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Mangalore Chemicals & Fertilizers Limited
MCFL/SE/2020
The Asst. Vice President, National Stock Exchange of India Limited Exchange Plaza, C-1, Block G, Sandra Kurla Complex, Sandra (E), MUMBAI - 400 051
Dear Sir,
June 12, 2020
Department of Corporate Services -CRD BSE Limited, Floor 25, Phiroze Jeejeebhoy Towers, Dalal Street MUMBAI - 400 001
Sub: Outcome of the Board Meeting under Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015
With reference to the subject mentioned above, we hereby write to inform you that the Board of Directors of the Company in its meeting held today, June 12, 2020, inter alia, has considered and approved the following:
1. Audited financials results of the Company for the quarter and the year ended March 31,2020 as recommended by the Audit Committee at its meeting held today, June 12, 2020.
2. Recommended a dividend of Re.0.50 per equity share of Rs. 10 each for the financial yearended March 31, 2020, which is subject to approval of the members at the ensuing AnnualGeneral Meeting.
3. Reappointment of Mrs. Rita Menon (DIN: 00064714) as an Independent Director forsecond term of 3 (three) years w.e.f 29.07.2020, subject to approval of the members atthe ensuing Annual General Meeting. The details required under Regulation 30 of SEBI(Listing Obligations & Disclosure Requirements) Regulations, 2015 are given inAnnexure 1.
4. Reappointment of Mr. K. Prabhakar Rao (DIN: 00898513) as a Whole-time Director for aperiod of 2 (two) years w.e.f 01.08.2020, subject to approval of the members at theensuing Annual General Meeting. The details required under Regulation 30 of SEBI(Listing Obligations & Disclosure Requirements) Regulations, 2015 are given inAnnexure 2.
We attach herewith copy of the audited financial results for the quarter and year ended March 31, 2020 along with the Auditor's Report on Quarterly financial results and year to date results for the year ended March 31, 2020 as Annexure 3.
Registered Office: UB Tower, Level 11, UB C ity, 24 , Vittal Mallya Road, Bengaluru -560 001, India. Tel: +91804585 5575/68 Fax: +91804585 5588 E-mail: [email protected] Website: www.mangalorechemicals.com C orporate identity Number: L2412 3 KA 1966PLC00 2 036
I
Mangalore Chemicals & Fertilizers Limited
Further, in terms of the SEBI Circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/79 dated May 12, 2020 read with Circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/48 dated March 26, 2020, granting relaxation from Regulation 4 7 of SEBI Listing Regulations, the financial results will not be published in the newspapers. However, the same will be available on Company's website www.mangalorechemicals.com.
Thanking you,
Yours faithfully, for &Chemicals & Fertilizers Limited
Vijayamahantesh V. Khannur Company Secretary
Encl: As above
Registered Office: UB Tower, Level 11, UB City, 24 , Vittal Mallya Road, Bengaluru - 560 00 1, India.
Tel: +91804585 5575/68 Fax: +91804585 5588 E-mail: [email protected]
Website: www.mangalorechemicals.com
Corporate Identity Number: L 24 12 3KA 1966PLC00 2 036 I
I
Mangalore Chemicals & Fertilizers Limited
Annexure 1 - Details under Regulation 30 of SEBI (Listing Obligations & Disclosure
Requirements) Regulations, 2015.
# Particulars Details
1 Reason for change viz. Reappointment
appointment, resignation,
removal, death etc
2 Date of reappointment & July 29, 2020
term of appointment
3 Brief profile
Reappointed as an Independent Director for a tenure of 3
years, subject to approval of members
DOB: December 25, 1951
Qualification: M A (Economics)
She is a retired IAS officer of 1975 batch. In her career as
IAS officer she has worked in various positions like CMD of
ITPO, Chairperson of TNTPO & KTPO, Joint Secretary to
Secretary Positions at various Central Ministries, MD of UP
Finance Corporation, Director at various central and private
sector undertakings like BEL, GRSEL, Goa Shipyard Ltd,
Mazagaon Dock Ltd, SIDBI etc.
4 Disclosure of relationship Nil
between directors
l�egistered Office: UB Tower, Level 11, UB City, 24, Vittal Mallya Road, Bengaluru - 560 001, India.Tel: +91804585 5575/68 Fax: +91804585 5588 E-mail: [email protected]
Website: www.mangalorechemicals.comCorporate identity Number: L 2412 3KA 1966PLC00 2 036
I
Mangalore Chemicals & Fertilizers Limited
Annexure 2 - Details under Regulation 30 of SEBI (Listing Obligations & Disclosure
Requirements) Regulations, 2015.
# Particulars Details
1 Reason for change viz. Reappointment
appointment,
resignation,
death etc
removal,
2 Date of reappointment & August 01, 2020
term of appointment
3 Brief profile
Reappointed as a Whole-time Director for a tenure of 2
years, subject to approval of members
DOB: July 2, 1955
Qualification: B.E (Chemicals)
Mr. Prabhakar Rao,has been working with MCF since
1978 and has handled various responsibilities in the
Company. As Director - (Works), he is presently
responsible for production, maintenance, quality
control, technical services, projects, safety and logistics
at the Company's plant in Mangalore.
Mr. Rao has widely travelled and participated in many
National and International symposiums. He has
attended various Management Development Programs
in premier Institutions such as IIM Bangalore &
Ahmedabad.
4 Disclosure
relationship
directors
of Nil
between
Registered Office: UB Tower, Level 11, UB City, 24 , Vittal Mallya Road, Bengaluru - 560 001, India.
Tel: +91804585 5575/68 Fax: +91804585 5588 E-mail: [email protected]
Website: www.mangalorechemicals.com Corporate Identity Number: L2412 3 KA 1966PLC00 2 036
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Asat Mafoh.SJ.2019
Audited·
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,9()A,! 3:S).;03
t'l;&�4;_g7· 37/66'LJz,
27,0'.l2'32 516J�:
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SQ,�4-.L59, •17,97:t :.60:'
t,73-1/27 t,046/75:
Mang.;:iom Ch�m1cals &FtwtiHzarsUmitel1
MAN GALORE CHEMICALS AND FERTILIZERS LIMITED
Registered Office : Level 11, UB Tower, UB City, 24, Vittal Mallya Road, Bengaluru - 560 001
Phone: 080-45855599, Fax: 080-45855588 CIN: L24123KA1966PLC002036
Email: [email protected] Website: www.mangalorechemicals.com
STATEMENT OF CASH FLOWS
For the year ended
March 31, 2020
Audited
A Cash flow from operating activities
Profit before tax 7,043.82
Adjustments to reconcile grofit before tax to net cash flows:
Depreciation and amortisation expense 4,537.36
Net loss on disposal of property, plant and equipment 280.82
Allowance for trade receivables and doubtful advances 1,257.91
Fair value (gain)/loss on financial instruments at fair value through profit or loss (4,955.93)
Unrealised foreign exchange differences (net) 4,480.13
Finance costs 11,147.69
Interest income (2,135.01)
Others -
Operating profits before working capital changes 21,656.79
Movement in working capital:
Decrease/( increase) in Inventories 29,261.11
Decrease/(increase) in Trade receivables 10,876.41
(Increase )decrease in Other financial assets (620.39)
(Increase)/decrease in Other assets (5,346.29)
Increase/(decrease) in Trade payables 5,165.59
Increase in Other financial liabilities 1,388.26
Increase in Other current liabilities and provisions 1,743.70
Cash generated from/(used in) operations 64,125.18
Direct taxes paid (1,259.31)
Net cash flow from/(used in) operating activities (A) 62,865.87
B Cash flow from investing activities
Purchase of property, plant and equipment includingcapital work-in-progress and capital advances (6,466.08)
Proceeds from sale of property, plant and equipment -
Purchase of investments (0.10)
Investments in bank deposits (having original maturity of more than three months) (1,732.31)
Redemption/maturity of bank deposits (having original maturity of more than three months) 741.21
Interest received 993.76
Net cash (used in) investing activities (B) (6,463.52)
C Cash flow from financing activities
Proceeds from long-term borrowings 515.29
Repayment of long-tenn borrowings (5,265.11)
Proceeds frorn/(repayment of) short-term borrowings (net) (21,296.70)
Finance cost paid (11,792.39)
Dividend paid to equity shareholders (1,185.15)
Dividend distribution tax paid (243.61)
Net cash (used in)/flow from financing activities (C) (39,267.67)
Net increase/(decrease) in cash and cash equivalents (A+B+C) 17,134.68
Cash and cash equivalents at the beginning of the year 4,164.72
Cash and cash equivalents at the end of the year 21,299.40
Components of cash and cash equivalents
Bank balances on current accounts 1,845.77
Bank balances on deposit accounts with original maturity of three months or less 19,451.56
Cheques, drafts in hand -
Cash on hand 2.07
Total cash and cash equivalents 21,299.40
(Rupees in Lakhs)
For the year ended
March 31, 2019
Audited
5,014.04
3,877.90
325.37
894.23
3,656.05
(2,207.96)
11,101.93
(994.26)
(9.74)
21,657.56
(14,181.64)
(37,979.58)
92.89
5,297.59
(562.10)
474.59
496.32
(24,704.37)
(1,470.70)
(26,175.07)
(6,537.39)
10.95 -
(420.00)
421.12
637.02
(5,888.30)
11,986.56
(3,235.35)
27,711.93
(10,070.33)
(1,185.15)
(243.61)
24,964.05
(7,099.32)
11,264.04
4,164.72
1,100.23
3,060.00
2.50
1.99
4,164.72
�:�"'
�'·'�
Notes:
r' Thtvtinandal results. for the ·.quarter artdye�r entje1. Marqh :31> ·202Q: .. ?f .fyt�tj�a!Qre �h¢µ1'.i:c'ith� EI?c!: F¢rtiJiz�ts. Limit�d. (�'th� !Zompa.nt} have hee11 reviewed 'br.•th� A�tqi� com111it1;e� �Q� Ht'l�;OV�� hy J�� �oat¢ ?,f Direc:tors at th�ir res_pective meetings held on June 121 2020,. The Sct�tuJdey A.utl.itor�: M;ve giv¢n g'.t nrrqU:allfied .opihic,n owth�,·�JJ:overesul'ts.
2 th¢ ··fi1ti�tlyl�l ... re�tdt$ .··.h���.·.P��h ·:pr¢pared in ac.cordan.ce with the :appUcable1. Standards. prescribed·. u�;d¢t
S.ec.t.lon. . .. l 33. · ?f Jh�. �?tnP��1¢$ .. 4\J;t; '2�l:J., r��d .. �v.ith. retev�ot.rules issued the�·eunderand .. other . �ccbunti�ijp:rfnt; iple$. gen�raJJy:aoc��te� Jn Itjtji�•t.ittd itt compiian�e with Regu!ation.33 ·of the .S;EBT (ListingOb.{igafions i:Md DiscJ0$11te .R::equirernt1nt:�J • R:�gtdatipns; <49 1.,5,,. �&. a11l'ehded.
3. The corn:pttny eng�g¢di ht t!i¢ . pj�nµfac;;�t·�t sal¢i an4 .. t�a�ihg .... · . . tertll;isers wh;ich con;3titut�p .a singleo·perating,seg:ment.as per Ind AS lOS ttnd}ienpe s.�par:ttte �egtn1;nt ctlscJp$4t�$·hay� not b�n fu.rn;ished..
4; 'the urea concession incor.n:e.tor·.the: .quattet•artcftear et1ged.�I!t�h lt;�:0�0 �tid.:M�tch .. -�l,2019hf1$· .. be¢h r:eco�nizcd bas:d on. managem,enfs•estimate,
f' inrespect�ve perj0:cl$i ��pdfog fh1�lfatj:ti9p. b,y th:e (.J'd?�r�tn:ent
.qf India, CG()T') .•. �eve:nu:e for ·the gµarter anct year entled..Wiarch. ?t,•·�020 l;�clucte �i;l�itiqnal .ur,�a.cqp.���sfon,.incpftl�: nf R;1, .. L;053 .. fi5Lakhsa�d �hatfor ·the year endedM��oh :n,: 20:19. includ�. �dqitiot11:1Lpre� ··�?nc.�g�loq�tt¢6:�ie �f R�.3.;0,·�0:?9: Lakh$,. v�Jatingto
·. respectively immediately pre.ceeding financial yeats recognizeg. 9n
fitt:aHz�tiqn qf e,$c�l�tionkl.e�e$¢al�tio11· c.laitnS!;
5., �ffi;�t{y�. Apt·U t, :2Qlft �pe: 9?-h1P.fJ..ho/ �'el$< ���ptecl hid. AS 115 which re.places. ln:d .· A� t1 on Leases. ·T.�eGo.mpany . ha5 µse� th�. mqqifiJ;tl. ��tt(j$�¢�tl�� apg�oaq� t?r tr}ttJSitio:P. and :.oonsequentl):' c0mparatives fo\,ptevi�us p�Tiod. I ye�r ?av¢. not; B��n. re$\�ts:ij·; . Ui:is .• h�. res tilted .in �eCDJsrtifion . of ri�ht-of�use assets and.¢otrespo.n:dirt.g le.ase liabilities of�sf .2,Ql�
'.J0L,�h$ a$.at .. l\�.ril .. t2Qt9., The n�t irnpa{}tOf adopting this,
standard on the financial results. and eatning&,J?e;r.sha:,te·}s µqt rti�t@'ttab
6. O�ri�g th� �ulJ'ent quarte.can�:xear end� assessn:te�t h�s. 'qe!11 �(fotrqe,�: 6! tp� 99mp�ri,¥ r�g�r¢if?:g 4tittz4�f.qtJpf M1u!ir1t.tm·Ad:t�rnate .. +ax (MAJ]: an .tne .. �asis of future. rrofitabiUtyprqj'e��io;ns ... fµ11�et(th�: 9:�ti!�@tn.�ritEtl,9:°: �$$�$.$�<1 it.t9 qe 1,r�b��I�•tfuat postut.it:izatki'tLOt'fv�T. the; Companyw,i�J be· �xercisiTT� opdpp tQ •R�Y ,n�Q�1tc!i'E�� ?t ��duceci r�t�� � pe;ttrt�f�l'.QV1$f Pns/cenditi�l1$ define.ct in. th�'. new Secti?ri l 15:BAA. in the .i1J-��q1e•·Ja:x. #c:t; l96J ''. •Ln$���� yl�¢ ���· .Ta��tion Laws. GArnendtnent} Qrdinance2G19 · and consequenttyt. t�*cteditl:i,f Ri�� 4..�QS6;.;�1 t�Khs ba$ !J��IIxe.cqrded ii1 the :fin�neiEtfresultsr:for currentqttarter am:Hn the year ende9Nfµtth Jfr 2;q20,
7. �he. �ompartJtfaad·.chtr,nt!cL ··refuq�, g'.f"f:'.t$T•Jnpu:tJat:ct�dit pti;• .utp.,µt$ervi�e$J)�Rs,· . J,,206;29.Lakhs tilf �p�iJ• 17f to. 18 which··was suhseqµ�Btl�. r�:fµp�ed �t1f1-.. fyij$ �Lythet\·r:���$ni:e,�, $qq�·• ipplit.t�� cr��i,tof Rs, Lt;96l .!6La�hs
. fo.:r subsequent period tiU l\4at¢h 3I� .. 2Qf0; �}}��� 6ry �. t,�K 9�in::iq�, � •$taj J:frder da!ed: Septemoer 18·;1
2:01s oftneHi?b Court 0fGujarath:i re$peQtbfappMc:�tiqn·�fq:t1Qth�t¢QIT1Paq�anti•c•ot1Sci�ering �?Bh creEiit..fa available ·fo.r utHisatfom afao!the·mana�emen�f is·· cqnfident of .refu11ck / ·µt�lj�ijfiqn ·oJ a�qr�s�id .. i�puttttx .. ci;edit., The Coinp
.�iny has started. utilising: st:i:eh cre.dit. duriqg•the. current yeg;r b:�sed. tin �: �a:x, �tg.vise ootained in tbj�·
r¢gaird. ,
8.. T�if A:mmo.tli�, Ur�a•EUicl.J�B�plants··ofthe'Cornpaqt·were shut�Own.fo.t'p.lanrted n1aintet1�c� �ctlvitr�s.·ti?; F�P:tlf�?-' �P•i 2Q20 .�ij r¢�,ta:rte:d the qperations from April Ls., 2h20 after completr0n ef rn:aiqt'ert�nqe i:tqt1vitie$,;
�l 1,J1e ,B,lgar¢. Pf .D.ir¢9!9t�•··qf tp� Oornp�OY .. J;tes; propo.�ed: d1vldend of Rec: 0.50 pen ·e:�uil�r �hare oE'Rs.1 Geach at�o�nting to·�1 �92;5$. Lakqs fgr t.lie 'y�, e:ri¢�(j Maro{t ?t 2Q2Q· ··. !hepropased: dividend on equit)f s.hares is sufuje.ctto· approval at �heret:r$li;thg '1lpnnixl .g�11�tal ®•�¢ting ancl �¢,�qr9ing}y hav� not been re.co�ni:zed as a liability. .. . .
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to. Th� 91itbtea,k qf Goror}'�vbti$(G;(;)�ID. �l9>: p�riq�t·· gtob,�UY,�P'i;Li�.lndi:a js c�u$il1�$}gt1l'fi¢µpt;.'qisttitl:>canc7 Z!-rytJ $J◊wq◊W:? 6f �¢�11pl)iig a9ttvicy,, l;ti�.��(iQn,v . . . ··' .. t�l l?cl<do.w1f anµ?qri:9¢d fr9r112, M'atch2'02Q ,44e Jgq�vro-19 patjq�t"rt'ic• '-Va$ gl'�q�r�HY: li:��ij• ?-?$ed, 9n the il'.tipact qf 04tlJ.re�k. T�¢ ��ricidtttre1 :�M fe�rlizet ��ctqp. f<;?rrtain ... re�atively :1J��ff18t¥d nn d�l:tla(ld shh�t. th� CpJttp��y'$ :ppera;tion .·· ��?e ,°:0� Q.¢�µ ,ffefJt�� signlfi�a�tiy . on �ccon�t. of c9v1n-.r9 d�spite.,sqrti� is�tte$ •reL�t1ngt9 . ?on,.�ya\Jabilit¥ of Jabour an� .suppl>r . chain dtsmJ}ttOJ:S, the . ptoactlve s�ppu� and telax'atfons . e�tende.d �y t�e Centr:aI an� r�srective Stat� Governments .h1el�ed Comp�ni s.:productfont distribution . .and safo .o.r fertilizers: and,·ctQ.pprote�tiQtl cherni�als tP••rentafn unaffected: .the. Cnrnpany. h�s. been abf e to operate••its plants at. normallext.�ls brniobiHzin� c,iftica.1worktorcerand ado.ptirtg;. string�n:tsoGial distancing., s�foty··•meastn:es: and ��iidelines issxted}n,this•re�fwd.
Furthe't'r the tomp�ny has_ also asses;;Berl the impact. oJthls pandemic on. recevetahilify' ofcaqying value .,offinancial.and non.,.financiaf assefa·.as at the ba[ance sheet date,.using vatiottsintenrn1 and, external fatfor:mation irp .,to tbe .. date; of -�pproval. of these. financi:aL.restilfa •
. Th� rnanaiernent has afao_performed,sensrtivi� analysis
qn_the �ssu.rr·rptiqns t�s!cl.a1:.dbtist;/dGn:,,p.t:eserrt�:stii;nates�b.�H�ves that th� c.arryin� .. a1uquntJsqpnsJdy;r¢cLto bere.¢o;v¢r�ple.art� ·a:ce.ordJng!:x: nq fulfth¢ri ,a:r,lj,u&trn�rits .is req;uired. in th�.· financial r:�su,!ts.
�Q\!�v�r� t�e .:imp��t a,�$�SSJ�e,ttt\ 9fCo,Vid� 1.9 . is:a contit1uinwpro,9e,ss, gi'v:�11 the. tlll��lt�?tfr¢�>8$$0Qiijt�q .. �vjth
its nt1hrre and d;tira.tfpn, Tl1e.. ltniP�tt ◊f O<>vid- t9 :tri:i"ty t,¢ d1fferei1t • from that �i$tiiXi�ted as �t the d:�te qf a.ppt'ii:vaJ 9t�tlt¢§� fina;1c;ialf��1;rlts. ar1(;! . .the G:omp�c11�,,¥Jll ¢011tihpeJq rnop;itqr �ni th:ate:tigtl chariges to mtti:fl:!ec◊1i◊ml� cq.Mitior:ts. ·
·1 L. !hy?gµt�s?f'.th¢t�tqu���t7:�ded Ma1:ch.31(�Q2of�Qf9J.�t�•�tte.:��hiQc'it1g•figµrewbe�y�e9;a:�gi�edir'lgt;tt�?:in resrtect qfth� �u�i: ffo�tlCi�I �l��r �p to . Nf�r?h. ,31,. 2020 l20l? al11� the µnau.dite4 pu;bfistr�d Ylfar�to ... ��tefigures up'to·Decemhet 2019, /'2(Ji8. being the date·'of.the end ofthe'third quattet··of tlte,'financial ye:arwhichwere,,su!:'Jjected to.limited revfow,
N sntesb: Kdsltnan Martag.ing·.Directot'·
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