Balance Sheet as at 31 March 2021
(All Amounts in ₹ Lakhs, unless otherwise stated) | |||
As at | As at | ||
Particulars | Notes | 31 March | 31 March |
2021 | 2020 |
Assets
- Non-currentassets
(a) | Property, plant and equipment | 5 | 16,314.93 | 19,512.31 |
(b) | Capital work-in-progress | 5A | 117,157.09 | 117,157.09 |
(c ) | Investment in joint venture | 6 | 0.27 | 0.27 |
(d ) | Financial assets |
- Investments
(ii) | Loans | 7 | - | - |
(iii) | Trade receivables | 8 | - | - |
(e) | Other non-current assets | 9 | - | - |
(f ) | Deferred tax assets (net) | 10 | - | - |
Total non-current Assets | 133,472.29 | 136,669.67 | ||
II | Current assets | |||
(a) | Inventories | 11 | - | |
(b) | Financial assets | |||
(i) | Investment | 12 | - | 8.18 |
(ii) | Trade receivables | 13 | - | |
(iii) Cash and cash equivalents | 14 | 159.78 | 197.76 | |
(iv) | Cash and cash equivalents other than above | - | - | |
(v) | Loans | 15 | - | - |
(vi) | Other financial assets | 16 | 17.08 | 14.22 |
(c) | Current Tax Assets | 17 | 44.18 | 43.99 |
(d) | Other current asset | 18 | 1,614.11 | 1,602.65 |
Total current Assets | 1,835.14 | 1,866.80 | ||
Total Assets | 135,307.43 | 138,536.47 | ||
Equity and liabilities | ||||
III | Equity | |||
(a) | Equity Share capital | 19 | 3,507.85 | 3,507.85 |
(b) | Other equity | 20 | (486,882.09) | (483,283.90) |
Total Equity | (483,374.24) | (479,776.05) | ||
Liabilities | ||||
IV | Non-Current liabilities | |||
(a) | Financial liabilities | |||
(i) | Borrowings | 21 | - | - |
Total non-current liabilities | - | - |
- Current liabilities
- Financial liabilities
(i) | Borrowings | 22 | 461,786.17 | 461,439.12 |
(ii) | Trade payable | 23 | ||
(a) Total outstanding dues of small enterprises and | ||||
micro enterprises | 650.18 | 650.18 | ||
(b) Total outstanding dues of creditors other than | ||||
small enterprises and micro enterprises. | 1,865.66 | 1,865.66 | ||
(iii) | Other Financial liabilities | 24 | 152,958.16 | 152,946.66 |
(b) | Other current liabilities | 25 | 478.69 | 469.41 |
(c) | Provisions | 26 | 792.28 | 790.96 |
(d) | Current tax liabilities | 27 | 150.54 | 150.54 |
Total current liabilities | 618,681.67 | 618,312.52 | ||
Total equity and liabilities | 135,307.43 | 138,536.47 | ||
Notes forming part of the financial statements | 1-53 | |||
In terms of our report of even date attached | ||||
For Ray & Co. | For and on behalf of Ramsarup Industries Ltd. | |||
Chartered Accountants | ||||
ICAI Firm Registration No - 313124E | ||||
SUBRATA ROY | KSHITIZ CHHAWCHHARIA | |||
PARTNER | (Authorised Representative of the Monitoring Agency) | |||
Membership No.- 051205 |
Dated: 10 March 2022
Place: KOLKATA
Statement of profit and loss for the year ended 31 March 2021
(All Amounts in ₹ Lakhs, unless otherwise stated) | ||||
For the | For the | |||
period | ||||
Particulars | Notes | period ended | ||
ended 31 | ||||
31 March 2020 | ||||
March 2021 | ||||
Revenue | ||||
I | Revenue from operations | 28 | - | - |
II | Other Income | 29 | 3.99 | 7.84 |
III | Total Income (I+II) | 3.99 | 7.84 | |
IV | Expenses | |||
a) Cost of Materials Consumed | 30 | - | - | |
b) Changes in inventories | 31 | - | - | |
c) Employee benefit expenses | 32 | 17.06 | 17.12 | |
d) Finance cost | 33 | 215.97 | 156.08 | |
e) Depreciation & amortisation expense | 34 | 3,197.38 | 3,326.66 | |
f) Other expenses | 35 | 171.78 | 475.82 | |
Total expenses | 3,602.19 | 3,975.68 |
- Profit before exceptional items and tax(III-IV)
VI | Exceptional items | 36 | - | - |
VII | Profit before tax(V-VI) | (3,598.19) | (3,967.84) | |
VIII | Tax expense | 37 | ||
a) | Current tax | - | - | |
b) | Deferred tax (Tax expenses) | - | - | |
c) | Previous years tax | - | - | |
IX | Profit for the year(VII-VIII) | (3,598.19) | (3,967.84) |
- Other Comprehensive income
- Items that will not be reclassified to profit or
Remeasurement of the net defined benefit | - | - |
liability/asset, net of tax effect | ||
Income tax relating to these items | - | - |
- Items that will be reclassified to profit or loss
Other comprehensive income for the year, net of tax
XI Total comprehensive income for the year XII Earnings per equity share
Basic (INR.)
Diluted (INR)
Notes forming part of the financial statements
In terms of our report of even date attached
For Ray & Co.
Chartered Accountants
ICAI Firm Registration No - 313124E
SUBRATA ROY
PARTNER
Membership No.- 051205
--
(3,598.19) (3,967.84)
(10.26) (11.31)
(10.26) (11.31)
1-53
For and on behalf of Ramsarup Industries Ltd.
KSHITIZ CHHAWCHHARIA
(Authorised Representative of the Monitoring Agency)
Dated: 10 March 2022
Place: KOLKATA
Cash Flow Statement for the year ended 31 March 2021
(All Amounts in ₹ Lakhs, unless otherwise stated)
Particulars
-
CASH FLOW FROM OPERATING ACTIVITIES : Net Profit / (Loss) Before Tax and Extraordinary Items
Adjustments for :
- Depreciation
- Gratuity & Leave Provision
- Interest Income
- Arbitration Award received
- Finance Cost
- Gain on redemption of Investment
- Fair value gain on investment in mutual funds
For the period ended | For the period ended |
31 March 2021 | 31 March 2020 |
(3,598.19) | (3,967.84) |
3,197.38 | 3,326.66 |
- | - |
(2.74) | (5.13) |
- | - |
215.97156.08
(1.42)(2.54)
0.17(0.17)
3,409.353,474.90
Change | (188.84) | (492.94) | ||||
Adjustments for: | ||||||
(a) | (Increase) / Decrease in Inventories | - | - | |||
(b) | (Increase) / Decrease in Trade Receivables | - | - | |||
(c) | (Increase) / Decrease in Loans & other financial as | (2.86) | (5.71) | |||
(e) | (Increase) / Decrease in Other assets | (11.45) | (39.34) | |||
(g) | Increase / (Decrease) | in Trade Payable | - | - | ||
(h) | Increase / (Decrease) | in Other financial liabilities | 11.50 | 167.67 | ||
(i) | Increase / (Decrease) | in Other liabilities | 9.28 | 23.49 | ||
(j) | Increase / (Decrease) | in provision | 1.33 | 1.38 | ||
(i) | Increase / (Decrease) | in Trade payables | - | 7.79 | - | 147.49 |
Cash generated from Operations | (181.05) | (345.45) | ||||
Income Tax Adjustments | (0.19) | (0.51) | ||||
Net Cash Flow From Operating Activities (A) | (181.24) | (345.96) |
- CASH GENERATED FROM INVESTING ACTIVITIES :
(a) | Interest Received | 2.74 | 5.13 |
(b) | Arbitration Award received | - | - |
(c) Purchase / Allotment of Share Investment | - | - | |
(d) Gain on redemption of mutual funds | 1.42 | 2.54 | |
(e) Sale/(Purchase) of Mutual Funds | 8.01 | (8.01) | |
Net Cash Used In Investing Activities (B) | 12.18 | (0.34) | |
C) CASH FLOW FROM FINANCING ACTIVITIES : | |||
(i) | Finance Cost | (215.97) | (156.08) |
(ii) Proceeds from / (repayment of) borrowings | 347.05 | 449.08 | |
Net Cash Generated From Financing Activities (C) | 131.08 | 293.00 | |
Net Decrease In Cash And Cash Equivalents (A+B+C) | (37.98) | (53.31) | |
Cash and Cash equivalents at closing of the year | 159.78 | 197.76 | |
Cash and Cash equivalents at beginning of the year | 197.76 | 251.07 | |
(37.98) | (53.31) | ||
In terms of our report of even date attached | |||
For Ray & Co. | For and on behalf of Ramsarup Industries Ltd. | ||
Chartered Accountants | |||
ICAI Firm Registration No - 313124E | |||
SUBRATA ROY | KSHITIZ CHHAWCHHARIA | ||
PARTNER | (Authorised Representative of the Monitoring Agency) |
Membership No.- 051205
Dated: 10 March 2022
Place: KOLKATA
Statement of Changes in Equity for the year ended 31 March 2021
Equity share capital
(All Amounts in ₹ Lakhs, unless otherwise stated)
Particulars
As at 1st April 2019
Changes during the year
As at 31 March 2020
Changes during the year
As at 31 March 2021
Other equity
Particulars
Balance as at 1 April 2019
Profit for the year
Other comprehensive income for the year
Closing balance as at 31 March 2020
Number of | Amount in |
shares | (Lacs) |
35,078,480.00 | 3,507.85 |
- | - |
35,078,480.00 | 3,507.85 |
- | - |
35,078,480.00 | 3,507.85 |
Capital reserve | General |
reserve | |
38.87 -
- | - |
- | - |
38.87 -
Reserve and Surplus | |||
Securities | Amalgamation | Surplus / (deficit) in | Total |
premium | Reserve | the statement of | |
profit and loss | |||
39,000.32 | 2,636.11 | (520,991.35) | (479,173.02) |
- | - | (3,967.84) | (3,967.84) |
- | - | - | - |
39,000.32 | 2,636.11 | (524,959.19) | (483,140.86) |
Profit for the year
Other comprehensive income for the year
Closing balance as at 31 March 2021
- | - | - | - | (3,598.19) | (3,598.19) |
- | - | - | - | - | - |
38.87 | - | 39,000.32 | 2,636.11 | (528,557.38) | (486,739.05) |
Notes forming part of the financial statements | 1-53 |
In terms of our report of even date attached | |
For Ray & Co. | For and on behalf of Ramsarup Industries Ltd. |
Chartered Accountants | |
ICAI Firm Registration No - 313124E | |
SUBRATA ROY | KSHITIZ CHHAWCHHARIA |
PARTNER | (Authorised Representative of the Monitoring Agency) |
Membership No.- 051205 |
Dated: 10 March 2022
Place: KOLKATA
Notes to standalone financial statements for the year ended March 31, 2021
(All Amounts in INR Lakhs, unless otherwise stated)
1. CORPORATE INFORMATION/OVERVIEW
Ramsarup Industries Limited ("the Company") is a public company domiciled in India. It is incorporated under the Companies Act, 1956 and its shares are listed in National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). The company has been primarily engaged in production and distribution of Iron & Steel, Wire Products, Pig Iron, Sponge Iron, TMT Bar, Galvanised & Black Wires, Power Generation & Turnkey Projects contracts for various infrastructure projects. The company presently has manufacturing facilities at Kalyani, Shyamnagar, Durgapur & Kharagpur all in West Bengal which due to unfavourable financial position is presently not in operations.
The National Company Law Tribunal ('Hon'ble NCLT'), Kolkata Bench, vide its order dated on 8 January 2018 ('Insolvency Commencement Date') has initiated Corporate Insolvency Resolution Process ('CIRP') under section 10 of the Insolvency and Bankruptcy Code, 2016 ('Code'). Mr. Nilesh Sharma IP Registration No. IBBI/IPA-002/IP-N00104/2017-18/10232 was appointed as Interim Resolution Professional ('IRP') to manage affairs of the Company in accordance with the provisions of Code. In the first meeting of Committee of Creditors ('CoC') held on 07 February 2018 and vide Hon'ble NCLT's order dated 02 May 2018, Mr. Kshitiz Chhawchharia IP Registration No. IBBI/IPA-001/IP-P00358/2017-18/10616 was appointed as the Resolution Professional ('RP') of the Company (also termed as 'Corporate Debtor').
The resolution plan for the revival of the Company submitted by the consortium of SS Naturals Private Limited and Shyam SEL Limited (referred to as the 'Resolution Applicant' or 'RA'), was approved by the CoC of the Company on 6 March 2019. Thereafter, the RP filed an application with the Hon'ble NCLT under Section 30(6) and Section 31 of the Code for approval of the resolution plan. Subsequently, on 04 September 2019, the Hon'ble NCLT approved the Resolution Plan ('Approved Resolution Plan') submitted for the revival of Corporate Debtor, binding the Company, its employees, members, creditors, coordinators and other stakeholders involved in the Resolution Plan. Upon approval of the resolution plan by Hon'ble NCLT, the CIR process of the company has ended and accordingly RP has demitted office.
In light of the approval of the Resolution Plan by the Hon'ble NCLT, vide its order dated 04 September 2019, a Monitoring Agency ('MA') has been constituted comprising of 3 lenders, 2 representatives of RA and the erstwhile RP, for managing the operations of the Company and monitoring the implementation of the Approved Resolution Plan by the Resolution Applicant for revival of the Corporate Debtor. Mr. Kshitiz Chhawchharia, the erstwhile RP ('Ex-RP'), was appointed as the Chairman of the MA ('Chairman') in the third meeting of the MA held on 25 September 2019.
Currently, there has been a deadlock between certain lenders and Resolution Applicant on key issues. Thereafter, certain applications are filed before the Hon'ble NCLT and are pending adjudication.
As per section 134 of the Companies Act, 2013, the financial statements of the Company are required to be authenticated by the Chairperson of the Board of Directors, where authorised by the Board or at least two directors, of which one shall be managing director or the CEO (being a director), the CFO and Company Secretary where they are appointed. The Company has not appointed CFO and Company Secretary. These financial statements of the Company for the year ended 31 March 2021 pertains to period post completion of CIRP. Pursuant to the Hon'ble NCLT order for commencement of the CIRP and in line with the provisions of the Code, the powers of the Board of Directors stand suspended and be exercised by IRP / RP. These financial statements for the year ended 31 March 2021 have been prepared with the assistance of the erstwhile management of the Company. In view thereof, the Monitoring Agency has relied upon the assistance provided by the Erstwhile Managing Director in review of the financial results and certifications, representations and statements made by the Company in relation to these financial statements.
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Ramsarup Industries Limited published this content on 11 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 March 2022 07:55:04 UTC.