Steelcast Ltd. — Audit Report / Information 2021

May 28, 2021

STEELCAST LIMITED

REED. OFHGE RUVAPARIROAD & WORKS .BHAYNAGAR, GINARA7 INDIA 364 m5 PHONE {9t}(278} 251W62 FAX (91) {278) 242 0n9, 251 9ml E lIAIL Info@steeleastnet WEBSn'E www.stee16asl.net CIN L27SSOGilS72PLCO0200a

ACe079

By Listing Centre

May 28, 2021

To, Listing Compliance Department, BSE Limited Phiroze Jeejeebhoy Towers Dalai Street Mumbai 400 001

Dear Sir;

• $ub Outcome of the 272nd meeting of the Board of Directors of STEELCAST LIMITED held on May 28, 2021, at the Registered Office. Ruvapari Road, Bhavnagar 364 005 through video conferencing.

• Ref; Scrip Code 513517

With reference to the captioned subject, we wish to inform you that the meeting of the Board of Directors of STEELCAST LIMITED held today i.e. May 28, 2021. at 1610 Hours and concluded at 1750 Hours, at the Registered Office, Ruvapari Road, Bhavnagar 364 005 through video conferencing and the following matters fr7fer a//a have been considered. approved and taken on record by the Board of Directors:

1. Audited financialresults for the quarter and year ended on 31st March, 2021

2. The Board has recommended dividend subject to approvalof shareholders at the ensuing Annual GeneraIMeeting @ 27.00 %li.e. ©) 1.35 Rupees per equity share of face value of Rs. 5.00, for the financialyear 2020-21.

3. 3 After receiving recommendations from the Nomination & Remuneration committee meeting held today prior to Board of Directors Meeting, reappointed Shri Chetan M Tamboli(DIN:00028421),.as Managing Director subject to approvalof shareholders in ensuing AhnuaIGeneraIMeeting of the Company, for a term of 5 years.

4. Decided that the 50th AnnuaIGeneraIMeeting willbe held on Monday, 9th August, 2021. through Video Conferencing or Other Audio VisuaIMeans.

The time of AnnuaIGeneraIMeeting willbe informed later when the notice .of the meeting willbe filed

You are requested to please take the above on your record

Thanking you

Yours faithfully For STE LIMITED @

L:\AC\2079\COMPLIANCES\SECRETARIAL\MEETINGS\BOARD MEETING\2021.05.28 BM\BSE\P20210526A MLP. outcome

STEELCAST LIMITED

REGD. OFfiCE RUVAPARIROAD & WORKS BHAVNAGAR, GUJARAT INDIA 364 005 PHONE {911€278} 2519%2 FAX (91) (278) 2 0U9, U1 9©l E-MAIL Info stoeica©.not WEBSITE www.steeleasl.net CIN L27310GJ1972PLCOQ2033

AC:\2079

By Listing Centre

May 28. 2021

To. BSE Limited. P. J. Towers, DalalStreet. Fort Mumbai 400 001

Sub: Declaration with respect to the FinanciaIResults for the year ended on 31st March, 2021 Ref: Scrip Code 513517

We hereby declare that in the Audited FinanciaIResults for the financialyear ended on 31st March, 2021 which have been approved by the Board of Directors of the company at the meeting held today i.e. May 28, 2021, the Statutory Auditors of the Company have not expressed any modified opinion(s) in their Audit Report

The above declaration is made pursuant to Regulation 33 (d) of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015, as amended.

Yours faithfully f:or ST .CAST LIMITED

CHIEF FINANCIAL OFFICER

L:\AC\2079\COMPLIANCES\SECRETARIAL\MEETINGS\BOARD MEETING\2021.05.28 BM\B$E\P2021C)526A MLP, For BSE uploading feg 33(3)(atom)- 4 (]).dock

STEELCASE LIMITED Regd. OfHce: Ruvapari Road, Bhavnagar, Gujarat 364005 Phone No.0278-2519062. EmailID Info@steelcast.net www.steelcase.net CIN:L27310GJ1972pLC002033 FinanciaIResults for the Quarter & Year ended March 31, 2021

	Particulars	31/03/2021	31/12/2020	31/03/2020	31/03/2021 1	31/03/2026
l
	a Net Sales/Income from Ooeration b Other Income C Totallncome ( sum of a & b			o,z r I.z	15. r r2. 9 149.0	20,058.8E 47.77
2
	a Cost of materials ciiiis
	b Changes in inventdiles i;ifinished goods. wo lc in. progress	(297.61	(257.84	(402.33	3.629.'	4.631.47
3 4 5 6	C Employee benefit expense d Finance Cost e Depreciation and amoHisation exoense f Manufacturing Expenses g Power, Fueland water charges h Stores & spares Other Expenses TotaIExpenses fsum of a tn i Profit before exceptionalitems and tax rlr:.nl Add/(Less): Exceptionalttem Profit Before Tax (3+4) Tax Expense			3,DUZ.56 zlu.ul)	1,985.4 359.0' 1,381.81 1.958.7 2,521.2€ Z,0/4.92 6U0.81 14,357.60 1,564.40 0.00 1,564.40	2,277.37 472.55 1,604.76 2.148.84 3,141.45 2,932.73 1.153.19 18,402.99 1.703.66 0.00 1,703.66
7 8	a Current Tax b MAT Credit Written off C Short / (Excess) orovision af tax of earlier vnnrR d Deferred Tax e TotaITax Expense fsum nf a +n ri Profit / (Loss) for the mriid f5.6el Other Comprehensive Income			ZZ.6y)	538.14 44.98 6.74 (22/.58 362.28 I,zoz.12 1	693.83 0.00 (19.29) 231.37 905.90 797.75
	a Items not to be reclasiiReii siibsequently to prof t or
	oss
	Remeasurement aaiii } [1 Income tax effect on above 111 Gain/(loss) on fair valuiiiiiiiiBii;iiilR;;;i;;;RR iv Income tax effect on above b Items to be reclassifieasubiequerttlv to orofit or oss				9.61 (2.42	(23.11 6.7: 0.00 0.00
	C Other Comprehensivelncome for the year, net of	11.46	(8.14)	0.40
9 10	TotalComprehensive Income. net of tax f7+8c\ Paid-up Equity Share Capital(Face \value Rs. 5 . Wr share	1,012.00	1,012.00	1,012.00	I,ZU9.49 1.012.00	781.37
11	Other equity exc udina revaluation reservnn
12	Diluted			I i-urJ		3.94
Notes
l
	2021above results }ii
2	The Cohipanjlis o
3

4

5 6 7 8 The figures of

For STEELCAST LIMITED =U:m£S£::HE 311...,... ITAMBOLI ....;::"'. .-"o%t61?0zl.05.201z:sz:t3-n5'30' (Chetan M Tamboli) Chairman & Manaainn I)irnc+ar

Place: Bhavnagar

STEELCAST LIMITED

Summarised Balance Sheet as on March 31, 2021

Particulars ASSETS		A$ at 31.3.20
Non-Current Assets
Property, Plant and Equipment		l0,509.18
CapitalWork-in-Progress		2.03
Intengibie Assets Financial Assets		168.3g
Investments		8.63
Nan Current: Loans		14.41
Non-Current Tax Assets (Net)		188.03
Other Non Current Assets		1.010.10
Total Non Current Assets		11,901.26
Current Assets
Inventories		2.302.86
Financial Assets
Trade Receivables		2,833.39
Cash and Cash Equivalents		28.21
Other Bank Balances		139.34
Loans Other FinanciaIAssets		1,512.07 19.13
Other Current Assets		842.75
Total		7,677.75
Assets Classified as Held for Sale		150.29
TotalCurrent Assets		7,828.04
TotaIAssets	19,225.28	19,729.30
EQUITY AND LIABILITIES
Equity
Equity Share Capital
Other Equity
TotaIEquity
Non-Current Liabilities
Financial Liabilities
Borrowings
Provisions
Deferred Tax Liabilities(Net)
Other Non-Current Liabilities
TotaINon Current Liabilities
Current Liabilities
Financial Liabilities
Borrowings
Trade Payable:
(a) Totaloutstanding dues of Micro Enterprises and
Small Enterprisesl and
(b} Totaloutstanding dues of Creditors other than
Micro Enterprises and SmalIEnterprises
Other FlnanciaILiabilities
Provision
Other Current Liabilities
Total
Liabilities directly associated with Assets Ciassfiged as Held for Sale
TotalCurrent Liabilities
Tata: Liabi:ities
TotaIEquity and Liabilities	19.225.28	19.729.30

For STEELCAST LIMITED

rF]FTA r\li(llKna R Digitally signed by MANMOHANBH MANMOHAMBHAETAMBOLt AITAMBOU i; : i" """ '' '" ' ' (Chetan M I'amboli)

Chaimlar} & Managirlg Director DIN : 00028421

Place: Bhavnagar Date: May 28, 2021

'

J ]

Steelcast Limited

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Statement of Cash Flow for the half year ended March 31, 2021
(Rs. in lakhs)
Particulan31/03/202131/03/2020
I Particulars 31/03/2021 31/03/2020 1
A CASH FLOW FROM OPERATING ACTIVITIES :
I Net Net Profit before Taxation Profit before Taxation 1,564.40 1,564.40 1,703.66 1,703.661
Adjustments for -
I ..;«:."'";...- I
I Depreciation and amortization Depreciation and amortization 1.381.85 1,381.85 1.604.761,604.76 1
I(Profit)/Loss (Profit)/Loss on sa le le of Prop erty, erty, Plan t& t & E quipment(48.34)(2.19) quipm⑩nt (48.34)(2.19) 1
I Bad debts recovered recovered 31.40 1
Interestexpense(net) 277.17 4,642.07 432,2G 2,034.76
Operating Profit Before Working CapitalChanges 3206.47 3,738.42
I Operating Profit Before Working CapitalChanges 3,206.47 3,738.42 1
Adjustments for -
I Adjustmentsfor- I Trade Receivables TradeReceivables {2,303.61) (2.303.61) 2.830.132.830.13 I1
I Inve ntories(260.49)95.91ntories (260.49) 95.91 1
I OO th er FinancialerFinanci a nd on land N on F inanciaIAssetinanciaIAs s ets 1 .935..93 5 2 .52(1,743.11)(1.743.11) I
I N on-CurfentfCuon-Cur re r nt nt/Currentfinancial and other otherl li ab lities(31.36)(508.23)nanc i ab lities i aland (31.36) (508.23) 1
I /provisions I
l 659.95}674.70
Cash Generated From Operations 2,546.52 4,413.12
I Cash Generated From Operations 2.546.52 4,413.12 1
I DD rect axes(Payments)/Refunds i rect T axes(Payments)/Refunds (174.25\ r174.25) .......!gZ:t29}.1(974.30\
NET CASH FROM OPERATING ACTIVITIES NET CASH FROM OPERATING ACTIVITIES 2,372.28 2.372.28 ......lL!!;!1111]3,438,82
[
1.1B CASH FLOW FROMINVESTING ACTIVITIES :
I Purchase Purchaseof Property. Plant&Eof Property, Plant & E q uipment uipment(576.65)(621 28}(576 . 65) (621.28) 1
I (Purchase)/Sale of Investment(net) (Purchase)/Sale of Investment (net) (0.22) (0.22) 0.07 0.07 1
I S ale f roperty, Plant & Equipment(including held for sale) ale o f P roperty,Plant&Equipment(includingheldforsale) 1 67.06 6706 1 4.594.59 1
I Interest received interest received 59.21 59 21 27.0927.09 1
NET CASH FROM INVESTING ACTIVITIES(350.59)(579.54
NET CASH FROM INVESTING ACTIVITIES r350.5U .....llZt!£l
lclC CASH FLOW FROM FINANCING ACT]WT]ESi
I P roceeds/(Repayment) roceeds/(Repayment)fromLongTermBorrowings(364.70)(1.514.16) from Long Term Borrowings(364.7Q)(1.514.16) 1
I Interest Interest p aid aid(336.38)(459.29) (336.38) (459.29) 1
Dividend paid(121.44)(488.01)
NET CASH USED IN FINANCING ACTIVITIES(822.52) (2,461.46
NET INCREASE IN CASH AND CASH EQUIVALENTS I,q99.17 397.82
Cash and Cash Equivalents as at beginning of the year(1,692.55)(2,090.37)
Working Capita10lnance from banks(Net Change) 0 00 0-00
Cash and Cash Equivalents as at end of the year f493.38) f1-692.55
Reconciliation of Cash and Cash equivalents a$ per the Cash Flow Statement
cash anQ (;asn equtvatents as per ab i;8 ilbMpfiie of the following: 44.286.Q0 43,9; !=PO
6.61Z!:H
Working capitalfinance from banks 499.99) 1.720.76
Balance as per Cash Flow Statement 493.38 (1,692.55)
----- End of picture text -----

For STEELCASE LIMITED

CHETANKUMAR :: nlgitally signed by;HaANKUMAR MANMOHANBH:MANMmAN8tIAI At TA}UB{)Li ..-" .-' . ..:: ;'. '"Oa d202 w,2s t7:nt4n5'30'

(Chetan M 'iamboti)

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Audit Report on AnnuaIFinanciaIResults pursuant to Regulation 33 of the SEBI(Listing Obligations and Disclosure Requirements) Regulations, 2015

To

The Board of Directors

STEELCAST LIMITED

Opinion

We have audited the accompanying statement of standalone financial results of STEELCAST LIMITED ('the Company ') for the three months and year ended March 31, 2021 (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 the applicable accounting standards and other accounting principles generally accepted in India, of the net profit, other comprehensive income and other financial information of the Company for the three months and year ended March 31, 2021.

Basis for Opinion

We conducted our audit of the Statement in accordance with the Standards on Auditing ("SA"s) specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Standalone 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 ("ICAL") together with the ethicalrequirements 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 ICAL's Code of Ethics. We believe that the audit .4 .J I.

Management's Responsibilities for the Standalone FinanciaIResults

The statement has been prepared on the basis of the standalone annual financial statements. The Company's Board of Directors are responsible for the preparation and presentation of the Standalone FinanciaIResults that give a true and fair view of the net profit and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Ind AS 34, prescribed under Section 133 of the Act, read with relevant rules issued there under and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding 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 prudentl and the 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 Financial Results that give a true and fair view and is free from materialmisstatement, whether due to fraud or error.

In preparing the Standalone 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 financial reporting process of the Company.

Auditor's Responsibilities for the Audit of the Standalone FinanciaIResults

Our objectives are to obtain reasonable assurance about whether the Standalone Financial Results as a whole is free from materialmisstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high levelof assurance, but is not a guarantee that an audit conducted in accordance with SAs 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 the basis of this Standalone FinanciaIResults.

As part of an audit in accordance with SAs, we exercise professionaljudgment and maintain professionalscepticism throughout the audit. We also:

• Identify and assess the risks of materialmisstatement of the Standalone Financial Results, whether due to fraud or error, design and perf orm 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, intentionalomissions, misrepresentations, or the override of internalcontrol.

• Obtain an understanding of internalfinancialcontrols 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 such controls.

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

• Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors in terms of the requirements specified under Regulation 33 of the Listing Regulations.

• 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 materialuncertainty exists related to events or conditions that may cast significant doubt on the ability of the Company 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 Statements 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 Standalone FinanciaIResults, including the disclosures, and whether the Standalone Financial Results represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the Standalone Financial Results of the Company to express an opinion on the Standalone Financial Results.

Materiality is the magnitude of misstatements in the Standalone Financial Results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Standalone FinanciaIResults may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our workland (ii) to evaluate the effect of any identified misstatements in the Standalone FinanciaIResults.

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 internalcontrolthat 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.

,''~ :iu--

Other Matter

The statement includes the results for the quarter ended March 31, 2021 being the balancing figure between the audited figures in respect of the fullfinancialyear ended March 31, 2021 and the published unaudited year-to-date figures up to December 31, 2020, being the date of the end of the third quarter of the current financialyear, which were subjected to a limited review, as required under the Listing Regulations.

For S S M & Co, Chartered Accountants

Bhavnagar

28th May 2021 U DIN : 21'106804AAAAAR3416

FRN : 129't 98W fn . . . + .. 111";: Digitallysigned bySaOu Sureshbhai B:i!::lll.== Sarju Sureshbhai lcbl. postalcode=3800ls. st=aujarat. . .';: .....!efb Ny.mbenbda86Q15b40c265eacb96'+sp'" Mehta :foIE: :i: : :: CA Sarju S. Mehta Partner

M. N. 106804

STEELCAST LIMITED

READ. OFHCE RUVAPARIROAD ' & WORKS BHAVNAGAR, GUJARAT INDIA 364 005 PHONE @1)(278) 2519%2 FAX (91) (278) 242 0W9, 251 9®l WEBSITE www.steoleast.net

AC/2079

By Listing Centre

May 28. 2021

To

Listing Compliance Department. BSE Limited Phiroze Jeejeebhoy Towers Dalai Street Mumbai 400 00'1

Dear Slr

Sub: Submission of Audited Financial Results for the Quarter and year ended March 31, 2021 along with Auditor's Report for the year ended 31st March, 2021. Ref: Scrip Code 513517

With reference to the captioned subject, in compliance with Regulation 33 of the SEBI(Listing obligations and Disclosure Requirements) Regulations, 2015, we enclosed herewith Audited FinanciaIResults for the Quarter and year ended March 31st, 2021 along with Auditor's Report for the year ended March 31st, 2021 duly taken on record by the Board of Directors of the Company at its meeting held on May 28, 2021.

We have also enclosed herewith regarding declaration of Audit Report with unmodified opinion

You are requested to please take the above on your record

Thanking You,

Yours faithfully For ST .ST LIMITED

hash Sharma

Chief FinancialOfficer

End.: A$ Above

L:\AC\2079\COMPLIANCES\SECRETARIAL\MEETINGS\BOARD MEETING\2021.05.28 BM\BSE\P20210526A MLP, For BSE uploading reg 33(3)(atom)- 4 (1).doc