Simplex Castings Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2020
Auditor and Management Disclosures and Notes for the annual results dated 31 Mar 2020
1. The Financial Results of the company for the quarter and year ended 31st March,2020 have been reviewed by the Audit Committee at their respective meetings held on 30th July,2020 and approved by the Board of Directors at their respective meetings held on 30th July, 2020.
2. These results have been prepared in accordance with the Companies (Indian Accounting Standards)Rules,2015 (Ind AS) Prescribed under Section 133 of the Companies Act,2013 and other recognised accounting practices and policies to the extent applicable.
3. During the year, the Company has made an exercise and consumed those stock of finished goods and semi -finished as scrap which were lying in the stock and not in dispatchable in nature due to cancellation of orders. The effect of the same has been shown as exceptional items in the financial results.
4. The Board of Directors of the Company, at its meeting held on 26th April , 2019 approved to sell / dispose off its Steel Castings Foundry situated at Urla ,Industrial Estate, Raipur, Chhattisgarh -493221 to Texmaco Rail and Engineering Limited on a slump sale basis as a going concern for consideration of Rs. 87.50 crores (Rupees Eighty Seven Crores and Fifty Lacs only) and the same approved by members in Extra Ordinary General Meeting held on 29th May,2019. In this relation ,the Company has entered into a Business Transfer Agreement with Texmaco Rail and Engineering Limited on 26th April,2019. The Previous year/ period have been regrouped/ rearranged wherever found necessary in respect of Discontinuing operations. The details of revenue and expense related to discontinued operations are as follows:
Total Revenue (304.88) - 1,134.49 2,078.59 7,728.18
Total Expenditure - - 2,088.31 398.41 9,237.75
Profit/(Loss) from discontinued operations before tax (304.88) - (953.82) 1680.18 (1509.58)
Total Revenue for the year ended 31-03-2020 Rs.1940.56 lacs was on account of gain on business transfer after making final reconciliation and as per revised agreement.
5.The company's operations were effected from 24th March 2020 to 23rd April, 2020 due to suspension of production across all plants following nationwide lockdown imposed by Government of India, In view of pandemic COVID-19. Government permitted certain activities in the month of April 2020 subject to certain restrictions. Accordingly the Company has re-started operations in phased manner from 23rd April 2020 & from May 2020 all the plants are operating normally. Three months moratorium for deferral on payment of loan and other Credit facility taken from Company Bankers and NBFC falling due in March - May 2020 are availed. The Company has further avail the moratorium facility from June 2020 to August 2020.
6. Figures for the Quarter ended March 31,2020 and March 31, 2019 represent the difference between the audited figures in respect of the full financial years and the published figures upto nine months of the respective financial years.
7.The previous year /period have been regrouped/rearranged wherever found necessary.
8.The above results are also available on Company website www.simplexcastings.com and also on the website of BSE.