ORIENT CERATECH LIMITED — Interim / Quarterly Report 2021

Aug 11, 2021

Ref No.: Orient/Stock Exch/Letter/271 August 11, 2021

The Dy. General Manager, Corporate Relations & Services Dept., Bombay Stock Exchange Limited Phirojsha Jeejibhoy Towers,

The Dy. Gen. Manager, National Stock Exchange of India Ltd., Corporate Relations Dept., Exchange Plaza, 5th Floor, Plot No. C/1. G Block, Bandra-Kurla Complex, Mumbai - 400 051 Dalal Street, Mumbai - 400 023.

Scrip Code: 504879 Scrip Code: ORIENTABRA

Sub: Outcome of Board Meeting held on 11/08/2021

Dear Sir/Madam,

We are pleased to inform you that the Board of Directors of the Company at their meeting held today i.e. August 11, 2021, have inter-alia transacted the following business:

• 1. Considered and approved the Un-Audited Standalone & Consolidated Financial Results for the Quarter ended 30th June, 2021 (enclosed herewith).
• 1. Taken on record the Limited Review Report (LRR) dated 11th August 2021, as issued by the Statutory Auditors of the Company viz. M/s. Sanghavi & Company, Chartered Accountants (enclosed herewith).
• 1. On the recommendation of Nomination & Remuneration Committee, the Board has Coopted Mr. Ketan Shrimankar (DIN:- 00452468) as an Additional Director (category Non-Executive/ Independent Director) for a term of five consecutive years w.e.f 11th August, 2021, subject to approval of the shareholders at the ensuing Annual General Meeting of the Company.

Profile:

Mr. Ketan Shrimankar is a Chartered Accountant with over 35 years of experience. He is currently fund manager with a SEBI registered Cat ll fund. As a practising CA in the past, he is well versed in fields of company law, audit and taxation. As a management consultant, he is involved in guiding multiple start-ups and SMEs. He is also on the advisory board of several start-ups.

Mr. Ketan Shrimankar has not been debarred from holding the office of director by virtue of SEBI order or any other such authority.

None of the Directors are related to gach other personall.financially or otherwise

Orient Abrasives Limited (Associato of Ashapura Group) Registered Ofice: G.D.C. Industrial Area, Porbandar-360 577, Gujarat, India Tel.: +91-286 2221788 /9, Fax: +91-286 2222719 Website www.orientabrasives.com

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

Email: oriontabrasives@oalmail.co.in Iivestor@oalmail.co.in CIN: L24299GJ1971PLCO93248 The meeting of the Board of Directors of the Company concluded at 5.50 P.M. Kindly take the same on your record.

Thanking you, Yours faithfully, For Orient Abrasives Limited

deenma

Seema Sharma Company Secretary & Compliance Officer

Encl: As above

ORIENT ABRASIVES LIMITED
Regd. Office: G.I.D.C. Industrial Area, Porbandar - 360577, Gujarat (India)
Phone No. 0286-2221788-9

Part 1	Statement of Standalone/Consolidated Unaudited Financial Results for the Quarter ended June 30, 2021[Rs. in Lacs]
		Standalone
SI.No.			Quarter Ended	Year Ended	ConsolidatedQuarter Ended
	Particulars	June 30, 2021	March 31, 2021	June 30, 2020	March 31, 2021	June 30, 2021
1		Unaudited	Audited	Unaudited	Audited	Unaudited
	Income from Operations(a) Revenue from operations
	(b) Other income	7,382.63	.8,436.75	6,167.76	30,216.78	7,382.63
	Total Income from Operations	23.00	109.73	79.55	197.74	23.00
		7,405.63	8,546.48	6,247.31	30,414.52	7,405.63
	2 Expenses
	(a) Cost of materials consumed
	(b) Purchase of traded goods / material	1,829.42	1,939.77	1,277.11	7.455.20	1,829.42
	(c) Change in inventories of finished goods, work in progress and	640.95	2,065.24	615.27	4,813.20	640.95
	stock in trade	650.68	(185.66)	370.12	1,188.90	650.68
	(d) Employee benefit expenses
	(e) Depreciation and amortisation expense	857.99271.75	750.44	743.17	2,997.82	857.99
	(f) Power and fuel	1,308.82	271.13	274.40	1,110.32	271.75
	(g) Other expenses	1,551.86	1,176.31	1,087.08	4,532.78	1,308.82
	(h) Foreign exchange (gain)/loss (net)		1,890.20	1,455.44	6,171.81	1,551.89
	(i) Finance costs	(45.51)88.22	(12.71)	(25.78)	(33.73)	(45.51)
	Total Expenses	7,154.18	126.05	180.54	581.75	88.22
			8,020.78	5,977.35	28,818.05	7,154.21
3	Profit before exceptional items and tax	251.45	525.70	269.96
4	Exceptional items				1,596.47	251.42
5	Profit before tax (3-4)	251.45	525.70	269.96
6	Tax expenses				1,596.47	251.42
	Current tax charge	44.00	145.31	54.00
	Deferred tax (credit) / charge, Net of adjustment for earlier periods	(15.72)	121.98	(0.18)	318.31141.17	44.00
	Total Tax Expenses	28.28	267.29	53.82	459.48	(15.72)
	Net Profit for the period (5-6)	223.17	258.41	216.14	1,136.99	28.28223.14
8	Other Comprehensive Income / (expense) (net of tax)
	Items that will not be reclassified to profit or loss	2.42	27.24	(5.85)	9.69	2.42
	9 Total Comprehensive Income for the period (7+8)	225.59	285.65	210.29	1,146.68	225.56
10	Paid-up Equity Share Capital (Face Value Re. 1/- per share) (including
	forfeited amount of Rs. 0.13 lacs)	1,196.52	1,196.52	1,196.52	1,196.52	1,196.52
	11 Other equity				23,022.63
	Earning Per Share (EPS) (of Re. 1/- each) (Rs.)
	Basic EPS (Rs.)	0.19	0.22	0.18	0.95	0.19
	Diluted EPS (Rs.)	0.19	0.22	0.18	0.95	0.19
	(See accompanying notes to the Financial Results)
$l$ ntne $\cdot$	Figures being nullified on conversion to Rs. In lacs

The above results have been reviewed by the Audit committee and approved by the Board of Directors of orient Abrasives Limited (,the company,,) at their respeclive meetings held on August 11, 2021, in accordance with the requireme;b of Regulation 33 of the sEBt (Listina o;til"iion" lno o,""ro"rr" nequjremenls) Regulations, 2015, as amended. The Statutory Auditor have issued an u;modified review opinion on these resu[;.

These financial results of the companv have been prepared prescribed in accordance with the companies (lndian Accounling standard) Rutes, 2015 0nd AS) (as amended) under section 1 33 of lhe compa njes Act 201 3 read wilh relevant rules issuei thereunder and negulatLn ss oi the sili Disclosure [tiing outigations ano Requirements) Regutations, 201S, as amended.

The figures for the quarter ended March 3 1 , 2021 are lhe balancing figures between the audited fig ures in respecl of the full financiat year 6nded l,tarch 31 , 2021 and lhe published unaudited yearlo date ligures up to December 31, 2020 being the end ofthe third quarterwhich were subjected to review by the statutory auditors.

lmpact assessment - COVTD-I9

The company has assessed the possible impacl of covlD-19 on its financial statements based on lhe intemal and external informalion avaitabte up to the date of approvaloflhese inancialresults and concluded lhat no adjustment is required in these resutts (includirrg carrying vatue of assets and iiaoitilesl. The company continues to monitorthe futu.e economic conditions which nray have impacr on company,s financiar pertormarrcei

The Company has acquired 10070 equity shares of Orient Advanced Maieriats private Limited (Formerty known as KMt,| Consultancy private 2021 Pursuant Limited) on J!ne 04, to lhis acquisitjon, orent Advanced Materials Prjvale Limited becomes a wholty-owneo suusioiary of the Co.p"nf. iJratngry, "onsolidaled are provided figures ior quarter ended June 30, 2021 only. During ihe quader ended June 30, 202i, there are no busine;s activities iiinL corp"ny.

"ru"ioi"l"y grade ouring the current quarter, on June og,2o2l thecomp€ny has rnformed the stock exchange that lhe company is currenty facing difilcuttes an sourcing a specialised bauxite in Gujaral which is a key raw matenal in its productton of Erown Fused Atum;a (BFA) and other producis at ils porbandar ptanl sjtuated at GlDc lndustrialarea, Porbandar - 360577, Gujarat.

subsequent to the qua(er under revieu lhe company further updated the slock exchange that the company is facing challenging sitlalion jn its business, i.e., non- availability ofihe specialised grade bauxite, whjch is lhe main raw material in ils producti;n of.efractory;aw materials at its eoirua'nuai etant. rulr,el owing to the absence of a sustainable supply ollhe required raw material (bauxite), the company has proposed to discontinue ihe operatron and close-down its plant at porbandar.

Majority plant of the produclion activily has been shul since the factory faced disruption of raw materiat, however sales have continued from prev,ousty built stocks. The & equipment used in these production aclivities is maintained in workable condition. The company conlinues to work on the situatlon and wifi update shareholders on all devetopments pertarning to this matter inctuding financiat impact on the Company,jperformance.

The complaints from lnvestors / shareholders for the quarter ended on June 30, 2021: Received - Nil ; Disposed - Nil ; closing Balance - Nil.

For

Place: Porbandar Date: Auqust 11. 2021

		ORIENT ABMSIVES LIMITED
Segment Wise Revenue, Results, Segment Assets and Liabilities are given below:
		(Rs. in LacsConsolidated
Particulars		Quarter Ended
	June 30,2021	Quarter EndedMarch 31, 2021	June 30, 2020	Year EndedMarch 31,2021	June 30,2021
	Unaudited	Audited	Unaudited	Audited	Unaudited
l. Segment revenue
A. Alumina Refactories & Monolithics products
& bauxite ores	7,113.09	8,328.60	5,969.06	29,598.38	7,113.09
B. Power division	1,126.00	1,145.65	1,215.63	5,410.40	1,126.00
Total	8,239.09	9,474.25	7,184.69	35,008.78	8,239.09
Less: lnter segment revenue	856.46	I 037 sO	1,016.93	4.792.00	856.46
Net sales / income frorn operafions	7,382.63	8,436.75-	6,'167.76	30,216.7A	7,382.63
2. Segment results
(Profit before exceptional items and tax)
A. Alumina Refactories & Monolithics products	425.00	756.05	254.3A	1,424.32	424.97
& bauxite ores
Power divisionB.	10't.50	124.08	351.65	1,479.06	101.50
Total	526.50	880.13	606.03	2,903.38	526.47
Less : lnterest	79.'tO	125.26	160.32	528.81
Less : Unallocable expenditure net off	195.94	229.17	175.75	778.10	79.10
unallocable income					195.94
Profit before exceptional items and tax	251.45	525.70	269.96	1,596.47
Less: Exceptional items					251.42
Profit before tax	251.45	525.70	269.96	'1,596.47
					251.42
3. Segment Assets & Liabilities
Segment Assets
A. Alumina Refactories & [4onolithics products	26,588.10	27,210.38
& bauxite ores			27,102.47	27,210.38	26,589.10
B. Power division	5,397.89
C. Unallocated	1,267.40	5.487.70	6,231.88	5,487.70	5,397.89
Total	33,253.39	1,285.17	2,293.63	1,285.17	1,267 .40
esgrr rErrL r-tcu tUes		33,983.25	35,627.97	33,983.25	33,254.39
A. Alumina Refactories & Monolithics products
& bauxite ores	4,305.82	4,744.7 4	5,104.51	4,744.74	4,308.07
B. Power division
C. Unallocated	803 11	545.63	1,236.27	545.63	803 I '1
	3,699.71	4,473.73	5,824.99	4,473.73	3,699.71
	8,808.64	9,764.10	12,165.77	9,764.'10	8,810.89

For Orient Abrasives Ltd.

Place: Porbandar Date: Auqust 11. 2021

Man Whole Time Director & CEO Independent Auditor's Review Report on Unaudited Quarterly Standalone Financial Results

To The Board of Directors Orient Abrasives Limited

• 1. We have reviewed the accompanying statement of unaudited standalone financial results of Orient Abrasives Limited, ("the Company") for the quarter ended 30th June, 2021 ("the Statement") attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended ("the Regulations").
• 1. This Statement, which is the responsibility of the Company's management and approved by the Board of Directors has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard (Ind AS) – 34 "interim Financial Reporting" prescribed under Section 133 of the Companies Act ("the Act") read with the 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 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. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, preliminary 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 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*,* nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with applicable Indian Accounting Standards and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 including the manner in which it is to be disclosed, or that contains any material misstatement.

Chartered Accountants

Ganatra Manoj Chimanbhai Digitally signed by Ganatra Manoj Chimanbhai DN: c=IN, o=Personal, 2.5.4.20=9484a1f8369274a878c3c7d35 a086a303efe067a4e21abd4b96f22e6fb eefad8, postalCode=364002, st=Gujarat, serialNumber=f1261b65c6497f3fbe304 4d4f71669e741f6e8837cf98e10327d60 eceee07be2, cn=Ganatra Manoj

Chimanbhai Date: 2021.08.11 11:04:46 +05'30'

For SANGHAVI & COMPANY

Bhavnagar MANOJ GANATRA Membership No. 043485 UDIN: 21043485AAAASC4535

11th August, 2021 Partner

Independent Auditor's Review Report on Unaudited Quarterly Consolidated Financial Results

To The Board of Directors Orient Abrasives Limited

• 1. We have reviewed the accompanying statement of unaudited consolidated financial results of Orient Abrasives Limited, ("the Parent Company") and and its wholly-owned subsidiary, Orient Advanced Materials Private Limited (the Company and its wholly-owned subsidiary together referred to as "the Group") for the quarter ended 30th June, 2021 ("the Statement") attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended ("the Regulations").
• 1. This Statement, which is the responsibility of the Parent Company's management and approved by the Board of Directors has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard (Ind AS) – 34 "interim Financial Reporting" prescribed under Section 133 of the Companies Act ("the Act") read with the 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 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. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, preliminary 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 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. We also performed procedures in accordance with the circular issued by the Securities and Exchange Board of India under Regulation 33(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 as amended, to the extent applicable.

1. Based on our review conducted as stated above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with applicable Indian Accounting Standards and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 including the manner in which it is to be disclosed, or that contains any material misstatement.

For SANGHAVI & COMPANY Chartered Accountants FRN: 109099W

Ganatra Manoj Chimanbhai Digitally signed by Ganatra Manoj Chimanbhai DN: c=IN, o=Personal, 2.5.4.20=9484a1f8369274a878c3c7d 35a086a303efe067a4e21abd4b96f22 e6fbeefad8, postalCode=364002, st=Gujarat, serialNumber=f1261b65c6497f3fbe3 044d4f71669e741f6e8837cf98e10327 d60eceee07be2, cn=Ganatra Manoj Chimanbhai Date: 2021.08.11 11:05:10 +05'30'

Bhavnagar MANOJ GANATRA Membership No. 043485 UDIN: 21043485AAAASD6148

11th August, 2021 Partner