Tirupati Forge Limited — Annual Report 2021

Jun 8, 2021

Works & Regd. Office:

Survey No. 92/1, Ni. Shan Cement, Hadamtala Industrial Area, N.H. - 27, Hadamtala, Tal. : Kotdasangani, Dist. Rajkot - 360 311. (Gujarat)

Tele. : +91 - 2827-270512 E-mail : infogtirupatiforge.com Web : www.tirupatiforge.com CIN No. L27320GJ2012PLC071594

June 08, 2021

To, Listing Department National Stock Exchange of India Limited Exchange Plaza, Plot No. C/1, G - Block, Bandra Kurla Complex, Bandra (East), Mumbai -400 051

Dear Sir/Madam,

Symbol :TIRUPATIFL Series : EQ

Sub: Outcome of Board Meeting held on June 08, 2021.

Pursuant to Regulation 30 and 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please be informed that Board of Directors at its Meeting held today i.e. Tuesday, June 08, 2021 at 4.30 P.M. at the Registered Office of the company, inter-alia has considered and approved the following businesses:

• 1. Considered and approved the Audited Standalone Financial Results along with Auditor's Report thereon, of the company for the Quarter and Financial Year ended on .31st March, 2021.
• 1. Approved Statement of Asset and Liabilities for the year ended on March 31, 2021
• 1. Appointed CS Piyush Jethva, Practicing Company Secretary, Rajkot as the Secretarial Auditor of the Company for the Financial year 2021-22 pursuant to section - 204 of the Companies Act, 2013 and the Companies [aPpointment and remuneration of Managerial Personnel] Rules, 2014. The Brief profile is enclosed herewith.

Pursuant to Regulation 33 of SEB1 (Listing obligation and Disclosure Requirement) Regulation, 2015, we enclose declaration with respect of Auditor's Report with unmodified opinion on the annual audited standalone Financial Statements for the Financial Year ended on March 31, 2021.

Works & Regd. Office :

Survey No. 92/1, Ni. Shan Cement, Hadamtala Industrial Area, N.H. - 27, Viii.: Hadamtala, Tal. : Kotdasangani, Dist. Rajkot - 360 311. (Gujarat)

Tele. : +91 -2827-270512 E-mail : into@tirupatiforge.com Web : www.tirupatiforge.com CIN No. L273200J2012PLC071594

The Meeting of the Board of Directors of the Company commenced at 04.30 p.m. and concluded at525 p.m.

Kindly take the same on your record and oblige.

Yours Faithfully,

For, Tirupati Forge I:

HADMATALA

Vivek M. Moliya Company Secretary And Co pliance Officer

Enclosure:

\7:rn

• 1. Auditor's Report pursuant to the regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements), Regulations, 2015
• 1. Statement of Audited Financial Result for the year ended on March 31, 2021.
• 1. Statement of Assets and Liabilities
• 1. Statement of Cash Flow
• 1. Declaration for unmodified opinion on Auditors Report.
• 1. Brief Profile of Secretarial Auditor.

Maharishi & Co

Chartered Accountants

"Aparna", Behind Jeevandeep Hospital, Limda Lane, Jamnagar - 361 001, Gujarat, India. Tel: +91 - 288 - 2665023, 2665024, 2662637, 2661612 e-mail: info@jainandmaharishi.com

INDEPENDENT AUDITORS REPORT ON QUARTERLY AND YEAR TO DATE AUDITED STANDALONE FINANCIAL RESULTS OF THE COMPANY PURSUANT TO THE OF THE SEBI (LISTING OBLIGATION AND DISCLOSURE REGULATION 33 REQUIREMENTS) REGULATIONS, 2015, AS AMENDED

TO

THE BOARD OF DIRECTORS OF Tirupati Forge Ltd.

Report on the audit of the Standalone Annual Financial Results

Opinion

We have audited the accompanying statement of quarterly and year to date Standalone financial results of TIRUPATI FORGE LTD. ("the Company"), for the quarter and year ended March 31, 2021 ("The Statement"), being submitted by the company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").

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

• is presented in accordance with the requirements of the Listing Regulations in $\mathbf{i}$ . this regard: and
• ii. gives a true and fair view in conformity with the applicable Accounting Standards and other accounting policies generally accepted in India, of the net profit and other financial information of the company for the quarter and year ended March 31, 2021.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing 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 Responsibility 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 (ICAI) together with the ethical requirements that are relevant to our audit of the Standalone financial results under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the Standalone financial results.

Emphasis of Matter

We draw attention to note 7 of statement which describes the management's evaluation of impact of uncertainties related to COVID 19 and its consequential effects on the carrying value of its assets as at March 31, 2021 and opinion of the Company.

Our opinion is not modified in respect of matter.

Managements and Board of Directors' Responsibilities for the Standalone Annual Financial Results

The statement has been prepared on the basis of the standalone annual financial $RISH/$ statements. The Company's Board of Directors are responsible for the preparation of these financial results that gives a true and fair view of the net profit and other comprehensive IGAR $*S$

Maharishi & Co

Chartered Accountants

'Aparna", Behind Jeevandeep Hospital, Limda Lane, Jamnagar - 361 001, Gujarat, India. Tel: +91 - 288 - 2665023, 2665024, 2662637, 2661612 e-mail: info@jainandmaharishi.com

income and other financial information in accordance with the applicable Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting policies generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance 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 and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the statement, the Board of Directors are responsible for assessing the Company's ability to continue as a going concern, 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.

Auditors' Responsibilities for the audit of the Standalone Financial Results

Our objectives are to obtain reasonable assurance about whether the standalone financial results as a whole are free from material misstatement, 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 the $tatement.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalone financial results, 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, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.

Conclude on the appropriateness of Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the standalone financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence

Maharishi & Co.

Chartered Accountants

'Aparna", Behind Jeevandeep Hospital, Limda Lane, Jamnagar - 361 001, Gujarat, India. Tel: +91 - 288 - 2665023, 2665024, 2662637, 2661612 e-mail: info@jainandmaharishi.com

obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the standalone financial results, including the disclosures, and whether the standalone financial results represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any 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 that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other Matters

The Statement include the results for the quarter ended March 31, 2021, being the balancing figures between the audited figures in respect of the full financial year ended March 31, 2021 and the published unaudited figures year to date upto third quarter of current financial year, which are subject to limited review by us, as required under listing regulations.

ISH

$1\Delta$

For Maharishi & Co. Chartered Accountants Firm Registration No. 124872W

$\Delta h \wedge o$

Dushyant Maharishi Partner Membership No. 146144 UDIN: 21146144AAAADU8523

Signed at Jamnagar on 8th June, 2021

	Plot No. 1-5, Survey No. 92/1, Near Shan cement, Hadamtala Industrial area,		Tirupati Forge LimitedCIN L27320GJ2012PLC071594	Kotda Sangani, Hadamtala, Rajkot, Gujarat- 360311
	Website: www.tirupatiforge.comStatement of Audited Financial Results for the Quarter and Year ended on 31st March, 2021			E- Mail: info@tirupatiforge.com		(Rs. in lakhs)
Sr.	Particulars	Quarter Ended OnYear Ended On
No.		31.03.2021(Audited)	31.12.2020(Unaudited)	31.03.2020(Unaudited)(Refer Note 4)	31.03.2021(Audited)	31.03.2020(Audited)
1.	INCOME FROM OPERATIONS
	a Net Sales	1,123.29	684.23	674.79	2,940.87	2,658.55
	b Other Operating Income	37.75	43.40	39.79	136.05	102.82
	TOTAL Income from Operations	1,161.04	727.63	714.58	3,076.92	2,761.37
	c Other Income	4.59	5.15	17.25	20.35	35.57
	TOTAL INCOME	1,165.63	732.78	731.83	3,097.27	2,796.94
$\overline{2}$	EXPENSES
	a Cost of materials consumed	815.27	420.99	274.67	1,993.91	1,582.96
	b Purchase of Stock in trade	15.44	$\overline{\phantom{a}}$	4.38	16.57	13.14
	c Changes in inventories of finishedgoods, work-in-progress and stock-in-trade	$-169.76$	$-31.90$	97.61	$-325.33$	$-46.05$
	d Employee benefits expenses	67.39	54.96	59.01	215.04	208.17
	e Finance Costs	6.17	16.10	6.95	37.30	51.79
	f Depreciation and amortisation	49.36	49.63	37.57	196.28	182.07
	g Other expenses	362.51	219.88	221.10	909.10	767.66
	TOTAL EXPENSES	1,146.38	729.66	701.29	3,042.87	2,759.74
3	Profit before exceptional items &Tax	19.25	3.12	30.54	54.40	37.20
4	Exceptional items
5	Profit before tax	19.25	3.12	30.54	54.40	37.20
6	Tax expenses
	1. Income Tax Expense	4.55	0.91	6.07	13.70	8.55
	2. Deferred tax Expense	0.71	$-1.04$	2.73	1.32	1.15
$\overline{7}$	Net Profit/(Loss) for the period	13.99	3.25	21.74	39.38	27.50
8	Other Comprehensive Income /(expense) (net of tax)
	a) Items that will not be reclassifiedto profit or loss		×	$\frac{1}{2}$	$\scriptstyle\rm m$
	b) Items that will be reclassified toprofit or loss	٠	$\blacksquare$	$\alpha$
9	Total Comprehensive Income	13.99	3.25	21.74	39.38	27.50
10	Paid-up equity share capital (FaceValue of Rs. 10 each)	1,120.00	1,120.00	1,032.00	1,120.00	1,032.00
11	Other Equity				956.24	757.35
12	Basic Earning Per Share (FaceValue of Rs.10/- each) but notannualised	0.13	0.03	0.21	0.36	0.27
13	Diluted Earning Per Share (FaceValue of Rs.10/- each) but notannualised			0.21		0.26

Notes:
		1. Statement of Assets & Liabillities as per Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)Regulations, 2015 for the Quarter and Year ended 31st March, 2021
		Particulars		(Rs. in lakhs)
			As at	As at
			31.03.2021	31.03.2020
			(Audited)	(Audited)
A		ASSETS
1		Non-Current Assets
		a Property, Plant and Equipments	1.388.66	1,299.98
		b Right of Use Assets	3.95	4.28
		c Financial Assets
		(i) Investments	132.47	131.75
		(ii) loans and advances	24.19	24.18
		Sub-Total Non Current Assets	1,549.27	1,460.19
$\sqrt{2}$		Current Assets
		a Inventories	1,058.25	568.53
		b Financial Assets
		(i) Trade Receivables	463.64	309.11
		(ii) Cash & Cash Equivalents	11.39	79.48
		(iv) loans and advances	269.02	115.97
		e Other Current Assets	17.85	8.69
		Sub-Total Current Assets	1,820.15	1,081.78
		TOTAL ASSETS	3,369.42	2,541.96
в		EQUITY AND LIABILITIES
$\mathbf{1}$		EQUITY
		a Equity Share Capital	1,120.00	1,032.00
		b Other Equity	956.24	757.35
		c Money received against share warrants		65.00
		Sub-Total Equity	2,076.24	1,854.35
		LIABILITIES
$\overline{2}$		Non Current Liabilities
		a Financial Liabilities
		(i) Borrowings	296.00	250.99
		(ii) Lease Liability	4.08	4.27
		b Deferred Tax Liabilities (net)	13.95	12.64
		Sub-Total Non Current Liabilities	314.03	267.89
$\overline{4}$		Current Liabilities
		a Financial Liabilities
		(i) Borrowings	398.13	107.02
		(ii) Lease Liability	0.19
		(iii) Trade Payables		0.17
		Total outstanding dues of micro enterprises and small enterprise
		Total outstanding dues of creditors other than micro enterprises and small	84.82	53.80
		enterprises	340.16	181.72
		(iv) Other Financial Liabilities	62.06	30.54
		b Other Current Liabilities	13.22	25.60
		c Provisions	73.72	20.87
		d Current Tax Liabilities (net)	6.85
		Sub-Total Current Liabilities	979.15	419.72
		TOTAL EQUITY AND LIABILITIES	3,369.42	2,541.96

The above results were revie approval by t]le board and these results were approved and taken on record at the meeting of Board of Directors of Company held on that date.

Results provide a true and fair vrew of its alfairs. During the financial year, the company has migrated from NSE EMERGE platform to NSE Main Board from August 4, 2020and' hence the company has adopted Indian Accounting Standard ('lnd AS') notified under section 133 of the Companies Act, 2013 ('the Act'l read with the Companies (lndiL Accounting Standard) Rules, 2015 for first time from April 01, 2o2Q and the effective date of transition is April 01, 2018. Such transition has been carried outfrom erstwhjle Accounting Standard notifred under the Act read with relevant rules issued thereunder (collectively referred to as tl previous GAAPI. Accordingly the impact of tJle transition has been provided in the opening reserves as at April Ol, 2Ol and corresponding frgures presented rn trrese trnancial results have been restated 7 reilassified. F";;; ilft-;pu. frgures of quarter ended March 3L, 2o2o are not reviewed by tl1e Auditors, as tJre Company was Iisted on NSE EMERG Platform only dunng that penod.. The company has exercised necessary 4". alig.ii*io-;;t. that said Financi

The company is in the business of manufacturing of Carbon Steel Forged Flanges, Forged Components and ot11 automotive components and therefore the company's business falls within a single business segment of Forged Articles Machined Components. Therefore disclosure under Ind AS 108 - Operating Segmint are not r.p6tt.d separately.

Reconciliation of profit after tax for tJ:e below mentioned period between lnd AS compliant results as reported above results reported in previous ye.r as per Indian GAAp are given below:

	(Rs. in
	For Ycar endedoa 31.O3.2O2O
after tax ar reported in prevlour quarter er pei:ndt"a GAAp
Rent as per I GAAP
Amortization of Right to Use Assets as per IND AS l 16
Interest on lease liability as per IND AS l l6
lnan Processing Fees as per Ind AS lO9
u impact on above adjustments
Net Profit after tu as reported under lnd AS
Comprehensive Income (net of tax)

The Company has considered the possible ellects that may result from the global health pandemic relating to COVID-I on its operations and on various elements of its financial results. In dweloping the assumptions relating io the possibl future uncertainties in the economrc cond.itions because of this pandemic, the Company, as at the dati of approval these financial statements has used internal sources of information and external informatio'n to arrive at its estimate Therefore, the results for t]. e quarter may not be comparable with those for tJre previous quarters & period ended result. While the Company continues to work very closely with all the stakeholders, the situation continues to be still evolving.

Figures for previous periods/years have been regrouped/reclassified wherever necessary, to make them comparable.

There were no investor complaints pending/received during the period.

l0 The figures pertaining to tl:e quarter ended March 31, 2O2l and. March 31, 2O2O arc the derived figures between t audited emounts for the year ended March 31, 2O2l and, March 31, 2O2O and. unaudited amounts published for tl.e ni montlrs ended December 31, 2O2O and for the nine months ended December 31, 2019 respectively.

I1 Ttre above Financial Results are also available on our website www.tirupatiforg€.com and on stock exchange www.nseindia. com

For and on Behalf of Board of For, Tirupati Forge

Hitestrkumar G. Thu Chairman and Managing Director DIN: 02112952

Signed at Hadamtala . Rajkot) onJune 08,2O2L

1. Disclosure of Statement of Cash Flow as per Regulation 33 of the SEBI (Listing Obligation Requirement)Regulations, 2015 for the Quarter and Year ended 31st March, 2021

(Rs. in lakhs)
Particulars	Year Ended On
	31.03.2021	31,03,2020
	(Audited)	(Audited)
A. Cash flow from operating activitiesNet profit before taxation
Adjustment for:	54.40	37.21
Depreciation & ImpairmentFinance Cost	196.29	182.07
Profit on sale of Fixed Assets	37.30	51.79
Interest Income	$-2.74$
Operating Profit before working capital changes	$-3.65$	$-7.88$
	281.60	263.19
Movements in working capital:
Decrease/-Increase in Inventories	$-489.72$	$-86.09$
Decrease/-Increase in Trade Receivable	$-154.53$	208.95
Decrease/-Increase in Loans and Advances	$-149.11$	58.42
Decrease/-Increase in Other Current Assets	$-9.16$	$-3.12$
Increase/-Decrease in Trade Payables	189.46	78.91
Increase/-Decrease in Other Short Term Provision	48.91	0.62
Increase/-Decrease in Other Long Term Provision		$-4.64$
Increase/-Decrease in Other Current Liabilities	$-12.37$	13.13
Sub-Total Movement in Working Capital	$-576.52$	266.17
Cash generated from operations	$-294.92$	529.36
Direct taxes paid (net of refunds)	$-6.85$	$-81.36$
NET CASH FROM OPERATING ACTIVITIES	-301.77	448.00
ÉCash flow from investing activities
Purchase of fixed assets (net of subsidy) including Capital WIP & Advan	$-295.39$	$-476.93$
Sale proceeds from sale of fixed assets	13.50
Interest received on FDR	2.92	7.88
Purchase of investments		$-120.00$
NET CASH FLOW FROM INVESTING ACTIVITIES	$-278.97$	$-589.05$
C. Cash flow form financing activities
Proceeds / Repayment of Long-term borrowings	76.54	$-15.48$
Proceeds / Repayment of Short-term borrowings	291.11	$-71.58$
Finance Cost	$-37.30$	$-51.79$
Lease liability	$-0.19$	$-4.60$
Net Proceeds from Issue of Shares	182.50	287.10
Money received against share warrants		65.00
NET CASH CLOW FROM FINANCING ACTIVITIES	512.66	208.65
NET INCREASE IN CASH AND CASH EQUIVALENTS (A+B+C)	$-68.08$	67.60
Cash and cash equivalents at the beginning of the year	79.47	11.87
Cash and cash equivalents at the end of the year	11.39	79.47
Components of cash and cash equivalents as at the end of the year
Cash and cheques on hand	7.33	9.56
With bank
- In current account & fixed deposit having maturity less than 12	4.06	69.91
months
TOTAL	11.39	79.47

The cash flow statement has been prepared under the indirect method as set out in the Accounting Standard a. 3 on Cash Flow Statement

F

LADANT

b. Previous years figures have been regrouped wherever necessary

S

Works & Regd Olfice :

Survey No. 9211, Nr. Shan Cemenr, Hadamtala Industrial Area, N,H. - 27, Vill.: Hadamtala, Tal. : Kotdasangani, Dist. Rajkot - 360 311. (Gujarat)

Tele :+91 -282t-270512
E-mail : info@tirupatiforge.com
Web : www tirupatiforge com
Cl t{ No. L27 1Z0B,Z01 2pt007 1 594

June Og,2O2Ir

To, Listing Department National Stock Exchange of India Limited P""1*q9 ptaza, plot No.-C / l,-C-_ Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400 0Sl

Dear Sir/Madam,

Dear Sir/Madam,

Pursuant to Regulations 33(3xd) of SEBI Requirementsl [Listing obligations and Disclosure Auditors Regulations, 2015, we hereby confirm and declare that statutory of the company M/s. Matrarishi & co., chartered Accountants r24872w1 have [FRN: Audited issued un Audit Report with unmodified opinion on the Annual Financiar Results for euarter and year ended on March 31, 2o2r.

Kindly take the same on records and oblige.

Thanking you,

ATUL NATU CHIEF FINANCIAL OFFICER