Ramsarup Industries : Financial Result Updates

Phone [phone] N,lob b : a6977 35000 / 86977 35002

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E mal caskroy@gma lcom casoumiroy@gmailcom

Shakespeare Coua(

214, Shakespeare Sarani. Flat 8C, 8th Floor Kolkata,7o0 017

Our Reference

Date

Date: 18rh April, 2022

Limited Review Report to

The MonitorinS Agency, Ramsarup lndustries Limited Kolkata

1. We have reviewed the accompanying statement of unaudited financial results of Ramsarup lndustries Limited ('the Company') for the quarter and three months ended 3oth lune 2021 ('the Statement'), being submitted by the Company pursuant to the requirements of Regulation 33 ofthe SEBI (Listing Obligations and Disclosure Requirements Regulations, 2015) ('SEBI Regulations') as modified by SEBI Circular No. CIR/CFD/FAC/62I2016 dated o5th luly 2076.

The preparation of the Statement in accordance with the recognition and measurement principals laid down in lndian Accounting Standards (lnd AS) 34 "lnterim Financial ReportinS" prescribed under Section 133 ofthe Companies Act, 2013 read with Rule 3 ofthe companies (lndian Accounting standards) Rules, 2015 read with SEBl Circular No. ClRlcFD/FAC/62/2076 dated 05th July 2016, including the creation and maintenance of all accounting and other records supporting its contents is the responsibility of the Company's Management and have been reviewed by the erstwhile Board of Directors along as well as the present Company Personnel and provided to the Resolution Professional. The Company's Management had been responsible for the desiSning, implementing and maintaining internal control relevant to the preparation and presentation of the Statement, and applying an appropriate basis of preparation; and making estimates that are reasonable in the circumstances and has been approved by the present company personnel. Our responsibility is to issue a report on these financial statements based on our review.

We conducted our review in accordance with the Standard on Review Engagement (SRE) 2410, "Review of lnterim Financial lnformation Performed by the lndependent Auditor of the Entity" issued by the lnstitute of Chartered Accountants of lndia. This standard requires that we plan and perform the review, to obtain moderate assurance as to whether the financial statements are free of material misstatement. A review is limited primarily to inquiries of company personnel and analwical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.

4. We draw attention to the following points:

i) The Compqny hos incurred loss of Rs. 8.78 crorcs lor the thrce months ended on 31th June 2027 and negqtive net wotth omounting to Rs.4,842.37 crotes os on 3oth June 2027.Thus, it indicotes o mqteridl uncertointy existsthot moy cqst significdnt doubt on the compqny's qbility to continue os o Going Concern. HoweveL the corporote lnsolvency Resolution Process (CIRP) of the compony commenced on Jqnuory 08, 2018 vide order of the Hon'ble Notionol Compony Low fribunol (NCLT), Kolkqto Bench ond Mr. Nilesh Shqmo wos oppointed os the interim rcsolution prcfessional of the compony. ThereqfteL Mr. Kshitiz Chhawchhario vide Hon'ble NCLT', order dqted 02.05.2078 was oppointed qs

l4umbai Oflice : 403 Yashodham. A17 Sanlrt, Guregaon East Mumbai-400 063 . lrlobile 93

Ranchi Office : 102. Paras Apartment 1st F oor. Kutchery Road. Ranchi 834001 . Mob e

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Resolution Professionol (RP), The rcsolution plon fot the revivolofthe Compony subnitted by the consottium oI ss Noturols Ptivote Limited ond Shyom SEL Limited (rcferred to ds the Resolution Applicont or RA), wos opprcved by the Committee of Crcditots ol the Compony of O6th Motch 2019. Thereofter, the RP Jiled on oppticotion with the Hon'ble NCLT u/s 30(6) qnd section j7 ol the code for opprovot of the resolution plon' Subsequently, om 04th September 2079, the Hon'ble NCLT opproved the Resolution Plon (opproved Resolution PIon) submitted fot the rcvivol ol the compony, binding the compony, its employees' members, creditirs, coordinators ond other stokeholders involved in the Resolution Plon' Upon opprovol of the Resolution Plon by the Hon'bte NCLT, the corporqte insolvency nesotuiion proceis ol the compony hos ended ond occordingly RP hos demitted olfice' Thereofter, o Monitoting Agency (MA) hss been constituted comprising of three lenders' two rcpresentotives of successlul RA ond erstwhite RP,fot monoging the operotions of the Compony ond monitoring the implementotion of the Approved Resolution Plon by the Resolution Applicont for revivol ol the Compony. Mr. Kshitiz Chhowchhorio, the erstwhile RP, wos dppointed qs the choirmqn of the MA (Chqirmon) in the jtd Meeting of the MA held on 25th se?tember 2019.

l-oThr ere.ofter,

Further, oppeois were filed before the Hon'ble Notionol Compony Low Appellote Tribunol (NcLAf) by votious nokeholde5 ogoinst the Hon'ble NCLT'i order doted Septembet 04' '2019 fir opprovol of Resolution Plon. Since the mottet wos the Resolution Appliiont, being a member of the MA, hod mentioned thot o'ullbm-iuodtticeers, reloting to the io*pony be taken up for discussion ofter the disposal ol the oppeql by Hon'ble NCLAT' Subseqientty on Mqrch 04,2027 the Hon'ble N,LAT poss the ordet dismissing oll the oforesoid oppeols and diected the Monitoring Agency to immediotely stort toking steps implementotion of the Resolution Plon.

on oppeotwosfited in the Hon'ble Suprcme Coutt by the Resolution

Applicont

ond oiher stokehtolders. The Appeol of the Resolution Applicont ond other stokeholders werc dismissed by the Hon'ble court vide order ddted O4th Moy 2027 qnd 2nd July 2021

respectively.

Poit the order of uon'ble supreme court, the successful RA hos token the necessory to implement the spprcved rcsolution plon'

steps

The RA hos olreody funded the entire rcsolution proceeds in line with the opproved rcsolution plon.

As pet the opproved resotution plon it isthe RA's liobility to meetthe expenses incurredfor th; doy-to-doy octivities of the compony ofter the comptetion of the C|RP The RA hos been complying with the some by continuously funding the occounts of the Compony with the operotioiol expenses since Moy,2027 (post the order of Hon'ble 5uprcme Court)'

fhe RA has olso poid towqrds the rcnewol of insurqnce of the ossets of the Compqny' Thus, on the bosis of the obove-mentioned points the compony is confident ol revivol under the provisions of lnsolvency ond Bonkruptcy Code, 2016 (IBC) ond Approved Resolution Plqn, os such, the occounts hove been prepored on o Going Concern bosis

As per section 734 of the Componies Act, 2073, the linonciol stotements of the compdny ori required to be outhenticoted by the Chqirperson ol the Boord of Diectors' where outhoiized by the Boord or ot least two directors, ol which one shall be monqging diector or the cEO (being o ditectot), the CFo ond Compdny secretory where they ore oppointed' The Compony hos not oppointed CFO ond Compony Secretdry' These linonciol stotements of the ionpony for the quortet ended 3oth lune 2021 pertoins to peri:d 1.urinq..l2l Pursuont to the Hon'ble N1LT order lot commencement of the clRP ond in line wi.

'li,'

-7

provisions ol the Code, the powerc of the Boord of Dircctors stond suspended ond be exercised by IRP / RP. These finonciol stqtements have been signed by the Autho zed Reprcsentotive ol the Monitoring Agency (duly outhorized by the MA). These finonciql stotements hove been odopted by the MA while exercising the powerc of the Boord of Directors of the Compony, in good Jdith, solely for the purpose of complionce ond dischorying theh duties which hos been conferred upon them os pet the tems of the opprcved resolution plon.

• iii) Manufactu ng dctivities ot its unit Romsorup Utpodak at Shyomnogor hove been suspended since August 2012 ond physicol possession hos olready been token by WBIDC os tem lendet. Thereofter, post commencement ol CIRP i.e., lqnuory 8, 2018 the Resolution prolessional hod taken possession of the unit, post which the resolution plon wos opproved by NCLT vide ordet doted September 04, 2019. The some is cu ently pend ing im ple me ntoti on,

• iv) The Compony hos fou monufoctuting units qt Kolyoni, Shyamnogdr, Khotogpur, ond Durgapur, oll of which ore under the suspension of work for the lqst few yeors. Detoil Physicol Verificotions offixed ossets dnd inventories could not be conducted by the present compqny petsonnel. We hove dlso not been able to obtoin suflicient oppropriote oudit evidences (SAAE',) in respect of existence ond voluotion of fixed ossets and inventoies lying ot these fqcto es.

(o) Since monufacturing octivities of the compony hove been suspended ot oll of its monufocturing units. There ore indicotions which suggest impoiment in the volue of Plont & Machinery ond othet Fixed Assets ol the compony which hqs not been done.

(b) Windnill ot Dhule, finonced by IREDA. ln view of possession being token undet

SARFAESI Act, 2002, the Lender hds auctioned the Windmill in fovour ol M/s Suzlon Globol Services Limited and Soles Ceftificote hds been issued, We ore given to understond thot though Soles Certificotes hos been issued by IREDA but legol trdnsfet hos not been done. ln the meqnwhile, the compqny hos t'iled on SA & lA chollenging the obove ouction. As on the reporting dote, matterwos under dispute under DRT, Aurongobqd du ng the reporting period wherein the tribunol possed on order in fovour of the Compony. IREDA hos chollenged the mentioned ordet in DRAT, Mumboi wherein the Tribunql directed the porties to mointoin 'Stotus Quo',

Borrowings from bonks ond finqnciol institutions hove been clossilied os Non-performing Assets (NPA) by the lenders. Neithet any bqlonce confimotion with respect to the outstonding lodns could be obtqined nor hos ony bqnk stqtement been provided by them, ln obsence ol the some, we ore unoble to confirm the occurocy of the bolances appeqring in the books ol occounts, As the borrowings hqve been considered NPA, no intetest hqs been chorged by the bqnks since then, As perthe provisions of 18C,2076, the lenders hove cloimed the outstdnding omount with rcspect to the loon disbutsed by them. fhe cloimed omount is inclusive of interest tillthe date ol CIRP commencement i.e,,08th )onuory 2018, which hqs been occounted for. lnterest or ony other chorges hqs not been occrued in the books of qccountsftom the dqte of commencement of CtR Process, i,e.,08.h Jonuory, 2018 onwords, on occount ol morotorium u/s 14 of lBC.

The Compony hos mode tnvestment in the Equity oI Moiro Modhuiore Cool Ltd' to whom the cool btock ot Moiro Mddhuiore wos ollotled iointly with theit beneficiories' Due to vorious reosons, the Cool Mines ore deollocoted in futute ond the qhts in cool Block ond investment thereon is likely to be olfected. Hence, Hence, volue of the investment hos been considercd ot a nominol omount of Re 7/- shore.

Based on our review conducted as above, subject to paragraph 4 above, nothing has come to our attention that causes us to believe that the accompanying Statement of unaudited financial results prepared in accordance with applicable lndian Accounting Standards specified in section 133 of the Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules,2014 and other recogri'ized accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with circular No' clatciolrailez/zot6 dated o5th tuly 2016 inctuding the manner in which it is to be disctosed, or that it contains any material misstatement.

Accountants

724E

Date: 18th April, 2022

Place: Kolkata

M- No.:051205 uDrN: l205.t2o5FuH(lH R6 641

IAMSARUP INDUSTRIES I.IMITED

clN: 165993WB1979Pt40321r3

Re6d. ofticei - 7C, Kksn shanl(at RoY Road, H attlngs €hambe6, 2* Fl@r, Room No 1 xolk'ta 700 001'

Ph no.224218a4, Emall:[e-mail]..re

com.Website: ww ramarup'om

Unaudited Financial Results For Quarter Ended June 30, 2021

(AltAmounts in ? Lakhs, unless otherwrse staied)

Ouarter ended

Year Ended

Particulars

I ll

ReYenue

lll Total lncome (l+ll)

Revenue from operations Other lncome

lV

Expenses

• a) Cost of Materials Consumed

• b) Changes in inventories

• c) Employee benefit expenses

• d) Finance cost

• e) Depreciation & amortisation expense

fi allh6. 6vh66.aa

Total exDense3

V Profrt before exceptional items and tax(lll-lv)

Vl Exceotional items /ll D. air kal^,6 t.YrV-Vll Vlll Tax expense a) Current tax

b)

Deferred tax (Tax expenses)

Or6wi^r 'a va^r< trY lX Profit for the vear(Vll-Vlll)

^

x Other comprehensive incomea) hems that will not be reclassified to profit or loss

Remeasurement of the nel defined benefit liability/ass;t. nel of tax effect

b)

lncome tax relating to these items ltems that will be reclassified to profit or loss

Other comprehensive income for the year, net oftax X Total compreh.nsive income for the y93!

Xll Earnings per equity share

Basic (lNR.)

Diluted (lNRl

30 Jun 2021

30 Jun 2020 unaudited

31 |,,at 2021 tlnaudited

31 Mlat 2021

Lrnaudited

Audited

0.62

0.72

2.42

0.62 o.72 3,99

3.93 47.84 784.43 25.42 865.62 (862.80)

3.93 48.51 799.34 25.44 a77.63 (877.0r)

5.26 17.06

58.71 215.97

799.34 65.35 928.66 (927.95

(862.80)

$77.O11

(927.9s)

(862.80)

ta77 -o1l

(927.95)

(862.80)

(877.01) 1927.951

(2.46) t2.461

(2.50) (2.65)

(2.50) (2.65)

3,197.38 171.78 3-602.19 (3,598.r9

(3,598.r9)

(3.598.191

(3.598.'t9)

(r0.26) fi0.26)