MSTC Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2023

Notes:
1) The above results for the quarter and year ended 31st March 2023 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 22nd May 2023 and 23rd May 2023. 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 March 31, 2023 and March 31, 2022 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.
3) Section 115BAA of the Income Tax Act, 1961 provides domestic companies with an option to opt for lower tax rates, provided they do not claim certain deductions. The Company has not opted for lower tax rate and has considered the rate as per the earlier provisions for the purpose of these results.
4) The shareholders of MSTC Limited in an Extra-ordinary General meeting dated 22.12.2021 have decided to sell the entire stake in Ferro Scrap Nigam Limited (100% Subsidiary Company).The process for sale has already been started.
5) 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 sub-judice and is contingent in nature, at this juncture.
6) The project closure of corporate office building at Kolkata has been approved by Board of Directors of MSTC in their 316th meeting held on 10.08.2022, with an approval for additional cost of Rs. 167.23 Lakhs. Accordingly, the settlement has been done with PMC agency. The same was already put to use during the FY 2021-22. The depreciation attributable to this additional cost, for FY 2021-22 is Rs. 3.70 Lakhs. In order to give that effect as per IndAS-8 corresponding figures have been restated as at 31.03.2022, and for the year ended 31.03.2022.
7) The wage agreement has been reached for wages for non-executive employees, due for revision w.e.f. 01.01.2017. Consequential adjustment in provision for Rs. 496.00 Lakhs by way of reversal on this account has been made in the books of Accounts.
8) The audited Accounts are subject to Supplementary Audit by the Comptroller and Auditor General of India under section 143(6) of the Companies Act, 2013.
9) Figures of the previous period/year have been regrouped/reclassified/rearranged to conform to the classification of current period/year, wherever necessary.
10) The Board of Directors have recommended final dividend @ 32 percent of equity share capital i.e. Rs. 3.20 per share for the F.Y. 2022-23, subject to the approval of shareholders in the Annual General Meeting of the Company for F.Y 2022-23. If approved, it will result in a cash outflow of Rs. 2252.80 Lakhs.
Residential and Office flats at Mumbai and Residential flats at Kolkata are under attachment by the order of DRT, Mumbai.