Maithan Alloys Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2021
Auditor and Management Disclosures and Notes for the annual results dated 31 Mar 2021
Notes to the Statement of Standalone Financial Results for the quarter and year ended 31 March 2021: -
1. The above results for the quarter and year ended 31 March 2021 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 05 May 2021. The Statutory Auditor has expressed an unmodified opinion on the above results.
2. Due to outbreak of COVID 19 globally and in India, The Company has taken into account the possible impact of COVID-19 in preparation of the audited standalone financial results, including its assessment of recoverable value of its assets based on internal and external information upto the date of approval of these results and current indicators of future economic conditions. Due to the nature of the pandemic, the Company will continue to monitor developments to identify significant uncertainties relating to revenue in future periods.
3. For the financial year ended 31 March 2021, the Board has recommended a final dividend of Rs. 6 per equity share. This payment is subject to the approval of shareholders in the ensuing Annual General Meeting (AGM) of the Company. The Company has declared and paid an interim dividend of Rs. 6 per equity share during the financial year ended 31 March 2020.
4. The Board of Directors of the Company in its meeting held on 5 May 2021 have approved a Composite Scheme of Arrangement (Scheme) amongst Ma Kalyaneshwari Holdings Private Limited (MKH or Demerged Company or Transferor Company) and Anjaney Land Assets Private Limited (ALAPL or Resulting Company) and Maithan Alloys Limited (MAL or Transferee Company or Company) and their respective shareholders and creditors under the provisions of Section 230 to 232 read with Section 66 and other applicable provisions of the Companies Act, 2013.
The Scheme provides for the demerger of the Real Estate and Ancillary Business of MKH into ALAPL (Part II of the Scheme) and upon effectiveness of Part II of the Scheme, amalgamation of MKH into MAL with the Appointed Date being same as the Effective Date.
The Scheme is conditional upon and subject to necessary statutory and regulatory approvals under applicable laws, including the approval of concerned stock exchange(s), Securities and Exchange Board of India and the jurisdictional National Company Law Tribunal.
5. As the Company’s business activity falls within a single significant primary business segment i.e., Ferro alloys, no separate segment information is disclosed.
6. The figures for the quarter ended 31 March 2021 and 31 March 2020 are balancing figures between the audited figures of the full financial year and the reviewed year-to-date figures upto the third quarter of the respective financial years.
7. Figures for the previous period/year have been regrouped and / or reclassified to conform to the classification of current period/year wherever necessary.