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Shyam Telecom Ltd. Earnings Release 2020
61870_rns_2020-06-29_4349a9ef-549e-4cbc-8d23-56c8468b3bb5.pdf
Earnings Release
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Corporate Office : A-60, Naraina Industrial Area, Phase-l, oy bre Mage ps im New Delhi-110 028 INDIA TELECOM LTD TEL. : 91-11-41411070/ 71/72 FAX : 91-11-25792194 E-mail : [email protected] Website : www.shyamtelecom.com
Dated - June 29, 2020
The Manager, Listing Department, Bombay Stock Exchange Limited ("BSE") Exchange Plaza, Phiroze Jeejeebhoy Towers Bandra Kurla Complex Dalal Street, Mumbai - 400001 Bandra (E), Mumbai - 400001 Security Code - 517411 Security Symbol - SHYAMTEL Through BSE Listing Centre Through NEAPS
Department of Corporate Services National Stock Exchange of India Limited ("NSE")
SUB - OUTCOME OF THE BOARD MEETING
Dear Sir/Madam,
This is to inform you that pursuant to the provisions of the Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), We inform you that in the Board Meeting held today i.e. June 29, 2020 through video conferencing, the Audited Financial Results for the Quarter and for the Year ended 31st March, 2020, were considered, approved and taken on record, amongst other Business. We are enclosing herewith the Statement of Audited Financial Results for the Quarter and for the Year ended 31stMarch, 2020 and Auditors' Report on the same, It is further submitted that "Segment Type" for the Company is "Single Segment."
The said Results will be published in English and Hindi newspaper within 48 hours of the conclusion of this Board Meeting in accordance with the provisions contained in the Listing Regulations.
This is for your information / records and circulation to the Members of the Exchange.
Thanking You
Yours Sincerely For SHYAM TELECOM LIMITED For SHEE TELECOM LIMITED
PRABHAT TYAGI COMPANY SECRETARY FCP FT?
Encl:
-
- Audited Financial Results for the Quarter and for the Year ended 31st March, 2020.
-
- Auditors' Report
- Audit Report with Unmodified Opinion
Corporate Office : A-60, Naraina Industrial Area, Phase-!, eg ee tige A im New Delhi-110 028 INDIA TELECOM TEL. : 91-11-41411070/ 71/72 FAX : 91-11-25792194 E-mail : [email protected] Website : www.shyamtelecom.com
Dated: 29% June, 2020
To,
The Manager, Listing Department, Bombay Stock Exchange Limited ("BSE") Exchange Plaza, Phiroze Jeejeebhoy Towers Bandra Kurla Complex Dalal Street, Mumbai - 400001 Bandra (E), Mumbai - 400001 Security Code - 517411 Security Symbol - SHYAMTEL Through BSE Listing Centre Through NEAPS
Department of Corporate Services National Stock Exchange of India Limited ("NSE")
Dear Sir(s),
Sub - Declaration with respect to Audit Report with Unmodified Opinion to the Audited Financial Results for the Financial Year ended 31st March, 2020
We hereby declare that Audited Financial Results for the Financial Year ended 31* March, 2020, which have been approved by the Board of Directors of the Company at their Meeting held today, ie, 29" June, 2020, the Statutory Auditors have not expressed any modified or qualified opinion(s) in their Audit Report.
The above declaration is made pursuant to Regulation 33(3)(d) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with CIR/CFD/CMD/56/2016. ,
Thanking You,
Yours Sincerely For SHYAM TELECOM LIMITED
' ~ Kok FOIL |
AJAY KHANNA DIRECTOR
SHYAIV 1 OM UMITED
REGD, OFFICE : SHYAM HOUSE, 3, AMRAPALI CIRCLE, VAISHALL NAGAR , JAIPUR - 302021, RAJASTHAN , INDIA Corporate office: A-60, Naraina Industrial Area, Phase-1, New Delhi - 110028 Website : www.shyamtelecom.com, [email protected]
| SHYAIV 1 | OM UMITED | |||||
|---|---|---|---|---|---|---|
| CIN : L32202R1992PL.CO17750 | ||||||
| REGD, OFFICE : SHYAM HOUSE, 3, AMRAPALI CIRCLE, VAISHALL NAGAR , JAIPUR - 302021, RAJASTHAN , INDIA Corporate office: A-60, Naraina Industrial Area, Phase-1, New Delhi - 110028 |
||||||
| Website : www.shyamtelecom.com, [email protected] | ||||||
| STATEMENT OF AUDITED RESULTS FOR THE QUARTER AND YEAR ENDED 31st March, 2020 | (Rs.in Lakhs except per equity share capital data) | |||||
| a S.No. [Particulars |
Audited | Quarter Ended [Unaudited |
Audited | ~ Year Ended Audited |
[Year Ended Audited |
|
| P3i-marz0 [ | 31-bec-i9 31-Mar-19 | 31-Mar-20 | 3i-Mar-19 |
|||
| 1 2 |
[Revenue From Operations [other income - |
17 ERT |
216 | 63a) ata. 26 |
33a) | 864.50 W988 |
| 3_ | [Total Revenue (142) : _ |
23.40 | 475.60. | 182.72 | 1,357.63 | |
| 4 | [expenditure (a) Cost of material consumed |
= | F | |||
| (b) Purchases of Stockin-Trade | (0.10) | (0.98) | 48.51 | 54.34 | 6/433 | |
| {c}Changes in Inventory of Finished Goods, Work-In-Progress and | 762 | 26.33 | Tol] | 106.86 | o5.a7 | |
| (d) Employee Benefits expenses {e) Finance Cost |
48,58 023 |
Tz 0.30 |
\$9.83 4.59 |
212.34 1.24 |
||
| {1) Depreciation and Amortisation expenses | 1.46 | 1A | mal | SLAB | ||
| {g) Other Expenses | 219.23 | a | 28.95 | 5/2ot | ||
| Total Expenses | 343.02 | 159.92] | 978.78 | |||
| 1,583.99 | ||||||
| 5 | PROFIT/(LOSS) BEFORE EXCEPTIONAL ITEMS AND TAX (3-4) | (319.62) | (134,81) | 315.67, | (796,06) | (226.36) |
| 6 | EXCEPTIONAL ITEMS | ous 219.06 - |
— % | 219.06 ___ |
1,000.00, | |
| 7__ PROFIT/(LOSS) AFTER EXCEPTIONAL ITEMS | (100,56) | (134.81) | 315.67 | (577,00), | ||
| 8 | _ Tax txpenses: | 4 | — | |||
| ~ Current Tax | : | = | 7 es |
|||
| ~ Deferred Tax as iaxes for earlier years |
3.05 | 42) Ean |
28h (0.87) |
_ | ||
| Profit / (Loss) For the Period | ||||||
| 9 | (103.61) | (135.02) | 321.10 | (578.98) | (1,222.05) | |
| 10 [Other Comprehensive Income | "a | - | - | |||
| 11 | [Items that will not be reclassified to profit or loss ~Remeasurement Gains/{Losses) on Defined Benefit Plan & Fair |
i | ||||
| _ value changes in Investment | 1.69 | (0.23) | (12.98) | 661 | (1738) | |
| Income Tax Effect | (0.03)) | (a03)} | (3.50) | |||
| Total Other Comprehensive Income | 769 |
(0.20) | (8.35) | G72 | (13.88) | |
| 12 | Total Comprehensive Income for the period (Comprising Profit / (Loss) for the period (after tax) and Other Comprehensive Income ( Net of tax )} |
(95.92) | (135.22) — |
312.74 | (572.26) =e ae |
(1,235.93) eee |
| 13 | 7 | |||||
| Paid up Equity share capital (Face value of share Rs. 10: each) | Lazy | Wigy} | a t2z00 | taf | an | |
| 14 Earnings per equity share (of RS. 10/- each) _ |
ee | |||||
| (1) Basic (2) Diluted |
(0.85) (0.85) |
(1.20}] (1.20) |
2.18 2.18 |
{5.08} {5.08) |
(10.97) (10.97) |
| 1 | wwod by the audit (omfnittee and taken on record by the board of directors 1 er And Year ended S1st March, 2020, are re The above results for the Qu their meeting held on 29th June, 2020 |
|---|---|
| Notes | unting Standards {Ind-AS) as prescribed under section 133 of the Companies Act, 2013 The financial results are prepared in accordance with the Indian A read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and the relevant amended rules thereafter |
| ws | The net worth of the Company has been fully eroded and the current liabilities exceed the current assets substantially, Howeve the financial results of the er Company have been prepared on a going concern basis as the company fr vontinning with the srading operations. |
| inp on April 01, 2019 using, modihed retrospective "leases" apptied to ali ease cc Effective April 01, 2019; the Company has adopted Ind-AS 116. Beadcts method along with transition option to recognise Right of Use asset (ROU) at an amount equal to the lease ability, The effect of this adoption is iasign'ficant on the loss for the periad and earnings per share. |
|
| provision for Deferred tax and Current Tax. Tax inipact on OCI has been adjusted against deferred tax Tax Expenses includes |
|
| The Company is in the business of Trading in India and hence has only one reportable operating segmant ay per ind AS 108 - Operating Segments | |
| n Comparable wherever neccessary Corresponding figures ol the previous period/year have been regrouped and for reclassi'ied to make |
|
| Figures for the quarter ended March 31, 2020 and March 31, 2019 are the balancing figures between audited figures in respect of the full financial year and published un-audited year to date figures upto the third quarter of the relevant financial year |
|
| During the current year arbitration proceedings between the company and BSNL /Department of Telecommunication (001) was decided in fayour of company Jon 27th July, 2018. The arbitration award of fs, 219.05 lakhs was received on 2nd March, 2020 which comprises of Rs 70.48 facs (amount of encashed Hank Guarantee) along with 9% interest from 3rd October 1996 for an amount of Rs 1,45.58 lakhs and rcimbursement of part Arbitration cost OF Ks Slakhis. this award was contested again by DOT in Honourable Delhi High court bus was turned down by Single Bench order dated 23rd April 2019, DO! again contested in The amount received has been accounted for in the books ain awarded in favour of SH vide order dated Mh August 2019, Double bench but the case wa: as an exceptional item. |
|
| 10 | Statement of Assets and Labilities as at March 31, 2020 along with comparative is annexed. |
| i | ail assessment, the Management does not expect any significant long-term impact on the business of the Company due to the COVID-19 pandemic Based on int The Company hasevaluated the passible effects on the carrying amountsol property, plant and equipment, inventory and receivables on basis of internal and external sources of informationand exercising reasonable estimates and judgements, that the carrying amounts of these ass¢ arerecoverable, Having regard uncertainty in meeting the financial obligations over the foresceable future, to the above, and the Company's liquidity position, there is no material |
| For & on behalf of Board of Directors of | |
| SHYAM TELECOM LIMITED Apr > 88 Ss & |
|
| Ajay Khanna Date:une 29, 2020 |
| (Rs. In Lakhs) | |||
|---|---|---|---|
| 'St, No, | Particulars | ~ [Asat 3tst March, 2020[ | As at 31st March, 2019 |
| == ee |
Audited) . 7 |
Audited) | |
| 1 | Assets — Non-current assets |
- | - - |
| __ | — Property, plant and equipment Other Assets ee eag) |
271.24 = __ |
291.81 |
| : | ee | ||
| ee Financial assets - Investments _ |
— 1.33 |
a 247 |
|
| a - Trade Receivables |
|||
| - Loans - Others |
0.69 | 3.95 1.48 |
|
| } | Income Tax Assets (net) _ |
139.62 | 266.90 |
| Deferred tax assets (net) _ ___] Other non-current assets a. eke |
10.62 7.37 |
13.36 __. 4.33 |
|
| 2 i |
Current assets _ Inventories |
a 14.88 |
121,74 |
| Financial assets | |||
| - Investments _ as - Trade receivables |
- 28.13 43.95 |
||
| - Cash and Bank Balances / |
195.18 balls |
_ie | |
| - Other Bank Balance - Loans LE |
163.89 10.61 |
150.94 10.94 |
|
| - Others | |||
| Current Tax Assets (net) Other current assets |
1,46 2,174.04 |
3.50 2,209.67 |
|
| TOTAL ASSETS | 3,063.01 | 3,415.80 | |
| ae EQUITY AND LIABILITIES |
ae | = | |
| Equity | |||
| Equity Share capital Other equity |
1,127.00 (2,530.56) |
1,127.00 (1,958.30) |
|
| Liabilities 1__ Non-current liabilities |
|||
| Financial liabilities - Borrowings |
|||
| ee | 11.54 | ||
| Current liabilities | |||
| 2 | Financial liabilities | Z | |
| - Trade payables Total outstanding dues of micro enterprises and small |
" | ||
| enterprises | |||
| Total outstanding dues of creditors other than micro enterprises and small enterprises |
448.04 | ~a67.71 | |
| - Other Financial Liabilities | - | 4.68 | |
| Other current liabilities Provisions |
4,000.56 6.43 |
3,753.66 8.41 |
|
| TOTAL EQUITY AND LIABILITIES | 3,063.01 | 3,415.80 | |
| For and on behalf of the Board of Directors of | |||
| AE | Shyam Telecom Limited | ||
| ES > |
|||
| Ajay Khanna | A450 Naraina Eaten a 9 |
||
| Director | wi Phase |
||
| Place: New Delhi | |||
| eer Date:June 29, 2020 |
Ajay Khanna Naraina Director Eaten a 9 wi Phase Place: New Delhi Shyam Telecom Limited AE > ES eer
| SHYAM TELECOM LIMITED | |||
|---|---|---|---|
| Sr. No. | CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2020 Particulars |
For the year ended 31st | (Rs. in lacs) For the year ended 31st |
| March, 2020 | March, 2019. | ||
| $\mathbf{I}$ | CASH FLOW FROM OPERATING ACTIVITIES | (577.00) | (1,226,36) |
| Profit / (Loss) before tax Adjustments for: |
|||
| Depreciation and Amortization expenses | 36.68 | 29.47 | |
| Interest income | (32.69) | $(19-33)$ | |
| Bad debts written off Liabilities written back |
(0.12) (7.11) |
17.90 (443.21) |
|
| Interest and financial charges | 124 | 105 | |
| Allowances for doubtful debts/ advances (net) including expected credit | |||
| losses Provisions for leave encashment and retirement benefit |
281.97 (3.08) |
168.41 3.39 |
|
| Dividend received | (3.01) | (10.40) | |
| Loss/ (Profit) on sale of Investments | 0.00 | 0.22 | |
| Loss/ (Profit) on sale of Assets | (1.65) 49.92 |
(1.23) 85.43 |
|
| Exchange fluctuations Provisions written back |
0.00 | ||
| FMV Loss on Investments | 1.15 | 5.95 | |
| Other non-cash adjustments | (0.81) | (1.65) | |
| Operating profit before working capital changes | (254.52) | (1,390,37) | |
| Movements in working capital: (Increase) / Decrease in trade receivables |
(21.00) | 36.88 | |
| (Increase) / Decrease in Inventories | 106,86 | 95.47 | |
| (Increase) / Decrease in loans and advances (Increase) / Decrease in other current assets |
4.28 167.67 |
354.34 1,039.65 |
|
| (Increase) / Decrease in Other Non-Current Assets | (0.48) | 3.76 | |
| Increase /(Decrease) in trade payables | (19.67) | (514.01) | |
| Increase /(Decrease) in other current liabilities Increase /(Decrease) in provisions |
216.90 (3.08) |
(174.59) 3.39 |
|
| Increase /(Decrease) in Other Long Term Liabilities | (4.64) | ||
| Cash Generated From / (used in) operations | 226.96 | (550.12) | |
| Direct taxes paid NET CASH FLOW FROM OPERATING ACTIVITIES (A) |
1.98 (25.59) |
(550.12) | |
| $\mathbf{H}$ | CASH FLOW FROM INVESTING ACTIVITIES Purchase of property plant & equipments |
(11.53) | (10.52) |
| Investments in Mutual Funds | 0.00 | (720.00) | |
| Proceeds from Sale of Investments in Mutual Funds | 51.99 | 776 12 | |
| Proceeds from sale of property, plant & equipments Investment in Bank Deposits (having original maturity of more than 3 months) |
2.34 (1217) |
1.40 448.94 |
|
| Interest received | 32.69 | 19.33 | |
| Dividend Received NET CASH FLOW FROM INVESTING ACTIVITIES (B) |
3(01) 66.33 |
10.40 525.67 |
|
| Ш | CASH FLOW FROM FINANCING ACTIVITIES | ||
| Repayment of borrowings | (4.68) (1.24) |
(4.64) | |
| Interest paid NET CASH FLOW FROM FINANCING ACTIVITIES (C) |
(5.92) | (1.05) (5.69) |
|
| Net Increase / (Decrease) in Cash and Cash Equivalents (A+B+C) | 34.82 | (30.13) | |
| 160.36 | 190.49 | ||
| Cash and cash equivalents at the beginning of the year Cash and Cash Equivalents at the end of the year |
195.18 | 160.36 |
OM LIMITED
Ajay Khanna
Place: New Dethi Date:June 29, 2020
Independent Auditor's Report on Quarterly financial results and Year to date Results of M/s Shyam Telecom Limited pursuant to the regulation 33 of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015
To The Board of Directors of
M/s Shyam Telecom Limited A -60, Naraina Industrial Area, Phase-1
New Delhi — 110028
We have audited the accompanying quarterly Financial Results of Shyam Telecom Limited ("the Company"), for the Quarter ended 31* March 2020 and the year to date results for the period from April 01,2019 to March 31,2020 ("the Statement"), attached herewith being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as modified by Circular No. CIR/CFD/FAC/62/20 16 dated 5" July 2016.
The quarterly Financial results as well as the year to date financial results have been prepared on the basis of reviewed financial results up to the end of fourth quarter and audited annual Ind-AS Financial Statement, which are the responsibility of the Company's Management. our responsibility is to express an opinion on these financial results based on our audit of such financial statements, which have been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard (Ind-AS), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India.
We conducted our audit in accordance with auditing standards generally accepted in India. Those Standard requires that we plan and perform the review to obtain reasonable assurance as to whether the financial Statement are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amount disclosed as financial results. An audit also includes assessing the accounting principles used and significant estimates made by the management. We believe that our audit provides a reasonable basis for our opinion.
Based on our audit conducted above, in our opinion and to the best of our information and according to explanations given to us, these quarterly financial results as well as the year to date results:
- a) are presented in accordance with the requirement Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as modified by Circular No. CIR/CFD/F AC/62/2016 dated 5" July, 2016, and
- b) give a true and fair view of the net loss(financial performance including other comprehensive income) and other financial information for the quarter ended March,31,2020 and the year to date results for the period from April 01,2019 to March 31,2020.
Emphasis of Matter
The financial results of the Company reflect that the net worth of the Company has been fully eroded; The Company has incurred net cash loss during the current quarter and the current liabilities exceeded the current assets substantially. All these conditions indicate the existence of material uncertainty that may cast significant doubts about the Company ability to continue as a going concern. However, the financial results of the Company have been prepared on a going concern basis for the reasons stated in Management note. (Refer Note No. 3 of the financial results of the Company).
Our conclusion is not qualified in respect of the above matter.
Other Matters
The statement includes the result for the quarter ended March 31,2020 and the corresponding quarter ended in the previous year as reported in these financial results are the balancing figures between audited figures in respect of the full financial year and published un-audited year to date figures upto the third quarter of the relevant current and previous financial year respectively. Also the figures upto the end of third quarter of the respective financial year had only been reviewed and not subjected to an audit.
An amount of Rs. 38.99 Cr. being advances from customers classified under the head "Other Current Liabilities" are in process of being settled for a long time. An amount of Rs. 2.26 Cr. being Sundry Creditors classified under the head "Trade Payables" are in process of being settled for a long time An amount of Rs. 6.53 Cr being Sundry Debtors Classified under "Trade Receivables-Doubtful" are being followed up by company for recovery. The company had already made a provision of Rs. 6.53 Cr against such doubtful debts in previous years. An amount of Rs. 0.24 Cr being Advance to Supplier Classified under "Other Current assets-Doubtful" are being followed up by company for recovery. The company had already made a provision of Rs. 0.24 Cr against such doubtful debts in previous years. An amount of Rs. 25.58 Cr being Loan to Subsidiary Classified under "Loans-Doubtful" are being followed up by company for recovery. The company had already made a provision of Rs. 25.58 Cr against such doubtful advances in previous years. All the above-mentioned amounts are long overdue and Company is following up with Reserve Bank of India for necessary FEMA approvals.
Our conclusion is not qualified in respect of above matters.
For VGM & Co. (Firm Registration No: 029823N) Chartered Accountants
Neha Gupta Membership Number: 529974 UDIN:20529974A A AAAC6523
Place: New Delhi Date: 29.06.2020
