SAL SAL STEEL LIMITED

Admn. Office : Shah Alloys s Corporate House, ' Sola - - K Kalol Road, Santej, j Ta. Kalol, Di i - Regd. Office : 5/1, Shreeji House, 5th Floor, Behind M.J.Library, janes Road, Deda india seer" Phone : 02764 - 661100

30.07.2020

To, Department of Corporate Service Manager Bombay Stock Exchange Ltd. Listing Department

PhirozeJeejeebhoy Tower. National Stock Exchange of India Ltd. Dalal Street, Exchange Plaza, Plot No C/1, G-Block, Mumbai - 400 001 Bandra — Kurla Complex, Bandra (E), Mumbai — 400051 BSE Scrip Code: 532604 NSE Symbol - SALSTEEL

SUB: OUTCOME OF BOARD MEETING

Pursuant to Regulation 33 of SEBI (LODR) Regulations, 2015, read with circular no. SEBI/HO/CFD/CMD1/CIR/P/2020/110 dated June 26, 2020, we are pleased to inform you that the Board of Directors of the company in its meeting held today have considered and taken on record the Audited Financial Results for the quarter and year ended on 31.03.2020 duly reviewed by the Audit Committee. We enclose the same in the prescribed form duly signed along with the Audit Report

We hereby state that the statutory auditors have issued Audit Report with unmodified opinion on annual audited Financial Results of the Company for the year ended March 31, 2020.

Further, in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015 we also wish to state that the following business items inter alia have been transacted by the Board at today's meeting:

a) Audited Annual Accounts of the Company for the financial year ended March 31, ²⁰¹⁹ subject to the adoption of shareholders in ensuing Annual General Meeting.
b) Considered & approved various other general businesses as per the agenda of the said meeting.

[The aforesaid Board Meeting commenced at 03:30 p.m. and concluded at &;20 p.m.]

Kindly take the above on your record.

Thanking you,

Yours faithfully,

MO MANISH DAULANI

COMPANY SECRETARY & COMPLIANCE OFFICER ENCL: A/A

Sf-L S.A.L. STEEL LIMITED

					Rs. in Crores
PARTICULARS	31-Mar-20	31-Dec-19	31-Mar-19	31-Mar-20	31-Mar-19
					(Audited)
Revenue from operations	97.88	95.21	129.92	407.84	574.35 1.34
Total Revenue (I + Il)	108.63	106.32	131.22	452.14	575.69
a) Cost of Materials consumed	77.82	80.76	104.24	317.96	390.24
c) Changes in inventories of finished goods, work-in-	1.68	(3.06)	0.72	3.78	0.00 26.24
d) Employee benefits expense	3.43	2.08	4.09	10.09	15.93
e) Finance Costs f) Depreciation and amortisation expenses	0.46 1.88	0.29 1.88	0.80 1.93	1.51 1.52	1.50 7.80
g) Consumption of stores & Spares h) Power Cost and cost of power generation	3.84 8.83	1.60 17.25	8.99 12.75	10.59 59.58	17.95 80.60
i) Other Expenses	6.33	3.85	4.00	19.39	34.07
Profit/ (Loss) before exceptional and	(0.29)	1.67	(6.30)	17.07	574.33 4.36
Other Income	0.00	0.00	0.00	0.00	0.00 (20.01)
Profit/ (Loss) After exceptional and extraordinary	(0.29)	4.67	(26.31)	47.07	(18.65)
Tax Expense
Deferred Tax	0.43	0.44	(2.41)	1.19	0.00 2.95
operations (VII-VIII)	(0.72)	1.23	(23.90)	15.88	(21.60)
Tax expense of discontinuing operations	0.00	0.00	0.00	0.00	0.00 0.00
(after tax ) (X-XI)					0.00
Other Comprehensive income (Net of Tax)	(0.11)	0.02	(0.06)	(0.06)	(21.60) 0.06
Total Comprehensive income/(Loss) (after tax)	(0.83)	1.25	(23.96)	15.82	(21.54) 84.97
each per share)
balance sheet of previous accounting year					(86.22)
(1) Basic	(0.09)	0.14	(2.81)	1.87	(2.54) (2.54)

	Other Operating Income Expenses b) Purchase of stock-in-trade progess Total Expenses extraordinary items and tax Exceptional Item items and before tax Current Tax Profit/ (Loss) for the period from continuing Profit / (Loss) from discontinuing operations Profit/(Loss) from Discontinuing operations Net (Loss) profit for the period (IX + XIl ) Paid-up Equity Share Capital (Face Value of Rs.10/- Reserve excluding Revaluation Resereves as per {Earnings per equity share : (2) Diluted	(Audited) 10.75 4.65 108.92 0.00 0.00 0.00 0.00 (0.72) 84.97 (0.09)	QUARTER ENDED (UnAudited) 11.11 0.00 104.65 0.00 0.00 0.00 0.00 1.23 84.97 0.14	(Audited) 1.30 0.00 137.52 (20.01) 0.00 0.00 0.00 (23.90) 84.97 (2.81)	Regd. Office: 5/1, Shreeji House, 5th Floor, Behind M. J. Library, Ashram Road, Ahmedabad - 380006. Audited Financial Results for the Quarter and Year Ended as on 31st March 2020 YEAR ENDED (Audited) 44.30 4.65 435.07 0.00 0.00 0.00 0.00 15.88 84.97 1.87

3	Results for the quarter ended and Year ended as on 31.03.2020 have been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (IND AS) notified by the Ministry of Corporate Affairs. The
	results for the quarters have been restated as per IND AS and are comparable on like to like basis.
4	Previous period figures have been regrouped and / or rearranged wherever necessary to make their classification comparable with the current period.
5	The Company is manufacturing Ferro Alloys & Sponge Iron, which is basically used in Iron & Steel Industry. Further power generated in the company in its power plant is used for captive as well as trading purpose. In view
	of this, the company has to consider " Iron & Steel" and "Power" as Primary Reportable business segment, as per
	Ind As 108, Operating Segment. However, due to substantial competition, risk, on-going position of Company and largely in the interest of the Company as well as interest of the stake holders involved, the management has not
	made disclosure of Primary Reportable segment as per Ind As 108, Operating Segment. Further, in view of the
	fact that the Company has its business within the geographical territory of India, Company has considered "INDIAN GEOGRAPHY' as the only secondary reportable business segment, as per the Ind As 108, Operating
	Segment. Accordingly, compnay is not require to submit segment reporting.
6	The figures of last quarter are the balancing figures between audited figures in respect of the full financial year and the published year-to-date figures upto the third quarter of the current financial year.
7	The outbreak of COVID-19 pandemic globally and in India is causing significant disturbance and slow down of economic activity, COVID 19 has caused interruption in production, supply chain disruption, unavailability of
	personnel, etc. during last week of March, 2020 and thereafter. The management of the Company has exercised due care in concluding significant accounting judgments and estimates in preparation of the financial results In
	assessing the recoverability of Trade receivables, the Company has considered subsequent recoveries, past trends, credit risk profiles of the customers and internal and external information available up to the date of
	issuance of these financial results. In assessing the recoverability of inventories, the Company has considered
	the latest selling prices, customer orders on hand and margins. Based on the above assessment, the Company is of the view that the carrying amounts of Trade receivables and inventories are expected to be realisable to the
	extent shown in the financial results The impact of COVID-19 may be different from the estimates as at the date of approval of these financial results and the Company will continue to closely monitor the development
	For S.A.L. Steel Limited (Ww iJ x

	bey RAJENDRA V. SHAH
	CHAIRMAN (DIN 00020904)
	DATE : 30/07/2020 PLACE: SANTEJ

	The Statement of Assets and Liabilities as at 31st March 2020
	Statement of Assets and Liabilities	Amount Rs In Crores
		As at	As at
i	PARTICULARS	31.03.2020	31.03.2019
		(Audited)	(Audited)
ASSETS
1) a)	Non-current assets _ Property, Plant and Equipment	117.99	125:51
b)	{Capital work-in-progress	46.06	10.77
c)	_ Other Intangible assets	0.06	0.06
d)	{Financial Assets (i) Trade receivables	2.84	2.88
(ii) Loans		0.00	0.00
	(iii) Security Deposits	0	0
e) f)	Deferred tax assets (net) Other non-current assets	0 4.93	0 4.54
2)	Current assets
a)	Inventories	19.76	31.71
b)	Financial Assets (i) Trade receivables	119.66	91.18
	(ii) Cash and cash equivalents	0.19	0.26
	(iii) Bank balances other than (iii) above	0.43	0
(iv) Loans c)	{Other current assets	0.07 1.83	0.06 15.89
	TOTAL ASSETS	313.82	282.86
	EQUITY & LIABILITIES :
a)	EQUITY: Equity Share capital	84.97	84.97
b)	Other Equity	-70.41	-86.22
	LIABILITIES :
1)	_ Non-Current Liabilities
a)	__ Financial Liabilities (i) Borrowings	145.63]	160.07
	(ii) Trade payables	1.79	1.40
	(iii) Other Financial Liabilities {Provisions	0.67 1.06	0.89 0.86
b) Cc)	Deferred tax liabilities (Net)	19.88	18.72
d)	{Other non-current liabilities	0.00	0.00
2)	Current liabilities {Borrowings
(i) (ii)	{Trade payables	0.28 66.82	2.40 48.95
(iii)	_ Other financial liabilities	15.57	8.13
(iv)	Other current liabilities	37.42 10.14	33.82 8.86
(v)	_} Provisions Total Equity and Liabilities	313.82	282.86
		For S.A.L. Steel Limited




			Chairman

Place: Santej Date : —_ 2

~S.A.L. STEEL STANDALONE CASH FLOW STATEMENT FOR THE YEAR ENDED 31st_ MARCH 2020	LIMITED
PARTICULARS	2019-20		Amount Rs In Crores 2018-19
	Amount		Amount
(A) CASH FLOW FROM OPERATING ACTIVITIES: NET PROFIT/(LOSS) BEFORE TAX		17.06		(18.65)
Addi(Less):
Depreciation and amortization expense Loss / (Profit ) on sale of Assets	7.52 0.00		7.80 (0.01)
Financial Cost	1.51		1.50
Provision for Doubtful Debts and Advances Interest Income	0.00 (0.06)	8.97	0.00 (0.07)	9.21
OPERATING PROFIT BEFORE WORKING CAPITAL CHANGES		26.04		(9.43)
Adjustments for:
Trade and Other Receivables	(14.75)		(63.42)
Inventories Trade Payables and other liabilities	11.95 30.43	27.63	44.33 24.40	§.31
CASH GENERATED FROM OPERATIONS		53.66		(4.12)
Less: Income Tax Paid CASH FLOW BEFORE EXTRA ORDINARY ITEMS		0.00 53.66		0.00 (4.12)
NET CASH FLOW FROM OPERATING ACTIVITIES (A) (B) CASH FLOW FROM INVESTING ACTIVITIES:		53.66		(4.12)
Sale Proceeds of Assets	0.00		0.06
Interest Income Purchase of Fixed Assets	0.06		0.07
Impairment in Capital Work in Progress	0.00 0.00		(5.66) 20.01
Investment in Capital Work in Progress NET CASH FLOW FROM INVESTING ACTIVITIES (B)	(35.29)		(6.08)
		(35.23)		8.42
(C) CASH FLOW FROM FINANCING ACTIVITIES: Proceeds from Working Capital Loans	(16.56)		(4.96)
Proceeds /(Repayment) from / to Long Term Loans
Financial Expenses. Proceeds / (Repayment) from / to Loans and Advances	(1.51) 0.00		(1.50) 0.00
NET CASH FLOW FROM FINANCING ACTIVITIES (C)
NET INCREASE / DECREASE IN CASH & CASH		(18.07) 0.36		(6.46) (2.16)
EQUIVALENTS(A+B+C)		'		'
Cash & Cash Equivalent in the Beginning of the year Cash & Cash Equivalent in the Closing of the year		0.26 0.62		2.42 0.26
			For S.A.L. Steel Lined]
			r F vail	s \

				Rajendra V. Shah

				Chairman (DIN 00020904)

For S.A.L. Steel Lined]

r s \ F vail

CA. (DR). HITEN PARIKH M.Com., LL.B., FCA., PH.D. CA. SANJAY MAJMUDAR B.Com., LL.B., FCA

Independent Auditors' Report on Quarterly and Annual audited Standalone Ind AS Financial Results of M/s SAL STEEL LIMITED Pursuant to the Regulation ³³of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

To,

The Board of Directors SAL STEEL LIMITED Report on audit of Standalone Ind AS Financial Results

Opinion

We have audited the accompanying Statement of Standalone Ind AS Financial Results of SAL STEEL LIMITED (the "Company"), for the three months and year ended March 31, 2020 (the "Statement'), being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations').

In our opinion and to the best of our information and according to the explanations given to us, the statement:

a. is presented in accordance with the requirements of Regulation 33 of the Listing Regulations; and
b. gives a true and fair view in conformity with Indian Accounting Standard ³⁴ "Interim Financial Reporting" (Ind AS 34°) prescribed under Section 133 of the Companies Act 2013 (the "Act") read with relevant rules issued there under and other accounting principles generally accepted in India of the net profit and total comprehensive income and other financial information of the Company for the three months and year ended March 31, 2020.

We conducted our audit of the Statement in accordance with the Standards on Auditing ("SA"s) specified under Section143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Standalone Ind AS 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 ('ICAI') together with the ethical requirements that are relevant to our audit of the Standalone Financial Results under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion.

Emphasis of Matter

1. The financial results describes about the Non disclosure of Reportable Segments as required under Indian Accounting Standard — 108 'Operating Segments'. As IND AS 108 Operating Segments mandates the disclosure requirements there is no impact on the financial results due to non disclosure. (Refer Note No 31 of notes forming part of standalone IND AS financial statements)
1. We draw attention to Note 7 in the accompanying statement of quarterly and year to date standalone financial results of the Company which describes the management's assessment of the likely impact of uncertainties related to outbreak of COVID 19 global pandemic on the operations of the Company.

Our opinion is not modified on the above matters.

Managements Responsibilities for the Standalone Ind AS Financial Results

The Company's Board of Directors is responsible for the matters stated in section 434(5) of the Act with respect to the preparation of these standalone Ind AS financial statements that give a true and fair view of the state of affairs (financial position), Profit or loss(financial performance including other comprehensive! gome), changes in equity and cash flows of the Company in accordance

principles generally accepted in India, including the Indian Accounting Standards ('Ind AS') specified under section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments 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 standalone Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due. to fraud or error.

In preparing the standalone Ind AS financial statements, management is 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 management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the Company's financial reporting process.

Auditors Responsibilities for the Audit of the Standalone Ind AS Financial Results

Our objectives are to obtain reasonable assurance about whether the standalone Ind AS financial statements 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 Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if; individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on t is of these standalone Ind AS financial statements

As part of an audit in accordance with Standards on Auditing, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

e Identify and assess the risks of material misstatement of the standalone Ind AS financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and 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.
e Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls system in place and the operating effectiveness of such controls.
e Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
e Conclude on the appropriateness of management's 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 standalone Ind AS financial statement 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.

e Evaluate the overall presentation, structure and content of the standalone Ind AS financial statements, including the disclosures, and whether the standalone Ind AS financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with 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 identify 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 Matter

The standalone annual financial results include the results for the quarter ended March 31, 2020 being the balancing figures between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year which were subjected to a limited review by us.

Place: Ahmedabad

For Parikh & Majmudar Chartered Accountants FR No. 107525W

Parikh] Date: 30-07-2020 Membership No. 40230

UDIN: 20040230AAAAFY4199

AI assistant

S.A.L. Steel Ltd. Audit Report / Information 2020

61925_rns_2020-07-30_453f1fcc-9ac6-48dc-8521-993f818c5a91.pdf

SAL SAL STEEL LIMITED

SUB: OUTCOME OF BOARD MEETING