TARAPUR TRANSFORMERS LIMITED — Annual Report 2021

Jun 29, 2021

Dated: 29" June, 2021

To,

Department of Corporate Services The Manager-Listing Department BSE Ltd. National Stock Exchange of India Limited P.J. Towers, Dalal Street, Exchange Plaza, BandraKurla Complex, Mumbai - 400 001 Bandra (East), Mumbai — 400 051

Stock Code: 533203 Stock Code: TARAPUR

Dear Sir,

Sub: Outcome of Board Meeting held Tuesday, 29" June, 2021

The Board of Director of the Company at its Meeting held on 29" June, 2021, commenced at 01.00 PM and Concluded at 02.45 PM has approved the Following.

• L. Audited Financial Results for the quarter and year ended March 31, 2021 along with the Audited Report issued by the Statutory Auditors. We have enclosed herewith a copy of the said approved Audited Financial Results for the Year ended March 31, 2021, along with the modified opinion of Audited Report.
• The Board of Directors of the Company have considered and approved the appointment of M/s. Bhuwnesh Bansal & Associates, Practicing Company Secretaries, (Membership No.:6526; COP: 9089), as the Secretarial Auditor of the Company for the Financial Year 2021-22 to conduct the Secretarial Audit of the Company.
• The Board of Directors of the Company have considered and approved the appointment of Mr. Rahul Drolia, Chartered Accountant, Mumbai as the Internal Auditor of the Company for the Financial Year 2021-22 to conduct the Internal Audit of the Company.
• The Board of Directors of the Company has considered and approved the resignation of Ms. Pooja Soni, as a Company Secretary & Compliance officer of the Company with effect from 29" June, 2021. Consequent to her resignation as Company Secretary, Ms.

appointed within due time and the same will be intimated to Stock Exchange(s).

Kindly take the same on your record and oblige.

Thanking you,

Yours faithfully,

For Tafapur Transformers Limited

Sur Fs ben

Managing Director DIN: 06873425 Encl: As above

Regd. Office: 5-105, 1" Floor, Rajiv Gandhi Commercial Complex, Ekta Nagar, Kandivali(West), Mumbai- 400067, Tel: 022- 2867 0603/04, Website: www.tarapurtransformers.com, email: complianceofficer@tarapurtransformers.com, CIN: L99999MH1988PLC047303

TARAPUR TRANSFORMERS LIMITED

CIN NO.L99999MH1988PLC047303, website : www.tarapurtransformers.com, email id : complianceofficer@tarapurtransformers.com,	Registered Office : S 105, Rajiv Gandhi Commercial complex, Ekta Nagar, Kandivali (W), Mumbai 400067
Statement of Audited Financial Results for the Quarter and Year ended on 31st March , 2021	Tel No. +91-22-28670604
PARTICULARS		QUARTER ENDEDYEAR ENDED
					(Rs. in Lacs)
	Audited31.03.2021	Unaudited31.12.2020	Audited31.03.2020	Audited31.03.2021	Audited31.03.2020
Income from Operations1a) Gross Sales/ Revenue from operations	(30.25)	189.26	219.29	159.01
b) Other operating income	-	-	-	-	-
c) Revenue from operations (a+b)	(30.25)	189,26	219,29	159,01
d) Other Incomee) Total Income	(0.68)(30.93)	61.98251.24	118.42337.71	145.70304.71
Expenses2
a) Cost of materials consumed	(19.38)	151.20	-	140.10
b) Purchase of stock in tradec) Changes in inventories of finished goods, work in progress	:	-	186,24	-
and stock in trade	15.77]	(3.59)	31.91	-
d) Employee benefits expense	7.49	4,08	3.98	18.71
e) Financial costsf) Depreciation and amortisation expense	0.91(14.46)	0.0644.27	0.4429.77	1.16118.36
g) Other expenses	942.15	16.72	701,69	2690.35
Total Expenses	932.48	212.74	954.03	2968.68
Profit(Loss) from Operations before Exceptional Items (1-2)3	(963.41)	38.50	(616.32)	(2663.97)je
Exceptional Items4 Profit(Loss) befor tax (3-4)5	:(963.41)	-38.50	(616.32)	(2663.97)	151
Tax Expenses6		-			1190.33-
Net Profit / (Loss) for the period (5-6)7	(963.41)	38.50	(616.32)	(2663.97)
Other Comprehensive Income
i) [tems that will be reclassified to profit or lossii) Income tax on items that will be reclassified to profit or loss
Other Comprehensive Income (Net ot tax)8	-	-	-	-
Total Comprehensive Income for the period (7+8)9	(963.41)	38.50	(616.32)	(2663.97)
Paid -up Equity Share capital (face value of Rs.10/- each)10	1950.00	1950.00	1950.00	1950.00	1950.00
Reserves excluding Revaluation Reserves11 Earning Per Share (In Rs.)12				(1714.85)	1194.981194.98}264.501459.48)0.00)10,64162.401119,992484.87(1025.39)z(1025.39)(1025.39)-(1025.39)949.12
a) Basic	(4.94)	0.20	(3.16)	(13.66)	(5.26)

Notes:-
1) Audited statement of assets and liabilities as per Requlation 33 of the SEBI (Listing Obligation and Disclosure Requirements)Requlation, 2015 for the year ended 31st March 2021			(Rs in Lacs)
Audited statement of Assets & Liabilities as on 31st March 2021		As at 31.03.2021]Audited	As at 31.03.2020Audited
ASSETSNon-Current Assetsa) Property, Plant and Equipmentb) Other Intangible Assets		1242.27	1385.03
c) Financial Asseti)Other Non Current Financial Assetc) Other Non-Current Assets		105.27	:-109.30
Current Assets	Total Non-Current Assets	1347.54	1494.33
a) Inventoriesb) Financial Assetsi) Current Investments	:	$4.68115.70:	-464.14
ii) Trade Receivablesiii) Cash and Cash Equivalentsiv) Other Bank Balances		1649.957.87187.80	2482.208.57187.85
c) Other Current Assets	Total Current AssetsTOTAL ASSETS	1807.163853.165200.70	2522.335665.097159.42
EQUITY AND LIABILITIESEquity
a) Equity Share Capitalb) Other Equity	Total Equity	1950.00(1714.85)235.15	1950.00949.122899.12
LiabilitiesNon-Current Liabilities
a) Financial Liabilitiesi) Other Non-Current Financial Liabilities	Total Non-Current Liabilities	=a	z=
Current Liabilitiesa) Financial Liabilities			145.97
i) Trade Payablesii) Other Current Financial Liabilitiesb) Other Current Liabilities		205.753216.291543.51	3220.84893.49
	Total Current LiabilitiesTOTAL EQUITY AND LIABILITIES	4965.555200.70	4260.307159.42
The above results were reviewed by Audit Committee and approved by the Board of directors of the Company at its meeting held at Mumbaion 29th June, 2021 and published in accordance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The figures for the quarter ended 31st March, 2021 and 31st March, 2020 are the balancing figures between audited figures in respect of the fullfinancial year and the year-to-date published figures upto the period ended 31st December 2020 and 31st December 2019 respectively.The Company primarily deals in the business of manufacturing and repairs of Transformers as single segment hence Segment Reporting as defined in
Indian Accounting Standard 108 (Ind-As-108) is not applicable to the Company.The Statutory Auditors have conducted an Audit of the financial results for the quarter/ year ended on 31st March,2021.
The lender Bank has issued notice dated 30/05/2015 u/s 13(2) of Securitization & Reconstruction of Financial Assets & Enforcement of Seurity InterestAct, 2002 and has sought to recalled the entire outstanding amounts alleged to be % 40.26 crores allegedly owing to them by the company. In view ofLegal notice and based on Legal advice received by the company it has been decided not to provide any interest on liability of Canara Bank w.e.f 1st April, 2014.
Further, on 22nd October 2018, Canara Bank sold factory premises at J 20, MIDC, boisar, including the Plant & machinery thereon, by an e Auction on"as is where is" basis for Rs. 321.50 Lacs. The accounting effect of the same has accoordingly been given in the books of accounts.
Other income includes interest, rent, etc.Reconciliation of number of equity shares and amount outstanding at the beginning and at the end of the reporting period :
Equity shares outstanding at the beginning of the year	As at 31-03-2021No. of Shares(Rs in Lacs)195000111950.00	No. of Shares19500011	As at 31-03-2020(Rs in Lacs)1950.00
Add : Equity shares allotted during the year as BonusEquity Shares outstanding at the end of the year	--195000111950.00	=19500011	e1950.00
Provision for unascertained liabilty has been created in order to provide for the amount which will be incurred for restoring the quantity of copperwhich was utilised in the past years.	'
10 —— Previous period figures have been regrouped and reclassified, where necessary, jetta	gm comparable with current quarterFor & on behalf

TARAPUR TRANSFORMERS LTD

	TARAPUR TRANSFORMERS LTDCASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2021		(@ in Lacs)
		AS AT 31ST MARCH 2021	AS AT 31ST MARCH 2020
A.	CASH FLOW FROM OPERATING ACTIVITIES	g	z
	Net Profit Before Tax & Extra Ordinary Items	(2,663.97)	(1,025.39)
	Adjustment For --Deferred Revenue Expenditure	-	-
	-Depreciation-Balance Written off	118.36	162.40
	-Loss/ (Profit) On Foreign Currency Fluctuation	(6.31)(1.95)	(2.78)(2.74)
	-Liquidated Damages (Penalty)-Loss on Sales of Assets	(3.85)-	-342.78
	-Gain on Sales of Assets-Dividend on Long Term Investment	(37.33)	-
	-Provision for Doubtful Debts	-789,27	(0.15)(79.33)
	-Provision for Loans and Advances-Dimunition in Value of Quoted Investments	750.08348.44	-(5.05)
	-Interest Income-Interest Paid	(38.81)	(132.12)
	OPERATING PROFIT BEFORE WORKING CAPITAL CHANGES	-(746.07)	-(742.38)
	Adjustment For --Trade Receivable	42.98	(54.14)
	-Inventories-Trade and Other Payables	(84.68)	-
	Cash Generated from Operations	718.06(69.70)	284.04(512.48)
	Decrease in Provision for TaxationCASH FLOW FROM OPERATING ACTIVITIES	-(69.70)	-(512.48)
B.	CASH FLOW FROM INVESTING ACTIVITIES
	Purchase of Fixed AssetsSale of Fixed Assets	-	(0.11)
	Investment in Shares	65.05-	192.01(35.00)
	Interest IncomeMovement in Loans and Advances	38,81(30.35)	132.12310.08
	Dividend on Long Term InvestmentNet Cash Used in Investing Activities	-	0.15
na	CASH FLOW FROM FINANCING ACTIVITIES	73.51	599.24
	Long Term Borrowing	-	=
	Short Term BorrowingInterest Paid	(4.55)5	(97.13)ei
	NET CASH FROM FINANCING ACTIVITIES	(4.55)	(97.13)
	Net Increase / (Decrease) In Cash And Cash EquivalentsCASH AND CASH EQUIVALENT AT BEGINNING OF THE YEAR	(0.74)196.42	(10.36)206.78
	CASH AND CASH EQUIVALENT AT THE END OF THE YEAR	195.67	196,42
	1. All figures in brackets are outflow.
NOTES:
	2. Previous year's figures have been regrouped wherever necessary.3. Cash and Cash Equivalent is Cash & Bank Balances as per Balance Sheet.

DALAL & KALA ASSOCIATES

Chartered Accountants

Auditor's Report On Quarterly Audited Financial Results and Year to Date Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

To, The Board of Directors Tarapur Transformers Limited

• 1. We have audited the quarterly financial results of Tarapur transformers Limited ('the company') for the quarter ended March 31, 2021 and the year to date results for the period April 01, 2020 to March 31, 2021, attached herewith, being submitted by the company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. These quarterly financial results as well as the year to date financial results have been prepared on the basis of the interim financial statements, which are the responsibility of the company's management. Our responsibility is to express an opinion on these financial results based on our audit of such interim financial statements, which have been prepared in accordance with the recognition and measurement principles laid down Indian Accounting Standard (Ind AS 34) for Interim Financial Reporting, prescribed, under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder; or by the Institute of Chartered Accountants of India, as applicable and other principles generally accepted in India.
  • 1. We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial results are free of material misstatement(s). An audit includes examining, on a test basis, evidence supporting the amounts disclosed as financial results. An audit also includes assessing the accounting principles used and significant estimates made by management. We believe that our audit provides a reasonable basis for our opinion.
  • 1. The company has sent letters to customers in respect of trade receivables for confirming balances outstanding as at March 31, 2021, but in most of the cases the customers have not sent written confirmation confirming the balance outstanding as at March 31, 2021. In the absence of confirmation, any provision to be made for adverse variation in the carrying amounts of trade receivable is not qualified.
  • 1. The company has sent balance confirmation letters to parties who are not covered in the register maintained under section 189 of the Companies Act, 2013, but in most of the cases the company have not received written confirmation confirming the balance outstanding as at March, 31, 2021. Further in respect of loans granted, repayment of the principal amount was not as stipulated and payment of interest has also not been regular.

• 1. The Company has not provided for Interest payable to Canara Bank amounting to Rs. 1,492.07 Lacs for the year ended 3ist March 2021. Also for the financial year 2019-2020 the company has not provided for Rs. 1254.76 lacs. The Company has also not made any provision for penal interest claimed by the bank. As a result the loss for the year ended gist March 2021 is understated by Rs. 1492.07 Lacs & current liabilities as at 31st March, 2021 are also understated by Rs. 1492.07 Lacs and reserves are overstated by Rs. 1492.07 Lacs. Also for F.Y. 2014-15, 2015-16, 2016-17, 2017-18, 2018-19 & 2019-20 the Company has not provided interest amounting to Rs.5210.78 lacs and thus total interest not provided upto F.Y, 2020-21 amounting to Rs.6,702.85 lacs and as a result the accumulated Reserves are overstated by Rs. 6,702.85 lacs. The amount of penal interest cannot be quantified as the details have not been received from the bank.
• 1. Loan given includes 22 interest free unsecured loans of Rs. 1,545.03 Lacs
• 1. The company has not conducted periodic physical verification of inventory at reasonable intervals.
• 1. In our opinion and to the best of our information and according to the explanations given to us, except for the effects of the matter described in paragraph 3,4,5,6 & 7 above these quarterly and financial results as well as the year to date results:

(i) are presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 in this regard; and (ii) Give a true and fair view of the net loss and other financial information for the quarter ended March 31, 2021 as well as the year to date results for the period from April 01 2020 to March 31, 2021 except in Annexure I Statement on Impact of Audit Qualifications.

Date: 29' June, 2021 UDIN : 21036718AAAAAQ4058

For Dalal & Kala Associates Chartered Accountants F.R. No. 102017W

ped

(CA Anand Drolia) Partner Place: Mumbai Membership No .036718

ANNEXURE |

Statement on Impact of Audit Qualifications (for audit report with modified opinion) submitted along-with Annual Audited Financial Results - (Standalone)

Statement on Impact of Audit Qualifications for the Financial Year ended March 31, 2021 [See Regulation 33 / 52 of the SEBI (LODR) (Amendment) Regulations, 2016]

	ANNEXURE
	Statement on Impact of Audit Qualifications (for audit report with modified opinion) submittedalong-with Annual Audited Financial Results - (Standalone)
	Statement on Impact of Audit Qualifications for the Financial Year ended March 31, 2021[See Regulation 33 / 52 of the SEBI (LODR) (Amendment) Regulations, 2016]
			(Rs. In Lacs)
1 SINo.	Particulars	Audited Figures	Adjusted Figures
		(as reportedbefore adjusting	(audited figures afteradjusting for
		for	qualifications)
		qualifications)
1.2.	Turnover / Total incomeTotal Expenditure	304.712968.68	304.714460.75
3.	Net Profit/(Loss)	(2663.97)	(4156.04)
4.	Earnings Per Share	(13.66)	(21.31)
5.6.	Total AssetsTotal Liabilities	5200.704965.55	5200.7011668.4
7.	Net Worth	235.15	(6467.70)
8.	Any other financial item(s) (as felt	NIL	NIL
	appropriate by the management)Audit Qualification (each audit qualification separately):
	a) Details of Audit Qualification:
1)	With regards to pending confirmation of balances:
The company	letters to customershas sentin	respect of trade	receivables for confirming
	balances outstanding as at March 31, 2021, but in most of the cases the customers have not
	sent written confirmation confirming the balance outstanding as at March 31, 2021.
2)	With Regard to pending confirmation cf unsecured loans given:
	The company has sentbalance confirmation	parties who areletters to	not coveredin the
	register maintained under section 189 of the Companies Act, 2013, but in most of the cases the
	company have notwritten confirmation confirming thereceivedMarch, 31, 2021. Further in respect of loans granted, repayment of the principal amount was		balance outstanding as at
	not as stipulated and payment of interest has also not been regular.
3)	With regarding to provision of Interest payable to Canara Bank :
	The Company has not provided for Interest payable to Canara Bank amounting to Rs. 1,492.07
	Lacs for the year ended 31st March 2021. Also for the financial year 2019-2020 the companyhas not provided for Rs. 1254.76 lacs. The Company has also not made any provision for penal
	interest claimedbank.by theAs a	result the loss for the year ended	March202131stis
understated1492.07March,2021currentLacs31stare&alsobyliabilitiesasRs.at
understated by Rs. 1492.07 Lacs and reserves are overstated by Rs. 1492.07 Lacs. Also for F.Y.Company2019-202015-16,2018-192014-15,2016-17,2017-18,providedthehasnot&
	interest amounting to Rs.5210.78 lacs and thus total interest not provided upto F.Y. 2020-21

a) Details of Audit Qualification:

1) With regards to pending confirmation of balances:

2) With Regard to pending confirmation cf unsecured loans given:

3) With regarding to provision of Interest payable to Canara Bank :

amounting to Rs.6,702.85 lacs and as a result the accumulated Reserves are overstated by Rs. 6,702.85 lacs. The amount of penal interest cannot be quantified as the details have not been received from the bank.

4) With regards to Interest on Loan Assets :

With regarding Physical verification of Inventory:

	6,702.85 lacs. The amount of penal interest cannot be quantified as the details have not beenreceived from the bank.
4)	With regards to Interest on Loan Assets :Loan given includes 22 interest free unsecured loans of Rs. 1,545.03 Lacs
	With regarding Physical verification of Inventory:
Theintervals.	companyconductedreasonableof inventoryperiodicphysicalverificationhasnotat
b)	Type of Audit Qualification : Qualified Opinion
	Frequency of qualification: Repetitive
qd)	For Audit Qualification(s) where the impact is quantified by the auditor, Management'sViews:
	With reference to point no 3:
	Based on the advice received by the company, it has been decided not to provide anyinterest on liability of Canara Bank.
	With reference to point no.4:Management represents that due to COVID-19 led economic instability, the borrowersare going through financial issues and have expressed their inability to pay interest andhence not provided in the books of accounts.
e)	For Audit Qualification(s) where the impact is not quantified by the auditor:(i) Management's estimation on the impact of audit qualification:
	(ii) If management is unable to estimate the impact, reasons for the same:
	With reference to point no 1:
	The Board considers all outstanding balance of customers as on 31st March, 2021 aresubject to provision.
	With reference te point no 2:
	CompanysomeCompaniesconfirmationreceivedbalancefromandhasof theisvigorously following up with the rest of the borrowers. Company expects to receivethe companies to whomsoever advancesbalance confirmationfrom allbeenhaveEfforts are made to regularize arrears and recovery against overdue principalgiven.and interest.
	With reference to point no 5:
	Management had properly observed the inventory at regular intervals.

	(iii) Auditors' Comments on (i) or (ii) aboveSatisfactory
Signatories	CEO / Managing Directors
	CFO
	Audit Committee Chairman
	Statutory Auditor
	Place: Mumbai
	Date:29.06.2021