MSTC Limited — Annual Report 2021

Jun 25, 2021

225C, A.J.C BOSE ROAD, KOLKATA - 700 020, INDIA PHONE: 91-33-2290-0964, 2287-9627 / 7557 / 0568 FAX: 2287-8547/2290-7211/2281-3089, 2287-4915(ERO) website: www.mstcindia.co.in • www.mstcecommerce.com

MSTC/CS/SE/242

1. The Dy.Manager (Listing) BSE Limited PhirozeJeejeebhoy Towers. Dalal Street, Mumbai 400 001. (Scrip Code: 542597)

25th June, 2021

1. The Manager, Listing Department National Stock Exchange of India Limited Exchange Plaza, BandraKurla Complex Bandra (E), Mumbai 400 051 (Scrip Code: MSTCLTD)

Dear Sir/Madam,

Sub: Outcome of the Board Meeting Ref: Annual Audited Financial Results (Standalone & Consolidated) for the quarter and year ended 31st March, 2021

This is to inform you that the Board of Directors of MSTC Limited at its meeting held today i.e. 25th June, 2021 approved the Annual Audited Financial Results (Standalone & Consolidated) for the quarter and year ended 31st March, 2021.

Pursuant to Regulation 30 and Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, attached please find the following:

• a) Annual Audited Financial Results (Standalone & Consolidated) of MSTC Limited for the quarter and year ended 31st March, 2021.
• b) Statement of Assets and Liabilities for the financial year ended 31st March, 2021.
• c) Statement of Cash flows for the financial year ended 31st March, 2021.
• d) Auditors' Reports on the Audited Financial Results (Standalone & Consolidated) issued by the Statutory Auditors, M/s. S GHOSE & CO LLP (FRN No. 302184E).
• e) Declaration of unmodified opinion on Standalone & Consolidated Financial Results for the year ended 31st March, 2021.
• f) The Board of Directors of the Company has recommended a dividend of Rs. 4.40 per equity share, (i.e. 44 % on the paid-up equity share capital) for the Financial Year 2020-21, subject to the approval of the shareholders at the ensuing Annual General Meeting of the Company. The final dividend would be paid within 30 days from the date of its declaration at the 56th AGM of the Company.
• g) The Annual General Meeting of the Company will held on 28th September, 2021 through Video Conferencing ("VC") / Other Audio Visual Means ("OAVM").

"हिंदी में पत्र का स्वागत है तथा प्रत्युत्तर शीघ्र दिया जाएगा।" • e-commerce certified as ISO/IEC 27001:2013 & ISO 9001:2015 • CMMI Level 3 Appraised

The Audited Financial Results shatt be pubtished in the newspapers as per Regutation 47(1) of the SEBI (LODR) Regutations, 2015 and woutd be atso avaitable on the website of the company atwww.mstcindia.co.in.

The meeting of the Board of Directors commenced on 25th June, 2021 at3:00 p.m. and conctudedat 6:00 p.m.

Kindty take the above inrecords.

Thanking you,

Yours faithfuIty,For MSTC Limited

M( (Aj6y Kumar Rai)Company Secretary and Compliance Officer

E"n¿l '. - 41 a bov c

S. GHOSE & CO I CHARTERED ACCOUNTANTS

11. OLD POST OFFICE STREET KOLKATA-700 001 Phone: 2231-1995 / 1996 / 1997 Fax: 91-033-2248-5167 Email: sghose1943@gmail.com Website: www.sghosecafirmllp.com

Auditor's Report on Standalone Quarterly and Year to Date Financial Results of MSTC Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

TO THE BOARD OF DIRECTORS OF MSTC LTD.

• 1. We have audited the standalone financial results of MSTC Ltd for the quarter ended March 31, 2021 and the year to date results for the period April 01, 2020 to March 31, 2021, attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. These quarterly financial results as well as the year to date financial results have been prepared on the basis of the interim Financial Statements, which are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial results based on our audit of such interim financial statements, which have been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 (Ind AS 34) for Interim Financial Reporting, prescribed, under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder or by the Institute of Chartered Accountants of India as applicable and other accounting principles generally accepted in India.
• 1. We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial results are free of material misstatement(s). An audit includes examining, on a test basis, evidence supporting the amounts disclosed as financial results. An audit also includes assessing the accounting principles used and significant estimates made by management. We believe that our audit provides a reasonable basis for our opinion.
• 1. In our opinion and to the best of our information and according to the explanations given to us, these quarterly financial results as well as the year to date results:
  • are presented in accordance with the requirements of Regulation 33 of the SEBI $(i)$ (Listing Obligations and Disclosure Requirements) Regulations, 2015 in this regard; and
  • (ii) give a true and fair view of the Net Profit and other financial information for the quarter ended March 31, 2021 as well as the year to date results for the period from April 01, 2020 to March 31, 2021.

4. Emphasis of matter

(a) With reference to Note 8.4 of Standalone Financial Statements for Trade Receivables-Credit Impaired representing pledged stocks held by the Company in the premises of the Customers on behalf of them under "Cash & Carry" model of business, now discontinued, the Company does not have appropriate internal control system in place for inventory due to which substantial amounts have had to be provided for /written off in the past as well as during the year.

Further, with reference to the said Note, last Volumetric Analysis was done during the year with quantity and Market Value of stocks in respect of few Customers while in rest of the cases, such exercise was not undertaken for either the Stocks held are reported to be "Nil" or access was denied by the concerned Customer.

• (b) With reference Note No. 36 of the standalone Financial Statements there is a non-Provision of Deferred Tax Asset of Rs.1188.96 millions on Provision for Doubtful Debts of Rs.3402.48 millions since 01.04.2018.
• (c) The Title Deed of a freehold flat in Mumbai having Gross Block of Rs 0.74 million as at 31.03.2021 was not available for verification.

Our opinion is not modified in respect of these matters.

For S Ghose & Co LLP Chartered Accountants FRN-302184E/E300007

CA Pradip Kumar Mitra Partner M.No.052183 UDIN: 21052183AAAAAA6253

Place: Kolkata Date: 25.06.2021

CIN: L27320WB1964GOI026211; GSTIN: 19AACCM0021E1Z4 225C, A.J.C. BOSE ROAD, KOLKATA - 700 020, INDIA Website: www.mstcindia.co.in Phone: 2281-9627/3088 Email: cosec@mstcindia.co.in

STATEMENT OF AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH 2021

(Rs in Millions)

		STANDALONE
SI No.	Particulars		Results for the Quarter ended		Results for the Year ended
		Unaudited	Unaudited	Unaudited	Audited	Audited
		31st March 2021	31st March 2020	31st Dec 2020	31st March 2021	31st March 2020
1	Income
	(a) Revenue from operations	1,974.79	694.03	653.47	4,277.45	8,307.08
	(b) Other income	1,971.23	400.37	22.00	2,113.88	615.00
	TOTAL INCOME (a+b)	3,946.02	1,094.40	675.47	6,391.33	8,922.08
$\overline{2}$	EXPENSES
	(a) Purchases of stock-in-trade	1,073.71	80.92		1,746.07	5,663.12
	(b) Employee benefits expenses	172.92	209.21	152.12	677.58	711.54
	(c) Finance costs	14.87	50.68	15.44	68.90	274.56
	(d) Depreciation and amortisation expenses	3.98	8.94	6.21	24.81	20.35
	(e) Other expenses
	(i) Provisions and Write Off(ii) Others	2,150.25	624.68	295.62	2,498.65	713.90
	TOTAL EXPENSES (a+b+c+d+e)	54.54	55.97	46.01	228.51	243.70
		3,470.27	1,030.40	515.40	5,244.52	7,627.17
3	Profit/(Loss) before tax (1-2)	475.75	64.00	160.07	1,146.81	1,294.91
4	Tax expenses:
	(a) Current tax	(70.27)	(30.33)	79.04	103.91	238.24
	(b) Deferred tax	(119.06)	133.90	77.85	32.20	304.64
5	Total Tax Expense (a+b)	(189.33)	103.57	156.89	136.11	542.88
	PROFIT/(LOSS) FOR THE PERIOD (3-4)	665.08	(39.57)	3.18	1,010.70	752.03
6	OTHER COMPREHENSIVE INCOME
	Items that will not be reclassified subsequently to profit or loss
	(a) Remeasurements of the net defined benefit plans	1.26
			(37.63)	(21.11)	(39.27)	(51.73)
	(b) Tax on above	(0.45)	13.08	7.38	12.16	17.18
	OTHER COMPREHENSIVE INCOME FOR THE PERIOD (a+b)	0.81	(24.55)	(13.73)	(27.11)	(34.55)
$\overline{7}$	TOTAL COMPREHENSIVE INCOME FOR THE PERIOD (5+6)	665.89	(64.12)	(10.55)	983.59	717.48
8	Paid up Equity Share Capital (Face value Re. 10 per share)	704.00	704.00	704.00	704.00	704.00
9	Other Equity				2,845.58	2,094.31
10	Earnings per equity share (Face value of Re. 10 each)
	Basic (in Rs.) (*mot annualised)	$9.45*$	$(0.56)*$	$0.05*$	14.36	10.68
	Diluted (in Rs.) (* not annualised)	$9.45*$	$(0.56)*$	$0.05*$	14.36	10.68
	Kolkata-20
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AUDITED STATEMENT OF ASSETS AND LIABILITIES AS AT 31ST MARCH 2021

			(Rs in Millions)STANDALONE
	Statement of Assets and Liabilities	31.03.2021	31.03.2020
		Audited	Audited
А	ASSETS
1	Non-current assets
	Property, plant and equipment #	70.48	79.23
	Capital work-in-progress	502.50	289.23
	Leasehold LandOther intangible assets	70.821.40	71.5711.39
	Investments in subsidiaries, associates and joint ventures	384.10	344.10
	Financial assets
	- Trade Receivables- Other financicl assets
	Non-current tax assets (net)	49.20526.42	50.12521.57
	Deferred tax assets (net)	2,225.01	2,245.05
	Other non-current assets	3.40	26.34
	Total Non-current assets	3,833.33	3,638.60
$\overline{2}$	Current assets
	Inventories	۰
	Financial assets
	- Trade receivables	7,237.64	12,334.44
	- Cash and cash equivalents	7,078.78	1,597.23
	- Bank balances other than cash and cash equivalents mentioned above	119.89	114.27
	- Other financial assetsOther current assets	205.35	131.16
	Total - Current assets	23.3714,665.03	20.8114, 197.91
	TOTAL - ASSETS	18,498.36	17,836.51
в	EQUITY AND LIABILITIES
1	EQUITY
	Equity share capital	704.00	704.00
	Other equity	2,845.58	2,094.31
	Total - Equity	3,549.58	2,798.31
$\overline{2}$	LIABILITIES
	Non-current liabilities
	Financial liabilities
	- Borrowings	43.19	33.91
	- Trade payables
	total outstanding dues of micro enterprises and small enterprisestotal outstanding dues of creditors other than micro enterprises and small enterprises
	- Other financial liabilities	7.28	2.645.70
	Provisions	253.09	165.98
	Other non-current liabilities	61.20	63.25
	Total - Non-current liabilities	364.76	271.48
	Current liabilitiesFinancial liabilities
	- Borrowings	1,500.74	2,282.24
	- Trade payables
	total outstanding dues of micro enterprises and small enterprises	0.35	0.75
	total outstanding dues of creditors other than micro enterprises and small enterprises	3,807.83	5,916.39
	- Other financial liabilities	8,790.12	6,463.13
	Other current liabilities	484.98	79.04
	ProvisionsTotal - Current liabilities		25.17
		14,584.02	14,766.72
	TOTAL - EQUITY AND LIABILITIES	18,498.36	17,836.51
	# All Freehold buildings are under attachment by the order of DRT, Mumbai.		GHOSE
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MSTC LIMITED Standalone Statement of Cash Flows for the Year ended 31st March 2021

			(Rs. in Millions)
	Particulars	31st Mar 2021	For the Period ended For the Year ended 31stMarch 2020
Α.	CASH FLOW FROM OPERATING ACTIVITIES
	Profit Before Tax for the Period	1,146.81	1,294.91
	Adjustments for:
	Depreciation /Amortisation Expenses	25.56	21.10
	Dividend Income	(100.02)	(60.70)
	Interest Income	(67.72)	(75.53)
	Finance Cost	68.90	274.56
	Loss on sale of Property Plant and Equipments	0.12	1.06
	Provision no Longer Required Written Back	(1,929.80)	(474.94)
	Bad Debt Witten Off	1,803.61	373.99
	Provision for Bad and Doubtful Advances	695.05	339.91
	Liability written Back	12.76
	Operating profit before Working Capital changes	1,655.27	1,694.36
	Adjustments for changes in Operating Assets & Liabilities
	Adjustments for (increase) / decrease in Operating Assets:
	Movement in working capital:
	(Increase)/decrease in Trade and Other Receivables	4,442.02	4,864.88
	(Increase)/decrease in Other Assets	20.38	32.89
	(Increase)/ decrease in Inventories	÷
	Adjustments for increase / (decrease) in Operating Liabilities:
	Increase/ (decrease) in Trade Payables & Others Financial Liabilities
	Increase/ (decrease) in Other Liabilities	216.96	(3,835.27)
	Increase/ (decrease) in Provisions	403.9022.66	(125.03)
			11.46
	Cash generated from Operations	6,761.19	2,643.29
	Direct Taxes Paid (Net of Refund)	(108.75)	(310.05)
	Net cash from Operating Activities	6,652.44	2,333.24
В.	CASH FLOW FROM INVESTING ACTIVITIES
	Proceeds of Property Plant and Equipment (Net)	(219.46)	(140.36)
	Investment In Fixed Deposits	(5.61)	2,315.68
	Investment in Joint Venture	(40.00)
	Interest received	67.60	75.20
	Dividend Income	100.02	60.70
	Net cash (used) in Investing Activities	(97.45)	2,311.22
C.	CASH FLOW FROM FINANCING ACTIVITIES
	Proceeds/(Repayment) of Short Term Borrowings	(770.98)	(2,031.84)
	Interest Paid	(68.90)	(274.69)
	Dividend Paid	(232.32)
	Net cash used in Financing Activities	(1,072.20)	(2, 306.53)
	Net increase/(decrease) in Cash & Cash equivalents(A+B+C)	5,482.79	2,337.93
	Cash and Cash equivalents at the beginning of the Period	1,595.99	(741.94)
	Cash and Cash equivalents at the end of the Period	7,078.78	1,595.99

Note :(1)Figures in brackets indicate outflows.

(2)	Statement Showing Cash and Cash Equivalents
Particulars	For the Period ended 31stMar 2021
	$\bar{\epsilon}$ in Millions	For the Year ended 31st March2020₹ in Millions7.078.780.00
'Cash and Cash equivalents at the end of the Period		1,597.23
Less: Over Draft Balances at the end of the Period		(1.24)
Net Cash and Cash equivalents at the end of the Period	7,078.78	.595.99

Note : Statement of Cash Flows is prepared using Indirect Method as per Indian Accounting Standard~7: Statement of Cash Flows. subrata santar

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Notes:

• 1. The above results for the quarter and year ended 31st 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 $25th$ June 2021. 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.
• 1. The figures of quarter ended March 31, 2021 and March 31, 2020 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.
• 1. 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.
• 1. There were no exceptional items during the quarter and year ended $31st$ March 2021.
• 1. Other expenses for the period include contribution to PM Cares Fund of Rs. 50 million.
• 1. 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.
• 1. Figures of the previous period/year have been regrouped/reclassified/rearranged to conform to the classification of current period/year, wherever necessary.
• 1. The Board of Directors have recommended final dividend $(a)$ 44 percent of equity share capital i.e. Rs. $4.40$ per share for the F.Y. 2020-21.

In terms of our report of even date For S. Ghose & Co LLP Chartered Accountants FRN: 302184E/E300007

CA Pradip Kumar Mitra Partner M.No.: 052183

$(S.K.Gupta)$ CHAIRMAN CUM MANAGING DIRECTOR $(DIN - 08643406)$

GLBarneva

(S.K. Barnwal) ADDL. GENERAL MANAGER FINANCE & ACCOUNTS

For and on behalf of the Board of Directors of MSTC LIMITED

Subrata Sarkan

(Subrata Sarkar) DIRECTOR FINANCE & CFO $(DIN - 8290021)$

Place: Kolkata Date: 25th June, 2021

(भारत सरकार का उपक्रम) (A Govt. of India Enterprise) MSTC. CIN: L27320WB1964GOI026211; GSTIN: 19AACCM0021E1Z4 225C, A.J.C. BOSE ROAD, KOLKATA - 700 020, INDIA Website: www.mstcindia.co.in Phone: 2281-9627/3088 Email: cosec@mstcindia.co.in

SEGMENT WISE REVENUE & RESULTS

(Rs in Millions)

Particulars			STANDALONE
		Results for the Quarter Ended		Results for the Year ended
	Unaudited	Unaudited	Unaudited	Audited	Audited
	31st March 2021	31st March 2020	31st Dec 2020	31st March 2021	31st March 2020
Segment Revenue
- Marketing	3,089.39	209.35	85.91	4,062.61	6,463.57
- E-Commerce	843.20	510.28	588.30	2,212.36	2,019.99
- Others (unallocated)	13.43	374.77	1.26	116.36	438.52
Total Segment Revenue	3,946.02	1,094.40	675.47	6,391.33	8,922.08
Segment Profit/(Loss) Before Tax
- Marketing	(74.39)	(175.36)	(237.60)	(189.04)	168.42
- E-Commerce	838.06	499.86	505.58	2,111.54	1,995.28
- Others (unallocated)	(287.92)	(260.50)	(107.91)	(775.69)	(868.79)
Total Segment Profit/(Loss) Before Tax	475.75	64.00	160.07	1,146.81	1,294.91
Tax Expense	(189.33)	103.57	156.89	136.11	542.88
Total Segment Profit/(Loss) After Tax	665.08	(39.57)	3.18	1,010.70	752.03

Note -1) In terms of IndAS 108 the Company has identified Marketing and E-Commerce as its two Primary Reportable Business Segments. There is no Secondary Segment.

Note -2) Assets and liabilities used in the Company's business are not identified to any of the reportable segments, as these are used interchangably between the segments. Hence the Management believes, that it is currently not practicable to provide segment disclosure related to assets and liabilities.

S. GHOSE & CO LLP CHARTERED ACCOUNTANTS

11, OLD POST OFFICE STREET KOLKATA-700 001 Phone: 2231-1995 / 1996 / 1997 Fax: 91-033-2248-5167 Email: sghose1943@gmail.com Website: www.sghosecafirmllp.com

Auditor's Report on Consolidated Quarterly and Year to Date financial results of MSTC Limited Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

TO THE BOARD OF DIRECTORS OF MSTC LTD.

• 1. We have audited the accompanying Statements of Consolidated Financial Results of MSTC Ltd. ("the Holding Company") and its Subsidiary (the Holding Company and its Subsidiary together referred to as "the Group") and its share of the net loss after tax and total comprehensive loss in its Joint Venture for the quarter ended March 31, 2021 for the period from April 01, 2020 to March 31, 2021 ("the Statement"), being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
• 1. This Statement, which is the responsibility of the Holding Company's Management and approved by the Holding Company's Board of Directors, has been compiled from the related interim Consolidated Financial Statements / interim consolidated financial information which 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 an opinion on the Statement based on our audit of such interim Consolidated Financial Statements / interim consolidated financial information.
• 1. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Companies Act 2013. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the Statement is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the Statement. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement in the Statement, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Holding Company's preparation and fair presentation of the Statement in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the Holding Company's internal financial control with reference to the Statement. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Management, as well as evaluating the overall presentation of the Statement.

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

We believe that the audit evidence obtained by us and the audit evidence obtained by the other auditors in terms of their reports referred to in paragraph 6 below, is sufficient and appropriate to provide a basis for our audit opinion.

• 1. In our opinion and to the best of our information and according to the explanations given to us, and based on the consideration of the reports of the other auditors on separate financial statements / financial information of joint operations of the Group, Subsidiary and Joint Venture referred to in paragraph 6 below, the Statement:
  • i. includes the results of the following entities: (a) M/s Ferro Scrap Nigam Limited- Wholly Owned Subsidiary (b) M/s Mahindra MSTC Recycling Private Limited - Joint Venture
  • ii. is presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended; and
  • iii. gives a true and fair view in conformity with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards and other accounting principles generally accepted in India of the consolidated total comprehensive income (comprising of net Profit and other comprehensive income) and other financial information for the quarter ended March 31, 2021 and for the period from April 01, 2020 to March 31, 2021.
• 1. Emphasis of matter
  • (a) With reference to Note 9.4 of the Consolidated Financial Statements for Trade Receivables-Credit Impaired representing pledged stocks held by the Holding Company in the premises of the Customers on behalf of them under "Cash & Carry" model of business, now discontinued, the Company does not have appropriate internal control system in place for inventory due to which substantial amounts have had to be provided for /written off in the past as well as during the year.

Further, with reference to the said Note, last Volumetric Analysis was done during the year with quantity and Market Value of stocks in respect of few Customers while in rest of the cases, such exercise was not undertaken for either the Stocks held are reported to be "Nil" or access was denied by the concerned Customer.

• (b) With reference to Note No. 37 of the Consolidated Financial Statements there is a non-Provision of Deferred Tax Asset of Rs.1188.96 millions on Provision for Doubtful Debts of Rs.3402.48 millions of Holding Company since 01.04.2018.
• (c) In the case of Holding Company, the Title Deed of a freehold flat in Mumbai having Gross Block of Rs 0.74 million as at 31.03.2021 was not available for verification.

Our opinion is not modified in respect of these matters.

1. We did not audit the interim Financial Statements / financial information / financial results of one Subsidiary namely M/s Ferro Scrap Nigam Limited included in the Consolidated Financial results, whose interim Financial Statements / financial information/financial results reflect total assets of Rs. 4219.81 Million as at 31st March, 2021, Total Revenues of Rs. 3649.69 Million, total net profit after tax of Rs. 227.50 Million, total comprehensive income of Rs. 197.55 Million and cash inflow (net) of Rs. 366.29 Million for the year ended on that date, as considered in the Consolidated Financial Statements. The Consolidated Financial Statements also include the Holding Company's share of net loss of Rs. 8.60 Million and total comprehensive loss of Rs. 8.50 Million in respect of Joint Venture namely Mahindra MSTC Recycling Pvt Ltd for the year ended 31st March, 2021 whose Financial Statements have been audited by other auditor.

These Financial Statements /financial information / financial results have been audited by other auditors whose reports have been furnished to us by the Holding Company's Management and our opinion on the consolidated financial results, in so far as it relates to the amounts and disclosures included in respect of the Subsidiary and Joint venture, is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above.

For S Ghose & Co LLP Chartered Accountants FRN-302184E/E300007

CA Pradip Kumar Mitra Partner M.No.052183 UDIN: 21052183AAAAAB2750

Place: Kolkata Date: 25.06.2021

CIN: L27320WB1964GOIO2621L1 GSTTN: 19AACCMOO2IEIZ4 225C, A.J.C. BOSE ROAD, KOTKATA - 7OO O2O, INDIA Webs¡te: ww.mslcindia.co.in Phone: 2281-962/3088 Ema¡l: cosec@mstcindia.co.in

STATEMENT OF AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH 2021

		s)
		Res	ultfoher tQrtesuar	deden	Rultfohededr tessenvear
		3lstfMch202ar	stMch2020ar
	ncome
	(a)Rfrratievenueomopeons	3,111.81	'1,938.45	1,580.40	7,804.66	12,313.99
	(b)Othincerome	2,004.00	365.04	70.87	36.132,1	645.99
	TOTAL(a)INCOME+b	11815,s.	2,303.49	1,651.27	9,940.79	12,9s9.98
	EXPENSES
	(a)Pchf stock-in{radeuraseso	1,212.16	208.23	122.61	2,177.46	6,1s1.98
	(b)Eloybefitmpeeensexpenses	462.00	54767.	428.36	1,733.93	1,828.05
	(c)Fistsnanceco	14.88	53.70	15.44	71.46	287.22
	(d)Dciatiodortisâteprenanam¡onexpenses	.5'43t	47.79	47.15	186.78	166.15
	(e)Otherexpenses
	(i)ProvisioWritOffdnsane	2,160.42	672.13	307.38	2,520.s9	761.35
	(ii)Others	627.20	569.92	426.26	31,883.1	2,070.86
	TOTAL(a+b+d)EXPENSES+c+e	4,520.17	2,099.53	1,347.20	8,573.35	t 1,265.61
	ProfìU(Lo)beforofof¡U(ls)(l-2)shofJointVssprosturndearetaenesax	59645.	203.96	304.07	1,36447.	1,694.37
	ofiu(ls)ShofofJoiVeprosntntuareres	3.86	(0.)e4	0-54	(8.60)	(2)6.e4
	ofit/()PrLobefor(4)e t3+ssax	599.50	203.02	304.61	1,358.84	1,66437.
	Taxexpenses:
	(a)Ct turrenax	(32.85)	37.59	10497.	206.95	361.75
	(b)Defedtenax	(12s.e1)	1 18.37	85.66	22.30	335.54
	TotalTE(b)axxpensea+	(16)58.7	15965.	1 93.15	229.25	697.25
	rHEPROFTT(LOSS)(s-6)FORPERTOD	7s8.26	47.06	111.46	1,1299.5	970.14
	OTHERCOMPREHENSIVECOINME
	Itehaw¡ll nofis ttotbecls¡fdbsntlt or lmtoreas¡eprsuequeyoss
	(a)Rntslanf theetdefinedbef¡emeasuremet ponsen	53.78	(6<br>1.22	(s)6.20	(7)2ee.
	(b)Tabaxonove	(1)3.67	19.02	16.21	22.23
	(c)ShaofOtheCohelofJo¡Vererntntumprens¡vencomere	(0.)0s	0.29	0.05	0.10
	OTHERCOMPREHENSIVEINCOMEFORTHEPERIOD(a+þTç)	40.06	(4)1.9r		(56.s6)
	TOTALCOMPREHENSIVEINCOMEFO(7)RTHEPERIOD+8	798.32	5.'t5		I,072.63	872.01
	Paidl0ESC¡tyhaital(FaalupRshe)qureapcevuepere.ar	704.00	704.00
					704.00	704.00
	OtheEqu¡try				4,875.53	4,035.22
	(FluofRech)ace. 10vaeea
		107*.7	7*
		7*10.7	0.6		16.05	13.78
			0.67*		16.05

(Re in Millione)

Charle

KOLKATA

$\begin{tabular}{|c|c|c|c|} \hline \textbf{UH UH C} & \textbf{UH} & \textbf{H1H} & \textbf{H2H} & \textbf{M3H} & \textbf{M4H} & \textbf{H3H} & \textbf{H4H} & \textbf{H5H} & \textbf{H6H} & \textbf{H7H} & \textbf{H8H} & \textbf{H8H} & \textbf{H8H} & \textbf{H8H} & \textbf{H8H} & \textbf{H8H} & \textbf{H8H} & \textbf{H8H} & \textbf{H8H} & \textbf{H8H} & \textbf{H8H} & \text$

AUDITED STATEMENT OF ASSETS AND LIABILITIES AS AT 31ST MARCH 2021

	CONSOLIDATED	liza in milliona
Statement of Assets and Liabilities	31.03.2021	31.03.2020
	Audited	Audited
ASSETS
1Non-current assets
Property, plant and equipment"	819.69	876.19
Capital work-in-progress	518.25	293.42
Leasehold Land	70.82	71.57
Other intangible assets	2.05	12.21
Investments in subsidiaries, associates and joint ventures	143.57	112.07
Financial assets
- Trade Receivables
- Other financial assets	1,054.75	348.47
Non-current tax assets (net)	625.70	588.19
Deferred tax assets (net)	2,286.81	2,296.96
Other non-current assets	3.46	26.39
Total Non-current assets	5,525.10	4,625.47
Current assets
Inventories	51.61	70.00
Financial assets
- Trade receivables	8,896.64	14,626.40
- Cash and cash equivalents	7,456.90	1,879.43
- Bank balances other than cash and cash equivalents mentioned above	140.22	452.47
- Other financial assets	252.81	231.91
Other current assets	124.18	96.22
Assets classified as held for sale	30.15	29.60
Total - Current assets	16,952.51
		17,386.03
TOTAL - ASSETS	22,477.61	22,011.50
EQUITY AND I JABILITIES
EQUITY
Equity share capital	704.00	704.00
Other equity	4,875.53	4,035.22
Total - Equity	5,579.53	4,739.22
LIABILITIES
Non-current liabilities
Financial liabilities
- Borrowings	43.19	33.91
- Trade payables
total outstanding dues of creditors other than micro enterprises and small
		2.64
- Other financial liabilities	7.28	5.70
Provisions	930.05	827.90
Other non-current liabilities	61.20	63.25
Total - Non-current liabilities	1,041.72	933.40
Current liabilities
Financial liabilities
- Borrowings	1,500.74	2,552.61
- Trade payables
total outstanding dues of micro enterprises and small enterprises	0.35	0.75
total outstanding dues of creditors other than micro enterprises and small
enterprises	4,307.79	6,536.02
- Other financial liabilities	8,953.84	6,616.12
Other current liabilities	620.85	221.77
Provisions	465.73	403.15
Liabilities classifi∘ed as held for sale	7.06	8.46
Total - Current liabilities
	15,856.36	16,338.88
FOTAL LEQUITY AND LIABILITIES
	22,477.61	GHOSE &22,011.50
#All Freehold buildings of Holding Company are under attachment by the order of DRT , Mumbai.
Kolkata-2Datamont Subrate SarkanRoad		FSTO. 1943Cha

$\overline{a}$

MSTC LIMITED

Kolkata-20

$\mathbf{J}$

CIN-L27320WB1964GOI026211

Consolidated Statement of Cash Flows for the year ended 31st March 2021

Amount in ₹ Millions

GHOSF

ESTD

KOLKAT

Accounts

Chat

$\theta$

	Particulars	For the year ended31st March 2021	For the year ended31st March 2020
A.	CASH FLOW FROM OPERATING ACTIVITIES
	Profit for the year	1,358.84	1,667.43
	Adjustments for:
	Depreciation / Amortisation of non-current assets	187.53	166.90
	Loss from Investment in JV	8.60	26.94
	Loss/(Gain) on disposal of Property Plant and Equipment	0.58	1.44
	Finance Cost	71.46	287.22
	Interest Income recog: 'sed in profit & loss	(132.41)	(140.85)
	Provision no Longer Required Written Back	(1,968.13)	(482.51)
	Bad Debt Witten Off	1,803.61	373.99
	Provision for Bad and Doubtful Advances/Debts	716.98	387.36
	Liability written Back	12.76	0.00
	Operating profit before Working Capital changes	2,059.82	2,287.92
	Adjustments for changes in Operating Assets & Liabilities
	Adjustments for (increase) / decrease in Operating Assets:
	Movement in working capital:(Increase)/decrease in "rade and Other Receivables
	(Increase)/decrease in Other Assets	4,384.14	3,950.22
		(5.58)	42.08
	(Increase)/ decrease in 'nventories	18.38	(9.65)
	Adjustments for increase / (decrease) in Operating Liabilities:
	· Increase/ (decrease) in Trade Payables & Others Financial Liabilities	108.03	(3,701.84)
	Increase/ (decrease) in Other Liabilities	395.63	(73.53)
	Increase/ (decrease) in Provisions	85.44	73.40
	Cash generated from Operations	7,045.86	2,568.60
	Direct Taxes Paid (Net of Refund)	(234.38)	(346.07)
	Net cash from Operating Activities	6,811.48	2,222.53
В.	CASH FLOW FROM INVESTING ACTIVITIES
	Payment for Property, Plant & Equipment	(359.23)	(387.78)
	Proceeds from disposal of Property Plant & Equipment	13.69	32.29
	Investment In Fixed Deposits	312.25	2,752.25
	Investment in Joint Venture	(40.00)	0.00
	Interest received	185.65	157.74
	Net cash (used) in Investing Activities	112.36	2,554.50
C.	CASH FLOW FROM FINAMCING ACTIVITIES
	Proceeds from Short term borrowings	(770.98)	(2,031.85)
	Interest Paid	(71.46)	(287.35)
	Dividend Paid	(232.32)	0.00
	Tax on Dividends Paid	0.00	(12.48)
	Net cash used in Financing Activities	(1,074.76)	(2, 331.68)
	Net increase/(decrease) in Cash & Cash equivalents(A+B+C)	5,849.08	2,445.35
	Cash and Cash equivalents at the beginning of the Year	1,607.82	(837.53)
	Cash and Cash equivalents at the end of the Year	7,456.90	1,607.82
	Notes:1. Figures in brackets indicate outflows.
2.	Statement Showing Cash and Cash Equivalents
	Particulars	For the year ended	For the year ended

31st March 2021 31st March 2020 Cash and Cash equivalents at the end of the Year 7,456.90 1,879.43 Less: Over Draft Balances at the end of the year $0.00$ 271.61 Net Cash and Cash equivalents at the end of the Year 7,456.90 1,607.82

Note : Statement of Cash Flows is prepared using Indirect Method as per Indian Accounting Standard~7: Statement of Cash Flowe

SubrataGorkan

Notes:

• 1. The above results for the quarter and year ended 31st 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 25th June 2021. 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.
• 1. The figures of quarter ended March 31, 2021 and March 31, 2020 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.
• 1. 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 Holding Company has not opted for lower tax rate and has considered the rate as per the earlier provisions for the purpose of these results. But the Subsidiary Company (Ferro Scrap Nigam Limited) has opted for the tax at lower rates and has considered $\omega$ 25.168% for the purpose of these results.
• 1. The consolidated results include subsidiary namely Ferro Scrap Nigam Limited and share of net profit/loss after tax and total comprehensive income/loss of joint venture namely Mahindra MSTC Recycling Private Limited.
• 1. There were no exceptional items during the quarter and year ended $31st$ March 2021.
• 1. Other expenses for the period include contribution to PM Cares Fund of Rs. 100 million.
• 1. 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.
• 1. Figures of the previous period/year have been regrouped/reclassified/rearranged to conform to the classification of current period/year, wherever necessary.
• 1. The Board of Directors of holding Company have recommended final dividend $\omega$ 44 percent of equity share capital i.e. Rs. 4.40 per share for the F.Y. 2020-21.

In terms of our report of even date For S. Ghose & Co LLP Chartered Accountants FRN: 302184E/E300007

CA Pradip Kumar Mitra Partner M.No.: 052183

Place: Kolkata Date: 25th June, 2021

$(S.K.Gupta)$ CHAIRMAN CUM MANAGING DIRECTOR $(DIN - 08643406)$

GiBernwal

(S.K. Barnwal) ADDL. GENERAL MANAGER FINANCE & ACCOUNTS

For and on behalf of the Board of Directors of MSTC LIMITED

Subrata Sgokan

(Subrata Sarkar) DIRECTOR FINANCE & CFO $(DIN - 8290021)$

CIN: L27320WB1964GOI026211; GSTIN: 19AACCM0021E1Z4 225C, A.J.C. BOSE ROAD, KOLKATA - 700 020, INDIA

Website: www.mstcindia.co.in Phone: 2281-9627/3088

Email: cosec@mstcindia.co.in

SEGMENT WISE REVENUE & RESULTS

(Rs in Millions)

	$\cdots$CONSOLIDATED
Particulars		Results for the Quarter Ended		Results for the Year Ended
	Unaudited	Unaudited	Unaudited	Audited	Audited
	31st March 2021	31st March 2020	31st Dec 2020	31st March 2021	31st March 2020
Segment Revenue
- Marketing	3,089.40	209.35	85.91	4,062.61	6,463.57
- E-Commerce	843.17	510.12	588.25	2,212.16	2,019.72
- Others (unallocated)	13.43	314.07	1.26	16.34	377.82
- Scrap Recovery & Allied Jobs	1,169.81	1,269.95	975.85	3,649.68	4,098.87
Total Segment Revenue	5,115.81	2,303.49	1,651.27	9,940.79	12,959.98
Segment Profit/(Loss) Before Tax
- Marketing	(74.39)	(175.36)	(237.60)	(189.04)	168.42
- E-Commerce	838.04	499.70	505.53	2,111.34	1,995.01
- Others (unallocated)	(284.06)	(322.05)	(107.38)	(884.31)	(956.34)
- Scrap Recovery & Allied Jobs	119.91	200.73	144.06	320.85	460.34
Total Segment Profit/(Loss) Before Tax	599.50	203.02	304.61	1,358.84	1,667.43
Tax Expense	(158.76)	155.96
Total Segment Profit/(Loss) After Tax	758.26	47.06	193.15111.46	229.251,129.59	697.29970.14

Note -1) In terms of IndAS 108 the Group has identified Marketing, E-Commerce and Scrap Recovery & Allied Jobs as its three Primary Reportable Business Segments. There is no Secondary Segment.

Note -2) Assets and liabilities used in the Company's business are not identified to any of the reportable segments, as these are used interchangably between the segments. Hence the Management believes, that it is currently not practicable to provide segment disclosure related to assets and liabilities.

GHOSE

ဂ

$ESID: 1943$ KOLKATA

4 卡门

Sesarmual Subrata Sarkan

Kolkata-20

225C, A.J.C. BOSE ROAD, KOLKATA - 700 020, INDIA Website: www.mstcindia.co.in Phone: 2281-9627/3088 cmail: cosec@mstcindia.co.in

EXTRACT OF THE STANDALONE AND CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MAR 2021

	(KS IN IVIIIIIONS)
				STANDALONE					CONSOLIDATED
SI.	Particulars	3 Months	3 Months	3 Months			3 Months	3 Months	3 Months
No.		Ended	Ended	Ended	Year Ended	Year Ended	Ended	Ended	Ended	Year Ended	Year Ended
		31.03.2021	31.03.2020	31.12.2020	31.03.2021	31.03.2020	31.03.2021	31.03.2020	31.12.2020	31.03.2021	31.03.2020
		(Unaudited)	(Unaudited)	(Unaudited)	(Audited)	(Audited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)	(Audited)
	Total Income from Operations	3,946.02	1,094.40	675.47	6,391.33	8,922.08	5,115.81	2,303.49	1,651.27	9,940.79	12,959.98
	Net Profit / (Loss) for the period before Tax	475.75	64.00	160.07	1,146.81	1,294.91	599.50	203.02	304.61	1,358.84	1,667.43
	Net Profit / (Loss) for the period after tax	665.08	(39.57)	3.18	1,010.70	752.03	758.26	47.06	111.46	1,129.59	970.14
	Total Comprehensive Income for the period [Comprising
	4 Net Profit / (Loss) for the period (after tax) and Other
	Comprehensive Income (after tax)]	665.89	(64.12)	(10.55)	983.59	717.48	798.32	5.15	71.52	1,072.63	872.01
	5 Paid Up Equity Share Capital (Face Value Rs. 10/-)	704.00	704.00	704.00	704.00	704.00	704.00	704.00	704.00	704.00	704.00
6	Other Equity	$\sim$			2,845.58	2,094.31			$\blacksquare$	4,875.53
	Earnings Per Share (of Rs.10/- each)										4,035.22
	Basic (* not annualised)	$9.45*$	$(0.56)*$	$0.05*$	14.36	10.68	$10.77*$	$0.67*$
	Diluted (* not annualised)	$9.45*$	$(0.56)^*$	$0.05*$	14.36				$1.58*$	16.05	13.78
						10.68	$10.77*$	$0.67*$	$1.58*$	16.05	13.78

Notes:

1 The above results have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at their meeting held on 25th June, 2021.

• 2 The above is an extract of the detailed format of quarter and year ended 31st Mar 2021 financial results filed with the Stock Exchanges under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The full format of the quarter and year ended financial results are available on the Stock Exchange website www.bseindia.com, www.nseindia.com and is also available on Company's website i.e. www.mstcindia.co.in
• 3 There were no exceptional items during the quarter and year ended 31st Mar 2021.
• Figures for the previous periods have been regrouped/reclassified, wherever necessary to confirm to the current periods classifications. $\overline{4}$

Registered Office: 225-C, A.J.C.Bose Road Kolkata - 700 020 Place: Kolkata Date: 25th June, 2021

For & on behalf of the Board of Directors

$100 - 100$ $\mu$ and $100$

225C, A.J.C BOSE ROAD, KOLKATA - 700 020, INDIA PHONE: 91-33-2290-0964, 2287-9627 / 7557 / 0568 FAX: 2287-8547/2290-7211/2281-3089, 2287-4915(ERO) website: www.mstcindia.co.in • www.mstcecommerce.com

MSTC/CS/SE/241

25th June, 2021

1. The Dy. Manager (Listing) BSE Limited PhirozeJeejeebhoy Towers, Dalal Street, Mumbai 400 023. (Scrip Code: 542597)

2. The Manager, Listing Department National Stock Exchange of India Limited Exchange Plaza, BandraKurla Complex Bandra (E), Mumbai 400 051 (Scrip Code: MSTCLTD)

Dear Sir/Madam,

Sub: Declaration pursuant to Regulation 33(3)(d) of the Securities & Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

I, Subrata Sarkar, Director (Finance) & CFO of MSTC Limited (CIN No L27320WB1964GOI026211) having its Registered Office at 225C A.J.C Bose Road, Kolkata hereby declare that, the Statutory Auditors of the Company, M/s. S GHOSE & CO LLP (FRN No. 302184E) have issued an Audit Report with unmodified opinion on Audited Financial Results of the Company (Standalone & Consolidated) for the year ended on 31st March, 2021.

This Declaration is given in compliance to Regulation 33(3)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

This is for your information and record

Thanking you,

Yours faithfully, For MSTC Limited

Subratasarkar 25 06 2021 (Subrata Sarkar) Director (Finance) & Chief Financial Officer