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Rollatainters Ltd. — Interim / Quarterly Report 2023
Nov 14, 2022
64159_rns_2022-11-14_270046b2-58ff-4b36-b7de-58d402b6becd.pdf
Interim / Quarterly Report
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Ref.No.: RTL/BSE/NSE/2022-23 Date: 14.11.2022
To,
The Secretary The Secretary BSE Limited National Stock Exchange Limited, Exchange Phiroze Jeejeebhoy, Towers Limited Plaza Dalal Street, Mumbai - 4000 01 Bandra Kurla Complex, Bandra (E) Mumbai - 400 051 Scrip Code: 502448 Symbol: ROLLT
Subject: Outcome of the Board Meeting held today i.e Monday, November 14, 2022
Dear Sir/Ma’am,
Pursuant to the provision of Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the Board of Directors of the Company in its meeting held today i.e . Monday, November 14, 2022 has inter-alia noted, considered and approved the following matters:
-
1.Un- Audited Financial Results (Standalone and Consolidated) of the Company for the Quarter and Six Months ended on September 30, 2022. (Copy Enclosed)
-
2.Limited Review Report on the aforesaid Un- Audited Financial Results (Standalone and Consolidated) of the Company for the Quarter and Six Months ended on September 30,2022, issued by the Statutory Auditors of the Company i.e. M/s Chatterjee & Chatterjee, Chartered Accountants. (Copy Enclosed)
The Board Meeting was commenced at 05:00 P.M. and concluded at 06:00 PM.
This is for your information and records.
Thanking You, Yours faithfully,
For Rollatainers Limited
Digitally signed by ADITI JAIN ADITI JAIN Date: 2022.11.14 18:06:47 +05'30'
(Aditi Jain) Company Secretary and Compliance Officer
Encl: As Stated Above
| ROLLATAINERS LIMITED Statement of Standalone and Consolidated Unaudited Financial Results for the quarter and |
ROLLATAINERS LIMITED Statement of Standalone and Consolidated Unaudited Financial Results for the quarter and |
ROLLATAINERS LIMITED Statement of Standalone and Consolidated Unaudited Financial Results for the quarter and |
ROLLATAINERS LIMITED Statement of Standalone and Consolidated Unaudited Financial Results for the quarter and |
ROLLATAINERS LIMITED Statement of Standalone and Consolidated Unaudited Financial Results for the quarter and |
ROLLATAINERS LIMITED Statement of Standalone and Consolidated Unaudited Financial Results for the quarter and |
ROLLATAINERS LIMITED Statement of Standalone and Consolidated Unaudited Financial Results for the quarter and |
ROLLATAINERS LIMITED Statement of Standalone and Consolidated Unaudited Financial Results for the quarter and |
Rupees In "Lakhs" half year ended 30th September, 2022 |
Rupees In "Lakhs" half year ended 30th September, 2022 |
Rupees In "Lakhs" half year ended 30th September, 2022 |
Rupees In "Lakhs" half year ended 30th September, 2022 |
Rupees In "Lakhs" half year ended 30th September, 2022 |
Rupees In "Lakhs" half year ended 30th September, 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| S.No. | Particulars | Standalone | Consolidated | ||||||||||
| Quarter Ended | Half Year Ended | Year Ended | Quarter Ended | Half Year Ended | Year Ended | ||||||||
| 30.09.2022 | 30.06.2022 | **30.09.2021 ** | **30.09.2022 ** | **30.09.2021 ** | 31.03.2022 | 30.09.2022 | 30.06.2022 | 30.09.2021 | **30.09.2022 ** | **30.09.2021 ** | 31.03.2022 | ||
| Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Audited | Unaudited | Unaudited | Unaudited | Unaudited | Audited | Audited | ||
| 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 |
Income Revenue from operations Other income Total income Expenses Cost of material consumed Purchase of trade goods Changes in inventories of finished goods, work -in- progress and stock -in -trade Employee benefits expense Finance costs Depreciation & amortization Other expenses Total expenses Profit /(Loss) before exceptional and extraordinary items and tax (1-2) Share of profit/(loss) of associates and joint ventures Profit/(Loss) before exceptional items and tax(3+4) Exceptional Items Profit/(Loss) before tax (5-6) Tax expense Current tax Deferred tax Total Tax Expenses Net Profit / (Loss) form ordinary activities after tax (7+8) Other Comprehensive income (OCI) Items that will not be reclassified to profit & Loss Total other Comprehensive Income (Net of Tax) Total Comprehensive income for the period (9+10) Profit/Loss from discontinued operation Net profit /loss for the period (11+12) Minority interest Net profit/loss after minority interest (13-14) Paid up equity share capital (face value of Rs 1 / each) Other equity Earning per share (not annualized) Basic and Diluted |
10.00 10.40 |
10.00 - |
22.68 0.03 |
20.00 10.40 |
33.85 0.14 |
56.86 0.19 |
24.40 12.40 |
14.40 - |
229.73 0.98 |
38.80 12.40 |
468.40 1.39 |
624.31 64.74 |
| 20.40 | 10.00 | 22.71 | 30.40 | 33.99 | 57.05 | 36.80 | 14.40 | 230.71 | 51.20 | 469.79 | 689.05 | ||
| - - - 1.73 26.70 - 10.21 |
- - 1.73 25.93 - 11.90 |
- 11.86 - 5.22 16.08 - 36.03 |
- - - 3.45 52.63 - 22.11 |
- 12.94 - 10.41 33.04 - 38.07 |
15.68 - 19.55 82.76 - 49.45 |
- - - 4.60 53.59 2.53 31.48 |
- - 9.73 52.03 139.19 21.15 |
171.81 45.70 83.15 39.94 157.45 112.34 |
- - 14.32 105.62 141.71 52.63 |
374.09 39.94 170.43 80.06 314.94 174.81 |
552.98 53.38 275.53 179.70 625.00 268.08 |
||
| 38.64 | 39.55 | 69.18 | 78.19 | 94.47 | 167.44 | 92.19 | 222.09 | 610.40 | 314.28 | 1,154.28 | 1,954.67 | ||
(18.24) - |
(29.55) - |
(46.47) - |
(47.79) - |
(60.48) - |
(110.39) | (55.39) - |
(207.69) - |
(379.69) (33.01) |
(263.08) - |
(684.48) (175.55) |
(1,265.62) (175.78) |
||
| (18.24) | (29.55) | (46.47) | (47.79) | (60.48) | (110.39) | (55.39) | (207.69) | (412.70) | (263.08) | (860.03) | (1,441.40) | ||
| - | - |
(157.55) | - | (157.55) | (4,883.18) | (656.85) | (1,167.20) | (157.55) | (1,824.05) | (157.55) | (4,506.46) | ||
| (18.24) - |
(29.55) - |
(204.02) - |
(47.79) - |
(218.03) - |
(4,993.57) - |
(712.24) - |
(1,374.89) - |
(570.24) - |
(2,087.14) - |
(1,017.58) - |
(5,947.86) (969.62) |
||
| - | - | - | - | - | - | - | - | - | - | - | (969.62) | ||
| **(18.24) ** | **(29.55) ** | **(204.02) ** | **(47.79) ** | **(218.03) ** | **(4,993.57) ** | **(712.24) ** | **(1,374.89) ** | **(570.24) ** | **(2,087.14) ** | **(1,017.58) ** | (6,917.48) | ||
| - - |
- - |
- | - | - - |
- - |
- - |
- - |
- - |
3,898.65 3,898.65 |
||||
| (18.24) | (29.55) | (204.02) | (47.79) | (218.03) | (4,993.57) | (712.24) | (1,374.89) | (570.25) | (2,087.14) | (1,017.58) | (3,018.83) | ||
| - | - | - | - | - | - | ||||||||
| (18.24) | (29.55) | (204.02) | (47.79) | (218.03) | (4,993.57) | (712.24) | (1,374.89) | (570.25) | (2,087.14) | (1,017.58) | (3,018.83) | ||
| - (18.24) 2,501.00 - (0.01) |
- (29.55) 2,501.00 (0.01) |
- (204.02) 2,501.00 - (0.08) |
- (47.79) 2,501.00 (0.02) |
- (218.03) 2,501.00 (0.09) |
(4,993.57) 2,501.00 (1,403.96) (2.00) |
353.18 (1,065.42) 2,501.00 - (0.43) |
(139.40) (1,235.49) 2,501.00 (0.49) |
44.62 (525.62) 2,501.00 - (0.21) |
213.78 (1,873.36) 2,501.00 (0.75) |
(84.61) (932.97) 2,501.00 (0.37) |
26.26 (2,992.57) 2,501.00 (95.72) (1.20) |
Notes to financial results:
-
1 The above unaudited financial results have been reviewed and recommended by the Audit Committee on 14th November, 2022 and subsequently have been approved by the Board of Directors of the company at their meeting held on 14th November, 2022.
-
2 The Financial results have been prepared in accordance with Indian Accounting Standards ('Ind AS') prescribed under Section 133 of Companies Act, 2013 read with relevant rules thereunder and in terms of regulations of the SEBI (listing obligations and disclosure requirements) Regulations, 2015 (as amended).
-
3 During the year, company has shown expense under the head exceptional items as detailed below:
| Particulars | Standalone | Consolidated |
|---|---|---|
| i) Diminution in value of inventory | - | (1,172.98) |
| ii)Balances written back | - | 265.35 |
| iii) Loss on sale of fixed assets | - | (802.77) |
| iv) Loss on sale of inventory | (113.66) | |
| Total | - | (1,824.05) |
-
4 Previous year figures have been regrouped and rearranged wherever necessary to make them comparable with those of current year.
-
5 The figures for the quarter ended 30th September, 2022 are the balancing figures between the unaudited figures of half year ending 30th September, 2022 and the unaudited published figure upto quarter ended on 30th June, 2022 of the relevant financial year.
-
6 The consolidated financial statements include financial statements of the subsidiaries RT Packaging Ltd., JV Rollatainers Toyo Machines Pvt. Ltd. (strike off) and Oliver Engineering Pvt. Ltd.(Company under corporate insolvency resolution process)
-
7 The Company has incurred a net loss of Rs.18.23 lakhs and Rs. 47.78 lakhs for the quarter and period ended September 30, 2022 respectively; and accumulated losses as on September 30, 2022 stand at Rs.12,313.71 lakhs. The Group has incurred a net loss of Rs.55.39 lakhs and Rs. 263.08 lakhs for the quarter and period ended September 30, 2022 respectively; and accumulated losses as on September 30, 2022 stand at Rs. 21,211.88 lakhs. However, these financial results have been prepared on the going concern basis as the management, based on the cash flow projection, is confident on the Company’s ability to continue as a going concern for a foreseeable future.
-
8 The statutory dues of TDS and GST amounting to Rs/- 1.96 lacs, and 52.35 lacs respectively as on 30-Sep-22
-
9 SEGMENT INFORMATION
The business activities of the company falls within one operating segment viz. 'Packaging Products' andoperates within the country. Hence the disclosure requirement of Indian Accounting Standard 108 "Operating Segments" is not applicable
| For ROLLATAINERS LIMITED | |
|---|---|
| AARTI JAIN Digitally signed by AARTI JAIN Date: 2022.11.14 17:07:16 +05'30' |
|
| AARTI JAIN | |
| Date: 14th November-2022 | Chairperson |
| Place: New Delhi |
ROLLATAINERS LIMITED
Statement of Standalone and Consolidated Assets and Liabilities
| ROLLATAINERS LIMITED Statement of Standalone and Consolidated Assets and Liabilities |
ROLLATAINERS LIMITED Statement of Standalone and Consolidated Assets and Liabilities |
ROLLATAINERS LIMITED Statement of Standalone and Consolidated Assets and Liabilities |
ROLLATAINERS LIMITED Statement of Standalone and Consolidated Assets and Liabilities |
ROLLATAINERS LIMITED Statement of Standalone and Consolidated Assets and Liabilities |
ROLLATAINERS LIMITED Statement of Standalone and Consolidated Assets and Liabilities |
|---|---|---|---|---|---|
| Rupees In "Lakhs" | |||||
| Particulars | Standalone | Consolidated | |||
| As at 30.09.2022 | **As at 31.03.2022 ** | As at 30.09.2022 | As at 31.03.2022 | ||
| A 1 2 (B) 1 2 |
(a) Property, plant and equipment (b) Capital work-in-progress (c) Financial assets Investment (d) Deferred tax assets (net) (e) Other non-current assets Sub total-Non-current assets (a) Inventories (b) Financial assets Trade receivables Cash and cash equivalents Other current financial assets (c) Current tax assets (net) (d) Other current assets Sub total-current assets TOTAL-ASSETS (a) Equity share capital (b) Other equity (c) Non controlling interest Sub total-equity (a) Financial liabilities Borrowings Other financial liabilities (b) Provisions Sub total-Non-current liabilities (a) Financial liabilities Borrowings Trade payables (b) Other financial liabilities (c) Other current liabilities (d) Provisions Sub total-current liabilities TOTAL EQUITY AND LIABILITIES Liabilities ASSETS Non-current assets Current assets EQUITY AND LIABILITIES Equity Non-current liabilities Current liabilities |
- - 340.00 - 2,400.71 |
- - - - 2,400.71 |
4,487.05 - 340.00 - 111.40 |
5,611.03 - - - 111.40 |
| 2,740.71 | 2,400.71 | 4,938.45 | 5,722.43 | ||
| - 597.19 29.37 1.29 68.17 697.62 |
- 877.32 30.11 1.13 68.58 513.45 |
0.00 518.54 93.07 11.80 96.65 389.27 |
1,312.07 791.59 81.59 11.47 91.75 535.23 |
||
| 1,393.64 | 1,490.59 | 1,109.33 | 2,823.69 | ||
| 4,134.34 | 3,891.30 | 6,047.78 | 8,546.12 | ||
| 2,501.30 (1,451.75) - |
2,501.30 (1,403.96) - |
2,501.30 (1,969.09) (992.31) |
2,501.30 (95.72) (778.54) |
||
| 1,049.55 | 1,097.34 | (460.10) | 1,627.04 | ||
| 910.91 - - |
858.28 - - |
2,976.17 54.40 4.85 |
2,870.54 54.40 13.75 |
||
| 910.91 | 858.28 | 3,035.42 | 2,938.70 | ||
| 63.91 2,056.99 52.98 - |
96.99 1,785.59 53.10 - |
- 1,059.96 2,056.99 354.97 0.53 |
- 1,790.53 1,785.59 403.73 0.53 |
||
| 2,173.88 | 1,935.68 | 3,472.45 | 3,980.39 | ||
| 4,134.34 | 3,891.30 | 6,047.78 | 8,546.12 | ||
| Date: 14th November-2022 Place: New Delhi For ROLLATAINERS LIMITED AARTI JAIN Chairperson AARTI JAIN Digitally signed by AARTI JAIN Date: 2022.11.14 17:07:36 +05'30' |
For ROLLATAINERS LIMITED
Digitally signed by AARTI JAIN AARTI JAIN Date: 2022.11.14 17:07:36 +05'30' Date: 14th November-2022 AARTI JAIN Place: New Delhi Chairperson
ROLLATAINERS LIMITED
Consolidated Cash Flow Statement for the half year ended 30th September, 2022
| ROLLATAINERS LIMITED | ROLLATAINERS LIMITED | ROLLATAINERS LIMITED | ROLLATAINERS LIMITED | ROLLATAINERS LIMITED |
|---|---|---|---|---|
| Consolidated Cash Flow Statement for the half year ended 30th September, 2022 | ||||
| (Rs. in Lakhs) | ||||
| Particulars | As at 30.09.2022 |
As at 30.09.2021 |
As at 30.09.2022 |
As at 30.09.2021 |
| A CASH FLOW FROM OPERATING ACTIVITIES: Profit as per profit & loss account (PBT) Add: Other comprehensive income Add: Exceptional items Interest on preference shares Loss on sale of fixed asset Diminution in value of inventory Balances written off/ (back) Loss on sale of inventory Depreciation/amortisation/impairment Financial expense Liabilities written back Interest income Change in current / Non current liabilities: (Increase)/decrease in inventories (Increase)/decrease in trade receivables (Increase)/decrease in other non- current assets (Increase)/decrease in other current assets Increase/(decrease) in trade payable Increase/(decrease) in current liabilities Increase/(decrease) in other financial liabilities Increase/(decrease) in provisions Cash generation from operations activities Tax refund/ (paid) Cash flow before extraordinary items Net cash from operating activities B CASH FLOW FROM INVESTING ACTIVITIES Sale of fixed assets Sale of investments Proceeds/(purchase) from maturity of bank deposits Interest received & other income Net cash from investing activities C CASH FLOW FROM FINANCING ACTIVITIES Repayment of borrowing Net cash from financing activities Net cash flows during the year (A+B+C) Loss of control on subsidiary Cash & cash equivalents (opening balance) Cash & cash equivalents (closing balance) |
Standalone | Consolidated | ||
| (47.79) - - - - - - 52.63 - (10.40) |
(218.03) 157.55 - - - - - 33.04 - (0.14) |
(2,087.14) - - 802.77 1,172.98 (265.35) 113.66 141.71 105.62 - (12.40) |
(842.03) 157.55 - - - - 314.94 80.06 4.45 (1.39) |
|
| (5.56) | (27.58) | (28.15) | (286.42) | |
| - 280.13 - (183.91) (33.08) (0.12) 271.40 - |
- 367.11 2.48 (4.74) (9.99) 2,350.61 (2,374.85) - |
25.43 273.05 - (192.13) (132.34) (48.76) 271.40 (8.90) |
114.33 545.49 1.99 2.30 (10.30) 2,378.17 (2,374.85) (8.27) |
|
| 328.85 | 303.03 | 159.59 | 362.43 | |
| - | - | - | - | |
| 328.85 | 303.03 | 159.59 | 362.43 | |
| 328.85 | 303.03 | 159.59 | 362.43 | |
| - (340.00) - 10.40 |
- 0.14 |
179.57 (340.00) (1.65) 12.40 |
1.30 - 1.69 |
|
| (329.60) | 0.14 | (149.76) | 2.99 | |
| - | - | - | - | |
| - | - | - | - | |
| (0.75) - 20.81 |
303.17 15.80 |
9.83 - 35.68 |
365.42 - 55.06 |
|
| 20.06 | 318.98 | 45.51 | 420.48 | |
| Date: 14th November-2022 Place: New Delhi For ROLLATAINERS LIMITED AARTI JAIN Chairperson AARTI JAIN Digitally signed by AARTI JAIN Date: 2022.11.14 17:08:05 +05'30' |
For ROLLATAINERS LIMITED
AARTI Digitally signed by AARTI JAIN JAIN Date: 2022.11.14 17:08:05 +05'30'
Date: 14th November-2022 Place: New Delhi
AARTI JAIN Chairperson
B.21/1, First Floor, Rathyatra Market Rathyatra Crossing, Varanasi-221010 Ph. No. (0542) 2454602,2454603 Email: [email protected]
CHATTERJEE & CHATTERJEE CHARTERED ACCOUNTANTS
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Independent Auditor’s Review Report on the Unaudited Quarterly Financial Results and Year to date Results of Rollatainers Limited Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 (as amended)
To
The Board of Directors Rollatainers Limited
- Introduction
We have reviewed the accompanying statement of standalone unaudited financial results of Rollatainers Limited (“the Company”) for the quarter ended September 30, 2022 and the year-to-date results for the period April 1, 2022 to September 30, 2022, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 (as amended), including relevant circulars issued by the SEBI from time to time.
This statement, which is the responsibility of the Company’s Management and has been approved by the Board of Directors, has been prepared in accordance with the accounting principles laid down in the Indian Accounting Standard 34, Interim Financial Reporting (“Ind AS 34”), prescribed under section 133 of the Companies Act, 2013 (“the Act”) and other accounting principles generally accepted in India. Our responsibility is to issue a report on these financial results based on our review.
- Scope of Review
We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”, issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the financial statements are free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit.
Accordingly, we do not express an audit opinion.
.
- Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying statement of unaudited financial results prepared in accordance with applicable accounting standards and other recognized accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 including the manner in which it is to be disclosed, or that it contains any material misstatement.
CHATTERJEE & CHATTERJEE CHARTERED ACCOUNTANTS
-
Material uncertainty related to going concern
-
a). As stated in note no.7 to the accompanying Statement, The Company has incurred a net loss of Rs.18.23 lakhs and Rs. 47.78 lakhs for the quarter and period ended September 30, 2022 respectively, and accumulated losses as on September 30, 2022 stand at Rs. 12,313.71 lakhs. However, these financial results have been prepared on the going concern basis as the management, based on the cash flow projection, is confident on the Company’s ability to continue as a going concern for a foreseeable future.
Our report is not modified in respect of the above-mentioned matter.
-
Emphasis of matter
-
a) The Company is maintaining 11 bank accounts out of which for the following banks, statement is not available:
| S.No | Bank Name | Amount (in lakhs) |
|---|---|---|
| 1 | Corporation Bank-Hosur | 0.33 |
| 2 | Bank of Rajasthan | 2.32 |
| 3 | HSBC Account-Noida | # |
| 4 | PNB-FD-Haridwar | 1.25 |
| 5 | IDBI Bank | 1.23 |
# denotes less than Rs 1,000/-
-
b) Trade payables, trade receivables and other loans and advances given or taken are to subject to reconciliation and confirmation.
-
c) The Company’s trade receivable includes an amount of Rs. 143.86 lakhs which is outstanding for a very long time. However, the management is confident of realising the same and has been classified as “considered good and recoverable”.
Our report is not modified in respect of the above-mentioned matter.
This space left intentionally blank
CHATTERJEE & CHATTERJEE CHARTERED ACCOUNTANTS
- The review of consolidated unaudited quarterly financial results for the quarter ended June 30, 2022 and September 30, 2021 included in the Statement was carried out and reported by Shukla Gupta & Arora, who have expressed unmodified conclusion vide their review reports dated August 05, 2022 and November 15, 2021 respectively, whose review reports have been furnished to us and which has been relied upon by us for the purpose of our review of the Statement. Our report is not modified in respect of this matter.
For Chatterjee & Chatterjee Chartered Accountants Firm registration no: 001109C BALDEO Digitally signed by BALDEO DAS DAS GUJRATI Date: 2022.11.14 GUJRATI 17:42:43 +05'30' BD Gujrati Partner Membership Number: 010878
Place: New Delhi Date: November 14, 2022
UDIN: 22010878BDCCBK1189
B.21/1, First Floor, Rathyatra Market Rathyatra Crossing, Varanasi-221010 Ph. No. (0542) 2454602,2454603 Email: [email protected]
CHATTERJEE & CHATTERJEE CHARTERED ACCOUNTANTS
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Independent Auditor’s Review Report on consolidated unaudited quarterly and year to date financial results of Rollatainers Limited Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
To
The Board of Directors Rollatainers Limited
- Introduction
We have reviewed the accompanying statement of consolidated unaudited financial results of Rollatainers Limited (“the Parent”) and its subsidiaries (the Parent and its subsidiaries together referred to as “the Group”), and its share of the net profit/(loss) after tax and total comprehensive income / loss of its associates and joint ventures for the quarter ended September 30, 2022 and the year-to-date results for the period April 1, 2022 to September 30, 2022 (“the Statement”), being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) , including relevant circulars issued by the SEBI from time to time.
-
This Statement, which is the responsibility of the Parent’s Management and approved by the Parent’s Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 “Interim Financial Reporting” (“Ind AS 34”), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the statement based on our review.
-
We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”, issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit.
Accordingly, we do not express an audit opinion.
We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33 (8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable.
CHATTERJEE & CHATTERJEE CHARTERED ACCOUNTANTS
-
The Statement includes the results of the following entities: a). RT Packaging Limited (subsidiary) b). Rollatainers Toyo Machines Private Limited (joint venture) c). Oliver Engineering Private Limited (associate)
-
Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 7 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.
-
Material uncertainty related to going concern
-
a) As stated in note no. 07 to the accompanying Statement, the Group has incurred a net loss of Rs.55.39 lakhs and Rs. 263.08 lakhs for the quarter and period ended September 30, 2022 respectively, and accumulated losses as on September 30, 2022 stand at Rs. 21,211.88 lakhs. However, these financial results have been prepared on the going concern basis as the management, based on the cash flow projection, is confident on the Company’s ability to continue as a going concern for a foreseeable future..
Our report is not modified in respect of the above-mentioned matter.
-
Emphasis of matter
-
a). The financial results of associate and joint venture have not been reviewed by the auditors. Further, the joint venture- Rollatainers Toyo Machines Private Limited, has been struck off as on the current date. CIRP process has been initiated against Oliver Engineering Private Limited -the associate w.e.f. May 12, 2022.
-
b). The Company is maintaining 11 bank accounts out of which for the following banks, statement is not available:
| S.No | Bank Name | Amount(In lacs) |
|---|---|---|
| 1 | Corporation Bank-Hosur | 0.33 |
| 2 | Bank of Rajasthan | 2.32 |
| 3 | HSBC Account-Noida | # |
| 4 | PNB-FD-Haridwar | 1.25 |
| 5 | IDBI Bank | 1.23 |
# denotes less than Rs 1,000/-
- c). Trade payables, trade receivables and other loans and advances given or taken are to subject to reconciliation and confirmation.
CHATTERJEE & CHATTERJEE CHARTERED ACCOUNTANTS
- d). The Parent’s trade receivable includes an amount of Rs. 143.86 lakhs which is outstanding for a very long time. However, the management is confident of realising the same and has been classified as “considered good and recoverable”.
Our report is not modified in respect of the above-mentioned matter.
- The review of consolidated unaudited quarterly financial results for the quarter ended June 30, 2022 and September 30, 2021 included in the Statement was carried out and reported by Shukla Gupta & Arora, who have expressed unmodified conclusion vide their review reports dated August 05, 2022 and November 15, 2021 respectively, whose review reports have been furnished to us and which has been relied upon by us for the purpose of our review of the Statement. Our report is not modified in respect of this matter.
For Chatterjee & Chatterjee Chartered Accountants Firm registration no: 001109C
BALDEO Digitally signed by BALDEO DAS DAS GUJRATI Date: 2022.11.14 GUJRATI 17:41:02 +05'30' BD Gujrati Partner Membership Number: 010878
Place: New Delhi Date: November 14, 2022
UDIN: 22010878BDCCMF7531