Ramsarup Industries : Financial Result Updates

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

1. 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

1. 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

1. 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	-	-

1. 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

1. CASH FLOW FROM OPERATING ACTIVITIES : Net Profit / (Loss) Before Tax and Extraordinary Items
   Adjustments for :

1. Depreciation
2. Gratuity & Leave Provision
3. Interest Income
4. Arbitration Award received
5. Finance Cost

1. Gain on redemption of Investment

1. 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)

1. 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.