ORIENT CERATECH LIMITED — Annual Report 2019

May 14, 2019

Ref No.: Orient/Stock Exch/Letter/151

The Dy. General Manager, Corporate Relations & Services Dept., Bombay Stock Exchange Limited Phirojsha Jeejibhoy Towers, Dalai Street, Mumbai - 400 023.

14th May, 2019

The Dy. Gen. Manager, National Stock Exchange of India Ltd., Corporate Relations Dept., Exchange Plaza, 5th Floor, Plot No. C/i. G Block, Bandra-Kurla Complex, Mumbai - 400 051.

Scrip Code: ORIENTABRA

Scrip Code: 504879

Sub: Outcome of Board Meeting.

Dear Sir/Madam,

We are pleased to inform you that the Board of Directors of the Company at their meeting held today i.e. 14 th May, 2019, have transacted the following business:

• 1. Considered and approved the Audited Financial Results/Audited Financial Statements of the Company for year ended on 311tMarch, 2019. Pursuant to the Listing Regulations, we enclose the following;
  • Audited Financial Results of the Company for the quarter and year ended on 3111March, 2019.
  • Audited Statement of Assets & Liabilities as at 31 March, 2019.
  • Auditors Report on Audited Financial Results for the quarter and year ended 31 March, 2019.

The Company hereby declares that the Audited Financial Results for the year ended 31s ' March, 2019 have unmodified opinion of the Statutory Auditors Viz. M/s. Sanghavi &Co.

• 1. Recommended a dividend @25% i.e. Re. 0.25/- per Equity Shares face value of Re. 1/- each of the Company for the year ended 31st March, 2019, subject to the approval of the shareholders in the ensuing Annual General Meeting.
• 1. Mrs. Chiatali Salot, Non-Executive, Woman Director expressed her intention to step down as a Member of the Audit Committee due to other professional commitments. The Board took the same on record.

The meeting of the Board of Directors of the Company concluded at 5.30 P.M

Kindly take the same on your record.

Thanking you,

Yours faithfully,

For Orient Abrasives Limited

. r4LV Bimal Parmar -----TTT Company Secretary

Orient Abrasives Limited (Associate of Ashapura Group)

Registered Office: G.I.D.C. Industrial Area, Forbandar - 360 577, Gujarat, India Tel.: +91 -266 2221788/9, Fax: +91-286 2222719

Administrative Office: Jeevan Udyog Building, 2nd Floor, 278, D. N. Road, Fort, Mumbal - 400 001, India Tel.: +91 -22 6665 1700, Fax: +01 22 2207 9395

Website : www.orientabrasives.com Email : orientabrasives@oalmail.co.in Investor@oalmail.co.in CIN : L24299GJ1 971 PLC093248

ORIENT ABRASIVES LIMITED
Regd, Office: G.I.D,C. Industrial Area, Porbandar - 360577, Gujarat (India)
	Phone No. 0286-2221788-9
	CIN No. L24299G.J1971 PLC093248 Website: www.orientabrasives.com
Part 1	Statement of Audited Financial Results for the Quarter and Year ended March 31, 2019					[Rs. in Lacs]
			Quarter Ended	Year Ended
Sl.No.	Particulars			March 31, 2019 December 31, March 31, 2018 March 31, 2019 March 31, 2018
		Audited (ReferNote 9)	Unaudited	Audited (ReferNOte 91	Audited___________	Audited
	I Income from Operations
	(a) Revenue from operations (Refer Note 2 and 3)	850678	644545	8359 18	31296.80	32,720.97
	(b( Other income	103048,609.82	21.73	280.16	162.36	384.94
	Total Income from Operations		8,467.18	8,639.34	31,459.16	33,105.91
	2 Expenses
	(a) Cost of materials consumed	2,175.90	2,34060	2,686.87	8,297.63	9,08458
	)b) Purchase of traded goods	1,628.88	1,578.89	1,071,06	5,225.80	4,054.71
	)c( Change in inventories of finished goods, work in progress and	(8.73)	(1,278.36)	(722.41)	(1,370.32)	74961
	stock in trade
	(d) Stores and Spares consumed	521.66	648.11	735,13	1,98732	1,88907
	let Employee benefit expenses	628,40	724,85	855.90	2,621.37	2,63555
	)f) Depreciation and amortisation expense	261 A5	271 41	273,99	1,094,85	953.56
	(g) Power and fuel	1,337.29	1.967 11	1.787,04	8,170,07	6,191 53
	(h) Royalty and Levies on Export (Mining)	160.64	27862	204,04	1.137,75	71305
	(I) Freiqht, forwarding and clearing expenses	444.10	709.45	385.94	1,948.59	1,88082
	(I) Excise duty expenses	-		-	-	368.53
	(k) Other expenses	621.54	632.11	567.92	2,42026	2,02300
	(I) Foreign exchange (gain)/loss (net) (Refer Note 6)	(17.13)	103.33	(5.60)	(70.74(	1625
	(vi) Finance costs	22775	261.30	22021	924.48	61264
	Total Expenses	7,981.46	7,837.51	8,080.04	29,387.06	31,172.90
	3 Profit before tax (1-21	628.36	629.67	559.30	2,072.10	1,933.01
	4 Tax expenses
	Current tax charge (Refer Note 5(i))	14000	16700	20928	52084	51528
	MAT credit entitlement (Refer Note 5 (ii))	(10,00)	-	(491,84)	(36.00)	(699 94)
	Deterred tax charge / (credit)	2830	(40 87)	193.98	(30 21)	41844
	Total Tax Expenses	158.30	126.13	(88.58)	454.63	233.78
	S Net profit after tax (34)	470.06	503.54	647.88	1,617.47	1,699.23
	6 Other Comprehensive Income (net of text
	Items that will not be reclassified to profit or loss	12.98	(0.97)	1467	1007	(3.26)
	7 Total Comprehensive Income after tax (5*6)	483,04	502.57	662.55	1,627.54	1,695.97
	Paid-up Equity Share Capital (Face Value Re. it- per share) (includingforfeited amount of Rs 0 13 laCx(	1,196.52	1,196.52	1,196.52	1,196.52 1	1,196.62
	9 Other equity				20,423.99	19,157.03
	Earning Per Share (EPS) (of Re. II- each) (Ret
	Basic EPS (Rs.)	0.39	0.42	0.54	1,36	1.42
	'Diluted EPS (Rs.)	0.39	0.42	0.54	1.33	1,40
	(See accompanying notes to the Financial Results)
	Figures being nullified on Conversion to Rs In lacs

Notes:

The above results of Orient Abrasives Limited ("the Company"), for the year ended March 31, 2019 have been reviewed by the Audit Committee and approved by the Board of Directors in its meeting held on May 14, 2019, The statutory auditors have Gamed out audit of the same

2 According to the requirements of Schedule Ill of the Companies Act 2013, sales for the period upto June 30, 2017, and earlier periods presented in these financial results are inclusive of excise duly Consequent 10 applicability of Goods and Service Tax )GST( w.e.f. July 1, 2017, sales are shown net of GST in accordance with requirements of Ind AS-1 15 'Revenue from contracts with customers', The Sales net of Excise Duty/ GST for all periods is as given below:

Particulars	Quarter Ended			Year EndedI
	31.03-2019	31-12-2018	31-03-2018	31-03-2019	31 '03.2018
Revenue From Operations (Gross)	8,50678	8,445.45	8,35918	31,29680	32,720,97
Less Excise Duty	-			-	62917
Revenue From Operations (Net)	8,506.781	8.445.451	8.359181	31,296.80	32,091.e0

3 The Ministry of Corporate Affairs (MCA). on March 28th 2018, notified Ind AS ifS "Revenue from Contracts with Customers" as part of the Companies (Indian Accounting Standards) Amendment Rules, 2015 The new Standard is effective for accounting period beginning on or after 1st April, 2018. The adoption of the Standard did not have any material impact on the above financial results of the Company.

4 Dunng the year, the Company had informed the stock exchanges that owing to issues between the Company's management and the Contractual workers at the Company's plant located at Porbandar, the operations at the plant got disturbed for the period from June 27, 2018 till August 31, 2018 The plant operations resumed w,e f. August 31, 2018 based on resolution of aforesaid issues with the Contractual workers.

5 )i( Tax Provisions for the current year ended March 31, 2019 and previous year ended March 31, 2018 includes Rs 11,94 tacs and Rs. 76.28 lacs as tax provisions pertain to the earlier years respectively

(5) Tax provision in the financial results have been made as per Minimum Alternative Tax (MAT) as per provisions of section 1 15JB of the Income Tax Act, 1961, after considering Company's eligibility to avail benefit under section 801A of the Income Tax Act 1961 MAT Credit recognised in corresponding quarter and previous year ended March 31, 2018 also include MAT Credit of Rs 398.12 lacS recognised relating to earlier years, based on change in management's estimate to realise the MAT credit

6 During the quarter ended March 31. 2019, the Company has reclassified 'Foreign exchange (gain) / loss expenses' on reinstatement of assets or liabilities denominated in foreign currency, from Other Expenses and disclosed separately in the financial results

7 The figures of the last quarter are the balancing figures baiween audited figures in respect of the full financial year up to March 31, 2019 and the unaudited published year-to-date figures up to December 31 2018. being the date of the end of the third quarter of the financial year which were subjected to limited review by the auditors

8 Previous period / year figures have been regrouped (rearranged, wherever necessary.

Place: Mumbai

rector Hemul Shah Date: May 14th, 2019 Di (DIN 00058558)

(Rs. in Lacs)
	Quarter Ended			Year Ended
Particulars	March 31,December 31,		March 31,	March 31,	March 31,
	2019	2018	2018	2019	2018
	Audited (ReferNote 9)	Unaudited	Audited (ReferNote 9)	Audited	Audited
1. Segment revenue
A. Alumina Refactories & Monolithics products
& bauxite ores	8,350.25	8,358.09	8,271.17	30,459.16	31,966.37
B. Power division	1,576.91	1,248.77	1,046.20	4,440.16	4,859.55
Total	9,927.16	9,606.86	9,317.37	34,899.32	36,825.92
Less: Inter segment revenue	1,420.38	1,161.41	958.19	3,602.52	4,104.95
Net sales! income from operations	8,506.78	8,445.45	8,359.18	31,296.80	32,720.97
2. Segment results
(Profit before interest and Tax)
A Alumina Refactories & Monolithics products	352.77	876.83	755.45	2,361.25	1,882.30
& bauxite ores
B. Power division	530.87	144.54	174.05	1,077.37	979.28
Total	863.64	1,021.37	929.50	3,438.62	2,861.58
Less . Interest	208.84	244.81	261.58	844.96	675.31
Less Unallocable expenditure net off	46.44	146.89	10862	521.56	253.26
unallocable income
Profit before tax	628.36	629.67	559.30	2,072.10	1,933.01
3. Segment Assets & Liabilities
Segment Assets
A Alumina Refactories & Monolithics products	27,802.99	28,529.10	27,988.94	27802.99	27,988.94
& bauxite ores
B. Power division	6,667.34	6,506.28	6,922.43	6,667.34	6,922.43
C. Unallocated	1,606.83	1,578.53	1,024.30	1,606.83	1,024.30
Total	36,077.16	36,613.91	35,935.67	36,077.16	35,935.67
Segment Liabilities
A. Alumina Refactories & Monolithics products	4,701.41	6,865.29	6,963.36	4,701.41	6,963.36
& bauxite ores
B. Power division	841.45	324.67	1,405.05	841.45	1,405,05
C. Unallocated	8,913.79	8,286.48	7,213.71	8,913.79	7,213.71
Total	14,456.65	15,476.44	15,582.12	14,456.65	15,582.12

ORIENT ABRASIVES LIMITED Segment Wise Revenue, Results, Segment Assets and Liabilities are given below:

For Orient Abrasives Ltd.

Place: Mumbai Hemul Shah

Date: May 14th, 2019 Director (DIN 00058558)

	ORIENT ABRASIVES LIMITED
	STATEMENT OF ASSETS & LIABILITIES
-		Asat March 3l,2019	Asat March 3l,2018
	Particulars	Indian Rupees	Indian Rupees
		Audited	Audited
	- ASSETS
	I. Non-current assets
	(a) Property, plant and equipment(b) Capital work-in-progress	12,498.31269.18	13,278.9091.48
	(c) Intangible assets	108.26	135.31
	(d) Intangible assets under development	-	-
	(e) Financial assets
	(i) Other financial assets(f) Other non-current assets	155.77457.83	91.74407.72
	Total non-current assets	13,489.35	14,005.15
	lI.Current assets
	(a) Inventories	11,167.90	10,455.03
	(b) Financial assets(i) Trade receivables	8,190.98	8,382.53
	(ii) Cash and cash equivalents	505.94	108.03
	(iii) Bank balance other than (iii) above	732.38	508.26
	(iv) Others financial assets	235.45	70.20
	(c) Other current assets	1,755.17	2,406.47
	Total current assets	22,587.81	21,930.52
	Total Assets	36,077.16	35,935.67
	EQUITY AND LIABILITIES
	Equity
	Equity share capital	1,196.52	1,196.52
	Other equity	20,423.99	19,157.03
	Total equity	21,620.51	20,353.55
	LIABILITIES
	I. Non-current liabilities
	(a) Financial liabilities
	(i) Borrowings	1,136.06	1,311.53
	(ii) Other financial liabilities	15.17	3.05
	(b) Provisions(c) Deferred tax liabilities (net)	131.67833.25	133.50895.32
	(d) Other non-current liabilities	-	-
	Total non-current liabilities	2,116.15	2,343.40
	ll.Current liabilities(a) Financial liabilities
	(I) Borrowings	6,087.20	4,391.18
	(ii) Trade payables
	- Total outstanding dues of micro and small enterprises	91.97	-
	- Total outstanding dues of creditors other than micro and small enterprises	3,865.18	6,839.44
	(iii) Other financial liabilities(b) Other current liabilities	512.581,408.26	694.101,201.78
	(C) Provisions	66.29	59.85
	(d) Current tax liabilities	309.02	52.37
	Total current liabilities	12,340.50	13,238.72
-	Total equity and liabilitiesi	36,077.161	35,935.67

Sanhavi_&Co

chartered accountants

Auditor's Report on Standalone Financial Results pursuant to Regulation 33 of the SEll (Listing Obligations and Disclosure Requirements) Regulations, 2015

To The Board of Directors Orient Abrasives Limited

• We have audited the accompanying statement of financial results of Orient Abrasives Limited ("the Company") for the quarter and year ended 31s' March 2019 ("the Statement") being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("the Regulation") read with SEBI Circular No. CIR/CFD/FAC/62/2016 dated July 5, 2016 ("the Circular").
• 1. This Statement is the responsibility of the Company's management and is approved by the Board of Directors of the Company. This Statement as it relates to the quarter ended 31St March, 2019, has been compiled from the related interim financial statements prepared in accordance with Indian Accounting Standard (hid AS) 34 Interim Financial Reporting, and as it relates to the year ended 31St March, 2019, has been compiled from the related annual financial statements prepared 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 an opinion on the Statement based on our audit of such interim financial statements and annual financial statements.
• 1. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial results are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts disclosed in the Statement. An audit also includes assessing the accounting principles used and significant estimates made by the management. We believe that the audit provides a reasonable basis for our opinion.
• 1. The figures for the quarter ended 31st March, 2019 represent the derived figures between the audited figures in respect of the financial year ended 31st March, 2019 and the published year-to-date figures up to 319t December, 2018, being the date of the end of the third quarter of the current financial year, which were subjected to a limited review as required under the Regulation and the Circular.
• 1. In our opinion and to the best of our information and according to the explanations given to us, the statement:
  • (i) is presented in accordance with the requirements of the Regulation read with the Circular; and
  • (ii) gives a true and fair view of the net profit, other comprehensive income and other financial information of the Company for the quarter and year ended 31st March 2019.

For SANCHAVI & COMPAN Chartered Accountant FRJ: 1090991A

MANOJ GANATRA Membership No. 043485

Mumbai 0 Cha"