REF : ISlN: INE457P01020, SECURITY CODE: 538607, SECURITY, · 2020. 11. 28. · 503, Shi Krishna...

TOYAM INDUSTRIES LIMITED

[Formerly Ojas Asset Reconstruction Company Limited]

CIN: L74110MH1985PLC285384 www.toyamindustries.com

Date: 14/09/2020 To,

The BSE Limited, Floor - 25 ,P.J. Tower, Dalal Street, Mumbai-400001.

The Metropolitan Stock Exchange of India Limited, Viobgyor Towers, 4th Floor, Plot No. C-62G-Block, Opp. Trident Hotel, Bandra Kurla Complex, Bandra (E), Mumbai-400098.

REF : ISlN: INE457P01020, SECURITY CODE: 538607, SECURITY, ID:TOYAMIND SUB : Outcome of Adjourned (07/2020-21) Board Meeting held on Monday, 14th September, 2020. Dear Sir/Madam, The meeting of the Board of Directors of the Company was convened on 11th September, 2020 to consider and approve the unaudited standalone and consolidated financial results of the company for the quarter ended June 30, 2020 along with the other agenda items, on the said date requisite quorum was not present for the meeting. Hence, the meeting was adjourned on Monday, 14th September, 2020 and the same was communicated to Stock Exchange(s) BSE Limited & MSEI Limited vide our letter dated 11th September, 2020. Now, We wish to inform you that Adjourned (07/2020-21) Meeting of the Board of Directors of Toyam Industries Limited held Today i.e. on Monday, 14th

September, 2020 at 04:00 P.M. at the registered office of the Company Situated at 503, Shi Krishna Complex, Opp. Laxmi Industrial Estate, New Link Road, Andheri (W) Mumbai (MH)-400053, has transacted the following matters:

1. Pursuant to Regulation 33 of SEBI (LODR) Regulation, 2015, considered and approved the unaudited standalone and consolidated financial results of the company for the quarter ended June 30, 2020.

2. Considered and approved the Limited Review Reports on the Financial Results of the company for the quarter ended June 30, 2020.

Registered Office:503, Shree Krishna, New Link Road, Opp.Laxmi Industrial Estate, Andheri (W), Mumbai-400053, Maharashtra/E-Mail: [email protected]

Contact: 91-22-67425111/ 91-22-62364442/43

http://www.toyamindustries.com/

mailto:Mail:%[email protected]


[Formerly Ojas Asset Reconstruction Company Limited]

CIN: L74110MH1985PLC285384

www.toyamindustries.com

Aforesaid Board Meeting Commenced at 4.00 P.M. and Concluded at 4.40 P.M.

Please take the same on your record and acknowledge the receipt of the same. Thanking you, Yours Faithfully, For Toyam Industries Limited Sd/- Pooja Chauhan Company Secretary ACS-48019 Enclosed : (a)Unaudited Financial Results (Standalone and Consolidated) (b) Limited Review Reports for Unaudited Financial Results (Standalone and Consolidated)

Registered Office:503, Shree Krishna, New Link Road, Opp.Laxmi Industrial Estate,

Andheri (W), Mumbai-400053, Maharashtra/E-Mail: [email protected] Contact: 91-22-67425111/ 91-22-62364442/43

http://www.toyamindustries.com/

mailto:Mail:%[email protected]

v®TOYAM INDUSTPllES LIMITED

CIN: L74110MH1985PLC285384www.toyamindu§tries.com

TOYAM INDUSTRIES LIMITED(FORMERl.Y 0|AS ASSET RECONSTRUCTION cOMPAI\lY LIMITED)

Re8d.ofL503 Srl [[dshDa Com|.Iex. O|)p. Iaxml lndustrlcal Estate, Ncor LLnk Road, Afidherl West, Mult]lral Maharaslltra.40cO53

Eimtl . infoenoyainindustrlesrcom/ Webslte : `fr``rv.toyamhdiisules.com

sTAueA]ONE F]NANclAL REsuLTs FOR THE QUARTER IINDED 3 0.06.z020BSE CODE: : 538607 MSE] syveoL : TOvAM]ND

Sr.N® pAAncuus

Quarter Ended Yea I Ended

30.06,2020 I 31.03,2020 30,06.2019 3L03.2020L]mndioed I Umudited I Urmrdleed ûdled

fin J4de,123456789101112 Income from Ot.eratLotts 22.59 ri5.331 89,36 189.S7

Otl]erlDcone 7.51 0.84 19.45

1.otal Revenue 30.10 14.49, 8936 ZO9J)Z

Exnendltuera` Cestofmatmalscousumedrb` Purchaseofstock LnTrade

(c) Changes in inventorLes of Finished nhs, Work-innrotress & Stock ln Tradefd` Firmcecost 0.05 0.07

I.el Emthovee benefit Ebmlres 8.71 1122 10.95 33.73

rfl Det]recfation & amoTtisatron Emenses 1.52 1-53 1.46 6.06

rg) Other Ehrpenditure 14.82 59.35 58.37 158.66T®d I- Z5.10 7Z.10 70J'5 198A5PTòAt/(Lossl1]EroreTarandE±cei]doml1tems SJ)0 86591 1851 10J„ExceDtlonal ItemsPiont/frossl from ordlnarv actlvldes before tax 5.cO 8659, 1851 10j7Tax Exlremses/a` CurrentTex 1.04 1.84 1.84

rb` MATcrediterfutlemeut rl.04\ '1.841 '1.84\

/cl lngomeTaxforcardervears 0.12 0.12

/dl Deferred Tar 1.691 0.69 0.351

Net PTont//I-]ss` ror the Dched 669 87.ael 18£1 |OJ81

Otlie] ComDrehenslve Income/TlosslFalTvaluechannesoftheeouit`/instmlnentsthrouchOC[ '2.29\ '2.961 0.09 r26.671

Income tax relatlng to toeins that will not be re-ckssified to profitor'oss

Items that wnl be Te-classified Proft oT loss[Bcomet@t tèlatDg to items that w.ll be rerdasified to profit orOSS

Total Conzirebelistve lDcoDe/llossl 440 9036\ 18cO 15861

Pald.uz] EI]ulty Shave CaDltal. FV E&1/- 2,124.cO 2.124.90 2.124.90 2.124.90

Eam4m!PershaperEPsl.Notamuallsed'al Basic 0.00 /0.041 0.01 0.01

rbi I)nuked 0.00 '0.04\ 0.01 0.01

ForTotifDU ESLJMlrm`t

AI.I HW[INAGING D[RRTOR `,;' -,`--

PLACE : MUMBA] DIN NO (01976253)DATE : 14".2020

Begistered Cffiice: 503, Shri Krishna. New Link Pload, Opp. Laxmi Industrial Estat;e,Andheri [W), Mumbai400 053, Mahara§htra. I E-mail: infoenoyamindustries.com

Contact: 91-22-67425111 / 91-22J52364442/43

inkTOYAM INDUSTBIES LIMITED

CIN: L7411 CIMH1985PLC285384ww\^/.toyamindustries.com

Notes:

1. The above unaudited standaLone financial results were subject to limited review report by thestatutory Auditor of the company, reviewed by Audit Commiifee and the same has beenapproved by the Board of "rectors at their meethg held on Monday, 14th September, 2020.

2. Figures for the Previous period have been regrouped/rerlassified to confirm to the figures ofthe cunent period.

3. This Financial statement has been prepared in accordance with the Companies IndianAccounting Standards (Ind AS) prescribed under Section 133 of the Companies Act, 2013 readwith Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and Compames(IAS)Amendment Rules, 2016 and other recognised accounting practices and policies to theextent applicable.

4. World Health Organisation (WHO) declared outbreak of Coronavirus Disease (COVID-19) a

global pandemic on March 11, 2020. Consequent to this, Government of India dedaredlockdown on March 24, 2020 which has impacted the business activities of the Company. Onaccount of this, the Company has prepared cash flow projections and also, assessed therecoverabmty, contract assets, factored assumptions used in annual impairment testing ofgoodwiu and intangible assets having indefinite useful life, using the various internal andexternal information up to the date of approval to these financial results. On the basis ofevaluation and current indictors of future economic conditions, the Company expects torecover the carrying amount of these assets and does not anticipate any impairment to thesefinancial and non-financial assets. The Company will continue to closely monitor any materialchanges to future economic conditions.

P]aee: MunbaiDi- :i4ro9xp

Managing Director` ` ` j`r] \DIN: 01976253

Pegistered Office: 503, §hri Krishna, New Link Poad, Opp. Laxmj Industrial Estate,Andheri [\/\/I, Mumbai400 053, Maharashtra. I E-mail: infcienoyamindustries.com

Contact: 91-22€7425111 / 91 -22-62364442/43

in"TOYAM INDUSTPIES LIMITED

CIN: L74110MH1985PLC285384www.toyamindustrie§.com

TOYAM INDUSTRIES LIMITED(FORMERLY OJ^S ^99ET RE:CON9TRIJCTION CONP^NY LTD )

REco.OPF.:So3 SFt[ Kfti8iiN^ CoNPLiEx. opp. L^xNI ]NDugTftiEAL, E8T^TE, NEw L"r( Ro^D.^Ni)iiE:Fz] WE:gT, M uNBî N^HÊtêNTRA-4ooo59

ENAIL -iNFO©ToyAM]NDusTRiEs.COM/ wEBsiTE : \Amrw.ToyAII[NDusTRIEs.CON

STANDAI,ONE SEGMENT RESul,TS FOR THE QUARTER ENDED 30.06.ZOZOBSE CODE : 538607 MSEI svMEroL : TovAMIND

(]n Latdrsl

Sr.N0PARTICULARS

Quarter Ended YearEnded

30.062020 31.032020 30.062019 3|.0320ZOUnaudlnd Unaudited Uiraudind Audited

123 SeanentRevenue{a) Segment- Commodity Business

(b) Segment- Finance Business 30.10 (15.33) 33.22 102.38

(c) Segment Restaurant Businessrd) Event Business 0.84 56.14 10664

Tofz]l ltveme from 0Derat!on 30.10 '14.491 8936 20902Less: Inter Sement RevenueNet sales/Income From Operations 30.10 '14.49) 8936 ZO9.02

Segment ResultsProfiv Li)ss Before Tax and IT[teziest from Each Segment

(a) Segment- Commodity Business(b) Segment-Finance Business 30.10 (15.33) 33.22 102.38

(c) Segment Restaurant Busmessrdt Event Business fo.251 0.84 50.07 98.90

Total 29J15 fl4.491 8329 20128Lee (i) Interest

(ii)OtherunallocableExpendltiirenetoff 23.15 72.91 64.78 190.47

riifl Un-allocable income

TocaJ I+oflt Afer Tax .669 '87.401 1851 |OJ)1

Capital Employed(Seg]nentAssts-SeglrmtLiabilitles)

(a) Segment Cbrmodfty Buslnees (27.54) (27.54) [27.54) (27.54)

(b)SegnentFinanceBusiness 1,584.06 1,599.77 2,913.82 1,599.77

(c) Segment Restaurant Buslnessfd) Event Buanees fl3.16) '19.S71 182.68 fl9.57)

Tool Canitrl Enl]loved 154336 1j52.66 3.068.96 1,55Z66

Plegistered Office: 503, Shri Krishna, New Link Pload, Opp. Laxmi Industrial Estate,Andheri [\^/), Mumbai400 053, Maharashtra. I E-mall: infoenoyamindustries.com

Cc]ntact: 91-22-67425111 / 91 -22€2364442/43

BHUSHAN KHOT & CO

Chartered Accountants

Reg. off: B-15, Sai Prasad, Telly Gully Cross Road, Andheri (East), Mumbai – 400 069

Off: 022 – 26822541

022 – 26822542 Email: [email protected]

Web: www.cabkc.in

UDIN: 20124889AAAABO6963 Dated: 14th September 2020

Independent Auditor’s review report on Standalone Unaudited Quarterly Financial Results of the Company pursuant to the Regulation 33 of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 (as amended)

To Board of Directors of M/s. Toyam Industries Limited

1. We have reviewed the accompanying statement of standalone unaudited financial results (‘Statement’) of M/s. Toyam Industries Limited (‘the Company’) for the quarter ended 30th June 2020, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure requirements) Regulation 2015, as amended. (“the Listing Regulations”)

2. This statement is the responsibility of the Company’s Management and has been approved by

the Board of Directors. Our responsibility is to issue a report on these financial statements based

on our review of the Statement, which has been prepared in accordance with the recognition

and measurement principle laid down in Indian Accounting Standard 34, Interim Financial

Reporting (‘Ind AS 34’), specified under section 133 of the Companies Act, 2013, the applicable

SEBI Circular (as amended from time to time) and regulations (hereinafter referred to as ‘the

SEBI Circular’) and other accounting principles generally accepted in India.

3. We conducted our review of the Statement in accordance with the Standard on Review

Engagements (SRE) 2410 “Review of Interim Financial Information Performed by the

Independent Auditor of the Entity”, issued by the Institute of Chartered Accountants of India. This

standard requires that we plan and perform the review to obtain moderate assurance as to

whether the financial 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

provides less assurance than an audit conducted in accordance with the Standards on Auditing

specified under section 143(10) of the Act and consequently does not enable us to obtain

assurance that we would become aware of all significant matters that might be identified in an

Audit. We have not performed an audit and accordingly, we do not express an audit opinion.

4. Opinion:

Based on our review conducted as stated above, nothing has come to our attention that causes

us to believe that the accompanying statement of standalone unaudited financial results prepared

in accordance with recognition and measurement principle laid down in Ind AS 34, prescribed

under Section 133 of the Companies Act, 2013, the SEBI Circular, and other accounting

principles generally accepted in India, policies has not disclosed the information required to be

disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)

Regulations, 2015 (as amended) including the manner in which it is to be disclosed, or that it

contains any material misstatement.

5. Emphasis of Matters:

We draw attention to -

mailto:[email protected]

http://www.cabkc.in/

BHUSHAN KHOT & CO



Off: 022 – 26822541


Web: www.cabkc.in

1. According to the information and explanation given to us, the Company is engaged in the

financing as well as non-financing activities. During the previous year ended 31 March 2020

and during the quarter ended 30th June, 2020 respectively, financial assets of a company

exceeds 50 per cent of its total assets (netted off by intangible assets) and income from

financial assets exceeds 50 per cent of the gross income of the Company and consequently

the Company is required to comply with Section 45-IA and other applicable provisions of the

Reserve Bank of India Act, 1934 (the RBI Act). However, information with respect to

aforesaid compliances are not provided to us and hence we are unable to comment upon

legal implication thereof.

2. Loans outstanding of Rs.15,37,67,134/- as on 30th June, 2020 comprising of loans given to

various parties. Further, these loans and advances given to borrowers are closely monitored

by the Board of Directors and documents relating to appraisal, sanction letter, renewal,

written off policy, credit policies, procedures, repayment terms borrower details and other

relevant documents are not provided to us. These balances are outstanding significantly for

long period of time. The Management has explained that such long overdue outstanding

have arisen in the normal course of business. The Management has undertaken detailed

exercise to evaluate the reason of such long outstanding as well as possibility of recoveries.

Further, the Management assessed that significant portion of such loans are recoverable

and hence there is no accrual for impairment provision required on such loan as on 30th June

2020 in the opinion of management. However, we are unable to ascertain whether these

loans outstanding as on 30th June,2020 are recoverable as these loans have remained

outstanding for long period of time. In absence of aforesaid information, we are unable to

quantify effect of existence, impairment provision, recoverability, Expected Credit Loss and

interest income thereon of aforesaid loans and advances. Further, provision for Expected

Credit Loss on Loans and Advances as required under IND AS has not been made in the

financials of the Company for the quarter ended 30th June, 2020 and the necessary

information and working in respect of the same is not made available to us for verification

and hence, we are unable to quantify the impact of the same on the financials.

3. The Company has outstanding investment in equity shares of Terrascope Ventures Limited

(Formerly known as Moryo Industries Limited) amounting to Rs.2,28,675/- as on 1st April

2020 (Net of Provision for diminution). During the quarter, the Company made provision of

Rs.2,28,675/- towards diminution in market value of shares, thereby providing for full

investment value through Other comprehensive Income as decided by the management. As

informed by the Management of the Company, Terrascope Ventures Limited has been

moved out from GSM III framework. Impact of aforesaid event and legal implication thereof

cannot be quantified in absence of relevant details of notice and necessary information.



BHUSHAN KHOT & CO



Off: 022 – 26822541


Web: www.cabkc.in

4. Sundry debtors include amount of Rs.1,68,60,881/- which is outstanding more than one year

as on 30th June 2020. No provision for doubtful debts in respect of Debtors has been made

in the books as in the opinion of the Management, amount is fully recoverable.

5. During the quarter ended 30th June 2020, the Company has recorded Interest Income from

Financing Activities of Rs.22,58,653/- and recorded sundry creditors written back of Rs.

7,00,000. However, basis and supporting evidences with respect to aforesaid transactions

are not provided to us and hence we are unable to quantify effect of the aforesaid

transaction.

6. In certain cases, the Company has not charged interest on Loans and Advances given to

certain parties. The non-charging interest makes these loans as Interest free loans and

thereby violates section 186(7) of the Companies Act, 2013. Effect of aforesaid transaction

cannot be quantified.

7. During the period, the Company has taken/ given and/ or repaid/ recovered unsecured loans

from/ to its Board of Directors and Key Managerial Person on several occasions. As on 30th

June 2020, Unsecured loans receivable from Directors and Key Managerial Person is

outstanding at Rs.2,68,600/-. In absence of written agreement/documentary evidences for

the purpose of these loans, terms & conditions etc., we are unable to assess requirement of

various regulatory compliances of the aforesaid transaction.

8. The Company has borrowed unsecured loans from various parties (including related parties)

amounting to Rs.1,80,28,000/- outstanding as on 30th June 2020. Interest on aforesaid

unsecured loan are not provided in the books. We are not provided with loan agreement

along with other relevant documents in respect of these unsecured loans, hence we are

unable to assess and quantify effect of aforesaid transactions on financial statement.

9. As of 30th June, 2020, the Company has made provision for taxes (Income tax and deferred

tax) and the same is represented by the management. In absence of necessary information,

we are unable to quantify effect of aforesaid Management estimate.

10. Schedule of contingent liabilities as on 30th June 2020 are not provided to us.

11. Segment is identified and classified by the Management of the Company. We are not

provided with necessary details and basis of allocation across identified segment and hence

we are unable to verify the same.

12. Necessary information required for compliances of various regulatory requirement

applicable to the Company are not provided to us and hence we are unable to assess

compliances of various regulatory compliances and legal implication thereof.

13. Details of notices, penalty or any other communication received from regulators/ authorities

are not provided to us, unless otherwise reported.



BHUSHAN KHOT & CO



Off: 022 – 26822541


Web: www.cabkc.in

14. Details of related parties and related party transactions during the quarter ended 30th June

2020 are not provided to us.

15. Significant event subsequent to 30th June 2020 till date are neither provided to us nor has

come to our knowledge by any means.

16. Existence of all on-balance sheet and off-balance sheet items are not verified in absence of

balance confirmations.

Our opinion is not modified in respect of aforesaid Matters.

6. Other Matters

1. The quarterly unaudited standalone financial result for the quarter ended 31 March, 2020

are the derived figures between the audited figures in respect of the year ended 31 March,

2020 and the published year to date unaudited figures up to the period 31 December, 2019,

being the date of the end of the third quarter of the previous financial year, which were

subject to limited review.

2. The figures for the previous periods / year are re-classified / re-arranged / re-grouped by the

Management of the Company.

Our opinion is not modified in respect of aforesaid Other Matters.

For Bhushan Khot & Co.


FRN: 116888W

Amit Shah

Partner

Membership No. 124889

Place: Mumbai

Date: 14th September, 2020

Amit Himmatlal Shah

Digitally signed by Amit Himmatlal Shah Date: 2020.09.14 13:34:23 +05'30'



inulTOYAM INDUSTBIES UMITEDCIN: L74110MH1985PLC285384

www.toyamindu§trles.com


cONsOL[DATED FT NANaAL REsul;Ts FOR THE QUARTER ENDED 3 0.06,2020BSE CODE : 538607 MSEI SYMBOL : TOYAMIND

Sl..No, pArmcuLARs

Quarter End ed Year Ended30.06.2020 31.03.2020 31.03.2020lJnaiidited I UmLidlted I Audifed

flll Lakl'sl

123456789101112 Income frolll Ot}erations 22.59 '15.331 189.57

Other into me 7.51 0.84 19.45

Total Revenue 30.10 '14.491 209.02Exnendltul`erat Costofmaterials consumedrbl Pt[rchase of stock in Trade(c) oranges in iT.ventories or I.`inishea goods,Worlt-ill-oroacss & Stock in Trade

rdl Finance cost 0.05

rel Emolovee benefit Expenses 8.71 11.22 33.73

rn DeDreciation &amortisatlon E>menses 1.52 1.53 6-06

rfl:1 Other EXDendlture 14.82 59.52 158J83

Total E-ns®s 2510 7ZZ7 198,6Z

Profit/rLoss) I.efol.e Tax and Exceptional items5J)O (86.76) 10.40

ExceDtlonal ltezusP].ofit/fliossl from ordinary actMtles I)efore tax 500 '86.76, 10.40Tax Exnenses/al Cu-tTax 1.04 1.84 1"fbi MAT creditentltlement '1.041 fl.841 rl.841

rcl Income Taxforearliervears a.12 0.12

fdl DeferndTar rl.691 0.69 ro.351

Net profit/flossl fol. tl)e Period 669 f87j61 10.64OnercomDrehengiv.Income/floss)Fair value chanEes of the eauitv instruments thTOLich OCI r2.291 r2.97| r26.681

Incometaxrclatingtoltemsthatwillnotbere<lasslfiedto Droflt or loss

Items that will be re-classifLed Profit or loss

Income Cax relating tD items that will be re-classified toprofit or loss

Total Cotnprehensive hco me/(loss)4J40 (90j3) (16.03)

Paid-Di) Equltv Slrare Capital. F`/ Rsl/- 2,124.90 2,124.90 2,124.90

Earning Per share rEPS1.Not annualisedrat Basic 0.00 ro.041 0.01

rbl Dlluted 0.00 ro.041 0.01-For TOYAM INMCMAEDAl STR[18N' M̀ITEI)

AAAl`lAol I.a 0lR£CTOR

PLACE : MUMmi DIN NO (01976253)DATE : 14-09-ZOZO

Registered Office: 503, §hri Krishna, New Link Boad. Opp. Laxmi Industrial E§tate,Andheri [W|, Mumbai400 053, Maharashtra. I E-mail: infoenoyamindustries.ccim

Contact: 91-22€7425111 / 91-22-62364442/43

innTOYAM INDUSTBIES LIMITED

CIN: L74110MH1985PLC285384wwwtoyamindu§trie§.com

Notes:

1. The above unaudited consolidated financial results were subject to limited review report bythe statutory Auditor of the company, reviewed by Audit Committee and the same has beenapproved by the Board of Directors at their meeting held on Monday,14thseptember, 2020.

2. Figures for the Previous period have been regrouped/re{lassified to confim to the figures ofthe ourrent period.

3. This Financial statement has been prepared in accordance with the Companies IndianAccounting Standards (Ind AS) prescribed under Section 133 Of the Companies Act 2013 readwith Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and Companies(IAS)Amendment Rules, 2016 and other recognised accounting practices and polides to theextent apphicable.

4. World Health Orgarisation (WHO) declared outbreak of Coronavirus Disease (COVID-19) aglobal panderfuc on March 11, 2020. Consequent to this, Government of India dedandlorkdown on March 24, 2020 which has inpacted the business activities of the Company. Onaccount of this, the Company has prepared cash flow projections and also, assessed therecoverabhity, contract assets, factored assumptions used in annual impairment testing ofgoodwill and intangible assets having indefinite useftil life, using the various internal andexten.al information up to the date of approval to these financial results. On the basis ofevaluation and culTent indictors of future economic conditions, the Company expects torecover the carrying amount of these assets and does not anticipate any impairment to thesefinancial and non-financial assets. The Company will continue to closely monitor any materialchanges to future economic conditions.

Place: MunbaiDate :14ro9xp

DIN: 01976253

Plegistered Office: 503, Shri Krishna, New Link Ftoad, Opp. Laxmi Industrial E§tate,Andheri (W], Mumbai400 053, Maharashtra. I E-mall: infoenoyamindustries.com

Ccintact: 91-22i57425111 / 91 -22-62364442/43

innTOYAM INDU§TPllES LIMITED

CIN: L74110MH1985PLC285384www.tc)yamindu§tries.com

TOYAM INDUSTRIES LIMITED(FORMERLY OJA9 A9§ET FtE:CONSTRUCTION CoMF]^llT LTD )

FtEaD.off.:SOS SRI laRiBrmi^ CoNPLIEx, OpF.. L^xNi INiap8TRIE^L ESTATE, NE`h/ Lmi( Ro^D.^NDiiERi WEm, MUNBAI MAH^R^s.+TR^-4oooS3

EMAIL. -iNFoeroy^MiNDtisTR[Es. con/ \A/EEisITE : \hrwwiToy^MiNDLisTRIEs. COM

CONSOLIDATED SEGMENT RESULTS FOR THE QUARTER ENDED 30.06.2020BSE CODE : 538607 MSE[ SYMBOL : TOYAMIND

(In Laths'

Sr.NoPARTICULARS

Quarter Ended Year Ended

30.06.2020 31.032020 31J}32020Umudited UDaudited Audied

123 SementRevenue(a) Segment- Commodity Business -

Q}) Seglnent- Finance Business 30.10 (14.49) 102.38

(c) Serpent Restaurant Business(dl Event Business 106.64

Total Income Jhom ODeration 30.10 '14.49' 209.02

Less: Inter Serment Re`renue • -

Net sales/bcome From Operations 30.10 '14.49' ZO9n2

Sequnt ftesoltsProfit/ Loss Before Tax and I nterest from Each segment

(a) Segment- Commodity Business •

0]) Segmem-Finance Business 30.10 ri4.491 102.38

(c) Segment Restaurant Business -

(d) Event Business ro.251 (0.16) 98.90

Total 29J)5 '14.65' Z0128Less: (i) Interest

(ii) Other unallocable Expenditure net off 23.15 72.91 190.64

riiil Uii-allocable income

Total Pbofit Afer Tar 6Ji9 '87.56' 10"Capital Employed(SegmentAssts-SegmentLiabilities)

(a) Serpent Commodlty Business (27.54) (27.54) (27.54)

fb)Sefpent Finance Bt]siness 1,562.52 1,597.89 1,597.89

(c) Segment Restaunnt Business -

rdl Event Business ri3.161 ri9.741 rl9.74'

Total Ca[pital Eml)loved 1,52181 1550.61 1,550.61

Registered Office: 503, Shri Krishna, New Link Poad, Opp. Laxmi lndu§t;rial E§tate,Andheri [V\/I, Mumbai400 053, Maharashtr@. I E-mail: [email protected]

Contact: 91-22-67425111 / 91 -22-62364442/43

BHUSHAN KHOT & CO



Off: 022 – 26822541


Web: www.cabkc.in

UDIN: 20124889AAAABP7281 Dated: 14th September 2020

Independent Auditor’s review report on Consolidated Unaudited Quarterly Financial Results of the Company pursuant to the Regulation 33 of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 (as amended)

To Board of Directors of M/s. Toyam Industries Limited

1. We have reviewed the accompanying statement of unaudited consolidated financial results (‘Statement’) of M/s. Toyam Industries Limited (‘the Holding Company’) and its subsidiaries (the Holding Company and its subsidiaries together referred to as the Group) for the quarter ended 30th June 2020, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure requirements) Regulation 2015, as amended, including relevant circulars issued by SEBI from time to time. (“the Listing Regulations”)

2. This statement is the responsibility of the Holding Company’s Management and has been

approved by the Holding Company’s Board of Directors. Our responsibility is to issue a report

on these financial statements based on our review of the Statement, which has been prepared

in accordance with the recognition and measurement principle laid down in Indian Accounting

Standard 34, Interim Financial Reporting (‘Ind AS 34’), specified under section 133 of the

Companies Act, 2013, and other accounting principles generally accepted in India. Our

responsibility is to express a conclusion on the statement based on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review

Engagements (SRE) 2410 “Review of - Interim Financial Information Performed by the

Independent Auditor of the Entity”, issued by the Institute of Chartered Accountants of India. This

standard requires that we plan and perform the review to obtain moderate assurance as to

whether the financial 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

provides less assurance than an audit conducted in accordance with the Standards on Auditing

specified under section 143(10) of the Act and consequently does not enable us to obtain

assurance that we would become aware of all significant matters that might be identified in an

Audit. We have not performed an audit and accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the applicable circular issued by SEBI under regulation 33(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extant applicable.

4. Opinion:

(i) Based on our review conducted and procedures performed as stated above and based on

the consideration of unaudited financials of one Subsidiary provided by the management,

nothing has come to our attention that causes us to believe that the accompanying statement

of unaudited Consolidated financial results prepared in accordance with recognition and

measurement principle laid down in Ind AS 34, prescribed under Section 133 of the

Companies Act, 2013, the SEBI Circular, and other accounting principles generally

accepted in India, policies has not disclosed the information required to be disclosed in terms

of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)

Regulations, 2015 (as amended) including the manner in which it is to be disclosed, or that



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it contains any material misstatement.

(ii) We did not review the interim financial result of subsidiary included in the Statement, the

Management informed us that there were no transaction for the quarter ended 30th June,

2020 as per unaudited financial statement of subsidiary provided to us, as considered in the

Statement. These interim financial results were unaudited and did not reviewed by us nor

other auditors. The same has been provided to us by the management, and our conclusion

in so far as it relates to the amounts and disclosures included in respect of these

subsidiaries is based solely on the management representations and the procedures

performed by us as stated above.

Our conclusion is not modified in respect of this matter with respect to our reliance on the

management representations for the financial statement of One subsidiary prepared by

Management and have not been reviewed by us nor other auditors.

5. Emphasis of Matters:

We draw attention to -

1. According to the information and explanation given to us, the Holding Company is engaged

in the financing as well as non-financing activities. During the previous year ended 31 March

2020 and during the quarter ended 30th June, 2020 respectively, financial assets of a Holding

company exceeds 50 per cent of its total assets (netted off by intangible assets) and income

from financial assets exceeds 50 per cent of the gross income of the Company and

consequently the Company is required to comply with Section 45-IA and other applicable

provisions of the Reserve Bank of India Act, 1934 (the RBI Act). However, information with

respect to aforesaid compliances are not provided to us and hence we are unable to

comment upon legal implication thereof.

2. The Holding Company has Loans outstanding of Rs.15,37,67,134/- as on 30th June, 2020

comprising of loans given to various parties. Further, these loans and advances given to

borrowers are closely monitored by the Holding Company’s Board of Directors and

documents relating to appraisal, sanction letter, renewal, written off policy, credit policies,

procedures, repayment terms borrower details and other relevant documents are not

provided to us. These balances are outstanding significantly for long period of time. The

Holding Company’s Management has explained that such long overdue outstanding have

arisen in the normal course of business. The Management has undertaken detailed exercise

to evaluate the reason of such long outstanding as well as possibility of recoveries. Further,

the Management assessed that significant portion of such loans are recoverable and hence

there is no accrual for impairment provision required on such loan as on 30th June 2020 in

the opinion of management. However, we are unable to ascertain whether these loans



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outstanding as on 30th June,2020 are recoverable as these loans have remained

outstanding for long period of time. In absence of aforesaid information, we are unable to

quantify effect of existence, impairment provision, recoverability, Expected Credit Loss and

interest income thereon of aforesaid loans and advances. Further, provision for Expected

Credit Loss on Loans and Advances as required under IND AS has not been made in the

financials of the Company for the quarter ended 30th June, 2020 and the necessary

information and working in respect of the same is not made available to us for verification

and hence, we are unable to quantify the impact of the same on the financials.

3. The Holding Company has outstanding investment in equity shares of Terrascope Ventures

Limited (Formerly known as Moryo Industries Limited) amounting to Rs.2,28,675/- as on 1st

April 2020 (Net of Provision for diminution). During the quarter, the Company made provision

of Rs.2,28,675/- towards diminution in market value of shares, thereby providing for full

investment value through Other comprehensive Income as decided by the management. As

informed by the Management of the Company, Terrascope Ventures Limited has been

moved out from GSM III framework. Impact of aforesaid event and legal implication thereof

cannot be quantified in absence of relevant details of notice and necessary information.

Company has recognised aforesaid investments at prevailing market price as on 30th June

2020.

4. Sundry debtors include amount of Rs.1,68,60,881/- which is outstanding more than one year

as on 30th June 2020. No provision for doubtful debts in respect of Debtors has been made

in the books as in the opinion of the Holding Company’s Management, amount is fully

recoverable.

5. During the quarter ended 30th June 2020, the Holding Company has recorded Interest

Income from Financing Activities of Rs. 22,58,653/- and recorded sundry creditors written

back of Rs.7,00,000/-. However, basis and supporting evidences with respect to aforesaid

transactions are not provided to us and hence we are unable to quantify effect of the

aforesaid transaction.

6. In certain cases, the Holding Company has not charged interest on Loans and Advances

given to certain parties. The non-charging interest makes these loans as Interest free loans

and thereby violates section 186(7) of the Companies Act, 2013. Effect of aforesaid

transaction cannot be quantified.

7. During the period, the Holding Company has taken/ given and/ or repaid/ recovered

unsecured loans from/ to its Board of Directors and Key Managerial Person on several

occasions. As on 30th June 2020, Unsecured loans receivable from Directors and Key



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Managerial Person is outstanding at Rs.2,68,600/-. In absence of written

agreement/documentary evidences for the purpose of these loans, terms & conditions etc.,

we are unable to assess requirement of various regulatory compliances of the aforesaid

transaction.

8. The Holding Company has borrowed unsecured loans from various parties (including related

parties) amounting to Rs.1,80,28,000/- outstanding as on 30th June 2020. Interest on

aforesaid unsecured loan are not provided in the books. We are not provided with loan

agreement along with other relevant documents in respect of these unsecured loans, hence

we are unable to assess and quantify effect of aforesaid transactions on financial statement.

9. As of 30th June, 2020, the Holding Company has made provision for taxes (Income tax and

deferred tax) and the same is represented by the management. In absence of necessary

information, we are unable to quantify effect of aforesaid Management estimate.

10. Schedule of contingent liabilities as on 30th June 2020 are not provided to us.

11. Segment is identified and classified by the Management of the Company. We are not

provided with necessary details and basis of allocation across identified segment and hence

we are unable to verify the same.

12. Necessary information required for compliances of various regulatory requirement

applicable to the Holding Company are not provided to us and hence we are unable to

assess compliances of various regulatory compliances and legal implication thereof.

13. Details of notices, penalty or any other communication received from regulators/ authorities

are not provided to us, unless otherwise reported.

14. Details of related parties and related party transactions during the quarter ended 30th June

2020 are not provided to us.

15. Significant event subsequent to 30th June 2020 till date are neither provided to us nor has

come to our knowledge by any means.

16. Existence of all on-balance sheet and off-balance sheet items are not verified in absence of

balance confirmations.

Our opinion is not modified in respect of aforesaid Matters.

6. Other Matters

1. Consolidated results are applicable to the company for the first time for the Quarter ended

31st March, 2020 and hence no comparative figures for the previous period are reported. The



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quarterly financial result for the quarter ended 31st March, 2020 are the derived figures

between the audited Consolidated figures in respect of the year ended 31st March, 2020 and

the published year to date figures up to the period 31st December, 2019 from standalone

financials as applicable, being the date of the end of the third quarter of the respective

financial year, which were subject to limited review. Our report on the statement is not

modified in respect of this matter.

2. The figures for the previous periods / year are re-classified / re-arranged / re-grouped by the

Management of the Company.

Our opinion is not modified in respect of aforesaid Other Matters.

For Bhushan Khot & Co.


FRN: 116888W

Amit Shah

Partner

Membership No. 124889

Place: Mumbai

Date: 14th September, 2020

Amit Himmatlal Shah

Digitally signed by Amit Himmatlal Shah Date: 2020.09.14 13:27:46 +05'30'



REF : ISlN: INE457P01020, SECURITY CODE: 538607, SECURITY, · 2020. 11. 28. · 503, Shi Krishna...

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Transcript of REF : ISlN: INE457P01020, SECURITY CODE: 538607, SECURITY, · 2020. 11. 28. · 503, Shi Krishna...