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Ramco Industries Ltd Annual Report 2020
61810_rns_2020-06-19_7da166f7-1eef-4fd0-bed1-b231ace22fa9.pdf
Annual Report
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Ramco lndustries Limited R
Auras Corporate Centre, 6'n Floor, 98-A, Dr. Radhakrishnan Road, Mylapore, Chennai 600 004. lndia I +91 44 2847 8585 I 4298 3IAA, Fax +91 44 2847 8597. wwwramcoindltd.com CIN : 126943TN1965P1C005297, E : [email protected]
REF/SEC/SE/N o. FR/Q 4 I 20 t9 -20 t9.6.2020
National Stock Exchange of India Limited Exchange Plaza Bandra-Kurla ComPlex Bandra (E) Mumbai - 400051 CodC: MMCOIND BSE Limited Floor 25, "P.J.Towers" Dalal Street Mumbai - 400 001 Code: 532369
Dear Sir,
sub : outcome of the Board Meeting held on L9.6.2O2O.
The Meeting of our Board of Directors held today (L9.6.2020), approved the Audited Finincial Results (Standalone and Consolidated) for the quarter and year ended 3lst March, 2020.
The Board of Directors at their meeting held on 03.03.2020 had approved payment of Interim Dividend of Re.0.50 per share. This is the total dividend for the year 2019-20.
The Annual General Meeting is scheduled to be held on Monday the 7th September, 2020. This Annual General Meeting is proposed to be conducted through Video Conferencing/Other Audio Visual means.
pursuant to Regulation 33(3)(d) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we enclose the following, duly approved by the Board :
-
- Standalone and Consolidated Audited Financial Results for the quarter and year ended 31st March 2020.
- Z. Auditors' Report on the Standalone Financial Results for the year ended 31st March 2020.
-
- Auditors'Report on the Consolidated Financial Results for the year ended, ," 31st March 2020.
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Ramco Industries L'm'ted %
:2:
- Declaration duly signed by our Chief Financial Officer that the Audit Reports issued by the Statutory Auditors on the Standalone and Consolidated Annual Financial Results for the year ended 31.3.2020 were with unmodifled opinions.
In accordance with Point No: A - 4 of Annexure I of SEBI Circular No: CIR/CFD/CMD14|1}L5 dated September 09, 20t5, we wish to inform the following:
Time of commencement of the Board Meeting - 1.15 PM Time of completion of the Board Meeting - 3.15 PM
Thanking you
Yours faithfully For Ramco Industries Limited
S. Balamurugasundaram Company Secretary and Legal Head
Encl. : as above
Ramco Industries Limited
Auras Corporate Centre, 6th Floor, 98-A, Dr. Radhakrishnan Road, Mylapore, Chennai 600 004. India 2 +91 44 2847 8585 / 4298 3100, Fax +91 44 2847 8597. www.ramcoindltd.com CIN: L26943TN1965PLC005297, 2: [email protected]
REF/SEC/SE/Reg.33(3)(d)/2019-20 19.6.2020
National Stock Exchange of India Limited, Exchange Plaza, Bandra-Kurla Complex. Bandra $(E)$ , Mumbai - 400 051. Scrip Code: RAMCOIND EO BSE Limited, Floor 25, "P.J.Towers", Dalal Street, Mumbai - 400 001. Scrip Code: 532369
Dear Sir,
Sub: Declaration under Regulation 33(3)(d) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
We hereby declare that the Audit Reports issued by the Statutory Auditors on the Standalone and Consolidated Annual Financial Results for the year ended 31.3.2020 were with unmodified opinions.
Thanking you Yours faithfully For Ramco Industries Limited
K. Sankaranarayanan Chief Financial Officer
RAMCO NEW AGE
Ramco tndustries Limited N
Ref./BSE/47(1(b) 19.6.2020 Auras Corporate Centre,6" Floor,98-A, Dr Radhakrishnan Road, Mylapore, Cherrnai 600 004. inclia CIN : 126943IN1965P1C005297, : ril@r'rl.co.rn
National Stock Exchange of India Limited, Exchange Plaza, Bandra-Kurla Complex, Bandra (E), Mumbai - 400051. Code: RAMCOIND BSE Limited, Floor 25, "P.J.Towers", Dalal Street, Mumbai - 400 001. ScriP Code: 532369
Dear Sirs,
Sub : Compliance under Reg. 47(1Xb) of LODR
We enclose a copy of the Standalone and Consolidated Audited Financial Results for the quarter and year ended 31st March , 2020, in the format being published in newspapers as per Regulation 47(1)(b) of LODR, for your records.
In accordance with the exemption given by SEBI vide its Circular No. SEBI/HO/CFD/CMDI/CLR1P|202014B dated March 26, 2O2O and No.sEBI/Ho/cFD/cMDllcrRlPl2020l79 dated May 12, 2020 , from the provisions of Regulation 47, the company has not published the Notice and Annual audited Financial results in newspapers.
Thanking you
Yours faithfully For Ramco Industries Limited
Wr"L--- I S. Balamurugasundaram Company Secretary and Legal Head
Encl. : as above
RAMCO INDUSTRIES LIMITED
Regd. Office: 47, P.S.K.Nagar, Rajapalayam 626 108.
Corporate Office: "Auras Corporate Centre", 9B-A, Dr. Radhakrishnan Road, Mylapore, Chennai-600 004.
CIN: 126943TN1965P1C005297 ; WEBSITE: www.ramcoindltd.com
EXTRACT OF AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE YEAR ENDED 31.03,2020
| Rs. ln | ||||||
|---|---|---|---|---|---|---|
| QUARTER ENDED | YEAR ENDED | |||||
| Particulars | 31.03.2020Audtted | 31.12.2019Un-audited | 31 .03.2019Audited | 31,03.2020Audited | 31.03.2019Audited | |
| 1 | lncome from Operations | 23,156 | 19,921 | 26,436 | 97,405 | 1,03,649 |
| Z | Net ProfiU(loss) for the period (before tax, Exceptional and/or Extraordinary items) | 2,195 | 1,076 | 2,122 | 9,829 | 10,719 |
| 3 | Net Profit/(loss) for the period (before tax, after Exceptionaland lor Extraordinary items) | 2,'185 | 1,178 | 2,122 | l-0i335 | 10,719 |
| 4 | Net Profit / (Loss) for the period (after tax, afterExceptional and I or Extraordinary items) | 1,838 | 400 | 1,769 | 0,893 | 7,451 |
| q | Share of Net profit After Tax (PAT) of Associatesaccounted for using the equity method | 1,447 | 2,104 | 3,551 | 101060_ | 9,784 |
| 6 | Total Comprehensive lncome for the period (ComprisingNet Profit for the period after tax and other Comprehensive | |||||
| lncome after tax) | 2,n9 | 3,'146 | 5,268 | 16,592 | 17,543 | |
| 7 | Pard up Equity share capital | 835 | 835 | 836 | 835 | 835 |
| B | lR*r.ru., (excluding Revaluation Reserve) | i,eo,or+ | 3,04,350 | |||
| I | IlNetworth | 3,?0,909 | 3,05,185 | |||
| 10 | lEarnings Per share of Re.1l each (Rs.)l(Not annualised) | |||||
| lBasic: | 3.00 | 6.37 | 20.29 | 20.63 | ||
| IlDiluted: | 3.93 | 3.00 | 6.37 | 20.29 | 20.63 |
Notes:
1 The above is an extract of the detailed format of Quarterly Financial Results filed with Stock Exchanges under Regulation 33 of the SEBI (Listing and Other Disclosure Requirements) Regulations 2015. The full format of the Quarterly Financial Results are available on the Bombay Stock Exchange website (URL: www.bseindia.com/corporates), the National Stock Exchange website (URl:www.nseindia.com/corporates) and on the Company's website ( URL: www.ramcoindltd.com).
Key informations on Standalone Audited Financial Results:
| QUARTER ENDED | YEAR ENDED | ||||
|---|---|---|---|---|---|
| Particulars | 31.03.2020Audited | 31.12.2019Un-audited | 31 .03.20'19Audited | v.a3.2a2aAudited | 31.03.2019Audited |
| lncome from 0perations | 19,330 | 16, 000 | 22,350 | 919q1 | 89,775 |
| Net Profit / (Loss) for the period (after tax, afterExceptional and / or Extraordinary items) | 977 | 84B | 1,453 | 6,552 | 7,319 |
| Total Comprehensive lncome for the period (Comprising | |||||
| Net Profit for the period after tax and other Comprehensivelncome after tax) | t330i | 1,526 | 1,450 | 5,912 | 7,533 |
The previous penod figures have been re-grouped / restated wherever considered necessary
For Ramco lndustries Limited
0 ,. t ftL --(,),^
P.V,ABINAV R,AMASUBRAMANIAM RAJA MANAGING DIRECTOR
Chennai
i 9-06-2020
,&,
RAMCO INDUSTRIES LIMITED
Regd. Office: 47, P.S.K.Nagar, Rajapalayam 626 108.
Corporate Office: "Auras Corporate Centre", 9B-A, Dr. Radhakrishnan Road, Mylapore, Chennai-600 004.
CIN: 126943TN1965P1C005297 ; WEBSITE: www.ramcoindltd.com
STATEMENT OF AUDITED STANDALONE FINANCIAL RESULTS FOR THE YEAR ENDED 31.03.2020
Rs. ln lakhs
| STANDALONE | ||||||||
|---|---|---|---|---|---|---|---|---|
| Particulars | QUARTER ENDED | YEAR ENDED | ||||||
| 31.03.2020Aridited | 31,12.2019I Jn-arrdited | 31.03 2019Arrdited | 31.03r202SAudited | 31 .03.2019Audited | ||||
| 1 | INCOME | |||||||
| ) | Sale of Products | 18,898 | 15,593 | 21,874 | 80,77{ | 87,467 | ||
| b | Other Operating lncome | 432 | 407 | 476 | 1,85[ | 2,308 | ||
| lncome from Operations (a+b) | 19,33t | 16,00c | 22,350 | s2,031 | 89,775 | |||
| d | Other lncome | 1,44{ | 1,14e | 154 | 5,342 | 3,423 | ||
| 0 | Total lncome (c + d) | 20,77t | 17,146 | 22,504 | 87,97: | 93,1 98 | ||
| 2 | EXPENSES | |||||||
| d | Cost of Materials Consumed | 10,740 | 8,321 | 11,158 | '42j94 | 44,ile | ||
| b | Purchase of Stock ln Trade | ,,, u5 | to | 3 | -. ,100 | '163 | ||
| C | Changes in lnventories of Finished Goods, Work-inProgress & Stock in Trade | {1t38} | (1,650) | (1 e) | (2,186) | I tl | ||
| d | Employee Benefits Expenses | 2r4&0 | 2,184 | 1,964 | g:153 | 8,092 | ||
| e | Finance Costs | ,3S4 | 359 | 396 | 1,460 | 1,506 | ||
| f | Depreciation and Amortisation Expenses | ,.,647 | 647 | bJb | 2,$77 | 2,461 | ||
| g | Other expenses | 6,528 | 6,034 | 6,976 | 25,730 | 25,845 | ||
| Total Expenditure | 19,540 | 15,921 | 21, 114 | .79,35a | 83,395 | |||
| ? | Profit from Operaiions Before Exceptional items and Tax(1-2) | 1,22r | 1,390 | q618 | 9,803 | |||
| 4 | Exceptional ltems (loss) / gain | 102 | 50s | |||||
| 5 | Profit from Ordinary Activities Before Tax (3+4) | 1,2$0 | 1,321 | 1,390 | 9,121 | 9,803 | ||
| 6 | I.ax Expense | |||||||
| Current Tax | ?90 | 335 | 238 | 1,49{ | 1,934 | |||
| Defened Tax | 83 | 280 | (8) | 874 | 2,060 | |||
| MAT Credit entitlement | i1?0) | (136) | (2e3) | l0r | (1,510) | |||
| 7 | Net Profit from ordinary activities after Tax (5.6) | ,. g7? | 848 | 1,453 | s,552 | 7,319 | ||
| I | Otner Comprehensrve lncome / (loss) (net of tax) | {1,307t | 678 | (3) | t6401 | 214 | ||
| o | Total Comprehensive Income (after tax) for the period(7+8) | t33S: | 1,526 | 1,450 | .5,S{' | 7,533 | ||
| iU | Paid up Equity Share Capital (face value-Re.1 each) | 86i | 867 | 867 | 867 | 867 | ||
| il | Reserves (excluding Revaluation Reserve) | 77,s04 | lL' 650 | |||||
| tt | Basic&Diluted Earnings Per Share of Re.1l each -in Rs. | |||||||
| Based on Net profit for the period (Not annualised) | 1.1: | 0.98 | '1.68 | 7.5S | 8.45 |
AUDITED SEGMENT WISE REVENUE. RESULTS AND CAPITAL EMPLOYED
| , , , , , , , , , , , , , , , , , , , | STANDALONE | ||||||
|---|---|---|---|---|---|---|---|
| Particulars | QUARTER ENDED | YEAR ENDED | |||||
| 31.03.2020Audited | 31.12.2019Un-audited | 31.03.2019Audited | 31.03.2020Audited | 31.03.2019Audited | |||
| 1 | Segment Revenue / Income: | ||||||
| a | Building Products | 14,991 | 13,650 | 17,748 | 68,402 | 73,153 | |
| b | Textiles | 3,909 | 1,946 | 4,143 | 12,416 | 14,922 | |
| C | Windmills | 210 | 195 | 234 | 1,559 | 1,630 | |
| d | Unallocated | 425 | 435 | 454 | 1,640 | 1,540 | |
| TOTAL | 19,535 | 16,226 | 22,579 | 84,017 | 91,245 | ||
| Less: Inter-segment Revenue | 205 | 226 | 229 | 1,386 | 1,47 | ||
| Net Sales / Income from Operations | 19,330 | 16,000 | 22,350 | 82,631 | 89,775 | ||
| $\overline{c}$ | Segment Results Profit (+) Loss (-) Before tax and | ||||||
| Finance CostBuilding Products | 584 | 1,038 | 4,206 | 5,877 | |||
| ab | Textiles | 54(14) | (101) | 248 | 544 | ||
| C | Windmills | 75 | 54 | 97 | (1)981 | 1,083 | |
| đ | Unallocated | ||||||
| Total | 115 | 537 | 1,383 | 5,186 | 7,504 | ||
| Less: Finance Cost | 354 | 359 | 396 | 1,460 | 1,506 | ||
| Add: Un-allocable income net off unallocable expenditure | 1,469 | 1,149 | 403 | 5,398 | 3,805 | ||
| Total Profit before Tax | 1,230 | 1,327 | 1,390 | 9,124 | 9,80.3 | ||
| 3 | Segment Assets | ||||||
| a | Building Products | 65,172 | 60,094 | 57,454 | 65,172 | 57,454 | |
| b | Textiles | 15,951 | 14,866 | 13,708 | 15,951 | 13,708 | |
| C | Windmills | 1,478 | 1,554 | 1,653 | 1,478 | 1,653 | |
| đ | Unallocated | 43,563 | 41,769 | 44,014 | 43,563 | 44,014 | |
| TOTAL | 1,26,164 | 1,18,283 | 1,16,829 | 1,26,164 | 1,16,829 | ||
| 4 | Segment Liabilities | ||||||
| a Building Products | 12,818 | 10,607 | 10,638 | 12,818 | 10,638 | ||
| b Textiles | 5,311 | 4,180 | 1,459 | 5,311 | 1,459 | ||
| C | Windmills | 174 | 154 | 133 | 174 | 133 | |
| d | Unallocated | 29,390 | 24,107 | 31,082 | 29,390 | 31,082 | |
| TOTAL | 47,693 | 39,048 | 43,312 | 47,693 | 43,312 | ||
| STATEMENT OF ASSETS AND LIABILITIES | Rs. In Lacs | ||||||
| STANDALONE | |||||||
| Particulars | As at | As at | |||||
| 31.03.2020 | 31.03.2019 | ||||||
| A ASSETS | |||||||
| NON-CURRENT ASSETS | |||||||
| Property, Plant and Equipment | 43,232 | 40,652 | |||||
| Capital Work-in-progress | 1,878 | 91 | |||||
| Intangible Assets | 575 | 751 | |||||
| Investment property | 65 | 66 | |||||
| Investment in Subsidiaries and Associates | 25,015 | 22,272 | |||||
| Financial Assets | |||||||
| InvestmentsLoans and Advances | 3,043332 | 3,690412 | |||||
| Other Financial Assets | 767 | 655 | |||||
| Other Non Current Assets | 513 | 204 | |||||
| Sub-total - Non-current assets | 75,420 | 68,793 |
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$\overline{\mathbf{k}}$
| STANDALONE | |||
|---|---|---|---|
| Particulars | As at | As at | |
| 31.03.2020 | 31.03.2019 | ||
| $\overline{2}$ | CURRENT ASSETS | ||
| Inventories | 31,710 | 25,111 | |
| Financial Assets | |||
| Trade receivables | 7,818 | 9,325 | |
| Cash and cash equivalents | 1,706 | 989 | |
| Other Financial Assets | 189 | 245 | |
| Current Tax Assets | 5,965 | 6,188 | |
| Other current assets | 3,356 | 1,958 | |
| Sub-total - Current assets | 50,744 | 43,816 | |
| TOTAL ASSETS | 1,26,164 | 1,12,609 | |
| B EQUITY AND LIABILITIES | |||
| 1 | EQUITY | ||
| Equity Share capital | 867 | 867 | |
| Other Equity | 77,604 | 72,650 | |
| Sub-total - Equity | 78,471 | 73,517 | |
| $\overline{2}$ | NON-CURRENT LIABILITIES | ||
| Financial Liabilities | |||
| Borrowings | 2,574 | 2,561 | |
| Other financial Liaibilities | 214 | ||
| Deferred Tax Liabilities (Net) | 1,812 | 862 | |
| Deferred Government Grants | 127 | 139 | |
| Sub-total - Non-current liabilities | 4,727 | 3,562 | |
| 3 | CURRENT LIABILITIES | ||
| Financial Liabilities | 18,169 | 13,172 | |
| BorrowingsTrade Payables | |||
| Dues of Micro and Small Enterprises | 328 | 72 | |
| Dues of creditors other than Micro and | |||
| Small Enterprises | 5,719 | 3,836 | |
| Other Financial Liabilities | 9,625 | 9,602 | |
| Other current liabilities | 1,902 | 1,858 | |
| Government Grants | 12 | 12 | |
| Provisions | 7,211 | 6,978 | |
| Sub-total - Current liabilities | 42,966 | 35,530 | |
| TOTAL EQUITY AND LIABILITIES | 1,26,164 | 1,12,609 |
$\bar{z}$
| STANDALONE CASH FLOW STATEMENT FOR THE PERIOD ENDED 31.03.2020 | YEAR ENDED2019-20{ in Lakhs | YEAR ENDED2018-79{ in Lakhs | ||
|---|---|---|---|---|
| A Cash flow from operatint activities | ||||
| Profit Before Tax | 9,124 | 9,803 | ||
| Adjusted for | ||||
| Loss on sale of assets | 1 | o | ||
| Depreciation | 2,577(4,s72 | 2,461(3,000) | ||
| Dividend lncome | ||||
| Profit on sale of assets | (384) | lr-z\ | ||
| Profit on sale of shares | (25e) | |||
| Fair value loss/(gain) on investments | 8 | 5(138) | ||
| lnterest income | (182) | |||
| Cash flow arising out ofActuarial loss on defined benefit obligation | (78) | (61) | ||
| lnterest paid | t,460 | 1,506 | ||
| Royalty receipts | (t,640l | ( 1,s40) | ||
| (3,080) | (772\ | |||
| Operating profit before working capital changes | 6,044 | 9,031 | ||
| Adjusted for | ||||
| Trade and other receivables | 1,506 | (620) | ||
| lnventories | (6,s99) | ( 1,813) | ||
| Trade payables | 2,t39 | 394 | ||
| Other Current Assets | (2,L191 | (3,94t) | ||
| Other current Liabilities/financial liabilities | s03 | 2,370 | ||
| (4,569) | (3,610) | |||
| Cash (used in) / generated from operations | L,475 | 5,421. | ||
| Taxes paid | (48s) | lzs2) | ||
| Net cash (used in) / generated from operating activities | 985 | 5,169 | ||
| B Cash flow from lnvesting activities | ||||
| Purchase of Plant, property and Equipment | (s,20s) | (4,s73], | ||
| Proceeds from Sale of Plant, property and Equipment | 703 | 71 | ||
| Adjustments in Assets | (243) | 56 | ||
| Proceeds from Sale of shares | 272 | |||
| lnterest income | t82 | 138 | ||
| Dividend income | 4,572 | 3,000 | ||
| Changes in Capital WIP | lt,787l | 368 | ||
| Advance for long term purpose | (340) | (11) | ||
| Purchase of investment | 12,7441 | (1,000) | ||
| Royalty receipts | 1,640 | 1,540 | ||
| Net cash (used in) / from investing activities | (2,9s1) | 14281 | ||
| C Cash flow from financing activities | ||||
| Proceeds from long term borrowing | 29 | (2,580) | ||
| Proceeds from other Long term liabilites | (12) | (12J | ||
| Proceeds from short term borrowings | 4,997 | 169 | ||
| Dividend paid | (867) | (433) | ||
| Finance cost | (1,46s) | (1,427\ | ||
| Net cash from / (used in) Financing activities | 2,682 | (4,3841 | ||
| Net increase / (decrease) in cash and cash equivalents (A+B+C) | 717 | 357 | ||
| Cash and cash equivalents as at the beginning ofthe period | 989 | 532 | ||
| Cash and Cash equivalents as at end of the period | 1,706 | 989 |
Notes:
- 1 The above ludited standalone financial results were reviewed by the Audit committee and approved by the Board of Directors at its M.eti,,gs held on 19 06.2020.
- 2 This statement has been prepared in accordance with the Companies (lndian Accounting Standards) Rules,2015 (lnd AS) prescribed under Sec 133 of the Companies Act, 20'13 and other recognised accounting practices and policies to the extent applicable.
- 3 The Company has adopted lnd AS 116 with modified retrospective approach, with effect from April 01, 2019 for all lease contracts. Accordingly, the comparative periods have not been restated. The effect of this adoption is insignificant on the profit and earnings per share for the current period.
- 4 On 20.09,201 I vide the taxation laws (Amendment) Ordinance 2019, the Government of lndia inserted section 11 5 BAB in the lncome Tax Act, '1961 which provides domstic companies a non-reversible option to pay corporate tax at reduced rates . effective from 01 .04.2019 subject to certain conditions. The company evaluated this option and opted old tax regime.
- Exceptional item indicates profit on sale of building of Rs.102 lakhs during third quarter, profit on sale of land of Rs.'135 Iakhs and profit on sale of shares of Rs. 269 lakhs during second quarter.
- The operations of the Company were shut down from third week of Mar 20, due to lockdown for outbreak of COVID pandemic. However, the Company has resumed its operations in compliance with the directives issued by the Government Authorities. The company is monitoring the situation closely and is taking necessary steps to continue operations in due compliance with applicable regulations.
The Company has sufficient liquidity / financing arrangements for the continuity of business operations. The company is confident of its ability to service the debt / financing arrangements
The Company has exercised due care in determining its significant accounting judgements and estimates while preparing its financial statements including internal controls over financial reporting, As per the current assessment of the company, there is no material impact on the carrying values of trade receivables, inventories and other financial / non-financial assets as at the reporting date and expects no significant impact on the continuity of operations of the business on long-term basis. The Company continues to closely monitor the developments in economic conditions and assess its impact. However, the flnal impact may differ from the current estimates made as at the date of approval of the financial statements for the year ended 31-03-2020 considering the prevailing uncertainties.
The previous period figures have been re-grouped / restated wherever considered necessary.
For Ramco lndustries Limited
f /b;t{ ,1,^
Chennai 19-06-2020 i
t,
P,V.ABINAV RAMASUBRAMANIAM RAJA s MANAGING DIRECTOR
RAMCO INDUSTRIES LIMITED
Regd. Office: 47, P.S.K.Nagar, Rajapalayam 626 108.
Corporate Office: "Auras Corporate Centre", 98-A, Dr. Radhakrishnan Road, Mylapore, Chennai-600 004.
CIN: 126943TN1965P1C005297 ; WEBSITE; www.ramcoindltd.com
STATEMENT OF AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE YEAR ENDED 31.03.2020
Rs. ln lakhs
| CONSOLIDATED | |||||||
|---|---|---|---|---|---|---|---|
| Particulars | QUARTER ENDED | YEAR ENDED | |||||
| ts1.0Jr2020Auditad | 31.12.2019Un-audited | 31.03 2019Audited | 31,03.2020,dudited | 31 .03 2019Audited | |||
| 1 | INCOME | ||||||
| a | Sale of Products | 23,149 | 19,949 | 26,413 | 97,1St | 1,02,881 | |
| b | Other Operating lncome | I. | (28 | 23 | 211 | 768 | |
| C | lncome from Operations (a+b) | ?S'1 56 | 19,921 | 26,436 | 97,40i | 1 03,649 | |
| d | Other lncome | 1,611 | 341 | 262 | 4,08€ | 2,408 | |
| e | Total lncome (c + d) | ?4,167 | 20,262 | 26,698 | 1;01,49: | 1,06,057 | |
| ,) | EXPENSES | ||||||
| a | Cost of Materials Consumed | 1?,ss8 | 10,419 | 13,497 | 5'1,431 | 52,983 | |
| b | Purchase of Stock ln Trade | 36 | 30 | 7 | 108 | 1 -7-7 | |
| c | Changes in lnventories of Finished Goods, Work-inProgress & Stock in Trade | t't1,223} | (1,408) | 189 | 12,/51) | 863 | |
| d | Employee Benefi ts Expenses | 2,8S8 | 2,484 | 2,273 | :10,330 | 9,147 | |
| Finance Costs | 356 | 361 | 397 | 1,4$8 | '1,510 | ||
| f | Depreciation and Amortisation Expenses | 787 | 778 | 773 | 3,094 | 2,949 | |
| 0 | Other expenses | 0,830 | 6,522 | 7,440 | ?7i484 | 27.709 | |
| Total Expenditure | nt582 | 1 9,1 B€ | 24,57e | s1,664 | 95,338 | ||
| J | Profit from Operations Before Exceptional items and Tax(1-2) | 2,1 85 | 1,076 | 2,122 | 9,829 | 10,71 I | |
| 4 | Exceptronal ltems (loss) / gain | 102 | 50$ | ||||
| 5 | Profit from Ordinary Activities Before Tax (3+4) | ?,i185 | 1,'.178 | 2,122 | 10,335 | 10,719 | |
| 6 | Tax Expense | ||||||
| Current Tax | ! 521 | (ol | 470 | 2,360 | 2,534 | ||
| Deferred Tax | {54j | 323 | 176 | 86t | 2,244 | ||
| MAT Creditentitlement | {120) | (1 36) | (293) | 20€ | (1,510) | ||
| 7 | Net Profit from ordinary activities after Tax (5.6) | 1,838 | 400 | 1,769 | 8,8S1 | 7,451 | |
| B | Share of ProfiU(loss) [PAT] of Associates | 1,447 | 2,104 | 3,551 | 10;06{ | 9,784 | |
| q | Net Profit for the period (7+B) | 3,2$fl | 2,504 | 5,320 | 16,95: | 'I t ,t5x | |
| 10 | Oiher Comprehensive lncome / (loss) (net of tax) | {1,307) | 678 | (3) | (640) | 214 | |
| 11 | Share of OCI (net of tax) of Associates | ?31 | (36) | (4e) | 27p | 94 | |
| Total Comprehensive lncome (after tax) for the period(9+1 0+1 1 ) | t;2ff | 3,146 | 5,268 | ,s,sgl | 17,543 | ||
| 13 | Paid up Equity Share Capital (face value-Re 1 each) | Q?T | 835 | 836 | Q?T | 835 | |
| '14 | Reserves (excluding Revaluation Reserve) | 3,20r07{ | 3,04,350 | ||||
| 15 | Basic&Diluted Earnings Per Share of Re.1l each -in RS. | ||||||
| Based on Net profit for the period (Not annualised) | 'l o, | 3,00 | 6.37 | tu.tE | ZU,OJ |
(Ti"easury share of 31.29 lakhs (as on 31,03,2019 : 31.22 lakhs and as on 31.12.2019'.31.29 number of equity shares for the purpose of computation of Consolidated Earnings per share lakhs) were deducted from total
0 a,
AUDITED SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
| CONSOLIDATED | |||||||
|---|---|---|---|---|---|---|---|
| Particulars | QUARTER ENDED | YEAR ENDED | |||||
| 31.03.2020Audited | 31.12.2019Un-audited | 31.03.2019Audited | 31.03.2020Audited | 31.03.2019Audited | |||
| 1 | Segment Revenue / Income: | ||||||
| a | Building Products | 19,242 | 18,006 | 22,287 | 84,816 | 88,567 | |
| b | Textiles | 3,909 | 1,946 | 4,143 | 12,416 | 14,922 | |
| C | Windmills | 210 | 195 | 234 | 1,559 | 1,630 | |
| d | Unallocated | 425 | 435 | 454 | 1,640 | 1,540 | |
| TOTAL | 23,786 | 20,582 | 27,118 | 1,00,431 | 1,06,659 | ||
| Less: Inter-segment Revenue | 630 | 661 | 682 | 3,026 | 3,010 | ||
| Net Sales / Income from Operations | 23,156 | 19,921 | 26,436 | 97,405 | 1,03,649 | ||
| $\overline{2}$ | Segment Results Profit (+) Loss (-) Before tax and | ||||||
| Finance Cost | |||||||
| a | Building Products | 944 | 1,348 | 1,781 | 7,104 | 8,222 | |
| b | Textiles | (14) | (101) | 248 | (1) | 544 | |
| C | Windmills | 75 | 54 | 97 | 981 | 1,083 | |
| d | Unallocated | ||||||
| Total | 1,005 | 1,301 | 2,126 | 8,084 | 9,849 | ||
| Less: Finance Cost | 356 | 361 | 397 | 1,468 | 1,510 | ||
| Add: Un-allocable income net off unallocable expenditure | 1,536 | 238 | 393 | 3,719 | 2,380 | ||
| Total Profit before Tax | 2,185 | 1,178 | 2,122 | 10,335 | 10,719 | ||
| 3 | Segment Assets | ||||||
| a | Building Products | 78,946 | 73,223 | 70,296 | 78,946 | 70,296 | |
| b | Textiles | 15,951 | 14,866 | 13,708 | 15,951 | 13,708 | |
| C | Windmills | 1,478 | 1,554 | 1,653 | 1,478 | 1,653 | |
| d | Unallocated | 2,74,948 | 2,71,160 | 2,64,955 | 2,74,948 | 2,64,955 | |
| TOTAL | 3,71,323 | 3,60,803 | 3,50,612 | 3,71,323 | 3,50,612 | ||
| 4 | Segment Liabilities | ||||||
| a Building Products | 15,506 | 13,356 | 12,720 | 15,506 | 12,720 | ||
| b Textiles | 5,311 | 4,180 | 1,459 | 5,311 | 1,459 | ||
| C | Windmills | 174 | 154 | 133 | 174 | 133 | |
| d | Unallocated | 29,391 | 24,109 | 31,083 | 29,391 | 31,083 | |
| TOTAL | 50,382 | 41,799 | 45,395 | 50,382 | 45,395 | ||
| STATEMENT OF ASSETS AND LIABILITIES | Rs. In Lacs | ||||||
| CONSOLIDATED | |||||||
| Particulars | As at | As at | |||||
| 31.03.2020 | 31.03.2019 | ||||||
| A ASSETS | |||||||
| 1 NON-CURRENT ASSETS | |||||||
| Property, Plant and Equipment | 46,049 | 43,484 | |||||
| Capital Work-in-progress | 2,088 | 491 | |||||
| Intangible Assets | 575 | 751 | |||||
| Investment property | 65 | 66 | |||||
| Investment in Subsidiaries and Associates | 2,57,109 | 2,44,028 | |||||
| Financial Assets | |||||||
| Investments | 3,043 | 3,690 | |||||
| Loans and Advances | 50 | ||||||
| Other Financial Assets | 773 | 661 | |||||
| Other Non Current Assets | 515 | 218 | |||||
| Sub-total - Non-current assets | 3,10,267 | 2,93,389 | Chenna |
÷,
$\overline{k}$
| CONSOLIDATED | |||
|---|---|---|---|
| Particulars | As at | As at | |
| 31.03.2020 | 31.03.2019 | ||
| $\overline{2}$ | CURRENT ASSETS | ||
| Inventories | 35,715 | 28,678 | |
| Financial Assets | |||
| Investments | |||
| Trade receivables | 8,395 | 9,460 | |
| Cash and cash equivalents | 6,363 | 6,352 | |
| Other Financial Assets | 195 | 245 | |
| Current Tax Assets | 6,619 | 6,227 | |
| Other current assets | 3,769 | 2,041 | |
| Sub-total - Current assets | 61,056 | 53,003 | |
| TOTAL ASSETS | 3,71,323 | 3,46,392 | |
| в | EQUITY AND LIABILITIES | ||
| 1 1 | EQUITY | ||
| Equity Share capital | 867 | 867 | |
| Other Equity | 3,20,074 | 3,04,350 | |
| Sub-total - Equity | 3,20,941 | 3,05,217 | |
| $\overline{2}$ | NON-CURRENT LIABILITIES | ||
| Financial Liabilities | |||
| Borrowings | 2,574 | 2,561 | |
| Other financial Liaibilities | 214 | ||
| Deferred Tax Liabilities (Net) | 2,313 | 1,362 | |
| Deferred Government Grants | 127 | 139 | |
| Sub-total - Non-current liabilities | 5,228 | 4,062 | |
| 31 | CURRENT LIABILITIES | ||
| Financial Liabilities | |||
| Borrowings | 18,169 | 13,172 | |
| Trade Payables | |||
| Dues of Micro and Small Enterprises | 328 | 72 | |
| Dues of creditors other than Micro and | 6,433 | 4,751 | |
| Small Enterprises | |||
| Other Financial Liabilities | 10,053 | 9,742 | |
| Other current liabilities | 1,937 | 2,094 | |
| Government Grants | 12 | 12 | |
| Provisions | 8,222 | 7,270 | |
| Sub-total - Current liabilities | 45,154 | 37,113 | |
| TOTAL EQUITY AND LIABILITIES | 3,71,323 | 3,46,392 |
l,
| CONSOTIDATED CASH FLOW STATEMENT FOR THE PERIOD ENDED 31.03.2020 | YEAR ENDED | YEAR ENDED | |||
|---|---|---|---|---|---|
| L9-20 | 18-19 | ||||
| < in Lakhs | t in Lakhs | ||||
| A | Cash Flow trom Operating Activities | ||||
| Profit before Tax | 10,335 | 10,719 | |||
| Loss on sale of assets | 1 | (31) | |||
| Depreciation | 3,094 | 2,949 | |||
| Fair value loss/(gain) on investments | 8 | 5 | |||
| Cash flow arising out of Actuarial loss on defined benefit obligation | (78) | (61) | |||
| Divldend income | 12,927l. | (1,616) | |||
| Profit on sale of assets | (38s) | 16 | |||
| Profit on Sale of Shares | (26s) | ||||
| lnterest income | (s62) | (so0) | |||
| Effects on Exchange rate | 90 | i'442) | |||
| lnterest paid | 1,458 | 7,578 | |||
| 438 | 1 000 | ||||
| t2,6t8 | |||||
| Operating profit before working capital changes | LO,773 | ||||
| Adjusted for | (110) | ||||
| Trade Payables | 1,938 | ||||
| Other Current Assets | (3,402) | ls,728l | |||
| Other Current Liabilities / Financial Liabilities | 1,310 | 1,858 | |||
| Trade & Other Receivables | 1,065 | (s0e) | |||
| lncrease / (Decrease ) in lnventories | (7,0371 | 1228) | |||
| (6,126) | 14,7L6l | ||||
| Cash (used inl / generated from operations | 4,648 | 7,901 | |||
| Taxes paid | (1,034) | 942 | |||
| Net cash (used in) / generated from operating activities | 3,613 | 8,U3 | |||
| Cash Flow From lnvestint Activities | |||||
| Purchase of Plant, property and Equipment | (s,710) | \4,e24) | |||
| Proceeds from Sale of Plant, property and Equipment | 705 | 75 | |||
| Adjustment in Assets | (236) | 13 | |||
| Proceeds from Sale of Shares | 272 | ||||
| Interest income | 562 | 500 | |||
| Dividend income | ?,927 | 7,6L6 | |||
| Changes in Capital WIP | (1,s97) | s00 | |||
| Advances for long term purpose | (4s7) | (6e) | |||
| Purchase of lnvestment | 12,744) | (1,000) | |||
| Net cash (used in) / from lnvesting activities | 16,2761 | (3,290) | |||
| Cash Flow From Financing Activities | |||||
| Proceeds from long term [grrowlng | 29 | (7,792], | |||
| Proceeds from other Long term Liabilities | (12) | It2) | |||
| Proceeds from short term borrowings | 4,997 | lbY | |||
| Dividend paid | (867) | (433) | |||
| Finance cost | (L,4741 | (1,499) | |||
| Net cash from / (used in) Financing activities | 2,673 | (3,s68) | |||
| Net increase / (decrease) in cash and cash equivalents ( A+B+C) | LL | 1,985 | |||
| Cash and cash equivalents as at the beginning of the year | 6,352 | 4,366 | |||
| Cash and Cash equivalents as at the end of the year | 6,362 | 6,352 | |||
Notes:
- 1 The above auditedc-,-<.,,,;utrfinancial results were reviewed by the Audit committee and approved by the Board of Directors at its Meetings held on 19.06.2020.
- 2 This statement has been prepared in accordance with the Companies (lndian Accounting Standards) Rules, 2015 (lnd AS) prescribed under Sec 133 of the Companies Act, 2013 and other recognised accounting practices and policies to the extent applicable.
- 3 The Company has adopted lnd AS 116 with modified retrospective approach, with effect from April 01,2019 for all lease contracts. Accordingly, the comparative periods have not been restated. The effect of this adoption is insignificant on the profli and earnings per share for the current period.
- 4 On 20.09.2019, vide the taxation laws (Amendment) Ordinance 2019, the Government of lndia inserted section 1'15 BAB in the lncome Tax Act, 1961 which provides domstic companies a non-reversible option to pay corporate tax at reduced rates effective from 01.04.2019 subject to certain conditions. The company evaluated this option and opted old tax regime.
- Exceptional item indicates profit on sale of building of Rs.102 lakhs during third quarter, profit on sale of land of Rs.135 lakhs and profit on sale ofshares of Rs. 269 lakhs during second quarter.
- The operations of the Company were shut down from third week of Mar 20, due to lockdown for outbreak of COVID pandemic. However, ihe Company has resumed its operations in compliance with the directives issued by the Government Authorities. The company is monitoring the situation closely and is taking necessary steps to continue operations in due compliance with applicable regulations,
The Company has sufficient liquidity / financing arrangements for the continuity of business operations. The company is confident of its ability to service the debt / flnancing arrangements
The Company has exercised due care in determining its significant accounting judgements and estimates while preparing its financial statements including internal controls over financial reporting. As per the current assessment of the company, there is no material impact on the carrying values of trade receivables, inventories and other financial / non-financial assets as at the reporting date and expects no significant impact on the continuity of operations of the business on longterm basis The Cornpany continues to closely monitor the developments in economic conditions and assess its impact. However, the final impact may differ from the current estimates made as at the date of approval of the financial statements for the year ended 31 -43-2420 considerin g the prevai ling u ncertainties,
The previous period figures have been re-grouped / restated wherever considered necessary.
For Ramco lndustries Limited
Chennai 19-06-2020 v
P.V.ABINAV RAMASUBRAMANIAM RAJA MANAGING DIRECTOR
lndependent Auditor's Report on the Quarterly and Year to Date Audited Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 20L5, as amended
TO
THE BOARD OF DIRECTORS OF RAMCO INDUSTRIES LIMITED
Report on the audit of the Consolidated Financial Results
Opinion
We have audited the accompanying Statement of Consolidated Financial Results of RAMCO INDUSTIRES LIMITED("Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group"), and its associates for the quarter ended March 31,,2020and for the period from April OL,2Ot9 to March 37,2020 ("the Statement"), being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,2OL5, as amended ("Listing Regulations").
ln our opinion and to the best of our information and according to the explanations given to us, and based on the consideration of the reports of the other auditors on separate audited financial statements/ financial information of subsidiaries, and associates, the Statement:
a. includes the results of the following entities:
| Name of the entity | Relationship |
|---|---|
| Sudharsanam lnvestments Limited | Subsidiary |
| Sri Ramco Lanka (Private) Limited, Srilanka | Subsidiary |
| Sri RamcoRoofings Lanka (Private) Limited, Srilanka | Subsidiary |
| The Ramco Cements Limited | Associate |
| Ramco Systems Limited | Associate |
| Rajapalayam Mills Limited | Associate |
| Ramco lndustrial and Technology Services limited | Associate |
| Madurai Trans Carrier Limited | Associate |
| Lynks Logistics Limited | Associate |
b. is presented in accordance with the requirements of Regulation 33 of the Listing Regulations, as amended; and
c. gives a true and fair view, in conformity with the applicable accounting standards, and other accounting principles generally accepted in lndia, of consolidated total comprehensive income (comprising of net profit and other comprehensive income) and other financial information of the Group for the quarter ended March 3L, 2O2O and for the period from April 0L, 2019 to March 3I,2020.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) as specified under section 143(10) of the Companies Act, 2013 (the Rct). Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Consolidated Finoncial Results section of our report. We are independent of the Group, its subsidiaries and associates in accordance with the Code of Ethics issued by the lnstitute of Chartered Accountants of lndia together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Companies Act, 2013 and the Rules there under, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us and other auditors in terms of their reports referred to in "Other Matter" paragraph below, is sufficient and appropriate to provide a basis for our opinion.
Emphasis of Matter
We draw attention to Note No. 6 to the consolidated financial results, which describes the uncertainties and the impact of the COVID 19 pandemic on the operations and results on financial results. The Management has assessed that there is no material impact on the financial statements due to lockdown and related restrictions imposed towards controlling the COVID L9 pandemic. Ouropinion is not modified in respectof this matter.
The auditors of respective companies have reported an Emphasis of matter in this regard in their reports of the respective companies. Our opinion is not modified in respect of this matter.
Management's Responsibilities for the Consolidated Financial Results
These Statements have been prepared on the basis of the consolidated annual financial statements.
The Holding Company's Board of Directors are responsible for the preparation and presentation of these consolidated financial results that give a true and fair view of the net profit and other comprehensive income and other financial information of the Group including its subsidiaries and associates in accordance with the applicable accounting standards prescribed under Section 133 of the Act read with relevant rules issued there under and other accounting principles generally accepted in lndia and in compliance with Regulation 33 of the Listing Regulations. The respective Board of Directors of the companies included in the Group and of its subsidiaries and associates are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group and its subsidiaries and associates 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 the 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 Directors of the Holding Company, as aforesaid.
ln preparing the consolidated financial statement, the respective Board of Directors of the companies included in the Group and of its subsidiaries and associates are responsible for assessing the ability of the Group and of its subsidiaries and associates 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 Board of Directors either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.
The respective Board of Directors of the companies included in the Group and of its subsidiaries and associates are also responsible for overseeing the financial reporting process of the Group and of its subsidiaries and associates.
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 reportthat includesouropinion. Reasonable assurance is a high levelof 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 the aggregate, they could reasonably be expected to influe4ce 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:
- o ldentify 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.
- o Obtain an understanding of internal control relevant to the audit in order to design audit piocedures that are appropriate in the circumstances. Under Section 143(3Xi) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
- o Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
- o 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 ability of the Group and its subsidiaries and associates to continue as a going concern. lf 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 Group and its subsidiaries and associates to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the consolidated financial results, including the disclosures, and whether the consolidated financial resultsrepresent the underlying transactions and events in a manner that achieves fair presenta[ion.
- o Obtain sufficient appropriate audit evidence regarding the financial results/financial information of the entities within the Group and its subsidiaries and associates to express an opinion on the consolidated financial results. We are responsible for the direction, supervision and performance of the audit of the financial information of such entities included in the consolidated financial results of which we are the independent auditors. For the other entities included in the consolidated financial results, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.
We communicate with those charged with governance of the Holding Company and such other entities included in the consolidated financial results of which we are the independent auditors 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 performed 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 Matter
-
- We did not audit the financial statements of One foreign branch included in the standalone quarterly financial results and standalone year to date results, whose standalone financial statements reflect total assets of Rs. 200.01 Lakhs as at 31st March 2020 and total revenues of Rs. 35.64 Lakhs and Rs. 1,L2.89 Lakhs, total net profit aftertax of Rs. 2.42Lakhs and Rs.30.63 Lakhs, total comprehensive income of Rs.2.42 Lakhs and Rs. 30.63 Lakhs for the quarter ended 31st March 2020 and for the period from 01.st April 20L9 to 31st March 2020 respectively, and net cash inflow of Rs.21,21 Lakhs for the year ended 31st March 2020, as considered in the respective standalone audited financial results, as considered in the respective standalone audited financial results. These financial statements and other financial information have been audited by another independent auditor in accordance with the regulations of that country, whose report has been furnished to us, and our opinion on the quarterly financial results and the year to date results, to the extent they have been derived from such audited financial statements is based solely on the report of such other auditors.
- We did not audit the financial statements of Two foreign subsidiary companies included in the consolidated annual financial results year to date, whose financial statementsreflecttotal assetsof Rs. L7,990.73 Lakhsasat3lstMarch2020andtotal revenues of Rs. 4,350.20 Lakhs and Rs. 18,201.13 Lakhs, total net profit after tax of Rs. 795.9L Lakhs and Rs. 3,604.64 Lakhs, total comprehensive income of Rs. 795.91 Lakhs and Rs. 3,604.64 Lakhs for the quarter ended 31st March 2020 and for the period from 01st April 2019 to 31st March 2020 respectively, and net cash outflows of Rs. 705.68 Lakhs for the year ended 31st March 2020. These financial statements as per lnd AS and other financial information have been audited by another independent auditor in accordance with the regulations of that country, whose report has been furnished to us, and our opinion on the year to date results, to the extent they have been derived from such audited financial statements is based solely on the report of such other auditors. 2.
- The audited financial statements as per lnd AS of One subsidiary company, included in the consolidated annual financial results year to date reflect total assets of Rs. 1,287.08 Lakhs as at 31st March 2020 and total revenues of Rs. 74.56 Lakhs and Rs. 1,64.04 Lakhs, total net profit after tax of Rs.67.28 Lakhs and Rs.130.03 Lakhs, total 3.
,/.''.:il)
comprehensive income of Rs. 67.28 Lakhs and Rs. 130.03 Lakhs for the quarter ended 3Lst March 2O2O and for the period from 01st April 2019 to 31st March 2020 respectively, and net cash inflow of Rs. 0.03 Lakhs for the year ended 31st March 202A, which was audited by one of us.
-
- The audited financial statements as per lnd AS of Two Associates companies included in the consolidated annual financial results year to date, whose consolidated financial statements reflect the net profit after tax of Rs. 1,840.58 Lakhs and Rs. 10,527.89 Lakhs for the quarter ended 31st March 2020 and for the period from OLst April 2019 to 31st March 2020 respectively, were audited by us and by some other independent auditors. These audited financial statements are as per lnd AS and other financial information.
- We did not audit the financial statements of Four Associates companies included in the consolidated annual financial results year to date, whose consolidated annual financial statements reflect the net profit/(loss) after tax of Rs. (393.80) Lakhs and Rs. (468.11) Lakhs for the quarter ended 3Lst March 2O2O and for the period from 01st April 2019 to 31st March 2020 respectively. These financial statements as per lnd AS and other financial information are un-audited and have been furnished to us by the management, and our opinion is based solely on the financial results year to date, to the extent they have been derived from such un-audited financial statements. 5.
- Our attendance at the physical inventory verification done by the management was impracticable under the current lockdown restrictions imposed by the government. Consequently, we have performed alternative procedures to audit on the existence and condition of inventory at year end as per the guidance provided in SA-501 "Audit Evidence - Specific considerations for selected items" and have obtained sufficient audit evidence to issue our un-modified opinion on these consolidated financial results. 6.
Our opinion on the statement is not modified in respect of these matters.
Our opinion on the Statement is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors and the Financial Results/financial information certified by the Board of Directors.
The 'Statement includes the results for the quarter ended March 31,, 2O2O being the balancing figures between the audited figures in respect of the full financial year ended March 31,,2020 and the published unaudited year-to-date figures up to the end of the third quarter of the current financial year, which were subjected to a limited review by us, as required under the Listing Regulations.
FoTSRSV&ASSOCIATES Chartered Accountants Firm Registration Number: 0150415
FoT RAMAKRISHNA RAJA AND CO Chartered Accountants Firm Registration Number: 0053335
aTv
G. CHELLA KRISHNA Partner Membership Number : 21.047 4
Chen n ai 19th June 2020
,\ ./ / / ,' 1.9i L.
UDIN No.: 2o>ro4ra*afiiOZli, UD|N No.: 2-oLLVQsAAA/.A5Nq96T C. KESAVAN Partner Membership N umber: 227 833
lndependent Auditor's Report on the Quarterly and Year to Date Standalone Audited Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 20L5, as amended.
TO
THE BOARD OF DIRECTORS OF RAMCO INDUSTRIES LIMITED
Report on the audit of the Standalone Financial Results
Opinion
We have audited the accompanying standalone quarterly financial results of RAMCO INDUSTRIES LIMITED (the "Company") for the quarter ended March 37, 2O2O and theyear to date results for the period from April O!, 20L9 to March 3L, 2020, attached herewith, being submitted by the Companypursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2075, as amended (the "Listing Regulations").
ln our opinion and to the best of our information and according to the explanations given to us these standalonefinancial results:
- t. are presented in accordance with the requirements of the Regulation 33 of the Listing Regulations in this regard; and
- gives a true and fair view in conformity with the applicable accounting standards and other accounting principles generally accepted in lndia of the net profit and other comprehensive income and other financial information of the Company for the quarter ended March 3L,2O2O as well as the year to date results for the period from April 01, 2019 to March 31,2020. il.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 20L3("the Act"). Our responsibilities under those Standards are further described in, the "Auditor's Responsibilities for the Audit of the Standalone Finoncial Results"section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the lnstitute of Chartered Accountants of lndia together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled
! " .i. ,',:-r,, .'- J:, . 4_ _ _:)!,'./) j . ./
our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtainedis sufficient and appropriate to provide a basis for our opinion.
Emphasis of Matter
We draw attention to Note No. 6 to the standalone financial results, which describes the uncertainties and the impact of the COVID-19 pandemic on the company's operations and results as assessed by the management.The Management has assessed that there is no material impact on the financial statements due to lockdown and related restrictions imposed towards controlling the COVID 19 pandemic. Our opinion is not modified in respect of this matter.
Management's Responsibilities for the Standalone Financia! Results
These quarterly financial results as well as the year to date standalone financial results have been prepared on the basis of standalone annualfinancial statements. The Board of Directors of the Company are responsible for the preparation and presentation of theStatement that gives a true and fair view of the net profit and other comprehensive incomeof the Company and other financial information in accordance with the applicable accounting standards prescribed under Section L33 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in lndia 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 of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the 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.
ln preparing the standalone financial statements, the Board of Directors 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 Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors are 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 il individually or in the 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:
- o ldentify 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.
- o Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
- o Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
- o 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. lf we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the 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.
o Evaluate the overall presentation, structure and content of the standalone financial results, including the disclosures, and whether the 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 controlthat 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 Matter
- We did not audit the financial statements of ONE foreign branch included in the standalone quarterly financial results and standalone year to date results, whose standalone financial statements reflect total assets of Rs. 200.01 Lakhs as at 31st March 2020 and total revenues of Rs. 35.64 Lakhs and Rs. 1,L2.89 Lakhs, total net profit aftertax of Rs. 2.42Lakhs and Rs.30.63 Lakhs, total comprehensive income of Rs.2.42 Lakhs and Rs. 30.63lakhs for the quarter ended 3l-st March 2020 and for the period from 01st April 2019 to 31st March 2020 respectively, and net cash inflow of Rs. 21.21 Lakhs forthe year ended 31st March 2020, as considered in the respective standalone audited financial results. These financial statements and other financial information have been audited by another independent auditor in accordance with the regulations of that country, whose report has been furnished to us, and our opinion on the quarterly financial results and the year to date results, to the extent they have been derived from such audited financial statements is based solely on the report of such other auditors. 1.
- Our attendance at the physical inventory verification done by the management was impracticable under the current lockdown restrictions imposed by the government. Consequently, we have performed alternative procedures to audit on the existence and condition of inventory at year end as per the guidance provided in SA-501 "Audit Evidence - Specific considerations for selected items" and have obtained sufficient audit evidence to issue our un-modified opinion on these standalone financial resu lts. 2.
Our opinion on the statement is not modified in respect of these matters.
The Statement includes the results for the quarter ended March 31, 2020 being the balancing figures between the audited figures in respect of the full financial year ended March 31, 2020 and the published unaudited year to date figures up to the third quarter of the current financial year which were subject to limited review by us as required under the Listing Regulations.
For S R S V & ASSOCIATES Chartered Accountants Firm Registration Number: 015041S
$-951$
G. CHELLA KRISHNA Partner Membership Number: 210474 UDIN NO.: $20210174$ AAAAA T3308
Chennai 19th June 2020 For RAMAKRISHNA RAJA AND CO Chartered Accountants Firm Registration Number: 005333S
C. KESAVAN Partner Membership Number: 227833 UDIN No.: 20227833AAAADM 6036
