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Premier Limited Audit Report / Information 2021
63387_rns_2021-06-30_ddfd7729-e6c8-475a-97a1-52208b8c4360.pdf
Audit Report / Information
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Kanak Jani Chartered Accountant & Insolvency Professional IBBI Reg No. IBBI/IPA-001/IP-P-01757/2019 -2020/12685
Date: 30th June, 2021
| To, | To, | ||||
|---|---|---|---|---|---|
| BSE Limited | NationalStockExchangeofIndiaLtd | ||||
| Listing Department | Listing Department | ||||
| Floor 25, P.J. Towers, | 'Exchange Plaza', Bandra-Kurla Complex, | ||||
| Dalal Street, Mumbai-40001 | Bandra (E), Mumbai 400051 | ||||
| Scrip Code: 500540 | NSE Symbol: PREMIER |
Sub: Audited Financial Results (Standalone and Consolidated) of Premier Limited ("the company") for the Quarter and financial year ended March 31st, 2021.
Dear Sir/s,
This is in continuation to our intimation dated June 22nd, 2021 u/r 29 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 regarding declaration of results on 30th June, 2021.
The Audited Financial Results (Standalone and Consolidated) of the Company for the quarter and financial year ended 31st March, 2021 issued by M/s Jayesh Dadia & Associates, LLP, the Statutory Auditors, pursuant to Regulation 33 of the Listing Regulations. The said results thereon are attached herewith.
As you are aware that the company is under Corporate Insolvency Resolution Process (CIRP) in terms of the Order of Hon'ble NCLT, Mumbai Bench dated 29th January, 2021. The powers of the Board of Directors are suspended and are vested in the undersigned Resolution Professional and Company's affairs, business and assets are being managed by the undersigned Resolution Professional. The results were signed by Mr. K. S. Nair, Chief Financial Officer and taken on record by Ms. Kanak Jani, Resolution Professional at 07:50 P.M.
Registered. Office: 17, Sai Moreshwar Luxuria,Plot No. 74, Sector 18, Kharghar , Next to Sanjeevani International School, Navi Mumbai, Maharashtra -410210 Correspondence Office: 4th Floor, Indian Mercantile Mansion Extn, Madame Cama Road, Colaba, Mumbai – 400005 Email Id: [email protected] | Contact No: 9819875760
Kanak Jani
Chartered Accountant & Insolvency Professional IBBI Reg No. IBBI/IPA-001/IP-P-01757/2019 -2020/12685
Thanking you,
Yours faithfully,
For Premier Limited (In CIRP)
(Company under Corporate Insolvency Resolution Process)
Kanak Jani Resolution Professional IP Reg. No: IBBI/IPA-001/IP-P-01757/2019 -2020/12685
Registered. Office: 17, Sai Moreshwar Luxuria,Plot No. 74, Sector 18, Kharghar , Next to Sanjeevani International School, Navi Mumbai, Maharashtra -410210 Correspondence Office: 4th Floor, Indian Mercantile Mansion Extn, Madame Cama Road, Colaba, Mumbai – 400005 Email Id: [email protected] | Contact No: 9819875760
JAYESH DADIA & ASSOCIATES LLP
CHARTERED ACCOUNTANTS
422, Arun Chambers, Tardeo, Mumbai - 400034. Tel.: +91-22-66602417 / 66601056 Fax : +91-22-66602418 E-mail: [email protected] Website : www.jdaca.com
Independent Auditor's Report on Standalone Annual Financial Results of the Company Pursuant to the Regulation 33 and Regulation 52 read with Regulation 63 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)
To
The Resolution Professional of Premier Limited (A Company under corporate insolvency resolution process)
Report on the Audit of the Standalone Financial Results
-
- We have audited the accompanying standalone financial results of Premier Limited ('the Company') for the quarter & year ended 31% March, 2021 (the "Statement") attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations 2015, as amended.
- . The Honorable National Company Law Tribunal, Mumbai Bench, admitted the petition for initiation of Corporate Insolvency Resolution Process (CIRP) under section 7 of the Insolvency & Bankruptcy Code, 2016 ('the Code') against the Company vide its order dated 29th January, 2021 and appointed an Interim Resolution Professional ('IRP') to manage the affairs of the Company in accordance with the provisions of the Code. The Committee of Creditors ('CoC') of the Company, in its meeting held on 4'» March, 2021 confirmed the IRP as the Resolution Professional ('RP') for the Company. In view of the pendency of the CIRP, the management of affairs of the Company and power of the Board of Directors are now vested with the RP. Further as mentioned in note no. 1 and in terms of Section 14(4) and 31(3) of the Code, until the resolution is approved by the Honorable NCLT, moratorium shall continue to be in effect and accordingly, the RP shall continue to manage the operations of the Company ona going concern basis during the CIRP. These standalone financial results have been prepared by the management of the Company and certified by Mr. K S Nair, Chief Financial Officer and taken on record by the RP.
Qualified Opinion
In our opinion and to the best of our information and according to the explanations given to us, except as stated in the Basis of Qualified opinion paragraph below, these annual standalone financial results:
- are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
- give a true and fair view of the standalone net loss and other comprehensive income and other financial information for the quarter ended 31s' March, 2021 as well as the year-todate results for the period from 1st April, 2020 to 31s March, 2021.
Basis for Qualified Opinion
- L. For reasons mentioned in note no. 10 of the statement, the Company has not assessed impairment of carrying value of tangible assets, capital work in progress and intangible assets in accordance with requirements of Indian Accounting Standard 36 on "Impairment of Assets". We are unable to obtain sufficient appropriate audit evidence about the recoverable amount of the Company's tangible assets, capital work in progress and intangible assets. Consequently, we are unable to determine whether any adjustments to carrying value are necessary and consequential impacts on the statement.
- 2. In accordance with the Insolvency and Bankruptcy Code (Code), the Resolution Professional ("RP") has to receive, collate and admit the claims submitted by the creditors as a part of Corporate Insolvency Process ("CIRP"). Such claims can be submitted to the RP till the approval of the resolution plan by the CoC. The amount of claim admitted by the RP may be different than the amount reflecting in the financial statements of the Company as on 31s March, 2021. Pending final outcome of the CIRP, no adjustments have been made in these financial statements for the differential amount, if any. Hence, consequential impact, if any, is currently not ascertainable and we are unable to comment on possible financial impacts of the same.
-
- We draw your attention to the fact that updation of personnel records was carried out based on the availability of the documents, data, etc. In addition, employee dues including retirement/ termination benefits were calculated based on the available data and only till the initiation of the CIRP. Moreover actuarial valuation for gratuity & privileged leave was conducted only till the nine month ending 31* December, 2020 being the quarter immediately preceding the initiation of CIRP.
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Companies Act, 2013 (the 'Act'). Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Standalone Financial Results section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with ethical requirements that are relevant to our audit of the standalone 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Material Uncertainty Related to Going Concern
We draw your attention to the fact that the Net Worth of the Company has been substantially eroded as at the year ended 31%tMarch, 2021. Further, the company has incurred a further loss of Rs. 8,290 Lakhs (excluding other comprehensive income) for the year ended 31st March, 2021.
Further, the operations of the company have continued to remain suspended during the year ended 31%tMarch, 2021 owing to the lack of working capital available to the company as mentioned in note no.3 to these standalone financial results.
These conditions indicate that a material uncertainty exists that may cast significant doubt on the entity's ability to continue as a going concern. Despite these circumstances, for reasons mentioned in note no. 9, these standalone financial results have been prepared on a going concern basis.
Management's and Resolution Professional's Responsibility for the Statement
The Statement, which is the responsibility of the Company's Management and taken on record by the Resolution Professional, has been prepared on the basis of the standalone financial statements. The Company's Management & Resolution Professional are responsible for the preparation of these standalone financial results that give a true and fair view of the net loss and other comprehensive income and other financial information in accordance with the accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets 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 prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the standalone financial results, the Company's Management are 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 Company's Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Under Section 20 of the Code it is incumbent upon the Resolution Professional to manage the operations of the Company asa going concern upon initiation of CIRP and the financial results which have been prepared on going concern basis have been considered by the Resolution Professional accordingly.
The Company's Management is also responsible for overseeing the Company's financial reporting process.
Auditor's Responsibilities for the Audit of the Standalone Financial Results
Our objectives are to obtain reasonable assurance about whether the standalone financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial results.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
- e Identify and assess the risks of material misstatement of the standalone 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 our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;
- e Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal controls;
- e Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors;
- e Conclude on the appropriateness of the Board 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 Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the standalone financial results or, if such disclosures are inadequate, to modify 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 may cause the Company to cease to continue as a going concern; and
- e Evaluate the overall presentation, structure and content of the standalone financial results, including the disclosures, and whether the standalone financial results represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and 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 with 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 safeguards.
Other Matters
The annual standalone financial results include the results for the quarter ended 31st March, 2021 and the corresponding quarter ended in the previous year as reported in these financial results are the balancing figure between audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current & previous financial year respectively, which were subject to limited review by us.
For Jayesh Dadia & Associates LLP hartered Accountants
Jayesh Dadia Partner Membership No. 033973
Place: Mumbai SS ra Dated: 30' June, 2021 ~— UDIN: 21033973AAAABZ9313
CE=> PREMIER LTD.
Regd. Office : 169 Gat Village, Sawardari, Taluka Khed (Chakan Industrial Area), Pune - 410501 CIN: L34103PN1944PLC020842
| CE=> | PREMIER | LTD. | ||||
|---|---|---|---|---|---|---|
| Regd. Office : 169 Gat Village, Sawardari, Taluka Khed (Chakan Industrial Area), Pune - 410501 | CIN: L34103PN1944PLC020842 | |||||
| E-mail : [email protected] | ||||||
| Statement of Audited Standalone Fina | ncial Results for the Quarter and Year ended 31st March, 2021 | (Rs Lakhs) | ||||
| Standalone | : | |||||
| Quarter ended | Year ended | |||||
| Ss | 31.03.2021 31.12.2020} | 31.03.2020 31.03.2021 | 31.03.2020 | |||
| No. | Particulars | (Audited | (Unaudited/ | (Audited | (Audited) | (Audited) |
| (Refer NoteNo.10) | Rovinwedl | (Refer NoteNo.10) | ||||
| 1 | Revenue from operations | 0 | 20010 | 523 | 200538 | 98767 |
| 23 | {Other Income Total Income | 66 | 210 | 28 | 738 | 1054 |
| 4 | Expenses | |||||
| (a) Cost of materials consumed | = | 8 | - | 249 | 211 | |
| (b) | aChanges in inventories of finished goods,_work in progress and stock-in-trade | 7 | 153 | 42 | (87) | 872 |
| (c)}Employee benefits expense | (604) | 473 | 459 | 725 | 1902 | |
| (d) Finance Costs | 424 | 1296 | 831 | 4159 | 5567 | |
| (e) Depreciation and Amortisation | 469 | 437 | 443 | 1878 | 2108 | |
| (f ) Provision for doubtful debts/bad debts | 446 | 84 | - | 600 | 2797 | |
| (g) Inventory obsolence | 722 | - | 7 | 722 | 3029 | |
| (h) Reversal of Impairment on Assets | = | e | (222) | (222) | ||
| (i) Other Expenses | 78 | 105 | 84 | 328 | 999 | |
| Total Expenses | 1535 | 2556 | 1607 | 8574 | 17263(16209) | |
| 5 | ices / (Loss) before exceptional items and | (1529) | (2346) | (1579) | (7836) | |
| 6 | Exceptional Items | (409) | = | (920) | (409) | 14087 . |
| 7 | Profit / (Loss) before tax | (1938) | (2346) | (2499) | (8245) | (2122) |
| 8 | Tax Expenses | |||||
| a) Current Tax | - | z | = | < | ||
| b) Deferred Tax | - | = | - | 4585 | ||
| c) Provision for taxation for earlier year | 45 | : | 7 | 45 | ||
| 8 | Net Profit/(Loss) for the period (7-8) | (1983) | (2346) | (2499) | (8290) | (6707) |
| 10 | Other Comprehensive income | |||||
| (a)} | (i) items that will not be reclassified toProfit or loss(ii) Income tax relating to items that will not | (42) | (33) | (2) | 38 | |
| be reclassified to Profit or loss.(b) (i) items that will be reclassified to Profit or | - | -7 | - | -_ | ||
| loss.(ii) Income tax relating to items that will be | ° | |||||
| reclassified to Profit or lossTotal Comprehensive income for the | -(1983) | °(2388) | " | - | ||
| 11 | period (9+10) | (2532) | (8292) | (6669) |
| 12 | valueEquityShareCapital(facePaid-up | 3037 | 5037 | 3037 | 3037 | 3037 |
|---|---|---|---|---|---|---|
| 13 | Rs.10each) Earningperequityshare(facevalueof | |||||
| (a)Basic | (6.53) | (7.72) | (8.23) | (2729) | (22.08) | |
| (b)Diluted | (6.53) | (7.72) | (8.23) | (27.29) | (2208) | |
| Notes: | ||||||
| 1) | CorporateInsolvencyProcessResolution(1224/MB/2020pronouncedJa29thon(IB)BenchunderprovisionsInsolvethetheofmanagementCompanyanaffairstheofofwhoappoResolutionProfessional("RP*)ismanagempreparedhavebeenresultsbytheResolutionProfessandtakenrecordonby2020/12685] | *CIRP")hasnuary,2021bBanncyandpowersdofintedthebyentCtheofionalMs | beeninitiatedHon'bleNatiykruptcyCode,boarddirecofCommitteeofompanyandKanakJani [ IP | casetheofinCompanyonal2016Co(theCtorstheofCreditors("CoC"MrcertifiedbyRegistration | CompanyvideaLawTribunal(de)PursuantompanynowareTheseconso).ChiefNair,KSno.IBBI/IPA-001/ | orderCPnno.Mumbai"NCLT*),order,thethetovestedwiththelidatedfinancialFinancialOfficerIP-P-01757/2019- |
| 2) | Company'smanufacturingTheactivitiesatworkingMarch,2020duelackcapitaltoofCorporaffectedduetheinabilitytheoftosuspensionproductioncontinuingpostmiof | newlyrelocatereportedasateDebtortMarch2020d | Chdplantatpreduringthefunctionnoro | akanremainsviousquarters.mallydueto | sustemporarilyoFurther,thereductionoverin | pendedsince3rdperationsremaindemandalland |
| Rs600rechavebeenBaddebtslakhsof | ognizedduring | currentthe | repyearThis | resentsreceivab | lesfromvarious | |
| customerstowardsmachinessupplyandof | recoverythe | sametheaof | desdoubtfulre | pitethebesteff | dueortssofarto | |
| disputescertaindelaydeliveryrelatingtoin | machinesaof | performndits | ancerelated | issuesetc. | ||
| 4) | Exceptionalduringcurreitemwrittentheoff | |||||
| recoverabledueunrealizabledisputes,seto | ntquarterofrvicerelattax | 409lakhsRsbalanceseda | pertainscertobookspers | depositswhitain | chlongerareno |
- 1) Co r p o r a t e I n s o l v e n c y R es ol u ti o n P r o c ess ( * C IR P " ) h a s bee n i n i t i a t e d i n c a s e o f t he C o m p a n y v i d e a n o r d e r n o. C . P . ( IB ) 122 4 / MB / 2 02 0 p r o n o u n c e d o n 2 9 t h J a n u a r y , 2 0 2 1 b y H o n ' b l e N a ti o n al C o m p a ny L a w T r i b u n a l ( " N C L T * ) , Mum b a i B e n ch u n d e r t h e pro v is io ns o f t he I ns o l v e n cy a n d B an kr up t cy C od e , 2 01 6 ( t h e C o d e ) . P u r s u a nt t o t h e o r d er , t h e m a n a ge m e n t f aff air s o t h e C o mp a n y a n d p ow e rs of b oa r d o f d i r e c t o r s o f t h e C o m p a n y a r e n o w v e s t e d wi t h t h e R es o lut io n P r o fess i on al ( " RP * ) w h o is app o i n t e d b y t h e C ommittee o f C r e d i t o r s ( " CoC" ). T h e s e c o n s o l i d a t e d fin an c ia l r e s ult s h a v e bee n pre p ar ed b y t he m a n ag e m e n t o f t he C o m p a n y a n d c e rti f i e d b y Mr K S N a ir , C h i e f F in an c ia l Off i ce r a nd t ak e n o n record b y R e s o l u t i o n P ro fess i onal M s . Kanak Jani [ I P R e g ist r a t i on no .IBB I /I PA -00 1/ IP -P -0 17 57 /2 01 9- 2 0 2 0 / 1 2 6 8 5 ]
-
- T h e ma n u f a c t u r i n g a c t i v i t i e s a t C om p a n y ' s n ew ly r e lo ca te d p l a n t a t C h ak a n r e m ai n s t em po r ar i ly s us p en d ed s i nc e 3 r d M a r c h , 2 0 20 d u e o l a c k o w o r k in g c a p i tal s r e p o rt e d d u r i n g t h e p re v io u s q u a r t er s. F ur t he r, t h e o p er a t i o ns r e m a i n aff e c te d d u e o t h e i n ab i l it y f th e C o r p o r a t e D e b t o r t o f un c t io n n o r m all y d u e t o r ed uc ti o n i n o v e r all d e m a nd a n d c on t inu in g s u s p e n s i on f p r o d u c t i on p o s t m i d M a rc h 2 0 20 .
- a d de b t s f R s . 600 l ak hs h a v e bee n r e c o g n i z e d d uri ng t h e c urr en t y e a r . T h i s re p r e s e n t s r ec e i va b l es f r o m v a r i o u s c u s t o m e r s t ow a r d s s upp l y o f m a c hi n e s a n d t h e r e co v e ry o f t h e s am e a r e d o u b t f u l de s p i t e t h e b e s t eff or ts s o f a r d u e to d i s p u t e s r el a ti n g c e r ta in d e l a y i d el i v er y o f m a c h i n e s a n d it s p er fo rm a nc e r e la t e d iss u es e t c.
- 4 ) E x c e p ti o n a l i t e m w r itt e n off d u r i n g t h e c urr e n t q u ar t e r of R s . 4 0 9 l a k h s p e r t a i n s c er t a in d e p o s i t s w hi c h a r e n o l o n g e r r ec ov era bl e d u e o d i s p u t e s , u n r eal i z a b le s e r v i c e t a x r e l a t e d b a l an c e s a s p e r boo k s
- 5 ) C om p any h a s bee n h o ld i n g c e r t a in m a t e r i a l s i n s t o c k s i c n e l a s t t w o y e a r s a l t h o u gh p r o d u c t i o n h a s bee n s us pen d ed s in c e l a s t ye ar. A p ro v is i on f or i n v e n t o r y o bs o le c en s e of R s . 722 la kh s h a s bee n r e c o gn i s e d d uring t he curr ent y e a r in in e w it h t h e app l ic a ble Acc o un ti n g S t a n d a r d s .
- 6 ) T h e Co r p o ra t e D eb tor s n ot n a p o s i t i o n o e va l ua t e t h e i m p a c t o f C O V I D - 1 9 o n Acc ou nt i ng a n d F in a nc ia l r ep or t i n g , b as e d o n t h e f a s , c urr e nt c o n di t io n a nd p r e s en t c i r c um s t a n c e s t h e e x t e n t o f s u c h e x p o s u r e n s b u s in ess a s a g o i n g c o n c e r n
- C o m p an y h a d s u s pe n de d s o p e r a t i o n eff e c ti v e 0 3. 03.2 0 20 a nd t h e w or k m an u n io n app e a le d b ef o re i n d us t r i al o u r t a n d Ho n' b l e B o m b a y H i g h C o u r t a g a i n s t n o n p a y m e n t o f w a g e s a r i s i n g o u t o f t h e s a id s u s p e n s i o n o f o p e r a t io n s. T h i s m atte r i n p ro gr ess b e f o r e t h e Ind u s tr i al C ou r t. T h e C o m p a n y h a s m ad e p r o v i s i on f r w o r k m a n w a g e s a n d d ue s t 5 0 % f t h ei r m o n t h ly w a g e s CI R P c omm en c e m en t d a t e . C urr e n t q u a r t e r e m plo yees b e ne f i t e x p e n s e s f R s . 6 0 4 l a k h s r e v e r s a l d ue to r e v e r s a l f th e e x c ess a m o u n t p rov id e d n t h e e a r l i e r q u ar t e r d u r i n g t h e y ea r
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- T h e Co m p a n y h a s i n c urr e d l oss e s, t s i ab ti es e x cee d t ot a l ass et s a n d t n e t w or th h a s bee n f ull y e r o d e d a s a t 3 1 s t M a r c h , 2 0 1. A s me n t i o n e d i n n o t e n o 1 t h e H o n ' ab l e N C L T , M u mb a i B en c h h as a d mitt ed a p e t i t i o n t i n i ti a te i n so l ve nc y pr o cee d i n g a ga in st t he Company u n der t h e Co d e . A s p e r t he C o d e , i t s r eq u ir ed t h a t th e C o m p an y be m an ag ed a s g oi n g c o n c ern d uri n g the CIR P. Furthe r, a s me nti one d in n o t e n o. 1 , t h e C I R P p e rio d c on ti nu es b e i n eff e ct till t h e CoC app roved R e s o l u t i o n P i a n f t h e C om p an y is app roved b y t h e N CL T . Th e f ut u re p r o spe c t s o f t h e C o mp an y w ou ld b e d e t e r m i n e d on t h e c om pl et i on f C IR P . H e n c e , i n v i e w o f t he a b o v e f a c t s a nd c on s i de r ing t h e s moo th p r o g r ess t h e C IR P w it h s ub m iss i o n f R es ol ut io n P la ns b y m u l t i p l e R e s o l u t i o n Appl i c a n ts u nd er w a y c urr e nt l y , t h e s e c on so l id a te d f i n a n c i a l r e s u l t s h av e bee n p re pa re d o n a g o i n g c o n c e r n b a s i s .
- T h e carr y i n g v a l u e o t a n g i b l e ass et s i n c u d i n g c a p i t a l wo rk i n p r o g r ess f R s .7 611 .55 L a kh s a nd i n t an g i b l e ass e ts a s a t 3 1 s t M a r c h 2 02 1 a r e R s . 7 . 2 7 L a k h s . A s e xp l a in e d n o t e n o 1 a b o v e , t h e C o m p a n y i s u nd er C I R P . A s s uc h , t he C o m p an y h a s n o t ta k e n i n t o c o n sid e r a t io n a ny i m p a i r me n t o n t h e v a l u e o f t h e t a n g ib l e a n d i n t a ng i b l e ass et s , i f a n y , i n p r e p a ra t i o n f t h e co n s o l i d a t e d f in a n c i a l r e s u l t s a s r e qu ir e d b y I n d - A S 1 0 n " E v e n t s a f t e r t h e r ep o rt i ng p e r i o d " . F u r t h e r , t h e Co mp a n y h as a l s o n ot m a d e f ull ass ess m e n t f im p a i r m e n t a s r e q u i r e d b y I n d A S 3 6 o n I mp ai rm e nt f Ass e t s , f a n y , s a t 3 1 s t M a r ch , 2 02 1 t h e v a l u e f t a n g i b l e a nd i n t a n g i bl e ass et s
- 10 T h e f i g u r es f r t h e q u a r t e r e n d e d M a rc h a r e t h e b a lan c in g f i g u re s b et wee n t h e au d i t e d f i gu r e s i n r e s p e c t f t h e f ull f i na n ci a l y e a rs a n d t h e u n a u d i t e d , r ev i ew e d a n d p u b l i s h e d y e a r o d at e f i g u r e s u p t o t h e q u a r t e r e n d e d D e c e m b e r f r th e f i n a n ci a l y e a r s
- 11 7 P r e v io u s p e r i o d / y e a r f i g u r e s h a v e bee n r e gr o u p ed a n d r r e arr a n g e d w h e r e v e r n e cess ar y
P la c e : M um b a i D a t e : 3 0 t h J un e, 2 0 2 1
T a k e n on rec ord by + 05 '3 0' Kana k Ja ni R e so l u t io n P ro f ess i on a l Digitally signed b y K an ak K a n a k Ja n i ba te 2 0 2 1 . 0 6 . 3 0 1 9 :44 :55
I P R e g is t r a t io n N o. IBBI / P A - 00 1/ IP - P -0 17 57 /2 01 9- 2 020 / 1 2 685
L td In C I R P
P ag e 2 o f4
Statement of Assets & Liabilities
| (Rs.Lakhs) | |||||
|---|---|---|---|---|---|
| Standalone | |||||
| Sr.No | Particulars | As at 31.03.2021 | As at 31.03.2020 | ||
| Audited | Audited | ||||
| (A) | ASSETS | ||||
| 1) Non-current assets | |||||
| a Property, Plant and Equipment | 7,335.50 | 9,206.71 | |||
| b Capital work-in-progress | 351.95 | 264.54 | |||
| c Investment Property | 8,597.22 | 8,597.22 | |||
| d Other Intangible Assets | 7.27 | 16.22 | |||
| e Financial assets | |||||
| -Investments | 0.25 | 0.25 | |||
| -Loans and advances | 4.027.63 | 4.294.86 | |||
| f Deferred tax assets (net) | |||||
| g Other Non-Current assets | 20,319.82 | 22,379.80 | |||
| 2) Current Assets | |||||
| alInventories | 100.00 | 974.52 | |||
| b Financial assets | |||||
| - Trade receivables | 722.00 | ||||
| - Cash and cash equivalents | 15.21 | 42.55 | |||
| - Bank balances other than Cash and Cash | 219.32 | 363.09 | |||
| equivalents | |||||
| - Loans and advances | 1.074.63 | 2,438.14 | |||
| clOther current assets | 0.35 | 1,409.51 | 2,083.99 | 6,624.29 | |
| Total Assets | 21,729.33 | 29,004.09 | |||
| (B) | EQUITY AND LIABILITIES | ||||
| $1)$ Equity | |||||
| a Share Capital | 3.039.95 | 3.039.95 | |||
| b Other equity | (31, 363.85) | (28, 323.90) | (23,071.88) | (20, 031.93) | |
| 2) LIABILITIES | |||||
| Non Current Liabilities | |||||
| a Financial liabilities | |||||
| - Borrowings | 1,500.00 | ||||
| b Long term provisions | 510.55 | 510.55 | 493.52 | 1,993.52 | |
| Current Liabilities | |||||
| al Financial liabilities | |||||
| - Borrowings | 2.107.99 | 3,274.99 | |||
| - Trade and other payables | 2,606.27 | 2,321.62 | |||
| b Other current liabilities | 44,748.56 | 41,356.22 | |||
| c Provisions | 79.86 | 49,542.68 | 89.67 | 47,042.50 | |
| Total Equity and Liabilities | 21,729.33 | 29,004.09 |
Place: Mumbai Date: 30th June, 2021
K.S.Nair Chief Financial Officer
Certified by
For Premier Ltd - In CIRP
Taken on record by Digitally signed by Kanak Kanak Jani Date: 2021.06.30 19:45:21 Kanak Jani Resolution Professional IP Registration No. IBBI/PA-001/IP-P-
01757/2019-2020/12685
Page 3 of 4
Standalone Cash Flow Statement
| (Previous year's reclassified / regrouped whereever necessary) | Certified by | For Premier Ltd - In CIRPTaken on record by | |
|---|---|---|---|
| Op. Bal. Cash & cash equivalentsCl. Bal. Cash & cash equivalents | 42.5515:21 | 40.7942.55 | |
| Interest paidNet Cash flow from Financing activities (C )Net increase in Cash and cash equivalents ( A+B+C) | (12.25)(3,526.18)(27.34) | (207.88)(15,283.39)1.76 | |
| Repayment of Short term term borrowingsPayment of Lease Liability | (1,167.00)(262.78) | (499.03)(248.20) | |
| (C) | CASH FLOW FROM FINANCING ACTIVITIESInter-Corporate Deposits availedRepayment of long term borrowings | -(2,084.14) | 1,224.99(15,553.27) |
| Net Cash flow from Investing activities (B) | 2,376.03 | 17,017.69 | |
| Decrease/ (Increase) in Capital Work in ProcessRedemption of Fixed DepositsInterest & Dividend Received | (87.41)45.889.31 | (17.16)=10.45 | |
| Proceeds from sale of assetsAmount Received from DFCCIL towards land sold in earlier year | -4.872,403.38 | 986.00- | |
| (B) | CASH FLOW FROM INVESTING ACTIVITIESProceeds from land sale | 16,038.40 | |
| Direct Taxes Net Received / (Paid)Net Cash Flow from Operating activities (A) | 925.321,122.81 | (162.02)(1,732.54) | |
| LiabilitiesChange in working capital (b)Cash generated from Operations (a+b) | 497.531,171.46197.49 | 362.688,364.49(1,570.52) | |
| (Increase) / Decrease in Trade & Other Receivables(Increase) / Decrease in InventoriesIncrease / (Decrease) in Trade payable, Provisions & other Current | 152.87 | 892.51 | |
| Operating profit before Working capital changes (a)Adjustments for: | (973.96)521.05 | (9,935.01)7,109.30 | |
| DepreciationInterest and Financial Charges | 1,877.934,082.78 | _2,108.485,567.08 | |
| Sundry Balances written offImpairment on fixed assetsinventory obsolescence | 408.85os721.65 | -(2,930.42)3,029.01 | |
| Loss / (Profit) on sale of assetsRent Expenses (IND-AS)Bad Debts | 13.94600.09 | - | |
| interest Income (IND-AS)Interest Income | (13.09)(413.88)(2.64) | (39.62)(11.04)2,708.91 | |
| Profit on sale of landBalances written backFinancial liability written back | =(3.25)- | (15,456.00)(0.34)(2,827.60) | |
| Adjustments for :Remeasurment of Net defined benefit plan | (1.96) | 38.37__ | |
| (A) | CASH FLOW FROM OPERATING ACTIVITIESNet Profit/(Loss) before tax | (8,244.38) | (2,121.84) |
| Particulars | For the year ended31.03.2021 | For the year ended 31.03.2020 |
Certified by Place : Mumbai K.S.Nair Chief Financial Date : 30th June, 2021 Officer
Digitally signed by Kanak Kanak Jani re2021.0630 19:57 +05'30"
Page 4 of4
JAYESH DADIA & ASSOCIATES LLP
CHARTERED ACCOUNTANTS
422, Arun Chambers, Tardeo, Mumbai - 400034. Tel.: +91-22-66602417 / 66601056 Fax : +91-22-66602418 E-mail: [email protected] Website : www.jdaca.com
Independent Auditor's Report on Consolidated Annual Financial Results of the Company Pursuant to the Regulation 33 and Regulation 52 read with Regulation 63 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)
To The Resolution Professional of Premier Limited (A Company under corporate insolvency resolution process)
Report on the Audit of the Consolidated Financial Results
- 1. We have audited the accompanying consolidated financial results of M/s. Premier Limited (hereinafter referred to as the 'Company / Holding Company') and its associate (the Company and its associate together referred to as "the Group") for the quarter & year ended 31s March, 2021 (the "Statement") attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations 2015, as amended (the "Listing Regulations").
- NN The Honorable National Company Law Tribunal, Mumbai Bench, admitted the petition for initiation of Corporate Insolvency Resolution Process (CIRP) under section 7 of the Insolvency & Bankruptcy Code, 2016 ('the Code') against the Holding Company vide its order dated 29th January, 2021 and appointed an Interim Resolution Professional ('IRP') to manage the affairs of the Holding Company in accordance with the provisions of the Code. The Committee of Creditors ('CoC') of the Company, in its meeting held on 4* March, 2021 confirmed the IRP as the Resolution Professional ('RP') for the Company. In view of the pendency of the CIRP, the management of affairs of the Holding Company and power of the Board of Directors are now vested with the RP. Further as mentioned in note no. 1 and in terms of Section 14(4) and 31(3) of the Code, until the resolution is approved by the Honorable NCLT, moratorium shall continue to be in effect and accordingly, the RP shall continue to manage the operations of the Holding Company on a going concern basis during the CIRP. These consolidated financial results have been prepared by the management of the Company and certified by Mr. K S Nair, Chief Financial Officer and taken on record by the RP
Qualified Opinion
In our opinion and to the best of our information and according to the explanations given to us, except as stated in the Basis of Qualified opinion paragraph below, these annual consolidated financial results:
- . include the annual financial results of associate company:
- ¢ PAL Credit & Capital Limited
- ° are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
° give a true and fair view in conformity with the applicable accounting standards, and other accounting principles generally accepted in India, of the consolidated net loss and other comprehensive income and other financial information of the Group for the quarter ended 31st March, 2021 as well as the year-to-date results for the period from 1st April, 2020 to 31st March, 2021.
Basis for Qualified Opinion
- ds For reasons mentioned in note no. 10 of the statement, the Company has not assessed impairment of carrying value of tangible assets, capital work in progress and intangible assets in accordance with requirements of Indian Accounting Standard 36 on "Impairment of Assets". We are unable to obtain sufficient appropriate audit evidence about the recoverable amount of the Company's tangible assets, capital work in progress and intangible assets. Consequently, we are unable to determine whether any adjustments to carrying value are necessary and consequential impacts on the statement.
-
- In accordance with the Insolvency and Bankruptcy Code (Code), the Resolution Professional ("RP") has to receive, collate and admit the claims submitted by the creditors as a part of Corporate Insolvency Process ("CIRP"). Such claims can be submitted to the RP till the approval of the resolution plan by the CoC. The amount of claim admitted by the RP may be different than the amount reflecting in the financial statements of the Company as on 31s March, 2021. Pending final outcome of the CIRP, no adjustments have been made in these financial statements for the differential amount, if any. Hence, consequential impact, if any, is currently not ascertainable and we are unable to comment on possible financial impacts of the same.
-
- We draw your attention to the fact that updation of personnel records was carried out based on the availability of the documents, data, etc. In addition, employee dues including retirement/ termination benefits were calculated based on the available data and only till the initiation of the CIRP. Moreover actuarial valuation for gratuity & privileged leave was conducted only till the nine month ending 31%' December, 2020 being the quarter immediately preceding the initiation of CIRP.
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Companies Act, 2013 (the 'Act'). Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Consolidated 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 (ICAI) together with ethical requirements that are relevant to our audit of the consolidated 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Material Uncertainty Related to Going Concern
We draw your attention to the fact that the Net Worth of the Holding Company has been ibstantially eroded as at the year ended 31:'March, 2021. Further, the company has incurred a
further loss of Rs. 8,290 Lakhs (excluding other comprehensive income) for the year ended 31s March, 2021.
Further, the operations of the Holding company have continued to remain suspended during the year ended 31s'March, 2021 owing to the lack of working capital available to the company as mentioned in note no.3 to these standalone financial results.
These conditions indicate that a material uncertainty exists that may cast significant doubt on the entity's ability to continue as a going concern. Despite these circumstances, for reasons mentioned in note no. 9, these standalone financial results have been prepared on a going concern basis.
Management's and Resolution Professional's Responsibility for the Statement
The Statement, which is the responsibility of the Holding Company's Management and taken on record by the Resolution Professional, has been prepared on the basis of the consolidated financial statements. The Holding Company's Management & Resolution Professional are responsible for the preparation and presentation of these consolidated financial results that give a true and fair view of the net loss and other comprehensive income and other financial information of the Group in accordance with the Indian Accounting Standards prescribed under Section 133 of the Act read with the relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Management & Resolution Professional / Board of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated financial results by the Management & Resolution Professional of the Holding Company, as aforesaid.
In preparing the consolidated financial results, Management / Board of Directors of the respective companies included in the Group are responsible for assessing the ability of the Group to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Management Board of Directors either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. Under Section 20 of the Code it is incumbent upon the Resolution Professional to manage the operations of the Company as a going concern upon initiation of CIRP and the financial results which have been prepared on going concern basis have been considered by the Resolution Professional accordingly.
The respective Management & Resolution Professional / Board of Directors of companies included in the Group are responsible for overseeing the financial reporting process of the
Auditor's Responsibilities for the Audit of the Consolidated Financial Results
Our objectives are to obtain reasonable assurance about whether the consolidated financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial results.
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 material misstatement of the consolidated 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 our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;
- * Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal controls;
- * Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors;
- * Conclude on the appropriateness of the Board 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 Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated financial results or, if such disclosures are inadequate, to modify 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 may cause the Company to cease to continue as a going concern; and
- * Evaluate the overall presentation, structure and content of the consolidated financial results, including the disclosures, and whether the consolidated financial results represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance of the Holding Company regarding, among other matters, the planned scope and timing of the audit and 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 with 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 safeguards.
We also perform the procedures in accordance with the Circular issued by the SEBI under Regulation 33(8) of the Listing Regulations, as amended, to the extent applicable.
Other Matters
- * Attention is invited to the fact that the figures for the quarter ended 31st March, 2021 and the corresponding quarter ended in the previous year as reported in the annual consolidated financial results are the balancing figures between audited figures in respect of the full financial year and the unaudited year-to-date figures up to the end of the third quarter of the relevant financial year, which were subject to limited review by us.
- * The financial statements of the associate Company have not been audited for the year ended 31st March, 2021. This unaudited financial statements and other unaudited financial information have been furnished to us by the management and are drawn up to the same reporting date as that of the Company i.e. 31st March, 2021.
The consolidated financial statements are prepared wherein the investment in associate is value as per the Equity method in term of Ind As 28, Investment in Associates & Joint Ventures. The net worth of the associate company has been eroded and there being no carrying value of the said investment as at the year end, the Company has not recognized its share of any further losses of the associate during the year. Therefore in our opinion and according to the information & explanations given to us by the management, these financial statements & other financial information are not material to the Group.
Our opinion on the consolidated Ind AS financial results is not modified in respect of the above matters.
For Jayesh Dadia & Associates LLP Chartered Accoyntants rm Registratidry No. 121142W/ W100122
yesh Dadia artner Membership No. 033973
Place: Mumbai Dated: 30" June, 2021 UDIN: 21033973 AAAACA8896
PREMIER LTD.
Regd. Office: 169 Gat Village, Sawardari, Taluka Khed (Chakan Industrial Area), Pune - 410501
CIN: L34103PN1944PLC020842 E-mail : [email protected]
Statement of Audited Consolidated Financial Results for the Quarter and Year ended 31st March, 2021
| Consolidated | (Rs Lakhs) | |||||
|---|---|---|---|---|---|---|
| Quarter ended | Year ended | |||||
| 31.03.2021 | 31.12.2020 | 31.03.2020 | 31.03.2021 | 31.03.2020 | ||
| Sr.No. | Particulars | (Audited(Refer NoteNo.10) | (Unaudited /Reviewed) | (Audited(Refer NoteNo.10) | (Audited) | (Audited) |
| 1 | Revenue from operations | 0 | 200 | 5 | 200 | 987 |
| $\overline{2}$ | Other Income | 6 | 10 | 23 | 538 | 67 |
| 3 | Total Income | 6 | 210 | 28 | 738 | 1054 |
| 4 | Expenses | |||||
| (a) Cost of materials consumed | 8 | 249 | 211 | |||
| (b) | Changes in inventories of finished goods,work in progress and stock-in-trade | 153 | 12 | (87) | 872 | |
| (c) Employee benefits expense | (604) | 473 | 459 | 725 | 1902 | |
| (d) Finance Costs | 424 | 1296 | 831 | 4159 | 5567 | |
| (e) Depreciation and Amortisation | 469 | 437 | 443 | 1878 | 2108 | |
| (f) Provision for doubtful debts/bad debts | 446 | 84 | 600 | 2797 | ||
| (g) Inventory obsolence | 722 | $\mathcal{L}^{(1)}$ | 722 | 3029 | ||
| (h) Reversal of Impairment on Assets | (222) | (222) | ||||
| $(i)$ Other Expenses | 78 | 105 | 84 | 328 | 999 | |
| Total Expenses | 1535 | 2556 | 1607 | 8574 | 17263 | |
| 5 | Profit / (Loss) before exceptional items andtax | (1529) | (2346) | (1579) | (7836) | (16209) |
| 6 | Exceptional Items | (409) | (920) | (409) | 14087 | |
| $\overline{7}$ | Profit / (Loss) before tax | (1938) | (2346) | (2499) | (8245) | (2122) |
| 8 | Tax Expenses | |||||
| a) Current Tax | $\blacksquare$ | ä, | ||||
| b) Deferred Tax | ÷, | ۰ | 4585 | |||
| c) Provision for taxation for earlier year | 45 | $\overline{\phantom{a}}$ | $\blacksquare$ | 45 | ||
| 9 | Net Profit/(Loss) for the period (7-8) | (1983) | (2346) | (2499) | (8290) | (6707) |
| 10 | Other Comprehensive income | |||||
| (a) | (i) items that will not be reclassified toProfit or loss | (42) | (33) | (2) | 38 | |
| (ii) Income tax relating to items that will notbe reclassified to Profit or loss. | L. | ٠ | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | ||
| (b) (i) items that will be reclassified to Profit orloss. | u, | $\qquad \qquad \blacksquare$ | $\overline{\phantom{0}}$ | $\overline{\phantom{a}}$ | ||
| (ii) Income tax relating to items that will bereclassified to Profit or loss | $\overline{a}$ | ÷, | ||||
| 11 | Total Comprehensive income for theperiod (9+10) | (1983) | (2388) | (2532) | (8292) | (6669) |
Page 1 of 4
Sound
| Paid-up Equity Share Capital (face valueRs. 10 each) | 3037 | 3037 | 3037 | 3037 | 3037 | |
|---|---|---|---|---|---|---|
| 13 | Earning per equity share (face value of | |||||
| (a) Basic | (6.53) | (7.72) | (8.23) | (27.29) | (22.08) | |
| (b) Diluted | (6.53) | (7.72) | (8.23) | (27.29) | (22.08) |
Notes:
-
- Corporate Insolvency Resolution Process ("CIRP") has been initiated in case of the Company vide an order no. C.P. (IB) 1224/MB/2020 pronounced on 29th January.2021 by Hon'ble National Company Law Tribunal ("NCLT"). Mumbai Bench under the provisions of the Insolvency and Bankruptcy Code, 2016 (the Code). Pursuant to the order, the management of affairs of the Company and powers of board of directors of the Company are now vested with the Resolution Professional ("RP") who is appointed by the Committee of Creditors ("CoC"). These standalone financial results have been prepared by the management of the Company and certified by Mr. K S Nair, Chief Financial Officer and taken on record by Resolution Professional Ms. Kanak Jani [ IP Registration no.IBBI/IPA-001/IP-P-01757/2019-2020/126851
-
- The manufacturing activities at Company's newly relocated plant at Chakan remains temporarily suspended since 3rd March, 2020 due to lack of working capital as reported during the previous quarters. Further, the operations remain affected due to the inability of the Corporate Debtor to function normally due to reduction in overall demand and continuing suspension of production post mid March 2020.
-
- Bad debts of Rs.600 lakhs have been recognized during the current year. This represents receivables from various customers towards supply of machines and the recovery of the same are doubtful despite the best efforts so far due to disputes relating to certain delay in delivery of machines and its performance related issues etc.
-
- Exceptional item written off during the current quarter of Rs. 409 lakhs pertains to certain deposits which are no longer recoverable due to disputes, unrealizable service tax related balances as per books
-
- Company has been holding certain materials in stock sicne last two years although production has been suspended since last year. A provision for inventory obsolecense of Rs. 722 lakhs has been recognised during the current year in line with the applicable Accounting Standards.
-
- The Corporate Debtor is not in a position to evaluate the impact of COVID-19 on Accounting and Financial reporting, based on the facts, current condition and present circumstances the extent of such exposure on its business as a going concern
-
- Company had suspended its operation effective 03.03.2020 and the workman union appealed before industrial court and Hon'ble Bombay High Court against non-payment of wages arising out of the said suspension of operations. This matter is in progress before the Industrial Court. The Company has made provision for workman wages and dues at 50% of their monthly wages till CIRP commencement date. Current quarter employees benefit expenses of Rs.604 lakhs reversal due to reversal of the excess amount provided in the earlier quarter during the year
-
- The Company has incurred losses, its liabilities exceed total assets and its net worth has been fully eroded as at 31st March, 2021. As mentioned in note no 1, the Hon'able NCLT, Mumbai Bench has admitted a petition to initiate insolvency proceeding against the Company under the Code. As per the Code, it is required that the Company be managed as a going concern during the CIRP. Further, as mentioned in note no. 1, the CIRP period continues to be in effect till the CoC approved Resolution Plan of the Company is approved by the NCLT. The future prospects of the Company would be determined on the completion of CIRP. Hence, in view of the above facts and considering the smooth progress of the CIRP with submission of Resolution Plans by multiple Resolution Applicants is underway currently, the financial results have been prepared on a going concern basis
-
- The carrying value of tangible assets including capital work in progress of Rs.7611.55 Lakhs and intangible assets as at 31st March 2021 are at Rs. 7.27 Lakhs. As explained in note no 1 above, the Company is under CIRP. As such, the Company has not taken into consideration any impairment on the value of the tangible and intangible assets, if any, in preparation of standalone Financial results as required by Ind-AS 10 on "Events after the reporting period". Further, the Company has also not made full assessment of impairment as required by Ind AS 36 on Impairment of Assets, if any, as at 31st March, 2021 in the value of tangible and intangible assets.
-
- The figures for the quarter ended March are the balancing figures between the audited figures in respect of the full financial years and the unaudited, reviewed and published year to date figures upto the quarter ended December for the financial years
-
- Previous period/year figures have been regrouped and / or rearranged wherever necessary.
2020/12685
Page 2 of 4
Statement of Assets & Liabilities
| Consolidated | (Rs.Lakhs) | ||||
|---|---|---|---|---|---|
| As at 31.03.2021 | As at 31.03.2020 | ||||
| Sr.No | Particulars | Audited | Audited | ||
| (A) | ASSETS1) Non-current assets | ||||
| a Property, Plant and Equipment | 7.335.50 | 9,206.71 | |||
| 351.95 | 264.54 | ||||
| b Capital work-in-progress | 8,597.22 | 8.597.22 | |||
| c Investment Property | 7.27 | 16.22 | |||
| d Other Intangible Assets | |||||
| e Financial assets | 0.25 | 0.25 | |||
| -Investments | 4,027.63 | 4,294.86 | |||
| -Loans and advances | |||||
| f Deferred tax assets (net) | $\omega$ | 20,319.82 | 22,379.80 | ||
| g Other Non-Current assets | |||||
| 2) Current AssetsalInventories | 100.00 | 974.52 | |||
| b Financial assets | |||||
| - Trade receivables | 722.00 | ||||
| 15.21 | 42.55 | ||||
| - Cash and cash equivalents- Bank balances other than Cash and Cash | |||||
| equivalents | 219.32 | 363.09 | |||
| - Loans and advances | 1,074.63 | 2,438.14 | |||
| clOther current assets | 0.35 | 1,409.51 | 2,083.99 | 6,624.29 | |
| 29,004.09 | |||||
| Total Assets | 21,729.33 | ||||
| (B) | EQUITY AND LIABILITIES | ||||
| $1$ ] Equity | |||||
| a Share Capital | 3.039.95 | 3.039.95 | |||
| b Other equity | (31, 363.85) | (28, 323.90) | (23,071.88) | (20, 031.93) | |
| 2) LIABILITIES | |||||
| Non Current Liabilities | |||||
| a Financial liabilities | 1,500.00 | ||||
| - Borrowings | 510.55 | 510.55 | 493.52 | 1,993.52 | |
| b Long term provisions | |||||
| Current Liabilities | |||||
| a Financial liabilities | 3,274.99 | ||||
| - Borrowings | 2,107.99 | 2,321.62 | |||
| - Trade and other payables | 2,606.27 | 41,356.22 | |||
| b Other current liabilities | 44,748.56 | 89.67 | 47,042.50 | ||
| c Provisions | 79.86 | 49,542.68 | |||
| Total Equity and Liabilities | 21,729.33 | 29,004.09 |
Certified by M K.S.Nair
Place : Mumbai Date: 30th June, 2021 Chief Financial Officer
For Premier Ltd - In CIRP
Taken on record by Kanak JanJani 1919 bate: 2021.06.30 19:43:15 19530
Kanak Jani Resolution Professional IP Registration No. IBBI/PA-001/IP-P-01757/2019-2020/12685
Page 3 of 4
Consolidated Cash Flow Statement
| Consolidated Cash Flow Statement | (Rs Lakhs) | ||
|---|---|---|---|
| Particulars | For the year ended31.03.2021 | For the year ended31.03.2020 | |
| (A) | CASH FLOW FROM OPERATING ACTIVITIES | ||
| Net Profit/(Loss) before tax | (8, 244.38) | (2, 121.84) | |
| Adjustments for: | 38.37 | ||
| Remeasurment of Net defined benefit plan | (1.96) | (15, 456.00) | |
| Profit on sale of land | n. | (0.34) | |
| Balances written back | (3.25) | (2,827.60) | |
| Financial liability written back | (39.62) | ||
| Interest Income (IND-AS) | (13.09) | (11.04) | |
| Interest Income | (413.88) | 2,708.91 | |
| Loss / (Profit) on sale of assets | (2.64) | ||
| Rent Expenses (IND-AS) | 13.94 | ||
| Bad Debts | 600.09 | ||
| Sundry Balances written off | 408.85 | ||
| Impairment on fixed assets | D. | (2.930.42) | |
| Inventory obsolescence | 721.65 | 3,029.01 | |
| Depreciation | 1,877.93 | 2,108.48 | |
| Interest and Financial Charges | 4,082.78 | 5,567.08 | |
| Operating profit before Working capital changes (a) | (973.96) | (9,935.01) | |
| Adjustments for: | |||
| (Increase) / Decrease in Trade & Other Receivables | 521.05 | 7,109.30 | |
| (Increase) / Decrease in Inventories | 152.87 | 892.51 | |
| Increase / (Decrease) in Trade payable, Provisions & other Current | |||
| Liabilities | 497.53 | 362.68 | |
| Change in working capital (b) | 1,171.46 | 8.364.49 | |
| Cash generated from Operations (a+b) | 197.49 | (1,570.52) | |
| Direct Taxes Net Received / (Paid) | 925.32 | (162.02) | |
| Net Cash Flow from Operating activities (A) | 1,122.81 | (1, 732.54) | |
| (B) | CASH FLOW FROM INVESTING ACTIVITIES | ||
| Proceeds from land sale | 16,038.40 | ||
| Proceeds from sale of assets | 4.87 | 986.00 | |
| Amount Received from DFCCIL towards land sold in earlier year | 2.403.38 | ||
| Decrease/ (Increase) in Capital Work in Process | (87.41) | (17.16) | |
| Redemption of Fixed Deposits | 45.88 | ||
| Interest & Dividend Received | 9.31 | 10.45 | |
| Net Cash flow from Investing activities (B) | 2,376.03 | 17,017.69 | |
| (C) | CASH FLOW FROM FINANCING ACTIVITIES | ||
| Inter-Corporate Deposits availed | $\overline{a}$ | 1,224.99 | |
| Repayment of long term borrowings | (2,084.14) | (15, 553.27) | |
| Repayment of Short term term borrowings | (1, 167.00) | (499.03) | |
| Payment of Lease Liability | (262.78) | (248.20) | |
| Interest paid | (12.25) | (207.88) | |
| Net Cash flow from Financing activities (C) | (3, 526.18) | (15, 283.39) | |
| Net increase in Cash and cash equivalents (A+B+C) | (27.34) | 1.76 | |
| Op. Bal. Cash & cash equivalents | 42.55 | 40.79 | |
| Cl. Bal. Cash & cash equivalents | 15.21 | 42.55 |
(Previous year's reclassified / regrouped whereever necessary)
Certified by $\infty$
K.S.Nair Chief Financial Officer
For Premier Ltd - In CIRP Taken on record by
$\text{Kanak Jan}^{\text{Digitally signed by Kanak}}_{\text{Date: } 2021.06.30}$
Kanak Jani
Resolution Professional
IP Registration No. IBBI/PA-001/IP-P-01757/2019-2020/12685
Place: Mumbai
Date: 30th June, 2021
Page 4 of 4
Statement of Impact of audit Qulifications (for audit report with modified opinion) submitted along with Annual Audited Financial Results
Statement on Impact of Audit Qualifications for the Financial Year ended March 31, 2021 [See Regulation 33 / 52 of the SEBI (LODR) (Amendment) Regulations, 2016]
| Statement of Impact of audit Qulifications (for audit report with modified opinion) submitted along with Annual Audited | Financial Results | |||
|---|---|---|---|---|
| Statement on Impact of Audit Qualifications for the Financial Year ended March 31, 2021 | [See Regulation 33 / 52 of the SEBI (LODR) (Amendment) Regulations, 2016] | |||
| SI. No, | Particulars | Audited Figures (in Rs. Lacs)(as reported before adjusting forqualifications) | Adjusted Figures (in Rs. Lacs)(audited figures afteradjusting for qualifications) | |
| 1. | 1 | Turnover / Total income | 738 | 738 |
| 2 | Total Expenditure | 9,028 | 9,028 | |
| 3 | Net Profit/ (Loss) | (8,290) | (8,290) | |
| 4 | Earnings Per Share (Rs) | (27.29) | (27.29) | |
| 5 | Total Assets | 21,729 | 21,72950,053 | |
| 6 | Total Liabilities | 50,053(28,324) | (28,324) | |
| 7; | Net WorthAny other financial item(s) (as felt appropriate by themanagement) | |||
| 1) | Details of Audit Qualification | Erosion of Networth due to losses incurred & liabilities exceeding theassets | ||
| Type of Audit Qualification | Qualified | |||
| Frequency of qualification: | Showing since Quarter 2 of 2020-21 | |||
| For Audit Qualification(s) where the impact isquantified by the auditor, Management's Views | N.A. |
| Statement of Impact of audit Qulifications (for audit report with modified opinion) submitted along with Annual AuditedFinancial Results | ||||
|---|---|---|---|---|
| Statement on Impact of Audit Qualifications for the Financial Year ended March 31, 2021[See Regulation 33 / 52 of the SEBI (LODR) (Amendment) Regulations, 2016] | ||||
| SI. No, | Particulars | Audited Figures (in Rs. Lacs)(as reported before adjusting for | Adjusted Figures (in Rs. Lacs)(audited figures afteradjusting for qualifications) | |
| 1234567; | Turnover / Total incomeTotal ExpenditureNet Profit/ (Loss)Earnings Per Share (Rs)Total AssetsTotal LiabilitiesNet WorthAny other financial item(s) (as felt appropriate by themanagement) | qualifications)7389,028(8,290)(27.29)21,72950,053(28,324) | 7389,028(8,290)(27.29)21,72950,053(28,324) | |
| 1) | Details of Audit Qualification | Erosion of Networth due to losses incurred & liabilities exceeding theassets | ||
| Type of Audit Qualification | Qualified | |||
| Frequency of qualification:For Audit Qualification(s) where the impact isquantified by the auditor, Management's Views | Showing since Quarter 2 of 2020-21N.A. | |||
| For Audit Qualification(s) where the impactis not quantified by the auditor | The Networth of the Company has been substantially eroded as at theyear ended 31st March, 2021. Further, the company has incurred a lossof Rs.8,290 Lakhs (excluding other comprehensive income) for the yearended 31st March, 2021.Further the liabilities of the Company far exceed the realizable value ofassets owned by the company. In addition, CIRP has been inititated incase of the Company by Hon'ble NCLT Mumbai Bench and currentlythe CIRP is in progress.These conditions state that a material uncertainty exists that may castsignificant doubt on the entity's ability to continue as a going concern, | |||
| Management's estimation on the impact ofaudit qualification: | N.A. | |||
| If management is unable to estimate the impact,reasons for the same: | The Company has incurred losses, its liabilities exceed total assets andits net worth has been fully eroded as at 31st March, 2021 The Hon'ableNCLT, Mumbai Bench has admitted a petition to initiate insolvencyproceeding against the Company under the Code. As per the Code, it isrequired that the Company be managed as a going concern during theCIRP. Further, the CIRP period continues to be in effect till the CoCapproved Resolution Plan of the Company is approved by the NCLT.The future prospects of the Company would be determined on thecompletion of CIRP. Hence, in view of the above facts and consideringthe smooth progress of the CIRP with submission of Resolution Plansby multiple Resolution Applicants is underway currently, the financialstatements have been prepared on a going concern basis. | |||
| Auditors'Comments on (i) or (ii) above | Erosoin of networth casts significant doubts on the entities ability tocontinue as a going concern, | |||
Il. Signatories: KS Nair Chief Financial Officer Kanaj Jani Resolution Professional IP Registration NO. IBBI/PA-001/1P-P-01757 /2019- 2020/12685 For Jayesh Dadia & Associates LLP Statutory Auditor Jayesh Dadia cA" Partner
Place: Mumbai
Date: 30th June, 2021
iy ZN is \z, (cf CHARTERED \in\ if ACCOUNTANTS | &% ' wl t me : : Im} fomh e
Digitally signed by Kanak
Taken on record by Resolution Professional
Ka Nn a k Ja nN | ae 2021.06.30 19:47:30 +05'30'