Rapicut Carbides Ltd. — Annual Report 2021

Jun 29, 2021

Corporate Relations Department BSE Limited Phiroze Jeejeebhoy Towers Dalal Street, Mumbai - 400 001.

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REF: RCL:KMS:BSE-REV-FIN-RES/21:

Date: 29[th ] June, 2021

Subject: Revision in Audited Financial Results of the Company submitted for the quarter and year ended 3p March, 2021.

This is with reference to our letter bearing number RCL:KMS:BSE-BM-OUTCOME/21: dated 28[t][h ] June, 2021 submitted for the outcome of the Board Meeting of the Company held on 28[th ] June, 2021, we hereby submit the revised Audited Financial Results of the Company for the quarter and year ended 3p[t ] March, 2021 for following reasons:

• 1) Revision in the Audited Financial Results and Statement of Assets and Liabilities of the Company for the quarter and year ended 31[st ] March, 2021 due to typo graphical error as mentioned below:

• a) In the quarter ended 3p[t ] March, 2021 column, Other Expenses at Serial No. 2 (f), the figures to be read as "172[11 ] instead of "171[11 ] and in Serial No. 8 (A)(i) Item that will not be reclassified to profit and loss, the figures to be read as 11(-4)11 instead of "(-3)".

• b) In the year ended 31[st ] March, 2021 column, Other Expenses at Serial No. 2 (f), the figures to be read as 1147511 instead of "474" and in Serial No. 6 (b), Earlier Year Tax, the figures to be read as "(8)[1] 1 instead of "(7)".

• c) In statement of Assets and Liabilities as on 31[st ] March, 2021, the figure mentioned in 11 11

• Liabilities-Non Current Liabilities-Provisions, the figure to be read as "112[11 ] instead of 111 •

Furthert except the above changes, there is no revision in Audited Financial Results, Statement of Assets and Liabilit(es and Cash Flow Statement of the Company for the quarter and year ended 31[s][t ] March, 2021 as submitted earlier.

Due to such revision there is no impact on the bottom line figures ie revenue and Profit/Loss figures of the Company.

We are enclosing herewith the following:

• 1) Revised Audited Financial Results for the quarter and year ended 3p[t ] March, 2021. 2) Statement of Assets and Lia'bilities for the year ended 31'[1 ] March, 2021.

• 3) Cash Flow Statement for the year ended 31[st ] March, 2021.

• 4) Auditor's Report on the aforesaid Audited Financial Results.

• S) Declaration of Unmodified Opinion on Audit Report.

We request you to kindly take the same on record.

Thanking you,

Yours faithfully, FOR RAPICUT CARBIDES LIMITED Ka�;nde (Company Secretary)

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Rapicut Carbides Limited

Regd. Office & Works: 119, GIDC Industrial Area, On National Highway BOM-AHM, Ankleshwar - 393 002. Gujarat (India) Tel. : +91 (2646) 251118, 221071, 7622002203 E-Mail: info@rapicutcarbides.com I sales@rapicutcarbides.com www.rapicutcarbides.com I www.rapicutcarbides in CIN : L2891 OGJl 977PLC002998

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E-Mail: info@rapicutcarbides.com I sales@rapicutcarbides.com CIN : L2891 OGJl 977PLC002998

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AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2021.

				AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2021.	AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2021.	AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2021.	AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2021.	AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2021.
	Sr No 1	. . Inc		!Rs. in Lakhsl nuarer ended Year ended Year ended Particulars 31/03/2021 31/12/2020 31/03/2020 31/03/2021 31/03/2020 !Audited I !Unaudited! fAuditedl fAuditedl !Audited) ome
			a)	Revenue from operations	1029 746 840		2801 3357
			**bl **	Other income	2 0 3		2 3
	2		Total Revenue Expenses:	Total Revenue	1031 746 843		2803	3360
			a) b)	Cost of materials consumed Changes in inventories of finished goods work-in-progress and Stock-in-Trade	586 582 592 87 {32) 10		1565 317	2160 145
			cl	Employee benefits expense	144 120 142		474	525
			**di **	Finance costs	3 2 8		14	36
		e) ~~f~~		Depreciation and amortization expense	20 19 21		79	84
				Other expenses	172 135 123		475	452
				Total expenses	1012 826 896		2924	3402
	3	Pr		ofit before exceptional items and tax	19 (80) (53)		(121)	(42)
	4 5 6	Exceptional Items						~~-~~
		Profit before tax			19 {80)	(53) (121)		(42)
		Tax e>pense:
		al Current tax			~~-~~ ~~-~~	(2) ~~-~~
		bl Earlier years tax			5 ~~-~~	~~-~~ 8
		c) Deferred tax			(15) (18) (33) (47)			(34)
	7 8	Profit (Loss) for the period from continuing operations			29 (62) (18) {82)			(8)
			Other Comprehensive Income
			A] (i) Items that will not be reclassified to profit or loss		(4) (10) 3 (20)			(2)
			(ii) Income tax relating to items that will not be reclassified to profit or loss		~~-~~ 3 5			~~-~~
			BJ (i) Items that will be reclassified to profit or loss		~~-~~ ~~-~~ ~~-~~			~~-~~
			(ii) Income tax relating to items that will be reclassified to profit or loss		~~-~~ ~~-~~ -
	9	Total Comprehensive Income for the period			25 (69) (15) (97)			(10)
	1	(Comprising Profit (loss) and Other Comprehensive Income for the period)
		0Earnings per equity share: (Rs. 10/- each)
		(1) Basic			0.47 {1.28) (0.28) (1.80)			(0.19)
		(2) Diluted 0.47 (1.28) (0.28l ll.80l						(0.19)

NOTES:-

(1) The alfove Audited Financial Results for the Quarter and Year ended 31st March, 2021 have been recommended by the Audit Committee and approved by the Board of Directors in their respective meetings held on 28th June, 2021.

(2) The Company has only one reportable primary business segment as per IND AS 108 i.e. Tungsten & Tungsten Carbide Products.

(3) Other Comprehensive Income/Expenses comprises of revaluation gain/loss due to change in fair market value of Investments and remeasurement of retirement benefits.

(4) Figures for the previous period have been regrouped, reclassified and restated wherever necessary to make them comparable with the figures of the previous period.

Place: Ankleshwar Date : 28th June, 2021

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oard

Rapicut Carbides Limited

Regd. Office & Works: 119, GIDC Industrial Area, On National Highway BOM-AHM, Ankleshwar - 393 002. Gujarat (India) Tel. : +91 (2646) 251118, 221071, 7622002203 E-Mail : info@rapicutcarbides.com I sales@rapicutcarbides.com www.rapicutcarbides.com I www.rapicutcarbides.in CIN: L28910GJ1977PLC002998

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CIN: L28910GJ1977PLC002998

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Statement of Assets and Liabilities

	(Rs. in Lkhs)	(Rs. in Lkhs)
Particulars	As at 31.03.2021 (Audited)	As at 31.03.2020 (Audited)
ASSETS Non-current assets Property, Plant and Equipment Capital Work-in-progress Other Intangible Asset Investent Other Financial Assets Deferred Tax Asset Other Non Current Asset Total Non Current Assets Current assets Inventories Financial Asset - Investent - Trade receivables - Other Financial Asset - Cash and Cash Equivalents - Bank Balance other than cash and cash equivalents Other current asset Total Current Assets TOTAL ASSETS EQUITY AND LIABILITIES Equity Equity Share Capital Other Equity Total Equity Liabilities Non-Current Liabilities Borrowings Provisions Other Non Current Liabilities Total Non Current Liabilities Current Liabilities Financial Liabilities - Borrowings - Trade Payables - Total outstanding dues of micro enterprises and small enterprises - Total outtanding dues of creditors other than micro enterprises and small enterprises - Other Financial Liabilites Other Current Liabilites Provisions Other Current Liabilites TOT AL EQUITY AND LIABILITIES Total Current Liabilities Total Liabilities	445 - 3 8 29 78 19	502 - 8 7 40 26 -
	582	583
	1,465 - 707 - 305 28 62 2,567	1,887 - 673 1 15 33 76 2,685
	3,149 537 1,813	3,26 537 1,910
	2,350	2,447
	5 112 - 117	36 101 6 143
	- 127 410 2 145 386 25 50 71 97 31 16
	682 678
	799 821
	3,149 3,268

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Date : 28[th ] June, 2021 Place : Ankhleshwar

Rapicut Carbides Limited

Regd. Office & Works: 119, GIDC Industrial Area, On National Highway BOM-AHM, Ankleshwar - 393 002. Gujarat (India) Tel. : +97 (2646) 251118, 221077, 7622002203 E-Mail : info@rapicutcarbides.com I sales@rapicutcarbides.com www.rapicutcarbides.com I www.rapicutcarbides.in CIN : L28910GJ1977PLC002998

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Cash Flow Statement

For the year ended 31st March 2021

	{Rs In Lakhs}
S No.I Particulars	Year ended 31.03.2021 , (121) 79 14 0 (2) Year ended 31.03.2020 (42) 84 33 0 (2)
A Cash Flow from Operating Activities Net Profit (Loss) before tax Adjustment for Depreciation Interest paid Dividend Income Interest received Assets written off Loss (profit) on sale of Property, Plant and Equipments Operating profit before change in working capital Adjustments for (lncrease)/DecreaseinOperating Assets: Inventories Trade Receivables Other Financial Assets Other Current Assets Adjustments for {lncrease)/Decrease in Operating Liabilities: Trade Payable Current and Non Current Provisions Other Current /Non Current Liabilities Other Current and Non Current Financial Liabilities Cash generated from operations Income Tax (paid}/ refunds Net Cash Flow from Operating Activities (A) B Cash Flow from Investment Activities Purchase of Fixed Assets Advance for Purchase of Fixed Assets Sale of Fixed Assets Interest Received Net Cash Flow from Investment Activities (B) C Cash Flow from Financing Activities Net Proceeds (Repayment) from Long term Borrowings Net Proceeds (Repayment) from Short term Borrowings Interest Paid Dividend paid including dividend distribution tax Net Cash Flow from Financing Activities (C) Net Increase/ {Decrease) in Cash and Cash Equivalents (A+B+C) Cash & Cash equivalents as at the beginning of the Year Cash & Cash equivalents as at the end of the Year
	(30) 422 (33) 6 10 167 (37} (10) 0 495 73 179 217 0 2 (37} 9 4 2 449
	(1) (28}
	494 421
	(17) (16} 0 2 (112) 0 0 2
	(31) (110)
	(30} (127} (14) (7) 22 {196) (33) {101)
	(178) {308)
	285 48 333 3 45 48
Date : 28thJune, 2021 Place : Ankleshwar

Rapicut Carbides Limited

Regd. Office & Works: 719, GIDC Industrial Area, On National Highway BOM-AHM, Ankleshwar - 393 002. Gujarat (India) Tel. : +91 (2646) 251718, 221071, 7622002203 E-Mail : info@rapicutcarbides.com I sales@rapicutcarbides.com www.rapicutcarbides.com I www.rapicutcarbides in CIN : L2891 OGJl 977PLC002998

E-Mail : info@rapicutcarbides.com I sales@rapicutcarbides.com CIN : L2891 OGJl 977PLC002998

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Maloo Bhatt & Co. CHARTERED ACCOUNTANTS

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H.O.: 204-207, Parshwa Complex, Near Cash n Carry, Subhanpura Road, Ellorapark, Vadodara - 390 023 . +91 265 2392631 0 +91 99240 88339 � barodaoffice@maloobhatt.com 6l www.maloobhatt.com

Independent Auditor's Report on Audited Financial Results

To the Board of Directors Rapicut Carbides Limited

Opinion

We have audited the accompanying standalone quarterly financial results of Rapicut Carbides Limited for the quarter ended 31[st ] March, 2021 and the year-to­ date results for the period from 1[st ] April, 2020 to 31[st ] March, 2021, attached herewith, being submitted by the company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations").

In our opinion and to the best of our information and according to the explanations given to us these standalone financial results:

i. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and

ii. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable accounting standards and other accounting principles generally accepted in India of the net profit and other comprehensive income and other financial information for the quarter ended 31[st ] March, 2021 as well as the year to date results for the period from 1[st ] April, 2020 to 31[st ] March, 2021.

Basis for Opinion

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 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 together with the ethical requirements that are relevant to our audit of the financial results under the provisions of the Companies Act, 2013 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.

BRANCH:

307, Orion Arcade, Near lnox, Zadeshwar Road, Bharuch, Gujarat- 392011

Management's Responsibilities for the Financial Results

These quarterly financial results as well as the year-to-date financial results have been prepared on the basis of the standalone annual financial statements. The Company's Board of Directors are responsible for the preparation of these financial results that give a true and fair view of the net profit and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, 'Interim Financial Reporting' prescribed under Section 133 of the Act read with relevant rules issued thereunder and other 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 of 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 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 if, 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 scepticism throughout the audit. We also:

• 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.

• 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 control.

• 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 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.

• 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 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 Matter

The standalone annual financial results include the results for the quarter ended 31 March, 2021 being the balancing figure between the 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 financial year which were subject to limited review by us.

For Maloo Bhatt & Co. Chartered Accountants FRN 129572W

YASH DigitallysignedbyYASH +os·,o· AR BHATT CA. Yash Bhatt Partner M. No.: 117745 UDIN: 21117745AAAADC6204 NARENDRAKUM �:,�'.�g,","���:����';°

Place: Vadodara Date: 28th June, 2021

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Corporate Relationship Dept. BSE Limited Phiroze Jeejeebhoy Towers Dalal Street, Mumbai - 400 001. 72 19191 Fax : 022-2272 312]/2

REF: RCL:KMS:BSE:DECL-AUD-REPT/21:

Date: 28 June, 2021

Sub: Declaration with respect to Audit Report with unmodified opinion to the Audited Financial Results for the financial year ended 31[st ] March, 2021.

Ref: Scrip Code: 500360

Dear Sir,

We hereby declare that Audited Financial Results for the financial year ended 31[st ] March, 2021, which have been approved by the Board of Directors of the Company at the meeting held today, i.e, 28th June, 2021, the Statutory Auditors have not expressed any modified opinion(s) in the. Audit Report.

Thanking you,

Yours faithfully, For PICUT C BIDES LIMITED is V. Gami aging Director)

For RAP�BIDES LIMITED Ashwin R Master (Chief Financial Officer)

Rapicut Carbides Limited

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Regd. Office & Works: 119, GIDC Industrial Area, On National Highway BOM-AHM, Ankleshwar - 393 002. Gujarat (India) Tel. : +91 (2646) 251118, 221071, 7622002203 E-Mail: info@rapicutcarbides.com I sales@rapicutcarbides.com www.rapicutcarbides.com I www.rapicutcarbides.in CIN: L28910GJ1977PLC002998