SUNDARAM BRAKE LININGS LIMITED
Audited Financial Results - 31.03.2017
Investor Information
AUDITED FINANCIAL RESULTS FOR THE FINANCIAL YEAR ENDED 31st MARCH 2017
Rs. lacs
  Particulars For the Quarter / three months ended For the Year ended
31.03.2017 31.12.2016 31.03.2016 31.03.2017 31.03.2016
(UnAudited) (Audited)
             
1 Income from Operations          
  (a)  Gross Sales /  Income from operations (Inclusive of Excise Duty) 5,902.08 5,350.99 6,231.03 24,243.21 24,280.86
  (b) Other Operating Income 79.61 65.83 1.17 277.81 137.84
  Total Income from operations 5,981.69 5,416.82 6,232.20 24,521.02 24,418.70
2 Expenditure          
  (a) Cost of materials consumed 2,496.76 2,495.85 2,805.09 10,897.25 10,550.77
  (b) Excise Duty 464.89 390.67 464.90 1,761.13 1,666.68
  (c) Purchases of stock-in-trade  -  -  -  -  -
  (d) Changes in inventories of finished goods and work-in-progress 15.09 -326.73 200.49 -579.73 405.50
  (e) Employee benefits expense 1,032.45 1,077.25 862.82 4,466.94 4,177.62
  (f) Depreciation and amortisation expense 108.92 146.69 21.86 541.25 554.39
  (g) Other expenses 1,733.83 1,637.89 1,686.75 7,015.75 6,951.10
  Total Expenses ( a ... g ) 5,851.94 5,421.62 6,041.91 24,102.59 24,306.06
3 Profit/ (Loss) from Operations before Other Income, finance cost and Exceptional items (1-2) 129.75 -4.80 190.29 418.43 112.64
4 Other Income 4.14 67.14 109.20 131.32 208.13
5 Profit / (Loss) from ordinary activities before finance costs & Exceptional items (3+4) 133.89 62.34 299.49 549.75 320.77
6 Finance costs 56.34 67.34 33.77 252.59 290.12
7 Profit / (Loss) from ordinary activities after finance costs but before Exceptional items (5-6) 77.55 -5.00 265.72 297.16 30.65
8 Exceptional item:           
  Ex-gratia to employees under Voluntary Retirement Scheme 57.75             57.75 0.00              154.00 -  
9 Profit / (Loss) from Ordinary Activities Before Tax (7 - 8) 19.80 -62.75 265.72 143.16 30.65
             
10 Tax expense          
  - Current Tax  -  - -  -  -
  - Previous Year's Tax  -  - -  -  -
  - Deferred Tax -82.97 17.29 17.81  (32.67) 71.60
             
11 Net Profit/ (Loss) from Ordinary Activities After Tax (9 - 10)            102.77          (80.04)              247.91              175.83           (40.95)
12 Extraordinary Items (net)  (net of tax expense)                   -                    -                       -    -  -
13 Net Profit / (Loss) for the period (11 - 12)            102.77          (80.04)              247.91              175.83           (40.95)
14 Other Comprehensive Income (net of tax) -14.04 14.41 0.69             (23.56)             (0.08)
15 Total Comprehensive Income (13+14)              88.73          (65.63)              248.60              152.27           (41.03)
16 Paid up Equity Share Capital-Face Value-Rs.10/- each            393.46           393.46              393.46              393.46            393.46
17 Reserves excluding Revaluation Reserve as per balance sheet of accounting year                 6,703.16         6,550.89
18 Earnings Per Share  (EPS) - in Rs.          
  a) Basic and diluted EPS before Extraordinary items (not annualised) - in Rs. 2.61 (2.03) 6.30 4.47 (1.04)
  b) Basic and diluted EPS after Extraordinary items (not annualised) - in Rs. 2.61 (2.03) 6.30   4.47 (1.04)
Notes :   
1 Statement of Assets and Liabilities as at 31st March 2017: Rs. in lacs
         
  Particulars As at 31.03.2017 As at 31.03.2016 As at 01.04.2015
    (Audited) (Audited) (Audited)
A ASSETS            
1 Non-current Assets            
  (a) Property, Plant and Equipment 7,063.58   7,402.28   7,742.25  
  (b) Capital work-in-progress  -    -    -  
  (c) Investment Property 37.66   37.95   38.23  
  (d) Other intangible Assets  -    -    -  
  (e) Intangible assets under development  -    -    -  
      7,101.24   7,440.23   7,780.48
               
  (f) Financial Assets            
                      i. Investments 2.48   2.11   1.71  
                      ii. Long-term Loans & Advances 357.03   430.12   436.14  
  (e) Deferred Tax Assets (Net)  -    -    -  
  (f) Other Non-Current Assets 293.58   290.23   293.71  
      653.09   722.46   731.56
  Sub-total - Non-current Assets   7,754.33   8,162.69   8,512.04
2 Current Assets            
  (a) Inventories 2,978.40   2,555.79   2,876.54  
  (b) Financial Assets            
                 i. Trade Receivables 4,384.00   5,321.86   5,403.13  
                 ii. Cash and cash equivalents 402.21   436.96   343.45  
                iii. Short-term loans and advances 500.99   682.56   542.00  
  (c) Other Current Assets  -    -    -  
  Sub-total - Current Assets   8,265.60   8,997.17   9,165.12
  TOTAL - ASSETS   16,019.92   17,159.86   17,677.16
B EQUITY AND LIABILITIES            
               
1 Equity            
  (a) Equity Share Capital 393.46   393.46   393.46  
  (b) Other Equity 6,703.16   6,550.89   6,591.80  
  Sub-total - Shareholders' funds   7,096.62   6,944.35   6,985.26
  LIABILITIES            
2 Non-current liabilities            
  (a) Financial Liabilities            
                 i. Borrowings 0.00   285.00   764.15  
  (b) Provisions 107.17   122.20   72.87  
  (c) Deferred Tax Liabilities (Net) 1,240.87   1,269.62   1,198.02  
  Sub-total - Non-current liabilities   1,348.04   1,676.82   2,035.04
3 Current liabilities            
  (a) Financial Liabilities            
                    i. Short-term borrowings 3,017.02   4,018.85   3,764.88  
                    ii. Trade payables 3,437.03   3,583.53   3,386.51  
  (b) Other current liabilities 316.01   492.69   617.06  
  (c) Short-term provisions 805.20   443.62   888.41  
  Sub-total - Current liabilities   7,575.26   8,538.69   8,656.86
  TOTAL - EQUITY AND LIABILITIES   16,019.92   17,159.86   17,677.16

 

2

 

The Ministry of Corporate Affairs (MCA) vide Notification dated 16th February, 2015, notified the Companies (Indian Accounting Standards) Rules 2015, (hereinafter referred as Ind-AS). As a standalone entity, Ind-AS would be applicable to the Company w.e.f. 1st April 2017. However the Company being an associate of T V Sundram Iyengar & Sons Limited, who have adopted Ind-AS with effect from 1st April, 2016, the Company was required to present Ind-AS compliant reporting with effect from 1st April 2016. Hence the Company has adopted Ind-AS from the Financial Year 2016-17.
3 The operations of the Company relate only to one segment viz., friction materials. 
4 Voluntary Retirement Scheme (VRS) for Workmen was announced in July 2016 under which 26 workmen opted for the same. The total Compensation for VRS of Rs. 154 lacs has been shown as an Exceptional Item for the Year ended 31st Mar. 2017.
5 The above audited financial results were reviewed and recommended by the audit committee and approved by the Board of Directors at its meeting held on 29th May, 2017. The limited review of  the financial results for the quarters ended 30th June 2016, 30th  September 2016 and 31st December 2016 were carried out by the Statutory Auditors of the company.
6 The Company has adopted the Indian Accounting Standards (Ind AS) from 1st April 2016 and these financial results have been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) prescribed under Section 133 of the Companies Act, 2013 and other  accounting principles generally accepted in India.
7 The format of quarterly results as prescribed by SEBI's Circular CIR/CFD/CMD/15/2015 dated 30th November 2015 has been modified to comply with the requirements of SEBI Circulars dated 5th July 2016, 20th September 2016 and Ind AS and Schedule III to the Companies Act, 2013.
8 In terms of SEBI Circular CIR/CFD/CMD/56/2016 dated 27th May 2016, the company hereby declares that the Auditors have issued Audit Reports for Ind AS Financial results with unmodified opinion for the year ended 31st March 2017.
9 The Reconcilation of the Net Profit reported under Indian GAAP for the quarter ended and Year Ended 31st March 2016 with Ind AS is given below:
(Amount in Rs. Lakhs)
Description Quarter Ended 31st March 2016  Year Ended 31st  March 2016
Net Profit/(loss) as per Indian GAAP 265.78 30.30
Deferred Tax due to change from Income Method to WDV method  (17.93)  (71.72)
Add: Actuarial loss on Employee Defined Benefit (Leave Encashment) recognised in "Other Comprehensive Income" 7.03 28.23
Less: Actuarial Gain on Employee Defined Benefit (Gratuity) recognised in "Other Comprehensive Income"  (7.00)  (27.88)
Net Deferred tax Asset on the Remeasurement of Employee Defined Benfit plans 0.03 0.12
Add: Other Income (Interest Income on Financial Assets Remeasurement) 0.36 1.38
Less: Employee Benefit Expenses  (0.36)  (1.38)
Profit as per IND AS 247.91  (40.95)
Other Comprehensive Income
Decrease in Value of Unquoted Investments  0.75 0.41
Acturial  Gain/ (Loss) on Employee Defined Benefits (Gratuity & Leave Encashments) - Net of Deferred Tax  (0.06)  (0.49)
Total Other Comprehensive Income 0.69  (0.08)
Total Comprehensive Income 248.60  (41.03)
10 Other Comprehensive Income mainly comprise of the impact on movement in fair value of Non-Current Investments in Equity, Remeasurement of Defined Plan Benefits
11 The figures for the last quarter are the balancing figures between the audited figures in respect of the full financial year and the published year to date figures upto the third quarter of the respective financial years ended 31.03.2017 / 31.03.2016. 
12 Prior period figures have been regrouped wherever necessary to conform to current period classification.
On behalf of the Board
For SUNDARAM BRAKE LININGS LIMITED
Chennai KRISHNA MAHESH
29th May, 2017 MANAGING DIRECTOR
Visit our website :   www.tvsbrakelinings.com

 

 

On behalf of the Board
For SUNDARAM BRAKE LININGS LIMITED
Chennai
29th May 2017
KRISHNA MAHESH
MANAGING DIRECTOR
Visit our website: www.tvsbrakelinings.com