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Quarterly Financial Results     |     Balance Sheet
 

STATEMENT OF STANDALONE AND CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER/YEAR ENDED 31ST MARCH, 2018

(Rs. In Lacs except earning per share data)
Particulars STANDALONE CONSOLIDATED
Ind AS Quarter ended Ind AS year ended Ind AS year ended
31.03.2018 31.12.2017 31.03.2017 31.03.2018 31.03.2017 31.03.2018 31.03.2017
Audited Audited Audited Audited Audited Audited Audited
1. Income :
a) Revenue from operations (Including Excise Duty) 15,094.49 13,402.65 13,010.38 56,369.90 58,911.34 64,971.92 66,650.34
b) Other Income 357.92 374.60 165.46 1,251.67 672.00 1,571.33 1,068.73
Total Income from Operations 15,452.41 13,777.25 13,175.84 57,621.57 59,583.34 66,543.25 67,719.07
2. Expenses:
a) Cost of materials consumed 7,888.00 7,900.91 6,657.59 29,920.65 30,845.20 30,146.27 31,338.25
b)Purchase of stock-in-trade 733.43 394.34 757.22 2,713.30 3,992.70 9,113.48 9,339.80
c)Changes in inventoris of finished goods, work-in- -progress and stock-in-trade 462.87 (640.45) 382.88 1,397.50 153.38 321.13 485.75
d) Excise Duty - - - 64.35 367.54 64.35 367.54
e)Employee benefits expenses 1,074.96 1,187.89 1,085.18 4,262.70 4,164.77 5,630.15 5,534.02
f) Finance Cost

432.86

 426.92 345.08 1,800.11 1,829.95 2,011.88 2,065.84
g) Depreciation and amortisation expense 388.39 367.74 377.30 1,469.57 1,468.64 1,556.24 1,552.86
h) Power and Fuel 403.85 369.79 281.96 1,558.53 1,436.64 1,611.07 1,476.02
i) Other expenses 3,221.71 3,178.65 3,199.15 12,480.92 13,384.93 13,602.76 13,989.32
Total Expenses 14,606.07 13,185.79 13,086.36 55,667.63 57,643.75 64,057.33 66,149.40
3. Profit before exceptional items and tax ( 1-2 ) 846.34 591.46 89.48 1,953.94 1,939.59 2,485.92 1,569.67
4. Exceptional Items - - - - - - -
5. Profit Before Tax (3-4) 846.34 591.46 89.48 1,953.94 1,939.59 2,485.92 1,569.67
6. Tax Expenses:              
a) Current Tax 262.29 193.60 (71.69) 582.39 577.31 644.41 573.92
b) Deferred Tax (35.82) 64.08 10.34 82.10 60.70 78.36 158.54
7. Net Profit After Tax ( 5-6 ) 619.87 333.78 150.83 1,289.45 1,301.58 1,763.15 837.21
8. Other Comprehensive Income:              
a) Items that will not be re-classified to the Statement of Profit & Loss              
i) Re-measurements of defined employees benefit plans (51.38) 3.66 (16.66) 13.60 (18.12) 13.60 (18.12)
ii) Deferred tax related on items that will not reclassified to profit or loss 18.35 (1.68) (6.79) (4.71) (6.27) (4.71) (6.27)
b) Items that will be re-classified to the Statement of Profit & Loss - - - - - - -
Total Other Comprehensive Income (33.03) 1.98 (23.45) 8.89 (11.85) 8.89 (11.85)
9.Total comprehensive income for the period ( 7+8 ) 586.84 335.76 127.38 1,298.34 1,289.73 1,772.04 825.36
10. Paid-up equity share capital (face value of Rs. 10/-each) 1,141.98 1,141.98 1,141.98 1,141.98 1,141.98 1,141.98 1,141.98
Earning per equity share of Rs. 10/- each (Not annualised)              
a) Basic 5.32 3.05 1.16 11.78 11.70 16.07 7.49
b) Diluted 5.32 3.05 1.16 11.78 11.70 16.07 7.49
               
               
Segment wise Revenue, Results, Assets and Liabilities for the Quarter/year ended on 31st March, 2018
Particulars STANDALONE CONSOLIDATED
Ind AS Quarter ended Ind AS year ended Ind AS year ended
31.03.2018 31.12.2017 31.03.2017 31.03.2018 31.03.2017 31.03.2018 31.03.2017
Audited Audited Audited Audited Audited Audited Audited
1.Segment Revenue
a) Leather & Leather Products 12,980.69 10,839.28 10,328.95 47,394.28 48,955.82 56,315.96 57,091.55
b) Textile Products 2,471.72 2,937.97 2,846.89 10,227.29 10,627.52 10,227.29 10,627.52
Total Segment Revenue 15,452.41 13,777.25 13,175.84 57,621.57 59,583.34 66,543.25 67,719.07
Less: Inter segment revenue - - - - - - -
Income from Operations 15,452.41 13,777.25 13,175.84 57,621.57 59,583.34 66,543.25 67,719.07
2.Segment Results              
(Profit before finance cost and tax)              
a) Leather & Leather Products 1,204.06 954.16 644.41 3,566.94 3,437.62 4,310.69 3,303.59
b) Textile Products 75.14 64.22 (209.85) 187.11 331.92 187.11 331.92
Total Profit before finance cost and tax 1,279.20 1,018.38 434.56 3,754.05 3,769.54 4,497.80 3,635.51
Less: Finance Cost 432.86 426.92 345.08 1,800.11 1,829.95 2,011.88 2,065.84
Profit Before Tax 846.34 591.46 89.48 1,953.94 1,939.59 2,485.92 1,569.67

3. Segment Assets

              
a) Leather & Leather Products 52,044.67 50,969.33 49,067.40 52,044.67 49,067.40 60,794.18 56,219.00
b) Textile Products 10,200.44 10,462.05 9,822.36 10,200.44 9,822.36 10,200.44 9,822.36
Total 62,245.11 61,431.38 58,889.76 62,245.11 58,889.76 70,994.62 66,041.36
4. Segment Liabilities              

a) Leather & Leather Products

 28,030.65 27,534.44 26,706.44 28,030.65 26,706.44 33,775.15 31,261.51

b) Textile Products

 7,144.63 7,343.14 6,433.94 7,144.63 6,433.94 7,144.63 6,433.94
Total 35,175.28 34,877.58 33,140.38 35,175.28 33,140.38 40,919.78 37,695.45

5.Capital Employed

              

a) Leather & Leather Products

 24,014.02 23,434.89 22,360.96 24,014.02 22,360.96 27,019.03 24,957.49

b) Textile Products

 3,055.81 3,118.91 3,388.42 3,055.81 3,388.42 3,055.81 3,388.42

Total

 27,069.83 26,553.80 25,749.38 27,069.83 25,749.38 30,074.84 28,345.91

 
NOTES:-
 
1.The above financial results were reviewed by the Audit Committee and were taken on record and approved by the Board of Directors in their meeting held on 13th June 2018.
 
2.The Company adopted the Indian Accounting Standard (Ind AS) effective from 01st April 2017 (transaction date 1st April 2016) and accordingly, the financial results for year ended 31st March, 2017 have been re-stated to be Ind AS compliance and have not been subjected to audit. However the management has exercised necessary due diligence to ensure that Financial Results provide true and fair view of the Company's affairs.
 
3.The Boar of Director have recommended Dividend @ 10% on the equity Share Capital for the financial year ended 31st March, 2018.
 
4. The figures of three months ended on March 31, 2018 are the balancing figures between the Audited figures in respect of full financial year and the published year to date figures upto nine months period ended December 31, 2017of the relevant financial year.
 
5. After implementation of the Goods & Service Tax (GST) with effect from 1st July 2017, Revenue from operations is required to be disclosed Net of GST in accordance with the requirements of Ind AS. Accordingly, the revenue from operations for the quarter ended and year ended 31st March 2018 are not comparable with corresponding previous quarter/year presented in the financial results which are reported inclusive of excise duty.
 
6. Reconciliation of Net Profit for the quarter ended and year ended 31st March, 2017 as reported earlier in accordance with, previous Indian GAAP and now being reported in accordance with Ind AS is as Under:-
  (Rs. in Lacs)
Particulars Standalone Consolidated
 

Quarter ended

31.03.2017

Year ended

31.03.2017

Year ended

31.03.2017
Net Profit as per previous Indian GAAP

150.82

1,300.48

 836.09
Add/(Less):-      
i) Reclassification of acturial loss and its related tax 19.58 18.12 18.12
ii) Reclassification of Govt. Grant - IDLS & EPCG (Net) (4.95) 17.58 17.58
iii) Recalculation of Depreciation as a result of subsidy received (9.45) (30.85) (30.84)
iv) Expected Credit Loss Provision (2.70) 2.46 2.46
v) Fair Value of Investment FVTPL - 0.06 0.07
v) Deferred tax created on Ind AS adjustments (2.47) (6.27) (6.27)
Net Profit as per Ind AS 150.83 1,301.58 837.21
 
7.There is no change in Equity Share Capital i.e. Paid up Share Capital. Reconciliation of Other Equity as at 31st March, 2017 as reported earlier in accordance with, previous Indian GAAP and now being reported in accordance with Ind AS is as under:-.
 
  (Rs. in Lacs)
Particulars Standalone Consolidated
Reported earlier under previous Indian GAAP

24,632.84

 27,229.36
Add/(Less):-    
a) Reclassification of Govt. Grant - IDLS & EPCG (Net) 17.58 17.58
b) Recalculation of Depreciation as a result of subsidy received (30.85) (30.85)
c) Expected Credit Loss Provision (12.23) (12.23)
d) Fair Value of Investment (FVTPL) 0.06 0.07
Net Profit as per Ind AS 24,607.40 27,203.93
8. Figures of the previous period have been regrouped and rearranged wherever necessary to correspond with current period's classification/disclosure.
  For and on behalf of the BOARD     
 
Date: 13.06.2018
Place - Unnao		 Zafarul Amin                    
(Joint Managing Director)          
DIN - 15533                     
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