Vaishali Pharma Limited — Annual Report 2021

May 14, 2021

14th May, 2021

To,

National Stock Exchange of India Limited Exchange Plaza, 5th Floor, Plot No. Cl1, G Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 400051

Stock Code: V AISHALI

SUB: OUTCOME OF BOARD MEETING HELD ON FRIDAY, 14TH MAY, 2021

Dear Sir IMadam,

Pursuant to the provisions of Schedule III, Part A, Sub-regulation 4 of Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform that a meeting of the Board of Directors of the Company was held today i.e. on Friday, 14th May, 2021, which commenced at 04:30 p.m. and concluded at 05:30 pm at the Registered Office of the Company located at 706 to 709, 7th Floor, Aravali Business Center, R.c. Patel Road, Off Sodawala Lane, Borivalli (West), Mumbai - 400092, inter-alia, transacted the following items of the business:

• 1. Approved the Audited Annual Financial Results of the Company for the quarter and year ended 31st March 2021 along with Auditor's Report;
• 1. Took note of Statement of Assets and Liabilities for the year ended 31st March 2021;
• 1. Took note of Cash Flow Statement for the year ended 31st March 2021;
• 1. Considered not to recommend dividend on the Equity Shares of the Company for the financial year 2020-202 1.

Kindly take the above on records.

Thanking you.

Yours faithfully, For Vaishali Pharma Limited

Ak,.s~~ :::J~~~(.~f

Akshay Jharkhandi Company Secretary & Compliance Officer

Enclosed:-

• Audited Annual Financial Results for the Quarter and Year Ended 31st March, 2021 along with Auditor's Report;
• Statement of Assets and Liabilities for the year ended 31st March 2021.
• Cash Flow Statement for the year ended 31st March 2021
• Declaration of unmodified opinion on Standalone Auditor's Report.

CORPORATE & REGISTERED OFFICE:

706-709, 7th Floor, Aravali Business Centre, R. C. Patel Road, Off. Sodawala Lane, Borivali (West), Mumbai-400 092. Tel.: +91-22-4217 1819 E-mail: sales@vaishalipharma.com CIN - L52310MH2008PLC181632

RAMAN S. SHAH & ASSOCIATES CHARTERED ACCOUNTANTS

CA Raman S. Shah, B.Com ,F.C.A. CA Santosh A. Sankhe, B.Com ,F.C.A. CA Bharat C. Bhandari,B.Com ,F.C.A.

Independent Auditor's Report on Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

To

•

•

The Board of Directors of Vaishali Pharma Limited

• 1. We have audited the quarterly financia l results of Va isba Ii Pharma Limited for the quarter ended 31" March, 2021 and the year to date results for the period 01" April,2020 to 31" 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. 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 in Indian Accounting Standard 34 (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 accounting 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 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. In our opinion and to the best of our information and according to the explanations given to us, the standalone financial results:

i. Is presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Circulars CIR/CFD/CMD 1111 2011 dated 30th November 2015 and CIR/CFD/FAC 16212016 dated 5th July, 2016 in this regard; and

ii. Gives a true and fair view of the standalone net profit and other financial information in conformity with the accounting principles generally accepted in India, including Accounting Standards, specified under Section 133 of the Act for the year ended 31st March 2021. •

For Raman S. Shah & Associates Chartered Accountants Firm Registration No. 119891W

(dr/ sant ankhe

Partner Membership No. 100976

Place - Mumbai Date - 14th May, 2021 . UDIN 211 00976AMADY6057

Head Office:- S2mPlaza, 'A' Wing. 2nd Floor, H.K.lrani Road, Dahanu Road (W) 401602 Branch Office:- I) A-104,ls! Floor. Inder Darshan Building. Jamli Gali, Borivali(W), Mumbai(W), 400092 2) 118- 121 , Is! Floor, "HarmonyPlaza", Tarapur Road, Boisar, 401501

CORPORATE & REGISTERED OFFICE: 706-709, 7th Floor, Aravali Business Centre, R. C. Patel Road, Off. Sodawala Lane, Borivali (West), Mumbai-400 092. Tel.: +91-22-4217 1819 E-mail: sales@vaishalipharma.com CIN - L52310MH2008PLC181632

Statement of Audited Standalone Financial Results for the Quarter and Year Ended Mar 31, 2021

	Particulars	Quarter Ended	Quarter Ended31-Dec-20	Quarter Ended31-Mar-20	Year Ended31-Mar-21	Year Ended31-Mar-20
Sr. No.		$31-Mar-21$
		(Unaudited)	(Unaudited)	(Unaudited)	(Audited)	(Audited)
	Revenue from operations
	a) Sales/Income from operations	1,772.77	2,126.72	2,113.43	5,230.77	5,951.60
	b) Other operating income	115.39	2.91	1.09	146.62	56.97
	Total Revenue from operations	1,888.16	2,129.63	2,114.52	5,377.39	6,008.57
	Other income	57.33	32.11	136.76	180.91	217.26
	Total Income (1+2)	1,945.49	2,161.74	2,251.28	5,558.30	6,225.83
	Expenditure
	a) Cost of Material Consumed
	a) Purchase of Stock-in-trade	1,736.57	1,810.31	1,811.32	4,585.96	5,098.78
	b) Changes in Inventories of Finished Goods,	35.89	(44.91)	(53.20)	29.19	10.12
	Work-in-progress and Stock-in-trade
	c) Employee benefit expenses	48.96	45.29	62.85	184.77	193.29
	d) Finance cost	106.74	58.63	72.34	261.07	248.15
				32.94
	e) Depreciation and amortisation expenses	11.30	10.60		42.69	43.85
	f) Other expenses	202.70	49.18	431.90	314.17	623.73
	Total Expenses (a to f)	2,142.16	1,929.10	2,358.15	5,417.85	6,217.92
	Profit before Exceptional Items and Tax	(196.67)	232.64	(106.87)	140.45	7.91
	Exceptional items debit / (credit)					¥
	Profit before Tax	(196.67)	232.64	(106.87)	140.45	7.91
	Tax Expenses				37.88
	Current Tax (Net) Debit / (Credit)	(49.77)	60.49	(24.19)		5.66
	Deferred Tax (Net) Debit / (Credit)	(2.06)		(1.03)	(2.06)	(1.03)
	Tax for earlier year					۰
	Total Tax Expenses	(51.83)	60.49	(25.22)	35.82	4,63
	Net Profit for the period	(144.84)	172.15	(81.65)	104.63	3.28
	Other Comprehensive Income
	a) Items that will not be reclassified to profit and loss (Net of
	b) Items that will be reclassified to profit and loss
	- Remeasurements of the defined benefit plans : (Losses)/	(0.91)		(1.23)	(0.91)	(1.23)
	Total comprehensive income for the period	(145.76)	172.15	(82.88)	103.72	2.05
	Paid up Equity Share Capital (Face Value of Rs. 10/-)	1,054.62	1,054.62	1,054.62	1,054.62	1,054.62
	Earning Per Share (For continuing operations based onWeighted Average) -In INR (Not Annualised)
			1.63	(0.77)	0.99	0.03
	Basic	(1.37)	1.63	(0.77)	0.99	0.03
	Diluted	(1.37)

For and on behalf of the Board $\cdot \mathsf{A} \cdot V$

lut

Direct

Place : Mumbai Date: 14/05/2021

An ISO 9001:2015 Certified Company Website : www.vaishalipharma.com

CORPORATE & REGISTERED OFFICE: 706-709, 7th Floor, Aravali Business Centre, R. C. Patel Road, Off. Sodawala Lane, Borivali (West), Mumbai-400 092. Tel.: +91-22-4217 1819 E-mail: sales@vaishalipharma.com CIN - L52310MH2008PLC181632

Sr. No	Particulars	As at31st March2021Audited	As at31st March2020Audited
	ASSETS
$\mathbf{1}$	Non-current assets
	(a) Property, plant and equipment	71.98	78.32
	(b) Right of use assets	25.09	38.52
	(c) Intangible assets	24.82	32.00
	(d) Intangible assets under development	4.53	7.68
	(e) Financial assets
	(i) Investments
	(a) Other investments	43.15	43.15
	(ii) Other financial assets	212.02	201.89
	(f) Deferred tax asset (net)	14.80	12.43
	(g) Other non - current assets	86.63	85.52
	Total non-current assets	483.02	499.51
$\overline{2}$	Current assets
	(a) Inventories	58.82	88.01
	(b) Financial assets
	(i) Trade receivables	6,673.07	4,702.91
	(ii) Cash and cash equivalents	31.35	28.32
	(iii) Bank balances other than (ii) above	15.25	9.36
	(iv) Other financial assets	1,181.28	1,113.11
	(c) Other current assets	169.54	179.19
	Total current assets	8,129.31	6,120.90
	Total Assets	8,612.33	6,620.41
	EQUITY AND LIABILITIES
$\mathbf{I}$	EQUITY
	(a) Equity share capital	1,054.62	1,054.62
	(b) Other equity	1,187.24	1,083.52
	Equity attributable to the owners of the Company	2,241.86	2,138.14
	LIABILITIES
$\overline{2}$	Non-current liabilities
	(a) Financial liabilities
	(i) Borrowings	403.29	405.21
	(ii) Lease liabilities	22.64	21.60
	(b) Provisions	18.50	13.88
	Total non-current liabilities	444.43	440.69
3	Current liabilities
	(a) Financial liabilities
	(i) Borrowings	1,162.38	1,162.51
	(ii) Lease liabilities	4.92	19.17
	(iii) Trade payables
	- Total outstanding dues of Micro, Small and Medium Enterprises	307.96	71.99
	- Total outstanding dues of creditor's other than Micro, Small	3,745.70	2,291.47
	and Medium Enterprises(iv) Other financial liabilities		161.53
	(b) Provisions	231.39	1.45
		1.76	6.09
	(c) Income tax liabilities(d) Other current liabilities	37.66434.27
	Total current liabilities	5,926.04	327.374,041.58
	Total Equity and Liabilities	8,612.33	6,620.41

CORPORATE & REGISTERED OFFICE: 706-709, 7th Floor, Aravali Business Centre. R. C. Patel Road, Off. Sodawala Lane, Borivali (West), Mumbai-400 092. Tel.: +91-22-4217 1819 E-mail: sales@vaishalipharma.com CIN - L52310MH2008PLC181632

Statement of Audited Cash flows for the Year Ended March 31, 2021

		(Ks. In Lakhs)
	Year ended31st Mar 2021Audited	Year ended31st March 2020Audited
Cash flows from operating activities
Profit for the year (before tax)	140.45	7.91
Adjustments for:
Finance costs recognised in profit and loss	261.07	248.15
Sundry Balances written off	182.07	416.67
Sundry Balances written back	$-15.24$	0.00
Interest income recognised in profit and loss	$-125.82$	$-130.78$
Dividend income	0.00	$-0.00$
Depreciation and amortisation of non-current assets	42.69	43.85
Operating profit before working capital changes	485.22	585.80
Movements in working capital:
(Increase)/Decrease in trade receivables	$-2,152.23$	$-104.45$
(Increase)/Decrease in inventories	29.19	10.12
(Increase)/Decrease in other current and non-current financialassets	45.95	41.64
(Increase)/Decrease in other current and non-current assets	8.54	44.89
Increase/(Decrease) in trade payables	1,705.43	$-89.32$
Increase/(Decrease) in provisions, current and non-currentliabilities	85.32	$-94.34$
Cash generated from operations	207.42	394.34
Less: Income taxes paid	$-6.31$	$-72.46$
Net cash generated from operating activities (A)	201.11	321.88
Cash flows from investing activities
Purchase of PPE and intangible assets	$-12.60$	$-5.26$
Interest received	1.57	1.59
Dividend from non-current investments	0.00	1.74
Net cash generated from /(used in) investing activities (B)	$-11.03$	$-1.93$
Cash flows from financing activities
Proceeds/(Payments) from non-current borrowings net	93.89	$-61.50$
Proceeds/(Payments) from short term borrowing net	$-0.13$	17.51
Repayment of Lease Liabilities	$-13.21$	$-17.01$
Finance cost paid	$-261.71$	$-252.90$
Net cash used in financing activities (C)	$-181.16$	-313.90
Net increase/ (decrease) in cash and cash equivalents$(A+B+C)$	8.92	6.05
Cash and cash equivalents at the beginning of the year	37.68	31.63
Cash and cash equivalents at the end of the year	46.60	37.68

Place : Mumbai Date: 14/05/2021

For and on behalf of the Board rel A. Ł

Director

Vaishali Pharma Ltd. CORPORATE

•

706-709, 7th Floor, Aravali Business Centre, R. C. Patel Road, Off. Sodawala Lane, Borivali (West), Mumbai-400 092. Tel.: +91-22-4217 1819 E-mail : sales@vaishalipharma.com CIN - L5231 OMH2008PLC181632

•

• I. The above financial results for the Quaner and Year ended Mar<:h 31, 2021, have been appro't'Cd by the Audit Committee and taken on record by the Board of Directors al their meeting held on May 14, 2021.
• 1. The figures ofthc quarter ended MlU'Ch 31, 2021, and March 31 , 2020, are balancing figures between audited figures in respect of the entire financiol year and the audited published year to date figures up to the third quancr ended December 31 , 2020. and December 31, 2019, respectively.
• 1. The financial results have been prepared in accordance with Indian Accounting Standards Clnd-AS) as prescribed under section 133 urCompanies Act, 2013. read with Rule 3 oflhe Companies (Indian Accounting Standards) Rules, 20) 5. and relevant amendnu:nt after that.
• 1. The Company has considered the possible impact ofCOVID 19 in preparing the 8uditedstandalone financial results. The Managemeot closely monitors the recoverable value of its assets based on internal and CXlernaJ information available to date and the c.llTtnt indicators of future ecooonUc conditions. The Company's management bas evaluated the prospects of the Company·s products and its demand in this period and believes lhat these products will see demand as usual and is able to cater to all the needs of the customers.
• 1. The Compnny has one segment of activity. viz, the Sale ofPbarmaceutieal products. There is no separate reportable segmcnl L'I per Ind AS I08-Operatingscgmcnts.
• 1. Figures of previous reporting periods have been regrouped! reclassified, wherever necessary, to correspond with the figures of the current reporting period.

•

PhICC: Mwnbai Dale: May 14. 2021

CORPORATE & REGISTERED OFFICE: 706-709, 7th Floor, Aravali Business Centre, R. C. Patel Road, Off. Sodawala Lane, Borivali (West), Mumbai-400 092. Tel. : +91-22-4217 1819 E-mail: sales@vaishalipharma.com CIN - L52310MH2008PLC181632

14th May 2021

To National Stock Exchange of India Ltd., Exchange Plaza, C-l, Block G, Bandra Kurla Complex, Bandra (E), Mumbai - 400 051.

STOCK CODE: VAISHALI

SUB: DECLARATION FOR AUDIT REPORT WITH UN-MODIFIED OPINION ON STANDALONE FINANCIAL RESULTS FOR THE OUARTER !YEAR ENDED 31ST MARCH. 2021.

Dear Sir/Ma'am,

Pursuant to clause 4.1 of SEBI Circular No. CIR/CFD/CMD/56/2016 dated May 27, 2016, and any amendment thereof, I, hereby, declare hereby, declare that the Auditors of the Company, M/s. Raman S. Shah & Associates, Chartered Accountants, having Firm Registration No.: 119891 W have issued the Standalone Audit Report under the Companies Act, 2,013 and Financial Results as prepared under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, for the financial year ended on 31st March 2021 with Unmodified Opinion.

Request to take note of the above.

Thanking you,

Yours faithfully, For Vaishali Pharma Limited,

j/t;~ .;:l c V ~

Mf:AtUiArvind Vasani Chairman and Managing Director

Place: Mumbai