Annual Report: 2021
The consolidated financial statements for C&S Electric Limited, covering the period from 01/04/2020 to 31/03/2021, reveal key information about the company's performance and financial position. The company's corporate identity number is U31909DL1971PLC005672, and its permanent account number is AAACC0909K. The audit report, conducted by BSR & Co. LLP, chartered accountants, offers an opinion on the consolidated financial statements. They assert that the financial statements provide a true and fair view in conformity with accounting principles generally accepted in India and that the audit evidence obtained was sufficient to base their opinion. The auditors were independent of the Group, complying with ethical requirements under the Companies Act, 2013. A key aspect of the audit involved assessing internal financial controls relevant to the consolidated financial statements, and the effectiveness of these controls. The auditors’ responsibilities included evaluating the appropriateness of accounting policies, reasonableness of accounting estimates, and related disclosures made by management. The report also acknowledges that the Holding Company’s management and Board of Directors are responsible for the other information in the company’s annual report, excluding the financial statements and the auditors’ report. The company's financial performance indicates a loss for the year, with total income at ₹8,563.95 million and total expenses at ₹9,491.13 million, resulting in a profit before tax of ₹-927.18 million. The basic earnings per share was -17.58 INR/share from continuing operations, 6.94 INR/share from discontinued operations, leading to a total basic earnings per share of -10.64 INR/share. Non-current assets totaled ₹2,252.99 million, current assets reached ₹6,288.15 million, culminating in total assets of ₹8,541.14 million. Equity attributable to owners of the parent totaled ₹4,037.51 million. Total liabilities were ₹4,503.63 million. For cash flow, net cash flows from operations were ₹426.88 million. Net cash flows from investing activities were ₹1,977.42 million, and from financing activities were ₹-2,223.52 million. The independent auditor's report relies on other auditors' reports for ten subsidiaries' financials, reflecting total revenues of ₹1,012.76 million. Several important accounting policies are detailed, including revenue recognition, use of estimates and judgment, basis of measurement, measurement of fair values, and more. C&S Electric Limited follows the Indian Accounting Standards (Ind AS) specified under section 133 of the Companies Act, 2013, and consistently applies accounting policies. The functional currency is the Indian Rupee. C&S Electric Limited is the main reporting entity, with subsidiaries named. They have operations at Noida, Greater Noida, Haridwar, Assam, China, Dubai (UAE) and Belgium. The principal activities of the Group includes manufacturing and business of electrical switchgear, controlgears, contactors, miniature circuit breakers (MCBs), electrical and electronic panels, protection and measurement devices, bus ducts, bus trunkings, lighting & wiring products and generation of Solar power etc. Key matters disclosed include details of equity share capital and reserves, non-current investments, current investments, and information on various subsidiaries and joint ventures. The notes also discuss the impact of pending litigations and the managerial remuneration paid. Additionally, the report draws attention to Note 53 relating to Managerial Remuneration, which totaled ₹39.42 million, was in accordance with Section 197 read with Schedule V of the Companies Act, 2013, and the company is seeking shareholder approval. Also drawing attention to Note 36 discussing impact of pending litigations. Note 53 points out managerial remuneration exceeding the prescribed limits and awaiting shareholder approval. There has been no delay in transferring amounts to the Investor Education and Protection Fund and that the disclosures in the consolidated financial statements regarding holdings as well as dealings in specified bank notes have not been made since they do not pertain to the financial year ended 31 March 2021. Note 1.4 notes the "On March 24, 2021, the Ministry of Corporate Affairs ("MCA") through a notification, amended Schedule III of the Companies Act, 2013. The amendments revise Division I, II and III of Schedule III and are applicable from 1 April 2021." Working capital demand loan are secured by first pari passu charge on whole of the current assets of the group, pari passu charge on movable property, plant and equipment, first pari passu charge on the following immovable properties of the group: land and building situated at A-7, A-8 and A-9, Sector - VIII, Noida, Phase I; land and building situated at C-59, Noida, Phase II. It contains notes that, pursuant to the share purchase agreement dated January 24, 2020 entered in between the erstwhile promoters, Siemens Limited and the Company, on March 1, 2021, Siemens Limited acquired 99.22% equity share capital of the Company from its promoters.
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