qTP - Tata Chemicals...qTP TATA Sub: Outcome ofthe Board Meeting - October 30, 2019 Ref.: lntimation...
Transcript of qTP - Tata Chemicals...qTP TATA Sub: Outcome ofthe Board Meeting - October 30, 2019 Ref.: lntimation...
qTPTATA
Sub: Outcome ofthe Board Meeting - October 30, 2019Ref.: lntimation under Regulations 30 and 33 of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 20'15 ("Listing Regulations")
This has reference to our letter dated October 18, 2019 giving notice of the Board Meetingto consider financial results of the Company for the second quarter and half year endedSeptember 30, 2019.
Pursuant to Regulations 30 and 33 of the Listing Regulations, we wish to inform you thatthe Board has, today at its meeting, approved the Audited Standalone and UnauditedConsolidated Financial Results of the Company for the quarter and half year endedSeptember 30, 2019.
The Meeting of the Board commenced at 1 1.30 a.m. and concluded at 2.50 p.m.
A copy of the said Financial Results together with the Auditors' Reporvlimited ReviewReport is enclosed herewith. These are also being made available on the website of theCompany at www.tatachemicals.com.
The said results shall be published in one English and one vernacular newspaper asrequired.
You are requested to take the same on record.
Thanking you,
Yours faithfully,
TATA CHEM!CALS L:MITEDeOmbaソ HOuse 24 Homi Mody Street Fort Mumbai 4KXl∞ 1
Te1 91 22 6665 8282 Fax 91 22 6665 8143/44 wWW tatachemicals com
ClN:L24239MH1939PLC002893
October 30,2019
The General ManagerCorporate Relalons DepartmentBSE LimitedPhiЮze」eeleebhoy TowersDalal Street
Mumbai-400001Scrio Code:500770
Dear Sir,
National Stock Exchange of lndia Ltd.Exchange PlazaBandra-Kurla ComplexBandra (E)Mumbai - 400 05'lSvmbol: TATACHEM
For Tata chemicals Limtedヽ
General Counsel & Company Secretary
Encl: as above
BSR&Co.LLPChartered Accountants
sth Floor, Lodha Excelus,Apollo Mills CompoundN. M. Joshi Marg, MahalaxmiMumbai - /O0 011
lndia
Telephone +91{22)43455300Fax +91{22)43455399
Auditors' Report on quarterly standalone financial results and standaloneyear-to-date results of Tata Chemicals Limited pursuant to Regulation 33 ofthe SEBI (Listing Obligations and Disclosure Requirements) Regulations,20l5
Independent Auditors' Report
To the Board of Directors ofTata Chemicals Limited
Report on the audit of the Standalone Financial Results
Opinion
We have audited the accompanying standalone quarterly financial results ofTata Chemicals Limited ("theCompany") for the quarter ended 30 September 2019 and the year to dale results for the period fromI April 2019 to 30 September 2019, attached herewith, being submitted by the Company pursuanr to therequirement ofRegulation 33 ofthe SEBI (L;sting Obligations and Disclosure Requirements) Regulations,201 5, as amended ("Listing Regulations").
ln our opinion and to the best of our information and according to the explanations given to us thesestandalone quarterly fi nancial results:
i. are presented in accordance with the requirements ofRegulation 33 ofthe Lisring Regulations inthis regard; and
ii. give a true and fair view in conformity with the recognition and measurement principles laid dorvnin the applicable accounting standards and other accounting principles generally accepted in Indiaof tlre net profit and olher comprehensive income and other financial informalion lor lhe quarterended 30 Seplember 2019 as well as the year to date results for the period from I April 2019 ro30 September 2019 ("standalone financial results").
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under section143( I 0) ofthe Companies Act, 2013 ("the Act"). Our responsibilities under those SAs are l'urrher describedin the Auditor's Responsibilities for the Audit of the Stottdcione Finoncial Re;urs section oiour reporr. Weare independent ofthe Company in accordance with the Code ofEthics issued b] rhe lnsriture ofChanere4Accounlants of India together rvith the ethical requirements that are relevant to our audit of the financialresults under the provisions ol the Act and the Rules thereunder, and we have firlfilled our other ethicalresponsib ilil ies in accordance with these requirements and the Code of Erhics. We believe that the audilevidence rve have obtained is sufficient and appropriate to provide a basis for our opinion.
v\J€
陶譜留じ鰤胤硼需燎鳳 。■●LLP R39:StrmOn No AAB■ 181,
輌h― from o● 。●e,142●3
5th Foo., l,rdB EEIEApolto Milt! Co.np.{.dN- M. Jot M.r!, rr.h.Lr6iMmb€i 400 ol1. l li!
BSR&Co LLP
Auditors' Report on quarterly standalone financial results and standaloneyear-to-date results of rata Chemicals Limited pursuant to Regulation 33 ofthe SEBI (Listing Obligations and Disclosure Requirements) Regulations,20l5(Contin ued)
Tata Chemicals Limited
Management's and Board of Directors' Responsibilities for the Standalone Financial Results
These standalone quarterly financial resuhs as well as the year to date standalone financial results havebeen prepared on the basis ofthe standalone interim financial starements. The Company's Management andBoard of Directors are responsible for the preparation ofthese financial results that givL a true an-d fair viewof the net profit/loss and other comprehensive income and other financial informaiion in accordance withthe recognition and measurement principles laid down in Indian Accounting Standard 34, 'lnterim FinancialReporting' prescribed under Section 133 ofthe Act and other accounting principles generally accepted inIndia and in compliance with Regulation 33 of the Listing Regulations. This responiibility also includesm-aintenance ofadequate accounting records in accordance with the provisions ofihe Act for safeguardingof the assets oflhe Company and for preventing and detecting fraudiand other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimales ihat are reasonable andprudent; and design, implementation and maintenance of adequate intemal financial controls that wereoperating effectively for ensuring the accuracy and completeness ofthe accounting records, relevant to thepreparation and presentation of the standalone financial results that give a t-e and fair view and are freefrom material misstatement, whether due to fraud or error.
In preparing the standalone financial results, the Management and the Board of Directors are responsiblefor assessing the Company's ability to continue as a going concern, disclosing, as applicable, matter; relatedto going concern and using lhe going concern basis of accounting unless the Iioard of Directors eitherintends to liquidate the Company or to cease operalions, or has no realistic alternative but to do so.
The Board of Directors is also responsible for overseeing the Company's finarrcial reporting process.
Auditor's Responsibilities for the Audit of the Standalone Financial Results
Our objectives are to obtain reasonable assurance about rvhether the slandalone financial results as a wholeare free from material misstatement, rvhether due lo fraud or error- and to issue an auditor's report thatincludes our opinion. Reasonable assurance is a high level ofassurance, but is nor a guaranlee thaian auditconducted in accordance wilh SAs will always detect a nraterial misstatemenl $hen it exists. Misstatementscan arise from fraud or error and are considered rnaterial il, individually or in the aggregate, lhey couldreasonablv be expected to influence lhe economic decisions of users taken on the basis ofther. strndulon"financial results-
As part ofan audit in accordance with SAs. rve exercise professionaljudurnent and maintain professionalskepticisrn throughout the audit. We also:
' Identily and assess lhe risks ofmaterial misstatement ofthe standalone firrancial results. whelher dueto fratrd or error. design and perfornr audit procedures rcsponsive to ihose risks. and obtain auditevidence that is sufficient and appropria(e to provide a basis for our opinion. The risk of not detectinga material misstatement resulting from lraud is higher than for one resultins liorn error, as fraud mayirvolve collusion. forgery. intentional ornissions. misrepresentalions. or the override ofinternal control.
J\/'-/"J'
2
BSR&Co LLP
Auditors' Report on quarterly standalone financial results and standaloneyear-to-date results of Tata Chemicals Limited pursuant to Regulation 33 ofthe SEBI (Listing Obligations and Disclosure Requirements) Regulations,20l5(Contin ued)
Tata Chemicals Limited
Auditor's Responsibilities for the Audit of the Standalone Financial Results (continued)
' Obtain an undeBtanding of internal control relevant to the audit in order to design audit procedures thatare appropriate in the circumstances, but not for the purpose of expressing an opinion on theeffectiveness of the Company's internal control.
t Evaluate lhe appropriateness of accounting policies used and the reasonableness of accountingestimates and related disclosures in the standalone financial results made by the Management and thiBoard of Directors.
conclude on the appropriateness of lhe Management and the Board of Directors, use of the goingconcem basis ofaccounling and. based on the audit evidence obtained, whether a material uncertiintyexists related Io evenrs or conditions that may cast significant doubt on the Company,s ability tocontinue as a going concern. If we conclude that a material uncertainty exists, we are'required to drawattention in our auditor's repon to the related disclosures in the financial results or, ifsuch disclosuresare inadeqrr2ls, to modify our opinion. Our conclusions are based on the audit evidence obtained up tothe date ofour auditor's report. However, future €vents or conditions may cause the Company to ceaseto continue as a going concem.
Evaluate lhe overall presentation. structure and content of the standalone financial results, includingthe disclosures, and rvhether the financial results represent the underlying transactions and events in amanner thal achieves fair presentalion.
We communicate with those charged with governance regarding, among other matters, the planned scopeand timing of the audit and significant audit findings. including any significant deficiencies in internalcontrol that we identify during our audit.
We also provide those charged rvith govemance with a statement that we have complied with relevantethical requirements regarding independence, and to communicate with them all relationships and othermatters that may reasonably be thought to bear on our independence, and where applicable, relatedsafeguards.
Mumbai30 October 2019
FoTBSR&Co.LLpCharlered Accountants
Firm's Registration No: l0l248WW-100022
,1r'--r,,-'-'-r
vijay MathuIPorlner
Membership No. 046476ICAI UDIN: ,qoq64?6AAAAD14q93 6
Tab ChedcoL ummedR●9d Omce:BOmb.v House.24 Ho耐 Mody stre● |,Mumb● :‐ ●00∞1
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Tolol lncom. (lo+lb)
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ond stock-ilts.lrode
d) Employee benefih expense (note 4)
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3 ?rofr bttor. arc.ptlond f,am ond lq (t-2)
4 Aceptionolloss (note 2 (d))
5 Prodt brioi.lqx (34)6 Tox expenses (nole 5)
o) Cunent ioxb) Defefed loxlotol l,qr axp.n$r {60 + 6b)
7 tro0l,ronr codhdng oparotlon, qiar tox (5.6)8 Loss from disconlinued operolions before tox (nole 2 {o))I Iox expenle from discontinued operolions (note 2 (o))
l0 Lo!, hom dLco. lnu.d op.rqllonr calrrtox (8.9) (not 2{o))tl ?roit lorlh. p.rlod (7+10)
12 Olhcr comprahandvc lncom. ('OCl) (n toator)Items lhol will nol be reclossified lo the Stotement of Profit
{i} ond Loss
Chonges in foir volue of equily inveslmenh conied ot foir- volue through OCI
- Remeosuremenl of defrned employee benefit plons
[ii] lncome Tox reloling to obove ilemsIolol olhar compr.h.n.lvc lncomc (n.l d tor) 0+1,Iolql comp..henrlv. lncom. tor tha paiod ( I I + I 2lPoid-up equity shore copitol
(Foce volue : ? l0 per shore)
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- Bosic ond Diluied2l Debt equily rotio22 Debt service coveroge lolio23 lnlerest seNice coveroge rolio# Represenh non converlible debenlures
' Nol qnnuolised
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EGIU]TY AND UA]IMESECulty
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l{al dacraon ln corh ond corh aqulvdanhCosh ond cosh equivolenb ot the beginning of the periodMovemenl in cosh ond cosh equivolenh perloining lo disconlinued operotions
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The obove resulh were reviewed by the Audit Commitlee ond opproved by the Boord of DirecloG ol lheir meelingsheld on 30 October, 2019. Ihe some hove been oudited by the Stolulory Auditors who hove issued on unquolifiedoFinion lhereon.
On I .June,20lE, the Compony consummoled the lole ond lron.fer of ih Phosphofic Fertifiser Business locoled otHoldio ond the Troding Business comprising bulk ond norFbulk lerlilisers io IRC Agrochemicols Pdvote Limited os perBusiness Tronsfer Agreemenl doted 6 November, 2017.
The Boord of Directors of the Compony hos opproved the Scheme ot Amolgomolion (Scheme) under the provisionsof Section 234 reod with Sections 230 to 232 of the Componies Act, 2013 for the merger of Bio Energy Venture-l(Mouritirrs) Pvt. Ltd., o wholly owned subsidiory of lhe Compony, with the Compony, subject lo necessory stoiuioryond regulolory opprovols. The Scheme is fled wilh the NolionolCompony LowTribunol-
On 15 Moy,2019, the Compony enlered into on orongement with Toto Globol Beveroges Limited (TGBU) for thedemerger of lhe Consumer Produch Business Unit ('cPB') of lhe Compony to TGBL. The effect ol the tronsfer will bereflecied in lhe fnonciol informotion of lhe period in which the deol is consummoted post receipt of oll lhe requiredstolulory ond regulotory opprovols.
Exceplionol item for the quorler ended 30 Jung, 2019 ond for ihe holf-yeor ended 30 September, 2Ol9 represenlscosls reloling to lhe goposed scheme of De.merger (Refer note 2 (c)).
Effective 1 April, 2019, the Compony odoplgd lnd AS I 16 'teoseJ', opplied to oll leose conlroch existing on I April,2019 using the modifed relrospective method ond hos loken lhe cumulotive odjuslmenl to retoined eornings, on thedote of iniliol opplicolion. Accordingty, comporolives for the yeor ended 3t Morch, 2019 hove nof beenretrospeclively odjusted. On lronsilion, lhe odoplion of lhe new slondord resulted in recognition of Right of use ossels(ROU)ofI15.13croreondoleoseliobilityofI16.67crorebyodiustingreloinedeomings,neloftoxesofI0.55crore.The etfect of this odoption is insignifconl on lhe profit fo( the period ond eomihgs per shore.
Employee benefih expense is net of provisions writlen bock for F,ost retirement benefit of t I5.03 croG for lhe quorterond holf ended 30 September, 2018 ond for the yeor ended 3l Morch, 2019, which is no longer poyoble puBuont tosole ond lronsfer of lhe Phosphotic Fertiliser Busineas.
The Compony hos decided to exercise lhe option peftitled under Secfon l I5BAA ot the lncome Tox Act, l96t osintroduced by lhe To(otion Lqva (Amendmentl Ordinonce.2019 from lhe curent finonciol yeor. Accordingty, lhep.ovision for income lox ond defened t(D( bolonces hove been recordedfemeosured using lhe new tox role ondlhe resullont impocl is recognized in the cunehl period Stolement of Profit ond Loss. Pu6uohl to the selection of thisoplion, the Compony hos reversed deferred tox liobililies omounting to 139.20 crores due lo reduction in corporolelox role.
On Juiy 2,2019, the Compony redeemed its Unsecured Redeemoble NorFconverlible Debentwes ('NCD') of t 250crores olong wilh inlerelt due ond hos consequenlly Itonsferred the bolonce of Debenfure Redemplion Reserve tolhe GenerolReserve. Acco.dingly, the soid NCD5 slond redeemed ond ore no longer lisled.
Formulo used for colculotion of Rotios {Conlinuing operolions):o) Debi Equily Rolio = Debt / Equity
(Debt Longterm bonowings +Curenl motudties of long term borrowings +Short-term borowings)(Equity: Shoreholde/s Funds)
b) Debl Service Coveroge Rolio = Profii before lnterest ond Tox / (lnlerest + Principol repoymenh)c) lnlerest SeMce Coveroge Rolio = Profil before lnterest ond Tox / lnleresl
Previous pedod figures hove been regrouped lo conform wilh lhe clossificofion odopled in lhese finonciolresulh.
As per our reporl of even dote otloched
FoTBSR&Co.LLPChorlered AccounlonrsFirm's Regislrolion No: 101218W/W - lmqD
y^/'-r\\v-v-/:-Vrjoy MothwPqttEtMembe6hip No. 046476
uDrN: i g04 64+6 L* AA\h qq36Pioce: MumboiDote: 30 Oclober, 2019
For ond on beholfofTATA CHEMICALS LIMMD
Di「 ec,o「 ond CEO
B S R ttL Co.LLPChartered Accou ntants
sth Floor, Lodha Excelus,Apollo Mills CompoundN. M. Joshi Ma.g, MahalaxmiMumbai - 400 011
lndia
Telephone +91{22)43455300Fax +91(22)43455399
Limited Review Report on unaudited quarterly consolidated financial resultsand consolidated year-to-date financial results of Tata Chemicals Limited underRegulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)Regulations, 2015
To the Board of Directors ofTata Chemicals Limited
l
つ
We have reviewed the accompanying Statement of unaudited consolidated financial results ofTata Chemicals Limited ("the Parent") and its subsidiaries (the Parent and its subsidiariestogether referred to as '1he Group"), and its share of the net profit after tax and totalcomprehensive income of its joint ventures for the quarter ended 30 September 2019 and yearto date results for the period from I April 2019 to 30 September 2019 ('1he Statement"), beingsubmitted by the Parent pursuant to the requirements of Regulation 33 of the SEBI (ListingObligations and Disclosure Requirements) Regulations, 2015, as amended ('ListingRegulations').
This Statement, which is the responsibility of the Parent's management and approved by theParent's Board of Directors, has been prepared in accordance with the recognition andmeasurement principles laid down in Indian Accounting Standard 34 "Interinr FinancialReportingl' ("lnd AS 34"), prescribed under Section 133 ofthe Companies Act, 2013, and otheraccounting principles generally accepted in India and in compliance with Regulation 33 oftheListing Regulations. Our responsibility is to express a conclusion on the Statement based on ourreview.
We conducted our review of the Statement in accordance with the Standard on ReviewEngagements (SRE) 2410 " Review of Interim Financial Information Performed by theIndependent Auditor ofthe Entity", issued by the Institute ofChartered Accountants oflndia. Areview of interim financial information consists of making inquiries, primarily of persons
responsible for financial and accounting matters, and applying analytical and other reviewprocedures. A review is substantially less in scope than an audit conducted in accordance withStandards on Auditing and consequently does not enable us to obtain assurance that we wouldbecome aware ofall significant matters that might be identified in an audit. Accordingly, we donot express an audit opinion.
We also performed procedures in accordance with the circular issued by the SEBI underRegulation 33 (8) ofthe Listing Regulations, to the extent applicable.
The Statement includes the results ofthe entities listed in Annexure I.
Based on our review conducted and procedures perflormed as stated in paragraph 3 above and
based on the consideration ofthe review reports ofthe other auditors referred to in paragraph 6below, nothing has come to our attention that causes us to believe that the accompanyingStatement, prepared in accordance with the recognition and measurement principles laid downin the aforesaid lndian Accounting Standard and other accounting principles generally acceptedin India- has not disclosed the information required to be disclosed in lerms ofRegulation 33 ofrhe Listing Regulations, including the manner in which it is to be disclosed, or that it containsany material misstatement.
4
5
I S R & Co l. ,.nn r.rip fm wihR.giiirnio. ito. BA6i2Z!) ootulrr.d i6toB S B & C.. [P l. Lrnit d U.!iliv. ft,rrE rhipwidr U-P tLgi3rriion lto. AAB.8I81 )
wilh .lLcr to6 kob.r 14, 2013
5dr Froo., LodtE ErelcApolb Mills Co.npolndt{ M. JoCri M.A, M.hal.hiMumb.a - {0O OIl. l.dia
BSR`kCo LLP
Limited Review Report on unaudited quarterly consolidated financial resultsand consolidated year-to-date financial results of Tata Chemicals Limited underRegulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)Regulations, 2015 (Co nt i n ue d)
6
Tata Chemicals Limitcd
7
We did not review the interim financial results / financial information ofone subsidiary includedin the Statement, whose interim financial results / financial information after consolidationeliminations reflect total assets of Rs. 20.49 crores as at 30 September 2019 and total revenuesofRs. 2.87 crores and Rs. 5.02 crores, total net profit after tax ofRs. 0.87 crores and Rs. l.4lcrores and total comprehensive income of Rs. 0.88 crores and Rs. 1.42 crores, for the quarterended 30 September 2019 and for the period from I April 2019 to 30 September 2019,respectively, and cashflows (net) of Rs. 0.21 crores for the period from I April 2019 to30 September 2019, as considered in the consolidated unaudited financial results. This interimfinancial result/financial information has been reviewed by other auditor whose report has beenfurnished to us by the management and our conclusion on the Statement, in so far as it relates tothe amounts and disclosures included in respect ofthis subsidiary, is based solely on the reportofthe other auditor and the procedures performed by us as stated in paragraph 3 above.
Our conclusion on the Statement is not modified in respect ofthe above matter.
The Statement includes the interim financial results / financial information of five subsidiarieswhich have not been reviewed/audited, whose interim financial results / financial informationafter consolidation eliminations reflect total assets of Rs.277 .15 crores as at 30 September 2019and total revenues of Rs. l8l .92 crores and Rs- 3 19.52 crores, total net loss after tax of Rs. 5-89crores and Rs. 27 crores and total comprehensive income of Rs. ( I I .24) crores and Rs. (56.27)crores for the quarter ended 30 September 2019 and for the period from I April 2019 to30 September 2019, respectively, and cash flows (net) of Rs. 20.87 crores for the period fromI April 2019 to 30 September 2019, as considered in the Statement. The Statement also includesthe Group's share of net profit after tax of Rs. 2.42 crores and Rs. 30.84 crores and totalcomprehensive loss of Rs. 26 crores and Rs. 5.77 crores for the quarter ended 30 September2019 and for the period from I April 2019 to 30 September 2019, respectively, as considered inthe consolidated unaudited financial results, in respect of four joint ventures, based on theirinterim financial results / financial information which have not been reviewed,/audited.According to the information and explanations given to us by the management, these interimfinancial results / financial information are not material to the Group.
Our conclusion on the Statement is not modified in respect ofthe above matter.
N4umbai30 0ctober 2019
FoTBSR&Co.LLPCharlered Accountants
Firm's Registration No: l0l248WW-100022
f\ r,,--'"'--..'-'.-V\,$
vijay MatiilParlner
Membership No: 046476uDIN: l9 o( 6 r.r 1d A A A ADN 2r2 q
8SR&Co LLP
Limited Review Report on unaudited quarterly consolidated financial resultsand consolidated year-to-date financial results of Tata Chemicals Limited underRegulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)Regulations, 2015 (Co nli n ued)
Tata Chemicals LimitedAnnexure I
List of entities included in the Statement
I
2
I
2
3
4
5
6
7
8
9
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l3
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l5
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23
Name of Etrtities
Holding CompanyTata Chemicals Limited
Subsidiary
Bio Energy Venture - I (Mauritius) Prt. Ltd.
Rallis India Limited
Ncourage Social Enterprise Foundation
Step down subsidiaries
Tata Chemicals Intemational Pte. Limited
Homefield Pr.t. UK Limited
TCE Group Limited
Natrium Holdings Limited
Brunner Mond Group Limited
Tata Chemicals Europe Limited
Nonhwich Resource Management Limited
Winnington CHP Limited
Cheshire Salt Holdings Limited
Cheshire Salt Limited
British Salt Limited
Brinefield Storage Limited
Cheshire Cavity Storage 2 Limited
Cheshire Compressor Limited
Irish Feeds Limited
New Cheshire Salt Works Limited
Tata Chemicals Afiica Holdings Limited
Tata Chemicals South AIlica (Proprietary) Limited
Tata Chemicals Magadi Limited
Magadi Railway Company Limited
Gusiute Holdings (UK) Ltd-
Valley Holdings lnc.
Tata Chemicals North America Inc.
BSR&Co LLP
Limited Review Report on unaudited quarterly consolidated financial resultsand consolidated year-to-date financial results of Tata Chemicals Limited underRegulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)Regulations, 201 5 (Contin ued)
Tata Chemicals LimitedAnnextre I (Conlinued)
List ofentities included in the Statement
Name of Entities
24 TCNA (UK) Limited
25 General Chemical Intemational Inc.
26 NHO Canada Holdings Inc.
27 Tata Chemicals (Soda Ash) Parmers Holdings
28 Tata Chemicals (Soda Ash) Partners (TCSAP)
29 TCSAP LLC
30 Alcad
3l Rallis Chemistry Exports Limited
32 Metahelix Life Sciences Lld
33 PT. Metahelix Lifesciences Indonesia
34 Zero Waste Agro Organics Limited
I
2
3
4
Joint Venlures
The Block Salt Company Limited
Joil (S) Pte Ltd
Indo Maroc Phosphore S.A.
Tata Industries Limited
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lnlormolion reloling lo dbconlinu.d opcrollonr or rtol.d in note 2(o) to th. consolldoLd fnonclol rclulB :
Porliculorj Quodlrcnded
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2019(Unoudlt€d)
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Tdb Chemに ob unledN●leslo lhe Con3● ldOled Fhanc●:R● 3υ卜 :
Ihe obove resulh were reviewed by the Audil Comrillee ond opproved by lhe Bood of Dieclo6 ol lheir ftEelings heldon 30 October, 2019. Ihe some hove been reviewed by the Stotutory Auditols who hove isiued on unquolifred conclusionthereon.
Chonges in Group slruclure:
o. On I June, ml8, lhe Group corEunrnoled lhe sole ond Lonsfer of ils Phosphotic Ferlilser B6iness locoled ol H(rdb ondlhe Trodng B(6ihess cornpdshg bulk ond non+dk ferlibe6 to IRC Agrocfienicob Privole tiryited 6 per Business ]ronsferAgeerneni dcred 6 Novernber, ml7.
b. On 15 Moy, 2019, the Group enlered inlo on onongernenl wilh Tolo Globol Beveroges Liniled (TGB|.') for lhe dernergerof lhe Consurner Produch Eusiness tJnit {"CPB') of the Conpony to TGBI-.lhe etlecl of lhe tronsfer will b6 reflected in thelinonciol infornolion of lhe pedod in which the deol L conlummoled posl rec€ipl of oll the required sloiulory ondregulolory opprovob-
c. Duing lhe yeor ended 3l Moch. 2019, RoIs Chenislry E&ortr Ltd., o wholv owned rubsiliory of R*, hos rnode onopplcolion lo the Re{isLcr of Conporie5 for removol of ib norne from lhe regisler ol cornpories for which lh€ opp.ovdb owoiled.
d. Duing lhe yec, ended 3l Mcrch, 2019, lhe Bocrd of Direclors of Rdh lndo Linited l'Rolls') hos opproved lhe Scherne ofArnolgomolion of Metohelx Lrfe Sciencea liryiled (wholy ow)ed subsidiory of Rofr]. with Ro[s puGuont lo lhe govitiorbof Soclionr 2301o 232 of ihe Compories Acl, 2013 subjecl lo necessory slolulory ond regulolory opprovob. including lheHon'ble Nolionol Compony Low Tribunol ('NC[I). Seporole Pelilions hove been fled before lhe Bengoluru Eench ol NCLT
ond Mumboi Bench of NCII ond lhe sorne-6 pendi,ag for heding before the reJpeclive Benches.
e. Driing lhe yeor encled 3l Morch, 2Ol& ihe Boord of Diectors of the Compony hos opproved ihe Schefi|e ofAftrolgornolion (Scherne') under lhe p.oviions of Seclion 23,t reod with Seclions 230 to 232 of the Conponbi Act, 2013for the rl€rge. of Bio Energy Ventue - | (Moudlirrsl Pvr. Ltd., o wholy owned 9ub6i<Idy of the Cornpony, \aith lheCorypony. rubiecl lo necessory slolulory ond regulolory opprovob. ltle Scherne i5 being fled with the NCLT-
f. Duing lhe yeor ended 3l Morch, 2018, the Boord of OilecioB of Rolls opproved lhe Scherne of Arndgomoiion of Zerowoste Agro Orgorics Linited (o wholv oMined sub6idqy of Rc{is) with Rolls p(,luonl lo lhe p.ovisionr of Seclions 230 lo232 ot the Cornponies Acl,2013 suqeci lo necesady slolulory ond regulolory opprovob, incfudng ihe Hon'ble NC|T.Pelilion for sonclioning lhe SchenE b pendng for fnol heoring before lhe NCLT.
Effeclive I April, 2019, the Group odopted krd AS I 16'tec6ejl oppfed to c{ leo5e conkocls exbthg on I ApnL 2019 u3inglhe rnodfied relrospeclive rylelhod ond hos token lhe currulolive oqBtmenl lo reldned ecrings, on lhe dole of ir lioloppicolion. Accordngt, conpqolives for the yeor ended 3l Morch, 2Ol9 hove nol been reirospeclively oqualed. Ontronsiiion, lhe odoplion of lhe new slonclord resulled in recognilion of Righl of use osseh ol { 286.34 crore ond o leoseliobility of t 300.6,1 crore by o{usling reloined eomings, nel of ioxes ond noftconlrolfing inleresl, of ? Io.m crore. The neleffeci of lhis odoplion b injgrificonl on lhe profil tor lhe period ond on eomings per shcre.
&cepliond gdn/{loss) (net) irclucles:
o. A gain/{1r55) of I [5.69) crore for lhe yed ended 3l Mcrch, 20] 9, rep.e5enis increaEe in p€rEion loully for lhe Group's UK
entitbs, folowing lhe uK High coLrl rulng u/ith respecl lo Guoronleed Minirrum Pension {GMP) equoholion.
b. Conrequenl lo lhe odvonced Brexjt{eloied liryleloble lor ru[endedng Europeon Enission Allowonces und€r lhe EU
Ern!3aonr Troclng Scherfle, TCE Group, UK hod to incuron expendilure of{ 38.8,1crore for lhe yeol ended 3l Mcrch 2019.
c. During lhe yed ended 3l Mdch 2019, the superior courl of Jusiice, Conodo, brued on orcler in ihe rnoller of bonlruplcyof Generd Chenicob CorEdo Li"ited ('@Cf). (on ersn hle rub6iddy of Generd Chericoh which \^/06 Gsigned wilhbonkruplcy under Conodo s Bonkruplca qrd tEnnony Acl in Nov 2@51, (Bchcrghg lhe Truslee ond lhereby concludnglhe bonkuplcy proceedngi. Acco(dingt TCNA hos witlen bock lhe negolive corrying volue ossocioled wilh GCCLomounling lo t I l/1.86 crore.
d. Exceplionol ilem lor lhe quorler end 30 June, ml9 ond holf-yeor end 30 Seplember, 2019 represenl cosh reloling lo lhep.opo3ed tcherne of demerger (Refer nole 2 {b}}.
Shore of proft of joint venlues fio.n dbconlinued operoliorE (net of to() includes profilodsing ftom sole of one ot lhesub.idioies of Tolo lnduslies Ljrnied (o joini venture of lhe Group).
―
Ioto Charnlcob lri{t d[otaa lo lhc Conao3otld Eiqncid l.rlt:6 Eqcloyee benefils e)eente b nel of provisior6 wriiten bock for posl relirernent benefit of { | 6.03 6ore tor lhe quorter ond
holl ended 30 Seplember, ml8 ond for lhe yeor ended 3l Morch, 2019, which is no longer poyoble puGuonl lo sole ondhonrfer of lhe Phospholic Ferliliser Business.
7 lhe Cornpony hos decided lo exercise lhe option pernitled under Seclion I l58M of the lncorne Tdr Acl, t96t osinlroduced by lhe Toxofion tov6 {Amendr€nl} Ordnonce, 2019 lrom lhe cu,rent finonciol yeor. Accordngv, theprovision for income 1(,( ond defened lo( bolonces hove been recorded/remeoJured i6ing lhe new lox role ond lheresullonl inpocl b recognized in lhe cunenl pedocl Slolemenl of Profil ond Loss- PuRUonl lo lhe seleclion of thb oplion,lhe Corpony hos reve6ed detered to( Ioulities omouning lo t 39-20 croret due lo reduclion in corporole lox rofe.
RofB lndio tiriied, lhe sub6iddy of the Cornpony, ho6 decided to exercbe the oplion perrritled underSeclion ll58M ofihe income tox Act, 1961 os inlroduced by lhe Toxolion tov (An€ndn€nt) Ordihonce,2019 f.om finonciolyecr 2O2G2l.Accordingly, lhere i5 no irncocl on lhe proviaion for incon€ tox for lhe quoier onal six nbnllE ehded 30 Seplenlrer 2019.Rolls expech lo uliLe lhe defened lo( bdonce6 porlv in lhe curenl fnonciol yed cnd pdlv in subsequent period.Accordingv. lhe defened lox bolonces hove been r+fiteosured using lhe lcD( role e&ecled lo be prevolenl in lhepedod in which lhe defered lox bolonces ore expecled lo reve6e, ond lhe resullon, impoci hos been recognhed in lhecufienl period Slolernenl of Profrl ond loss ol lhe effeclive lo( role.
Ihe slondolone oudiied finoncaol resuhs of lhe Conlrony ore ovoiloble lor inveslors olwwwnreindio.com ond www.b6eindio.com,
Previous pedod figurer hove been regroup€d io conlom wilh lhe clorsificolion odopted in ihese finonciol re5uhs.
As per our reporl of eveh dole ollochedFor BSR & Co. LLP
Chc,rlered AccounlonlsFirmr Regirtrotion No: l0l218WW- l0@221
a7"y--fr\w-''z-'f-vldy Mothur
Menlce6hp No. 0,{6,476
uot* :,9 o 4 6 h?6 AA A AD a" 2 "
Z tlPloce : MunbciDote :30 Oclober, 2019
For ond on beholf ofTATA CHEMICALS TIMITEO
ging Direclorond CEO