ILA Wim MueTrA & JONDUSTARINES LID. (Formerly known as Drillco Metal Carbides Ltd.) CIN : L99999MH1974PLC017951 LATINA Regd. Off. : 201, Navkar Plaza, Bajaj Road, Vile Parle (West), Mumbai - 400 056. Tel : 26202299 / 26203434 Email : [email protected]Web : www.latimmetal.com To Date: 28" June, 2021 BSE Limited, P. J. Towers, Dalal Street, Fort Mumbai-400 001 Re : Outcome of the Board Meeting Scrip Code: - 505693 Security Id:- LATIMMETAL Dear Sir/Madam, Th co 1. Th Th Ra Managing Director DIN No. 00691457 ‘or La Tim Metal & Industries Limited Qk. is is to inform that the Board of Directors at its meeting held today i.e. 28" June, 2021, inter alia, has nsidered and approved the following: Pursuant to Regulation 33 of the SEBI (Listing Obligation & Disclosure Requirement) Regulation 2015, approved the Audited Standalone and Consolidated Financial Results of the Company for the quarter and year ended 31st March, 2021 and Auditors' Report thereon issued by the Statutory Auditors (Copy of the Financial Results along with Auditors’ Report and declaration regarding unmodified opinion enclosed herewith). . Recommended a dividend of 5% i.e. Re.0.50 per equity share of Rs. 10/ - each for the financial year ended 31st March, 2021. subject to the approval of members at 45th Annual General Meeting of the Company. . Approved appointment of Mr. Sandeep Ohri (DIN: 06559345) Additional Director (Non-executive & Independent) on the Board of the Company w.e.f 28th June, 2021. He shall hold office as an Independent Director for a period of 5 years subject to approval of the shareholders at ensuing Annual General Meeting. A brief profile of Mr. Sandeep Ohri is enclosed herewith as an Annexure |. . Appointment of M/s. Kothari H. & Associates, Practicing Company Secretary as the Secretarial Auditors of the Company for the F.Y. 2021-2022. (Brief Profile attached Annexure II) . Appointment of M/s. RGSG & CO, Chartered Accountants (FRN: 129606W), as Internal Auditor of the Company for the financial year 2021-22. (Brief Profile attached Annexure II!) e Board Meeting commenced at 12.00 Noon and concluded at 5.00 P.M. anking you. hul M. Timbadia ni)
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ILA Wim MueTrA & JONDUSTARINES LID. (Formerly known as Drillco Metal Carbides Ltd.)
CIN : L99999MH1974PLC017951 LATINA Regd. Off. : 201, Navkar Plaza, Bajaj Road, Vile Parle (West), Mumbai - 400 056.
Tel : 26202299 / 26203434 Email : [email protected] Web : www.latimmetal.com
To Date: 28" June, 2021
BSE Limited,
P. J. Towers,
Dalal Street, Fort
Mumbai-400 001
Re : Outcome of the Board Meeting
Scrip Code: - 505693 Security Id:- LATIMMETAL
Dear Sir/Madam,
Th
co
1.
Th
Th
Ra Managing Director
DIN No. 00691457
‘or La Tim Metal & Industries Limited
Qk.
is is to inform that the Board of Directors at its meeting held today i.e. 28" June, 2021, inter alia, has
nsidered and approved the following:
Pursuant to Regulation 33 of the SEBI (Listing Obligation & Disclosure Requirement) Regulation 2015,
approved the Audited Standalone and Consolidated Financial Results of the Company for the quarter
and year ended 31st March, 2021 and Auditors' Report thereon issued by the Statutory Auditors
(Copy of the Financial Results along with Auditors’ Report and declaration regarding
unmodified opinion enclosed herewith).
. Recommended a dividend of 5% i.e. Re.0.50 per equity share of Rs. 10/ - each for the financial year
ended 31st March, 2021. subject to the approval of members at 45th Annual General Meeting of the
Company.
. Approved appointment of Mr. Sandeep Ohri (DIN: 06559345) Additional Director (Non-executive &
Independent) on the Board of the Company w.e.f 28th June, 2021. He shall hold office as an
Independent Director for a period of 5 years subject to approval of the shareholders at ensuing
Annual General Meeting. A brief profile of Mr. Sandeep Ohri is enclosed herewith as an Annexure |.
. Appointment of M/s. Kothari H. & Associates, Practicing Company Secretary as the Secretarial
Auditors of the Company for the F.Y. 2021-2022. (Brief Profile attached Annexure II)
. Appointment of M/s. RGSG & CO, Chartered Accountants (FRN: 129606W), as Internal Auditor of the
Company for the financial year 2021-22. (Brief Profile attached Annexure II!)
e Board Meeting commenced at 12.00 Noon and concluded at 5.00 P.M.
anking you.
hul M. Timbadia
ni)
Annexure |
SNO Disclosure Requirements Details
Reason for change, viz.
appointment, resignation;-
removal, death-or- otherwise
Appointment of Mr. Sandeep Ohri as an Additional
Director (Non-Executive, Independent Director) of the
Company, subject to approval of the Shareholders at
ensuing AGM
Date of appointment / cessation
(as applicable) & term of appointment
28" June, 2021
Brief profile Mr. Sandeep Ohri is a Certified Independent Director,
Business Strategist and Business Development
professional with a career spanning 30+ years, half of it
in Sales, Marketing & Business Development and the
other half as an Entrepreneur.
He has sold products, services & solutions across many
domains: Enterprise IT, Broadcast Video, Defense,
Homeland Security, Packaging, eSecurity, Internet
Services, Office Equipment, Social Media, Live Events,
Mobile apps and Cold Chain Solutions, and handled
national & international business, running into 100s of
crores of Rupees. Als he ha handled a multitude of
functional roles: Sales, Marketing, Digital Marketing,
Business Development, Operations, Accounts, Finance,
Production & HR. Worked in a variety of organisations:
Family Business, own Start-up, a Private Limited
Company, an IndoFrench Joint-Venture & a listed Public
Company, leading teams from 4 to 400.
Disclosure of relationships
between Directors (in case of
‘appointment of a Director
Mr. Sandeep Ohri, is not related to any of the Promoters,
Members of the Promoter Group and Directors of the
Company and is not debarred from holding the office of
Branch : 204 Sakar Complex, Opp Abs Tower, Old Padra Road, Vadodara : 390015
Emphasis of Matter
We draw attention to Note — 5 of the Statement, which describes the uncertainties the impact of
COVID - 19 pandemic on the Company’s operations and results as assessed by the Management. Our opinion is not modified in respect of this matter.
Management'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 standalone annual financial statements. The Company’s Board of Directors are responsible for the preparation and presentation of these financial results that give a true and fair view of the net profit and other comprehensive income and other financial information in accordance with the recognition and measurement principles 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 Regulations 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 scepticism 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 contro! 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 abllity 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.
Other Matters
The Standalone Financial Results includes the results for the quarter ended March 31, 2021 being
the balancing figure between the audited figures in respect of the full financial year ended March 31, 2021 and the published unaudited figures up to the third quarter of the current financial year, which are subjected to a limited review by us, as required under the Listing Regulations.
For, Dhirubhai Shah & Co LLP
Chartered Accountants
ICAI Firm Regi. Number: 102511W/W100298
Ie po” mv. Ye Anik S Shah
Partner
Membership No: 140594
UDIN: 21140594AAAASL5854
sf oastawwiong9a |=
Place: Ahmedabad
Date: 28" June, 2021
C& U ohivbh Shah & Co LLP CHARTERED ACCOUNTANTS
4th Floor, Aditya Building, Near Sardar Patel Seva Samaj, Mithakhali Six Roads, Ellisbridge, Ahmedabad 380006.
Independent Auditors’ Report on the Quarterly and Year to Date Consolidated Financial Results of
the Company Pursuant to the Regulations 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended
To
The Board of Directors of
La Tim Metal & Industries Limited
Opinion
We have audited the accompanying consolidated financial results of La Tim Metal & Industries
Limited (hereinafter referred to as the “Holding Company”) and its subsidiary (Holding Company and
its subsidiary together referred to as “the Group”) for the quarter and year ended March 31, 2021,
attached herewith, being submitted by the Holding Company pursuant to the requirements 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 and
based on the consideration of the reports of the on separate audited financial statements / financial
results / financial information of the subsidiary, the aforesaid consolidated financial results:
(i) include the annual financial results of the following entity:
List of Subsidiary
- La Tim Sourcing (India) Pvt. Ltd.
(ii) are presented in accordance with the requirements of the Listing Regulations in this regard; and
(iii) gives a true and fair view in conformity with the applicable Indian accounting standards, and
other accounting principles generally accepted in India, of the consolidated net profit, other
comprehensive income and other financial information of the Group for the quarter and year ended
March 31, 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, as amended (“the Act”). Our responsibilities under those
Standards are further described in the “Auditors’ Responsibilities for the Audit of the Consolidated
Financial Results” section of our report. We are independent of the Group, 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 statements under the provisions of the
Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other = SRS
responsibilities in accordance with these requirements and the Code of Ethics. We believe that
Branch : 204 Sakar Complex, Opp Abs Tower, Old Padra Road, Vadodara : 390015 Op x :
AC
audit evidence obtained by us and other auditors in terms of their reports referred to in “Other Matters” paragraph below, is sufficient and appropriate to provide a basis for our opinion.
Emphasis of Matter
We draw attention to Note - 5 of the Statement, which describes the uncertainties and the impact of COVID - 19 pandemic on the Company’s / Group’s operations and results as assessed by the management. Our opinion is not modified in respect of this matter.
Responsibilities of the Management and those charged with Governance for the Consolidated
Financial Results
These Consolidated financial results have been prepared on the basis of the consolidated annual financial statements. The Holding Company’s Board of Directors are responsible for the preparation and presentation of these consolidated financial results that give a true and fair view of the net profit, other comprehensive income and other financial information of the Group in accordance with the Indian Accounting Standards 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 the Listing Regulations. The respective Board of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group 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 the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated financial results by the Directors of the Holding Company, as aforesaid.
In preparing the consolidated financial results, the respective Board of Directors of the companies included in the Group are responsible for assessing the ability of the Group to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the Group or
to cease operations, or has no realistic alternative but to do so.
The respective Board of Directors of the companies included in the Group are responsible for
overseeing the financial reporting process of the Group.
Auditor’s Responsibilities for the Audit of the Consolidated Financial Results
Our objectives are to obtain reasonable assurance about whether the consolidated 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 consolidated financial results.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain
professional scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the consolidated 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 ability of the
Group 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 consolidated 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 Group to cease to continue asa
going concern.
Evaluate the overall presentation, structure and content of the consolidated financial
results, including the disclosures, and whether the consolidated financial results represent
the underlying transactions and events in a manner that achieves fair presentation.
information of the entities within the Group to express an opinion on the consolidated
Financial Results. We are responsible for the direction, supervision and performance of the
audit of financial information of such entities included in the consolidated financial results
of which we are the independent auditors. For the other entity included in the consolidated
financial results, if any, which have been audited by other auditor, such other auditor
remains responsible for the direction, supervision and performance of the audit carried out
by them. We remain solely responsible for our audit opinion.
We communicate with those charged with governance of the Holding Company and such other entity included in the consolidated financial results of which we are the independent auditors 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.
We also performed procedures in accordance with SEBI Circular CIR/CFD/CMD1/44/2019 dated 29th
March, 2019, issued by the SEB] under Regulation 33 (8) of the Listing Regulations, to the extent
applicable.
Other Matters
1. The Consolidated Financial Results includes the results for the quarter ended March 31,
2021 being the balancing figure between the audited figures in respect of the full financial
year ended March 31, 2021 and the published unaudited year-to-date figures up to the third
quarter of the current financial year, which are subjected to a limited review by us, as
required under the Listing Regulations.
For, Dhirubhai Shah & Co LLP
Chartered Accountants
ICAI Firm Regi. Number: 102511W/W100298
im son . ua Anik S Shah se HHO
Partner ~ .
Membership No: 140594 al eee
UDIN: 21140594AAAASM4007
Place: Ahmedabad
Date: 28* June, 2021
LA Tim MueTAL & JINDUSTRIES JLTD. (Formerly known as Drillco Metal Carbides Ltd.)