Modi Rubber 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. Financial Results for the quarter ended March 31, 2020:
(a) Net profit/[loss) from ordinary activities (after tax): Rs. (134.12) Lacs
(b) Other Comprehensive income/(loss): Rs. (150,71) Lacs
(c) Total Comprehensive Income/(loss) for the quarter (after tax): Rs. (284.63) Lacs
2. The above financial results for the quarter and year ended March 31,2020 have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on June 30th, 2020.
3. The Statutory Auditors have carried out an audit of the above results for the quarter and year ended March 31, 2020 and issued an unmodified opinion on the same.
4. In accordance with IND AS 108 Operating Segment used to present the segment information are identified on the basis of Informal report used by the Company to allocate resource to the segment and assess their performance. The Board of Directors of the Company is collectively Chief Operating Decision Maker (CGDM).The Company is engaged in Renting of immovable property which in the context of Ind AS 108 "Operating Segment" is considered as the only segment, The Company's activities are restricted within India and hence no separate geographical segment disclosure Is considered necessary.
5. Modi Nagar Plant, set-up on the land & shed taken on lease from Modi Export Processors Limited (MEPL) which is under liquidation, could not be repaired/re-started due to seal put In by the Official Liquidator of MEPL. The Company has filed Special Leave Petition before the Division Bench of Allahabad High Court for taking back possession for carrying out industrial activities
6. In compliance of directions issued by Ihe BIFR vide its order dated February 23, 2010, the unimplemented portion of the SS-0S is under implementation by the company and a status report to this effect as at September 30, 2016 was also submitted by the company with BIFR periodically on October 20, 2016. With effect from December 01, 2016, SICA repealed by Government of India vide its Gazette Notification dated November 25, 2016 and all approved schemes will now be governed by National Company Law Tribunal,
7. During the quarter ended March 31, 2020, the Company has not granted any stock options under Employee Stock Option Scheme to its employees.
8. During the quarter ended March 31, 2020 the Company has not allotted any equity Shares. Paid up Capital of the Company as on March 31, 2020 is Rs 2,504.05 lacs consisting of 25,040,532 Equity Shares of the face value of Rs. 10/- each.
9. The basic and diluted earnings per share has been calculated in accordance with the IND AS - 33 "Earnings Per Share".
10. Pursuant to requirement of SEE! (Listing Obligation and Disclosure Requirements) Regulations 2015 as amended and informal guidance issued by SEBI during the year dt 2nd August 2019 with regard to interpretation of Regulation 33(3)(b) on submission of consolidated financial results, the company's quarterly/annually consolidated financial results for the current period also includes share of profit/loss from Joint Ventures and Associates along with its subsidiaries (which were only considered in consolidation of previous period results). To that extent, consolidated figures Of corresponding quarter ended 31st March 2019 and year ended 31st March 2019 is not comparable with the currant year results.
11. Figures (consolidated as well as standalone) for the quarters ended March 31, 2020 and March 31. 2019 represent the difference between audited figures for the twelve months ended March 31, 2020 and March 31 2019 (read together with Note 10) and the published figures for the nine months ended December 31, 2019 and December 31 201B.
12. The company has adopted modified approach as per para C8(b)(ii)of INDAS 116 - Leases to its leases, effective from annual reporting period beginning 1st April 2019. This has resulted in recognizing a right of use assets (an amount equal to lease liability, adjusted by the prepaid lease rent) of R5.17T0S lacs as at 1st April 2019. In the statement of profit and toss for the current period, operating lease expenses has changed from rent to depreciation cost for the right of use assets and finance cost for interest accrued on lease liability.
To this extent, performance for the current period 3lst March, 2020 is not comparable with previous period results. Reconciliation for the above effect on statement of profit and loss for the current period 31st March, 2020 as follows: (For Table, kindly refer Corporate Announcements on www.bseindia.com).
13. The Group has made investments of Rs,2,766.69 lacs and has given loans and advances of Rs 4,01 lacs (inclusive of interest) aggregating to Rs.2,770.70 lacs (hereinafter together referred as "Exposure") In "Vinura Beverage Private Limited" and "Uniglobe Mod Travels Private Limited" which are associate Company and company under same management. The Group's management has made an assessment that considering the long term and strategic nature of investment, impairment in the value of investments due to erosion in the networth of the investee entities is considered temporary and accordingly there is no need to make impairment/provision against the same at this stage.
14. The outbreak of Corona virus (COVID -19} pandemic globally and in India is causing significant disturbance and slowdown of economic activity. A nationwide lockdown was declared by the Government of India ('GOT) with effective from 23 March 2020 and GOl has declared if as an 'Act of God" as result of said pandemic which is still further extended with some relaxation and continuity of essential services, The Company has definitive evaluated Impact of this pandemic on Its business operations and based on its review on liquidity position, recoverability of assets and current indicators of future economic conditions to the extent possible in view of highly uncertain economic environment es on date, there is no adjustment required at this stage.
15. Previous and corresponding quarter figures have been regrouped and rearranged wherever considered necessary to conform to the classification in current quarter.