Rado Financials FY 21-22

RADO TYRES LIMITED
[BLDG NO. 39/3B & 39/3B1, OPP. KRISHNA HOSPITAL, CHITTOOR ROAD, COCHIN-682011]
BALANCE SHEET AS AT 31st MARCH 2022
(All amount are Indian rupees, except share data and where otherwise stated)
As at 31st March 2022 As at 31st March 2021
Particulars Notes
₹ ₹
Assets
Non-current assets
Property, plant and equipment 3 9,486 1,785
Financial Assets:
Non-current Investments 4 25,000 25,000
Other non-current financial assets 5 47,000 883,481
Other non-current assets - -
Total Non-current assets 81,486 910,266
Current assets
Financial Assets:
Cash and cash equivalents 6 48,782,141 52,745,559
Short term loans and advances 7 1,431,366 1,330,062
Other current financial assets 8 160,924 258,388
Prepayments 9 - 25,857
Other current assets 10 24,457 547,195
Total Current assets 50,398,888 54,907,061
Non-current asset held for sale 11 9,189,561 9,262,560
Total Assets 59,669,935 65,079,887
Equity and liabilities
Equity
Equity Share Capital 12 64,316,200 64,316,200
Other Equity 13
Retained earnings (158,040,176) (158,184,096)
Other Reserves 1,318,432 1,318,432
Total Equity (92,405,544) (92,549,464)
Non-current liabilities
Financial Liabilities
Long term borrowings 14 151,000,000 151,000,000
Other financial liabilities - -
Deferred tax liability (net) - -
Other non-current liabilities - -
Total non-current liabilities 151,000,000 151,000,000
Current liabilities
Financial Liabilities
Trade and other payables 15 - -
Other current financial liabilities 16 140,686 5,140,686
Other current liabilities 17 934,793 1,488,665
Total current liabilities 1,075,479 6,629,351
Total equity and liabilities 59,669,935 65,079,887
Significant Accounting Policies and notes on Accounts 1-27
The notes referred to above form an integral part of the Financial Statements.
As per our report of even date For and on behalf of Board of Directors of
For G. Joseph & Associates Rado Tyres Ltd
Chartered Accountants
(Firm Reg. No.006310S)
John M John Sanjay Bhatia P. A. Krishnamoorthy

Director CFO Director
Raphael Sharon DIN:584201 DIN:2432816
Partner
M.No:233286
Date : 25th April 2022 Geeta M Bandekar Payal Kailash Joshi
Place: Ernakulam Company Secretary Manager
RADO TYRES LIMITED
STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED ON 31st MARCH 2022
For the year ended on For the year ended on

Particulars Notes 31st March 2022 31st March 2021
₹ ₹
Revenue from operations - -

Other Income 18 2,008,622 20,015,785
Total Income 2,008,622 20,015,785
Expenses:
Employee benefit expense 19 36 37
Depreciation and amortization expense 20 1,799 6,600
Impairment loss on non current assets held for sale 21 - 10,943,379
Other expenses 22 1,862,866 2,561,483
Total Expenses 1,864,701 13,511,499
Profit/(Loss) before exceptional items and tax 143,921 6,504,286

Exceptional items - -
Profit/(Loss) before tax 143,921 6,504,286
Tax expense:
Current tax - -
Deferred tax - -
Profit/(Loss) for the period 143,921 6,504,286
Other Comprehensive Income

Items that will not be reclassified to profit or loss - -
Total Comprehensive Income for the period
(Comprising (Loss) and Other Comprehensive Income 143,921 6,504,286
for the period)
Earnings per equity share : 23
Basic 0.01 0.40
Diluted 0.01 0.40

As per our report of even date For and on behalf of Board of Directors of Rado
For G. Joseph & Associates Tyres Ltd

Raphael Sharon DIN:584201 DIN:2432816
Partner
M.No:233286
Date : 25th April 2022
Place: Ernakulam Geeta M Bandekar Payal Kailash Joshi
Company Secretary Manager
H
RADO TYRES LIMITED

CASH FLOW STATEMENT FOR THE YEAR ENDED 31st MARCH 2022
(All amount are Indian rupees, except share data and where otherwise stated)
For the year ended on For the year ended on
Particulars March 31st, 2022 31st March 2021
₹ ₹
Cash flows from operating activities
Profit/(loss) before taxation 143,921 6,504,285
Adjustments:
Depreciation and amortisation 1,799 6,600
Interest income (2,008,407) (1,540,585)
Impairment loss of plant and machinery including building - 10,943,379
Provision no-longer required written-back - (5,345)
Profit on sale of inventory - (764,929)
Profit on sale of assets held for sale - (17,695,236)
Operating cash flows before working capital changes (1,862,687) (2,551,831)
(Increase)/decrease in trade receivables -
(Increase)/decrease in inventories - 9,473
(Increase)/decrease in loans and advances 1,580,928 192,076
Increase/(decrease) in liabilities and provisions (5,553,872) 5,629,170
Cash from operations (5,835,631) 3,278,888
(Taxes paid) / refund received, net (199,693) (114,897)
Net cash from operating activities (A) (6,035,324) 3,163,991
Cash flows from investing activities
Purchase of fixed assets (9,500) -
Proceeds from sale of assets held for sale 72,999 44,989,700
Proceeds from sale of inventory - 925,000
Interest received 2,008,407 1,540,585
Net cash used in investing activities (B) 2,071,905 47,455,285
Cash flows from financing activities

Interest paid - -
Net cash used in financing activities (C ) - -
Net increase /(Decrease)in cash and cash equivalents (A+B+C) (3,963,419) 50,619,275
Cash and cash equivalents at beginning of period 52,745,559 2,126,284
Cash and cash equivalents at end of the period (refer note 6) 48,782,141 52,745,559
Significant Accounting Policies and Notes on Accounts. 1 - 27

DIN:584201 DIN:2432816
Raphael Sharon
Partner Geeta M Bandekar Payal Kailash Joshi
M.No:233286 Company Secretary Manager
Date : 22nd April 2022

Place: Ernakulam
12 (A). Equity Share Capital
1) Current reporting period
Changes in Equity Restated balance at Changes in equity Balance at the end of

Balance at the beginning of the current reporting Share Capital due to the beginning of the share capital during the current reporting
period 01-04 -2021 prior period errors current reporting the current year period 31-03-2022
period
64316200 - - - 64,316,200
2)Previous reporting period
Changes in Equity Restated balance at Changes in equity Balance at the end of

Share Capital due to the beginning of the share capital during the current reporting
Balance at the beginning of the current reporting prior period errors current reporting the current year period 31-03-2021
period 01-04 -2020 period
64316200 - - - 64,316,200
12 (B). Other Equity
1) Current reporting period
Share application money pending allotment Equity component of Reserves and Surplus Total
compound financial Capital Reserve Securities Premium Other Reserves Retained Earnings
instruments (specify nature)
Balance at the beginning of the current reporting 64,316,200 1,318,432 - - (158,184,096) (92,549,464)
period 01-04-2021
Changes in accounting policy/prior period errors - - - - - -
Restated balance at the beginning of the current - - - - - -

reporting period
Total Comprehensive Income for the current - - - - - -
year
Dividends - - - - - -
Transfer to retained earnings - - - - 143,921 143,921
Any other change (to be specified) - - - - -

Balance at the end of the current reporting 64,316,200 1,318,432 - - (158,040,176) (92,405,544)
period 31-03-2022
2)Previous reporting period

Share application money pending allotment Equity component of Reserves and Surplus Total
compound financial Capital Reserve Securities Premium Other Reserves Retained Earnings
instruments (specify nature)
Balance at the beginning of the current reporting 64,316,200 1,318,432 - - (164,688,381) (99,053,749)
period 01-04-2020
Changes in accounting policy/prior period errors - - - - - -
Restated balance at the beginning of the current - - - - - -

reporting period
Total Comprehensive Income for the current - - - - - -
year
Dividends - - - - - -
Transfer to retained earnings - - - - 6,504,285 6,504,285
Any other change (to be specified) - - - - - -
Balance at the end of the current reporting 64,316,200 1,318,432 - - (158,184,096) (92,549,464)
period 31-03-2021
RADO TYRES LIMITED
NOTES FORMING PART TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST
MARCH 2022
1. CORPORATE INFORMATION
Rado Tyres Limited is a public company incorporated in India under the provisions of the
Companies Act. The Company was engaged in the business of an Automobile Tyre
manufacturing based at Nellikuzhy near Kothamangalam.
As of 31st March 2022, CEAT Limited holding 58.56%, Instant Holding Ltd holding 17.07%
and Swallow Associates LLP (formerly RPG Cellular Investments & Holdings Pvt Ltd)
holding 9.6% of Company’s equity share capitals are the major Shareholders. The Registered
office of Company is situated at Cochin, Kerala.
2. BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING

POLICIES
1. Basis of accounting and preparation of financial statements:
The financial statements of the Company have been prepared in accordance with Indian
Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standards)
Rules, 2015.
The Board of Directors had taken all possible initiatives to revive the operations of the
factory. Taking into account the Company’s financial strain coupled with the technological
advancement for the manufacture of 2/3 wheeler tyres, the Board had to come to the
conclusion that it will not be viable to continue the business of manufacture of tyres in the
Company’s manufacturing facility located in Kothamangalam.
Consequent to suspension of the factory operations, the Board of Directors, at their meeting
held on 20th November, 2018, decided to explore the options to dispose of the assets of the
Company and to invite quotations from prospective buyers.
Accordingly, the financial statements have been prepared assuming the Company will not
continue as a Going Concern. Consequently assets are stated at the cost or net realizable value
whichever is lower. Liabilities have been stated at the values which they are payable.
Further, all assets which are available for sale have been reclassified under Non-Current
Assets Held For Sale.
2. Impact of the outbreak of COVID-19 on financial statements
The outbreak of COVID -19 pandemic is causing significant disturbance and slowdown of
economic activity. Though, the Board is not in a position to ascertain the possible impact on
the market values of the remaining assets held for sale in the prevailing uncertain market
scenario, the management feels that it is unlikely to have a significant impact on the valuation
of the assets and its ability to sell off these assets at prices which are higher than that stated
in the financial statements.
3. Current versus non-current classification:
The Company presents assets and liabilities in the balance sheet based on current/ non-current
classification.
An asset is treated as current when it is:
• Expected to be realised or intended to be sold or consumed in normal operating cycle

• Held primarily for the purpose of trading
• Expected to be realised within twelve months after the reporting period, or
• Cash or cash equivalent unless restricted from being exchanged or used to settle a liability
for at least twelve months after the reporting period.
All other assets are classified as non-current.
A liability is current when:
• It is expected to be settled in normal operating cycle

• It is held primarily for the purpose of trading
• It is due to be settled within twelve months after the reporting period, or
• There is no unconditional right to defer the settlement of the liability for at least twelve
months after the reporting period.
The Company classifies all other liabilities as non-current.
Deferred tax assets and liabilities are classified as non-current assets and liabilities.
The operating cycle is the time between the acquisition of assets for processing and their
realisation in cash and cash equivalents. The Company has identified twelve months as its
operating cycle.
4. Revenue recognition:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to
the Company and the revenue can be reliably measured, regardless of when the payment is
being made.
Revenue from contracts, if any, priced on a time and material basis is recognised as services
are rendered and as related costs are incurred.
For all debt instruments measured either at amortised cost or at fair value through other
comprehensive income, interest income is recorded using the effective interest rate (EIR).
EIR is the rate that exactly discounts the estimated future cash payments or receipts over the
expected life of the financial instrument or a shorter period, where appropriate, to the gross
carrying amount of the financial asset or to the amortised cost of a financial liability. When
calculating the effective interest rate, the Company estimates the expected cash flows by
considering all the contractual terms of the financial instrument (for example, prepayment,
extension, call and similar options) but does not consider the expected credit losses. Interest
income is included in finance income in the statement of profit and loss.
5. Accounting for Government grants:
Government grants, if any, are recognised where there is reasonable assurance that the grant
will be received and all attached conditions will be complied with. When the grant relates to
an expense item, it is recognised as income on a systematic basis over the periods that the
related costs, for which it is intended to compensate, are expensed. When the grant relates to
an asset, it is recognised as income in equal amounts over the expected useful life of the related
asset.
When the Company receives grants of non-monetary assets, the asset and the grant are
recorded at fair value amounts and released to profit or loss over the expected useful life in a
pattern of consumption of the benefit of the underlying asset i.e. by equal annual installments.
When loans or similar assistance are provided by governments or related institutions, with an
interest rate below the current applicable market rate, the effect of this favorable interest is
regarded as a government grant. The loan or assistance is initially recognised and measured at
fair value and the government grant is measured as the difference between the initial carrying
value of the loan and the proceeds received. The loan is subsequently measured as per the
accounting policy applicable to financial liabilities.
6. Taxes
Current income tax:

Current income tax assets and liabilities are measured at the amount expected to be recovered
from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount
are those that are enacted or substantively enacted, at the reporting date in the countries where
the Company operates and generates taxable income.
Current income tax relating to items recognised outside profit or loss is recognised outside
profit or loss (either in other comprehensive income or in equity). Current tax items are
recognised in correlation to the underlying transaction either in OCI or directly in equity.
Management periodically evaluates positions taken in the tax returns with respect to situations
in which applicable tax regulations are subject to interpretation and establishes provisions
where appropriate.
Deferred tax:
Deferred tax is provided using the liability method on temporary differences between the tax
bases of assets and liabilities and their carrying amounts for financial reporting purposes at the
reporting date.
Deferred tax liabilities are recognised for all taxable temporary differences, except:
•When the deferred tax liability arises from the initial recognition of an asset or liability
in a transaction that is not a business combination and, at the time of the transaction,
affects neither the accounting profit nor taxable profit or loss
• In respect of taxable temporary differences associated with investments in subsidiaries

and interests in joint ventures, when the timing of the reversal of the temporary
differences can be controlled and it is probable that the temporary differences will not
reverse in the foreseeable future
Deferred tax assets are recognised for all deductible temporary differences, the carry
forward of unused tax credits and any unused tax losses. Deferred tax assets are
recognised to the extent that it is probable that taxable profit will be available against
which the deductible temporary differences, and the carry forward of unused tax
credits and unused tax losses can be utilised, except:
•When the deferred tax asset relating to the deductible temporary difference arises from
the initial recognition of an asset or liability in a transaction that is not a business
combination and, at the time of the transaction, affects neither the accounting profit
nor taxable profit or loss
•In respect of deductible temporary differences associated with investments in
subsidiaries, associates and interests in joint ventures, deferred tax assets are
recognised only to the extent that it is probable that the temporary differences will
reverse in the foreseeable future and taxable profit will be available against which the
temporary differences can be utilized
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to
the extent that it is no longer probable that sufficient taxable profit will be available to allow
all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are re-
assessed at each reporting date and are recognised to the extent that it has become probable
that future taxable profits will allow the deferred tax asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in
the year when the asset is realised or the liability is settled, based on tax rates (and tax laws)
that have been enacted or substantively enacted at the reporting date.
Deferred tax relating to items recognised outside profit or loss is recognised outside profit or
loss (either in other comprehensive income or in equity). Deferred tax items are recognised in
correlation to the underlying transaction either in OCI or directly in equity.
Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to
set off current tax assets against current tax liabilities and the deferred taxes relate to the same
taxable entity and the same taxation authority.
7. Non-current assets held for sale
The Company classifies non-current assets and disposal groups as held for sale/ distribution
to owners if their carrying amounts will be recovered principally through a sale/ distribution
rather than through continuing use. Actions required for completing the sale/ distribution
should indicate that it is unlikely that significant change to the sale/ distribution will be made
or that the decision to sell/ distribute will be withdrawn. Management must be committed to
the sale/ distribution expected within one year from the date of classification.
Non-current assets held for sale/for distribution to owners and disposal groups are measured
at the lower of their carrying amount and the fair value less costs to sell/ distribute. Assets and
liabilities classified as held for sale/ distribution are presented separately in the balance sheet.
Property, plant and equipment once classified as held for sale/ distribution to owners are not
depreciated or amortised.
8. Property, plant and equipment

Capital work in progress, plant and equipment is stated at cost, net of accumulated depreciation
and accumulated impairment losses, if any. Such cost includes the cost of replacing part of the
plant and equipment and borrowing costs for long-term construction projects if the recognition
criteria are met. When significant parts of plant and equipment are required to be replaced at
intervals, the Company depreciates them separately based on their specific useful lives.
Likewise, when a major inspection is performed, its cost is recognised in the carrying amount
of the plant and equipment as a replacement if the recognition criteria are satisfied. All other
repair and maintenance costs are recognised in profit or loss as incurred. The present value of
the expected cost for the decommissioning of an asset after its use is included in the cost of
the respective asset if the recognition criteria for a provision are met.
Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets
as follows:
Asset Class Useful life
Buildings 50 years - 60 years
Plant & Machinery 15 years - 20 years
Moulds 6 years
Computers 3 years
Furniture & Fixtures 10 years
Office Equipment 5 years
Motor Vehicles 8 years
Carpeted Roads- RCC 10 years
Computer Servers 6 years
Electrical Installations 20 years
Hand Carts, Trollies 15 years
The management has estimated, supported by independent assessment by professional, the
useful lives of the following class of assets.
• Factory buildings - 50 years (Lower than those indicated in Schedule II of the Companies
Act, 2013)
• Plant & Machinery – 20 years (Higher than those indicated in Schedule II of the
Companies Act, 2013)
• Electrical Installations – 20 years (Higher than those indicated in Schedule II of the
Companies Act, 2013)
The management believes that the depreciation rates fairly reflect its estimation of the useful
lives and residual values of the fixed assets.
An item of property, plant and equipment and any significant part initially recognised is
derecognised upon disposal or when no future economic benefits are expected from its use or
disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference
between the net disposal proceeds and the carrying amount of the asset) is included in the
income statement when the asset is derecognised.
The residual values, useful lives and methods of depreciation of property, plant and equipment
are reviewed at each financial year end and adjusted prospectively, if appropriate.
Accelerated depreciation has been provided for assets which have been exhausted due to
higher wear and tear before completion of their useful life.
Owing to the shutting down of operations the Company has reclassified assets except office
equipment’s and furniture as Non-Current Assets Held For Sale. The office equipment’s and
furniture are depreciated on the basis of the remaining useful life of such assets.
9. Intangible Assets
Intangible assets acquired separately are measured on initial recognition at cost. Following
initial recognition, intangible assets are carried at cost less any accumulated amortisation and
accumulated impairment losses. Internally generated intangibles, excluding capitalised
development costs, are not capitalised and the related expenditure is reflected in profit or loss
in the period in which the expenditure is incurred.
The useful lives of intangible assets are assessed as either finite or indefinite.
Intangible assets with finite lives are amortised over the useful economic life and assessed for
impairment whenever there is an indication that the intangible asset may be impaired. The
amortisation period and the amortisation method for an intangible asset with a finite useful
life are reviewed at least at the end of each reporting period. Changes in the expected useful
life or the expected pattern of consumption of future economic benefits embodied in the asset
are considered to modify the amortisation period or method, as appropriate, and are treated as
changes in accounting estimates. The amortisation expense on intangible assets with finite
lives is recognised in the statement of profit and loss unless such expenditure forms part of
carrying value of another asset.
Intangible assets with indefinite useful lives are not amortised, but are tested for impairment
annually, either individually or at the cash-generating unit level. The assessment of indefinite
life is reviewed annually to determine whether the indefinite life continues to be supportable.
If not, the change in useful life from indefinite to finite is made on a prospective basis.
Gains or losses arising from derecognition of an intangible asset are measured as the difference
the net disposal proceeds and the carrying amount of the asset and are recognised in the
statement of profit or loss when the asset is derecognised.
Intangible assets are amortised on straight line method as under:
• Software expenditure have been amortised over a period of three years.
• Technical Know-how and Brands are amortised over a period of twenty years.
As on the reporting date the Company does not own any intangible assets.
Research and development costs:
Research costs, if any, are expensed as incurred. Development expenditures on an individual
project are recognised as an intangible asset when the Company can demonstrate:
• The technical feasibility of completing the intangible asset so that the asset will be
available for use or sale
• Its intention to complete and its ability and intention to use or sell the asset
• How the asset will generate future economic benefits
• The availability of resources to complete the asset
• The ability to measure reliably the expenditure during development
Following initial recognition of the development expenditure as an asset, the asset is carried
at cost less any accumulated amortisation and accumulated impairment losses. Amortisation
of the asset begins when development is complete and the asset is available for use. It is
amortised over the period of expected future benefit. Amortisation expense is recognised in
the statement of profit and loss unless such expenditure forms part of carrying value of another
asset.
During the period of development, such assets are tested for impairment annually.
10. Borrowing costs:
Borrowing costs, if any, directly attributable to the acquisition, construction or production of

an asset that necessarily takes a substantial period of time to get ready for its intended use or
sale are capitalised as part of the cost of the asset. All other borrowing costs are expensed in
the period in which they occur. Borrowing costs consist of interest and other costs that an
entity incurs in connection with the borrowing of funds. Borrowing cost also includes
exchange differences to the extent regarded as an adjustment to the borrowing costs.
To the extent that the Company borrows funds specifically for the purpose of obtaining a
qualifying asset, the Company determines the amount of borrowing costs eligible for
capitalisation as the actual borrowing costs incurred on that borrowing during the period less
any investment income on the temporary investment of those borrowings.
To the extent that the Company borrows funds generally and uses them for the purpose of
obtaining a qualifying asset, the Company determines the amount of borrowing costs eligible
for capitalisation by applying a capitalisation rate to the expenditures on that asset. The
capitalisation rate is the weighted average of the borrowing costs applicable to the borrowings
of the Company that are outstanding during the period, other than borrowings made
specifically for the purpose of obtaining a qualifying asset.
11. Inventories:
Inventories, if any, are valued at the lower of cost and net realisable value.
Costs incurred in bringing each product to its present location and conditions are accounted
for as follows:
• Raw materials, components, stores and spares are valued at lower of cost and net
realizable value. However, materials and other items held for use in the production of
inventories are not written down below cost if the finished products in which they will be
incorporated are expected to be sold at or above cost. Cost is determined on a weighted
average basis.
• Work-in-progress and finished goods are valued at lower of cost and net realizable value.
Cost includes direct materials and labour and a proportion of manufacturing overheads
based on normal operating capacity. Cost of finished goods includes excise duty. Cost is
determined on a weighted average basis.
• Traded goods are valued at lower of cost and net realizable value. Cost includes cost of
purchase and other costs incurred in bringing the inventories to their present location and
condition. Cost is determined on a weighted average basis.
Net realisable value is the estimated selling price in the ordinary course of business, less
estimated costs of completion and the estimated costs necessary to make the sale.
As on the reporting date the Company does not have any item of inventory.
12. Impairment of non-financial assets:
The Company assesses, at each reporting date, whether there is an indication that an asset may
be impaired. If any indication exists, or when annual impairment testing for an asset is
required, the Company estimates the asset’s recoverable amount. An asset’s recoverable
amount is the higher of an asset’s or cash-generating unit’s (CGU) fair value less costs of
disposal and its value in use. Recoverable amount is determined for an individual asset, unless
the asset does not generate cash inflows that are largely independent of those from other assets
or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable
amount, the asset is considered impaired and is written down to its recoverable amount.
Impairment losses of continuing operations, including impairment on inventories, are

recognised in the statement of profit and loss.
An assessment is made at each reporting date to determine whether there is an indication that
previously recognised impairment losses no longer exist or have decreased. If such indication
exists, the Company estimates the asset’s or CGU’s recoverable amount. A previously
recognised impairment loss is reversed only if there has been a change in the assumptions used
to determine the asset’s recoverable amount since the last impairment loss was recognised.
The reversal is limited so that the carrying amount of the asset does not exceed its recoverable
amount, nor exceed the carrying amount that would have been determined, net of depreciation,
had no impairment loss been recognised for the asset in prior years. Such reversal is recognised
in the statement of profit or loss.
13. Provisions:
Provisions are recognised when the Company has a present obligation (legal or constructive)
as a result of a past event, it is probable that an outflow of resources embodying economic
benefits will be required to settle the obligation and a reliable estimate can be made of the
amount of the obligation. When the Company expects some or all of a provision to be
reimbursed, for example, under an insurance contract, the reimbursement is recognised as a
separate asset, but only when the reimbursement is virtually certain. The expense relating to a
provision is presented in the statement of profit and loss net of any reimbursement.
If the effect of the time value of money is material, provisions are discounted using a current
pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting
is used, the increase in the provision due to the passage of time is recognised as a finance cost.
14. Retirement and other employee benefits:
As on the reporting date the Company does not have any employees who fall within the ambit
of any statutory benefit/retirement plans.
15. Financial instruments
Financial assets and liabilities are recognised when the Company becomes a party to the
contractual provisions of the instrument. Financial assets and liabilities are initially measured
at fair value. Transaction costs that are directly attributable to the acquisition or issue of
financial assets and financial liabilities (other than financial assets and financial liabilities at
fair value through profit or loss) are added to or deducted from the fair value measured on
initial recognition of financial asset or financial liability.
Financial assets at amortised cost

Financial assets are subsequently measured at amortised cost if these financial assets are held
within a business whose objective is to hold these assets in order to collect contractual cash
flows and the contractual terms of the financial asset give rise on specified dates to cash flows
that are solely payments of principal and interest on the principal amount outstanding.
Financial assets at fair value through other comprehensive income
Financial assets are measured at fair value through other comprehensive income if these
financial assets are held within a business whose objective is achieved by both collecting
contractual cash flows and selling financial assets and the contractual terms of the financial
asset give rise on specified dates to cash flows that are solely payments of principal and interest
on the principal amount outstanding.
The Company has made an irrevocable election to present in other comprehensive income
subsequent changes in the fair value of equity investments not held for trading.
Financial assets at fair value through profit or loss

Financial assets are measured at fair value through profit or loss unless it is measured at
amortised cost or at fair value through other comprehensive income on initial recognition. The
transaction costs directly attributable to the acquisition of financial assets and liabilities at fair
value through profit or loss are immediately recognised in profit or loss.
Financial liabilities
Financial liabilities are measured at amortised cost using the effective interest method.
Equity instruments
An equity instrument is a contract that evidences residual interest in the assets of the company
after deducting all of its liabilities. Equity instruments recognised by the Company are
recognised at the proceeds received net off direct issue cost.
Financial liabilities
Initial recognition and measurement

Financial liabilities are classified, at initial recognition, as financial liabilities at fair value
through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging
instruments in an effective hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and
borrowings and payables, net of directly attributable transaction costs.
The Company’s financial liabilities include trade and other payables, loans and borrowings
including bank overdrafts, financial guarantee contracts and derivative financial instruments.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at fair value through profit or loss

Financial liabilities at fair value through profit or loss include financial liabilities held for
trading and financial liabilities designated upon initial recognition as at fair value through
profit or loss. Financial liabilities are classified as held for trading if they are incurred for the
purpose of repurchasing in the near term. This category also includes derivative financial
instruments entered into by the group that are not designated as hedging instruments in hedge
relationships as defined by Ind AS 109. Separated embedded derivatives are also classified as
held for trading unless they are designated as effective hedging instruments.
Gains or losses on liabilities held for trading are recognised in the profit or loss.
Financial liabilities designated upon initial recognition at fair value through profit or loss are
designated as such at the initial date of recognition, and only if the criteria in Ind AS 109 are
satisfied. For liabilities designated as FVTPL, fair value gains/ losses attributable to changes
in own credit risks are recognized in OCI. These gains/ loss are not subsequently transferred
to P&L. However, the Company may transfer the cumulative gain or loss within equity. All
other changes in fair value of such liability are recognised in the statement of profit or loss.
The Company has not designated any financial liability as at fair value through profit and loss.
Loans and borrowings

This is the category most relevant to the Company. After initial recognition, interest-bearing
loans and borrowings are subsequently measured at amortised cost using the EIR method.
Gains and losses are recognised in profit or loss when the liabilities are derecognised as well
as through the EIR amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition
and fees or costs that are an integral part of the EIR. The EIR amortisation is included as
finance costs in the statement of profit and loss.
Financial guarantee contracts

Financial guarantee contracts issued by the Company are those contracts that require a
payment to be made to reimburse the holder for a loss it incurs because the specified debtor
fails to make a payment when due in accordance with the terms of a debt instrument. Financial
guarantee contracts are recognised initially as a liability at fair value, adjusted for transaction
costs that are directly attributable to the issuance of the guarantee. Subsequently, the liability
is measured at the higher of the amount of loss allowance determined as per impairment
requirements of Ind AS 109 and the amount recognised less cumulative amortisation.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or
cancelled or expires. When an existing financial liability is replaced by another from the same
lender on substantially different terms, or the terms of an existing liability are substantially
modified, such an exchange or modification is treated as the derecognition of the original
liability and the recognition of a new liability. The difference in the respective carrying
amounts is recognised in the statement of profit or loss.
Reclassification of financial assets

The Company determines classification of financial assets and liabilities on initial recognition.
After initial recognition, no reclassification is made for financial assets which are equity
instruments and financial liabilities. For financial assets which are debt instruments, a
reclassification is made only if there is a change in the business model for managing those
assets. Changes to the business model are expected to be infrequent. The Company’s senior
management determines change in the business model as a result of external or internal
changes which are significant to the Company’s operations. Such changes are evident to
external parties. A change in the business model occurs when the Company either begins or
ceases to perform an activity that is significant to its operations. If the Company reclassifies
financial assets, it applies the reclassification prospectively from the reclassification date
which is the first day of the immediately next reporting period following the change in business
model. The Company does not restate any previously recognised gains, losses (including
impairment gains or losses) or interest.
The following table shows various reclassifications and how they are accounted for:
Original Revised Accounting treatment

classification classification
Amortised cost FVTPL Fair value is measured at reclassification date. Difference
between previous amortized cost and fair value is
recognised in P&L.
FVTPL Amortised Cost Fair value at reclassification date becomes its new gross
carrying amount. EIR is calculated based on the new
gross carrying amount.
Amortised cost FVTOCI Fair value is measured at reclassification date. Difference
between previous amortised cost and fair value is
recognised in OCI. No change in EIR due to
reclassification.
FVTOCI Amortised cost Fair value at reclassification date becomes its new
amortised cost carrying amount. However, cumulative
gain or loss in OCI is adjusted against fair value.
Consequently, the asset is measured as if it had always
been measured at amortised cost.
FVTPL FVTOCI Fair value at reclassification date becomes its new
carrying amount. No other adjustment is required.
FVTOCI FVTPL Assets continue to be measured at fair value. Cumulative
gain or loss previously recognized in OCI is reclassified
to P&L at the reclassification date.
16. Cash and cash equivalents:
Cash and cash equivalent in the balance sheet comprise cash at banks and on hand and short-
term deposits with an original maturity of three months or less, which are subject to an
insignificant risk of changes in value.
For the purpose of the statement of cash flows, cash and cash equivalents consist of cash and
short-term deposits, as defined above, net of outstanding bank overdrafts as they are
considered an integral part of the Company’s cash management.
17. Earnings per share:
Basic Earnings per share (EPS) amounts are calculated by dividing the profit for the quarter
attributable to equity holders by the weighted average number of equity shares outstanding
during the quarter.
Diluted EPS amounts are calculated by dividing the profit attributable to equity holders by the
weighted average number of equity shares outstanding during the quarter plus the weighted
average number of equity shares that would be issued on conversion of all the dilutive potential
equity shares into equity shares.
18. Significant accounting judgments, estimates and assumptions

The preparation of the financial statements requires management to make judgments,
estimates and assumptions that affect the reported amounts of revenues, expenses, assets and
liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities.
Uncertainty about these assumptions and estimates could result in outcomes that require an
adjustment to the carrying amount of assets or liabilities in future periods. Difference between
actual results and estimates are recognised in the periods in which the results are known /
materialised.
Estimates and assumptions:
The key assumptions concerning the future and other key sources of estimation uncertainty
at the reporting date, that have a significant risk of causing a material adjustment to the
carrying amounts of assets and liabilities within the next financial year, are described below.
The Company has based its assumptions and estimates on parameters available when the
financial statements were prepared. Existing circumstances and assumptions about future
developments, however, may change due to market changes or circumstances arising that are
beyond the control of the Company. Such changes are reflected in the assumptions when they
occur.
a) Taxes
Uncertainties exist with respect to the interpretation of complex tax regulations and the
amount and timing of future taxable income. Given the wide range of business relationships
and the long-term nature and complexity of existing contractual agreements, differences
arising between the actual results and the assumptions made, or future changes to such
assumptions, could necessitate future adjustments to tax income and expense already
recorded. The Company establishes provisions, based on reasonable estimates, for possible
consequences of audits by the tax authorities of the respective countries in which it operates.
The amount of such provisions is based on various factors, such as experience of previous tax
audits and differing interpretations of tax regulations by the taxable entity and the responsible
tax authority. Such differences of interpretation may arise on a wide variety of issues
depending on the conditions prevailing in the Company’s domicile.
b) Defined benefit plans (gratuity benefits)
The Company’s obligation on account of gratuity and compensated absences, if any, is

determined based on actuarial valuations. An actuarial valuation involves making various
assumptions that may differ from actual developments in the future. These include the
determination of the discount rate, future salary increases and mortality rates. Due to the
complexities involved in the valuation and its long-term nature, these liabilities are highly
sensitive to changes in these assumptions. All assumptions are reviewed at each reporting
date.
The parameter most subject to change is the discount rate. In determining the appropriate
discount rate, the management considers the interest rates of government bonds in currencies
consistent with the currencies of the post-employment benefit obligation.
The mortality rate is based on publicly available mortality tables. Those mortality tables tend
to change only at interval in response to demographic changes. Future salary increases and
gratuity increases are based on expected future inflation rates.
c) Fair value measurement of financial instruments

When the fair values of financial assets and financial liabilities recorded in the balance sheet
cannot be measured based on quoted prices in active markets, their fair value is measured
using valuation techniques including the DCF model. The inputs to these models are taken
from observable markets where possible, but where this is not feasible, a degree of judgment
is required in establishing fair values. Judgments include considerations of inputs such as
liquidity risk, credit risk and volatility. Changes in assumptions about these factors could
affect the reported fair value of financial instruments.
Note 3: Property, plant and equipment (Amount in ₹)
Gross Block at Cost Depreciation Net Block
Asset As at 1st April As at 31st As at 1st April As at 31st As at 31st As at 31st

Additions Disposals For the Year Disposals
2021 March 2022 2021 March 2022 March 2022 March 2021
Furniture and Fixtures 1 - - 1 - - - - 1 1
Office equipments 79,488 9,500 - 88,988 77,704 1,799 - 79,503 9,485 1,784
Total 79,489 9,500 - 88,989 77,704 1,799 - 79,503 9,486 1,785

Previous year 79,489 - - 79,489 71,104 6,600 - 77,704 1,785 8,385
NOTES FORMING PART OF BALANCE SHEET AS AT MARCH 31st, 2022
4 NON-CURRENT INVESTMENTS
Particulars As at 31st March 2022 As at 31st March 2021

₹ ₹
Unquoted Non - Trade Investments (at Cost)
a. National Saving Certificates VIII issue 15,000 15,000
(Pledged as security for Sales Tax purpose)
b. 1,000 Shares of Rs.10 each in Rado Employees Cooperative Society 10,000 10,000
25,000 25,000
5 OTHER NON -CURRENT FINANCIAL ASSETS

Particulars
₹ ₹
Unsecured, considered good:
Margin Money Deposits - 754,649
Security Deposits 47,000 128,832
47,000 883,481

Particulars
₹ ₹
Margin Money Deposit
- Held as Security for Bank Guarantee - 754,649
- 754,649
6 CASH AND CASH EQUIVALENTS

Particulars
₹ ₹
Balances with Banks
In current accounts 629,744 5,250,940
In fixed deposits 48,152,318 47,494,405
Cash on hand 79 214
48,782,141 52,745,559
7 SHORT TERM LOANS AND ADVANCES

Particulars
₹ ₹
Unsecured, Considered Good:
Advance receivable in cash or kind or for value to be received - -
Balance with statutory and government authorities 606,272 504,968
Other receivables from income tax department 825,094 825,094
1,431,366 1,330,062
8 OTHER CURRENT FINANCIAL ASSETS

Particulars
₹ ₹
Interest receivable 22,023 128,756
Other receivables 138,901 129,632
160,924 258,388
Break up of financial assets carried at amortised cost

Particulars
₹ ₹
Non-current Investments (Note 4) 25,000 25,000
Other non-current financial assets (Note 5) 47,000 883,481
Cash and cash equivalents (Note 6) 48,782,141 52,745,559
Short term loans and advances (Note 7) 1,431,366 1,330,062
Other current financial assets (Note 8) 160,924 258,388
50,446,431 55,242,490
9 PREPAYMENTS
Particulars
₹ ₹
Prepayments - 25,857
- 25,857
10 OTHER CURRENT ASSETS

Particulars
₹ ₹
Balance recievable on sale of current assets held for sale - 507,240
Advance Receivable in Cash or Kind or for Value to be Received 24,457 39,955
24,457 547,195
11 NON-CURRENT ASSET HELD FOR SALE

Freehold land and building 9,189,561 9,189,561
Plant and machinery including building (Owned) - 73,000
Less: Impairment loss/write off on Plant and machinery including
building (Owned) - -
9,189,561 9,262,560
Basis of classification:
During the financial year 2018-19 the Company had received the order from Labour & Skills (A) Department, Government of
Kerala, granting permission under the Industrial Dispute Act, 1947 to close the Factory located at Nellikuzhi, near
Kothamangalam. In the opinion of the management there were no further business opportunities for the Company to explore.
On the basis of the above the Board had decided that the most appropriate course of action for the Company is to sell its assets
such as plant and machinery, land, equipment, spares and such other assets located at its factory near Kothamangalam.
Given these circumstances the Board has considered prudent to reclassify the above assets from Property, Plant and Equipments to
the head Non-Current assets held for sale.
12 EQUITY SHARE CAPITAL
As at 31st As at 31st
Particulars March 2022 March 2021
₹ ₹
Authorised Shares
2,25,00,000 Equity Shares of ₹4/- each 90,000,000 90,000,000
17,00,000 , 12.5% Redeemable Cumulative Preference Shares of ₹100 each 170,000,000 170,000,000
260,000,000 260,000,000
Issued, Subscribed and fully Paid up shares
1,60,79,050 Equity Shares of ₹4/- each, fully paid up 64,316,200 64,316,200
15,10,000 , 12.5% Redeemable Cumulative Preference Shares of ₹ 100 each, fully
151,000,000 151,000,000
paid up
Less: 15,10,000 , 12.5% Redeemable Cumulative Preference Shares of ₹ 100 each, (151,000,000) (151,000,000)
(Reclassified under Financial Liability. Refer Note.14)
64,316,200 64,316,200
Reconciliation of Equity shares outstanding at the beginning and at the end of the reporting period
No. of shares Amount (₹) No. of shares Amount (₹)
At the beginning of the period 16,079,050 64,316,200 16,079,050 64,316,200
During the period:
Add: Shares issued / Shares bought - - - -
Outstanding at the end of the period 16,079,050 64,316,200 16,079,050 64,316,200
Terms/rights attached to equity shares.

*Each holder of equity shares is entitled to one vote per share with a right to receive per share dividend declared by the
Company.
* The Company has only one class of shares referred to as equity shares having a par value of ₹4. Accordingly, all
equity shares rank equally with regard to dividends and share in the company’s residual assets. The equity shares are
entitled to receive dividend as declared from time to time after subject to of dividend to preference shareholders. The
voting rights of an equity shareholder on a poll (not on show of hands) are in proportion to its share of the paid-up equity
capital of the company. Voting rights cannot be exercised in respect of shares on which any call or other sums presently
payable have not been paid. Failure to pay any amount called up on shares may lead to forfeiture of the shares.
(i) The Company has not issued shares for consideration other than cash during the period of five years immediately
preceding the reporting date.
(ii) The Company has not reserved shares for issue under options and contracts/commitments for the sale of shares/
disinvestment.
(iii) The Company has not declared dividend to its equity shareholders.
Details of shareholder's holding more than 5% Equity shares in the company
Shareholders
No. of shares % of holdings No. of shares % of holdings
Shares held by CEAT LTD 9,416,350 58.56% 9,416,350 58.56%
Shares held by Instant Holdings LTD 2,745,310 17.07% 2,745,310 17.07%
Shares held by Swallo Associates LLP
(formerly RPG Cellular Investments & 1,544,240 9.60% 1,544,240 9.60%
Holdings Pvt Ltd)
Shareholding of Promoters - Shares held by promoters as at 31st March 2022
Promoter name No. of Shares % of total % Change
shares during the year*
Instant Holdings Limited 2,745,310 17.07% -
Swallo Associates Limited 1,544,240 9.60% -
CEAT Limited 9,416,350 58.56% -
Balan C K 17,000 0.11% -
Pylee M V 8,000 0.05% -
Augustine V V 174,000 1.08% -
* Percentage change shall be be computed with respect to number at the beginning of the year or if issued during the
year for the first time then with respect to the date of issue.
13 OTHER EQUITY
Particulars
₹ ₹
Retained Earnings:
Surplus/(Deficit) in the Statement of Profit and Loss:
Balance as per last financial statements (158,184,096) (164,688,381)
Add: Profit/(Loss) for the period 143,921 6,504,285
Amount available for appropriation
Less: Appropriations - -
(158,040,176) (158,184,096)
Other Reserves:
Capital Reserve
Balance in Central & State Investment Subsidy Reserve:
At the beginning of the period 1,318,432 1,318,432
During the period - -
1,318,432 1,318,432
(156,721,744) (156,865,664)
14 LONG TERM BORROWINGS
Non-current portion
Particulars
₹ ₹
Preference Share Capital
15,10,000, 12.5% Redeemable Cumulative Preference Shares of
Rs. 100 each, fully paid up 151,000,000 151,000,000
151,000,000 151,000,000
Note on Preference Share Capital:
Reconciliation of 12.5% Redeemable Cumulative Preference Shares outstanding at the beginning and at the end of the reporting
period
As at 31st March 2022
Particulars
No. of shares Amount (Total)
During the period:
Add: Shares issued / Shares bought - -
Outstanding at the end of the period 1,510,000 151,000,000
As at 31st March 2021

Particulars
No. of shares Amount (Total)
During the period:
Add: Shares issued / Shares bought - -
Outstanding at the end of the period 1,510,000 151,000,000
Terms/rights attached to 12.5% Redeemable Cumulative Preference Shares

* Preference Shares carry preferential (cumulative) right to dividend, at the coupon rate (i.e. the rate of dividend) 12.50%, when
declared.
* The dividend shall be calculated pro rata i.e. from the date of allotment(s) of such Preference Shares.
* The Preference Shares do not carry any voting rights except in case of any resolution placed before the Company which directly
affects
the rights attached to such shares or otherwise provided in the Companies Act, 2013.
* The Preference Shares have a maximum redemption period of 20 years. However, the same may be redeemed fully or in such
tranches,
before the aforesaid period, at discretion of the Board. Only fully paid up Preference Shares shall be redeemed.
* The Preference Shares shall be redeemed at par as per applicable and available mode of redemption.
* The Preference Shares shall not be listed in any Stock Exchange in India or outside India
15 TRADE AND OTHER PAYABLES

Particulars
₹ ₹
Amount payable to related party - -
Other trade payables - -
- -
The details of amount outstanding to Micro, Small and Medium Enterprises based on available information with the
Company is as under:

Particulars
₹ ₹
Principal amount due and remaining unpaid - -
Interest due on above and the unpaid interest - -
Interest paid - -
Payment made beyond the appointed day during the year - -
Interest due and payable for the period of delay - -
Interest accrued and remaining unpaid - -
Amount of further interest remaining unpaid due and payable in
-
succeeding years -
16 OTHER CURRENT FINANCIAL LIABILITIES

Particulars
₹ ₹
Payables to capital vendors 140,686 140,686
Security deposit - sale of assets - 5,000,000
140,686 5,140,686
Break up of financial liabilities carried at amortised cost

Particulars
₹ ₹
Borrowings (non-current) (note 14) 151,000,000 151,000,000
Other financial liabilities (current) (note 16) 140,686 5,140,686
151,140,686 156,140,686
17 OTHER CURRENT LIABILITIES

Particulars
₹ ₹
Dues to employees 44,240 49,240
Statutory dues 15,634 594,810
Expense Payable 874,920 844,615
934,793 1,488,665
NOTES FORMING PART OF STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED ON 31ST MARCH
2022
18 OTHER INCOME
For the year ended on For the year ended on 31st
Particulars 31st March 2022 March 2021
₹ ₹
Interest Income
Bank Deposits
Interest on Bank and Security Deposit 2,008,407 1,540,585
2,008,407 1,540,585
Other non- operating income
Excess provision reversed - 5,345
Profit on sale of assets held for sale - 17,695,236
Profit on sale of stores and spares 764,929
Miscellaneous Income 215 9,690
215 18,475,200
2,008,622 20,015,785
19 EMPLOYEES BENEFITS EXPENSE

₹ ₹
Salaries, Wages and Bonus 36 37
36 37
20 DEPRECIATION AND AMORTIZATION EXPENSES

₹ ₹
Depreciation on Property, Plant and Equipment 1,799 6,600
1,799 6,600
21 IMPAIRMENT LOSS/WRITE OFF ON NON CURRENT ASSETS HELD FOR SALE
₹ ₹
Impairment loss/write off on plant and machinery - 10,943,379
- 10,943,379
22 OTHER EXPENSES
₹ ₹
Rental expenses 103,505 103,505

Travelling and conveyance expenses 3,878 3,575
Fees, rates & taxes 142,074 57,160
Insurance charges 25,858 59,313
Postage, telephone and stationary 28,625 16,390
Audit fees/expenses 130,000 130,000
Consultancy and legal expenses 152,008 505,339
Security charges 920,963 1,034,365
Office expenses 77,415 107,012
Water charges 12,441 3,280
AGM, meetings and directors sitting fees 234,470 213,875
Bank charges 1,244 6,372
Repairs and maintenance - Buildings - -
Repairs and maintenance - Electrical - 20,560
Accounts written off - -
Power and fuel 10,384 280,704
Miscellaneous expenses 20,000 20,033
1,862,866 2,561,483

₹ ₹
Payments to the auditor:
i. As auditor
Audit Fee 65,000 65,000
Taxation 20,000 20,000
Limited review 45,000 45,000
ii. In other capacity:
Taxation matters - -
130,000 130,000
23 EARNINGS PER SHARE
₹ ₹
Net Profit/(Loss) as per Statement of Profit and Loss 143,921 6,504,285
Profit/(loss) available to Equity Share holders 143,921 6,504,285
No. of equity Shares at year end 16,079,050 16,079,050
Basic Earning Per Share 0.01 0.40
Diluted Earning Per Share 0.01 0.40
Face Value per Equity Share 4.00 4.00
24 CAPITAL MANAGEMENT
Particulars
31st March 2022 March 2021
₹ ₹ ₹
Non current Borrowings 151,000,000 151,000,000
Current Borrowings - -
Trade payables - -
Less: cash and cash equivalents (48,782,141) (52,745,559)
Net debt 102,217,859 98,254,441
Total equity capital 64,316,200 64,316,200
Capital and net debt 166,534,059 162,570,641
Gearing ratio 61.38% 60.44%

25 RATIOS
The following are analytical ratios for the year ended March 31, 2022 and March 31, 2021
As at 31st As at 31st
Particulars Numerator Denominator Variance
March 2022 March 2021
Current Ratio Current assets Current liabilities 46.862 8.282 4.658
Debt-Equity Ratio Borrowings Networth (Capital+Reserves) (1.634) (1.632) 0.002
Debt Service Coverage Ratio Earnings available for debt service Debt Service NA NA NA
Return on Equity Ratio Net profits after taxes Average Shareholder’s Equity 0.001 0.202 (0.997)
Inventory turnover ratio Cost of goods sold Average Inventory NA NA NA
Trade Receivables turnover ratio Net Sales Average Debtors NA NA NA
Trade payables turnover ratio Cost of goods sold Average Creditors NA NA NA
Net capital turnover ratio Net Sales Working capital NA NA NA
Net profit ratio Profit before tax Net Sales NA NA NA
Return on Capital employed Profit before interest and tax Average Capital Employed 0.002 0.111 (0.978)
Return on investment Net return on investment Cost of Investment NA NA NA
26 RELATED PARTY DICLOSURE
Details of related parties with whom transactions have taken place during the year:
Description of relationship Names of related parties
Holding company(Parent) CEAT Limited
Director Mr. V. V Augustine
Director Mr. John M. John
Director Mr. P. A. Krishnamoorthy
Director Mr. V. Venugopal
Director Mr. Dillip Modak
Director Mr. Roopesh Rajan
Director Dr. C. K. Balan
Particulars Name of Related For the year ended on For the year ended on 31st
Party 31st March 2022 March 2022
₹ ₹
a. Transactions
Conversion charges received CEAT Limited - -
Directors sitting fees paid Mr. V. V Augustine 0.18 0.28
Directors sitting fees paid Mr. John M. John 0.20 0.25

Directors sitting fees paid Mr. P. A. 0.25 0.30
Krishnamoorthy
Directors sitting fees paid Mr. V. Venugopal 0.23 0.28
Directors sitting fees paid Mr. Dillip Modak 0.10 0.15
Directors sitting fees paid Mr. Tom K Thomas 0.25
0.15
Directors sitting fees paid Dr. C. K. Balan 0.20 0.20
Directors sitting fees paid Mr. Roopesh 0.05 -
1.36 1.71
b. Amount (due to) / from related parties
12.5% Redeemable cumulative preference (1,510.00) (1,510.00)
CEAT Limited
shares
Debtors / Receivables CEAT Limited - -
Creditors/Advance CEAT Limited (1.33) (0.37)
(1,511.326) (1,510.369)
27 CONTINGENT LIABILITIES
i. Dividend on 12.5% cumulative redeemable preference shares in 94,166,781 75,291,781

arrears

Raphael Sharon John M John Sanjay Bhatia P. A. Krishnamoorthy

Partner Director CFO Director
M.No:233286 DIN:584201 DIN:2432816
Date : 25th April 2022 Geeta M Bandekar Payal Kailash Joshi

Place: Ernakulam Company Secretary Manager

Rado Financials FY 21-22

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Rado Financials FY 21-22

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RADO TYRES LIMITED

John M John Sanjay Bhatia P. A. Krishnamoorthy

For the year ended on For the year ended on

Revenue from operations - -

Total Income 2,008,622 20,015,785

Profit/(Loss) before exceptional items and tax 143,921 6,504,286

Profit/(Loss) for the period 143,921 6,504,286

Other Comprehensive Income

Significant Accounting Policies and notes on Accounts 1-27

John M John Sanjay Bhatia P. A. Krishnamoorthy

RADO TYRES LIMITED

Cash flows from financing activities

Significant Accounting Policies and Notes on Accounts. 1 - 27

Date : 22nd April 2022

1) Current reporting period

Changes in Equity Restated balance at Changes in equity Balance at the end of

2)Previous reporting period

Changes in Equity Restated balance at Changes in equity Balance at the end of

Restated balance at the beginning of the current - - - - - -

Any other change (to be specified) - - - - -

2)Previous reporting period

Restated balance at the beginning of the current - - - - - -

2. BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING

1. Basis of accounting and preparation of financial statements:

2. Impact of the outbreak of COVID-19 on financial statements

An asset is treated as current when it is:

• Expected to be realised or intended to be sold or consumed in normal operating cycle

All other assets are classified as non-current.

A liability is current when:

• It is expected to be settled in normal operating cycle

The Company classifies all other liabilities as non-current.

5. Accounting for Government grants:

Current income tax:

• In respect of taxable temporary differences associated with investments in subsidiaries

7. Non-current assets held for sale

8. Property, plant and equipment

10. Borrowing costs:

Borrowing costs, if any, directly attributable to the acquisition, construction or production of

12. Impairment of non-financial assets:

Impairment losses of continuing operations, including impairment on inventories, are

14. Retirement and other employee benefits:

15. Financial instruments

Financial assets at amortised cost

Financial assets at fair value through profit or loss

Initial recognition and measurement

Financial liabilities at fair value through profit or loss

Loans and borrowings

Financial guarantee contracts

Reclassification of financial assets

Original Revised Accounting treatment

16. Cash and cash equivalents:

17. Earnings per share:

18. Significant accounting judgments, estimates and assumptions

b) Defined benefit plans (gratuity benefits)

The Company’s obligation on account of gratuity and compensated absences, if any, is

c) Fair value measurement of financial instruments

Asset As at 1st April As at 31st As at 1st April As at 31st As at 31st As at 31st

Furniture and Fixtures 1 - - 1 - - - - 1 1

Total 79,489 9,500 - 88,989 77,704 1,799 - 79,503 9,486 1,785