Manaksia Steels Limited — Interim / Quarterly Report 2021

Nov 11, 2021

Corporate Identity Number : L27101WB2001PLC138341 - E-mail : info.steels@manaksiastee!s.com Website : www.manaksiasteels.com

Sec/Steels/O34/FY 21-22 Date: 11.11.2021

The Secretary The Manager P) Tower, Dalal Street, Bandra East, Mumbai- 400001 ; Mumbai- 400051 SCRIP CODE: 539044 SYMBOL: MANAKSTEEL

BSE Limited National Stock Exchange of India Limited New Trading Wing, Exchange Plaza, C-1, Block "CG" Rotunda 8uilding, 5th floor, BandraKurla Complex,

Dear Madam Sir,

Sub: Outcome of Board Meeting held on 11th November, 2021

Please note that the Board of Directors of the Company at its meeting held today, which commenced at 03:30 P.M. and concluded at 04:15 P.M, has /nter-afia approved the Un-audited Financial Results (both Standalone and Consolidated) for the quarter and half-year ended! 30% September, 2021. A copy of the Un-audited Financial Results (both Standalone and Consolidated) of the Company along with the Limited Review Report for the quarter and half-year ended 30% September, 2021 is enclosed, in compliance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. se .

⁴w .

Kindly take the same on records. a

Thanking you, Yours faithfully,

(Ajay Sharma) Company Secretary

Enct: As above.

BE «Ae 5 STA A PRODUCT OF MANAKSIA STEELS LTD. s\s ⁷ SUPER COLOUR STARA

. Agrawal Tondon & Co. | Room No. :7, fst Floor, 59 Bentinck Street

Kolkata - 700 069 - CHARTERED ACCOUNTANTS Website - 068 rawalsaniay.com Firm Registration No. : 329088E www.agr Jay- E-mail Id : agrawaltondon2019@gmail.com

Independent Auditor's Review Report on standalone unaudited quarterly financial results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

TO THE BOARD OF DIRECTORS OF" MANAKSIA STEELS LIMITED

• 1. We have reviewed accompanying Statement of Standalone Unaudited Financial Results of Manaksia Steels Limited ("the Company"), for the quarter ended 30th September, 2021 and for the period from 1* April 2021 to 30% September 2021,being submitted. by the Company pursuant to requirement of Regulation 33 the of the SEBI (Listing Obl igations and Disclosure Requirements) Regulations, 2015, as amended.
• 1. This statement is the responsibility of the company's management and approved by the Board of Directors which has been prepared in accordance with the recognition & measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013!read with relevant Rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to issue a report on these financial statements based on our review. ,
• 1. We conducted our review in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the financial statements are free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provide less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit. opinion.
• 1. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement of Unaudited Standalone Financial Results prepared in accordance with applicable Indian Accounting Standards and other recognized accounting practices and policies, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

Agrawal Tondon & Co. (Chartered Accountants) Firm Registration No.- 329088E

KK pred ey

Kaushal Kejriwal (Partner) , Membership No- 308606 UDIN: 21398404 DAPAFK 6264

Place- Kolkata Date- 11, November, 202]

Agrawal Tondon & Co. - Room No.: 7, Ist Floor, 59 Bentinck Street CHARTERED ACCOUNTANTS | Kolkata - 700 069 Firm Registration No. : 329088E Website - www.agrawalsanjay.com . E-mail Id : agrawaltondon20 | 9@gmail.com

Independent Auditor's Review Report on consolidated unaudited quarterly financial results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

TO THE BOARD OF DIRECTORS OF MANAKSIA STEELS LIMITED

• 1. We have reviewed the accompanying Statement of Consolidated Unaudited Financial Results of Manaksia Steels Limited ("the Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group") for the quarter ended 30" September, 2021 and for the period from 1° April 2021 to 30" September 2021, being submitted by the Parent pursuant to requirement of Regulation 33 of the SEB! (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
• 1. This Statement, which is the responsibility of the Parent's Management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review,
• 3, We conducted our review of the Statement in accordance with the Standard on Review Engagements -(SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable'us 'to © obtain assurance that we would become aware of all significant matters that might be identified in an audit: Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the circular issued by the SEB] under Regulation 33 (8) of the SEBI (Listing Obligations and Disclosure Requirements} Regulations, 2015, as amended, to the extent applicable.

• 4, The Statement includes the results of the following entities:
• Manaksia Steels Limited
• Technomet International FZE (Wholly owned Subsidiary) . oP
• Federated Steel Mills Limited (Step- down Subsidiary)
• Far East Steel Industries Limited (Step- down Subsidiary) cao
• Sumo Agrochem Limited (Step- down Subsidiary)

Agrawal Tondon & Co. Room No.: 7, Ist Floor, 59 Bentinck Street CHARTERED ACCOUNTANTS ve nee awalganfay.co Firm Registration Ne. : 329088E www .agrawalsanjay.com E-mail Id : agrawaltondon20!19@gmail.com .

1. Based on our review conducted and procedures performed as stated in paragraph 3 above nothings has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement. . ,

2. The consolidated unaudited financial results includes the interim financial statements/ financial information/ financial results of one subsidiary and three step-down subsidiaries which have not been reviewed/audited by their auditors, whose interim financial statements/ financial information/ financial results reflect total assets of Rs.9731.95 lakhs as at 30 September 2021,total revenue of Rs.1973.66 lakhs and Rs.4377.66 lakhs , total net profit/ (loss) after tax of Rs.16.37 lakhs and Rs.134.56 lakhs and total comprehensive income/(loss) of Rs. 16.37 lakhs and Rs.134.56 lakhs for the quarter ended 30th September 2021 and for the period from 1* April 2021 to 30% September 2021, as considered in the consolidated unaudited financial results. According to the information and explanations given to us by the Management, these interim financial statements / financial! information / financial results are not material to the Group.

The aforesaid subsidiaries are located outside India whose financial results and other financial information have been prepared in accordance with accounting principles generally accepted in their respective countries. The Holding Company's management has converted the financial results of the "subsidiaries located outside India from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. We have reviewed these conversion adjustments made by the Holding Company's management. '

Our conclusion on the Statement is nat modified in respect of the above matter.

Agrawal Tondon & Co. (Chartered Accountants) - Firm Registration No.- 329088E

Komad Kegrared

Kaushal Kejriwal (Partner) ; Membership No- 308606 ^| UDIN- 2 (30% 06 PARA FLI4 02.

Place- Kolkata Date- 11, November, 202]

						MANAKSIA STEELS LIMITED Corporate Identity Number: L27101WB2001PLC138341
						Registered office : 6, Lyons Range, Turner Morrison Building, First Floor, Kolkata - 700001 E-mail: infoms!@manaksinsteels.com, Website: www.manaksiasteels.com Phone: +91-33-2231 GOSS / +91-33-2231 0056 STATEMENT OF UNAUDITED FINANC! LAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 2021
			STANDALONE							CONSOLIDATED		& in Lacs}
	QUARTER ENDED 30th Sep 30th June 30th Sep 30th Sep 30th Sep Gist March			HALF YEAR ENDED	YEAR ENDED	Particulars		QUARTER ENDED		HALF YEAR ENDED 30th Sep 30th June 30th Sep 30th Sep 36th Sep Sist March		YEAR ENDED
2021	2021 Unaudited Unaudited Unaudited Unaudited Unaudited	2020	2021	2020	2021 Audited		2021,	2021	2020	2021 Unaudited Unaudited Unaudited Unaudited Unaudited.	2020	2021 Andited
8,895.81 305.07	41,399.16 277.63 9,200.88 11,676.79 12,572.00 20,877.68	251.00	12,321.00 20,294.98 582.70	19,345.25 420.99 19,766.24		1. Revenue 38,796.03 (a) Revenue from Operations 602.35 [{b) Other Income 39,398.38 [Total Revenue	10,856.16 305.06	13,803.17 277.66	251.01	16,736.32 24,659.33] 582.72	27,503.63 420.99	50,418.86 735.73
8,124.62	7,704.04	9,625.33	15,828.66	15,690.76		2. Expenses 29,938.98 {a) Cost of materials consumed (including uaded goods)	9,756.43	9,139.71	12,427.51	11,161.22 14,080.82 16,987.32 25,242.05 27,924.62 : 18,896.14	19,602.70	\$1,154.59 35,479.42
{1,350.50} 330.42	878.88 335.76	(369.70) 292.16	{471.63} 666.18	(433.39) 588.35		{358.19} }(b) Changes in inventories of finished goods, work-in-progress and steck-in-trade 1,233.17 {c] Employee benefits expense	(1,960.51) 523.13	917.41 519:68	15.82 "512.56	(1,043.10) 1,042.81	1,653.96 1,017.19	1,910.56 2,E10.17
1,248.39	1,195.27 8,352.93 10,113.94 11,376.22 18,466.87 18,242.54	1,828.43	2,443.66	2,596.82		§,209.52 (d} Other expenses 36,023,49 Total Expenses	1,758.31	1,674.46	2,417.34	3,432.77 10,077.36 12,251.25 15,373.24 22,328.61 25,805.69	3,531.85	6,989.15 46,489.31
£47.95 142.97	1,562.84 9.48 21.50 141.79	1,195.78 25.48 142.94	2,410.81 30.98 284,76	1,523.70 74.82 283.06		3,374.90 3. Profit/(Loss) before Interest, Tux, Depreciation & Amortization (1-2) 113.82 4. Finance Cost \$75.13 [5. Depreciation and amortisation expense	1,083.86 24.73 272,54	1,829.57 31.65 275.9)	1,614.08 59.54 243.03	2,913.44 \$6.38 548.45	2,118.93 134.34 487.58	4,665.29 210.64 1,014.03
695.50 175.00	1,399.55 336.00	1,027.36 277.00	2,095.07 511.00	1,165.82 300.00	700.00	2,685.95/6. Profit /(Loss) before tax (3-4-5) 7, Tax expense (a) Current Tax	786.59 180.25	1,522.00 342.01	1,311.52 277.00	2,303.61 522.26	1,497.00 300.00	3,440.62 752.59
509.34	- - 11.16 19.37 1,044.18	- (3,86) 754.22	- 30,52 1,553.55	- 9.56 856.26	- 17.46	(b) Short/{Excess) Provision for Taxation for Earller Years (c} Deferred Tax 1,968.49 8. Net Profit /(Loss) for the period (6-7) 9. Other Comprcthensive Income {After Tax}	13.14 10.38 582.82	ot 64,98 1,115.01	- (3.386) 1,038.38	13.14 75.37 1,697.84	- 9.56 1,187.44	8.29 25.41 2,654.33
	- - 40,00 3536.00 {10.07) (139.93) - -	- 7748 (19.50) -	- \$96.00 £150.00) -	- 347.65 (87.50) -	{0.60) 765.65 (192,55) -	A, (i) Items that will not be reclassifled subsequently to Profit and Loss (a) Remeasurement Gains/ (Losses) on Post Employment Defined Bencfit Plans (b) Gains/{Losse¢s} from Investments in Equity Instruments designated at FVTOCI (ii) Tax on Items that will not be reclaasificd subsequently to Profit and Loss B, (i) Items that will be reclassified subsequently wo Profit and Loss {a} Foreign Currency Translation Reserve	- 40.00 (10.07) (22.43)	- 556.00 (£39.93) (141.37)	- 77.48 (E9.50) (112.78)	596.00 (150.00) (163.80)	- 347.65 (87.50) (6.10)	(0.60) 765.65 (192.55) (62.12)
539.27	- - 1,460.25	- \$12.20	- 1,999.55	- 3,116.42	-	(il) Fax on Items that will be reclassified subsequently to Profit and Loss 2,540.99 10. Total Comprehensive Income for the perfod {8+9)	- 590,32	- 1,389.71	- 983.58	- 1,980.04	- 1,441.50	- 3,164.71
	655.34 655.34 - -	655.34 -	655.34 -	655.34		655.3411. Paid-up Equity Share Capital (Face Value per share : 7 1 /+} 21,210.36] 22. Other equity as per Balance Sheet of the previous accounting year 13. Earnings per share (of 7 1/- each) (Not annualised):	655.34 -	655.34 -	655.34 -	653.34 -	655.34 -	655.34 21,626.88
	0.78 1,59 0.78 1.59	1.15 1.15	2.37 2.87	1,31 1.31		3.00 [Basic 3.00 {Diluted	0.89 a.89	1.70 1.70	1.58 158	2.59 2.59	1.81 1.81	4.05 4.05

Notes :

{a] The Financia! Results of the Company for the Quarter & Haif Year ended 30th September, 2021: have been reviewed and recommended by the Audit Committee and approved by the Board of Directors of the Company i in. their respective meetings held on 11th November, 2021. The Statutory Auditors of the Company have carricd out Limited Review of these results and the results are being published in accordance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015,

(b) The Consolidated Financial Results comprise of Manaksia Steels Limited, its wholly owned subsidiary, Technomet International FZE and its step-down subsidiaries, Federated Steel] Mills Limited, Far East Steel Industries Limited and Sumo Agrochem Limited.

(c] As the Company's business activity falls within a single primary business segment, viz., "Metals", the disclosure requirements of Ind AS 108, "Operating Segments", are not applicable.

(d] Comparative figures have been rearranged / regrouped wherever necessary.

(e} The above Financial Results of the Company for the Quarter & Half Year ended 30th September, 2021 are available at the Company's website www.manaksiasteels.com and websites of all Stock Exchanges, where the Equity shares of the Company are listed.

{f} The Group is closely monitoring the impact of the pandemic on all aspect of its business. The management does not see long term risks in the Group's ability to continue as a going concern and meeting its liabilities as and when they fall due. The Management has also evaluated the recoverability of receivables and realisability of inventory on hand based on subsequent realisations and customer orders respectively. However, given the uncertainties associated with the eventual outcome, nature and duration of the pandemic, the impact may be different from that estimated as on the date of approval of these financial statements.

Place : Kolkata For and on behalf of the

Man:

{ Managing Director } DIN - 00441271

MANAKSIA STEELS LIMITED

		MANAKSIA STEELS LIMITED
		Registered office : 6, Lyons Range, Turner Morrison Building, First Floor, Kolkata - 700001 Statement of Assets and Liabilities
Standalone	Standalone		Consolidated	(= in Lacs) Consolidated
september 2021 ;	As at 31st March, 2021	Particulars	septemben 2021 ;	As at 31st March, 2021
(Unaudited)	(Audited)	ASSETS	(Unaudited)	(Audited)
3,757.63	3,995.38	[. Non-Current Assets la) Property, Plant and Equipment	6,772.99	7,503,38
76,52	31.58	b) Capital Work-in-Progress c) Intangible Assets	80.60 0.35	35.66 0.51
261.25	277.46	[d} Right-of-Use Asset e} Financial Assets	1,233.91	1,320.23
5,154.06 17.44	4,558.06 16.85	i) Investments ii) Loans	2,666.60 26.22	2,070.60 25 49
6,677.44	9,952.74	iii) Other Financial Assets f] Deferred Tax Assets (Net)	6,677.44 43.41	9,952.74 93.78
327.14 16,271.48	116.11 18,948.18	g} Other Non-Current Assets Sub-total - Non-Current Assets	327.14 17,828.66	116.11 21,118.50
		Il, Current Assets
8,442.50	7,978.62	(a) Inventories (b) Financial Assets	10,371.84	8,613.55
2,640.77 1,847.08	384.71 1,672.99	i) Investments ii) Trade Receivables	2,640.77 2,576.01	384.71 1,936.37
306.52 21.19	655.07 20.71	iii) Cash and Cash Equivalents iv) Other Bank Balances	754.35 21.19	1,641.28 20.71
- 130.01	- 57.65	v) Loans vi) Other Financial Assets	- 159.49	- 88.61
900.03 -	696.42 83.01	{c) Other Current Assets T(d} Current Tax Assets (Net]	1,156.14 -	1,002.26 83.10
14,282.10	11,549.18	Sub-total - Current Assets	17,679.79	13,770.59
30,553.58		30,497.36 TOTAL - ASSETS	35,508.45	34,889.09
		EQUITY AND LIABILITIES Ill. Equity
		655.34 {a) Equity Share Capital {b) Other Equity	655.34 23,606.91	655.34 21,626.88
655.34 23,209.91	21,210.36
23,865.25	21,865.70	Sub-total - Equity	24,262.25	22,282.22
		IV. Non-Current Liabilities a} Financial Liabilities
31.72 81.88	34.97 94.76	i) Borrowings ii) Lease Liability	31.72 81.838	34.97 94.76
97.91 451.17	89.78 270.64	b) Provisions c} Deferred Tax Liabilities (Net)	97,91 451.17	101.16 270.64
662.68	490.15	Sub-total - Non-Current Liabilities	662.68	° \$01.53
		Current Liabilitics (a} Financial Liabilities	:
4,089.70 :	6,262.14	(J Borrowings (ii) Trade Payables	4,237.46
63.84	43.67	A) total outstanding dues of micro & small enterprises and	63.34	6,536.29 43.67
724.31	918.32	B} total outstanding dues of creditors cther than micro & small enterprises	4,500.54
38.58 831.44	38.58 715.76	iii) Lease Liability iv) Other Financial Liabilities	» 38.58 1,421.63
127.27 70.59	97.14 65.90	b) Other Current Liabilities {[c} Provisions	156.39 70,59	3,891.17 38.58 1,369.35 107.99 11%.29
79.92 6,025.65	8,141.51	- _ d) Current Tax Liabitity (Net) Sub-total - Current Lizbilities	ga 30,588.82!	- 12,105.34
30,553.58		30,497.36 TOTAL - EQUITY AND LIABILITIES	a 32.903. ES
Place ; Kolkata Dated : 11th November, 2021

MANAKSIA STEELS LIMITED

Registered office : 6, Lyons Range, Turner Morrison Building, First Floor, Kolkata - 700001 Statement of Cash Flows for the Half Year Ended September 30,2021

		MANAKSIA STEELS LIMITED
		Registered office : 6, Lyons Range, Turner Morrison Building, First Floor, Kolkata - 700001
		Statement of Cash Flows for the Half Year Ended September 30,2021	(2? in Lacs)
Standalone HALF YEAR ENDED		Particulars :	Consolidated HALF YEAR ENDED
	30th Sep 2021/30th Sep 2020		30th Sep 2021/30th Sep 2020
(Unaudited)	(Unaudited)	A. CASH FLOW FROM OPERATING ACTIVITIES:	(Unaudited)	(Unaudited)
		Net Profit/(Loss) before Tax :	2,308.60	1,497.02
2,095.07	1,165.82	Adjustment for:
284.76 30.98	283.06 74.82	Depreciation/ Amortisation {Finance Cost	548.45 96.38	487,58 134.34
(232.28)		(166.27} Interest Income	(232.30)	(166.27)
0.15 (121,96)	-	Loss on Property, Plant & Equipment Sold / Discarded (Net} (1.71} Dividend Received on Investment in Equity Shares	{0.15) (121.96)	- (1.71)
-	-	Gain/Loss from Non-Current Investments	-	-
(83.27) (145.19)		(0.94) Gain/ Loss from Current Investments (122.27) Fair Value changes of Current Investments	(83.27) (145.19)	(0.94) (122.27)
1,828.26	1,232.51	Operating Profit before Working Capital Changes Adjustments for:	2,330.56	1,827.75
(661.57)	3,427.44	(Increase) / Decrease in Non-Current/ Current Financial and other Assets	(1,076.05)	3,369.09
(463.88)		2,391.37 (Increase)/ Decrease in Inventories	{1,758.30}	6,204.23
(3-89)		Increase/(Decrease) in Non-Current/Current Financial and (2,413.06) other Liabilities/ Provisions	690.57	(6,753.99)
693.93 (348.07)	4,638.26	Cash Generated from Operations (154.48) Direct Taxes Paid	186.78 (357.8 1}	4,647.08 (154,64)
	4,483.78	Net Cash Flow from Operating Activities	(171.03)	4,492.44
350.86		B. CASH FLOW FROM INVESTING ACTIVITIES:
(76.85)	79.15	Purchase of Property, Plant & Equipment and change in Capital	(77.47)	79.16
0.95	-	work in progress Sale of Property, Plant & Equipment	0.94	-
-		(526.09} Purchase of other Non-Current Investments 17.29 (Investment) /Sale of Current Investments	- (2,027.60)	(526.08) 17.29
(2,027.60) 3,282.61		(2,828.67) (Investment) /Redemption in Fixed Deposits	3,282.61	(2,828.67)
224,37 121.96	88.77 1.71	[Interest Received {Dividend Received on Investment in Equity Shares	224.39 121.96	88.77 L771
1,525.44		(3,167.84) Net Cash Flow from/{Used in) Investing Activities	1,524.83	(3,167.81)
		Cc, CASH FLOW FROM FINANCING ACTIVITIES:
(2,172.44)		(1,968.14} (Repayment of }/ Proceeds from Short Term Borrowings (Net}	{2,298.33}	(2,987.74)
(3.26) (12.88)		(2.96)] (Repayment of }/ Proceeds from Long Term Borrowings (Net} (11.66)/Repayment of Principal portion of Lease Liabilities	(3.26) (12.88)	(2.97) (11.66)
(6.40)		(7.62) Repayment of Interest portion of Lease Liabilities	(6.40) (61.27)	(7.62) (126.72)
(35.87)		{67.20) Interest Paid
{2,230.85}		(2,057.58} Net Cash Flow From/(Used in ) Financing Activities	(2,382.65}	(3,136.71)
(354.55)		(741.64) Net Increase /{(Decrease) in Cash and Cash Equivalents	(1,028.85)	(1,812.09)
655.07	2,282.07	Cash and Cash Equivalents at the beginning of the period	1,641.28	4,352.27
		Effect of Foreign Currency Translation during the period	141.91	360.07
	:	the period		2,900.25
:	1,540.43
300.52
Place : Kolkata	Dated : 11th November, 2021