Standard Industries Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2021

Notes to Standalone Audited Results for the quarter and year ended March 31, 2021:



1. The above results have been reviewed by the Audit Committee and are approved by the Board of Directors of the Company at their meeting held on June 21, 2021. The Statutory Auditors of the Company have expressed an unqualified opinion on these financial results.



2. The above financial results have been prepared in accordance with the Indian Accounting Standards (referred to as "Ind AS") as prescribed under section 133 of the Companies Act, 2013 read with Companies (Indian Accounting Standards) Rules as amended from time to time.



3. In pursuance of Section 115BAA of the Income Tax Act, 1961 announced by the Government of India through Taxation Laws (Amendment) Ordinance, 2019, the Company has an irrevocable option of shifting to lower tax rate and simultaneously forgo certain tax incentives including loss of accumulated MAT credit. The Company has not exercised this option in the current year due to unutilised MAT credit.



4. The Company has considered the possible effects that may result from the pandemic relating to COVID-19 and subsequent second wave on the carrying amounts of investments. COVID-19 pandemic and subsequent second wave has impacted the Textile Trading business of the company. After making internal assessments , the management does not expect any significant impact on carrying amount of its assets, including property, plant and equipment, Debtors, loans and advances, investment in subsidiaries. The management is confident of continuing as a going concern and meeting its liabilities as and when become due.



5. The Company had in earlier year given unsecured loan and business advances to its subsidiary Standard Salt Works Limited (SSWL) amounting to Rs. 5969.82 lakhs (including accrued interest), which was converted into equity shares. The net worth of SSWL post such conversion had become positive and continued to remain as such during the period.

Further, in view of the long-term strategic nature of the investment in leasehold rights to salt pans and the growth prospects of the subsidiary which is engaged in the manufacture of salt from the significant leased salt pans that it is holding, no provision for diminution in the value of the investment is considered necessary at this stage.



6.The Board of Directors have accorded their approval to enter into MOU dated 22nd March,2021 with Support Properties Private Limited, Carin Properties Private Limited and Feat Properties Private Limited (collectively called as "Assignees") to transfer and assign all its leasehold rights in 62.25 acres of the Company's leasehold property situated at Plot No.4, Trans Thane Creek Industrial Area in the villages of Ghansoli & Savali, Taluka Thane ("Property''), for an overall consideration of Rs. 427.33 crores. Consequent to withdrawal of Carin Properties Private Limited and Feat Properties Private Limited from the above transaction contemplated vide MOU dated 22nd March,2021 viz, assignment of Leasehold rights of 62.25 acres of Company’s Leasehold property situated at Thane, only Support Properties Private Limited , a party to MOU will be the Assignee.

Accordingly, Board of Directors vide Circular Resolution dated 3rd June, 2021 have given their consent to enter into a Supplemental MOU and other documents to be executed with Support Properties Private Limited, at the same overall consideration of Rs.427.33 Crores subject to various conditions precedent getting satisfied.



7. The Company has created an e-mail ID viz.,standardgrievances@rediffmail.com exclusively for the purpose of registering complaints by investors.



8.The figures of the last quarter are the balancing figures between the audited figures in respect of the full financial year and the publshed year to date figures upto the third quarter of financial years.



9. Corresponding figures for the previous year/period have been regrouped/rearranged wherever necessary.