SUNDARAM BRAKE LININGS LIMITED
UNAUDITED RESULTS SEP 2016
Investor Information
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30th SEPTEMBER 2016
In Lacs
  Particulars Quarter Ended Half Year Ended
 
  30.09.2016 30.06.2016 30.09.2015 30.09.2016 30.09.2015
  (Unaudited) (Unaudited)
             
1 Income from Operations          
  (a)  Gross Sales /  Income from operations (Inclusive of Excise Duty) 6,630.86 6,359.28 6,283.98 12,990.13 12,111.79
  (b) Other Operating Income 69.56 62.81 31.92 132.37 73.46
  Total Income from operations 6,700.42 6,422.09 6,315.90 13,122.50 12,185.25
2 Expenditure          
  (a) Cost of materials consumed 3,025.29 2,879.35 2,698.14 5,904.64 5,257.87
  (b) Excise Duty 438.37 467.20 430.24 905.56 810.64
  (c) Purchases of stock-in-trade - - - - -
  (d) Changes in inventories of finished goods and work-in-progress (250.36) (17.73) 26.15 (268.09) 84.90
  (e) Employee benefits expense 1,208.99 1,148.25 1,128.20 2,357.24 2,217.44
  (f) Depreciation and amortisation expense 142.98 142.66 177.51 285.64 355.02
  (g) Other expenses 1,895.43 1,748.60 1,786.56 3,644.03 3,639.83
  Total Expenses ( a ... f ) 6,460.70 6,368.33 6,246.80 12,829.02 12,365.70
3 Profit/ (Loss) from Operations before Other Income, finance cost and Exceptional items (1-2) 239.72 53.76 69.10 293.48 (180.45)
4 Other Income 22.10 37.94 46.47 60.04 66.49
5 Profit / (Loss) from ordinary activities before finance costs & Exceptional items (3+4) 261.82 91.70 115.57 353.52 (113.96)
6 Finance costs 62.52 66.39 88.29 128.91 181.33
7 Profit / (Loss) from ordinary activities after finance costs but before Exceptional items (5-6) 199.30 25.31 27.28 224.61 (295.29)
8 Exceptional item:           
  Ex-gratia to employees under Voluntary Retirement Scheme 38.50 - - 38.50 -
9 Profit / (Loss) from Ordinary Activities Before Tax (7 - 8) 160.80 25.31 27.28 186.11 (295.29)
             
10 Tax expense          
  - Current Tax - - - - -
  - Previous Year's Tax - - - - -
  - Deferred Tax 36.10 (3.08) 17.93 33.01 35.86
             
11 Net Profit/ (Loss) from Ordinary Activities After Tax (9 - 10) 124.70 28.39 9.35 153.10 (331.15)
12 Extraordinary Items (net)  (net of tax expense) - - - - -
13 Net Profit / (Loss) for the period (11 - 12) 124.70 28.39 9.35 153.10 (331.15)
14 Other Comprehensive Income (net of tax) (23.17) (0.76) (0.13) (23.93) (0.64)
15 Total Comprehensive Income (13+14) 101.53 27.63 9.23 129.17 (331.79)
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 previous accounting year          
18 Earnings Per Share  (EPS) - in Rs.          
  a) Basic and diluted EPS before Extraordinary items (not annualised) - in Rs. 3.17 0.72 0.24 3.89 (8.42)
  b) Basic and diluted EPS after Extraordinary items (not annualised) - in Rs. 3.17 0.72 0.24 3.89 (8.42)
Notes :   
1 Statement of Assets and Liabilities as at 30th September 2016:  
Rs. Lacs
  Particulars As at 30.09.2016
Unaudited
   
A ASSETS    
1 Non-current Assets    
  (a) Property, Plant and Equipment 7,225.29  
  (b) Capital work-in-progress -  
  (c) Other Intangible Assets -  
  (d) Financial Asset    
  i. Non-Current Investments 1.72  
  ii. Long-term Loans & Advances 393.35  
  (e) Income Tax Assets (Net) -  
  (f) Other Non-Current Assets 326.37  
  Sub-total - Non-current Assets   7,946.73
2 Current Assets    
  (a) Inventories 2,513.64  
  (b) Financial Assets    
  i. Current Investments -  
  ii. Trade Receivables 5,622.94  
  iii. Cash and cash equivalents 450.45  
  iv. Short-term loans and advances 385.77  
  (c) Other Current Assets 0.83  
  Sub-total - Current Assets   8,973.63
  TOTAL - ASSETS   16,920.36
B EQUITY AND LIABILITIES    
       
1 Equity    
  (a) Equity Share Capital 393.46  
  (b) Other Equity 6,747.78  
  Sub-total - Shareholders' funds   7,141.24
2 Share application maney pending allotment   -
  LIABILITIES    
3 Non-current liabilities    
  (a) Financial Liabilities    
  i. Long-term borrowings 125.00  
  (b) Deferred tax liabilities (net) 1,234.52  
  (c) Other long-term liabilities -  
  (d) Long-term provisions 103.33  
  Sub-total - Non-current liabilities   1,462.85
4 Current liabilities    
  (a) Financial Liabilities    
  i. Short-term borrowings 3,903.30  
  ii. Trade payables 2,284.51  
  (b) Other current liabilities 380.34  
  (c) Short-term provisions 1,748.12  
  Sub-total - Current liabilities   8,316.27
  TOTAL - EQUITY AND LIABILITIES     16,920.36



2.

In Compliance to the Ministry of Corporate Affairs (MCA) notification dated 16th February 2015, announcing the Companies (Indian Accounting Standards) Rules 2015, as a standalone entity IND AS is applicable from 1st April 2017. The company being an associate of T.V.Sundaram Iyengar & Sons Private Limited who have adopted IND AS with effect from 1st April 2016 consequently all Associates will also need to present IND AS compliant reporting with effect from 1st April 2016.
3

  The operations of the Company relate only to one segment viz., friction materials.


4.

Voluntary Retirement Scheme (VRS) for Workmen at Padi Plant was announced in July 2016 under which scheme, 26 workmen opted for the same. Out of the total Compensation for VRS of Rs. 154.01 lacs, Rs. 38.10 lacs has been proportionately absorbed and shown as an Exceptional Item for the Quarter / Half Year ended 30th Sep. 2016.

 

5.

The above unaudited financial results were reviewed and recommended by the audit committee and approved by the Board of Directors at its meeting held on 10th December, 2016. The limited review of the financial results for the quarter ended 30th September 2016 and 30th June 2016 has been 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 other accounting principles generally accepted in India.

7.


 The format of unaudited 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.

 The Ind AS Compliant financial results relating to the quarter and half year ended 30th September 2015 have been stated in terms of SEBI Circular CIR/CFD/FAC/62/2016 dated 5th July 2016. The financial results relating to the quarter and half year ended 30th September 2015 under Ind AS have not been subjected to limited review by the statutory auditors of the company. The management has exercised necessary due diligence and ensured that the financial results provide a true and fair view of its affairs in accordance with the Companies (Indian Accounting Standards) Rules, 2015.

9.

 The Reconcilation of the Net Profit reported under Indian GAAP for the quarter ended and Half Year Ended 30th September 2016 with Ind AS is given below:
(Amount in Rs. Lakhs)
  Description Quarter Ended 30th September 2015 Half Year Ended 30th September 2015
  Net Profit/(loss) as per Indian GAAP 27.16 (295.55)
  Deferred Tax due to change from Income Method to WDV method (17.93) (35.86)
  Add: Actuarial loss on Employee Defined Benefit (Leave Encashment) recognised in "Other Comprehensive Income" 7.07 14.14
  Less: Actuarial Gain on Employee Defined Benefit (Gratuity) recognised in "Other Comprehensive Income" (6.97) (13.94)
  Net Deferred tax Asset on the Remeasurement of Employee Defined Benfit plans 0.03 0.06
  Add: Other Income (Interest Income on Financial Assets Remeasurement) 0.36 0.60
  Less: Employee Benefit Expenses (0.36) (0.60)
  Profit as per IND AS 9.36 (331.15)
 
  Other Comprehensive Income
  Decrease in Value of Unquoted Investments  - (0.38)
  Acturial  Gain/ (Loss) on Employee Defined Benefits (Gratuity & Leave Encashments) - Net of Deferred Tax (0.13) (0.26)
  Total Other Comprehensive Income (0.13) (0.64)
 
  Total Comprehensive Income 9.23 (331.79)
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. 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

MANAGING DIRECTOR
  10th December 2016
Visit our website :   www.tvsbrakelinings.com