UCAL LIMITED — Annual Report 2021

Jun 30, 2021

UCAL FUEL SYSTEMS LIMITED

Ref:001/RL/SEC 30" June 2021

The National Stock Exchange of India Limited/ BSE Limited

Dear Sir

Sub: Outcome of Board meeting

This is to inform you that the Board of Directors in their meeting held on 30June 2021 have approved the following:

• 1. Standalone Audited accounts of the company for the quarter ended 31March 2021 and for the financial year ended 31March 2021
• 1. Consolidated audited accounts of the company and its subsidiaries for the financial year ended 31March 2021

The meeting of Board of Directors commenced at 4.30 p.m and concluded at 7.45 p.m.

This letter may be taken on record by the exchange.

Thanking you

Yours faithfully For UCAL FUEL SYSTEMS LIMITED

RAM RAMAM URTHY Digitally signed by RAM RAMAMURTHY Date: 2021.06.30 19:45:42 +05'30'

RAM RAMAMURTHY WHOLE-TIME DIRECTOR

REGOFFICE. : "Raheja Towers", Delta Wing - Unit 705, 177,Anna Salai, Chennai - 600 002, India. Tel: (91-44) 42208111 Fax: (91-44) 2860 5020 E-mail : investor@ucal.com Website : www.ucalfuel.com CIN L31900TN1985PLC012343

		UCAL FUEL SYSTEMS LIMITED,
Regd Office:"Raheja Towers", Delta Wing - Unit705, 177 Anna Salai, Chennai 600 002
Tel No -044-42208111;Fax no. 044-28605020; email-ufsl.ho@ucal.com
	Website:www.ucalfuel.com CIN:L31900TN1985PLC012343
	STATEMENT OF AUDITEDSTANDALONE FINANCIAL RESULTS FOR THE QUARTER/				YEAR ENDED 31.03.2021
S.No	Particulars		Quarter ended		Year ended
		31.03.2021	31.12.2021	31.03.202U	31.03.2021	31.03.2020
		AUDITED	UNAUDITED	AUDITED	AUDITED	AUDITED
I.	Revenue From Operations	13,829.17	17,420.62	10,002.12	49,263.43	50,967.70
II.	Other Income	38.41	133.07	73.96	466.22	766.39
III.	Total Income (I + II)	13,867.58	17,553.69	10,076.08	49,729.65	51,734.09
	Expenses
	Cost of materials consumed(a)	7,858.64	7,672.18	5,156.63	23,315.04	26,603.48
	Purchases of stock-in-trade(b)	1,498.59	2,598.16	729.78	7,118.98	729.78
	Changes in inventories of finished goods,(c)
	work-in-progress and stock-in-trade	(779.39)	209.36	264.44	(312.53)	(324.36)
	(d) Employee benefits expense	2,374.77	2,150.92	1,779.00	7,120.44	7,824.61
	(e) Finance Cost	627.68	527.03	693.09	2,356.16	2,185.44
	Depreciation and amortisation expense(f)	554.35	518.24	628.00	2,108.15	2,051.98
	Other expenses(g)	2,181.64	2,105.14	1,885.58	6,632.20	9,130.75
IV.	Total Expenses	14,316.28	15,781.03	11,136.52	48,338.44	48,201.68
	Profit/(Loss) from operationsbefore exceptional
V.	items and tax (III-IV)	(448.70)	1,772.66	(1,060.44)	1,391.21	3,532.41
VI.	Exceptional items	-	-	(10,509.00)	-	(10,509.00)
VII.	Profit/(Loss) before tax (V- VI)	(448.70)	1,772.66	(11,569.44)	1,391.21	(6,976.59)
	Tax Expense
	(1) Current Tax	671.79	274.22	(366.70)	637.94	908.07
	(2) Deferred Tax	(906.75)	(2,196.00)	125.54	(2,779.65)	690.38
VIII.	Tax expense/(Credit)	(234.96)	(1,921.78)	(241.16)	(2,141.71)	1,598.45
IX.	Profit / (Loss) for the period	(213.74)	3,694.44	(11,328.28)	3,532.92	(8,575.04)
X.	Other Comprehensive Income (Net of Tax)	72.29	-	(93.10)	72.29	(93.10)
XI.	Total Comprehensive Income for the period	(141.45)	3,694.44	(11,421.38)	3,605.21	(8,668.14)
XII.	Paid Up Equity Shares (Face Value -Rs.IO)	221.14	221.14	221.14	221.14	221.14
XIII.	Earnings per Equity share
	(1) Basic	(0.97)	16.71	(51.23)	15.98	(38.78)
	(2) Diluted	(0.97)	16.71	(51.23)	15.98	(38.78)

UCAL FUEL SYSTEMS LIMITED,
Regd Office : "RahejaTowers", Delta Wing - Unit 705, 177 Anna Salai, Chennai 600 002
Tel No -044-42208111;Fax n0. 044-28605020; email-ufsl.ho@ucal.com
Website:www.ucalfuel.com CIN : L31900TN1985PLC012343
STATEMENT OF ASSETS AND LIABILITIES

	Stand Alone-Audited
	As at	As at
Particulars	31.03.2021	31.03.2020
ASSETS
NON-CURRENT ASSETS
(a) Property, Plant and Equipment	33,525.25	33,578.05
(b) Capital Work-in-Progress	209.13	136.00
(c)InvestmentProperty	-	-
(d)Goodwill	-	-
(e)Other Intangible Assets	3,283.58	3,741.88
(f) Financial Assets
Investments(i)	11,232.87	11,108.97
(ii) Loan	265.17	271.00
(ii) Other Financial Assets
(f) Deferred Tax Assets (Net)	3,601.40	857.97
(g) 'Other Non-current Assets	2,971.50	4,272.11
Total Non-current assets - A	55,088.90	53,965.98
CURRENT ASSETS
(a) Inventories	5,342.82	5,025.03
(b) Financial Assets
Investments(i)	-	-
(ii) Trade Receivables	9,290.05	5,227.29
(iii) Cash and Cash Equivalents	3,061.30	138.57
(iv) Other Bank Balances	60.32	62.92
(v) Loans and Advances	268.51	253.65
(vi) Other financial assets	17.73	17.65
(c) Current Tax Assets (Net)
(d) Other Current Assets	406.40
Total Curr ent assets		841.55
TOTAL ASSETS	18,447.1373,536.03	11,566.6665,532.64
EQUITY AND LIABILITIES
EQUITYa
(a) Equity ShareCapital	2,211.36	2,211.36
(b) Other Equity	32,767.36	29,162.13
Total Equity	34,978.72	31,373.49
LIABILITIES
NON-CURRENT LIABILITIES
(a) Financial Liabilities
(i) Borrowings	8,468.09	4,645.61
(ii) Trade Payables
(A) Total outstanding dues of Micro and Small Enterprises	-	-
(B) Total outstanding dues of creditors other than Micro and Small Enterprises	-	-
(iii) Other Financial Liability	53.86	64.44
(b) Deferred tax liabilities (Net)	-	-
(c) Provisions	743.28	671.57
(d) Other Non-Current Liabilities	-	-
Total Non-current liablity	9,265.23	5,381.62
CURRENT LIABILITIES
(a) Financial Liabilities
(i) Borrowings	10,025.19	8,341.13
(ii) Trade Payables
(A) Total outstanding dues of Micro and Small Enterprises	5,922.99	1,869.13
(B) Total outstanding dues of creditors other than Micro and Small Enterprises	7,487.42	13,028.56
(iii) Other Financial Liability	5,018.12	4,614.26
(b) Other Current Liabilities	463.93	209.50
(c) Provisions	102.64	106.88
(d)Current Tax Liabilities (Net)	271.79	608.07
Total Current liablity	29,292.08	28,777.53
TOTAL EQUITY AND LIABILITIES	73,536.03	65,532.64

		UCAL FUEL SYSTEMS LIMITED,
	Regd Office: "Raheja Towers", Delta Wing - Unit 705, 177 Anna Salai, Chennai 600 002
		Tel No -044-42208111;Fax no. 044-28605020; email-ufsl.ho@ucal.com
		Website: www.ucalfuel.comCIN: L31900TN1985PLC012343
	STATEMENTOF AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE YEAR ENDED 31.03.2021
		Quarter ended			Year ended
S.No	Particulars	31-03-202131-12-2020		31-03-2020	31-03-2021	31-03-2020
		AUDITED	UNAUDITED	AUDITED	AUDITED	AUDITED
I.	Revenue From Operations	19,629.22	22,568.65	15,820.99	68,672.52	73,152.21
II.	Other Income	804.28	151.37	563.78	1,287.57	1,225.93
III.	Total Income (I+ II)	20,433.50	22,720.02	16,384.77	69,960.09	74,378.14
	Expenses
	(a) Cost of materials consumed	9,196.87	9,139.37	5,606.08	28,229.07	30,651.73
	(b) Purchases of stock-in-trade	1,498.59	2,598.16	729.78	7,118.98	729.78
	(c) Changes in inventories of finished goods,
	work-in-progress and stock-in-trade	(498.91)	(90.65)	501.09	(465.05)	(177.50)
	(d) Employee benefits expense	4,362.21	4,122.57	5,272.66	15,049.48	17,941.11
	(e) Finance Cost	749.02	626.69	816.73	2,794.42	2,671.95
	Depreciation and amortisation expense(f)	962.23	1,023.46	1,118.54	4,045.05	3,950.19
	Other expenses(g)	3,767.93	3,494.85	3,393.95	12,088.67	15,112.27
IV.	Total Expenses	20,037.94	20,914.45	17,438.83	68,860.62	70,879.53
	Profit/(Loss) from operations before
V.	exceptional items and tax (III -IV)	395.56	1,805.57	(1,054.06)	1,099.47	3,498.61
VI.	Exceptional items	-	-	-	-	-
	(Loss) before tax (v-VI)VII. Profit/	395.56	1,805.57	(1,054.06)	1,099.47	3,498.61
	Tax Expense
	(1) Current Tax	462.82	338.87	(319.57)	1,012.57	1,188.07
	(2) Deferred Tax	(405.75)	(2,192.60)	(363.97)	(2,799.04)	195.51
	VIII. Tax expense/(Credit)	57.07	(1,853.73)	(683.54)	(1,786.47)	1,383.58
IX.	Profit/(Loss) for the period	338.49	3,659.30	(370.52)	2,885.94	2,115.03
X.	Other Comprehensive Income (Net of Tax)	(89.03)	609.11	951.99	(144.19)	1,158.08
XI.	Total Comprehensive Income for the period	249.46	4,268.41	581.47	2,741.75	3,273.11
XII.	Earnings per Equity share
	(1) Basic	1.53	16.55	(1.68)	13.05	9.56
	(2) Diluted	1.53	16.55	(1.68)	13.05	9.56

UCAL FUEL SYSTEMS LIMITED,
Regd Office: "Raheja Towers", Delta Wing - Unit 705, 177 Anna Salai, Chennai 600 002Tel No -044-42208111;Fax n0. 044-28605020; email-ufsl.ho@ucal.com
Website: www.ucalfuel.com CIN : L31900TN1985PLC012343
STATEMENT OF ASSETS AND LIABILITIES
	As atMarch 31 2021	As atMarch 31 2020
I. ASSETS
NON-CURRENT ASSETSI.(a) Property, Plant and Equipment		45,739.17
(b) Capital work-in-progress	43,784.03209.13	136.00
(c) Goodwill	31.19	31.19
(d) Other intangible Assets	3,283.58	3,741.88
(e) Intangible Assets under Development(f) Investment property	1,341.15	1,457.35
(g) Financial Assets
(i) Investments	293.00	169.10
(ii) Loans and Advances(h) Deferred Tax Assets (Net)	407.073,601.40	415.94805.38
(i) Non-Current tax Assets (Net)
(j) Other Non-current Assets	2,971.51	4,768.63
Sub-Total	55,922.06	57,264.64
2.CURRENT ASSETS
(a) Inventories	9,747.03	9,110.11
(b) Financial Assets	13,305.94	8,120.06
(i) Trade Receivables(ii) Cash and Cash Equivalents	3,161.27	351.61
(iii) Bank balances other than (ii) above	69.03	71.28
(iv) Loans and Advances	6l0.15	903.65
(v) Other Financial Assets(c) Current tax Assets (Net)	627.57	24.60139.70
(d) Other Current Assets	2,392.52	994.72
Sub-Total	29,913.51	19,715.73
TOTAL ASSETS	85,835.57	76,980.37
EQUITY AND LIABILITIESIIEQUITY
(a) Equity Share Capital	2,211.36	2,211.36
(b) Other Equity	33,628.46	30,886.28
Sub-Total	35,839.82	33,097.64
1. NON-CURRENT LIABILITIES(a) Financial Liabilities
(i) Borrowings	11,381.71	6,842.11
(ii) Trade Payables
(A) Total outstanding dues ofMicro and Small Enterprises(8) Total outstanding dues of creditors other than Micro and
Small Enterprises
(ii) Other Financial Liabilities(b) Provisions	3,005.49781.65	3,605.94707.76
(c) Deferred TaxLiabilities (Net)	34.63
(d) Other Non-Current Liabilities
Sub-Total	15,203.48	11,155.81
2. CURRE NT LIABILITIES
(a) Financial Liabilities
(i) Borrowings	11,923.08	10,135.51
(ii) Trade Payables(A) Total outstanding dues ofMicro and Small Enterprises	5,990.55	1,909.69
(B) Total outstanding dues ofcreditors other than Micro and
Small Enterprises(iii) Other Financial Liabilities	8,457.587,293.86	12,778.636,803.05
(b) Provisions	l03.90	111.35
(c) Current TaxLiabilities (Net)	399.39	608.07
(d) Other Current Liabilities	623.91	380.62
Sub-Total	34,792.27	32,726.92
	85,835.57	76,980.37
TOTAL EQUITY AND LIABILITIES

UCAL FUEL SYSTEMS LIMITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 31ST MARCH 2021 CONSOLIDATED STATEMENT OF CASH FLOWS

	31-03-2021Amount		31-03-2020
		Amount	Amount	Amount
Cash Flow from Operating Activities		1,099.46		3,498.61
Finance Cost	2,794.42		2,671.95
OperatingProfits before working capital changes		7,578.54		10,053.46
Adjustments for:
Changes in Trade Receivables			5,439.19
Changes in Inventories	(636.92)
Changes in Other Current Assets
Changes in Loans and Advances
Changes in Other Financial Assets
Changes in Trade Payables
	5 I 8.43
Changes in Other Non-Current Assets	496.50		(655.89)
				14,532.55
				(I, 178.45)
Net Cash Flow from Operating Activities (A)		1,046.95		13,354.10
Cash Flow from Investing Activities
			(6,468.83)
Changes in Capital Work-in-progress and advances
Investment Property			237.46
	(3.70)
Dividends Received	-
Net cash from /(used in) investing Activities (B)		(924.25)		(7,185.92)
	Add/(Less):Depreciation and Amortization(Profit)/Loss on sale ofFixed Assets (net)Decrease/(lncrease) in Fair Value oflnvestmentDividend IncomeInterest incomeRental IncomeChanges in Other Financial Liabilities(excluding current maturity oflong term loans)Changes in Other Current LiabilitiesChanges in ProvisionsChanges in Other Non-Current LiabilitiesCash Generated From OperationsDirect Taxes PaidPurchase ofProperty, Plant and EquipmentPuchase ofIntangible AssetsPurchase ofInvestmentsInterest ReceivedRental lncome	4,045.05(0.90)(123.90)-(13.45)(222.15)(5,185.88)(1,397.80)302.79(609.91)(240.19)243.29179.88-(1,627.01)347.71116.20-20.40222.15	1,248.72(201.77)	3,950.1989.1664.07(1.90)(4.92)(213.70)(249.25)431.03(413.98)3.60474.34142.61(760.03)67.47-­(1,175.07)4.921.90213.70

	Particulars	31-03-2021		31-03-2020
		Amount	Amount	Amount	Amount
C	Cash Flow from Financing Activities
	Borrowings:
	Term loan availed	7,707.35		3,500.00
	Term loan repaid	(3,167.74)		(1,921.92)
	Short term borrowings availed/ (repaid) - net	1,934.30		(2,371.85)
	Other Bank Balances	2.25		(15.24)
	Finance Cost Paid	(2,784.09)		(2,704.94)
	Dividend and Dividend Tax Paid			(2,399.97)
	Finance lease paid	(638.41)		(590.27)
	Net Cash from/(used in) Financing Activities (C)		3,053.66		(6,504.19)
D	Net Inflow /(Outflow) of cash and cash equivalents
	Total (A) +(B) + (C)=(D)		3,176.36		(336.01)
	Cash and Cash Equivalents at the beginning ofthe year		(4,567.99)		(5,350.12)
	Unrealised gain/(loss) on foreign currency translation		(219.97)		1,118.14
	Net inflow / (outflow) in cash and cash equivalents (D)		3,176.36		(336.01)
	Cash and Cash Equivalents at the end ofthe year		(1,611.60)		(4,567.99)

The accompanying notes are an integral part ofthese financial statements

(a) Cash and Cash Equivalents include cash in hand, balances with scheduled bank including term deposit and working capital facilities repayable on demand.

(b) The above statement ofcash flows is prepared using indirect method

(c) Previous year figures have been regrouped wherever necessary.

NOTES
1	The above results have been reviewed and recommended by the Audit Committee and approved by theBoard ofDirectors at the respective meetings held on 30th June 2021.
The company operates only in one segment, i.e., Automotive Components. As such reporting is done on2single segment basis.
3	The above financial results have been prepared in accordance with the recognition and measurementprinciples oflndianAccounting Standards (Ind AS) as notified under the Companies (IndianAccounting Standards) Rules, 2015 as specified under section 133 oftheCompanies Act, 2013.
4	The Directors at the Board Meeting on 30-06-2021 have recommended a dividend of20% on the paidup Equity Capital oftheCompany, representing Rs.2 per share.
5	fDuring the year 2017-18, the company wrote of2854.06 lakhs oftradereceivables and12,337.79lakhs ofloanreceivable from Ucal Holding Inc. The company is awaiting approval from RBI for thesaid write off.
6	(income) for the year ended 31st March 2021 includes deferred tax asset ofRs.Deferred tax expense/2,770 lakhs created towards provisions for impairment made in FY 2019-20 ofinvestmentin subsidiaryas the provision was considered as part ofbusiness loss for income tax purposes. The managementexpects to earn adequate taxable profits in future to absorb the aforesaid carried forward business loss.
7	towards tax expense ofprevious years.	The current tax expense/(income) for the year ended 31st March 2021 includes Rs. 366.15lakhs (net)
8	In Order to contain the COVID-19 pandemic, the central and state governments declared publiclockdowns during the FY 2020-21 affecting regular operation oftheproduction facilities oftheCompany during the initial part oftheyear causing an adverse impact on the revenue and profit for theFY 2020-21. However, the company has reopened its facilities and resumed regular operations afterwithdrawal oflockdowns.The Company has considered the possible effectsthat may result from thepandemic on the carrying amounts ofproperty, plant and equipment, receivables, inventories and otherassets.
9	Figures for the previous periods have been regrouped, wherever necessary, to conform to the currentperiod'sclassification
		For UCAL Fuel Systems Limited
	Place : Chennai	Mr Ram Ramamurthy
	Date : 30-06-2021	Whole-Time Director

KRISHNAN JAYASANK AR Digitally signed by KRISHNAN JAYASANKAR Date: 2021.06.30 19:49:08 +05'30'

R.Subramanian and Company LLP CHARTERED ACCOUNTANTS FRN: 004137S / S200041

New No:6, Old No.36, Krishnaswamy Avenue, Luz, Mylapore, Chennai - 600 004. Phone 24992261 / 24991347 / 24994231, Fax : 24991408 Email : rs@rscompany.co.in Website : www.rscompany.co.in

Independent Auditors Report on the Quarterly and yearly Audited Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

To The Board ofDirectors UCAL FUEL SYSTEMS LIMITED Chennai

Report on the audit ofthe Standalone Financial Results

Opinion

We have audited the accompanying Statement of Standalone financial results of UCAL FUEL SYSTEMS LIMITED (the Company") for the quarter ended 31" March 2021 and for the year ended 3 I st March 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, as amended ("Listing Regulations").

In our opinion and to the best of our information and according to the explanations given to us, these standalone financia I resu Its:

• (i) are presented in accordance with the requirements of Regulation 33 ofthe Listing Regulations in this regard; and
• (ii) give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable accounting standards and other accounting principles generally accepted in India, of the net profit and other comprehensive income and other financial information for the Quarter ended March 3 I, 2021, as well as for the year ended March 31, 2021.

Basis for Opinion

We conducted our audit mn accordance with the Standards on Auditing ("SAs") specified under Section I 43( I 0) of the Companies Act, 2013 (the Aet). Our responsibilities under those Standards are further described in the "Auditor's Responsibilities for the Audit ofthe 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 together with the ethical requirements that are relevant to our audit ofthe financial results under the provisions ofthe Companies Act, 2013 and the Rules made thereunder, and we have fulfilled our ethical responsibilities in accordance with these 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 opinion.

1

Emphasis of Matter

Without modifying our conclusion, we draw attention to matter specified below:

(i) Note No. 5 to the accompanying financial results relating to pending RBI approval for write-off of trade receivables and loans & advances due from UCAL Holdings Inc., (Previously AMTEC Precision Products Inc.).

Management's Responsibilities for the Standalone Financial Results

These quarterly financial results as well as the year-to-date standalone financial results have been prepared on the basis of annual financial statements of the Company. The Company's Board of Directors are responsible for the preparation ofthese financial results that give a true and fair view of the net profit and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down under applicable Indian Accounting Standards prescribed under Section 133 ofthe Act read with relevant rules issued thereunder and other accounting principles 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 ofthe Act for safeguarding the assets ofthe 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 ofthe 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 standalone financial results, 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 ofDirectors 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 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 2

economic decisions of users taken on the basis ofthese standalone financial results.

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

• [dentify 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 ofinternal control.
• Obtain an understanding of internal controls 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 ofthe 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 ofthe Board of Directors' use ofthe 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 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 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 ofthe 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 includes the results for the quarter ended 31 st March 2021 being the balancing figures between the audited figures in respect ofthe full financial year and the published year to date figures up to the third quarter of the current financial year, which were subject to limited review by us.

For R Subramanian and Company LLP Chartered Accountants FRN: 004 I 37S/S20004 I

Digitally signed by KRISHNAN JAYASANKAR Date: 2021.06.30 19:49:51 +05'30'

K Jayasankar Partner Membership No. -014156 UDIN: 21Ol(5AAA98481 Place: Chennai Date: 30 June 2021

R.Subramanian and Company LLP CHARTERED ACCOUNTANTS F R N : 0 0 4 13 7 S / S 2 0 0 0 4 1

P N h ew on N e o : 6 , O 2 ld 4 9 N 9 o . 2 3 2 6 6 , K 1 r is / h na 2 s 4 w 9 a 9 m 1 y 3 A 4 v 7 en / ue, 2 L 4 u 9 z 9 , 4 M 2 y 3 la 1 p , ore F , a C x hen : na 2 i 4 - 9 60 9 0 14 004 08 Email : rs@rscompany.co.in Website : www.rscompany.co.in

Independent Auditors' Report on the Quarterly and yearly Audited Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

To The Board of Directors UCAL FUEL SYSTEMS LIMITED Chennai

Report on the audit ofthe Consolidated Financial Results

Opinion

We have audited the accompanying Statement of Consolidated financial results of UCAL FUEL SYSTEMS LIMITED ("the Holding Company") and its subsidiaries, (the Holding Company and its Subsidiaries together referred to as the Group") for the quarter ended 31" March 2021 and for the year ended 3 I" March 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, as amended (the "Listing Regulations").

In our opinion and to the best of our information and according to the explanations given to us, and based on the consideration ofthe reports of the other auditors on separate financial statements/ financial information ofthe subsidiary, these consolidated financial results:

• (i) Include the Annual financial results ofthe following entities:
  • (a) UCAL Holdings Inc., (Previously AMTEC Precision Products Inc.)
  • (b) UCAL Polymer Industries Limited
  • (c) Subsidiaries of UCAL Holdings Inc. (previously AMTEC Precision Products Inc.)
    • UCAL Systems Inc. (Previously North American Acquisition Corporations, USA)
    • AMTEC Moulded Products Inc., USA
  • (d) Subsidiary of UCAL Polymer Industries Limited
    • UPIL USA, Inc.
• (ii) are presented in accordance with the requirements of the Listing Regulations in this regard; and
• (iii) give us a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian Accounting standards and other accounting principles generally accepted in India, of the Consolidated net profit and other comprehensive income and other financial information for the Quarter ended March 31, 2021 as well as for the year ended March 31, 2021.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under Section 143(10) ofthe Companies Act, 2013 ("the Act"). Our responsibilities under those Standards are further described in the "Auditor's Responsibilities for the Audit ofthe Consolidated Financial Results" section of our report. We are independent ofthe Group in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial results under the provisions ofthe Companies Act, 2013 and the Rules made thereunder, and we have fulfilled our ethical responsibilities in accordance with these requirements and the !CAi's Code of Ethics. We believe that the audit evidence we have obtained and by other auditor in terms of their report referred to in "Other Matters" paragraph below, is sufficient and appropriate to provide a basis for our opinion on the Consolidated annual financial results.

Management's Responsibilities for the Consolidated Financial Results

These quarterly financial results as well as the year to date consolidated financial results have been prepared on the basis of annual financial statements of the Company. The Holding Company's Board of Directors are responsible for the preparation of these financial results that give a true and fair view of the net profit and other comprehensive income and other financial information ofthe Group in accordance with the recognition and measurement principles laid down under applicable Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 ofthe Listing Regulations.

The respective Boards of Directors ofthe companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets ofthe 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 ofthe accounting records, relevant to the preparation and presentation ofthe consolidated financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of consolidated financial results by the Directors ofthe Holding Company, as aforesaid.

In preparing the consolidated financial results, the respective Boards of Directors of the companies included in the Group are responsible for assessing the ability of the respective companies 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 Boards of Directors of the companies included in the Group are responsible for overseeing the financial reporting processes ofthe respective companies.

Auditor's Responsibilities for the Consolidated Financial Results

Our objectives are to obtain reasonable assurance about whether the consolidated financial results for the year ended March 31, 2021 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 ofthese consolidated financial results.

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 consolidated 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 ofinternal control.
• Obtain an understanding of internal controls 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 ofthe 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 the 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

Group'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 consolidated financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group or a subsidiary to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the consolidated financial results, including the disclosures, and whether the financial results represent the underlying transactions and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial results/financial information of the entities within the Group to express an opinion on the Consolidated financial results. We are responsible for the direction, supervision and performance ofthe audit offinancial information ofsuch entities included in the Consolidated financial results of which we are independent auditors. For other entities included in the consolidated financial results, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

We communicate with those charged with governance of the Holding Company and such other entities included in the consolidated financial results of which we are the independent auditors 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.

We also performed procedures in accordance with the Circular issued by the SEBI under regulation 33 (8) of the Listing Regulations, as amended, to the extent applicable.

Other Matters

The financial results of one wholly owned foreign subsidiary included in the consolidated financial results, reflecting total income of 19186 lakhs, total net loss after tax of 502 lakhs, and total comprehensive loss of 687 lakhs, for the year ended 31" March 202I have not been audited by us. The independent auditor's report on the financial results ofthis subsidiary has been furnished to us and our opinion on the consolidated financial results, in so far it relates to the amounts and disclosures included, is based solely on the report of such auditors and the procedures performed by us are stated in the paragraph above.

The financial results of one wholly owned subsidiary included in the consolidated financial results, whose financial results reflect a total income of 3.814 lakhs, total loss after tax of 56 lakhs and total comprehensive loss of 87 lakhs for the year ended 31 March 2021 have been audited by us.

Our opinion on the consolidated financial results is not modified in respect of the above matters with respect of our reliance on the work done and the report of the other auditors and the financial results certified by the Board ofDirectors.

The Consolidated financial results include the results for the quarter ended 31 si March 2021 being the balancing figures between the audited figures in respect ofthe full financial year and the published unaudited year to date figures up to the third quarter of the current financial year, which were subject to limited review by us.

For R Subramanian and Company LLP Chartered Accountants FRN: 00413 7S/S20004 l

KRISHNAN JAYASANKAR

Digitally signed by KRISHNAN JAYASANKAR Date: 2021.06.30 19:50:21 +05'30'

K Jayasankar Partner Membership No. -014156 UDIN:a /0l415AAA3550) Place: Chennai Date: 30 June 2021

UCAL FUEL SYSTEMS LtMITED

Ref: 003/RL/SEC 30June 2021

The National Stock Exchange of India Limited/ BSE Limited

Dear sir

Sub: Declaration confirming issuance of Audit Reports with "Unmodified Opinion" on the Standalone and Consolidated Financial Statements of UCAL Fuel Systems Limited for the Financial Year ended 31st March 2021

Pursuant to Regulation 33(3)(d) of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, we hereby declare and confirm that the Statutory Auditors of the Company M/s.R.Subramanian & Company, LLP, Chartered Accountants, have issued their Audit Reports with Unmodified opinion on the Stand alone and Consolidated Financial Results of the Company for the Financial Year ended 31 March, 2021.

Please take the above on record.

Thanking you

Yours faithfully For UCAL FUEL SYSTEMS LIMITED

RAM RAMAMURTHY Digitally signed by RAM RAMAMURTHY Date: 2021.06.30 19:46:54 +05'30'

RAM RAMAMURTHY WHOLE-TIME DIRECTOR

REG.OFFICE. : "Raheja Towers', Delta Wing - Unit 705, 177,Anna Salai, Chennai - 600 002, India. Tel : (91-44) 42208111 Fax : (91-44) 2860 5020 E-mail: investor@ucal.com Website: www.ucalfuel.com CIN L31900TN1985PLC012343

UCAL FUEL SYSTEMS LIMITED

Ref: 002RL/SEC 30June 2021

The National Stock Exchange of India Limited/ BSE Limited

Dear sir

Sub: Outcome of Board Meeting

Further to our letter No. 001/RL/SEC dated 30 June 2021, we wish to inform you that the Board of Directors of the Company have recommended a dividend of 20% (Rs.2/- per share) for the financial year ended 2020-2021.

This letter may be taken on record by the exchange.

Thanking you

Yours faithfully For UCAL FUEL SYSTEMS LIMITED

RAM RAMAMURT HY Digitally signed by RAM RAMAMURTHY Date: 2021.06.30 19:47:12 +05'30'

RAM RAMAMURTHY WHOLE-TIME DIRECTOR

REG.OFFICE. : "Raheja Towers', Delta Wing - Unit 705, 177,Anna Salai, Chennai - 600 002, India. Tel : (91-44) 42208111 Fax : (91-44) 2860 5020 E-mail : investor@ucal.com Website : www.ucalfuel.com CIN L31900TN1985PLC012343