MSTC Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2019
Auditor and Management Disclosures and Notes for the annual results dated 31 Mar 2019
1. The above results for the quarter and year ended 31st March, 2019 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.
2. The audited standalone financial results and consolidated financial results of the company for the year ended 31st March, 2019 have been reviewed and recommended by the Audit committee and approved by the Board of Directors in its meeting held on 29th May, 2019.
3. The Financial Results have been audited by the statutory Auditors as required under regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.
4. During the Financial Year 2018-19, the Hon'ble President of India acting through the Ministry of Steel divested 1,76,70,400 equity shares of Rs. 10 each equivalent to 25.10% of the paid up capital of the company. Pursuant to approval of basis of allotment of equity shares by the IPO committee on 27.03.2019, the divested shares were allotted to respective shareholders. Consequently the Company's shares were listed in the National Stock exchange (NSE) and the Bombay Stock Exchange (BSE) on 29th March, 2019. Accordingly the unaudited financial results for the quarter ended 315t March, 2019 and comparatives for the quarter, and for the quarter ended 31st December, 2018 are drawn up for the first time. Management has exercised necessary due diligence to ensure that these unaudited quarterly financial results provide a true and fair view of its affairs.
5. In accordance with the approval of Board of Directors in the Board meeting held on 11th January, 2019, the company has issued/allotted bonus Shares in the ratio 1:1 to the shareholders whose name are appearing on the record date.
6. During the financial year 2018-19 , the company has further invested an amount of Rs.80 Million consisting of 80,00,000.00 Equity shares of Rs. 10 each in Mahindra MSTC Recycling private Ltd , a joint venture of the Company.
7. The consolidated results include its subsidiary namely Ferro Scrap Nigam Limited and share of net profit after tax and total comprehensive income of its joint venture namely Mahindra MSTC Recycling Private Limited for the year ended 31st March, 2019 and 31st March, 2018.
8. Ind As 115 -"Revenue from Contracts with Customers" has been made applicable w.e.f. 1st April, 2018 and application of the same does not have any significant impact on the financial result of the Company.
9. During the year, the Company has recognised MAT credit available to the company in future amounting to Rs. 337.82 million (31st March, 2018: Rs. NIL) as the same is likely to give future economic benefits in the form of availability of set off against future income tax liability.
10. The company hereby declares that the Auditors have issued Audit Report for both standalone and consolidated financial statements with unmodified opinion for the year ended 31st March, 2019. These Audited Accounts are subject to review by the Comptroller and Auditor General of India under section 143(6) of the Companies Act, 2013.
11. The figures for the quarter ended 31st March, 2019 and 31st March, 2018 as reported in these financial results are the balancing figures between audited figures in respect of the full financial year ended and unaudited year to date figures up the end of third quarter for the respective financial year,
12. Figures of the previous periods have been regrouped/ reclassified to conform to the classification of current period/ year, wherever necessary.