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Styrenix Performance Materials Limited Annual Report 2021
60520_rns_2021-05-19_8db88d5f-58da-42e6-ac2c-906ed3088d0a.pdf
Annual Report
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INEOS Styrolution India Limited 5th Floor, Ohm House-II, Ohm Business Park, Subhanpura, Vadodara - 390 023, Gujarat, India www.ineosstyrolutionindia.com
INEOS Styrolution India Ltd. Vadodara 390023 India
To. BSE Limited
Dept. DSC CRD Phiroze Jeejeebhoy Towers, Dalal Street Mumbai 400 001
BSE Scrip Code: 506222
National Stock Exchange of India Limited
Exchange Plaza, Plot No. C/1, 'G' Block, Bandra- Kurla Complex, Bandra (E) Mumbai 400 051 NSE Symbol: INEOSSTYRO
| Contact | Phone | F-mail | Date |
|---|---|---|---|
| Abhijaat Sinha | +91265-2303213 | [email protected] | May 19, 2021 |
Subject: Outcome of Board Meeting held on May 19, 2021
Dear Sir.
In continuation to our intimation dated May 07, 2021 and in terms of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 [Listing Regulations], we wish to inform you that the Board of Directors of the Company at its meeting held through video conferencing today i.e. May 19, 2021 have approved and taken on record the following items:
1. Audited Financial Results for year ended March 31, 2021.
The Board of Directors approved the Audited Financial Results for the year ended March 31, 2021, along with the Auditors' Report thereon.
Further, in terms of provisions Regulation 33 of the Listing Regulations, we enclose herewith the copy of -
- Financial Results for the $4th$ quarter and year ended on March 31, 2021;
- Auditors Report on the Audited Financial Results for the year ended on March 31, $2021;$
We also hereby declare that the Statutory Auditors of the Company, M/s. Deloitte Haskins & Sells, Chartered Accountants (Registration No. 117365W), have issued the Audit Report with Unmodified Opinion in respect of Annual Audited Financial Results for the year ended on March 31, 2021.
Head Office: INEOS Styrolution India Limited CIN: L25200GJ1973PLC002436 5th Floor, Ohm House - II, Ohm Business Park, Subhanpura, Vadodara - 390 023, Gujarat, India Tele: +91 265-2303201/02 Fax No: +91 265-2303203 E mail: [email protected] Website: www.ineosstyrolutionindia.com
Registered Office: INEOS Styrolution India Limited CIN: L25200GJ1973PLC002436 5th Floor, Ohm House - II, Ohm Business Park, Subhanpura, Vadodara - 390 023, Gujarat, India Tele: +91 265-2303201/02 Fax No: +91 265-2303203
2. Recommendation of Dividend:
The Board has recommended a dividend of Rs. 10.00/- per equity share of Rs. 10/- each (100 %) for the financial year ended on March 31, 2021, subject to approval of members at the ensuring Annual General Meeting (AGM).
The Board meeting commenced at 14.00 hours (IST) and concluded at 15.00 hours (IST).
You are requested to kindly note the same for your records and for further dissemination.
Thanking you. Yours Faithfully,
For INEOS Styrolution India Limited
ABHIJAAT Digitally signed by AKHILESH AKHILESH SINHA Date: 2021.05.1915:08:56 +05'30' SINHA // Abhijaat Sinha Head Legal & Company Secretary
Encl.: As above.
Head Office: INEOS Styrolution India Limited CIN: L25200GJ1973PLC002436 5th Floor, Ohm House - II, Ohm Business Park, Subhanpura, Vadodara - 390 023, Gujarat, India Tele: +91 265-2303201/02Fax No: +91 265-2303203 E mail: [email protected] Website: www.ineosstyrolutionindia.com Registered Office: INEOS Styrolution India Limited CIN: L25200GJ1973PLC002436 5th Floor, Ohm House - II, Ohm Business Park, Subhanpura, Vadodara - 390 023, Gujarat, India Tele: +91 265-2303201/02 Fax No: +91 265-2303203
INEOS STYROLUTION INDIA LIMITED STATEMENT OF AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021
| INR in Lakhs | |||||
|---|---|---|---|---|---|
| For the quarter ended | For the year ended | ||||
| Particulars | Mar 31, 2021 | Dec 31, 2020 | Mar 31, 2020 | Mar 31, 2021 | Mar 31, 2020 |
| (Refer Note-6) | (Unaudited) | (Refer Note-6) | (Audited) | (Audited) | |
| I. Revenue from operations | 63,654.76 | 48,483.14 | 35,899.65 | 163,148.40 | 157,899.91 |
| II. Other income | 362.02 | 371.05 | 164.76 | 1,305.18 | 678 33 |
| III. Total income (I+II) | 64.016.78 | 48,854.19 | 36,064.41 | 164,453.58 | 158,578.24 |
| IV. Expenses | |||||
| Cost of materials consumed | 34,252.56 | 28,664.60 | 27,531.32 | 95,318.15 | 117,548.70 |
| Changes in inventories of finished goods and work-in-progress | (245.03) | (1,668.88) | (940.29) | 1,087.72 | 5,106.75 |
| Employee benefits expense | 1,853.17 | 1,955.98 | 1,542.68 | 7,080.59 | 5,831.50 |
| Finance costs | 530.21 | 325.31 | 494.64 | 1,464.08 | 1,589.88 |
| Depreciation and amortisation expense | 916.28 | 916.65 | 935 56 | 3.603.02 | 3.156.55 |
| Other expenses | 5,064.08 | 5,134.47 | 5,611.58 | 18,292.64 | 22,899.22 |
| Total expenses (IV) | 42,371.27 | 35,328.13 | 35, 175.49 | 126,846.20 | 156,132.60 |
| V. Profit / (Loss) before exceptional item and tax (III-IV) | 21,645.51 | 13,526.06 | 888.92 | 37,607.38 | 2,445.64 |
| Exceptional Items (Refer Note 3) | 3,795.45 | ||||
| VI. Profit / (Loss) before tax | 21,645.51 | 13,526.06 | 888.92 | 37,607.38 | (1,349.81) |
| VII. Tax expense | |||||
| Current tax | 5.614.41 | 3,343.11 | 139.42 | 9,367.96 | 139.42 |
| Deferred tax charge / (credit) | (109.12) | (116.78) | 304.24 | 217.90 | (536.97) |
| Total tax expense (VII) | 5.505.29 | 3.226.33 | 443.66 | 9.585.86 | (397.55) |
| VIII. Profit / (Loss) for the period (VI-VII) | 16,140.22 | 10,299.73 | 445.26 | 28,021.52 | (952.26) |
| IX. Other comprehensive income | |||||
| Items that will not be reclassified to profit or loss | |||||
| Remeasurements of defined benefit plans - (Loss) / Gain | 30.42 | (78.26) | (8.17) | (96.37) | (32.50) |
| Income tax relating to remeasurements of defined benefit plans | (20.05) | 27.35 | 5.24 | 24.26 | 11.36 |
| IX Total other comprehensive income, net of tax | 10.37 | (50.91) | (2.93) | (72.11) | (21.14) |
| $X$ . Total comprehensive income for the period (VIII + IX) | 16,150.59 | 10,248.82 | 442 33 | 27,949.41 | (973.40) |
| Paid-up equity share capital | 1,758.56 | 1,758.56 | 1,758.56 | 1,758.56 | 1,758.56 |
| (Face value of the share: INR 10) | |||||
| XI. Other Equity excluding Revaluation Reserve | 87,119.44 | 59,170.03 | |||
| XII. Earnings per share (Not annualised) | |||||
| Nominal value per equity share of INR 10 each | |||||
| Basic and Diluted (INR) | 91.78 | 58.57 | 2.53 | 159.34 | (5.41) |
See accompanying Notes to the financial results
Head Office: INEOS Styrolution India Limited CIN: L25200GJ1973PLC002436 5th Floor, Ohm House-II, Ohm Business Park, Subhanpura, Vadodara - 390 023, Gujarat, India Tele: +91 265-2303201/02 Fax No: +91 265-2303203 E Mail: [email protected] Website: www.ineosstyrolutionindia.com
Registered Office : INEOS Styrolution India Limited CIN: L25200GJ1973PLC002436 5th Floor, Ohm House-II, Ohm Business Park, Subhanpura, Vadodara - 390 023, Gujarat, India Tele: +91 265-2303201/02 Fax No: +91 265-2303203
INEOS PLUTION
INEOS STYROLUTION INDIA LIMITEDSTATEMENT OF ASSETS 1117
| INR in Lakhs | |||
|---|---|---|---|
| Particulars | As at Mar 31, 2021 | As at Mar 31, 2020 | |
| (Audited) | (Audited) | ||
| 1 | ASSETSNon-current assets | ||
| (a) Property, plant and equipment | 32,807.79 | 31,554.17 | |
| (b) Right-to-use Assets | 4,103.87 | 4,917.24 | |
| (c) Capital work in progress | 2,971.14 | 5,626.82 | |
| (d) Financial assets | |||
| (i) Investments | 58.14 | 18.08 | |
| (ii) Loans | 481.39 | 663.19 | |
| (iii) Other financial assets | 28.28 | 27.38 | |
| (e) Non-current tax assets | 1,723.07 | ||
| (f)Other non-current assets | 473.64 | 8,407.75 | |
| Total non-current assets | 40,924.25 | 52,937.70 | |
| $\mathbf{2}$ | Current assets | ||
| (a) Inventories | 28,991.23 | 26,848.32 | |
| (b) Financial assets | |||
| (i) Trade receivables | 30,597.52 | 17,223.96 | |
| (ii) Cash and cash equivalents | 13,887.99 | 315.83 | |
| (iii) Bank balance other than (ii) above | 10,333.94 | 28.20 | |
| (iv) Loans | 13.45 | 30.41 | |
| (v) Other financial assets | 133.68 | 41.04 | |
| (c) Other current assets | 6,258.83 | 7,903.58 | |
| (d) Asset classified as held for Sale | 197.10 | 192.56 | |
| Total current assetsTOTAL ASSETS | 90,413.74131,337.99 | 52,583.90105,521.60 | |
| $\mathbf{II}$ | EQUITY AND LIABILITIES | ||
| 1 | |||
| Equity(a) Equity share capital | 1,758.56 | 1,758.56 | |
| (b) Other equity | 87,119.44 | 59,170.03 | |
| Total equity | 88,878.00 | 60,928.59 | |
| $\overline{2}$ | Non-Current liabilities | ||
| (a) Financial liabilities | |||
| (i) Borrowings | 3,319.08 | 6,300.00 | |
| (ii) Lease liabilities | 4,017.02 | 4,593.80 | |
| (iii) Other financial liabilities | 160.97 | 151.99 | |
| (b) Provisions | 3,043.46 | 2,956.48 | |
| (c) Employee benefit obligations | 403.69 | 367.83 | |
| (d) Deferred tax liabilities (net) | 1,011.12 | 817.48 | |
| Total non-current liabilities | 11,955.34 | 15,187.58 | |
| 3 | Current liabilities | ||
| (a) Financial liabilities | |||
| (i) Borrowings | 8,200.57 | ||
| (ii) Lease Liabilities | 489.42 | 486.36 | |
| (iii) Trade payables | |||
| (a) total outstanding dues of micro and small enterprises | 242.20 | 162.71 | |
| (b) total outstanding dues of creditors other than (iii) (a) above | 22,230.76 | 13,715.30 | |
| (iv) Other financial liabilities | 6,033.71 | 5,939.31 | |
| (b) Contract liabilities | 40.12 | 110.14 | |
| (c) Employee benefit obligations | 235.11 | 234.33 | |
| (d) Current tax liabilities | 633.02 | ||
| (d) Other current liabilities | 600.31 | 556.71 | |
| Total current liabilities | 30,504.65 | 29,405.43 | |
| Total liabilities | 42,459.99 | 44,593.01 | |
| TOTAL EQUITY AND LIABILITIES | 131,337.99 | 105,521.60 |
See accompanying Notes to the financial results
INEOS Styrolution India Limited 5th Floor, Ohm House-II, Ohm Business Park, Subhanpura, Vadodara - 390 023. Gujarat, India
INEOS STYROLUTION INDIA LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED MARCH 31, 2021
| Particulars | For the year ended | For the year ended | |
|---|---|---|---|
| Mar 31,2021 | Mar 31,2020 | ||
| (Audited) | (Audited) | ||
| Α | Cash flow from operating activities: | ||
| Profit before tax | 37,607.38 | (1,349.81) | |
| Adjustments for: | |||
| Depreciation and amortisation expense | 3.603.02 | 3,156.55 | |
| Interest Income on deposits | (293.20) | (29.89) | |
| Gain on termination of lease contract | (17.89) | (39.02) | |
| (Gain) / Loss on fair valuation of investment (Net) | (40.05) | 13.06 | |
| Finance costs | 1,192.22 | 1,585.49 | |
| Net exchange differences | 108.31 | 211.79 | |
| (Profit) / Loss on property, plant and equipment sold/discarded (net) | (436.85) | (69.62) | |
| Write off / (Write back) of Inventory (including provisions) | (122.54) | 54.02 | |
| Provision for interest on Income Tax Liability | 22.80 | ||
| Provision / Credit balances no longer required written back | (30.57) | (32.21) | |
| Allowance for doubtful debts (net) | (3.48) | 50.53 | |
| 3,981.77 | 4,900.70 | ||
| Operating profit before change in operating assets and liabilities | 41,589.15 | 3,550.89 | |
| Adjustments for: | |||
| (Increase)/decrease in inventories | (2,020.37) | 4,646.53 | |
| (Increase)/decrease in trade receivables | (13, 341.24) | 6,328.57 | |
| (Increase)/decrease in bank balance other than cash and cashequivalents | (10, 305.74) | 2.13 | |
| (Increase)/decrease in loans | 198.76 | (21.29) | |
| (Increase)/decrease in other financial assets | (93.54) | (42.58) | |
| (Increase)/decrease in other non-current assets | 7,832.99 | 4,206.40 | |
| (Increase)/decrease in other current assets | 1,644.75 | (1, 245.51) | |
| Increase/(decrease) in trade payables | 8,488.37 | (4,975.84) | |
| Increase/(decrease) in other financial liabilities | 1,194.67 | 1,790.13 | |
| Increase/(Decrease) in contract liabilities | (70.02) | 12.57 | |
| Increase/(Decrease) in provisions | 86.98 | 2,132.62 | |
| Increase/(decrease) in employee benefit obligations | (59.73) | (31.44) | |
| Increase/(decrease) in other current liabilities | 43.60 | 24.30 | |
| (6,400.52) | 12,826.59 | ||
| Cash generated / (used in) from operations | 35,188.63 | 16,377.48 | |
| Taxes paid (net of refund) | (7,034.69) | 207.73 | |
| Net cash inflow/(outflow) from operating activities | 28,153.94 | 16,585.21 | |
| B | Cash flow from investing activities : | ||
| Payments for property, plant and equipment | (1,903.36) | (8, 552.18) | |
| Proceeds from disposal of property, plant and equipment | 701.77 | 108.94 | |
| Interest Income on deposits | 293.20 | 82.89 | |
| Net cash outflow from investing activities | (908.39) | (8,360.35) | |
| Iс | Cash flow from financing activities: | ||
| Proceeds/(repayment) of current borrowings | (8, 194.55) | (8, 187.90) | |
| Principal elements of lease payments | (509.18) | (517.80) | |
| Proceeds/(repayment) of non current borrowings | (3,500.00) | (1, 100.00) | |
| Interest paid | (1,465.40) | (2, 217.65) | |
| Dividend on equity shares (including dividend distribution tax andpayment from unclaimed dividend account) | (4.26) | (426.13) | |
| Net cash (outflow)/inflow from financing activities | (13, 673.39) | (12, 449.48) | |
| Net (decrease)/increase in cash and cash equivalents | 13,572.16 | (4, 224.62) | |
| Cash and cash equivalents at the beginning of the year | 315.83 | 4,540.45 | |
| Cash and cash equivalents at end of the year | 13,887.99 | 315.83 |
See accompanying Notes to the financial results
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INEOS ROLUTION
Notes:
-
The Statutory Auditors of the Company have carried out a limited review of the results prepared under Ind AS 34 for the quarter ended March 31, 2021 .The limited review report does not contain any modification or qualification.
-
The above statements were reviewed by the Audit Committee and approved by the Board of Directors of the Company at their respective meetings held on May 19, 2021.
-
In respect of one of the leasehold lands, the Company has received a provisional order from the relevant authority, demanding INR 1,940.11 Lakhs towards fees and non-utilization of land charges. Accordingly the Company has created the provision for the said amount during the year ended March 31, 2020. In view of the said provisional order, the Company has reviewed its other similar leases for potential liability and accordingly, based on assessment and best estimates of the management, a further provision of INR 1,855.34 Lakhs has been made during the year ended March 31, 2020 in respect of transfer fees for those leases. The Management is in the process of evaluating various remedial measures that can be taken.
-
During the quarter under review the Company operated all its operations at all locations at normal levels. The second wave of Covid-19 has badly hit the country post March 2021. With lockdowns/ restrictions on movement imposed by State Governments in the country due to second wave of Covid-19, the business of the Company may get affected to some extent. Impact of same is unknown. Impact assessment of Covid-19 however, is a continuous process given the uncertainty associated with its nature and duration. The company continues to monitor changes in economic condition and is prepared to take measures to safeguard its business operations.
-
The Company has elected to exercise the option permitted under section 115BAA of the Income-tax Act, 1961 as introduced by the Taxation Laws (Amendment) Ordinance, 2019. Accordingly, the Company has recognized Provision for Current Tax for year ended March 31,2021 and re-measured its Deferred Tax basis the rate prescribed in the said section. The full impact of this change has been recognized in the financial results for the quarter ended December 31, 2020.
-
The figures for the quarter ended March 31,2021 and March 31,2020 are the balancing figures between audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the respective financial year.
-
The Board of Directors recommended a dividend of INR 10 per share [@ 100 %] for the period ended March 31,2021 subject to approval of the Shareholders.
For INEOS STYROLUTION INDIA LIMITED
Digitally signed by Saniiv Sanjiv Vasudeva Vasudeya Date: 2021.05.19
Sanjiv Vasudeva Managing Director and CEO DIN: 06570945
Place: Vadodara Date: May 19, 2021
Registered Office:
INEOS Styrolution India Limited 5th Floor, Ohm House-II, Ohm Business Park, Subhanpura, Vadodara - 390 023, Gujarat, India CIN: L25200GJ1973PLC002436 Tele: +91 265-2303201/02; Fax No: +91 265-2303203 E Mail: [email protected]
KARTIKEYA Digitally signed by KARTIKEYA DHARMEN DHARMENDRA RAVAL Date: 2021.05.19 DRA RAVAL 14:50:12 +05'30'
Head Office: INEOS Styrolution India Limited CIN: L25200GJ1973PLC002436 5th Floor, Ohm House-II, Ohm Business Park, Subhanpura. Vadodara - 390 023, Gujarat, India Tele: +91 265-2303201/02 Fax No: +91 265-2303203 E Mail: [email protected] Website: www.ineosstyrolutionindia.com
Registered Office : INEOS Styrolution India Limited CIN: L25200GJ1973PLC002436 5th Floor, Ohm House-II, Ohm Business Park, Subhanpura. Vadodara - 390 023, Gujarat, India Tele: +91265-2303201/02 Fax No: +91 265-2303203
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KARTIKEYA DHARMENDR A RAVAL Digitally signed by KARTIKEYA DHARMENDRA RAVAL Date: 2021.05.19 14:51:50 +05'30'
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