Simplex Castings Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2021
Auditor and Management Disclosures and Notes for the annual results dated 31 Mar 2021
Notes:
1. The Financial Results of the company for the quarter and year ended 31st March,2021 have been reviewed by the Audit Committee at their respective meetings held on 19th June,2021 and approved by the Board of Directors at their respective meetings held on 19th June, 2021.
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. The Company has assessed the possible impact of COVID-19 on its financial statements based on the internal and external information available up to the date of approval of these financial results and concluded at no adjustment is required in these results. The Company continues to monitor the future economic conditions.
4. During the year, company has exercised a drive of scrap collection at the units, wherein various scrap items lying in the plant premises were collected, sorted & measured in accordance with net realizable of such items and accordingly scrap amounting to Rs. 260 lakhs is recorded in books of accounts and classified as exceptional item in the financials for the quarter ended 31st December 2020 and year ended 31st March,2021.
5. Figures for the Quarter ended March 31,2021 and March 31, 2020 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.
6. The previous year /period have been regrouped/rearranged wherever found necessary.
7. The above results are also available on Company website www.simplexcastings.com and also on the website of BSE.
Statement on Impact of Audit Qualifications (for audit report with modified opinion) submitted along with Annual Audited Financial Results - (Standalone )
Statement on Impact of Audit Qualifications for the Financial Year ended March 31 2021
(See Regulation 33/52 of the SEBI (LODR) (Amendment) Regulations, 2016)
(Amount in Rs. Lakhs)
Particulars Audited Figures (as reported before adjusting for qualifications) Adjusted Figures (audited figures after adjusting for qualifications)
Total Income 8281.58 8281.58
Total Expenditure 8394.91 8394.91
Exceptional and Extraordinary items (Net) 260.00 260.00
Net Profit/(Loss) before tax 146.67 146.67
Earnings Per Share 1.65 1.65
Total Assets 17260.15 17260.15
Total Liabilities 8697.45 8697.45
Net Worth 4549.83 4549.83
Any other financial item(s) (as felt appropriate by the management) - -
The qualified opinion of the statutory auditor and management reply thereto was as under: -
SL No Auditors Qualification Management ‘s Reply
1. During the year ended 31 March 2021, the Company has multiple operating segments that are having more than 10% of the total revenue from operations, accordingly the segment reporting under Indian Accounting Standard Ind AS 108 - 'Operating Segments' is applicable to the Company. The company has not adequately disclosed segment wise financial information as required by Ind AS 108 'Operating Segments'. In the opinion of the Management , the Segment Reporting is not applicable as the Company has operational revenue from the same line of business though the Company has two separate units located at Bhilai and Tedesara.
2. In absence of any material evidencing such scrap generation pertains to current year, it is opined that such scrap pertains to prior years. Had such scrap generation been appropriately accounted for in accordance with Ind AS 8, the Exceptional items in the statement of profit and loss for the year ended March 2021 would have decreased by Rs. 260.00 lacs.
During the quarter, as a regular course of annual exercise the company has exercised a drive of scrap collection at the units, wherein various scrap items lying in the plant premises were collected, sorted & measured in accordance with net realizable of such items and accordingly scrap amounting to Rs. 260 lakhs is recorded in books of accounts and classified as exceptional item in the financials for the quarter ended 31st December 2020.
The Emphasis of matter in the Standalone Annual Audited Financial Statement and management reply thereto was as under: -
SL No Auditors' emphasis on matters Management's Reply
1. Company describes the continuing uncertainties arising from the COVID-19 pandemic. Our conclusion on the statement is not modified in respect to this matter.
The Company has assessed the possible impact of COVID-19 on its financial statements based on the internal and external information available up to the date of approval of these financial results and concluded at no adjustment is required in these results. The Company continues to monitor the future economic conditions.