Siemens : C&S Electric Limited – Audited Financial Statements – FY ended 30.09.2021

C&S Electric Limited

Audited Financial Statements for the financial year

1st April, 2021 to 30th September, 2021

CIN: U31909DL1971PLC005672

Registered Office: 222, Okhla Industrial Estate, Phase III, New Delhi 110020

Telephone: [phone], Fax: [phone]

C&S Electric Limited

Balance sheet

As at September 30, 2021

(All amounts are in INR million except wherever stated otherwise)

Particulars		Note	As at	As at
	September 30, 2021	March 31, 2021
I. ASSETS
1 Non - current assets
(a) Property, plant and equipment	2a	1,481.02	1,536.73
(b)	Right-of-use assets	2b	254.93	282.47
(c)	Capital work-in-progress	3	33.77	18.24
(d)	Other intangible assets	4	13.42	15.43
(e) Intangible assets under development	5	12.42	12.42

1. Financial assets

	(i)	Trade receivables	6 (a)	0.33	9.19
	(ii)	Other financial assets	7 (a)	40.38	34.44
(g)	Deferred tax assets (net)	9	270.48	222.99
(h)	Income tax assets (net)	10	70.21	46.32
(i)	Other non current assets	8 (a)	69.54	74.77
				2,246.50	2,253.00
2 Current assets
(a)	Inventories	11	1,986.48	1,872.89

1. Financial assets

(i)	Investments	12	33.89	-
(ii)	Trade receivables	6 (b)	2,426.63	2,572.22
(iii)	Cash and cash equivalents	13 (a)	508.86	1,436.28
(iv)	Bank balances other than (iii) above	13 (b)	129.89	126.91
(v)	Loans	14	1.95	1.60
(vi)	Other financial assets	7 (b)	107.72	110.81
(c) Other current assets	8 (b)	315.97	167.44
			5,511.39	6,288.15
	Total assets		7,757.89	8,541.15

1. EQUITY AND LIABILITIES 1 Equity

(a)	Equity share capital	15	442.68	442.68
(b)	Other equity		3,779.79	3,594.83
			4,222.47	4,037.51
2 Liabilities
Non - current liabilities

1. Financial liabilities

(i)	Borrowings	16	-	9.81
(ii)	Lease liabilities	17 (a)	175.21	199.11
(iii)	Other financial liabilities	18 (a)	41.70	41.31
(b) Provisions	19 (a)	221.85	202.61
			438.76	452.84

3 Current liabilities

1. Financial liabilities

	(i)	Borrowings	21		16.01	524.32
	(ii)	Lease liabilities	17 (b)	45.99	45.38
	(iii)	Trade payables	22
		(A) total outstanding dues of micro enterprises and small enterprises; and			235.95	490.00
		(B) total outstanding dues of creditors other than micro enterprises and small enterprises			1,782.98	2,074.27
	(iv)	Other financial liabilities	18 (b)	261.92	352.90
(b)	Other current liabilities	20		480.73	355.94
(c)	Provisions	19 (b)	235.79	178.55
(d) Current tax liabilities (net)	23		37.29	29.44
					3,096.66	4,050.80
					3,535.42	4,503.64
		Total equity and liabilities			7,757.89	8,541.15
Significant accounting policies	1
The accompanying notes from 1 to 58 form an integral part of the financial statements.
As per our report of even date attached
For B S R & Co. LLP		For and on behalf of the Board of Directors
Chartered Accountants	C&S Electric Limited
ICAI Firm registration No.: 101248W/ W-100022
Adhir Kapoor			Prakash Kumar Chandraker	Siddharth Kasera
Partner			Managing Director & CEO		Director
Membership No. : 098297	DIN No.: 05150366		DIN No.: 09086454
			Manav Adlakha		Anup Sobti
			Chief Financial Officer		Company Secretary
			PAN.: AEIPA4199N		ACS No.: 16466
Place : New Delhi					Place : New Delhi
Date : 27 January 2022				Date : 27 January 2022

C&S Electric Limited

Statement of profit and loss

For the period April 01, 2021 to Sepetember 30, 2021

(All amounts are in INR million except wherever stated otherwise)

				For the period April 01, 2021	For the year
Particulars		Note	ended
	to September 30, 2021
				March 31, 2021
I	Revenue from operations	24	4,878.54	8,593.24
II	Other income	25	120.55	233.23
III	Total income (I + II)		4,999.09	8,826.47
IV	Expenses:
	(a)	Cost of materials consumed	26	3,120.98	5,057.24
	(b)	Purchases of stock-in-trade	27	2.09	14.48
	(c)	Changes in inventories of finished goods, stock-in-trade and work in progress	28	(100.74)	6.03
	(d)	Employee benefits expense	29	674.50	1,325.54
	(e)	Finance costs	30	45.61	245.81
	(f)	Depreciation and amortisation expense	31	134.53	325.93
	(g)	Provision for impairment of Investment		-	93.29
	(h)	Other expenses	32	837.11	2,568.08
	Total expenses (IV)		4,714.08	9,636.40
V	Profit / (loss) before tax (III - IV)		285.01	(809.93)
VI	Tax expense:
	(a)	Current tax	33 (a)	148.13	91.83
	(b)	Deferred tax	33 (a)	(47.51)	(244.13)
	Total tax expenses		100.62	(152.30)
VII	Profit for the period / (loss) for the year from continuing operations (V - VI)		184.39	(657.63)
	Discontinued operations:
	Loss from discontinued operations		-	(148.54)
	Tax Credit on discontinued operations		-	84.04
	Loss after tax from discontinued operations		-	(232.58)
	Profit/ (loss) for the period / year		184.39	(890.21)
VIII	Other comprehensive income
	In respect of continuing operations
		Items that will not be reclassified to profit or loss
		Remeasurements of the defined benefit liabilities		1.14	(4.91)
		Income tax relating to items that will not be reclassified to profit or loss	33 (b)	(0.57)	1.23
	In respect of discontinued operations
		Items that will not be reclassified to profit or loss
		Remeasurements of the defined benefit liabilities		-	(0.19)
		Income tax relating to items that will not be reclassified to profit or loss		-	0.05
	Other comprehensive income / (loss)		0.57	(3.82)
IX	Total comprehensive income for the period / year (VII + VIII)		184.96	(894.03)
X	Basic and diluted earnings per share (of Rs. 10 each):
	(i)	Earning per share from continuing operations	43	4.17	(14.86)
	(ii)	Earning per share from discontinued operations		-	(5.25)
	(iii)	Earning per share from continuing and discontinued operations		4.17	(20.11)

Significant accounting policies	1
The accompanying notes from 1 to 58 form an integral part of the financial statements.
As per our report of even date attached
For B S R & Co. LLP	For and on behalf of the Board of Directors
Chartered Accountants	C&S Electric Limited
ICAI Firm registration No.: 101248W/ W-100022
Adhir Kapoor	Prakash Kumar Chandraker	Siddharth Kasera
Partner	Managing Director & CEO	Director
Membership No. : 098297	DIN No.: 05150366	DIN No.: 09086454
	Manav Adlakha	Anup Sobti
	Chief Financial Officer	Company Secretary
	PAN.: AEIPA4199N	ACS No.: 16466
Place : New Delhi		Place : New Delhi
Date : 27 January 2022		Date : 27 January 2022

C&S Electric Limited

Statement of cash flows

For the period April 01, 2021 to Sepetember 30, 2021

(All amounts are in INR million except wherever stated otherwise)

Particulars	As at September 30, 2021		As at March 31, 2021
A. Cash flow from operating activities
Profit before tax / (Net loss)	285.01			(809.93)
Loss before tax from discontinuing operations	-		285.01	(148.54)		(958.47)
Adjustments for :
Loss from discontinued operations, net of income taxes	-			148.54
Depreciation and amortisation expenses	134.54			325.93
Loss on sale of Property, plant and equipment	0.08			3.72
Interest expenses	22.23			189.57
Other borrowing costs	4.60			37.57
Unwinding of discounts on financial assets	8.57			-
Interest expense on lease liabilities	10.21			18.66
Interest income on deposits	(12.95)			(15.77)
Interest income on overdue trade receivables	-			(8.88)
Interest income on financial assets carried at amortised cost	(0.45)			(0.40)
Net gain on disposal of debt instruments at amortised cost	-			(30.13)
Liabilities/ provisions no longer required written back	(105.86)			(23.32)
Provision for debit balances	24.14			-
Provision for foreseeable loss and others	32.08			162.48
Provision for doubtful debt/ bad debts written off	76.73			511.80
Unrealised foreign exchange (gain)/ loss (net)	(3.44)			49.93
Mark to market loss /(gain) on derivative contracts	3.21			(35.45)
Charge for slow moving inventory/ inventory written off	-			175.19
Profit on sale of Investment	-			(88.49)
Provision for impairment of Investment	-			93.29
Provision for Warranty	22.20			-
			215.89			1,514.24
Operating profit before working capital changes			500.90			555.77
Changes in working capital:
Adjustments for (increase) / decrease in operating assets:
Inventories	(93.82)			35.45
Trade receivables	74.73			449.18
Other non-current financials assets	(7.01)			(1.27)
Other current financials assets	33.14			(39.37)
Other current assets	(153.12)			156.17
Other non-current assets	(1.48)			(14.92)
Adjustments for increase / (decrease) in operating liabilities:
Trade payables	(496.75)			691.06
Other non-current financials liabilities	0.40			0.73
Other current financials liabilities	(114.59)			(352.19)
Other current liabilities	124.79			(16.21)
Short-term provisions	2.95			(0.84)
Long-term provisions	20.38			9.79
			(610.38)			917.58
Cash (used in) / flow from operating activities			(109.48)			1,473.35
Income taxes paid			(164.72)			(114.87)
Net cash flow from operating activities - continuing operations			(274.20)			1,358.48
Net cash used in operating activities - discontinuing operations			-			(11.63)
Net cash (used in) / flow from operating activities - continuing and discontinuing operations (A)			(274.20)			1,346.85
B. Cash flow from investing activities
Capital expenditure on Property, plant and equipment	(90.47)			(291.75)
Proceeds from sale of Property, plant and equipment	4.03			55.56
Sale of investments	-			676.10
Loan to employees	-			1.16
Movement in bank balances not considered as cash and cash equivalents	9.97			(8.01)
Net cash (used in) / flow from investing activities - continuing operations			(76.47)			433.06
Net cash flow from investing activities - discontinuing operations			-			1,464.09
Net cash (used in) / flow from investing activities - continuing and discontinuing operations (B)			(76.47)			1,897.15
C. Cash flow from financing activities
Proceeds from borrowings (Include foreign exchange loss of Rs. Nil (Previous year 39.81)	-			210.19
Repayment of borrowings	(514.19)			(264.04)
Net decrease in working capital borrowings	(4.78)			(1,868.51)
Interest expenses	(24.28)			(196.55)
Other borrowing costs	-			(37.57)
Repayment of lease liabilities and interest	(33.50)			(56.08)
Net cash used in financing activities - continuing operations			(576.75)			(2,212.56)
Net cash used in financing activities - discontinuing operations			-			(10.94)
Net cash used in financing activities - continuing and discontinuing operations (C)			(576.75)			(2,223.50)
Net (decrease) / increase in Cash and cash equivalents (A+B+C)			(927.42)			1,020.50
Cash and cash equivalents at the beginning of the period			1,436.28			415.78
Cash and cash equivalents at the end of the period			508.86			1,436.28
Cash and cash equivalents comprises:
Cash in hand			0.08			0.29
Cheques / drafts in hand			-			-
Balances with banks
(i) In current accounts			265.92			471.86
(ii) In deposits accounts with original maturity of less than 3 months			242.86			964.13
(Refer note 13a)			508.86			1,436.28

Movement in financial liabilities

As at April 01, 2021 Proceeds from borrowings Repayments of borrowings

Reinstatement impact of foreign currency loan As at September 30, 2021

Non-current	Current	Total
borrowings	borrowings
9.81	524.33	534.13
-	-	-
(9.81)	(509.17)	(518.97)
-	0.85	0.85
-	16.01	16.01

The above statement of cash flow has been prepared under the "indirect method" as set out in Ind AS-7 - "Statement of cash flows".
Significant accounting policies	1
The accompanying notes from 1 to 58 form an integral part of the financial statements.
As per our report of even date attached
	For and on behalf of the Board of Directors
For B S R & Co. LLP	C&S Electric Limited
Chartered Accountants
ICAI Firm registration No.: 101248W/ W-100022
Adhir Kapoor	Prakash Kumar Chandraker	Siddharth Kasera
Partner	Managing Director & CEO	Director
Membership No. : 098297	DIN No.: 05150366	DIN No.: 09086454
	Manav Adlakha	Anup Sobti
	Chief Financial Officer	Company Secretary
	PAN.: AEIPA4199N	ACS No.: 16466
Place : New Delhi		Place : New Delhi
Date : 27 January 2022		Date : 27 January 2022

C&S Electric Limited

Statement of changes in equity for the period from April 01, 2021 to September 30, 2021 (All amounts are in INR million except wherever stated otherwise)

a. Equity share capital
	Particulars	As at	As at
	September 30, 2021	March 31, 2021
	Opening Balance	442.68	442.68
	Changes in equity share capital during the period / year	-	-
	Closing Balance	442.68	442.68
c. Other equity
		Other equity
		Reserves and surplus
	Particulars		Surplus in		Other
	General	Statement		Comprehensive	Total
		reserve	of Profit		income
			and Loss
	Balance as at April 1, 2020	681.18	3,808.58		(0.90)	4,488.86
	1. Profit for the year	-	(890.21)		-	(890.21)
	2. Other comprehensive income for the year, net of income tax	-	(3.82)		-	(3.82)
	Total comprehensive income for the year	-	(894.03)		-	(894.03)
	Balance as at March 31, 2021	681.18	2,914.55		(0.90)	3,594.83
	1. Profit for the period	-	184.39		-	184.39
	2. Other comprehensive income for the period ended September 30, 2021, net of income tax	-	0.57		-	0.57
	Total comprehensive income for the period April 01, 2021 to September 30, 2021	-	184.96		-	184.96
	Balance as at September 30, 2021	681.18	3,099.51		(0.90)	3,779.79
	Significant accounting policies	1
	The accompanying notes from 1 to 58 form an integral part of the financial statements.
	As per our report of even date attached
			For and on behalf of the Board of Directors
	For B S R & Co. LLP		C&S Electric Limited
	Chartered Accountants
	ICAI Firm registration No.: 101248W/ W-100022
	Adhir Kapoor		Prakash Kumar Chandraker	Siddharth Kasera
	Partner		Managing Director & CEO	Director
	Membership No. : 098297		DIN No.: 05150366		DIN No.: 09086454
			Manav Adlakha		Anup Sobti
			Chief Financial Officer		Company Secretary
			PAN.: AEIPA4199N		ACS No.: 16466
	Place : New Delhi					Place : New Delhi
	Date : 27 January 2022					Date : 27 January 2022