General information about company | |
| Scrip code | 526093 |
| NSE Symbol | SATHAISPAT |
| MSEI Symbol | NA |
| ISIN* | INE176C01016 |
| Name of company | SATHAVAHANA ISPAT LIMITED |
| Type of company | |
| Class of security | Equity |
| Date of start of financial year | 01-04-2021 |
| Date of end of financial year | 31-03-2022 |
| Date of board meeting when results were approved | 14-02-2022 |
| Date on which prior intimation of the meeting for considering financial results was informed to the exchange | 05-02-2022 |
| Description of presentation currency | INR |
| Level of rounding used in financial results | Lakhs |
| Reporting Quarter | Third quarter |
| Nature of report standalone or consolidated | Standalone |
| Whether results are audited or unaudited | Unaudited |
| Segment Reporting | Multi segment |
| Description of single segment | |
| Start date and time of board meeting | 14-02-2022 18:00 |
| End date and time of board meeting | 14-02-2022 18:30 |
| Whether cash flow statement is applicable on company | |
| Type of cash flow statement | |
| Declaration of unmodified opinion or statement on impact of audit qualification | Not applicable |
Financial Results – Ind-AS | |||
| Particulars | 3 months/ 6 months ended (dd-mm-yyyy) | Year to date figures for current period ended (dd-mm-yyyy) | |
| A | Date of start of reporting period | 01-10-2021 | 01-04-2021 |
| B | Date of end of reporting period | 31-12-2021 | 31-12-2021 |
| C | Whether results are audited or unaudited | Unaudited | Unaudited |
| D | Nature of report standalone or consolidated | Standalone | Standalone |
| Part I | Blue color marked fields are non-mandatory. For Consolidated Results, if the company has no figures for 3 months / 6 months ended, in such case zero shall be inserted in the said column. | ||
| 1 | Income | ||
| Revenue from operations | 739.7 | 2504.93 | |
| Other income | 63.82 | 371.38 | |
| Total income | 803.52 | 2876.31 | |
| 2 | Expenses | ||
| (a) | Cost of materials consumed | 117.08 | 210.7 |
| (b) | Purchases of stock-in-trade | 0 | 0 |
| (c) | Changes in inventories of finished goods, work-in-progress and stock-in-trade | 0 | 38.61 |
| (d) | Employee benefit expense | 126.85 | 639.21 |
| (e) | Finance costs | 7944.37 | 21858.27 |
| (f) | Depreciation, depletion and amortisation expense | 1014.14 | 3061.15 |
| (f) | Other Expenses | ||
| 1 | Other Expenses | 271.35 | 986.24 |
| 10 | |||
| Total other expenses | 271.35 | 986.24 | |
| Total expenses | 9473.79 | 26794.18 | |
Financial Results – Ind-AS | |||
| Particulars | 3 months/ 6 months ended (dd-mm-yyyy) | Year to date figures for current period ended (dd-mm-yyyy) | |
| A | Date of start of reporting period | 01-10-2021 | 01-04-2021 |
| B | Date of end of reporting period | 31-12-2021 | 31-12-2021 |
| C | Whether results are audited or unaudited | Unaudited | Unaudited |
| D | Nature of report standalone or consolidated | Standalone | Standalone |
| Part I | Blue color marked fields are non-mandatory. For Consolidated Results, if the company has no figures for 3 months / 6 months ended, in such case zero shall be inserted in the said column. | ||
| 3 | Total profit before exceptional items and tax | -8670.27 | -23917.87 |
| 4 | Exceptional items | 0 | 0 |
| 5 | Total profit before tax | -8670.27 | -23917.87 |
| 7 | Tax expense | ||
| 8 | Current tax | 0 | 0 |
| 9 | Deferred tax | 0 | 0 |
| 10 | Total tax expenses | 0 | 0 |
| 11 | Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement | 0 | 0 |
| 14 | Net Profit Loss for the period from continuing operations | -8670.27 | -23917.87 |
| 15 | Profit (loss) from discontinued operations before tax | 0 | 0 |
| 16 | Tax expense of discontinued operations | 0 | 0 |
| 17 | Net profit (loss) from discontinued operation after tax | 0 | 0 |
| 19 | Share of profit (loss) of associates and joint ventures accounted for using equity method | 0 | 0 |
| 21 | Total profit (loss) for period | -8670.27 | -23917.87 |
Financial Results – Ind-AS | |||
| Particulars | 3 months/ 6 month ended (dd-mm-yyyy) | Year to date figures for current period ended (dd-mm-yyyy) | |
| A | Date of start of reporting period | 01-10-2021 | 01-04-2021 |
| B | Date of end of reporting period | 31-12-2021 | 31-12-2021 |
| C | Whether results are audited or unaudited | Unaudited | Unaudited |
| D | Nature of report standalone or consolidated | Standalone | Standalone |
| Other comprehensive income [Abstract] | |||
| 1 | Amount of items that will not be reclassified to profit and loss | ||
| 1 | Items that will not be reclassified to profit or loss | 15.29 | 45.85 |
| Total Amount of items that will not be reclassified to profit and loss | 15.29 | 45.85 | |
| 2 | Income tax relating to items that will not be reclassified to profit or loss | 0 | 0 |
| 3 | Amount of items that will be reclassified to profit and loss | ||
| Total Amount of items that will be reclassified to profit and loss | |||
| 4 | Income tax relating to items that will be reclassified to profit or loss | 0 | 0 |
| 5 | Total Other comprehensive income | 15.29 | 45.85 |
Financial Results – Ind-AS | |||
| Particulars | 3 months/ 6 months ended (dd-mm-yyyy) | Year to date figures for current period ended (dd-mm-yyyy) | |
| A | Date of start of reporting period | 01-10-2021 | 01-04-2021 |
| B | Date of end of reporting period | 31-12-2021 | 31-12-2021 |
| C | Whether results are audited or unaudited | Unaudited | Unaudited |
| D | Nature of report standalone or consolidated | Standalone | Standalone |
| Part I | Blue color marked fields are non-mandatory. For Consolidated Results, if the company has no figures for 3 months / 6 months ended, in such case zero shall be inserted in the said column. | ||
| 23 | Total Comprehensive Income for the period | -8654.98 | -23872.02 |
| 24 | Total profit or loss, attributable to | ||
| Profit or loss, attributable to owners of parent | |||
| Total profit or loss, attributable to non-controlling interests | |||
| 25 | Total Comprehensive income for the period attributable to | ||
| Comprehensive income for the period attributable to owners of parent | 0 | 0 | |
| Total comprehensive income for the period attributable to owners of parent non-controlling interests | 0 | 0 | |
| 26 | Details of equity share capital | ||
| Paid-up equity share capital | 5090 | 5090 | |
| Face value of equity share capital | 10 | 10 | |
| 27 | Details of debt securities | ||
| 28 | Reserves excluding revaluation reserve | ||
| 29 | Earnings per share | ||
| i | Earnings per equity share for continuing operations | ||
| Basic earnings (loss) per share from continuing operations | -17.03 | -46.99 | |
| Diluted earnings (loss) per share from continuing operations | -17.03 | -46.99 | |
| ii | Earnings per equity share for discontinued operations | ||
| Basic earnings (loss) per share from discontinued operations | 0 | 0 | |
| Diluted earnings (loss) per share from discontinued operations | 0 | 0 | |
| ii | Earnings per equity share | ||
| Basic earnings (loss) per share from continuing and discontinued operations | -17.03 | -46.99 | |
| Diluted earnings (loss) per share from continuing and discontinued operations | -17.03 | -46.99 | |
| 30 | Debt equity ratio | ||
| 31 | Debt service coverage ratio | ||
| 32 | Interest service coverage ratio | ||
| 33 | Disclosure of notes on financial results | Textual Information(1) | |
Text Block | |
| Textual Information(1) | Notes 1.As Per Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,2015 (the ‘Regulation’) the financial results of a company submitted to the stock exchange shall signed by the Chairperson or Managing Director or Whole Time Director or in absence of all of them, it shall be signed by any director of the company who is duly authorized by the Board of Directors. In view of the ongoing Corporate Insolvency Resolution Process (“CRP”) as Board has been suspended and these powers are now vested with Mr. Bhuvan Madan in the capacity as the Resolution Professional (“RP”) from September 08,2021 (erstwhile Mr. Golla Ramakantha Rao, IRP from july 28, 2021 to September 07, 2021) as per the Provisions of the code. Accordingly, Unaudited financial results of the company for the quarter and nine months ended December 31, 2021, were reviewed and authorised by the Resolution Professional at its meeting held on February 14, 2022. The Statutory Auditors have given disclaimer conclusion for the quarter and nine months ended December 31, 2021. The Unaudited Financial Results have been signed by Mr. Naresh, Managing Director and Mr. Hanuman, Chief Financial Officer of the company confirming truthfulness, fairness, accuracy and completeness of the unaudited financial results. Basis this confirmation , these financial statements have been taken on record by the Resolution Professional on February 14, 2022 for filing with the stock exchanges in accordance with the Regulations. During the period, a operational creditor has filed a petition against the Company for initiation of CIRP that has been admitted by the Hon'ble National Company Law Tribunal, Hyderabad Bench ("NCLT") vide its order dated fuly 28, 2021 declaring moratorium inter- alia for recovery proccedings against the Company. The order of moratorium shall have effect from July 28, 2021 in accordance with section 31 (1) of of the Insolvency and bankruptcy Code, 2016 ("the Code"). Further, pursuant to the order of NCLT, committee of creditors ("CoC")were formed and First COC meeting was held on August 31, 2021 and appointed Mr. Bhuvan Madan as Resolution Professional in place of Mr. Golla Ramakantha Rao. The same has been confirmed by the NCLT. 2.The Statement has 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 recognised accounting practices and policies ro the extent applicable and in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. 3.The Company’s business consists of two reportable segments viz., Ferrous Products and Metallurgical coke with co-generation of Power. 4.Based on the letter dated June 23, 2021 by the Canara Bank { lead banker of Consortium ), Three lender Banks (Out of Four (4) in consortium) of the Company namely, Canara Bank (‘CB’), State Bank of India (‘SBE) and Union Bank of India [(earlier Andhra Bank) (‘UB!'}} [collectively hereinafter referred as ‘Banks'} and IFC] non banking financial company have assigned their debt provided to the Company to J C Flower Asset Reconstruction Company Limited ("JCFARC"), the anchor bidder in swiss challenge process. Therefore, ] C Flower ARC shall now have all the rights and privileges on the debt earlier owed by the Company to the Banks. The Company has obligations towards |CFARC aggregating to Rs.1,86,410.29 lakhs (Including Interest Accrued Jas at December 31, 2021. 5.In response to Disclaimer conclusion in Review report: a)Since the Company continues to incur loss, current liabilities exceed current assets and the company has defaulted in repayment of borrowings, payment of regulatory and statutory dues, these events indicate that material uncertainty exists that may cast significant doubt on Company's ability to continue as a going concern. As mentioned in note no (1) RP having taken over the management and control of the company inter alia with the objective of running it as going concern, the financial results continue to be prepared on going concern basis. b) The Company's current level of operations in Metallurgical Coke division at Twenty Eight percent capacity and no operations at Ferrous division, may not be an indication of the future performance of the Company. As mentioned in note no (13, the company Into CIRP process and pending determination of obligations and liabilities with regard ta various claims submitted by the Operativnal creditors, financial creditors (including interest payable on Rorrowings), employees and other creditors during CIRP, reliable projections of availability of future cash flows of the Company supporting the carrying value of Property, Plant and Equipment and capital work in Progress cannot be determined at this stage. Accordingly Impairment testing under Ind AS has not been performed while presenting these results. c) Trade receivables as at December 31, 2021 include Rs.3,491.95 lakhs (March 31, 2021 Rs. Rs.3481.82 lakhs ) due for a period of more than one year for which no provision has been made in the books of account, as the management considers these receivables as good and recoverable. The management assess the recoverability of trade receivables on regular basis and there was no uncertainty at present on recoverability of these receivables and legal cases were preferred where required to ensure recoverability. With regard to other long outstanding capital advances of Rs. 174.01 Lakhs (March 31, 2021 Rs. 174.01 Lakhs) , supplier advances of Rs.618.13 lakhs (March 31, 2021 Rs. 595.27 Lakhs) and other financia} assets of Rs.157.02 Lakhs (March 31, 2021 Rs. 157.02 Lakhs), management is confident of recoverability and no provision at present is required to be made. (This was also subject matter of qualification in the audit report for the year ended March 31, 2021.) d) Statutory liabilities as at December 31, 2021 amounting to Rs. 2735.23 Lakhs (March 31, 2021 Rs, 1105.80 Lakhs) related to Income tax, Employee’s provident fund, Employee state insurance act, Gratuity and professional tax, have become overdue and remaining unpaid. This is because of the tight working capital situation faced by the company. This was also subject matter of qualification in the audit report for the year ended March 31, 2021. e) since shut down the operations Haresamudram plant from 12th june 2017, no major movement have happeneded in inventories amount to Rs.1889.36 lakhs/- (As at 31st March 2021: Rs.1985.98 Lakhs} , Management regularly monitored, maintained and ensured same in usable/ saleable condition and assessed the stated value was fully recoverable and no provision is required as on the date of balance sheet. This was also subject matter of qualification in the audit report for the year ended March 31, 2021. f) Creditors for capital works as at December 31,2021 includes overdue payables of Rs.224.15 lakhs (March 31, 2021: Rs.222.45 lakhs} which is owed by the Company to a nonresident company for more than three years. The Company is required to obtain approvals from consent authorities to condone such delay in payment of foreign currencies, which is presently not obtained and the Company intends to take the necessary approvals in this regard, pending which any penalties that may be levied by consent authorities and impact in the aforesaid liabilities in the financial statements are not presently ascertainable. This was also subject matter of qualification in the audit report for the year ended March 31, 2021. g) Pursuant to the commencement of Corporate Insolvency Resolution Process(CIRP) of the Company under Insolvency and Bankruptcy Code, 2016 (IBC), there are various claims submitted by the operational creditors, the financial creditor, employees and other creditors against the Company . These claims are under further verification/validation and the same may be updated as per any additional information which may be received in future. 6.The management has assessed the impact of COVID-19 pandemic on the financial statements, business operations, liquidity position, cash flow and has concluded that based on the The impact of the pandemic may be different from that estimated as at the date of approval of these financial statements and the Company will continue to closely monitor any material changes to future economic conditions. 7 The figures for the corresponding previous period have been reclassified / regrouped wherever necessary to conform to current period classification. |
Format for Reporting Segmenet wise Revenue, Results and Capital Employed along with the company results | |||
| Particulars | 3 months/ 6 month ended (dd-mm-yyyy) | Year to date figures for current period ended (dd-mm-yyyy) | |
| Date of start of reporting period | 01-10-2021 | 01-04-2021 | |
| Date of end of reporting period | 31-12-2021 | 31-12-2021 | |
| Whether accounts are audited or unaudited | Unaudited | Unaudited | |
| Nature of report standalone or consolidated | Standalone | Standalone | |
| 1 | Segment Revenue (Income) | ||
| (net sale/income from each segment should be disclosed) | |||
| 1 | Ferrous Products | 39.46 | 225.28 |
| 2 | Metallurgical Coke with Co-generation Ppower | 700.24 | 2288.86 |
| Total Segment Revenue | 739.7 | 2514.14 | |
| Less: Inter segment revenue | 0 | 9.21 | |
| Revenue from operations | 739.7 | 2504.93 | |
| 2 | Segment Result | ||
| Profit (+) / Loss (-) before tax and interest from each segment | |||
| 1 | Ferrous Products | -658.69 | -1956.24 |
| 2 | Metallurgical Coke with Co-generation Ppower | -74.01 | -157.93 |
| Total Profit before tax | -732.7 | -2114.17 | |
| i. Finance cost | 7943.3 | 21857.2 | |
| ii. Other Unallocable Expenditure net off Unallocable income | -5.73 | -53.5 | |
| Profit before tax | -8670.27 | -23917.87 | |
| 3 | (Segment Asset - Segment Liabilities) | ||
| Segment Asset | |||
| 1 | Ferrous Products | 31593.54 | 31593.54 |
| 2 | Metallurgical Coke with Co-generation Ppower | 42624.5 | 42624.5 |
| Total Segment Asset | 74218.04 | 74218.04 | |
| Un-allocable Assets | 0 | 0 | |
| Net Segment Asset | 74218.04 | 74218.04 | |
| 4 | Segment Liabilities | ||
| Segment Liabilities | |||
| 1 | Ferrous Products | 153154.43 | 153154.43 |
| 2 | Metallurgical Coke with Co-generation Ppower | 46135.48 | 46135.48 |
| Total Segment Liabilities | 199289.91 | 199289.91 | |
| Un-allocable Liabilities | 293.63 | 293.63 | |
| Net Segment Liabilities | 199583.54 | 199583.54 | |
| Disclosure of notes on segments | |||