REGO. OFF. : "FMC FORTUNA" 2ND FLOOR, 234/3A, A J. C. BOSE ROAD, KOLKATA - 700 020 PHONE : 2287-4749 FAX : (033) 22873083 / 22808874 GRAM : BALSUCO, CALCUTIA
Email :bcrnl@bcrnl.in • Internet Website http : / / www.chini.com • CIN - L15421WB1975PLC030118
11th February, 2017
National Stock Exchange of India Limited Listing Deptt., Exchange Plaza, 5th Floor, Plot No. C/1, G Block, Bandra Kurla Complex, Bandra (E) Mumbai- 400051 | BSE Limited The Corporate Relationship Department 1st Floor, New Trading Wing, Rotunda Building, Phiroze Jeejeebhoy Towers Dalal Street, Fort, Mumbai- 400001 | The Calcutta Stock Exchange Limited 7, Lyons Range, Kolkata - 700 00 I |
Scrip Code: BALRAMCHIN | Scrip Code:500038 | Scrip Code: 12012 |
Dear Sir/ Madam,
Ref: Unaudited Financial Results and Limited Review Report for the quarter and nine months ended 31st December, 2016
Pursuant to the Regulation 30 and 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, (the Listing Regulations), we are enclosing herewith the standalone unaudited financial results of the Company for the quarter and nine months ended 31st December, 2016 as considered and approved by the Board of Directors of the Company at its meeting held today.
Further, pursuant to Regulation 33 of the Listi ng Regulations, we are enclosing herewith a copy of the Limited Review Report issued by Mis. G. P. Agrawal & Co., Chartered Accountants, the Statutory Auditors of the Company for the said period.
The said meeting commenced at 1.00 PM and concl uded at 3.30 PM. Thanking you,
Yours faithfully,
:!1
For Balrampur Chini Mills Limited
'
Nitin
°'
(Company Secretary)
FACTORIES :BALRAMPUR •BABHNAN •TULSIPUR •HAIDERGARH •AKBARPUR • MANKAPUR • RAUZAGAON •KUMBHI • GULARIA • MAJZAPUR •KHALILABAD
G.P. AGRAWAL & CO.CHARTERED ACCOUNTANTS
7A, Kiran Shankar Ray Road, Kolkata - 700 001
Ph: (033) 2248 3941 Fax:(033) 2248 6814
Email: mail@gpaco.net
INDEPENDENT AUDITOR' S REVIEW REPORT TO THE BOARD OF DIRECTORS OF BALRAMPUR CHINJ MILLS LIMITED
We have reviewed the accom pa nying statement of standalone u naudited financial results of BALR AMPUR CHIN! MILLS LIMITED ("the Company") for the Qua rter and Nine months ended 3151 December, 2016 ("the statement'), includ ing the restated figures for the (a) Corresponding 3 months ended 31st December, 2015, (b) Correspond ing 9 months ended 31st December, 2015 and (c) Year ended 3151 Ma rch, 2016. This statemen t is the responsibili ty of the Com pany's managemen t and has been approved by the Board of Directors. Our responsibility is to issue a report on these financial statements based on our rev iew.
We cond ucted our review in accordance with the Sta nda rds on Review Engagement (SRE) 2410, "Review of i nterim Fina ncial Information Performed by the Independent Aud itor of the Entity " issued by the Institu te of Chartered Accountants of India. This standard requ ires that we plan and perform the review to obtain moderate assurance as to whether the fina ncial statements are free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provid es less assurance than an aud it. We have not performed an audit and accord ingly, we do not express an audit opinion .
Based on ou r review cond ucted as above, nothing has come to ou r attention that causes us to believe that the accompanying statement of standalone unaudited financial resu lts prepared in accordance with the applicable Ind ian Accountin g Standards and other recognized accounting practices and policies has not disclosed the information requ i red to be d isclosed in terms of Regulation 33 of the SEBl (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Circular no. CIR/ CFD/ FAC/62/2016 dated 5th Ju ly, 2016, including the manner in which i t is to be disclosed, or that it con tains any material m isstatement.
For G. P. AGRAWAL & CO. CHARTERED ACCOUNT ANTS
Firm's R istra ·on No. 302082E
' (_
_Ji
Place of Signatur e: Kolkata Date : 11th February, 2017.
)..AA.I. '•
(CA. SUNITA KEDIA)
Partner MEMBERSHIP NO. 60162
PART-1
•
BALRAMPUR CHINI MILLS LIMITED
Regd.Office :2341 3A, A.J.C.Bose Road,FMC Fortuna, 2nd Floor,Kolkata • 700020
CIN • L15421WB1975PLC030118, Phone No. (033) 22874749, Fax No.(033) 22873083 / 22808874
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E-mall:bcml 411> bcml.n- Website :www.chin.com
ot """""n-"""" 1--- r•0nc••• n--··1ta for th• nuart- and Nine -onth& en"ed 31/1· 16
I1nuca
3months
Preceding
Corresponding
9 months
Corresponding
Year
SI.
Particulars
ended
3 months ended
3 months ended
ended
9 months ended
ended
No.
31/12/2016
30/09/2016
31/1212015
31/12/2016
31/1212015
31/0312016
inthe previous
in the previous
vaar
vear
(Unaudited)
(Unaudited)
(Unaudted)
- unaudited)
IUnaudited)
(Unaudited)
1 I
ncome from Operations
a} Revenue from operabons
98931
93722
88136
275336
207116
287407
b) Other =rabno 111come
.
Total Income from ooeratlons
98931
93722
88136
275336
207116
287407
2
Expenses
a} Cost of matenals consumed
82008
312
52754
87002
67195
211254
b} Excise duty on sale of gOOds
5203
4974
3249
13931
8510
11741
c} Changes,n 1nventones of finished gOOds and workan-progress
(26578)
63361
11059
86813
97495
(13623)
d} Employee benefits expense
4416
3734
3849
11559
10644
15095
e} Depreciation and amortJsat,on expense
2563
2736
2745
7977
8387
11011
IllOther e>nnses
8253
4070
5464
15556
13223
21836
Total expenses
76865
79187
79120
222838
205454
257314
3
Profit from operations before otherIncome, finance
costs and except onal Items (1 2)
22066
14535
9016
52498
1662
30093
4
Other income
969
408
319
1908
4048
4737
5
Profit from ordinary activities before finance costs
and exceptional Items (3+4)
23035
14943
9335
54406
5710
34830
6
Finance costs
280
1195
598
3594
4952
6655
7
Profit from ordinary activities after finance costs
but before exceptional Items (5-6)
22755
13748
8737
50812
758
28175
8
Exceptionalitems
416
17310
9
Profit from ordinary activities before tax (7· 8)
22755
13748
8737
50812
342
10865
10
Tax expense
5235
3148
18
11622
73
797
11
Net Profit for the period (9-10)
17520
10600
8719
39190
269
10068
12
Other ComprehensiveIncome (net of tax)
(1)
(1)
(1)
2
(38)
13
Total Comprehensive Income (11+ 12)
17520
10599
8718
39189
271
10032
14
Paid- up Equity share capital
2450
2450
2449
2450
2449
2449
(Face value of ,11·each)
15
Reserves excluding Revaluabon Reserve as per
.
.
121010
previous accounting year
(All on 31/312016)
16
Earnings per share
(of t 1/-each) (not annualised for quarterly and nine months figures):
a) Basi
7.15
4 33
3.56
16.00
0.11
4.11
b) Di uted (f)
7.15
433
3.56
16.00
0.11
4.11
See accompanying notes to the flnanclal results
Unaudited Standalone Segment Wise Revenue,Results, Assets and Uabilitles for the Quarter and Nine months ended 31/12/2016
3 months
Preceding
Corresponding
9 months
corresponding
Yeu
SI.
Particulars
ended
3 months ended
3 months ended
ended
9 months ended
ended
No.
31/12/2016
30/09/2016
31/1212015
31/12/2016
31/12/2015
31/03/2016
inthe prev,ous
inthe previous
vear
vear
(Unaudited)
(Unaudited)
!Unaudited)
(Unaudited)
(Unaudrted)
(Unaudited)
1
Segment Revenue
a}Sugar
93443
84743
81350
250687
180379
254826
b} Co-generation
12397
1751
10040
20351
20399
41153
c) Oisbllery
7093
10520
7372
25632
22437
29549
dl Others
114
360
892
Total
112933
97014
98876
296670
223575
326420
Less: nter Seament Revenue
14002
3292
10740
21334
16459
39013
Revenue from ooerations
98931
93722
88136
275336
207116
287407
2
Segment Results·Profitl(Loss} before tax, finance costs and
Exceptionalitems
a) Sugar
17677
11984
2598
39999
(10264)
5448
b) Co-generation
4229
(490)
4375
5868
8229
17908
c) Distillery
2092
4189
3004
10535
9598
13458
d) Others
(24'
(2)
43
126)
100
285
Total
23974
15681
10020
56376
7663
37099
Less I.Finance costs
280
1195
598
3594
4952
6655
11. Other un-allocabie expend1Me net of Un-allocable income
939
738
685
1970
1953
2289
111. Exceptional ttems
416
17310
3
Profit before tax
22765
13748
8737
50812
342
10865
Segment Assets
a) Sugar
166648
144486
160813
166648
160813
267208
b) Co-generation
64558
61552
54103
64558
54103
89911
c) Dlsbllery
20652
23890
17515
20652
17515
20528
d) Others
35
92
899
35
899
921
e} Unallocable
18484
17009
51223
18484
51223
16689
Total
270377
247029
284553
270377
284553
375255
Segment Llabllitles
a) Sugar
33196
11413
44672
33196
44672
57410
b} Co-generation
2033
1828
1358
2033
1358
1333
c) Oisbilery
963
1620
1331
963
1331
1387
d) Others
2
22
37
2
37
102
e} Unallocable
81845
97304
123470
81845
123470
191564
Total
118039
112187
170868
118039
170868
251796
BALRAMPUR CHINI MILLS LIMITED
Regd.Olrice :2341 3A, A.J.C. Bose Road, FMC Fortuna, 2nd Floor, Kolkata • 700020
CIN. L15421WB1975PLC030118, Phone No.(033) 22874749, Fu No. (033) 22873083 / 22808874
E-mail: bcml ct bcml.ln- Website :www.chlnl.com
Notes:
1)
The ,1bove un•udHed st.inculone fin.1.ndaJ results were reviewed by the Audit Committee i..nd the.-e.Uler the Board of Directors has ,1pproV"ed the above results ilt thei.r cesp«tive meetings held on 11th February,2017.
The St,1ndaJone fi.nanci•l resuJts of the Compa.ny have been prepared in accordilnce with Indian Accounting Standuds (Ind AS) notified under the Compilnies (lndiiln Acc-ounting St.andilrd.s) Rules, 2015 as •mended by the Comp.tin.ies {lndiin Accounti.ng St,1nda..rds) (Amendment) Rules, 2016.The Company hu adopted Ind AS from 1st Aprit 2016, with a tH.nsition date of 1st ApriJ , 2015 .ind accordingly these result s {including for iillll the periods presented in accordance with Ind AS 101 • First-time Adoption of Indian Account ing Standuds) h•ve been restate to comply with the requirment of Ind AS and to ma.ke them cOmp.ilnble with those of the ru.nent quarter and nine months f'nded 31st Dec,mber,2016.
These fimmciilJ results have been prepared in t1ccordant'e with the recognition t1nd meilsurement principles stipuJiited under Ind AS 34 -Interim Financial Reporting •nd other ,1ccounting principles genenlly acrepted in lnctia.
The Statutory Auditors have carried out •Limit ed Review• of the aforesa..id financial results for a.II the periods presented.
The format Cor un•udited quarterly results u prescribed vide SEBI drrulu CIR/CFD/CMD/1 5 dated 30th November. 2015 hos been modified to comply with the requirements of SEBI circulu dated Sth July,2016 and Schedule Ill (Division ll) to the Companies Act, 2013applicoble to comp•nies Uut are required to comply with Ind AS.
4a) Reconril.i,11ion of stndalone financ:iaJ resuUs as previou sly reported (referred to ilS •Previous GAAP'") ilnd Ind AS for quarter and nine months ended 31st December,2015 .tnd year ended 31st M..i«h, 2016
is liunder:
( lIn Lacs)
P•rticulars
Net Profit u per Previous GAAP (after tax)
Ad d/(Less) ·Effect or trans,t,on to Ind AS.·
Measurement of Investment m debentures at c1morttsed cost
(i.i) Net gam on recognihon of fa1r valueor denvdhves
(1.il) Reclass1hcc1t1on or actuarial gam/(loss) ansmg m respect of employee benefits scheme to Other Comprehensive Income (net of tdx) (1v) Other adjustments
(v) Tax o1d1ustments
Net imp.-ct of lnd AS .-djustments Net Profit ,1s reported under Ind AS
Other Comprehensive Income (net of tax)
Tot..) Comprehensive Income as reported under Ind AS
Quarter ended Nine Months ended Year ended 31st December, 2015 nst December,201.S 31st Man:n, 2016
8780 64 9942
46 136 181
(102) 148 157
38
(5) (24) (27)
(55) (223)
(61) 205 126
8719 269 10068
(1) 2 (36)
8118 211 10032
Under Previous GAAP, long term investments were curied ,11cost less provi ion for diminution recorded to re.:ogn.iff .iny decline, other lha.n temporuy, in the nrrying value of uch invesl"r:nent .
Under Ind AS, investn1ents in equity instruments a.re recognised and meil.Sured at fair valu e. lmp•cl of fafr value changes (net of tax) as on the d•te of transition has been recognised in ret.Uned Umings and for changes the.rei!ter in Other Comprehensive Income.
Investm ent in debentuteS fulfillin& the prescribed dassifiution rriteri.a , ii.re dilified iamortised cost •nd interest thereon is accounted for u.sing the effective interest ule under Ind AS.
Under previous GAAP. the net mule t·o muket losses on deriv,1tive financia.l instruments as at the Balance Sheet date,were recognised in the St,1tement of Pro£it and Loss; a.nd the net gain, if any, was ignored.
Under Ind AS, such deriv,1tive financi.i instruments are recognised at fair v•Jue ilnd impact of fair value chilnp,es as on the date of transition has been recognised in reserves ,1nd for changes there•Cter in the Statement of Profit and Loss.
Under Previou s CAAP,.actuarial gainsand losses were recognised in the St•tement of Profit t1nd Loss.Under Ind AS,the actuariaJ gafo.s ind losses forming pvt of re- measu rement of the net defined benefit li.tbility/ilSset is recognjsed in Other Comprehensive Income (net of tu).
(i) Under Previous GAAP,certain government grants received by the Comp•ny in the nature of promoter's contribu tion were credited to C•pit,11Reserve. Under Jnd AS,such gra;nts a.re tceated a.nd presented in the Balance Sheet by setting u p the grant ;1;5 deferred income and deferred inl'ome is rec:ogni.sed in the Statement of Profit and Loss on • systematic ba.sis over the useful life of the related assets.
Other expenses include:
Net loss on disposaVdiscud of property, plant and equipment aggregating to l226 l,1cs and t 677 l•cs for nine months period and qu1..rter ended 31st De«mber 2016 respectively including loss of t 544 lacs a.nd l 74 lac-s for nine months period and qua.rter ended 31st December.2016 respectively relating to di.5post1Vdiscud of usel:s of the dosed sugar unit illl Kh.alib.bad.
b} A sum of l noo lacs relating to cane commission rtteiv,ble which hu been written off during for qua.rter and nine months period ended 31st December, 2016,in ,1ccordince with t he notification dilled 28th December,2016 issued by the Government of UuuPrt1desh.
Exceptional items represent expenditure on iccount of Voluntary retirement 54.:heme in relation to staff/workers of the closed sugar unit at Khi1Jifabad.
7) The Company has entered into a Share Purchase Agreement on 27th Ja..nua ry; 2017 for sale of its entire S3.96o/o stake in lndo Gulf Jndust-ries Ltd., •Subsidiary of the Company.
Pursuant to the approv of the Boa.rd of Direon 15th November, 2016 and Sha.reholders by way of Postal Ballot on 2nd J•nu;uy,2017;the Company has made a Public Announcement on 3rd January, 2017 for buyback of uplo 1,.00,00,000 equity sh.a res of 't 1. Heh al a price of t1·per share for a.n ilggregilte of .tmount of upto f 17500 lacs in accordilnre with the SEBI (Buyb,1ck of Serurities)
ReguJations, 1998, as•mended. The Compan y hasillso ctisptched the Letter of Offer to the Sho1reholders of the Company. The Buyback Offer period hu commenced on 7th Februuy,2017 .and sha.U close on
20th February,2017.
The Company has aUoted 1500 Equity Sh,1res of f t/·ech at i price of {45/· per share (Inclurung premium of t Mf· J)'!rshue) on 16.U.2016 lo the eligible employees under the Employees Stock Option Scheme of the Company.
Sugar being ,1 Season.ii Industry,the pe.r::formance of the Comp.1ny varies from quarter to quiirler.
The figures of previou.s periods h•ve been regrouped/reclnsfied whereever necess.uy to m,.ke them compitrable wilh t hose of the current period.
(ii) Under Previous GAAP,loan processing fees/ transaction rost were recognised in the Statement of Profit and Loss.Under lnd AS1such expenditures are considered for calculating effecHve interest rate. The impact of the same a.son the date of lril.Mition hasbeen rec:ogn.ised in retained nmings and t hereilfte:r in the St,.lement of Profit t1nd Loss.
(t) The deferred tax impact of transit-ion •djustments together with the Ind AS mandiilte of u sing b•lance sheet approach (•ga.inst profit and loss a.pproi1ch under previou.s GAAP) for computation of deferred laxes hills resulted indebit to reserves on the d1:te of 1Ti1.nsition and to the Statement of Profit and Los.s for the subsequent periods.
-
PlitCe of Signif:tu.re :Kolkilt1 Date:11th February ,2011
For ..nd on beh,11£ of the Bo.ud of Directors of
BillrampurO,,ini t4.ill.s Limited
{y::P#
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