Niraj Cement Structurals Limited — Interim / Quarterly Report 2021

Aug 13, 2021

Niraj Cement Structurals Ltd

12th August,2021,

To
The Corporate Relations Department.	I National Stock Exchange of India Limited
BSE Limited	I Exchange Plaza
Phiroze Jeejeebhoy Towers,	I Bandra Kurla Complex,
Dalal Street,	I Bandra (East)
Mumbai-400001	Mumbai - 400 051
Script Code: 532986	Script Symbol : NIRAJ

o Dear Sir/Madam,

Sub: Outcome of Board Meeting held on Thursday, 12th August,202'1. Ref: Regulation 30, 33 A a2 of SEBI (Listing Obligations and Disclosure Requirements) Regul ati on, 2075 (" Listing Regul ati on").

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,2Ol5, we would like to inform you that the Meeting of the Board of Directors of the Company, held today, i.e. Thursday 1,2il, August, 2021 at 6.00 pm at the registered office of the Company, the Board has considered and approved the following matters:

• 1. Approved the Unaudited Financial Results of the Company for the quarter ended 30il' June,2021.. A Copy of Unaudited Financial Results for the quarter ended 30tr'June, 2021 along with Limited Review Report of the Statutory Auditors of the Company, as required under Regulation 33 of the Listing Regulations is enclosed herewith as "Annexure-f"".
• 1. Re-appointment of M/s Sanjay K. Lodha & Associates, Chartered Accountant as an Internal Auditor of the Company for the financial year 2027-22.
• 1. Appointment of M/s. AJP & Associates, Practicing Company Secretary as a Secretarial Auditor of the Company for the financial year 2021'-22'

CIN : L26940MH1998PLC114307

Office : Niraj House, Sunder Baug, Near Deonar Bus Depot, Deonar, Chembur, Mumbai - 400 088. Tel.: 6602 71 Fax:2551 8736 . E-mail : info@niraj.co.in . Website : www.niraj.co.in Factory : C-55, TTC lndustrialArea, Thane Belapur Road, Navi Mumbai. Tel;2768 1695 / 2768 0645

Niraj Cement Strucflrrals Ltd

• 1. The 23'd Annual General Meeting ("AGM") of the Company for the financial year 2O2A-2X has been scheduled to be held on Thursday, 30th September, 2021 through Video Conferencing ("YC") / Other Audio-Visuai Means ("OAVM"), in accordance with the relevant circulars issued by the Ministry of Corporate Affairs.
• 1. The Register of Members & Share Transfer Books of the Company shall remain closed from Friday,24th September,2021. to Thursday, 30'n September,2027 (both days inclusive) for the purpose of 23'd Annual General Meeting.

The meeting commenced at 06.00 p.m. and concluded at 07.00 p.m.

You are requested to kindly take a note thereof.

Thanking you,

Yours Faithfully,

For Niraj Cement Structurals

ACS:57428

Encl: as aboae

CIN : L26940MHl 998PLC1'l43o7

Office : Niraj House, Sunder Baug, Near Deonar Bus Depot, Deonar, Chembur, Mumbai - 400 088. Tel.: 6602 7100 Fax:2551 8736 . E-mail : info@niraj.co.in . Website : www.niraj.co.in Factory : C-55, TTC lndustrialArea, Thane Belapur Road, Navi Mumbai. Tel.:2768 1695 / 2768 0645

Niraj Cement Structurals Ltd

	NIRAJ CEMENT STRUCTURALS LIMITEDStatement of Unaudited Financial Results for the Quarter Ended as on June 30, 2021
					(Rs in Lacs except for share data)
			Quarter ended		Year ended
Sr.No.	Particulars	30-June -2021(Unaudited)	31-March-2021(Audited)Refer Note 4	30-June-2020(Unaudited)	31-Mar-2021(Audited)
Income
1	Revenue from operations Other Income	6,782.55	4,533.99	2,775.19	17,475.57
$\overline{2}$	Other Incomeii	54.58	120.03	1.56	369.24
$\overline{3}$	Total Income (1+2)	6,837.13	4,654.02	2,776.75	17,844.81
Expenses
4	Construction Costs and Other Direct Expenses	6,580.10	4,262.87	2,606.69	16,886.09
5	Changes in inventories of finished goods, work-in-Ħprogress and stock-in-trade	39.86	57.74	46.78	104.52
6	Employee benefits expenseШ	10.94	16.21	25.11	95.92
7	Finance costs (including exchange difference)iv	1.46	3.26	7.75	22.08
8	Depreciation and amortisation expensev	35.78	35.44	35.82	143.10
9	Other expensesVi	80.51	143.92	18.83	301.62
10	Total expenses (4+5+6+7+8+9)	6,748.65	4,519.44	2,740.98	17,553.33
11	Profit before exceptional items and Tax (3-10)	88.48	134.58	35.77	291.48
12	Exceptional Items	(40.00)	(94.59)		(94.59)
13	Profit Before Tax (11-12)	48.48	39.99	35.77	196.89
14	Tax Expenses
	Current Tax	(9.70)	(40.75)	(6.69)	(71.00)
	Deferred TaxĦ	2.14	9.26		6.45
15	Total Tax Expense	(7.56)	(31.49)	(6.69)	(64.55)132.34
16	Net Profit for the Period	40.92	8.50	29.08
17	Other comprehensive income
	Items that will not be reclassified to Profit or LossA(i)Remeasurements of defined benefit liability/(asset)		18.21	(2.00)	16.21
	income tax related to items that will not beA(i)reclassified to Profit or Loss
	Items that will be reclassified to Profit or LossB(i)
	(ii) Income tax related to items that will be reclassifiedB(i)to Profit or Loss
18	Total Other comprehensive income		18.21	(2.00)	16.21
19	Total comprehensive income (16+18)	40.92	26.71	27.08	148.55
20	Paid up equity Share Capital(Face Value ₹ 10 each fully paid up)	4,015.53	4,015.53	1,865.53	4,015.53
21	Other Equity				13,376.20
22	Earnings Per Share of ₹ 10 each (not annualized)
	₹ (Basic)(a)	0.10	0.07	0.11	0.37
	₹ (Diluted)(b)	0.10	0.09	0.11	0.51
	Date 12th August 2021	ဖ	CTURALS♂90	N.Vishram P RudreManaging Director
	Place: Mumbai

CIN: L26940MH1998PLC114307

Office : Niraj House, Sunder Baug, Near Deonar Bus Depot, Deonar, Chembur, Mumbai - 400 088. Tel.: 6602 7100 Factory : C-55, TTC Industrial Area, Thane Belapur Road, Navi Mumbai. Tel.: 2768 1695 / 2768 0645

Niraj Cement Strucfllrals Ltd

Notes
1	The statement has been prepared in accordance with Companies (lndian Accounting Standards) Rules, 2015 (lnd AS) prescribed under section 133
2	the companies Act, 2013 and other recognised accounting practices and policies to the extent applicableCompany has bookeh turnover and costs related to jornt venture entities and partners in the books of account. However the whole projects have
	handled by joint venture partners/entities and related TDS and GST complied by Joint venture partners/entities.
3	Revenue from operatrons includes work from on-going projects.
4	Thefinancial results includetheresultsforthequarterended3'1 March2021 beingthebalancingfigurebetweentheauditedfiguresin respectof the
	financial year and the published unaudited year to date figures up to the third quarter of the financial year ended on 31 st March 2021.
5	The inventories of worki-in -progress of Rs.637.73 Lacs is in respect of Projects on hold because of reasons not under the control of management of
	Companv and ongolng prolects. However the management rs confident of cmpleting the proyeects and the inventories of work-in-progress will be
	ln due course of ttme. During the quarter ended June 2021 rnventorres of work rn Progress is reduced Dy Rs. 39.86 Lacs
6	During the quarter ended June, 2021 total NIL lnvestors cofirplaints were received. There were no complaints pending at the at the beginning or atend of the quarter
i	The Company ts engaged primartly in bustness of civil constructron and infrastructure and accordinglv there are no separate reportable segments aslndran Accounting standards (lnd AS) 108 dealing with the segment reporting
8	Balances of trade payables, trade receivables, advances received, advances given, GST liabilities and lncome Tax assets (Net of liabilities) are
	to reconciliation and confirmation. The management is the process of reconciling the same and is hopeful of recovery of trade receivables
9	As per lnd AS 109 "Financtal lnstrument" the company is required to consider "Provision for Expected Creclit Loss" on all frnancral assets on the basis
	expecteo probability of recoverability of such financial rnstrurnent. Durrng the quarter, the company has provided Rs. 40.00 Lacs as Expected Credit L
	(ECL) and has written off in the financial statement. As per management explanation, the receivable anci advance of Rs.2116.73 Lacs rs in dispute
	fot balance receivable and advances, the management is following up wlth the parties and is hopeful for recovery. But in the absence of aciequate
	supporting documents, we are unable to comment on the measurement of carrying amount of all the financial assets appearing in thestatements for the quafter ended 30th June,2021.
	10 l-he Oompanv has considered tne possrble effects tnat nray result trom the pandemtc relattng to COVID-19 on the carrying amounts of property, plant
	equlpment, rnvestments, lrlventones, recervabies and other current assets. ln oeveloping the assumptions relating to the possible future uncertainties
	the global economic oonditions because of thrs panoemrc, rre (lompany, as at the riate of approval of these financial results has used internal
	external sources on the expectecj future performance of the Company. The Company has performed sensitivity analysis on the assumpttons usecl
	based on current indicators ol future economrc conditions, tne Company expects the carrytng amount of these assets will be recovered and
	liquiditv is available to f(rnd the Dusiness operations for at leasr another '12 months. Given the unceriainty because of COVID-19, the
	ftqC)ompany's assets rn future may differ trom that estrmated as at the date of approvai of the financial accounts.
	e,#Date : 12th August 2021
: Mumbai

CIN : L26940MH1 998PLC 114307

Office : Niraj House, Sunder Baug, Near Deonar Bus Depot, Deonar, Chembur, Mumbai - 400 088. Tel.: 6602 7100 Fax:2551 8736 . E-mail : info@niraj.co.in . Website : www.niraj.co.in Factory : C-55, TTC lndustrialArea, Thane Belapur Road, Navi Mumbai. Tel.: 2768 1695 / 2768 0645

Partners: CA Sohsn Chaturvedi F.C.A. CA Devenand Chaturvedi F.C.A. CA Chafurvedl VN F.C.A. CA Noshir B Captain F.C.A. CA Rajiv Chanhan F.C.A. CA Vimal Sethia A.C.A. CA Nehs Gupta A.C.A.

Chaturvedi Sohan & Co.

Chartered Accountants FBN - 118434W

INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF NIRAJ CEMENT STRUCTURALS LTD.

• 1. We have reviewed the accompanying Statement of Unaudited Financial Results of NIRAJ CEMENT STRUCTURALS LTD. ("the Company"), for the three months ended June 30,2021 ("the Statement"), being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Discloser Requirements) Regulations, 2015, as amended.
• 1. 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.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity', issued by the Institute of Chartered Accountants of India (ICAI). A review of interim financial information consists of making inquiries, primarily of the Company's personnel 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 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.
• 1. Based on our review conducted as above and subject to para 'a', 'b', 'c' 'd' and 'e' stated below and notes appended to financial result, nothing has come to our attention that causes us to believe that the accompanying statement of unaudited financial results prepared in accordance with the applicable Indian Accounting Standards (Ind-AS) prescribed under section 133 of the Companies Act, 2013 read with relevant rules issued there under and other recognised accounting practices and policies has not

320, Tulsiani Chambers, Nariman Point, Mumbai 400 021. India. Tel: +91 22 2281 5154 /56, +91 9022 952550 E-Mail:-accounts@cachaturvedi.com / audit@cachaturvedi.com /tax@cachaturvedi.com /finance@cachatuvedi.com website: www.cachaturvedi.com

dlselosed the informatlon requlrud to be dlselosed ln terms of Regulatlon 33 of the SEBI {Listing CIbll6atlons and Dlsclosures Requlrementr} Regulatlons, 2015 read wlth $ESl Circuler no. CtR/CFDIFAC/6i/1016 dated 5th Iuly, 2016, lncludlng the manner in whleh lt is to be distlosed, or that lt eontalns any material mlsstatement.

• a. Wr draw your attention to note no. 1 of the quarterly result; Nlrai Cement Structurals ltd has booked turnover and related cost of Joint Venture entlties and partners in its books of account, However, the whole projects have been ha,ndled by Joint Venture Partners / Entities and related GST and TDS compl,ied by Joint Venture Partners/ Entities.
• b. We draw your attention to note no. 5 of the quarterly resulti Niraj Cem:ent Structurals Ltd holds inventories of work -ln -progress of Rs.637.73 Lacs which is in respect of Projects on hold because of reasons not under the control of management of the Company and ongoing proiects. However the management is confident of completing the projects and the inventories of work-in-progress will be adjusted in due course of time. During the quarter ended June 2021 inventories of work in Progress is reduced by Rs,39.86 Lacs,
• c. We draw your attention of the quarterly result, balance of Trade Payable, Trade receivable, advances received and advances given, GST Liabilities and lncome Tax Assets (Net of Liabilities) are subject to confirmation and reconciliation. The management is hopeful for recovery of trade receivables.
• d. As per lnd AS 109 "Financial lnstrument" the company is required to consider "Provision for Expected Credit Loss" on all financial assets on the basis of expected probability of recoverability of such financial instrument. During the quarter, the company has provided Rs. 40,00 Lacs as Expected Credit Loss (ECL) and has written off in the flnancial statement. As per management explanation, the receivable and advance of Rs.2,X.16.73 Lacs is in dispute and for halance receivable and advances, the management is following up wlth the parties and is hopeful for recovery. ln the absence of adequate basis/ supportlng documents, we are unable to comment on the measurement of carrying amount of all the financial assets appearing ln the financlal statements as on 30.06.2021.
• e. As more fully described in Note 10 of the quarterly results, the Company has considered the possible effects that may result from the pandemic relating to COVID-19 on the carrying amounts of property, plant and equipment,

investments, inventories, receivables and other current assets. In developing the assumptions relating to the possible future uncertainties in the global economic conditions because of this pandemic, the Company, as at the date of approval of these financial results has used internal and external sources on the expected future performance of the Company. The Company has performed sensitivity analysis on the assumptions used and based on current indicators of future economic conditions, the Company expects the carrying amount of these assets will be recovered and sufficient liquidity is available to fund the business operations for at least another 12 months. Given the uncertainty because of COVID-19, the final impact on the Company's assets in future may differ from that estimated as at the date of approval of the financial accounts.

Our conclusion on the statement is not modified in respect of this matter.

For Chaturvedi Sohan & Co. Chartered Accountants Firm's Registration No.118424W

NOSHIR BURJORJI CAPTAIN CAPTAIN

Digitally signed by NOSHIR BURJORJI Date: 2021.08.12 18:14:44 +05'30'

Noshir B. Captain Partner Membership No.009889

• Place Mumbai Date: 12th August, 2021 UDIN: 21009889AAAABP5795