non-Convertible Debentures - 180 Crs	27th May 2020	27th Mav 2020	27th Mav 2021	27th May 2021

(9) Covid-19 pandemic has caused significant impact on the business environment and the economy. The Holding Company has considered possible impact, if any, due to the current second wave of the pandemic and selective lock down declared in different parts of the country. Based on the current indicators and future economic conditions, the Holding Company does not foresee any incremental risk regarding recoverability of assets and ability to service financial obligations. The Holding Company has strong net worth and has serviced all its debt obligations in a timely manner.

(10)The figures for the previous periods have been regrouped wherever necessary .

• Paid up Debt Capital represents Secured Redeemable Non-Convertible Debentures .
• •• Debt to Equity Ratio: Long Term DebtslTotal Net Worth
• ••• Debt Service Coverage Ratio: EBDIT/(Interest + Principal Repayment during the period)
• •••• Interest Service Coverage Ratio: EBDIT/lnterest Expenses

For MRF LIMITED

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RAHUL MAMMEN MAPPILLAI Managing Director

Place: Chennai Date: 07th June, 2021

MRF Limited, Regd. Office : 114, Greams Road, Chennai 600 006 E-mail: mrfshare@mrfmail.com; Tel.: 044-28292777; Fax: 91-44-28295087 CIN : L25111TN1960PLC004306; Website: www.mrftyres.com

Annexure A

Format of the Initial Disclosure to be made by an entity identified as a Large Corporate

Sr. No.	Particulars
2	CIN	L25111TN1960PLC004306 \'
3	Outstanding borrowing of company as on 31st March, 2021	630 Crores
4	Highest Credit Rating during the previous FY along with name of the Credit Rating Agency	CARE- AM ICRA- AM ~
5	. Name of Stock Exchange in which the fine shall be paid, in case of shortfall in the required borrowing under the framework	National Stock Exchange of India Limited ('"

Iv' "Outstanding long-term borrowings shall mean any outstanding borrowing with original maturity of more than 1 year and shall exclude external commercial borrowings and intercorporate borrowings between a parent and subsidiary(ies) and soft loan from SIPCOT." r-.

We confirm that we are a Large Corporate as per the applicability criteria given under the SEBI circular SEBI/HO/DDHS/CIR/P/2018/144 dated November 26,2018.

/1·rr~--w:=-

Name of the Company SecretaU:..-i)"'C',-,onvanthKumar Designation: Company retary Contact Details: 044-28292777

Name of the Chief Financial Officer: Madhu P Nainan Designation: Vice President-Finance Contact Details: 044-28292777

Date.Ju" April,2021

~/

MRF Umited, Regd. Office: No. 114, Greams Road, Chennai - 600 006. Tel: 91-44-2829 2777; Fax: 91-44-2829 5087 CIN : L25111TN1960PLC004306 Website: www.mrftyres.com

Annexure B1

Format of the Annual Disclosure to be made by an entity identified as a Large Corporate

• 1. Name of the Company: MRF Limited
• 1. CIN: U5111TN1960PLC004306
• 1. Report filed for FY: 2020-2021
• 1. Details of the borrowings (all figures in Rscrore):

Sr. No.	Particulars	Details
i	Incremental borrowing done tn FY (a)	300
ii	Mandatory borrowing to be done through issuance of debt securities (b) = (25%of a)	75
iii	Actual borrowings done through debt securities in FY (c)	Nil
iv	Shortfall in the mandatory borrowing through debt securities, if any {d) = (b) - (c) {If the calculated value is zero or negative, write "nil"}	75
v	Reasonsfor short fall, if any, in mandatory borrowings through debt securities	The Company had during the current financial year incremental various options for evaluated borrowings including Term Loan from Banks, Non Convertible Debentures etc.
		In order to meet certain financial commitments and to avoid delays in raising debt in the form of debt securities, company decided to raise Term Loans from Banks which came with competitive rate and compared flexibitities as to operational other raising debt in the form of debt securities .
		However the company would continue its efforts to raise incremental borrowings in future by way of debt securities as mandated by SEBI

"incremental borrowings" shall mean any borrowing done during a particutar financial year, of original maturity of more than 1 year, irrespective of whether such borrowing is for refinandng/repayment of existing debt or otherwise and shall exclude externat commercial borrowings and inter-corporate borrowings between a parent and subsidiary(ies)".

~ -U~_\'F--J>.- /'

Name of the Company Secretary: S Dhanvanth Kumar Designation: Company Secretary Contact Details: 044-28292777

/">--- .~ I .-:J.-V l

Name of the Chief Financial Officer: Madhu P Nainan Designation: Vice President-Finance Contact Details: 044-282927n

Date:08.0S.2021