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Salzer Electronics Ltd. Interim / Quarterly Report 2021
61391_rns_2021-11-01_17150403-4485-4944-a689-8f5bfd4f9be9.pdf
Interim / Quarterly Report
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CIN : L03210TZ1985PLC001535
November 01, 2021
To.
THE CORPORATE RELATIONSHIP DEPT BSE Limited I Floor, New Trading Ring, Rotunda Building, P.J.Towers, Dalal Street, Fort, Mumbai - 400 001.
SCRIP CODE: 517059
M/s. National Stock Exchange of India Ltd., Exchange Plaza, C-1, Block G, BandraKurla Complex, Bandra (E), Mumbai - 400 051 Tel: +91 22 26598235/36, 26598346 Fax: +91 22 26598237/38
Symbol: SALZERELEC
Dear Sir.
Sub: Submission of Outcome of the Board Meeting - Un-audited Financial Result - reg Ref: Our letter dated October 20, 2021.
This is to inform in terms of Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulation 2015 and in furtherance to our letter referred above that the Board of Directors of the Company at their meeting held today (November 01, 2021) considered and approved standalone as well as consolidated Unaudited Financial Results of the Company for the Second Quarter ended 30.09.2021 together with the Limited Review report of M/s. JDS Associates, Statutory Auditor of the Company, as required under Requlation 33 of SEBI LODR Requlations, which is attached herewith for your records and dissemination to the stakeholders. A copy of the same will be uploaded in the Company's website www.salzergroup.net.
Further, Pursuant to Regulation 47 of SEBI LODR Regulations, an extract of the aforesaid financial results in the manner as prescribed under the SEBI Listing Regulations will be published in English and Tamil newspapers within time stipulated.
The Meeting commenced at 04.30 Hrs and closed at $\sqrt{30}$ $\sqrt{9}$ m Hrs
May kindly be acknowledged the receipt.
Thanking you For Salzer Electronics Limited SANKARAN 14f7f3f1aa219a596ac23e84f34efed5
fr: eostalCodo=641036_st=TAMIL BASKARASUBRAM ANIAN
S Baskarasubramanian Director (Corporate Affairs) & Company Secretary (DIN: 00003152 & FCS:4605)
Encl : as above
SALZER ELECTRONICS LIMITED
Standalone Statement of Un-Audited Financial Results for the Second Quarter and Half year period ended September 30,2021
| Rs. In Lacs exept for share data | |||||||
|---|---|---|---|---|---|---|---|
| S.No | Particulars | Quarter ended | Half year ended | Year Ended | |||
| 9/30/2021 | 6/30/2021 | 9/30/2020 | 9/30/2021 | 9/30/2020 | 3/31/2021 | ||
| Un-Audited | Un-Audited | Un-Audited | Un-Audited | Un-Audited | Audited | ||
| $\mathbf{I}$ | INCOME | ||||||
| a | Revenue From Operations | 19480.55 | 14897.89 | 14980.45 | 34378.44 | 24548.32 | 60561.96 |
| b | Other Income | 80.89 | 14.07 | 4.36 | 94.96 | 31.39 | 199.16 |
| Total Income | 19561.44 | 14911.96 | 14984.81 | 34473.40 | 24579.71 | 60761.12 | |
| $\mathbf{u}$ | EXPENSES | ||||||
| a | Cost of materials consumed | 15037.30 | 12775.79 | 11469.47 | 27813.09 | 18185.80 | 48277.51 |
| þ | Changes in inventories of finished goods and work-in-progress |
367.81 | $-1319.26$ | -341.37 | -951.45 | 373.23 | $-1238.29$ |
| c | Employee benefit expenses | 691.11 | 652.77 | 609.33 | 1343.88 | 1036.86 | 2433.87 |
| d | Finance Cost | 469.12 | 512.37 | 578.19 | 981.49 | 1059.92 | 2127.42 |
| e | Depreciation and amortisation expense |
408.27 | 394.03 | 382.24 | 802.30 | 776.33 | 1560.55 |
| f | Other expenses | 1543.09 | 1308.40 | 1366.81 | 2851.49 | 2117.60 | 4909.77 |
| TOTAL EXPENSES | 18516.70 | 14324.10 | 14064.67 | 32840.80 | 23549.74 | 58070.83 | |
| 排 | PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX |
1044.74 | 587.86 | 920.14 | 1632.60 | 1029.97 | 2690.30 |
| Exceptional items | 0 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| IV | PROFIT BEFORE TAX | 1044.74 | 587.86 | 920.14 | 1632.60 | 1029.97 | 2690.30 |
| Tax Expense | $-298.42$ | $-193.21$ | $-261.49$ | $-491.63$ | $-302.23$ | $-622.94$ | |
| v | PROFIT AFTER TAX | 746.32 | 394.65 | 658.65 | 1140.97 | 727.74 | 2067.36 |
| VI | OTHER COMPREHENSIVE INCOME | ||||||
| VII | Items that will not be reclassified to profit or loss |
6.58 | 16.15 | $-0.66$ | 22.73 | 34.05 | 143.33 |
| VIII | TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
752.90 | 410.80 | 657.99 | 1163.70 | 761.79 | 2210.69 |
| IX | Paid up share capital - equity shares of Rs.10/- each |
1598.27 | 1598.27 | 1598.27 | 1598.27 | 1598.27 | 1598.27 |
| x | Reserves and Surplus | 31530.38 | |||||
| XI | EARNINGS PER SHARE | ||||||
| a | Basic after exceptional items (In Rs.) | 4.67 | 2.47 | 4.12 | 7.14 | 4.55 | 12.93 |
| b | Diluted after exceptional items (Rs.) | 4.67 | 2.47 | 4.12 | 7.14 25 P.O. | 12.93 |
CIN: L03210TZ1985PLC001535
Notes forming part of above STANDALONE results:
- The Company operates in only one segment viz., Electrical installation products; $\mathbf{1}$ .
- The above standalone results were reviewed and recommended by the Audit Committee and $21$ following which, approved by the Board of Directors at their meeting held on November 01,2021,
- The Statutory Auditors of the Company carried out a limited review of standalone Financial $3.$ Results for the second quarter/ Six Months period ended September 30, 2021,
- $\overline{4}$ . The Second waves of Covid-19 pandemic and consequent localized Lockdowns in some parts of the country during the First quarter impacted the business operations of the Company to some extent, but have not created any significant material impact on the carrying value of assets and liabilities as on the reporting date.
- The above Standalone financial results of the Company have been prepared in accordance with 5. Indian Accounting Standards (Ind AS) as prescribed under Section 133 of the Companies Act, 2013, read with relevant rules thereunder.
- The Code of Social Security 2020 was approved by the Parliament in September 2020 and yet to 6. be notified in the Official Gazette by the Government along with the Rules. Any impact/ Changes arising out of notification of said Code particularly with regard to contributions by the Company towards Provident Fund and Gratuity will be assessed and accounted at the relevant point of time.
- Previous period's figures have been regrouped/ reclassified wherever necessary to conform to $7.$ this period's classifications
For SALZER ELECTRONICS LIMITED
D RAJESHKUMAR JOINT MANAGING DIRECTOR (DIN: 00003126)
Coimbatore - 641 047
November 01, 2021
CIN: L03210TZ1985PLC00 %38NDALONE CASH FLOW STATEMENT FOR THE YEAR ENDED 30.09.2021
| Current year | Previous year | |||
|---|---|---|---|---|
| ended 30.09.2021 | ended 31.03.2021 | |||
| Amount in Rs.(Lacs) | Amount in Rs.(Lacs) | |||
| A. CASH FLOW FROM OPERATING ACTIVITIES | ||||
| Net profit after tax and | 1163.70 | 2210.68 | ||
| Adjustments for: | ||||
| Tax Expenses Depreciation |
499.28 | 671.15 | ||
| Interest Income | 802.30 | 1560.55 | ||
| Finance Costs | (19.29) | $-34.18$ | ||
| (Gain)/Loss on Foreign Exchange Fluctuations (net) | 981.48 | 2127.42 | ||
| Dividend Income | (12.89) | 30.83 | ||
| (Profit) / Loss on sale of Investments | (4.14) | $-25.42$ | ||
| (Profit) / Loss on sale of Fixed Assets | (30.97) | $-10.93$ | ||
| Fair valuation of investments | 0.00 | $-1.57$ | ||
| Other Non Operating Income | (32.82) | $-144.43$ | ||
| Other Comprehensive Income | (27.66) | $-126.79$ | ||
| Operating Profit before working capital changes | 2.45 | 2157.74 | $-47.10$ | 3999.51 |
| Add: Adjustments for working capital changes | 3321.44 | 6210.19 | ||
| Inventories | (2274.29) | (2022.06) | ||
| Trade and other receivables | 647.95 | (4144.12) | ||
| Trade and other Payables | (739.84) | 1865.13 | ||
| Other Liabilities | (259.81) | (2625.99) | (25.85) | (4326.90) |
| Cash generated from operations | 695.45 | 1883.28 | ||
| Direct tax paid | (440.94) | $-486.91$ | ||
| Net cash from operating activities | ||||
| 254.51 | 1396.38 | |||
| B. INVESTING ACTIVITIES: | ||||
| Investments in Fixed assets (Net) | (831.88) | $-1974.82$ | ||
| Reduction in Capital Work in Progress | (1.83) | 137.39 | ||
| Non Operating Income | 27.66 | 126.79 | ||
| Profit/ (Loss) on sale of Investments $\boldsymbol{\mu}$ |
30.97 | 10.93 | ||
| Sale/(Investment) in Mutual Funds and Equitites (Net) Proceeds from Sale of Fixed assets |
76.01 | $-20.31$ | ||
| 3.71 | 18.57 | |||
| Profit/ (Loss) on Sale of Fixed assets | 0.00 | 1.57 | ||
| Investment in subsidiary/Associate Other Non Current Investments |
(1.50) | 0.00 | ||
| Dividend Income | 0.00 | $-20.74$ | ||
| Interest Income | 4.14 | 25.42 | ||
| 19.29 | (673.45) | 34.18 | $-1661.01$ | |
| Net cash used in investing activities | (673.45) | (1661.01) | ||
| SA LZER ELECTRONICS L I | ||||
|---|---|---|---|---|
| IN: COUNANGING ACTIVITIES 01535 | ||||
| Proceeds from Short Term Borrowings | 1587.32 | 2737.11 | ||
| Share Application or allotment money Recevied | 0.00 | 0.00 | ||
| Long Term Borrowings - Receipts | 0.00 | 178.93 | ||
| Repayment of non current liabilities | (142.20) | (329.86) | ||
| Interest and finance Charges | (981.48) | (2127.42) | ||
| Gain/(Loss) on Foreign Exchange Fluctuations (Net) | 12.89 | (30.83) | ||
| Dividend and dividend tax paid | (255.72) | 220.81 | 0.00 | 427.93 |
| Net cash from financing activities | 220.81 | 427.93 | ||
| Net increase in cash and cash equivalents (A+B+C) | (198.12) | 163.30 | ||
| 1049.92 | 886.63 | |||
| Add: Opening Cash and Cash Equivalents | 851.80 | 1049.92 | ||
| Closing Cash balance | 851.80 | 1049.92 |
CIN: L03210TZ1985PLC001535
STATEMENT OF ASSETS AND LIABILITIES
$\mathbf{r}$ and $\mathbf{r}$
| Particulars | As at | 53. III LACS As at |
|
|---|---|---|---|
| S.No | 9/30/2021 | 3/31/2021 | |
| 1 | ASSETS | ||
| 1 | Non-current Assets | ||
| a | Property, Plant and Equipment | 20720.51 | 20666.33 |
| b | Capital Work in Progress | 136.46 | 134.63 |
| c | Investment Property | 0.77 | 0.77 |
| d | Intangible Assets | 400.53 | 409.67 |
| e | Financial Assets | ||
| i. Investments | 1727.69 | 1726.47 1160.13 |
|
| ii. Trade Receivables | 959.73 | ||
| iii. Others | 1249.29 | 1726.52 188.98 |
|
| f | Other Non-current Assets | 219.40 25414.38 |
26013.5 |
| Total Non-Current Assets [1] | |||
| 2 | Current Assets | 20011.82 | 17737.53 |
| a | Inventories | ||
| b | Financial Assets | 281.34 | 390.17 |
| i. Investments | 18052.29 | 17845.61 | |
| ii. Trade Receivables | 284.38 | 493.33 | |
| iii. Cash and Cash Equivalents | 567.42 | 556.59 | |
| iv. Other Bank balances | 1189.24 | 1841.33 | |
| v. Loans | 39.92 | 34.17 | |
| vi. Other | 2949.25 | 2510.34 | |
| c | Other Current Assets | 43375.66 | 41409.07 |
| Total Current Assets [2] | 68790.04 | 67422.57 | |
| TOTAL ASSETS [1+2] | |||
| $\mathbf{u}$ | EQUITY AND LIABILITIES | ||
| 1 | EQUITY | 1598.27 | 1598.27 |
| а | Equity Share Capital | 32438.36 | 31530.38 |
| b | Other Equity | 34036.63 | 33128.65 |
| $2 -$ | Total Equity [1] LIABILITIES |
||
| Non-current Liabilities | |||
| 1 | Financial Liabilities | ||
| a | i. Borrowings | 1484.48 | 1626.68 |
| b | $\mathcal{H}$ Provisions |
0 | 2.98 |
| c | Deferred tax liabilities (net) | 1978.42 | 1873.53 |
| Total Non-current Liabilities [2] | 3462.90 | 3503.19 | |
| 2 | Current Liabilities | ||
| a | Financial Liabilities | ||
| i. Borrowings | 21335.07 | 19747.75 | |
| ii. Trade Payables | 4991.59 | 5880.88 | |
| iii. Others | 484.74 | 488.60 | |
| b | Other Current Liabilities | 4145.09 | 4407.46 |
| c | Provisions | 147.29 | 130.01 |
| d | Current Tax Liabilities (Net) | 186.73 | 136.03 |
| Total Current Liabilities [3] | 31290.51 | 30790.7 | |
| TOTAL EQUITY AND LIABILITIES [1+2+3] | 68790.04 સ્ટ |
67422.5 |
J D S ASSOCIATES CHARTERED ACCOUNTANTS
STANDALONE LIMITED REVIEW REPORT
Independent Auditor's Review Report on the review of second quarter and six months Unaudited Standalone Financial Results of the Company for the period ending September 30,2021 Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
The Board of Directors Salzer Electronics Limited Coimbatore - 641047
-
- We have reviewed the accompanying statement of unaudited standalone financial results of Salzer Electronics Limited ("the Company") for the quarter ended September 30, 2021 and year to date results for the period April 01, 2021 to September 30, 2021 ("the Statement") and being submitted by the Company pursuant to the requirements of Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015, as amended (the "Listing Regulations").
-
- This statement is the responsibility of the Company's Management and has been approved by the Board of Directors of the company at their meeting held on November 01, 2021 and 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 and which has been initialled by us for identification purposes. 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. 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 of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying the analytical and other review procedures and thus provides less assurance than an audit. We have not $\sqrt{3}$ . $\widehat{\phi}$ $\widehat{p}$ $\widehat{p}$ and accordingly, we do not express an audit opinion.
T. SAMINATHAN B.Sc., F.C.A., Membership No. 027133 254, Gandhiji Road ERODE - 638 001. Tel: 0424-2269599 Cell: 98427 27344 [email protected] E: [email protected]
M. No: 025046
$0.96 - 1$
m
B. JAYARAM B.Com., F.C.A., D.I.S.A., Membership No. 028346 1st Floor, Jewel Complex 642 (Old # 324) Raja Street COIMBATORE - 641 001. Tel: 0422 - 2304731, 2390882 Cell: 99444 57928
K.P. LATHA M.Com., F.C.A., D.I.S.A., Membership No. 208150 8/36, LRG Lay-out, 5th Street ABT Road, Karuvampalayam TIRUPUR - 641 604 Tel: 0421 - 4322843 Cell: 98942 88807 E: [email protected]
J. FRANKLIN DAVID | K.S. SATHISHKUMAR
M.Com., F.C.A.,
Membership No. 234722
254, Gandhiji Road
ERODE - 638 001.
Tel: 0424-2269599
Cell: 98844 28681
M.Com., F.C.A., Membership No. 208792
7-A, Sri Nagar, Behind Sungam Ramanathapuram COIMBATORE - 641 045 Tel: 0422 - 2312899 Cell: 98430 80753 E . [email protected]
JDS ASSOCIATES CHARTERED ACCOUNTANTS
- Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying statement of unaudited standalone financial results prepared in accordance with the recognition and measurement principles laid down in the applicable Indian Accounting Standards prescribed under Section 133 of the Companies Act, 2013 and other recognized accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 and 52 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.
Date: November 01.2021 Place: Coimbatore UDIN: 21028346AAAAIV5624
For JDS ASSOCIATES Chartered Accountants FRN: 008735S
(B.JAYARAM) Partner Memb.No: 028346
B. JAYARAM, B.Com, F.C.A Chartered Accountant. ist Floor, Jewel Complex, 324, Raja Street, Coimbatore-641 001
T. SAMINATHAN B.Sc., F.C.A., Membership No. 027133 254. Gandhiii Road ERODE - 638 001. Tel: 0424-2269599 Cell: 98427 27344
B. JAYARAM B.Com., F.C.A., D.I.S.A., Membership No. 028346 1st Floor, Jewel Complex 642 (Old # 324) Raja Street COIMBATORE - 641 001. Tel: 0422 - 2304731, 2390882 Cell: 99444 57928
E: [email protected] E: [email protected]
K.P. LATHA M.Com., F.C.A., D.I.S.A., Membership No. 208150 8/36, LRG Lay-out, 5th Street ABT Road, Karuvampalayam TIRUPUR - 641 604 Tel: 0421 - 4322843 Cell: 98942 88807 E: [email protected]
J. FRANKLIN DAVID | M.Com., F.C.A., Membership No. 208792
7-A, Sri Nagar, Behind Sungam Ramanathapuram COIMBATORE - 641 045 Tel: 0422 - 2312899 Cell: 98430 80753 E: [email protected]
K.S. SATHISHKUMAR M.Com., F.C.A., Membership No. 234722 254, Gandhiji Road ERODE - 638 001. Tel: 0424-2269599 Cell: 98844 28681
CIN: L03210TZ1985PLC001535
| Rs. In Lakhs | |||||||
|---|---|---|---|---|---|---|---|
| Particulars | Quarter Ended | Half year period ending | Year Ended | ||||
| 30-Sep-21 | 30-Jun-21 | 30-Sep-20 | 30-Sep-21 | 30-Sep-20 | 31-Mar-21 | ||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | ||
| INCOME | |||||||
| Revenue From Operations | 20,001.62 | 15,262.88 | 15,524.61 | 35,264.50 | 25,348.17 | 62,573.60 | |
| Other Income | 89.07 | 22.63 | 14.29 | 111.71 | 46.22 | 219.85 | |
| TOTAL INCOME land. |
20,090.69 | 15,285.51 | 15,538.90 | 35,376.21 | 25,394.39 | 62,793.45 | |
| $\mathbf{H}$ | EXPENSES | ||||||
| Cost of materials consumed | 15,261.30 | 12,945.88 | 11,796.82 | 28,207.18 | 18,601.24 | 49,343.97 | |
| Changes in inventories of finished goods and work-in-progress |
374.24 | $-1309.9$ | $-397.16$ | $-935.65$ | 379.08 | $-1231.24$ | |
| Employee benefit expenses | 799.64 | 748.48 | 713.85 | 1,548.12 | 1,197.51 | 2,811.50 | |
| Finance Cost | 469.89 | 513.64 | 578.90 | 983.54 | 1,061.12 | 2,134.48 | |
| Depreciation and amortisation expense | 415.87 | 404.64 | 391.95 | 820.50 | 796.09 | 1,601.11 | |
| Other expenses | 1,657.84 | 1393.35 | 1,481.51 | 3,051.19 | 2,292.71 | 5,347.80 | |
| TOTAL EXPENSES | 18,978.78 | 14,696.09 | 14,565.87 | 33,674.88 | 24,327.75 | 60,007.62 | |
| $\mathbf{m}$ | PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX |
1.111.91 | 589.42 | 973.03 | 1,701.33 | 1.066.64 | 2.785.83 |
| Exceptional items | |||||||
| Covid provision for inventory and receivables @ Kaycee |
0.00 | $\Omega$ | 0.00 | 0.00 | $\Omega$ | 19.46 | |
| Prior Period Expenses | 0.00 | $\Omega$ | 0.00 | 0.00 | $-4.38$ | $-4.37$ | |
| IV | PROFIT BEFORE TAX | 1,111.91 | 589.42 | 973.03 | 1,701.33 | 1,062.26 | 2,800.92 |
| Tax Expense | $-309.20$ | $-193.61$ | $-270.46$ | $-502.81$ | $-311.20$ | $-663.02$ | |
| v | PROFIT AFTER TAX | 802.71 | 395.81 | 702.57 | 1,198.52 | 751.06 | 2,137.90 |
| Attributable to: Owners of the Company | 788.57 | 395,52 | 632.45 | 1,099.22 | 738.89 | 2051.70 | |
| Non-controlling Interest | 14.14 | 0.29 | 13.51 | 99.31 | 12.17 | 86.20 | |
| VI | OTHER COMPREHENSIVE INCOME | ||||||
| Items that will not be reclassified to profit or loss |
6.58 | 16.15 | $-1.33$ | 22.72 | 31.88 | 142.49 | |
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
809.29 | 411.96 | 701.24 | 1,221.24 | 782.94 | 2,280.39 | |
| Attributable to: Owners of the Company | 795.15 | 411.67 | 671.10 | 1,206.81 | 754.52 | 2194.39 | |
| Non-controlling Interest | 14.14 | 0.29 | 30.14 | 14.44 | 28.42 | 86.00 | |
| Share Capital (Equity shares of Rs.10/- each) | 1598.27 | 1598.27 | 1598.27 | 1598.27 | 1598.27 | 1598.27 | |
| Reserves and Surplus (Annualized) | 31643.92 | ||||||
| EARNINGS PER SHARE | |||||||
| - Basic after exceptional items (in Rs.) | 4.93 | 2.48 | 4.40 | 6.88 | 4.62 | 12.84 | |
| Diluted after exceptional items (in Rs.) | 4.93 | 2.48 | 4.40 | 6.88 | 4.62 | 12.84 |
Consolidated Statement of Un-Audited Financial Results for the Second Quarter and Half year period ended September 30,2021
CIN: L03210TZ1985PLC001535
Notes forming part of above CONSOLIDATED results:
- The above consolidated standalone results were reviewed and recommended by the Audit Committee and upon which, approved by the Board of Directors in their $1.$ meeting held on November 01, 2021,
- The Statutory Auditors of the Company carried out a limited review of consolidated $2.$ Financial Results for the quarter ended September 30, 2021,
- The Covid-19 Pandemic has negatively impacted the operations of both Parent $3.$ Company - Salzer Electronics Limited and Subsidiary - Kaycee Industries Limited during the First two months of the Current Year due to localized lock down imposed by the Government to contain the spread of this novel diseases, which has its consequences to the extent in the results for the six months period ending September 30, 2021. The management of the both parent and subsidiary has found that there is no material effect caused by pandemic on the carrying values of their respective assets and liabilities on the reporting date.
- During the second quarter under review, the Company has formed (1) Salzer EV $\overline{4}$ . Infra Private Limited as its Wholly owned Subsidiary on July 19, 2021 (2) Salzer Kostad EV Charges Private Limited as its associate entity on July 21, 2021 and (3) Salzer EMarch Electromobility Private Limited as an associate entity to Salzer EV Infra Private Limited on September 02,2021 for execution of Projects in Electrical vehicle spaces. All the three Companies are at incorporated level with initial subscriptions and the business activities are yet to get commenced as on the reporting date. Since the consolidation of these accounts with Holding Company will have no significant relevance or will provide no significant value to the users, the consolidation is deferred
- The above Consolidated financial results of the Company have been prepared in 5. accordance with Indian Accounting Standards (Ind AS) as prescribed under Section 133 of the Companies Act, 2013, read with relevant rules thereunder.
- Previous period's figures have been regrouped/ reclassified wherever necessary to 6. conform to this period's classifications
For SALZER ELECTRONICS LIMITED
Coimbatore - 641 047 November 01, 2021
D RAJESH KUMAR
JOINT MANAGING DIRECTOR (DIN: 00003126)
CIN : L03210TZ1985PLC00160NSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 30.09.2021
| Current year | Previous year | |||
|---|---|---|---|---|
| ended 30.09.2021 | ended 31.03.2021 | |||
| Amount in Rs.(Lacs) | Amount in Rs.(Lacs) | |||
| A. CASH FLOW FROM OPERATING ACTIVITIES | ||||
| Net profit after tax and | 1221.25 | 2280.40 | ||
| Adjustments for: | ||||
| Tax Expenses | 510.45 | 710.95 | ||
| Depreciation | 820.51 | 1601.11 | ||
| Interest Income | (26.67) | (51.04) | ||
| Finance Costs | 983.54 | 2134.48 | ||
| (Gain)/Loss on Foreign Exchange Fluctuations (net) | (12.89) | 30.83 | ||
| Dividend Income | (4.14) | (11.16) | ||
| (Profit) / Loss on sale of Investments | (30.97) | (10.93) | ||
| (Profit) / Loss on sale of Fixed Assets | (1.34) | (2.56) | ||
| Fair valuation of investments | (32.82) | (144.43) | ||
| Other Comprehensive Income | 2.45 | (45.99) | ||
| Other Non Operating Income | (27.66) | 2180.47 | (126.79) | 4084.47 |
| Operating Profit before working capital changes | 3401.73 | 6364.87 | ||
| Add: Adjustments for working capital changes | ||||
| Inventories | (2241.31) | (2038.21) | ||
| Trade and other receivables | 836.39 | (4250.69) | ||
| Trade and other Payables | (1016.97) | 1899.61 | ||
| Other Liabilities | (249.67) | (2671.57) | (86.36) | (4475.65) |
| Cash generated from operations | 730.16 | 1889.23 | ||
| Direct tax paid | (458.75) | (511.61) | ||
| Net cash from operating activities | 271.41 | 1377.62 | ||
| B. INVESTING ACTIVITIES: | ||||
| Investment in subsidiary including goodwill | 0.00 | 0.00 | ||
| Investments in Fixed assets (Net) | (839.68) | (1856.07) | ||
| Sale of Fixed assets | 7.48 | 39.95 | ||
| Non Operating Income | 27.66 | 126.79 | ||
| Investmen in Mutual Funds and Equitites (Net) | 76.01 | (20.31) | ||
| Profit/ (Loss) on Sale of Fixed assets | 1.34 | 2.56 | ||
| Profit/ (Loss) on sale of Investments | 30.97 | 10.93 | ||
| Post acquisition profit from subsidiary | 28.84 | 47.83 | ||
| Dividend Received | 4.14 | 11.16 | ||
| Interest Received | 26.67 | 51.04 | ||
| Other Non Current Investments | 1.21 | (635.37) | $-18.41$ | (1604.53) |
| Net cash used in investing activities | (635.37) | (1604.53) | ||
| SALZER ELECTRONICS LTD | ||||
|---|---|---|---|---|
| CIN: L03210TZ1985PLC001535 | ||||
| Proceeds from Short Term Borrowings | 1587.32 | 2702.11 | ||
| Other Non Current assets | (29.00) | 74.16 | ||
| Long Term Borrowings - Receipts | 0.00 | 0.00 | ||
| Repayment of non current liabilities | (142.20) | (150.93) | ||
| Interest and finance Charges | (983.54) | (2134.48) | ||
| Gain/(Loss) on Foreign Exchange Fluctuations | 12.89 | (30.83) | ||
| Dividend and dividend tax paid | (274.76) | 170.72 | (19.04) | 441.00 |
| Net cash from financing activities | 170.72 | 441.00 | ||
| Net increase in cash and cash equivalents (A+B+C) | (193.25) | 214.09 | ||
| Add: Opening Cash and Cash Equivalents | 1393.30 | 1179.20 | ||
| se. | 1200.05 | 1393.29 | ||
| Closing Cash balance | 1200.05 | 1393.30 |
CIN: L03210TZ1985PLC001535
| UNAUDITED CONSOLIDATED BALANCESHEET AS ON 30.09.2021 | |||
|---|---|---|---|
| As at | |||
| 9/30/2021 | 3/31/2021 | ||
| Un-Audited | Audited | ||
| (Rupees in Lakhs) | |||
| ı | ASSETS | ||
| 1 | Non-current Assets | ||
| (a) | Property, Plant and Equipment | 20,983.94 | 20,938.83 134.63 |
| (b) | Capital Work in progress | 136.46 | 0.77 |
| (c) | Investment Property | 0.77 | 1,107.35 |
| (d) | Intangible Assets | 1,095.08 | |
| (e) | Financial Assets | 66.75 | |
| i. Investments | 67.96 | 1160.13 | |
| ii. Trade Receivables | 959.73 | 1,728.23 | |
| iii. Others | 1,251.00 | 229.76 | |
| (f) | Other Non-Current Assets | 247.81 | 25,366.45 |
| Total Non-Current Assets | 24,742.75 | ||
| $\overline{2}$ | Current Assets | 20,340.25 | 18,098.94 |
| (a) | Inventories | ||
| (b) | Financial Assets | 281.34 | 390.17 |
| i. Investments | 18,896.94 | 18,844.05 | |
| ii. Trade Receivables | 325.21 | 529.85 | |
| iii. Cash and Cash equivalents | 874.84 | 863.45 | |
| iv. Other Bank balances | 1,189.24 | 1,841.33 | |
| v. Loans | 39.91 | 34.17 | |
| vi. Others | 2,994.18 | 2,522.65 | |
| (c) | Other Current Assets | 44,941.91 | 43,124.61 |
| Total Current Assets | |||
| 69,684.66 | 68,491.06 | ||
| TOTAL ASSETS | |||
| $\mathbf{H}$ | EQUITY AND LIABILITIES | $\cdot$ | |
| $\mathbf{1}$ | EQUITY | 1,598.27 | |
| (a) | Equity Share Capital | 1,598.27 | 31,643.92 |
| (b) | Other Equity | 32,580.75 | |
| Equity attributable to the Owners of the | 34,179.02 | 33,242.19 | |
| Company | |||
| 415.14 | 405.49 | ||
| Non Controlling interest | 34,594.16 | 33,647.68 | |
| Total Equity | |||
- 28
٦
CIN: L03210TZ1985PLC001535
| $\overline{2}$ | LIABILITIES | ||
|---|---|---|---|
| 1 | Non-current Liabilities | ||
| (a) | Financial Liabilities | ||
| i. Borrowings | 1,484.48 | 1,626.68 | |
| (b) | Provisions | 20.97 | 19.29 |
| (c) | Deferred tax liabilites (net) | 1,963.27 | 24.09 |
| (d) | Other Non-Current Liabilities | 24.84 | 1864.49 |
| Total Non-current Liabilites | 3,493.56 | 3,534.55 | |
| $\overline{2}$ | Current Liabilities | ||
| (a) | Financial Liabilities | ||
| i. Borrowings | 21,335.07 | 18,327.89 | |
| ii. Trade Payables | 5,219.12 | 6,316.39 | |
| iii. Others | 489.50 | 492.8 | |
| (b) | Other Current Liabilites | 4,202.13 | 5,875.42 |
| (c) | Provisions | 162.35 | 151.62 |
| (d) | Current Tax Liabilities (Net) | 188.77 | 144.71 |
| Total Current Liabilites | 31,596.94 | 31,308.83 | |
| TOTAL LIABILITIES | 35,090.50 | 34843.38 | |
| TOTAL EQUITY AND LIABILITIES | 69,684.66 | 68,491.06 |
28
JDS ASSOCIATES
CHARTERED ACCOUNTANTS
CONSOLIDATED LIMITED REVIEW REPORT
Independent Auditor's Review Report on the review of second quarter and six months Consolidated Unaudited Financial Results of the Company for the period ending September 30,2021 Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
The Board of Directors Salzer Electronics Limited Coimbatore -641047
- We have reviewed the accompanying Statement of Consolidated Unaudited Financial Results of $1.$ Salzer Electronics Limited ("the Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as ("the Group"), and its share of the net profit after tax and total comprehensive income of its associates for the quarter ended September 30, 2021 and year to date results for the period from April 01, 2021 to September 30,2021 ("the Statement"), being submitted by the Parent pursuant to the requirement of Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations"
- This Statement, which is the responsibility of the Parent's Management and approved by the $2.$ Parent's Board of Directors at their meeting held on November 01, 2021, 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 and in compliance with Regulation 33 and 52 of the Listing Regulations and which has been initialled by us for identification purposes. 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 $3.$ 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.
$\mathcal{M}$ e have also performed procedures in accordance with the circular issued by the SEBI under B. ComRegulation 33 (8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, $2015$ , as amended, to the extent applicable. M. No: 028346
T. SAMINATHAN B.Sc., F.C.A., Membership No. 027133 254, Gandhiji Road ERODE - 638 001. Tel: 0424-2269599 Cell: 98427 27344 $E:$ [email protected]
$CBF$
B. JAYARAM VB.Com., F.C.A., D.I.S.A., Membership No. 028346 1st Floor, Jewel Complex 642 (Old # 324) Raja Street COIMBATORE - 641 001. Tel: 0422 - 2304731, 2390882 Cell: 99444 57928 E: [email protected]
K.P. LATHA M.Com., F.C.A., D.I.S.A., Membership No. 208150 8/36, LRG Lay-out, 5th Street ABT Road, Karuvampalayam TIRUPUR - 641 604 Tel: 0421 - 4322843 Cell: 98942 88807 E: [email protected]
J. FRANKLIN DAVID | K.S. SATHISHKUMAR M.Com., F.C.A., M.Com., F.C.A., Membership No. 208792 Membership No. 234722
7-A, Sri Nagar, Behind Sungam Ramanathapuram COIMBATORE - 641 045 Tel: 0422 - 2312899 Cell: 98430 80753 E: [email protected]
254, Gandhiji Road ERODE - 638 001. Tel: 0424-2269599 Cell: 98844 28681 E: [email protected]
JDSASSOCIATES CHARTERED ACCOUNTANTS
4 Parent Company, its subsidiary and Associate Entities :
i) Parent Company
Salzer Electronics Limited
- ii) Subsidiary Company of Salzer Electronics Limited
- a. Kaycee Industries Limited and
- b. Salzer EV Infra Private Limited (Wholly Owned subsidiary)
- iii) Associate Entity of Salzer Electronics Limited
- a. Salzer Kostad EV Charges Private Limited
- iv) Associate Entity of Salzer EV Infra Private Limited
- Salzer EMarch Electromobility Private Limited $a1$
During the second quarter under review, the Company has formed (1) Salzer EV Infra Private Limited as its Wholly owned Subsidiary on July 19, 2021 (2) Salzer Kostad EV Charges Private Limited as its associate entity on July 21, 2021 and (3) Salzer EMarch Electromobility Private Limited as an associate entity to Salzer EV Infra Private Limited on September 02, 2021 for execution of Projects in Electrical vehicle spaces. All the three Companies are at incorporated level with initial subscriptions and the business activities are yet to get commenced as on the reporting date. Since the consolidation of these accounts with Holding Company will have no significant relevance or will provide no significant value to the users, the consolidation is deferred. Accordingly, the statement includes the results of only one subsidiary Company - Kaycee Industries Limited
- Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of other auditors referred to in paragraph 6 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 and 52 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 B-hifsstatement
T. SAMINATHAN B.Sc., F.C.A., Membership No. 027133 254, Gandhiji Road ERODE - 638 001. Tel: 0424-2269599 Cell: 98427 27344 E: [email protected]
M. No: 028346 $CBE^{-1}$
B. JAYARAM B.Com., F.C.A., D.I.S.A., Membership No. 028346 1st Floor, Jewel Complex 642 (Old # 324) Raja Street COIMBATORE - 641 001. Tel: 0422 - 2304731, 2390882 Cell: 99444 57928 E : [email protected]
K.P. LATHA M.Com., F.C.A., D.I.S.A., Membership No. 208150 8/36, LRG Lay-out, 5th Street ABT Road, Karuvampalayam TIRUPUR - 641 604 Tel: 0421 - 4322843 Cell: 98942 88807 E: [email protected]
J. FRANKLIN DAVID | K.S. SATHISHKUMAR M.Com., F.C.A., M.Com., F.C.A., Membership No. 208792 Membership No. 234722 7-A. Sri Nagar, Behind Sungam 254. Gandhiii Road Ramanathapuram ERODE - 638 001. COIMBATORE - 641 045 Tel: 0424-2269599 Tel: 0422 - 2312899 Cell: 98844 28681 Cell: 98430 80753 E: [email protected] $E$ : [email protected]
JDSASSOCIATES CHARTERED ACCOUNTANTS
The consolidated Unaudited Financial Results includes the interim financial results of চ: one subsidiary which have not been reviewed/audited by us, whose interim financial results reflect as under as considered in the consolidated unaudited interim financial results.
| Second | quarter | Six | Months | ||
|---|---|---|---|---|---|
| S.No | Description | period | ending | period | ending |
| 30/09/2021 | 30/09/2021 | ||||
| Rs. In Lakhs | Rs. In Lakhs | ||||
| a. | Total Revenue | 672.70 | 1088.08 | ||
| b. | Total Expenses | 605.55 | 1019.36 | ||
| C. | Profit before Tax | 67.15 | 68.72 | ||
| d. | Profit after Tax | 56.37 | 57.54 | ||
| e. | Total Comprehensive Income | 56.37 | 57.54 |
These interim financial results/ financial information have been reviewed by other auditor who carried out their review in accordance with SRE 2410, Review of Interim Financial Information performed by the Independent Auditor of the entity and their reports vide which they have issued an unmodified conclusion, have been furnished to us by the Parent's Management and our conclusion on the Statement, in so far as it relates to the affairs of the subsidiary is based solely on the reports of the other auditor and the procedures performed by us as stated in paragraph 3 above.
Our conclusion on the Statement is not modified in respect of the above matter.
Date: November 01,2021 Place: Coimbatore UDIN: 21028346AAAAIW5860
For JDS ASSOCIATES Chartered Accountants FRN :008735S
(B.JAYARAM)
Partner Memb.No: 028346
- JAYARAM. S Com . ILC A Chartered Cocountant, ist Pleer, Jewsl Complex, 324, Raja Street, Coimbatoro-841.001
T. SAMINATHAN B.Sc., F.C.A., Membership No. 027133 254, Gandhiji Road ERODE - 638 001. Tel: 0424-2269599 Cell: 98427 27344 $E:$ [email protected]
B. JAYARAM B.Com., F.C.A., D.I.S.A., Membership No. 028346 1st Floor, Jewel Complex
642 (Old # 324) Raja Street COIMBATORE - 641 001. Tel: 0422 - 2304731, 2390882 Cell: 99444 57928 E: [email protected]
K.P. LATHA M.Com., F.C.A., D.I.S.A., Membership No. 208150 8/36, LRG Lay-out, 5th Street ABT Road, Karuvampalayam TIRUPUR - 641 604 Tel: 0421 - 4322843 Cell: 98942 88807 E: [email protected]
J. FRANKLIN DAVID I K.S. SATHISHKUMAR M.Com., F.C.A., M.Com., F.C.A., Membership No. 208792 Membership No. 234722 7-A, Sri Nagar, Behind Sungam 254, Gandhiji Road Ramanathapuram ERODE - 638 001. COIMBATORE - 641 045 Tel: 0424-2269599 Tel: 0422 - 2312899 Cell: 98844 28681 Cell: 98430 80753 E: [email protected] E: [email protected]