MSTC Ltd. - Quarterly/Annual Result Disclosures and Notes dated 30 Jun 2024

1) The above results for the quarter ended 30th June 2024 have been prepared in accordance with Indian Accounting Standards Ind AS notified under Section 133 of the Companies Act, 2013 read together with the Companies (Indian Accounting Standards) Rules, 2015 as amended and have been reviewed by the Audit Committee and approved by the Board of Directors in their respective meetings held on 13th August 2024. The statutory auditor has reviewed the results as required under regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 SEBI LODR as amended.

2) The figures for the quarter ended 31st March, 2024 are the balancing figures between the audited figures in respect of the full financial year and published year to date figures up to the third quarter of financial year 2023-24.

3) There were no exceptional items during the quarter ended 30th June 2024.

4) The shareholders of MSTC Limited in an Extra-ordinary General meeting dated 22nd December, 2021 have decided to sell the entire stake in Ferro Scrap Nigam Limited 100 percent Subsidiary Company.The process for sale has already been started.

5) The Current Borrowings includes Rs 14,361.97 Lakhs Previous period Rs 14,361.97 Lakhs towards payment made by Standard Chartered Bank (SCB), after purchase of export bills of MSTC raised on foreign buyers against export of Gold Jewelleries to the buyers during 2008-09, under a Receivable Purchase Agreement. On non-receipt of the proceeds from the foreign buyers against the bills, SCB submitted claims with the Insurance Company, who, however, wrongfully repudiated the claim of SCB. Thereafter, SCB converted the receivables purchased from MSTC under the Receivables Purchase Agreement into loans, debts as if owing by MSTC, claimed the amount from MSTC with interest and filed a case, being the Original Application (OA) in the Debt Recovery Tribunal (DRT), Mumbai in the year 2012, which MSTC has denied and disputed. The claim of SCB is contingent upon the outcome of the legal cases. Pending final disposal of all such Court cases where the matters are currently pending, MSTC has disclosed the amount simultaneously as Borrowings and as Trade Receivables. The matter is subjudice and is contingent in nature, at this juncture.

6) Figures of the previous period, year have been regrouped, reclassified, rearranged to conform to the classification of current period, year, wherever necessary.