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Rapicut Carbides Ltd. Annual Report 2021

Jun 28, 2021

61106_rns_2021-06-28_30ad89c4-a137-4d92-a0e3-948cb301460e.pdf

Annual Report

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Corporate Relations Dept. BSE Limited

Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai - 400 001.

REF: RCL:KMS:BSE-BM-OUTCOME/21:

Date: 28th June, 2021

Dear Sir / Madam,

Sub: Outcome of Board Meeting held on 28th June, 2021. Scrip Code: 500360

We hereby inform you that as per Regulation 30 and 33 of SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015 and with reference to our letter No. RCL:KMS:BSE-INTIMN-BM-259/21: dated 16-06-2021, at the Board Meeting of the Company convened, today i.e., 28th June, 2021, the following items were approved :-

  • 1} Audited Financial Results for the quarter and year ended 31[st ] March, 2021.

  • 2) Auditor's Report on Audited Financial Results for the year ended 31[st ] March, 2021.

  • 3) Unmodified Opinion on the Audit Report for the year ended 31[st ] March, 2021.

  • 4[)] Appointment of M/s. Samdani Shah & Ka bra, Company Secretaries, as Secretarial Auditors of the Company for the Financial year 2021-22.

You are requested to take note of the above.

Thanking You,

Yours faithfully,

For RAPICUT CARBIDES LIMITED

�

Kamlesh M. Shinde

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(Company Secretary and Compliance Officer)

Enclosures:-

1) Audited Financial Results for the quarter and year ended 31[st ] March, 2021.

2) Auditor's Report on Audited Financial Results for the year ended 31[st ] March, 2021.

BM-259-corr

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 : [email protected] I [email protected] www.rapicutcarbides.com I www.rapicutcarbides.in CIN: L28910GJ1977PLC002998

E-Mail : [email protected] I [email protected]

CIN: L28910GJ1977PLC002998

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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.
Sr. (Rs. in Lakhs)

Quarter ended
Year ended
Year ended
No
1		 .
Particulars
31/03/2021
31/12/2020
(Audited)
(Unaudited)
Income		 31/03/2020
31/03/2021
31/03/2020
(Audited)
(Audited I
*(Audited*
a)
Revenue from operations
1029
746		 840
2801
3357
3
2
3
b)
Other income
2
~~-~~
Total Revenue
1031
746		 843
2803
3360
2 Expenses:
a)
Cost of materials consumed
586
582		 592
1565
2160
b)
Changes in inventories of finished goods work-in-progress and Stock-in-Trade
87
(32)		 10
317
145
c)
Employee benefits expense
144
120		 142
474
525
d)
Finance costs
3
2		 8
14
36
21
79
84
e)
Depreciation and amorization expense
20
19
f)
Other expenses
171
135		 123
474		 452
Total expenses
1012
826		 896
2924		 3402
3 Profit before exceptional items and tax
19
(80)		 (53)
(121)		 (42)
4
5		 Exceptional items
~~-~~
~~-~~		 ~~-~~
~~-~~		 ~~-~~
Profit before tax
19
(80)		 (53)
(121)		 (42)
6 Tax expense:
a)
Current tax
~~-~~
~~-~~		 (2)
~~-~~		 ~~-~~
b)
Earlier years tax
5
~~-~~		 ~~-~~
7		 ~~-~~
c)
Deferred tax
(15)
(18)		 (33)
(47)		 (34)
7
8		 Profit (Loss) for the period from continuing operations
29
(62)		 (18)
(81)		 (8)
Other Comprehensive Income (2)
A] (i) Items that will not be reclassified to profit or loss
(3)
(10)		 3
(20)
(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)
(Comprising Profit (Loss) and Other Comprehensive Income for the period)
10 Earnings per equity share: (Rs. 10/- each)
(1) Basic
0.47
(1.28}		 (0.28)
(1.80)		 (0.19)
(2) Diluted
0.47
(1.28)		 (0.28)
(1.80)
(0.19)

NOTES:-

  • (1) The above 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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Board

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 : [email protected] I [email protected] www.rapicutcarbides.com I www.rapicutcarbides.in CIN: L2891 OGJl 977PLC002998

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E-Mail : [email protected] I [email protected] CIN: L2891 OGJl 977PLC002998

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Statement of Assets and Liabilities
Pariculars

As at
As at
31.03.2021
31.03.2020
(Audited)
(Audited)
445
502
-
-
3
8
8
7
29
40
78
26
19
-
582
583
!
-----
1,465
1,887
-
-
707
673
-
1
305
15
28
33
62
76
2,567
f
---
-
2,685
3 149
3 268
537
537
1,813
1,910
ASSETS
Non-current assets
Property, Plant and Equipment
Capital Work-in-progress
Other Intangible Assets
Investments
Other Financial Assets
Deferred Tax Assets
Other Non Current Assets
Current assets
Inventories
Financial Assets
- Investments
- Trade receivables
- Other Financial Assets
- Cash and Cash Equivalents
Total Non Current Assets
- Bank Balance other than cash and cash equivalents
Other current assets
TOTAL ASSETS
EQUITY AND LIABILITIES
Equity
Equity Share Capital
Other Equity
Total Current Assets
Total Equity
Liabilities
Non-Current Liabilities
Borrowings
Provisions
Other Non Current Liabilities
Current Liabilities
Financial Liabilities
- Borrowings
- Trade Payables
Total Non Current Liabilities
- Total outstanding dues of micro enterprises and small
enterprises
- Total outstanding dues of creditors other than micro
enterprises and small enterprises
- Other Financial Liabilities
Other Current Liabilities
Provisions
Other Current Liabilities
TOTAL EQUITY AND LIABILITIES
Total Current Liabilities
Total Liabilities
,_ ____
2,�350
-____ 2�,_4_47
_
5
111
36
101
6



116
143
1
-----
-----
-
127
410
2
145
386
25
so
71
97
31
16
683
678
1
-----
-
799
821
1
-----
-
3 149
3 268

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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: [email protected] I [email protected] www.rapicutcarbides.com I www.rapicutcarbides in CIN: L28910GJ1977PLC002998

E-Mail: [email protected] I [email protected] 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 : [email protected] I [email protected] www.rapicutcarbides.com I www.rapicutcarbides in CIN : L2891 OGJl 977PLC002998

E-Mail : [email protected] I [email protected] CIN : L2891 OGJl 977PLC002998

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Maloo Bhatt & Co. CHARTERED ACCOUNTANTS

==> picture [55 x 37] intentionally omitted <==

H.O.: 204-207, Parshwa Complex, Near Cash n Carry, Subhanpura Road, Ellorapark, Vadodara - 390 023 . +91 265 2392631 0 +91 99240 88339 � [email protected] 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: [email protected] I [email protected] www.rapicutcarbides.com I www.rapicutcarbides.in CIN: L28910GJ1977PLC002998

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