RICO Auto Industries Ltd. — Annual Report 2021

Jun 21, 2021

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REGD. & CORP. OFFICE: 38 KM STONE, DELHI-JAIPUR HIGHWAY, GURUGRAM -122001, HARYANA (INDIA) EMAIL: rico@ricoauto.in WEBSITE: www.ricoauto.in TEL. : +91 124 2824000 FAX: +91 124 2824200 CIN : L34300HR1983PLC023187

RAIL:SEC:2021

RAIL:SEC:2021 June 21, 2021 BSE Limited Phiroze Jeejeebhoy Towers Dalal Street National Stock Exchange of India Limited Exchange Plaza, Mumbai - 400001 Scrip Code-520008 5thFloor, Plot No.C/1, G Block Bandra-Kurla Complex, Bandra (E) Mumbai - 400 051 Scrip Code-RICOAUTO
BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai - 400001 Scrip Code-520008	National Stock Exchange of India Limited Exchange Plaza, 5thFloor, Plot No.C/1, G Block Bandra-Kurla Complex, Bandra (E) Mumbai - 400 051 Scrip Code-RICOAUTO

Sub : Outcome of Board Meeting held on 21[st ] June, 2021

Dear Sir/Madam,

Pursuant to the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the Board of Directors have approved the following in the aforesaid meeting:

1. Audited Financial Results (Standalone & Consolidated) alongwith Auditor's Report for the financial year ended 31[st ] March, 2021 (copy enclosed).

2. Declaration pursuant to Regulation 33(3)(d) of the Listing Regulations regarding unmodified opinion of the Statutory Auditors on the Financial Results (Standalone & Consolidated) for the financial year ended 31[st ] March, 2021 (copy enclosed).

3. The Board of Directors have also recommended a dividend of Re.0.20 (20%) per Equity Share of Rupee One each, subject to the approval of Shareholders, for the financial year 2020-21.

The Board Meeting commenced at 11.30 AM and concluded at 1.50 PM.

Thanking you,

Yours faithfully, for Rico Auto Industries Limited

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� �J/ B.M.J� Company Secretary FCS: 2446

Encl : As above

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(Rs. in Crores)

-- CONSOLIDATED	-- CONSOLIDATED	STA]l-NTOF ASSETS AND tASJITIES -�:.� _7�_n=� PARTICULARS STANDALONE Audited Audited	STA]l-NTOF ASSETS AND tASJITIES -�:.� _7�_n=� PARTICULARS STANDALONE Audited Audited	STA]l-NTOF ASSETS AND tASJITIES -�:.� _7�_n=� PARTICULARS STANDALONE Audited Audited
Audited	Audited		Audited Audited
715.81 60.52 14.18 3.47 2.24 - 67.31 3.00 10.68 26.60 5.58	687.03 63.35 - 4.48 - - 76.50 - 9.74 24.97 2.39	I. ASSETS (1) NON-CURRENT ASSETS (a) Property, plant and equipment (b) Capital work-in-progress (c) Investment property (d) Other intangible assets (e) Intangible assets under development (f) Financial assets (i) Investment (ii) Loans (iii) Other financial assets (g) Deferred tax assets (net) (h) Other non-current assets (i)Non-current tax assets	604.69 559.59 55.98 50.01 - - 2.60 3.25 2.24 - 137.57 137.56 39.70 66.26 - - - - 23.53 23.88 3.51 1.19
909.39	868.46		869.82 841.74
264.37 352.25 13.86 7.34 6.46 38.73 51.21	185.02 266.24 11.83 4.75 6.40 29.99 55.60	(2) CURRENT ASSETS (a) Inventories (b) Financial assets (i) Trade receivable (ii) Cash and cash equivalent (iii) Bank balances other than (ii) above (iv) Loans (v) Other financial assets (c)Other current assets	189.70 126.80 337.24 250.69 4.47 1.27 3.41 1.49 0.81 1.02 37.48 35.82 36.16 43.11
734.22	559.83		609.27	460.20
1,643.61	1,428.29	TOTAL	1,479.09	1,301.94
13.53 592.30	13.53 607.45	IIEQUITY AND LIABILITIES (1)EQUITY ( a ) Equity share capital (b)Other equity	13.53 564.87	13.53 571.99
605.83	620.98	Equity attributable to owners of the Company	578.40	585.52
**3.08 **	2.88	Non-controllinginterests	~~-~~	~~-~~
608.91	623.86	Total equity	578.40	585.52
241.09 10.83 26.65 7.22 2.07	209.82 10.27 23.12 8.58 3.40	(2) NON-CURRENT LIABILITIES (a) Financial liabilities (i) Borrowings (ii) Other financial liabilities (b) Provisions (c) Deferred tax liabilities (net) (d) Other non-current liabilities	225.30 3.70 15.06 8.75 1.67	207.37 2.61 12.88 9.98 2.94
287.86	255.19	Total non-current liabilities	254.48	235.78
206.61 19.63 342.59 147.08 29.73 0.57 0.63	163.55 11.89 241.49 97.52 32.61 1.00 1.18	(3) CURRENT LIABILITIES (a) Financial liabilities (i) Borrowings (ii) Trade payables a) Total outstanding dues of micro and small enterprises. b) Total outstanding dues of creditors other than micro and Small enterprises (iii) Other financial liabilities (b) Other current liabilities (c) Provisions (d)Current tax liabilities(net)	187.48 4.24 302.41 132.90 19.18 - -	153.81 4.79 204.32 90.22 27.50 - - 480.64
746.84	549.24		646.21
1,643.61	1,428.29	TOTAL	1,479.09	1,301.94

RICO AUTO INDUSTRIES LIMITED

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Regd. & Corp. Office: 38 KM Stone, Delhi -Jaipur Highway, Gurugram -122001 (Haryana) CIN:L34300HR1983PLC023187

Regd.&Corp. Ofice: 38 KM Stone, Delhi -Jaipur Highway, Gurugram -122001 (Haryana) CIN:L34300HR1983PLC023187	Regd.&Corp. Ofice: 38 KM Stone, Delhi -Jaipur Highway, Gurugram -122001 (Haryana) CIN:L34300HR1983PLC023187	Regd.&Corp. Ofice: 38 KM Stone, Delhi -Jaipur Highway, Gurugram -122001 (Haryana) CIN:L34300HR1983PLC023187	Regd.&Corp. Ofice: 38 KM Stone, Delhi -Jaipur Highway, Gurugram -122001 (Haryana) CIN:L34300HR1983PLC023187	Regd.&Corp. Ofice: 38 KM Stone, Delhi -Jaipur Highway, Gurugram -122001 (Haryana) CIN:L34300HR1983PLC023187	Regd.&Corp. Ofice: 38 KM Stone, Delhi -Jaipur Highway, Gurugram -122001 (Haryana) CIN:L34300HR1983PLC023187
STANDALONE AUDITED FINANelAL RESULTS FOR THE QUARTER AND YEAR ENDED 31 ST MARCH, 2021 Quarter ended Particulars 31.03.2021 31.12.2020 31.03.2020 Refer note 9 Unaudited Refernote9 - (Rs. in Crores) Year ended Year ended 31.03.2021 31.03.2020 Audited Audited
	31.03.2021	31.12.2020	31.03.2020	31.03.2021	31.03.2020
	Refer note 9	Unaudited	Refernote9	Audited	Audited
1 2 3 4 5 6 7 8 9 10 11 12 ·Revenue from operations other income Total revenue (1 + 2) Expenses Cost of raw material consumed Purchase of stock-in-trade Change in inventories of work in progress, stock-in-trade and finished goods Other manufacturing expenses Employee benefits expense Finance costs Depreciation and amortisation Other expenses Total expenses Profit/ (Loss) before exceptional items and tax (3 - 4) Exceptional items Profit/ (Loss) before tax (5 - 6) Tax expense (including earlier years): a) Current tax b) Deferred tax charge / (credit) Profit/ (Loss) for the year (7 - 8) Other Comprehensive Income a (i) Items that will not be reclassified to profit or loss a (ii) lnco·me tax relating to above items b (i) Items that will be reclassified to profit or loss b (ii) Income tax relating to above items Other Comprehensive Income Total Comprehensive Income for the period/ year (9+10) Paid up equity share capital (face value of Re.1/- per share) 13Basic and diluted earnihg / (loss) per equity share* [nominal value of share: Re.1/-I	417.76 9.79	388.36 4.25	281.41 10.34	1,276.36 28.34	1,192.73 33.54
	427.55 278.80 1.47 (2.74) 33.89 44.97 7.54 18.41 30.64	392.61 263.15 2.12 (22.31) 30.99 45.68 9.81 18.56 38.44	291.75 172.71 1.46 1.48 23.84 44.45 8.18 15.39 27.61	1,304.70 832.65 5.65 (25.12) 103.80 162.54 34.96 62.98 131.84	1,226.27 760.59 6.18 (3.95) 93.69 168.64 27.18 59.96 95.12
	412.98 14.57 1.74	386.44 6.17 0.06	295.12 (3.37) 4.25	1,309.30 (4.60) **4.25 **	1,207.41 18.86 5.21
	12.83 (0.28) 3.80	6.11 - 2.29	(7.62) (0.83) 11.97'	(8.85) (0.28) {2.81)	13.65 2.23 (5.16)
	9.31 (1.34) 0.48 8.04 12.821	3.82 (0.03) 0.01 (2.98) 1.01	(4.82) (0.36) 0.15 (2.61) 0.91	(5.76) (1.48) 0.53 6.02 {2.11)	16.58 (1.75) 0.63 (6.95) 2.43
	4.36 13.67 13.53 0.69	(1.99) 1.83 13.53 0.28	(1.91) (6.73) 13.53 (0.36)	2.96 (2.80) 13.53 (0.43)	(5.64) 10.94 13.53 1.23

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NOTES
1) The above standalone and consolidated financial results were reviewed by the Audit Committee in their meeting held on 19th June, 2021 and
thereafter were approved and taken on record by the Board of Directors in their meeting held on 21st June, 2021. Further, the audit of aforesaid
financial results have been completed by the statutory auditors of the Company and the Group.
2f'r11e Board of Directors have recommended a dividend of Re.0.20 (20%) per Equity Share of Re.1/- each for the financial year 2020-21, subjectto
the approval of Shareholders.
3) As-per Indian Accounting Standard (Ind AS) 108 "Operating Segments", the Company's and the Group's businesses falls within a single business
segment viz. "Automotive Components". 4) The above standalone and consolidated financial results of the Company and the Group have been prepared in accordance with the Indian
Accounting Standards notified under the Companies (Indian Accounting Rules) 2015, as amended from lime to time specified under section 133 of
the Companies Act, 2013, as amended.
- - ---········---
5) Exceptional items represents expenditure incurred pursuant to Voluntary Retirement Scheme of the Company and the Group.
6) The list of entities included in the above consolidated financial results are as follows:
i Rico Auto Industries Inc. USA - Wholly Owned Subsidiary
ii. Rico Auto Industries (UK) Limited - Wholly Owned Subsidiary
iii. AAN Engineering Industries Limited - Wholly Owned Subsidiary
iv. Rico Fluidtronics Limited - Subsidiary
v. Rico Friction Technologies Limited [Formerly known as Metalart Friction Private Limited - Subsidiary (acquired w.e.f 30th December, 2020)]
vi. Rico Investments Limited - Subsidiary
vii. Rico Jinfei Wheels Limited - Step-down Subsidiary
viii. Rasa Autocom Limited - Step-down Subsidiary ix._ Rico Aluminium and Ferrou! AutC gomponents Umited = Step=d o wn S_ubsidiar�y--- � --- -- 7) During the quarter and year ended 31st March, 2021, the Company has acquired all plant, property and equipment except land and building with
certain other assets for a purchase consideration of Rs. 14.83 crore from its step down subsidiary, RASA Autocom Limited, as approved by Board of
Directors of the Company vide resolution dated 12th February 2021 which has been accounted as an asset acquisition per Ind AS 103, as amended.

• 8) The spread of COVID 19 has affectelthe business operations post the national lock down. The Company and the Group has taken various measures in consonance with Central and State Government advisories to contain the pandemic.

Post lifting of the lock down, the Company and the Group has carried out a comprehensive assessment of possible impact on its business operations, financial and non-financial assets, contractual obligations and its overall liquidity position, based on the internal and external sources of information and application of reasonable estimates. The Company and the Group has also performed sensitivity analysis on the assumptions used and does not foresee any significant incremental risk to the recoverability of its assets. In pursuant to the relaxed guidelines, the Company and the Group resumed its operations at all its plants. Since the situation is continuously evolving, the impact assessed in future may be different from the estimates made as at the date of approval of the above financial results. Management will continue to monitor any material changes arising due to the impact of this pandemic on financial and operational performance of the Company and take necessary measures to address the situation.

9) Figures for-quarter ended 31st March, 2021 and 31st March, 2020 are the balancing figures between the audited figures for the full financial year and reviewed year to date figures upto the third quarter of the respective financial years.

10) Contractual manpower cost in the quarteranc:lyear:ended 31st Marcll,2020am-ounting to Rs.14.44 crores and Rs. 49.46 crores respectively in standalone financial results have been regrouped from other manufacturing expenses to employee benefits expense to provide more relevant information. Corresponding impacts in consolidated financial results are also made.

11) Previous quarter and year ended amounts have been re-grouped/re-classified, wherever considered necessary to make them comparable with ----------····-those of the current quarter / period. 12 Results are a\/ailable at Company's website www.ricoauto.in and at www.bsl3indi?.com and�.n_s_e_in_d_ia_.co m_. ---------------1 Arvind Kapur Cha· an, CEO & Managing Director Place : Gurugram DIN : 00096308 Date: June 21, 2021

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RICO AUTO INDUSTRIES LIMITED

RICO

Regd. & Corp. Office: 38 KM Stone, Delhi - Jaipur Highway, Gurugram -122001 (Haryana) CIN:L34300HR1983PLC023187

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

	(Rs. in Crores)	(Rs. in Crores)	(Rs. in Crores)	(Rs. in Crores)
Pariculars 1 Revenue from operations 2Other income 3Total revenue (1 + 2) 4 Expenses Cost of raw material consumed Purchase of stock-in-trade Change in inventories of work in progress, stock-in-trade and finished goods other manufacturing expenses Employee benefits expense Finance costs Depreciation and amortisation Other expenses Total expenses 5Profit/ (Loss) before exceptional items and tax (3 - 4) 6Exceptional items 7Profit/ (Loss) before tax (5 - 6) 8Tax expense (including earlier years): a) Current tax b) Deferred tax charge/ (credit) 9Profit/ (Loss) for the year (7 - 8) 10Other comprehensive income a (i) Items that will not be reclassified to profit or loss a (ii) Income tax relating to above items b (i) Items that will be reclassified to profit or loss b (ii) Income tax relating to above items Other comprehensive income 11Total comprehensive income (9+10) a. Net Profit/ (Loss) attributable to : (i) Owners of the Company (ii) Non-controlling interests b. Other Comprehensive Income attributable to (i) Owners of the Company (ii) Non-controlling interests # c. Total Comprehensive Income attributable to : (i) Owners of the Company (ii) Non-controlling interests 12Net ProfiU(Loss) for the year after non-controlling interest 13Paid up equity share capital (face value of Re.1/- per share) 14Basic and diluted earning/ (loss) per equity share* [nominal value ofshare : Re.1/-l	Quarter ended Year ended			Year ended
	**31.03.2021 **	31.12.2020	31.03.2020 31.03.2021	31.03.2020
	Refer note 9	Unaudited	Refer note 9 Audited	Audited
	483.17 7.45	445.91 3.27	330.71 1,469.94 8.55 18.50	1,401.07 22.71
	490.62 293.96 - (14.53) 59.13 66.51 8.70 23.31 37.32	449.18 294.92 0.96 (57.67) 56.44 67.52 10.25 23.31 44.57	339.26 1,488.44 172.06 866.26 - 1.69 (3.26) (62.17) 44.35 185.11 62.43 237.62 9.11 38.61 19.95 80.08 33.06 152.80	1,423.78 741.39 - (0.86) 181 .70 246.37 31.20 79.57 118.72
	474.40 16.22 1.73	440.30 8.88 0.06	337.70 1,500.00 1.56 (11.56) 4.38 4.36	1,398.09 25.69 6.79
	14.49 (0.66) 4.55	8.82 1.80 2.53	(2.82) (15.92) 0.69 2.41 0.33 (4.26)	18.90 7.84 (5.62)
	10.60 (1.26) 0.48 8.04 (2.93)	4.49 0.10 (0.15) (2.93) 0.56	(3.84) (14.07) (0.37) (1.75) 0.13 0.53 (2.61) 7.30 0.91 (2.67)	16.68 (1.57) 0.55 (5.77) 2.43
	4.33 14.93 10.50 0.10 4.33 (0.00) 14.83 0.10	(2.42) 2.07 4.38 0.11 (2.42) 0.00 1.96 0.11	(1.94) 3.41 (5.78) (10.66) (4.08) (14.18) 0.24 0.11 (1.94) 3.41 (0.00) (0.00) (6.02) (10.77) 0.24 0.11	(4.36) 12.32 16.60 0.08 (4.36) (0.00) 12.24 0.08
	10.50 13.53 0.78	4.38 13.53 0.32	(4.08) (14.18) 13.53 13.53 (0.30) (1.05)	16.60 13.53 1.23

Amounts have been rounded off to zero

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I

CONSOLIDATED Audited 31.03.2021 (15.92) 80.08 0.13 (1.53) 3.63 38.61 (1.23) (8.46) 95.31 (79.35) (89.77) (4.36) (0.62) 108.84 1.32 3.52 27.85 (5.17) 22.68 (124.07) 6.37 (0.01) 0.20 5.07 10.63 (101.81) 128.21 (1.39) (47.50) 43.06 (4.19) 38.38 79.81 0.68 1.29 11.83 0.07 31.03.2020' 18.90 79.57 (1.45) 0.31 (0.10) (5.49) 31.20 (0.06) (9.76) 113.12 (23.87) 8.95 (12.43) 3.84 60.57 (1.11) 22.48 126.59 (9.79) 116.80 (136.31) 2.03 0.81 (133.47) 86.56 (0.47) (49.33) 2.03 (7.32) 29.04 2.43 (14.24) 1.18 24.89 PARTICULARS A. Cash flow from operating activities Net (loss)/profit before tax Adjustments for: Depreciation and amortisation Balances written off Excess provision written back Provision for doubtful debts Dividend income from subsidiary companies Profit on sale of property, plant and equipment Unrealised foreign exchange (gain)/loss, net Finance costs Amortisation of government grants Interest income Operating profit before working capital changes Changes in working capital: in inventories in trade receivables in other financial assets in other assets in trade payables in other financial liabilities in other liabilities and provisions Indirect taxes paid (net of refunds) Net cash generated from operating activities B. Cash flow from investing activities Payment of purchase of property, plant and equipment Proceeds from sale of property, plant and equipment Payment for purchase of investments Gain on acquisition of controlling interest Dividend income from subsidiary companies Loan repayments from related parties Interest received Net cash used in investing activities C. Cash flow from financing activities Proceeds from long term borrowings Payment for lease liabilities Repayment of long term borrowings Proceeds from short term borrowings (net) Dividend paid (including corporate dividend tax) Interest paid Net cash generated from financing activities Net increase/(decrease) in cash and cash equivalents Effect of foreign currency fluctuation arising out of consolidation Cash and cash equivalents at the beginning of the year Cash and cash equivalents acquired on acquisition of subsidiary Cash and cash equivalents at the close of the year A B C A+B+C		STANDALONE
		Audited
		31.03.2021 31.03.2020
		(8.86) 13.65 62.98 59.96 0.22 (1.67) 0.09 0.31 (7.95) (4.50) (1.52) (0.10) 3.63 (5.49) 34.96 27.18 (1.23) (0.06) (7.35) (9.76) 74.75 79.74 (62.90) (29.19) (90.18) 0.44 (14.97) (12.99) 4.92 (7.36) 97.54 56.92 10.91 3.18 8.89 10.32
		11.18 80.42 (1.56) (3.69)
		9.62 76.73
		(115.31) (131.18) 5.92 1.59 (0.01) (1.00) 7.95 4.50 33.97 9.50 5.91 6.81
		(61.57) (109.78)
		118.65 (0.91) (57.39) 33.67 (4.06) 34.81 55.15
		3.20 0.63 1.27 0.64 4.47 1.27

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REGD. & CORP. OFFICE: 38 KM STONE, DELHI-JAIPUR HIGHWAY, GURUGRAM -122001, HARYANA (INDIA) EMAIL: rico@ricoauto.in WEBSITE: www.ricoauto.in TEL. : +91 124 2824000 FAX: +91 124 2824200 CIN : L34300HR1983PLC023187

RAIL:SEC:2021

June 21, 2021

BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai - 400001 Scrip Code-520008	National Stock Exchange of India Limited Exchange Plaza, 5thFloor, Plot No.C/1, G Block Bandra-Kurla Complex, Bandra (E) Mumbai - 400 051 ScripCode - **RICOAUTO **

Sub : Declaration with respect to unmodified opinion in the Auditor's Report on the Annual Financial Statements/Results (Standalone & Consolidated) for the financial year ended 31[st ] March, 2021

Dear Sir/Madam,

I, Rakesh Kumar Sharma, Chief Financial Officer of the Company, hereby declare that the Auditors have expressed unmodified opinion on the Audited Financial Statements/Results (Standalone & Consolidated) for the financial year ended 31[st ] March, 2021.

for Rico Auto Industries Limited

�

Rakesh Kumar Sharma Chief Financial Officer