Sibar Auto Parts Ltd. — Annual Report 2021

Jun 29, 2021

29.06.2021

To The Corporate Relations Department BSE Limited P.J. Towers, Dalal Street, Mumbai-400001 .

Dear Sir/Madam,

Sub: Submission of Audited Financial Results, Statement of Assets & Liabilities and Cash Flow Statements etc., as per the provisions of SESI (LODR) Regulations, 2015-reg.

Ref: SSE Scrip Code: 520141

With reference to the subject cited above, please find enclosed herewith the followingdocuments in terms of Regulation 33 of SEBI (LODR) Regulations, 2015:

• 1. Approved the Auditedfinancial statements for the Fourth Quarter and Financial Year ended on 31 s1 March, 2021 .
• 1. Approved the Statement of Assets and Liabilities as at 31 sl March, 2021.
• 1. Approved the Cash flow statements for the year ended on 31 0 March, 2021.
• 1. Took note of the Auditor's Report on Quarterly and Year to Date Financial Results of the Company.
• 1. Declaration pursuant to SEBI circular no: CIRlCFD/CMD/56/2016 dated 271i1 May, 2016.

The meeting commenced at 02:00 P.M. and concluded at 04:30 P.M.

This is for your information and necessary records

Thanking you,

Yours faithfully,

ForSib

~,

Pemmas ni Veeranarayana Managing Director DIN: 00644259

=------------------------------------------------

	SIBAR AUTO PARTS LIMITED
	D4 & D5, Industrial Estate, Renigunta Road, Tirupati - 517506
	CIN No: L34201AP1983PLC003817
	STATEMENT OF AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31st March, 2021
			(Rupees In lakhs)
			Quarter ended		Year ended	Year ended
	Particulars	Current Quarter ended 31.03.2021	Previous Quarter ended 31.12.2020	Quarter Ended 31.03.2020	31.03.2021	31.03.2020	排
		Audited	Un Audited	Audited	Audited	Audited
1	Revenue from Operations	425.83	348.00	293.44	1,171.77	2,028.22
п	Other Income	9.08	0.05	14.58	10.76	22.68
ш	Total Income (I+II)	434.91	348.05	308.02	1,182.53	2,050.90
IV	Expenses
a.	Cost of Material Consumed	337.57	228.29	132.13	794.02	1,267.24
b.	Purchase of Stock in Trade
Č.	Excise Duty
d.	Changes in inventories of finished goods, work-in-progress and stock -in-trade	(42.35)	9.95	87.74	30.45	168.85
e	Employee benefits expense	72.74	67.35	77.61	234.55	395.57
	Finance costs	14.70	13.54	13.63	54.73	56.41
g	Depreciation and Amortisation expense	14.08	14.76	26.06	58.12	98.93
h	Other Expenses	74.01	70.99	97.51	232.21	394.15
	Total Expenses	470.75	404.88	434.68	1,404.08	2,381.15
v	Profit before exceptional items and tax (III-IV)	(35.84)	(56.83)	(126.66)	(221.55)	(330.25)
VI	Exceptional Items
VII	Profit before tax (VII-VIII)	(35.84)	(56.83)	(126.66)	(221.55)	(330.25)
	VIII Tax Expense
	(1) Current tax
	(2) Deferred tax	(7.06)		1.06	(7.06)	1.06
IX	Profit (Loss) for the period from continuing operations (VII-VIII)	(28.78)	(56.83)	(127.72)	(214.49)	(331.31)
x	Profit (Loss) from discontinuing operations	÷,
XI	Tax expense of discontinuing operations
XH	Profiti(loss) from Discontinuing operations (after tax) (X-XI)			$\blacksquare$
XIII	Profit (Loss) for the period $(IX + XII)$	(28.78)	(56.83)	(127.72)	(214.49)	(331.31)
XIV	Other Comprehensive Income
XV	Total Comprehensive Income for the period	(28.78)	(56.83)	(127.72)	(214.49)	(331.31)
XVI	Paidup Equity Share Capital (Rs.10/- per Equity share)	1,652.51	1,652.51	1,560.01	1,652.51	1,652.51
XVI	Earnings per equity share:
	(a) Basic	(0.17)	(0.34)	(0.77)	(1.30)	(2.00)
	(b) Diluted	(0.17)	(0.34)	(0.77)	(1.30)	(1.90)

$\ddot{\phantom{0}}$

四郎

$\mathbf{H}$

iê,

Notes:

$\tilde{\tau}^{\rm c}_{\rm A}$

• 1 The Standalone Financial Results have been prepared in accordance with Indian Accounting Standards prescribed under section 133 of the Companies Act 2013 ("the Act") read with the relevant rules issued thereunder ("INDAS") and other accounting principles generally accepted in India and the guidelines issued by SEBI
• 2 Reconciliation between financial results as previously reported under Previous GAAP and Ind AS for the quarter ended 31st March 2020 and for the year ended 31st March 2021

Particulars	Year ended 31.03.2020 in
	Rs lakhs
Other Reserves as reported earlier	(331.31)
Prior period income adjustment as per Ind AS	0.0
Other Reserves	(331.23)

• 3 The above financial results were reviewed and recommend by the Audit committee later by the Board of Directors of the company in their respective meetings held on 29th June 2021. The Statutory auditors have carried a limited review of financial results.
• $\overline{4}$ The Company operates with Single segment hence Segment information not furnished as per the Ind AS 108 'Operating Segments' notified under the Companies (Indian Accounting Standards) Rules, 2015 read with Accounting Standard (AS) 17 "Segment Reporting" notified under Section 133 of the Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014
• $\overline{2}$ Revenue from the operations of the quarter and year ended 31st March 2021 are presented are net of Goods and Service Tax (GST) in accordance with the Indian Accounting Standards.
• 6 Figures for the quarter ended March 31, 2021 and March 31, 2020 are the balancing figures between the audited figures in respect of the full financial year ended March 31, 2021 and March 31, 2020 and unaudited published year to date consolidated figures up to Nine months ended December 31, 2020 respectively.
• 7 Uncertanity due to Covid 19 In assessing the recoverability of receivables the Company has considered internal and external information upto the date of approval of these standalone financial results including credit reports and economic forecasts. The Company has performed sensitivity analysis on the assumptions used and based on current indicators of future economic conditions, the Company expects to recover the carrying amount of these assets, The impact of the global health pandemic may be different from that estimated as at the date of approval of these standalone financial results and the Company will continue to closely monitor any material changes future economic conditions. Further the automobile industry has been witnessing Pre-Pandamic slow down due to BS VI Transition

Due to Pandamic and resulting lock down, the company' operations and revenue were impacted the year under review. However the order position is now improving.

Figures for the previous period have been regrouped/ reclassified where ever necessary to confirm to the current period's presentation 8

ğ, The results for the year ended 31st March, 2021 are also available on the Bombay Stock Exchange website and on the Company's website

Place: TIRUPATI Date: 29-06-2021

By Order of the Board of Directors For SHBAR AUTOPARTS LIMITED $\mathbf{r}$ P.VEPRA MAYANA

CHAIRMAN & MANAGING DIRECTOR

. 4科 锁

一样

$711$

SIBAR Auto Parts Limited D4 & D5, Industrial Estate, Renigunta Road, Tirupati - 517506 CIN: L34201AP1983PLC003817

Balance Sheet as at March 31, 20121 (Rupees In lakhs) As at March As at March Particulars Note No 31, 2021 31, 2020 ASSETS Non-current assets 1,183.46 1,225.60 (a) Property, Plant and Equipment (b) Capital work-in-progress (c) Investment Property $\ddot{\phantom{0}}$ (d) Other intangible assets $\overline{a}$ (c) Financial Assets $\overline{a}$ (i) Investments 55.69 (ii) Trade Receivables 59.22 (iii) Loans 28.83 (iv) Others 29.03 (f) Deferred tax Assets (net) $\overline{a}$ (g) Other non-current Assets Current Assets 392.07 (a) Inventories 284.50 (b) Financial Assets (i) Investments $\overline{a}$ (ii) Trade Receivables 410.58 240.67 (iii) Cash & Cash Equivalents 12.73 39.39 (iv) Bank Balances other than (iii) above (v) Loans (iv) Others (c) Current Tax Assets $6.23$ 5.65 (d) Other Current Assets 51.08 47.29 (e) Assets Classified held for Sale 2.43 2.43 Total Assets 2,039.25 2,037.62 EQUITY AND LIABILITIES Equity (a) Equity Share Capital 1,652.51 1,652.51 (b) Other Equity $(561.15)$ $(346.65)$ Liabilities Non-current liabilities (a) Financial Liabilities (i) Borrowings 338.93 249.27 (ii) Trade Payables -Total outstanding dues of Micro enterprises and small enterprises -Total outstanding dues of creditors other than micro enterprises and small enterprises 22.27 12.42 (iii) Other Financial Liabilities (b) Provisions (c) Other non-current liabilities (d) Deferred Tax liabilities 15.83 22.89 Current liabilities (a) Financial Liabilities 0.01 $0.01$ (i) Borrowings (ii) Trade payables -Total outstanding dues of Micro enterprises and small enterprises -Total outstanding dues of creditors other than micro enterprises and small enterprises 346.29 266.68

212.56 0.27 11.74 2,039.25 $(0.00)$

By Order of the Board of Directors ŞIBAR AUTOPARTS LIMITED FÆF

172.57

0.85

7.07

2,037.62

P.VEERANARAYANA CHAIRMAN & MANAGING DIRECTOR

(b) Provisions

(c) Current Tax Liabilities (d) Other current liabilities

Total Equity and Liabilities

(iii) Other Financial Liabilities

SIBAR Auto Parts Limited CIN: L34201AP1983PLC003817
Cash Flow Statement For The Year Ended March 31, 2021
Particulars	For the year ended March 31, 2021	(In Rupees) For the year ended March 31, 2020
Cash flow from operating activities
Profit before income tax from
Continuing operations	(221.47)	(330.26)
Discontinued operations
Prior period Items
Profit before income tax including discontinued operations	(221.47)	(330.26)
Adjustments for
Depreciation and amortisation expense	58.12	98.93
Provision for gratuity	(0.58)	(0.21)
Finance costs	54.73	56.41
Net exchange differences
Change in operating assets and liabilities, net of effects from purchase of controlled entities and sale of subsidiary:	(109.20)	(175.13)
(Increase)/Decrease in trade receivables	(173.43)	218.70
(Increase) in inventories	107.57	102.68
Increase in trade payables	89.38	(183.74)
(Increase) in other financial assets
(Increase)/decrease in other non-current assets	(0.20)	133.34
(Increase)/decrease in other current assets	(4.36)	8.09
Increase (decrease) in other current liabilities	4.67	(0.71)
Increase (decrease) in financial liabilities	39.98	(52.91)
Cash generated from operations	(45.58)	50.34
Income taxes paid
Net cash inflow from operating activities	(45.58)	50.34
Cash flows from investing activities
Payments for property, plant and equipment
Increase in Term deposits	(15.99)	(82.44)
Net cash outflow from investing activities	(15.99)	(82.44)
Cash flows from financing activities
Proceeds from issues of shares		138.75
Proceeds from borrowings	89.66	(36.15)
Interest paid	(54.73)	(56.41)
Net cash inflow (outflow) from financing activities	34.93	46.19
Net increase (decrease) in cash and cash equivalents	(26.64)	14.09
Cash and cash equivalents at the beginning of the financial year	39.39	25.30
Effects of exchange rate changes on cash and cash equivalents
Cash and cash equivalents at end of the year	12.74	39.39

Place: TIRUPATI Date: 29-06-2021

By Order of the Board of Directors
ForSLBAR AUTOPARTS LIMITED

త్తాని Ξ, P.VEERANGRAYANA CHAIRMAN & MANAGING DIRECTOR

Scanned with CamScanner

& ASSOC AT S

Chartered Accountants

Head Orrlce : fI. 23-24-15, TF-3 SVL Towers, Brahmaiah Pantulu Street, Satyanarayana Puram, VlJAYAWADA-520011 Cell : 94407 77907 Email ; gsn6@rediff.com

Branch Orrico: it 16-28, Opp : Sri Balaji Residency, Muni Reddy Nagar. TIRUPATI- 517501 Cell : 9866766356 Email ;mmgs.associates@gmail.com

Independent AudiLor's Report (Unmodified Opinion) on Audited standalone Quarterly Fina ncia l Results and Year to Date Results of the Company Pursuant to the Regulation 33 of the SEEI (Listing Obligations and Disclosure r~cquircments) Regulations, 2015 , as amended.

TO

-

THE BOARD OF DIRECTORS OF SIBAR AUTO PARTS LIMITED, TIRUPATI

Report on the audit of the Standalone Financial Results

Opinion

We have audi ted the accompanying standalone quarterly financial results of Sibar Autoparts Limited for the quarter ended March 31, 2021 and the year to dale results for the year ended March 31,2021 attached herewith, being submitted by the company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obliga tions and Disclosure Requirements) Regulations, 2015, as umcnded ("Listing Regulations"), including relevant circulars issued by the SEBI from lime to time.

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

i. a re presented in accordance with the requirements of Regulation 33 of the Li:-; lin g Regulations in this regard; and

ii. give a Lrue and fair view in conformity with Indian Accounting Standards prescribed under Section 133 of the Companies Act, 2013("the Act) read with relevant rules there under and other accounting principles generally accepted in India of the net loss and other comprehensive income and other financial informa tion for the quarter ended March31,2021 and for the year ended March31,2021

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 as amended (the Act). Our responsibilities under those Standards are further described in the Auditor-'s Responsibilities for the Audit of the Standalone 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 toge ther 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 v·.,ith thesc 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 opmlOn.

Emphasis of Matter

We draw a ttention to Note No.7 to the Statements which describes the un certain ties and the impact of Covid-19 pandemic on the Company's Operations and results as assessed by the management. Our opinion is not modified in respect of this matter.

Management's Responsibilities for the Standalone Financial Results

j These quarterly financial results as well as the year to date standalone financial results have been prepared on the basis of the interim 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 loss and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting Sta ndard 34, 'Interim Financial Reporting' prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in lndia and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes main.tenance 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 arid fair view and are free from material misstatement, whether due to fraud or error.

) n preparing the standalone financial results, the Board of Directors are responsible for assessing the Company's ability to continue as a going c'oncern, 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 a re to obtain reasonable assura~ce a~out whether the standalone financial results as a whole are free from materIal mlsstatement, 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 excrcise professional judgment a nd maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalone financial resulLs, 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 Under . . , sectlOn 143(3)(1) of the Act, we are also responsible for expressing our opinion whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls"
• Evaluate the appropriateness of accounting policies used and th rcasonable~ess of accounting estimates and related disclosures made by th~ Board of Directors"
• Conclude on the appropriateness of the Board of Directors' use of th . b . f . e gomg concern aSIS 0 accountmg and, based on the audit evidence obtaI'ned h th t . 1 . , ,weer u. m~ ena uncertamty eXIsts related to events or conditions that may cast slgmficant doubt on the Company's ability to continue as a gOl'ng If J d h '" concern. we co nc u . c t at a matenal uncertamty exists we are required to d tt" I· , , raw a entlOn In our auc Itor s report to the related disclosures in the financial result "f h d", I'd " s or, 1 suc ISC osures are ma equate, to modify our opmion Our conclu ' b h d'"d ' . Slons are ased on l e au It eVI cnce obtamed up to the date of Our auditor's t H r t t d" . . repor. owever u ure even s or con ltions may cause the Company to ce t " ) going concern" ase 0 contmue as a

• 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 prescn ta tion .

We communicate with those charged with governancc regarding, among other ma lters, the planned scope and timing of the audit and significant audit findings, including an, 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 thatmay reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other Matters

The Sta tement includes the results for the quarter ended March 31, 2021 being t.he balancing figure between the audited figures in respect of the full financial ear ended March 31, 2021 and the published unaudited year-to date figures up to the third quarter of the current financial year, which were subjected to a limited review by us, as required under the Listing Regulations . •

For MMGS & ASSOCIATES

(M.M. Gopalachari) (Partner)

FRN - 010613S - M.No.02S376 UDIN :21025376AAAACI7889

Place : Tirupati DQle : 29.06.2021

. Rcgd Off & Works : # 0-4, & 0-5, 0-11, C-5, Industrial Estate, Renigunta Road, TIRUPATI - 517 506, A.P. , India CIN No. L34201 AP1983PLC003817 Pilone: + 91-877-2271355 / 2271366/2271377, E-mail: sibarauto77@yahoo.com, web : www.sibarauto.com - !!

To The Deputy Manager Corporate Relations Department SSE Limited P.J. Towers, Dalal Street, Mumbai-40000 1

\

Dear Sir,

Sub: Declaration Pursuant to Regulation 33(3)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 for Unmodified Opinion.

Ref: Scrip Code - 520141

DECLARATION FOR UNMODIFIED OPINION

I, PemmasaniVeeranarayana, Managing Directorof MIs. Sibar Auto Parts Ltd having its Registered office at 0405, Industrial Estate, Renigunta Road,Tirupati-517506, Andhra Pradesh, hereby declare that the Statutory Auditors of the company Mis. M M G S& Associates, Chartered Accountants, represented by its Partner Mr. M MGopalachari, holding Membership No. 025376,have issued an Audit Report with Unmodified Opinion on Audited Financial Results for the Quarter and Year Ended 31 st March, 2021 .

This Declaration is issued in compliance of Regulation 33(3)(d) of the SESI (LODR) Regulations, 2015 as amended vide its circular no CIR/CFD/CMD/56/2016 dated 27 May, 2016.

Thanking You

Yours faithfully,

I· I F)ib

petmasaniveeranar~yana Managing Director DIN: 00644259

29.06.2021

I