Visagar Polytex Ltd — Annual Report 2021

Jun 25, 2021

25th June, 2021

The Bombay Stock Exchange Limited Corporate Communication Department, Dalal Street, Fort Mumbai- 400001 BSE Scrip ID- VIVIDHA BSE Scrip Code 506146	The National Stock Exchange of India Limited Exchange Plaza, Plot No. C/1, G Block, Bandra Kurla Complex Bandra (E), Mumbai -400 051 ISIN Code-INE370E01029
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Adoption of Audited Financial Results for the Quarter and Year Ended.31 March. 2021 Sub

Dear Sir,

In compliance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby submit the following

• 1. Standalone Audited Financial Results for the quarter and year ended 31* March, 2021 including Statement of Assets & Liabilities and Cashflow statement as on that date;
• 1. Declaration of Un-modified opinion on the Audited Financial Results for the quarter & year ended 31st March, 2021; and
• 1. Auditors Report for the quarter and year ended 31* March, 2021

Kindly take the same on your record and oblige.

Thanking You. Yours Faithfully,

For VISAGAR POLYTEX LIMITED

Enc: A/a

DIN: 00413627

VISAGAR POLYTEX LIMITED

Regd. Off. :907/908, Dev Plaza, S. V. Road, Andherl (W), Mumbal - 400 058. Tel.: (022) 6742 4815 Email: contact@visagar.com Webste: www.visagarpolytex.in CIN: L65599OMH1983PLCo30215

STATEMENT OF STANDALONK AUDITRD FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED31ST MARCH ²⁰²¹

	STATEMENT OF STANDALONE AUDIT BD FINANCIAL RESOLTS FOR THE COMMUNICATION					(In Lacs)
		3 MONTHS ENDED				YEAR ENDED
Sr.	PARTICULARS	31,12,2020 31.03.2021		31.03.2020	31.03.2021	31.03.2020
No.		AUDITED	UN-AUDITED	AUDITED	AUDITED	AUDITED
1	Income				481.40	1,016.96
a)	Revenue from Operations	50.57	146.90	177.28	30.11	14.44
	b) Other Income	30.11		1.22 178.50	511.51	1,031.40
	Total Income (a+b)	80.68	146.90
2	Expenses			6.69	18.47	51.41
a)	Cost of Materials Consumed	18.47		128.36	467.21	557.48
P)	Purchase of stock -in-trade	1.45	130.19	(55.12)	(97.09)	59.87
	Changes in inventories of finished goods, work-in-progress	(49.16)	(10.14)
$\mathcal{C}$	and stock-in-trade.	5.04	1.22	10.07	8.22	35.62
d)	Employees benefits expenses	5.16	2.38	(49.01)	16.69	31.79
e	Finance Costs	64.36		74.45	64.36	74.45
f)	Depreciation and amortisation expenses	13.12	5.79	9.72	29.47	45.19
[چ	Other Expenses	58.44	129.44 $\frac{1}{2}$	125.16 $\mathcal{L}(\mathcal{F})$	507.33	855.81
	Total Expenditure (a+b+c+d+e+f+g)
	3 Profit / (Loss) from Ordinary activities before exceptional items and tax (1-2)	22.24	17.46	53.34	4.18	175.59
4	Exceptional items					1,610.92
5	Profit / (Loss) from ordinary activities before tax (3-4)	22.24	17.46	53.34	4.18	(1,435.33)
	6 Tax expenses-Current tax
	- Defered tax
	Total tax
	7 Net profit/ (Loss) for the period from continuing operations (5-6)	22.24	17.46	53.34	4.18	(1,435.33)
8	Profit/(Loss) from discontinued operations
9	Tax expense of discontinued operations
	Profit/(Loss) from discontinued operations after tax (8-9)
10
	The PAT NARROW NEW 11 Profit/(Loss) for the period(7+10)	22.24	17.46	53.34	4.18	(1, 435.33)
	12 Other Comprehensive Income
	13 Total Comprehensive Income	22.24	17.46	BA 53.34	RO SOLAR 4.18	(1, 435.33)
	14 Face Value	1.00	1.00	1.00	1.00	1.00
	15 Paid-up equity share capital (Rs.Lacs)	2,927.01	2,927.01	2,927.01	2,927.01	2,927.01
	Earnings Per Share (for continuing and discontinued
	16 operations)
	a) Basic	0.01	0.01	0.02	0.00	(0.49)
	b) Diluted	0.01	0.01	0.02	0.00	(0.49)

Note

1 The above mentioned results were reviewed by Audit Committee and approved at the meeting of Board of Directors of the Company held on 25th June, 2021.

2 Results for the quarter and year ended 31st March, 2021 are in compliance with Indian Accounting Standards (IND AS") notifed by the Ministry of Corporate affairs.

3 The Company operates in single segment. Hence no segment wise figures are published.

4 The figures for the quarter ended 31st March, 2021 are balancing figures between audited figures in respect of full financial year ended 31st March, 2021 and the published year to date figures upto the third quarter ended 31st December, 2020, which have been regrouped rearranged whereever necessary

5 The WHO declared COVID 19 outspread Pandemic, responding to which the various governments across the world including Govt. Of India has taken serious measures to contain the spread the Virus by imposing " Lockdowns" which have been extended till 30th June by Govt. Of lndia and various other countries as well The Lockdown has affected the business and financlals of the Company.

The Company has adopted Ind AS-116 'Leases' effective 1st April, 2019. This has resulted in recognising a Right-of-Use Asset and a corresponding Lease Liability. The impact on the profit for the quarter is not material.

7 The above Audited Financial Results will be avallable on the website of the Company- www.visagarpolytex.in and BSE- www.bseindia.com and NSE www.nseindia.com.

Regd. Off, : 907/908, Dev Plaza, S. V. Road, Andheri (W), Mumbal - 400 058. el.: (022) 6742 4815 Email contact@visagar.com Webstte: www.visagar.com/visagarpolytex

STATEMENT OF ASSETS & LIABILITIES AS AT 31ST MARCH, 2021

			(In Lakhs)L
	Particulars	As At 31.03.2021	As At 31.03.2020
A	ASSETS_ 1INon-Current assets
	Property, Plant and Equipment	492.84
	Intangibie ASSets	_0.08	55483 0.14
	Financial ASSers
	D Investments	0.26	0.26
	i Loans
	Deferred tax assets (net	12.73
	Other Non-Current Assets		12.73
	Total Non-Current Assets	505.91
	CURRENT ASSETS		567.96
	Inventories	1,015.44
	Financial Assets		918.35
	ID Investments
	Trade receivables	1,776.32
	ii) Cash and cash equivalents	0.04	1,707.19
	iv) Other Balances with Banks	20.33	5.19
	yOther inancial Assets	107.95	14.49 80.06
	Other Current Assets	92.65
	fotal Current Assets	3,012.73	96.90 2,822.18
	TOTAL ASSETS (1+2)	3,518.64	3,390.14
	EQUITY AND LIABILITIES_
	Equity
a	Equity Share capital	2,927.00	2,927.00
	Other Equity
	& Surplus Reserves Forfeiture reserve	(1,028.20
	Total Equity	121.8	(1,032.38) 121. 1.80
2	Non-Current Liabilities	2,020.60	2,016.42
	Financial Liabilities
	D Borrowings	947.74
	Other FinancialLiabilities		1,005.37
	Provisions
	Deferred Tax Liabilities (Net)_
	Total Non-Current Liabilities	947.74
3	CurTent Liabilities		1,005.3
	Financial Liabilities
	BorroWngs i) Trade Payables
	i) Other Financial Liabilities	496.09	311.63
	Provisions	23.34	28.00
	Current Tax Liabilities	30.87	28.72
	dOther Current Liabilities
	Total Current Liabilities
	TOTAL- EQUITY & LIABILITIES (1+2+3)	550.30	368.3!
	Place: Mumbai Date: 25.06.2021	3,518.64 EX L	3,390.14 For Visagar Polytex Limited (Tilokchand Kothari) Managing Director
			DIN: 00413627

VISAGAR POLYTEX LIMITED

*egd. off, : 907/908, Dev Plaza, S. V. Road, Andhei (W), Mumbal 400 058. .: 022) 6742 4815 Email: contact@visagar.com Website: www.visaga.comVisagaipoly Tel

VISAGAR POLYTEX LIMITED

		2020-21		2019-20
PROFIT BEFORE TAX Misc Income			418607
				(143,532,432)
DEPR			6436856
OPERATING PROFIT BEFORE			6,855,463	7,445,194
CHANGE IN WORKING CAPITAL				(136,087,238)
OTHER NON CURRENT INVESTMENTS
Non current financial loan assets
inventories			-2664153	1,361,000 1,236,598
trade receivable			-9708896	167,078,580
current financial loan assets			-6913433	71,641,725
other current assets			125328	2,291,072
current tax assets			424304	554,096
current finacial borrowing				110,633
trade payables			-5763612	3,660,584
other finacial liabilities			17538970	(114,786,853)
other current liabilities			215989	569,874
net change in working capital			466695	1,023,658
			(607,391)	(1,346,271)
Income tax payable
cash flow from operating activities	a
			(607,391)	(1,346,271)
purchase of property plant and equipement
cash flow from investing activities			-231714	(39,900)
			(231,714)	(39,900)
Cash flow from financing activites
proceeds form issue of share capital
	a+b+c		(839,105)
				(1,386,171)
cash op.balance cash cl. Balance			2,876,694	4,262,865
cash & cash at the end of year			2,037,589	2,876,694
			(839,105)	(1,386,171)

CASH FLOWw STATEMENT FOR THE YEAR ENDED MARCH 31,2021

Place: Mumbai M Date: 25.06.2021

For Visagar Polytex Limited

DIN: 00413627 VISAGAR POLYTEX LIMITE

Regd. off.,: 907/908, Dev Plaza, S. V. Road, Andheri (W), Mumbai 400 058 2 6/42 4815 Email contact@visagar.com Website: www.visagar.com/visagarpoyte

INDEPENDENT AUDITOR"S REPORT

To, The Board of Directors, Visagar Polytex Limited.

Report on the audit of the Standalone Financial Results

Opinion

We have audited the accompanying standalone Quarterly financial results of Visagar Polytex Limited for the Quarter ended March 31, 2021, and the year to date results for the period from 01.04.2020 to 31.03.2021 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 financial results:

• i. are presented in accordance with the requirements of Regulation 33 of the 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 /loss and other comprehensive income and other financial information for the quarter ended March 31, 2021, as well as the year to date results for the period from 01.04.2020 to 31.03.2021.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013 (the Act). Our responsibilities under those Standards are further described in the Auditor's Responsibilities 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 together with the ethical requirements that are relevant to our audit of the financial results under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other 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.

Management"s & Board of Director"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 the interim financial statements. The 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 /loss and other comprehensive income and

other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, "Interim Financial Reporting" 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 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 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 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.

Auditor"s 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 these 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:

• 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 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 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 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 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.

Limitation on Scope due to covid-19 : We wish to highlight that due to the COVID 19 induced restrictions on physical movement and strict timelines, the entire audit team could not visit the company"s office for undertaking the required audit procedures as stated in SAP and therefore caused inherent limitation on audit procedures.

The opinion expressed in the present report is after considering information, facts and inputs made available to us through electronic means by the company"s management.

Thus the same has put a limitation on scope of our audit and we wish to bring to the attention of users towards the same.

For S C Mehra & Associates LLP Chartered Accountants FRN 106156W CA S C Mehra Partner M No: 39730 Place: Mumbai SURESH CHHAGANLAL MEHRA Digitally signed by SURESH CHHAGANLAL MEHRA Date: 2021.06.25 14:33:49 +05'30'

UDIN : 21039730AAAAIX4195

Date: 25.06.2021

25th June, 2021

BSE Limited Communication Corporate Department, Dalal Street, Fort Mumbai - 400001 VIVIDHA BSE Scrip ID - BSE Scrip Code - 506146	The National Stock Exchange of India Limited Exchange Plaza, Plot No. C/1, G Block, Bandra Kurla Complex,
	Bandra (E), Mumbai - 400 051 ISIN Code- INE370E01029

Sub: Declaration of Un-modified opinion on the Audited Financial Results for the quarter & year ended 31st March, 2021

Dear Sir,

In compliance with Regulation 33(3)(d) of the SEBI (Listing Obligations& Disclosure Requirements) Regulations, 2015 read with Notification dated 27.05.2016 with regard to the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Amendments) Regulations, 2016, we hereby confirm that the Audit Report issued by M/s. sC Mehra & Associates LLP, Statutory Auditor of the Company with respect to the Audited Financial Results for the quarter & year ended 31st March, 2021 are with unmodified opinion.

Kindly take the same on record and oblige us.

Thanking You.

Yours Faithfully,

For VISAGAR POLYTEX LIMITED

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(Tilokchand Kothari) Managing Director DIN: 00413627

VISAGAR POLYTEX LIMITED

Regd. Of.,: 907/908, Dev Plaza, S. V. Road, Andheri (W},. Mumbai- 400 058. Tel.: (022) 6742 4815 Email: contact@visagar.com websife: www.visagar.com/visagarpolytex