MFS Intercorp Limited — Annual Report 2022

May 30, 2022

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Date: 30.05.2022

To, Manager, BSE Ltd, P.J. Tower, Dalal Street, Fort Mumbai-400 001

Script Code: 513721

Subject: Outcome of Board Meeting held on today i.e. 30[th] May 2022

Dear Sir,

With reference to the above subject, The Board of Directors of the Company at its Meeting held today i.e. Monday, 30[th] May 2022 has inter-alia adopted and approved the Standalone Audited Financial Results for the Quarter and Year ended on March 31 2022.

Pursuant to Regulation 33 and Regulation 30 read with Part A of Schedule III of SEBI (LODR) Regulations, 2015, we are herewith submitting the following:

a) Standalone Audited Financial Results for the Quarter and Year ended on 31st March 2022. b) Independent Audit Report by Statutory Auditors of the Company on Standalone Audited Financial Results for the Quarter and Year ended on 31st March 2022.

We hereby declare that the Statutory Auditors of the Company, M/s. K.S Mehta and associates., Chartered accountants, has issued an audit report with an unmodified opinion on the standalone Audited Financial Results of the Company for the financial year ended 31st March 2022. This declaration is given in compliance with Regulation 33(3)(d) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The Meeting of Board of Directors of the Company commenced from 06.30 pm and closed at 07.20 PM

Thanking You,

Yours faithfully For MFS Intercorp Limited

KARANSING Digitally signed by KARANSINGH H KISHANSINGH KISHANSING TOMAR Date: 2022.05.30 H TOMAR 19:24:27 +05'30' Karansingh Tomar Managing Director DIN: 08981846

CIN: L27209DL1986PLC254555 E-mail: muskanferros@gmail.com, www.muskanferro.com, Contact No.: 9712050787 Registered Office: Office No.5 1st Floor BLK B, PKT 3, Se 34, Rohini Landmark NA New Delhi 110042 Corporate Office: C-908, Ganesh Glory, Jagatpur Road, Near S.G. Highway, Ahmedabad, 382470, Gujarat

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MFS INTERCORP LTD
CIN : L27209DL1986PLC254555
STATEMENT OF AUDITED FINANCIAL RESULTS FOR THE QUARTER & YEAR ENDED ON MARCH 31, 2022
(Rs. in Lacs except EPS)
Quarter ended Year Ended
31.03.2022 31.12.2021 31.03.2021 31.03.2022 31.03.2021
Particulars
Audited Unaudited Audited Audited Audited
I. Income -
Revenue from Operations 242.68 600.40 - 1,066.75 -
Other Income - - - 2.60 -
Total Income 242.68 600.40 - 1,069.35 -
II. Expenses
Cost of Materials Consumed/Service Availed 218.00 - - 333.62 -
Purchase of stock in trade/ Cost of Service availed - 577.28 - 662.81 -
Changes in Inventories of Finished Goods, Work-in- Progress and Stock-in-Trade - -
Employee Benefits Expense 1.00 - - 1.80 -
Finance costs - -
Depreciation, Amortisation and Depletion Expenses - -
Other Expenses 6.25 1.69 0.29 9.21 1.42
Total Expenses 225.25 578.97 0.29 1,007.44 1.42
III. Profit / (Loss) before exceptional items and tax 17.43 21.43 -0.29 61.91 -1.42
IV. Exceptional item - - - - -
V. Profit before Tax 17.43 21.43 -0.29 61.91 -1.42
VI. Tax Expense 9.49 - - 9.49 -
- Current Tax 3.85 - - 3.85 -
- Short / (Excess) provision of Previous Year 5.640 - - 5.64 -
- Deferred Tax - - - -
VII. Profit for the Period 7.94 21.43 -0.29 52.42 -1.42
Other comprehensive income (after tax) - - - - -
Total Comprehensive Income for the Period 7.94 21.43 -0.29 52.42 -1.42
Paid up Equity Share Capital (Face Value Rs. 10/- Each) 432.490 432.490 432.490 432.490 432.490
Other Equity - - - (349.670) (402.090)
Earnings per Equity Share (Face Value Rs. 10) (Not annualised)
(a) Basic 0.18 0.50 -0.01 1.21 -0.03
(b) Diluted 0.18 0.50 -0.01 1.21 -0.03
Notes
1. The Audited financial results for the 4th quarter & year ended 31st March, 2022 have been reviewed by the Audit Committee and approved by the
Board of Directors at their meeting held on 30th May 2022. The Statutory Auditors have expressed an unmodified audit opinion.The Financial
Results are prepared in accordance with Companies (Indian Accounting Standard) Rule, 2015 as prescribed under Section 133 of the Companies Act,
2013.
2. The aforesaid unaudited standalone financial results for the quarter ended 30th June, 2018 has been prepared in accordance with Companies
(Indian Accounting Standard) Rule, 2015 as prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder
and in terms of Regulation 33 and Regulation 52 of SEBI (Listing Obligation and disclosure Requirements ) Regulations, 2015.
3. The figures for the last quarter of the previous year are the balancing figures between audited figures in respect of the entire financial year and
the published years to date figures upto the third quarter of the previous year.
4. The Company operates in one segment i.e. Crystal , Glass & allied products and all other activities revolving around the same. As such there is no
other separate reportable segment as defined by IND AS 108 - " Operating System."
5. The figures for the previous period have been regrouped and/or reclassified wherever necessary.
For MFS Intercorp Ltd
KARANSINGH Digitally signed by KARANSINGH
KISHANSING KISHANSINGH TOMAR
H TOMAR Date: 2022.05.30 19:27:00 +05'30'
Karansingh Tomar
Place : Ahmedabad Managing Director
Date : 30/05/2022 DIN: 08981846
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STATEMENT OF ASSETS AND LIABILITIES

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Particulars As at 31st March 2022 As at 31st March 2021
ASSETS
1 Non-current assets
a Property, Plant and Equipment - -
b Financial Assets
i Investments - -
ii Trade receivables - -
iii Loans - -
iv Others (to be specified) - -
c Deferred Tax Assets (net) - -
d Other Non-current assets 61.85 61.85
Total Non-current assets 61.85 61.85
2 Current assets
a Inventories - -
b Financial Assets
i Trade receivables 579.54 -
ii Cash and cash equivalents 8.01 0.56
iii Loans - -
c Other current assets - -
Total Current assets 587.55 0.56
Total Assets 649.40 62.41
EQUITY AND LIABILITIES
1 Equity
a Equity Share capital 432.49 432.49
b Other Equity -348.25 -400.67
Total Equity 84.24 31.82
2 LIABILITIES
a Non-current liabilities
i Financial Liabilities
-
a. Borrowings
ii Deferred tax liabilities (Net) - -
iii Other Non-current liabilities - -
Total Non-Current Liabilities - -
b Current liabilities
i Financial Liabilities
- -
a.Borrowings
b.Trade payables 525.85 -
c.Other financial liabilities 21.86 21.86
ii Other current liabilities 7.94 8.73
iii Current Tax Liabilities (Net) 9.51 -
Total Current Liabilities 565.16 30.59
Total Liabilities 565.16 30.59
TOTAL EQUITY AND LIABILITIES 649.40 62.41
-
For MFS Intercorp Ltd
Digitally signed by
KARANSINGH KARANSINGH
KISHANSING KISHANSINGH TOMAR
H TOMAR Date: 2022.05.30
19:27:15 +05'30'
Place : Ahmedabad Karansingh Tomar
Date : 30/05/2022 Managing Director
DIN: 08981846
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MFS INTERCORP LTD
Cash Flow Statement for the year ended 31 March 2022
As at 31 March As at 31 March
Particulars
2022 2021
Cash flows from Operating Activities
Profit before tax for the Year 61.90 -1.42
Adjustments to reconcile net profit to net cash provided by
operating activities
Depreciation and Amortization
Interest Income - -
Operating profit / (loss) before working capital changes 61.90 -1.42
Movements in Working Capital:
(Increase)/decrease in trade receivables -579.54 -
- -
(Increase)/decrease in other current assets
Increase/(decrease) in Other current liabilities 525.09 1.42
- -
Increase/(decrease) in Provisions
Net Cash Generated From/ (Used in) operations 7.45 -
- -
Tax paid (net of refunds)
Net Cash From/(Used in ) Operating Activities (A) 7.45 -
Cash Flows from Investing Activities
Loans - -
Interest Income - -
- -
Net cash from/(Used in) Investing Activities (B)
Cash flows from Financing Activities
- -
Borrowings
- -
Net cash from/(Used in) Financing Activities (C)
Increase in Cash and Cash Equivalents during the year (A+B+C) 7.45 -
Cash and Cash Equivalents at the beginning of the year 0.56 0.56
Cash and Cash Equivalents at the end of the year 8.01 0.56
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Digitally signed by KARANSINGH KARANSINGH KISHANSING KISHANSINGH TOMAR H TOMAR Date: 2022.05.30 19:27:35 +05'30'

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INDEPENDENT AUDITOR’ S REPORT ON THE QUARTERELY AND YEAR TO DATE AUDITED FINANCIAL RESULT OF THE COMPANY PURSUANT TO THE REGULATIONS 33 AND 52 OF SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENT) REGULATIONS, 2015 AS AMENDED.

To The Board of Directors, MFS Intercorp Limited

Report on the Audit of the Financial Results

We have audited the accompanying statement of quarterly and year to date financial results of MFS Intercorp Limited (“the Company”) for the quarter ended March 31,2022 and the year-to-date results for the period from 1[st] April, 2021 to 31[st] March, 2022, attached herewith, being submitted by the company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“Listing Regulations”).

In our opinion and to the best of our information and according to the explanations given to us these financial results:

1. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and

2. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable accounting standards and other accounting principles generally accepted in India of the net profit/loss and other comprehensive income and other financial information for the quarter ended March 31, 2022 as well as the year to date results for the period from 01 April, 2021 to 31 March, 2022.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013 (the Act). Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Financial Results section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial results under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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Management’s Responsibilities for the Financial Results

These quarterly financial results as well as the year-to-date financial results have been prepared on the basis of the interim financial statements. The Company’s Board of Directors are responsible for the preparation of these financial results that give a true and fair view of the net profit/loss and other comprehensive income and other financial information in accordance with the recognition and measurement principle laid down in Indian Accounting Std. 34 ‘ Interim Financial Reporting’ prescribed under Sec 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of Listing regulations.

This responsibilities also includes maintenance of adequate accounting records in accordance with the provisions of’ the Act for safeguarding or the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of“ appropriate accounting policies; making judgements and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the financial results, the Board of Directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company’s financial reporting process. Auditor’s Responsibilities for the Audit of the Financial Results

Auditor’s Responsibilities for the Audit of the Financial Results

Our Objectives are to obtain reasonable assurance about whether the financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatement can arise from fraud and error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decision of the users taken on the basis of these financial results.

As part of an audit in accordance with SAs, we exercise professional judgement and maintain professional skepticism throughout the audit. We also

• Identify and assess the risks of material misstatement of the financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and

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appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control .

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.

• Conclude on the appropriateness of the Board of Directors’ use of’ the going concern basis of accounting and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial results, including the disclosures and whether the financial results represent the underlying transactions and events in a manner that achieves fair presentation

We communicate with those charged wills governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identity during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other Matters:

1. The annual financial result dealt with by this report has been prepared for the express purpose of filing with stock exchanges. These results are based on and should be read with the audited financial statements of the Company for the year ended March 31, 2022 on which we issued an unmodified audit opinion vide our report dated May 28, 2022

2. The statement includes the result for the quarter ended March 31, 2022 being the balancing figure between audited figures in respect of full financial year and the year to date figures up to third quarter of the current financial year which were subjected to limited review. Our report on the statement is not modified in respect of this matter.

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1. The Financial Results for the Quarter ended 30[th] September 2021 and prior periods were reviewed and/or audited by the Previous Statutory Auditor. We have relied upon Limited Review Report and/or Audit Reports of the preceding Auditor for all such previous periods.

Our conclusion is not modified with respect to this matter.

For, M/S K. S. Mehta & Associates Chartered Accountants FRN: 136799W

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CA Kalpit Mehta Proprietor M No. 142479

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Date: 30.05.2022 Place: Ahmedabad UDIN: 22142479AJXRSE4552