(₹ in lakhs) 31-Mar-2021 31-Dec-2020 31-Mar-2020 31-Mar-2021 31-Mar-2020 Audited Unaudited Audited Audited Audited Income Revenue from sale of products 63,645.09 64,375.27 68,351.59 241,031.67 249,101.22 Other operating revenue 984.87 1,149.05 2,840.81 6,267.71 9,661.22 a) Total revenue from operations 64,629.96 65,524.32 71,192.40 247,299.38 258,762.44 b) Other income 2,445.51 3,947.06 30,036.24 14,480.71 48,548.45 Total income (a+b) 67,075.47 69,471.38 101,228.64 261,780.09 307,310.89 Expenses a) Cost of materials consumed 29,015.28 30,245.01 28,915.59 108,078.03 107,695.71 b) Purchase of stock-in-trade 581.59 917.26 1,375.70 3,307.97 10,203.44 c) Changes in inventories of finished goods and work-in-progress 3,133.77 (1,939.09) 4,189.37 (1,243.11) 4,455.26 d) Employee benefits expense 2,403.44 2,475.11 2,602.21 9,805.91 9,953.04 e) Finance costs 62.16 92.19 127.95 398.52 519.89 f) Depreciation and amortisation expense 2,146.82 2,237.09 2,625.78 9,097.06 9,551.24 g) Other expenses 17,545.72 18,731.41 18,207.64 67,534.42 69,191.28 Total expenses (a+b+c+d+e+f+g) 54,888.78 52,758.98 58,044.24 196,978.80 211,569.86 3 Profit before tax (1-2) 12,186.69 16,712.40 43,184.40 64,801.29 95,741.03 Tax expense (i) Current tax 3,156.42 4,302.84 4,204.20 18,628.27 14,250.45 (ii) Deferred tax (91.66) (94.58) (2.40) (2,317.16) (1,762.39) Total tax expense (i+ii) 3,064.76 4,208.26 4,201.80 16,311.11 12,488.06 5 Profit for the period (3-4) 9,121.93 12,504.14 38,982.60 48,490.18 83,252.97 Other comprehensive income / (loss): (i) Items that will not be reclassified to statement of profit and loss 135.42 22.14 18.24 201.84 (287.76) (ii) Income tax relating to items that will not be reclassified to statement of profit and loss (34.08) (5.58) - (50.80) - (iii) Items that will be reclassified to statement of profit and loss 286.12 206.33 474.14 (566.88) 647.65 (iv) Income tax relating to items that will be reclassified to statement of profit and loss (72.01) (51.93) (151.03) 142.67 (97.28) 7 Total other comprehensive income / (loss) (net of tax) 315.45 170.96 341.35 (273.17) 262.61 8 Total comprehensive income for the period (5+7) 9,437.38 12,675.10 39,323.95 48,217.01 83,515.58 9 Paid-up equity share capital - face value of ₹ 2 each 1,886.41 1,886.41 1,886.41 1,886.41 1,886.41 10 Other equity 407,555.76 359,338.75 Earnings per equity share (EPS) in ₹ (not annualised) Basic 9.67 13.26 41.33 51.41 88.27 Diluted 9.67 13.26 41.33 51.41 88.27 Notes : (i) (ii) (iii) (iv) (v) (vi) (vii) (viii) 6 The Company has only one reportable primary business segment as per IND AS 108 - "Operating Segments", i.e., Manufacturing of High Chrome Mill Internals. The audited standalone financial results are prepared in accordance with the Indian Accounting Standards 34 "Interim Financial Reporting" as prescribed under Section 133 of the Companies Act, 2013, read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) (Amendment Rules), 2016. The Code on Social Security, 2020 (‘Code’) relating to employee benefits during employment and post-employment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified. The Company will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective. The Company has considered the possible effects that may result from the pandemic relating to COVID-19 in the preparation of these standalone financial statements including the recoverability of carrying amounts of financial and non- financial assets. In developing the assumptions relating to the possible future uncertainties in the global economic conditions because of this pandemic, the Company has, at the date of approval of these standalone financial statements, used internal and external sources of information and expects that the carrying amount of these assets will be recovered. Having reviewed the underlying information, management believes the impact of the pandemic may not be significant. The actual outcome of these assumptions and estimates may vary in future due to the impact of the pandemic. The Canada Border Service Agency (CBSA) had initiated investigations with respect to alleged dumping and subsidizing of certain grinding media from India based on complaint filed by Magotteaux Limitee, located in Magog Quebec. CBSA is carrying out its review of submissions made by the company and the final determination on the matter is expected by July 2021. The applicable rules and regulations enable CBSA to levy an interim duty while the matter continues to be under investigation. Accordingly, CBSA has imposed interim duty of 32.2% duty on certain grades of grinding media exported from India into Canada with effect from 1 May 2021. This duty will be applicable till the final determination is done which as explained above is expected to be concluded by July 2021. The Company had decided to exercise the option permitted under Section 115BAA of the Income Tax Act, 1961 as introduced by the Taxation Laws (Amendment) Ordinance, 2019 from the previous financial year. Accordingly, the provision for income tax and deferred tax balances have been recorded/remeasured using the new tax rate and the resultant impact is recognised during previous financial year. Pursuant to the selection of this option, the Company had reversed deferred tax liabilities amounting to ₹ 2,066.17 lakhs due to reduction in corporate tax rate during the year ended 31 March 2020. 1 Board of Directors recommends Dividend of ₹ 9/- (450%) per Equity Share of ₹ 2/- each amounting to ₹ 8,488.83 lakhs for the year 2020-21. AIA ENGINEERING LIMITED Regd. Office.: 115, GVMM Estate, Odhav Road, Ahmedabad 382 410; CIN: L29259GJ1991PLC015182 Ph. 079-22901078; Fax: 079-22901077; E-mail: [email protected]; Website: www.aiaengineering.com Sr. No. Year ended STATEMENT OF AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31 MARCH 2021 Particulars 4 Quarter ended 2 11 The above audited standalone financial results for the quarter and year ended 31 March 2021 have been reviewed by the Audit Committee and subsequently approved by the Board of Directors in their respective meetings held on 25 May 2021. The statutory auditors have expressed an unmodified opinion.
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f) Depreciation and amortisation expense 2,146.82 2,237.09 2,625.78 9,097.06 9,551.24
g) Other expenses 17,545.72 18,731.41 18,207.64 67,534.42 69,191.28
Total expenses (a+b+c+d+e+f+g) 54,888.78 52,758.98 58,044.24 196,978.80 211,569.86
3 Profit before tax (1-2) 12,186.69 16,712.40 43,184.40 64,801.29 95,741.03
Tax expense
(i) Current tax 3,156.42 4,302.84 4,204.20 18,628.27 14,250.45
(ii) Deferred tax (91.66) (94.58) (2.40) (2,317.16) (1,762.39)
Total tax expense (i+ii) 3,064.76 4,208.26 4,201.80 16,311.11 12,488.06
5 Profit for the period (3-4) 9,121.93 12,504.14 38,982.60 48,490.18 83,252.97
Other comprehensive income / (loss):
(i) Items that will not be reclassified to statement of profit and loss 135.42 22.14 18.24 201.84 (287.76)
(ii) Income tax relating to items that will not be reclassified to statement of
profit and loss
(34.08) (5.58) - (50.80) -
(iii) Items that will be reclassified to statement of profit and loss 286.12 206.33 474.14 (566.88) 647.65
(iv) Income tax relating to items that will be reclassified to statement of profit
and loss
(72.01) (51.93) (151.03) 142.67 (97.28)
7 Total other comprehensive income / (loss) (net of tax) 315.45 170.96 341.35 (273.17) 262.61
8 Total comprehensive income for the period (5+7) 9,437.38 12,675.10 39,323.95 48,217.01 83,515.58
9 Paid-up equity share capital - face value of ₹ 2 each 1,886.41 1,886.41 1,886.41 1,886.41 1,886.41
10 Other equity 407,555.76 359,338.75
Earnings per equity share (EPS) in ₹ (not annualised)
Basic 9.67 13.26 41.33 51.41 88.27
Diluted 9.67 13.26 41.33 51.41 88.27
Notes :
(i)
(ii)
(iii)
(iv)
(v)
(vi)
(vii)
(viii)
6
The Company has only one reportable primary business segment as per IND AS 108 - "Operating Segments", i.e., Manufacturing of High Chrome Mill
Internals.
The audited standalone financial results are prepared in accordance with the Indian Accounting Standards 34 "Interim Financial Reporting" as prescribed
under Section 133 of the Companies Act, 2013, read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian
Accounting Standards) (Amendment Rules), 2016.
The Code on Social Security, 2020 (‘Code’) relating to employee benefits during employment and post-employment benefits received Presidential assent in
September 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified.
The Company will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective.
The Company has considered the possible effects that may result from the pandemic relating to COVID-19 in the preparation of these standalone financial
statements including the recoverability of carrying amounts of financial and non- financial assets. In developing the assumptions relating to the possible
future uncertainties in the global economic conditions because of this pandemic, the Company has, at the date of approval of these standalone financial
statements, used internal and external sources of information and expects that the carrying amount of these assets will be recovered. Having reviewed the
underlying information, management believes the impact of the pandemic may not be significant. The actual outcome of these assumptions and estimates
may vary in future due to the impact of the pandemic.
The Canada Border Service Agency (CBSA) had initiated investigations with respect to alleged dumping and subsidizing of certain grinding media from India
based on complaint filed by Magotteaux Limitee, located in Magog Quebec. CBSA is carrying out its review of submissions made by the company and the
final determination on the matter is expected by July 2021. The applicable rules and regulations enable CBSA to levy an interim duty while the matter
continues to be under investigation. Accordingly, CBSA has imposed interim duty of 32.2% duty on certain grades of grinding media exported from India
into Canada with effect from 1 May 2021. This duty will be applicable till the final determination is done which as explained above is expected to be
concluded by July 2021.
The Company had decided to exercise the option permitted under Section 115BAA of the Income Tax Act, 1961 as introduced by the Taxation Laws
(Amendment) Ordinance, 2019 from the previous financial year. Accordingly, the provision for income tax and deferred tax balances have been
recorded/remeasured using the new tax rate and the resultant impact is recognised during previous financial year. Pursuant to the selection of this option,
the Company had reversed deferred tax liabilities amounting to ₹ 2,066.17 lakhs due to reduction in corporate tax rate during the year ended 31 March
2020.
1
Board of Directors recommends Dividend of ₹ 9/- (450%) per Equity Share of ₹ 2/- each amounting to ₹ 8,488.83 lakhs for the year 2020-21.
Increase in raw material consumption / cost of material consumed 1,279.88 1,319.63 852.08 4,756.60 4,753.16
Decrease in stores, spares and consumable consumption / other expenses1,279.88 1,319.63 852.08 4,756.60 4,753.16
31-Mar-2021 31-Mar-2020
Increase in raw material inventories 1,817.62 2,505.19
1,817.62 2,505.19
By Order of Board of Directors
For AIA Engineering Limited
(Bhadresh K. Shah)
Place: Ahmedabad Managing Director
Date: 25 May 2021 DIN:00058177
Figures for the previous period have been regrouped, reclassified and restated wherever necessary to make them comparable with the current period's
figures.
Year ended
Decrease in stores, spares and consumable inventories
Quarter ended Year ended
Refer Annexure-I for standalone statement of assets and liabilities.
Refer Annexure-II for standalone statement of cash flows.
During the quarter December 2020 the management had reclassified certain items of 'stores, spares and consumables' as 'raw materials’. Accordingly, the
following amounts from the comparative periods have been regrouped/reclassified to make them comparable with current period’s figures.
Figures of the quarter ended 31 March 2021 and 31 March 2020 are the balancing figures between audited figures in respect of the full financial year and
year to date figures up to the third quarter of the relevant financial year. Also the figures up to the end of third quarter had only been reviewed and not
subject to audit.
(₹ in lakhs)
Particulars
As at
31 March 2021
(Audited)
As at
31 March 2020
(Audited)
ASSETS
(I) Non-current assets
(a) Property, plant and equipment 74,501.25 81,521.75
(b) Right of use asset 3,589.76 4,171.45
(c) Capital work-in-progress 16,094.87 3,234.93
(d) Goodwill 460.69 460.69
(e) Other intangible assets 299.66 344.75
(f) Financial assets
(i) Investments 27,213.99 1,578.62
(ii) Trade receivables 250.30 264.77
(iii) Loans 577.00 584.36
(iv) Other financial assets 50.00 -
(g) Other tax assets (net) 2,560.46 2,416.53
(h) Other non-current assets 2,571.31 5,125.41
Total non-current assets 128,169.29 99,703.26
(II) Current assets
(a) Inventories 41,949.88 43,504.09
(b) Financial assets
(i) Investments 52,026.08 141,763.55
(ii) Trade receivables (net) 106,694.70 96,831.22
(iii) Cash and cash equivalents 21,708.67 3,881.10
(iv) Bank balances other than (iii) above 93,080.85 578.63
(v) Loans 151.89 233.03
(vi) Derivatives 313.18 -
(vii) Other financial assets 4,348.94 3,861.47
(c) Other current assets 4,890.07 9,081.90
Total current assets 325,164.26 299,734.99
Total assets 453,333.55 399,438.25
EQUITY AND LIABILITIES
EQUITY
(a) Equity share capital 1,886.41 1,886.41
(b) Other equity 407,555.76 359,338.75
Equity attributable to owners of the Company 409,442.17 361,225.16