_ MAHARASHTRA SEAMLESS LIMITED

INTERIM CORPORATE OFFICE : Plot No.106. Institutional Sector-44, Gurgaon- 122 002 Haryana (india)
Prone No. : 91-124-4624000, 2574326, 2574325, 257472he Fax : 91-124-2574327
E-maié : contact@)mahaseam.com Website : www jindal.corm
CIN No: L99999MH1888PLCOB0545
CORPORATE OFFICE : Plot No. 30, Institutional Sector-44, Gurgaon-122 002 Haryana (India)

E-Communication
MSL/SEC/SE/2021-22 June 25, 2021

BSE Limited National Stock Exchange of India Limited

25th Floor, P.J. Towers, Exchange Plaza, C-1, Block-G,
Dalal Street, Mumbai-400001 Bandra - Kurla Complex, Bandra (E), Mumbai-400051

Stock Code: 500265 Scrip Code: MAHSEAMLES

Sub: Compliances under SEBI (LODR) Regulations, 2015

Ref: Outcome of Board Meeting held on June 25, 2021

Dear Sir/Madam,

Pursuant to applicable regulations of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, as amended from time to time, we wish to inform you that the Board of Directors of
the Company at its meeting held on today i.e. June 25, 2021, inter-alia, have considered and
approved the followings matters:

1. The audited standalone financial results for the quarter and financial year ended March 31,
2021. A copy of duly signed audited financial results along with audit report, issued by M/s L B
Jha & Co., Statutory Auditors of the Company, and declaration in respect of audit report with
unmodified opinion on Standalone Audited Financial Results under Regulation 33 of SEBI
listing Regulations, are enclosed.

2. The audited consolidated financial results for the quarter and financial year ended March 31,
2021. A copy of duly signed audited financial results along with audit report, issued by M/s L B
Jha & Co., Statutory Auditors of the Company, are enclosed.

We would like to state that M/s L B Jha & Co., Statutory Auditors, have issued audit report
with modified opinion on the Consolidated Audited Financial Results for the quarter and year
ended March 31, 2021. Accordingly, the statement on impact of Audit Qualifications in respect
of modified opinion on Consolidated Audited Financial Results is enclosed herewith.

3. Recommendation of final dividend, subject to approval of members, of INR 3.50 per equity
share of INR 5/- each for the financial year 2020-21.

The meeting of the Board of Directors commenced at 12:30 p.m. and concluded at OG'S Op.m.

You are requested to kindly take the same on record.

Yours faithfully,
For aharashtra Seamless Limited

R igam
Company Secretary

Encl.- As stated above

_JINDA
DP JINDAL GROLF —
REGO. OFF. & WORKS Pipe Nagar, Village, Sukeli, N.H.17, B.K.G. Road, laluka-Hona, Usstt Raigad-402 126 (Maharashtra)
Phone : 02194-238511, 238512. 238567, 238569 Fax 02194-238573
MUMBAI OFFICE : 402, Samjan Plaza, 100 Dr. Annie Desant Road, Opp, Toico Showroom, Warli, Mumbai-d00 018
Phones 022-2490 2570 /72 /74* Fax : 022-2492 5473
HEAD OFFICE + 5, Pura Road, 2nd Floor, New Deihi-110005 Phones : 011-28752662, 28756631 Email pidelhigbol net in
KOLKATA OFFICE : Sukhseger Apartment. Fiat No. 8A. 6th Floor. 2/5, Sarat Bose Road, Kouta - 700 020
Phone . 033-2455 9982, 2454 0053. 2454 0056 © Fax : 033 - 2474 2290 E mow mai@cal vsni net.in
CHENNAI OFFICE > 3A, Royal Count 41, Venkstnarayana Road, T. Nagar Channai-600017
Phone . 044-2434 2231° Fax | 044-2434 7990
 311, Lok Centre Corporate Park,
Co Marol Maroshi Road, Marol,
L B Jba &
Andheri (E), Mumbai - 400 059.
CHARTER! ED ACCOUNTANTS seciia

Tel.: 022-2920 3183 / 2920 3184

Email: Ibjhabom@lbjha.com

INDEPENDENT AUDITOR’S REPORT

TO THE BOARD OF DIRECTORS OF

MAHARASHTRA SEAMLESS LIMITED

Report on the audit of the Standalone Financial Results

Opinion

1. We have audited the accompanying standalone quarterly and year to date financial results of
MAHARASHTRA SEAMLESS LIMITED (“the Company”) for the quarter and the year ended 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, as
amended (“Listing Regulations”).
2. In our opinion and to the best of our information and according to the explanations given to us,
these standalone financial results:
i. are presented in accordance with the requirements of Regulation 33 of the Listing
Regulations in this regard; and
ii. gives 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 and other comprehensive income and other financial
information for the quarter ended March 31, 2021 as well as the year ended March 31, 2021.
Basis for Opinion

3. 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 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 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 there under, 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.

Also At: 405, Yogeshwar Building, M-2, Gonnaught Place, New Delhi - 110001 Tel : 011-4151 0951 Fax : 011-4151 0952 E-mail: Ibjhadel@Ibjha.com
- 2242 4277
B2/1, Gillander House, 8, Netaji Subhash Road, Kolkata - 700 001 Tel: 033 / 2242 5858 / 2242 5407 Fax : 033 - 2242 0650 / 2230 2846
 LBJjJbacCo (CHARTERED ACCOUNTANTS

4. Emphasis of Matters
We draw attention to following notes to the financial results:

a. Note No. 5 which states that the Company has not recognized interest income on loan
granted to its wholly owned subsidiary and the reason for such non recognition.

b. Note No.6 which states that during the year the Company has made diminution of
investment in subsidiary company & joint venture company. The Company has computed
current tax after considering the impact of provision for impairment of investments in
subsidiaries and joint ventures as well as reduction of provision for bank guarantee in step
down subsidiary on the basis of an opinion received from a tax expert.

Our opinion is not modified in respect of this matter.

Management's Responsibilities for the Standalone Financial Results

5. These quarterly financial results as well as the year to date standalone 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 profit and other comprehensive income and other financial information in
accordance with the recognition and measurement principles laid down in Indian Accounting
Standard 34, ‘Interim Financial Reporting’ prescribed under Section 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 the Listing Regulations. 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 financial results that give a true and fair view and are free from
material misstatement, whether due to fraud or error.

6. Inpreparing 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.
7. The Board of Directors are also responsible for overseeing the Company’s financial reporting
process.
 LBjbaceCo(CHARTERED ACCOUNTANTS:

Auditor's Responsibilities for the Audit of the Standalone Financial Results

8. Our objectives are to obtain reasonable assurance about whether the standalone 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. 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 these standalone financial
results.
9. As part of an audit in accordance with SAs, 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 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 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, 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.
e Evaluate the overall presentation, structure and content of the standalone financial results,
including the disclosures, and whether the financial results represent the underlying
transactions and events in a manner that achieves fair presentation.
10. 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.
 LBjbaeCoCHARTERED ACCOUNTANTS,

11. 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.

12. The Financial Results include the results for the quarter ended March 31, 2021 being the
balancing figure 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 subject to limited review by us.

For L. B. Jna & Co.

Chartered Accountants
Firm Registration No.: 301088E

(P. Agarwal)
Place: Mumbai Partner
Date: 25" June, 2021 Membership No.: 301880
UDIN: 21301880AAAALB3605
 MAHARASHTRA SEAMLESS LIMITED
(D.P. JINDAL GROUP COMPANY )
Registered Office: Pipe Nagar, Village Sukeli, NH 17, BKG Road, Taluka
Roha, Distt, Raigad-402 126 (Maharashtra) Tel. No. 02194-238511: Email:
Corporate Office: Piot No. 30, institutional Sector - 44, Guyrugram - 122 003 (Haryana}
Interim Corporate Office: Plot No.106, institutional Sector-44, Gurugram-|
22 003 (Haryana)

AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER & YEAR CIN - L99999NAH 1988PLC080545
ENDED 31 ST MARCH 2021
{Rs. In Lakhs, except per share data);
Si, Standalone
No. sicibcabs 31-Mar-2)
Quarter Ended Year Ended
1 Revenue from operations __['31-Dec-20] 31-Mar-20] 31-Mar-21] 31-Mar-20
a. Sales/ income from Operations
64,559 54,444 57,801 222,508 261,684
b. Other Operating Income
- - : : S
Total Income from Operations
64,559 54,444 57,801 222,508 261,684
2 Other Income
1,529 2,284 (169) 9.064 5.110
3 Total Revenue (142)
66,088 56,728 37,632 231,572 266.794
4 Expenses
a. Cost of materials consumed
47,772 36,628 37,397 139,833 159,959
'b, Purchase of Stock in trade
- - - - :
c. Change of inventories of finished goods, work in progress and
stock in trade. (9,475) (1.194) (3.357) (3.800) (372)
d. Employees benefits expenses
1,863 1.647 1,876 6,697 7.474
e. Finance Costs
1,039 1,197 1.081 4.801 4.793
f. Depreciation and amortisation expenses
2,605 2,652 1,991 10.539 7,875
g. Other Expenses
11,708 8,644 10,360 35.135 39,481
Total Expenses
55,512 49,574 49,348 193,205 219.210
5 Profit / (Loss) before exceptional Items & Tax (3-4) 10,576 7,154 8,284 38,367 47,584
6 Exceptional Items
19.099 : 45.041 19,099 45,04)
7 |Profit / (Loss) befcre Tax (5-6)
(8.523) 7,154 (36.757) 19,268 2.543
8 Tax Expenses

Current Tax
(1.603) {939) (2.145)
Deferred Tax - 8.331
Adjustment Relating to Earlier Years
1,422 1,222 3.871 5.109 (3.682)
Total Tax Expenses = a (38) = (38)
(181) 283 1,688 5,109 4.411
9 Net Profit after tax (7-8)
(8,342) 6,871 (38,445) 14,159 (2,068)
10 |Other Comprehensive Income

Other Comprehensive income not to be reclassified to profit/(loss) in subsequent

years.
Remeasurement of defined Benefit Plans (Net Of Tax)
211 (6) (103) 194 (24)
11 |Total Comprehensive income (Net of Tax) (9+10)
(8,131) 6.865 (38.548) 14,353 (2.092)
12 |Paid up Equity Share Capital (Face Value of Rs, 5/- each)
3,350 3.350 3.350 3,350 3,350
13 |Earming per Share (EPS)
- Basic/Diluted Earning Per Share No? Annualised (Rs.)
14__|Other Equity (12.45) 10.26 (57.38) 21.13 (3.09)
Statement Of Assets and Liabilities 321.010 308,332

Forever As At
31-Mar-21] 31-Mar-20
Assets
1. Non - Current Assets
(a) Property, Plant and Equipment
184,420 192,283
(b) Capital work in progress
(c) Other intangible Assets 871 2,853
12 13
(d) Financial Assets
{i} Investments
71,434 78,619
(ii) Loans
(ii) Other Financial Assets
55,791 10.953
1,940 878
(e) Other Non - Current Assets
897 1,049
315,365 286,648
2. Current Assets
(a) Inventories
86,994 71,247
(b) Financial Assets
(i) Investments
(li) Trade Receivables 16,766 1016
(iii) Cash & Cash Equivalents 46.101 36,683
(iv) Bank Balance other than iii above
4,785 45
(v) Loans 219 243
(vi) Other Financial Assets
23,432 67,467
11,787 17,039
(‘c) Current Tax Assets (Net)
3.021 670
(‘d) Other Current Assets
$.251 10.758
198,356 205,168
Total Assets 513,721 491,816
 Equity And Llobilities
Equity
(a) Equity Snare Capital 3.350 3,350
(b) Other Equity 321,010] 308.332
324,360 311,682
abilities
1. Non Current Liabilities
(a) Financial Liabilities
(i) Borrowings 62.060 75.034
(ii) Other Financial Liabilities 353 496
(ob) Deferred Revenue 2.996 2.869
(‘c) Deferred Tox Liabilities (Net) 27,432 22.258
92.84) 100.657
2. Current Liabilities
(a) Financial Liabilities
(i) Borrowings 9.697 5,209
(ii) Trade Payables
(a) Total outstanding dues of micro & small enterprises 57 89
(b) Total outstanding dues other than micro & small enterprises 73.269 56,951
(ili) Other Financial Liabilities 623 865
(b) Other Current Liabilities 5.932 3.128
(‘c) Current Tax Liabilities (Net) - -
(d) Provisions 6.942 13,235
96,520 79,477
Total Equity and Liabilities: $13,721 491,816
Statement of Standalone Cash Flow
Particulars Year Ended
31-Mar-21] 3-Mor-
‘A. Cash Flow from Operating Activities
Profit Before Tax including other comprehensive income (not to be reclassified) as 19,462 2.519
per Statement of Profit and Loss
Adjustmenis for:
Depreciation and Amortisation 10.539 7.875
(Profit}/Loss on Sale / Write off of Fixed Assets (Net) 177 1
Exceptional Item 19.099 45,041
Finance Costs 4.801 4,793
Net Gain on Sale of investments (600) (279)
Interest Income (4.524) (3.469)
Dividend Income (4) (1?)
Rental Income (71) (70)
Cash Flow from Operating Activities before Working Capitol Changes 48.879 56,394,
Changes in Working Capital:
Adjustments for (Increase) / Decrease in Operating Assets:
Inventories (15,747) 5.622
Trade Receivables and Other Receivables 688 (3.784)

Adjustments for increase / (Decrease) in Operating Liabilities:

Trade Payables and Other Liabilities 18,534 29,663
Cash Flow from Operating Activities after Working Capital Changes 52.354 87,895
Net Income Tax (Paid) / Refunds 2.286) (13,026)
Net Cash Flow from / (used in) Operating Activities (A) 50,068 74,869
B. Cash Flow from Investing Activities
Capital Expenditure on Property, Plant and Equipment (871) (84,566)
Proceeds from Sale of Property, Plant and Equipment -
Current Loans and Advances (Net} 6.490 7,834
Non Current Loans and Advances (Net) (7.301) (2)
‘Current Investments
- Purchased (68,257) (97.067)
- Proceeds from Sale 52.606 105.473
Purchase of Non Current investments
- Subsidiaries (13.771) (11.659)
Others (4.014) (25,204)
Proceeds from Sale of Non Current Investment
- Subsidiaries 45 -
- Others * 66
Interest Income 4.292 2.362
Dividend Received 4 7
Rent Income 7) 70
Net Cash Flow from / (used in) Investing Activities (B) (30.706)| (102.6468)
C. Cash Flow from Financing Activities
Proceeds / (Repayment) of Long - Term Borrowings (12.013) 31.719
Proceeds / (Repayment) of other Short - Term Borrowings 4,488 870
Finance Costs (5.397) (5.668)
Dividend Paid (1.700) (4.038)
Tax on Dividend - (826)

Net Cash Flow from / (used In) Financing Activities (C) (14,622) 22,057

Net Increase / (Decrease) In Cash and Cash Equivalents (A+B+C) 4,740 (5.742)
Cash and Cash Equivalents at the Beginning of the Year 45 5,787
Cash and Cash Equivaients at the End of the Year 4,785 45
 SEGMENT REVENUE, RESULTS & CAPITAL EMPLOYED

Quarter Ended Year Ended

Particulars 31-Mar-21) 31-Dec-20] 31-Mar-20] 31-Mar-21 31-Mar-20)
| Segment Revenue
a. Steel Pipes & Tubes
63,159 52.977 56.982 216,645 258.649
b. Power - Electricity
c. Rig 1,524 1,300 1,264 5.406 5,072
d. Others /Unallocated
7 738 49 2951 49
Total Income 1,529 2,284 {169) 9,064 5.110
Less: Inter segment revenue $6,923 57,299 58,126 234,066 268,880
835 571 494 2,494 2.086
2 66,088 56,728 57,632 231,572
Segment Results : Profit before tax and interest (EBIT) from each Segment 266,794

a. Steel Pipes & Tubes

b, Power- Electricity 9.005 5.159 8.663 30,208 43,741
ic. Rig
1,016 819 862 3.466 3,517
65 89 9 430
d. Others /Unaliocated 9
1,529 2.284 (169) 9.064 5.110
Total 11,615 8.351 9,365
Less: 1) Interest & Financial Charges 43,168 52,377
1,039 1,197 1,081 4,801 4793
ii) Other Unallocable Expenditure
Total Profit Before Tax : : : - -
10.576 7154 8.284 38,367 47,584
3 Segment Assets

a. Steel Pipes & Tubes

b. 229,066 202.348 213.162 229,066
Power - Electricity 213,162
ic. Rig 29,050 29,386 30.308 29,050 30.308
72,199 72.815 74,062 72.199
d. Others /Unallocated 74,062
183,406 199.933 174,284 183,406 174,284
Total 513,721 504,482 491,816
4 Segment Liabilities 513,721 491.816

a. Steel Pipes & Tubes

90,621 75.341 79,084 90.621
b. Power- Electricity 79,084
105 551 659 105
c. Rig 659
d. Others /Unallocated 71,203 71,104 78,133 71,203 78,133
27,432 24,995 22,258 27,432 22.258
Total 189,361 171.991 180,134
Notes: 189,361 180,134
1 |'The above financial results were reviewed by the Audit
Committee and approved by the Board of Directors at
its meeting held on 25th June, 2021.

2 |Figures for the quarter ended 31st March 2021 are the
balancing figures between Audited figures of financial
figures upto third quarter of the financial year. year ended 31st March 2021 & published

3 |The Board of Directors has recommended a dividend

of Rs. 3.50 per share (70%) for the financial year ended
each. 31st March 2021 on Equity Shares of Rs. 5/-
4 |The outbreak of corona virus [(COVID-19) pandemic
globally and in India is Causing significant disturbanc
Company operations and revenue during the current e and slowdown of economic activity. The
quarter were impacted due to COVID-19. The Company
of COVID-19 in preparation of the financial results, including has taken into account the possible impact
its assessment of recoverable value of its assets based
upto the date of approval of the results. The Company on internal and external information
will continue to monitor any material changes to future
economic conditions.
5 |The Company had not charged interest on loan given to United Seamless Tubulaar Pvt Ltd. .a subsidiary as it has recently
‘company will charge interest once it becomes fully operational commenced its operations. The
.
6 |Exceptional item of Rs. 19,099 lacs represents diminution
of investment in subsidiary company & joint venture company,
7 |Figures for the previous periods have been re-grouped
/ rearranged / recast to make them comparable with
the figures of the current period.

For Maharashtra Seamless Limited

im 4 ‘ A
Yok 2k a meer
Place : New Delhi Saket Jindal
: June, 2021 Managing Director
DIN: LYS
LBjbaceCo
311, Lok Centre Eorporate Park,
Marol Maroshi Road, Marol,
Andheri (E), Mumbai - 400 059.
CHARTERED ACCOUNTANTS
India
Tel.: 022-2920 3183 / 2920 3184
Email : Ibjhabom@lbjha.com

INDEPENDENT AUDITOR’S REPORT

TO THE BOARD OF DIRECTORS OF

MAHARASHTRA SEAMLESS LIMITED

Report on the Audit of Consolidated Financial Results

Qualified Opinion

1. We have audited the accompanying statement of consolidated annual financial results of

MAHARASHTRA SEAMLESS LIMITED (hereinafter referred to as the ‘Holding Company”) and its
subsidiaries (Holding Company and its subsidiaries together referred to as “the Group”) ,its
associate and joint ventures for the year ended March 31, 2021, (“statement”)attached
herewith, 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 (‘Listing Regulations’).

Except for the possible effects of the matters described in the “Basis for Qualified Opinion”
paragraph below, in our opinion and to the best of our information and according to the
explanations given to us and based on the consideration of reports of the other auditors on
separate audited financial statements and financial information of the subsidiaries, associate
and joint ventures, the statement:

(i) includes the annual financial results of the following entities:

SI. No. Subsidiaries Joint Ventures Associates

(i) Maharashtra Seamless (Singapore) Pte. Gondkhari Coal Jindal Pipes

Ltd. Mining Ltd. (Singapore) Pte. Ltd.

(ii) Maharashtra Seamless Finance Ltd. Dev Drilling Pte. Ltd. Star Drilling Pte. Ltd.

(iii) Jindal Premium Connections Pvt. Ltd.

(iv) Discovery Oil and Mines Pte. Ltd.

(v) Internovia Natural Resources FZ LLC

(vi) Zircon Drilling Supplies and Trading FZE

(vii) United Seamless Tubulaar Private Limited

(ii) are presented in accordance with the requirements of Regulation 33 of

Regulations in this regard; and

Also At: 405, Yogeshwar Building, M-2, Connaught Place, New Delhi- 110001 Tel : 011-4151 0951 Fax : 011-4151 0952 E-mail: Ibjhadel@lbjha.com
82/1, Gillander House, 8, Netaji Subhash Road, Kolkata - 700 001 Tel: 033 - 2242 4277 / 2242 5858 / 2242 5407 Fax : 033 - 2242 0650/ 2230 2846
 LBjbaeCo CHARTERED ACCOUNT ANTS

(iii) gives a true and fair view in conformity with the applicable accounting standards, and other
accounting principles generally accepted in India, of the consolidated net profit and
other comprehensive income and other financial information of the Group for the
quarter ended March 31, 2021 and for the year ended March 31, 2021.

3. Basis for Qualified Opinion

In one of the foreign subsidiaries not audited by us and whose audit report for financial year
ending 31st March 2021 has been provided to us and the concerned auditor has stated in his
report that the Company has investment in unquoted shares which are held in related parties.
These investments are carried at their original cost of investments as management is of the
view that cost approximates fair value. Management has not determined the fair value of
these investments using acceptable valuation methods as required by FRS 109, financial
instruments. Consequently, we are unable to determine whether any adjustments to the
carrying value of the investments as at March 31, 2021 would be required to be made.

In one of the foreign subsidiaries not audited by us and whose audit report for financial year
ending 31st March 2021 has been provided to us and the concerned auditor has stated in his
Audit Report that during the previous year ended 31st March 2020, the Company recognized
impairment provision in the statement of profit or loss for the opening carrying value of
amount due from subsidiary and the opening carrying value of investment in subsidiary as at
01 April 2019 amounting to USS 9,357,500 and USS 6,961 respectively. They are unable to
determine whether the above mentioned provisions should have been made in 2020 or prior
years and whether adjustments might have been found necessary in respect of the statement
of profit or loss and other comprehensive income and statement of cash flows of the Company
for the financial year ended 31 March 2020. It is further stated that their opinion on the
current year’s financial statements is also modified because of the comparability of the current
year’s figures with the corresponding figures.

The Holding Company has recognized necessary provisions for impairment in respect of the
aforesaid qualifications in the standalone financial statements.

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under
section 143(10) of the Companies Act, 2013 (“Act”). Our responsibilities under those Standards
are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial
Results section of our report. We are independent of the Group and its associate and joint
ventures 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 statements 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 obtained by us and
other auditors in terms of their reports referred to in “Other Matter” paragraph below, is
sufficient and appropriate to provide a basis for our opinion.
 LBJbaneCo CHARTERED ACCOUNTANTS.

4, Emphasis of Matters

a. We draw attention to Note No.5 which states that during the year the Company has made
diminution of investment in subsidiary company & joint venture company. The Company has
computed current tax after considering the impact of provision for impairment of investments in
subsidiaries and joint ventures as well as reduction of provision for bank guarantee in step down
subsidiary on the basis of an opinion received from a tax expert.

b. In one of the subsidiaries not audited by us and whose audit report for financial year ending
31st March 2021 has been provided to us and the concerned auditor has stated in his Audit
Report that the Management has assessed that provision be maintained for temporary
diminution in the value of investment for USD 95 million. The Management has assessed that
the likelihood of the recovery of these investment is less probable. Further the Management has
assessed that the loans and advances due to shareholders is not likely to be repaid considering
the temporary diminution in the value of the investment in associate. A provision has been
maintain towards temporary write back of these loans and advances of USD 7.95 million during
the year and shown under other comprehensive income. This provision will be utilised by the
Company once it is confirmed that the investment in the associate is permanently impaired and
upon the approval of the shareholders. It is further stated that their opinion is not modified in
respect of this matter.

Our opinion is not modified in respect of these matters.

5. Board of Director's Responsibilities for the Consolidated Financial Results

These Consolidated financial results have been prepared on the basis of the consolidated annual
financial statements. The Holding Company’s Board of Directors are responsible for the preparation
and presentation of these consolidated financial results that give a true and fair view of the profit and
other comprehensive income and other financial information of the Group including its associate and
joint ventures in accordance with the Indian Accounting Standards prescribed under Section 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 the Listing Regulations. The respective
Board of Directors of the companies included in the Group and of its associate and joint ventures are
responsible for maintenance of adequate accounting records in accordance with the provisions of the
Act for safeguarding of the assets of the Group and its associate and joint ventures 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 the design,
implementation and maintenance of adequate internal financial controls, that were operating
effectively for ensuring accuracy and completeness of the accounting records, relevant to the
preparation and presentation of the consolidated financial results that give a true and fair view and
are free from material misstatement, whether due to fraud or error, which have been used for the
purpose of preparation of the consolidated financial results by the Directors of the Holding Company,
as aforesaid.

In preparing the consolidated financial results, the respective Board of Directors of the compani
included in the Group and of its associate and joint ventures are responsible for assessing
 LBjbaceCo CHARTERED ACCOUNTANTS.

ability of the Group and its associate and joint ventures entities to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless the respective Board of Directors either intends to liquidate the Group or to
cease operations, or has no realistic alternative but todo so.

The respective Board of Directors of the companies included in the Group and of its associate and joint
ventures are responsible for overseeing the financial reporting process of the Group and of its
associate and joint ventures.

6. Auditor's Responsibilities for the Audit of the Consolidated Financial Results

Our objectives are to obtain reasonable assurance about whether the consolidated 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. 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 these consolidated financial results.

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

e Identify and assess the risks of material misstatement of the consolidated 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 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 with reference to financial statements 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 the Board of Directors.

e 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 ability of the Group
and its associate and joint ventures 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 consolidated 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 Groupai
its associates and joint ventures to cease to continue as a going concern.
 LBJbacCoCHARTERED ACCOUNT ANTS,

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

e Obtain sufficient appropriate audit evidence regarding the financial results/financial

information of the entities within the Group and its associate and joint ventures to express an
opinion on the consolidated Financial Results. We are responsible for the direction,
supervision and performance of the audit of financial information of such entities included in
the consolidated financial results of which we are the independent auditors. For the other
entities included in the consolidated Financial Results, which have been audited by other
auditors, such other auditors remain responsible for the direction, supervision and
performance of the audits carried out by them. We remain solely responsible for our audit
opinion.

We communicate with those charged with governance of the Holding Company and such other
entities included in the consolidated financial results of which we are the independent auditors
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.

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

7. Other Matters

a. The consolidated Financial Results include the audited Financial Results of five subsidiaries
(including four subsidiaries located outside India), whose financial statements reflect Group’s
share of total assets of Rs. 48505.01 lakhs as at March 31, 2021, Group’s share of total revenue
of Rs.85.37 lakhs and Rs. 468.31 lakhs and Group’s share of total net loss after tax of Rs.
24608.20 lakhs and Rs. 25180.13 lakhs, total comprehensive loss of Rs.24858.99 lakhs and
Rs.24785.98 lakhs for the quarter ended and for the year ended March 31, 2021 respectively,
and Cash flows (net) of (7599.07) Rs lakhs for the year ended March 31, 2021 as considered in
the consolidated Financial Results, which have been audited by their respective independent
auditors. The independent auditors’ reports on financial statements of these entities have been
furnished to us and our opinion on the consolidated Financial Results, in so far as it relates to
the amounts and disclosures included in respect of these entities, is based solely on the report
of such auditors and the procedures performed by us are as stated in paragraph above.
 LBjbacCo
CHARTERED ACCOUNT aivTS.

b. The consolidated financial results also include the Group’s share of net profit after tax of Rs. Nil
and Rs. Nil, total comprehensive income of Rs. Nil and Rs. Nil for the quarter and year ended
March 31, 2021, respectively, as considered in the consolidated financial results, in respect of
one joint venture, based on their financial statements which have not been audited by its
auditor. According to the information and explanations given to us by the Management, the
financial statement is not material to the Group.

c. The consolidated financial results include the unaudited financial information of two
subsidiaries whose financial information reflect Group’s share of total assets of Rs. 57675.73
lakhs as March 31, 2021, Group’s share of total revenue of Rs. 6532.49 lakhs and Rs.9494.23
lakhs and Group’s share of total net profit after tax of Rs.1995.72 lakhs and Rs.250.01 and total
comprehensive income of Rs.1995.72 lakhs and Rs.250.01 for the quarter and year ended
March 31, 2021, and Cash flows (net) of Rs.889.46 lakhs for the year ended March 31, 2021 as
considered in the consolidated Financial Results. The consolidated financial results also
includes the Group’s share of net loss after tax of Rs.610.84 lakhs and Rs.2631.36 lakhs and
total comprehensive loss of Rs.523.93 and Rs. 1640.32 lakhs for the quarter and year ended
March 31, 2021 respectively, as considered in the consolidated financial results, in respect of
one joint venture and two associates, based on their financial statements which have been
reviewed by their respective auditors. The financial information has been prepared in
accordance with accounting principles generally accepted.

Our opinion on the consolidated Financial Results is not modified in respect of the above matters
with respect to our reliance on the work done and the reports of the other auditors and the
financial information certified by the Board of Directors.

d. The Financial Results include the results for the quarter ended 31 March 2021 being the
balancing figure between the audited figures in respect of the full financial year ended 31*
March 2021 and the published unaudited year to date figures up to the third quarter of the
current financial year which were subject to limited review by us.

For L. B. Jha & Co.

Chartered Accountants
Firm Registration No : 301088E

Prk Agel
= (P.Agarwal)
Place : Mumbai Partner
Date : 25" June, 2021 Membership No. 301880
UDIN: 21301880AAAALC2755
 MAHARASHTRA SEAMLESS LIMITED
(0.P. JINDAL GROUP COMPANY)
Registered Office: Pipe Nagor, Village Sukeli, NH 17, 8KG Road, Taluka Roha Distt. Raigad-402
126 (Maharashtra) Tel. No, 02194-23851 1; Email:
Secretarial@mahaseam.com. Website:www jindal.com
Corporate Office: Piot No. 30. institutional Sector
- 44, Gurugram- 122 003 (Horyana}
Interim Corporate Office: Pict No.106, Inslitutiona! Sector-44, Gurugram-122 003 (Haryana)

AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER & YEAR ENDED 31 ST MARCH
CIN - L99999MH19B8PLCOBO545,
2021
(Rs. In Lakhs, except per share data)
St.
No. revert Quarter Ended
31-Mar-21_| 31-Dec-20 | 3i-mar.
Year Ended
1 Revenue trom operations :
@. Sales / Income from Operations 70.856 56,217 58.842 230,834 264,483
b. Other Operating Income
: : - : :
Total Income from Operations
70,856 56.217 58.842 * 230,834 264,483
2 Other Income
1242 2,253 (290) 8,740 4,999
3 [Total Revenue (1+2)
72,098, 58,470 58,552 239,574 269.482 |
4 Expenses
a. Cost of materials consumed 51.895 38.965 38,261 146,398 162,373
b. Purchase of Stock in trade = - : 2 %
¢. Change of inventories of finished goods. work in progress and stock in trade
(11,722) (2.910) (3.357) (7.081) {372)
d. Employees benefits expenses
1,903 1,937 VAS 7235 7,552
@, Finance Costs
1,185 1.340 1,394 5.574 6.391
{. Depreciation and amortisation expenses 2,741 3.615 2767 12.146 8.791
g. Other Expenses
13,96) 9,291 11,628 37,711 40,878.
Total Expenses
59.963 $2,238 $2.606 202,013 225.613
> | Profit / (Loss} before Shore of Profit/ (Loss) trom Investment in Associates & Joint
Ventures, exceptional tems & Tax (3-4) 12.138 $232 504s Ansel aiBe8
& — |Share of Profit / [Loss] from Investment in Associates & Joint Ventures
(610) (667) (658) (2.631) (3,108)
7 Exceptional Items
17.673, - 24.685 17,673 24,685
8 — [Profit / {Loss} betore Tax (5+6-7) (6.148) 5,565 (19,397) 17.257 16.076
9 |Tox Expenses
Current Tax
(1,596) (939) (2.142) ? 8.334
Deterred Tox 1,422 1,222 3.871 5,109 (3.682)
Adjustment Relating to Earlier Years
Total Tax Expenses
£ (3) (46) (3) (46)
(174) 280 1.683 5.113 4,606
10 [Net Profit after tax (8-9)
(5.974) 5,285, (21.080) W2.14a 11,470
11 |Other Comprehensive Income

i, Other Comprehensive income to be reclassified to Profit/|loss) in subsequent

years
0. Exchange Differences in Translating the financials statements of foreign
(1?7) 195 4,525 $8 4,092
operations
ii, Other Comprehensive income not to be reclassified to Profif/ (loss) in-
subsequent years
a, Remeasurement of defined Benefit Plans (Net Of Tax)
aut 16) (104) 194 (24)
Other Comprehensive Income for the Year (Net of Tax) (iii)
34 189 4.421 252 4.068
12 |Total Comprehensive income (Net of Tax) (10+11)
(5,940) 5.474 (16.659) 12,396 15.538
Net Profit attribute to:
‘a, Owners of the Company
(5.754) 5.286 (24.390) 9.804 8,388
b. Non Controlling interest
(220) a) 3.310 2,340 3.082
Other Comprehensive Income attribule to:
a. Owners of the Company (174)
b. Non Controlling interest 108 2.990 (25) 3,279
208 81 1.431 277 789
Total Comprehensive Income attribule to:
a. Owners of the Company
(5.928) 5.394 (21.400)
b. Non Controlling Interest (12)
9.779 11,667
80 474) 2.617 3.871
13 |Paid up Equity Share Capital (Face Value of Rs. 5/- each)
3,350 3.350 3.350 3.350 3.350
14 | Earning per Share (EPS)
+ Basic/Diluted Eaming Per Shore Not Annvatised Rs.)
8.59) 7.89 (36.40) 14.63 12.52
15__|Other Equity
326,529 B78
Ot As ond ities
Particulars 31-Mar-21)
Assets
31-Mar-20.
1. Non - Current Assets.
(a) Property, Plant and Equipment
226.696 236,293
{) Capital work in progress
883 2.853
(c) Other intangible Assets 13 3
(d} Goodwill
125 125
le} Financial Assets
fi) Investments 90.304
{ii} Loans.
99,666
4agt 464
{ii) Other Financial Assets
2.168 1,105
{f) Other Non - Current Assets
1,231 1,383
320.911 341,902
2. Current Assets
(a) Inventories
97,318 76176
(b) Financial Assets
(i) Investments
16.766 1016
{ii) Trade Receivables
47,133 36,085,
(iil) Cash & Cash Equivolents
6,422 8,394
(iv) Bank Balance other than iii above
219 243
(v) Loans
{vi) Other Financial Assets
23.431 29.967
12.370 17.846
(‘c) Current Tax (Net)
3.108 883
(‘d) Other Current Assets
6,886 11,426
213,650 182,036
Total Assets. 535,561 523,938
 Equity And Uabilities.
Equity
(a) Equity Share Capital 3.350
(b) Statutory Reserve
3,350
13 13
{'¢)Other Equity
326,516 317,105
329.879 320,468
Ucbilities
1. Non Current Liabilities
{a} Financial Liabilities
(i) Borrowings 69.4 80.877
(i) Other Financial Liabilities
Ww 496
(b) Provisions .
(b) Detered Revenve 2.996 2.869
{e] Detered Tax Liabilities (Net) 27,432 22,258
{d) Other Liabilities 529 52?
100.741 107.029
2. Current Liabilities
(a) Financial Liabilities
{i) Borrowings 22,744 33,667
(ii) Trade Payables
{a) Total outstanding dues of micro & small enterprises
62 92
(0) Total outstanding dues other than micro & small enterprises
74,103 57,070,
(iti) Other Financial Liabilities
632 1.034
(b) Other Current Liabilities 6.187 3310,
(Cc) Provisions
LA 1,268
104,94) 96.441
Total E and Liabilities 535,561 523,938
[Statement
of Consolidated Cash Flow
Particulars ¥
‘A. Cash Flow from Operating Activities
31-Mar-21__| 31-Mar-20|
Profit Before Tax including other comprehensive income (not to be teclassified) as|
17.451 16,052
Per Statement of Profit and Loss
Adjustments for:
Depreciation and Amortisation 12,146 8,79)
Exceptional item 17.673 24.685
{Profit)/Loss on Sale / Write off of Fixed Assets (Net) 166 !
‘Share of (Profit) / Loss of JV & Associates 2.63! 3.108
Finance Costs 5.574 | 6,391
Net Gain on Sale of Investments (600) (279)
Interest Income (4.202) (3,493)
Dividend Income (4) (7)
Rental Income 7)
Cash Flow from Operating Activities before Working Capital Changes
{79)
50,764 55.169
Changes in Working Capital:
Adjustments for (increase) / Decrease in Operating Assets:
Inventories
(21.139) 5.481
Trade Receivables and Other Receivables (2.107) (2.359)
Adjustments for increase | (Decrease) in Operating Liabilities:
Trade Payobles.and Other Liabilities
19,325, 29,588
Cash Flow fram Operating Activities afier Working Capital Changes
46,843 87.879
Net Income Tox (Paid) / Refunds (2171) {13,084)
Net Cash Flow from / (used In) Operating Activities (A)
44,672 74,795
B. Cash Flow from Investing Activities
‘Capital Expenditure on Property, Plant ond Equipment
(1,999) (84,568)
Proceeds from Sale of Property, Plant and Equipment
20 8
Short Term Loans & Advances 6,536, 7,835
Long Term Loans & Advances. (7,301) (1)
‘Current investments
= Purchased (68,257) (97,067)
- Proceeds from Sale 52,606 105.559
Non Current Investments
Purchased
> Associates
= (29,045)
- Others
(4,014) -
Proceeds trom Sale of Non Current investment
- Joint Venture
* s
- Others
45 35,498
Interest income 4.373 2,387
Share Application Money Paid
(7,203) (15,077)
Dividend Received
4 7
Rent income
71 70
Net Cash Flow from / (used In) investing Activities (B)
(25.119) (74.384)
C. Cash Flow from Financing Activities
Proceeds/ (Repayment) of Lang - Term Borrowings
(25.060) 17,96)
Proceeds / (Repayment) of other Short - Term Borrowings 11,582 (5.161)
Finance Costs
(6,208) 7,201)
Dividend Poid
(1.700) (4,038)
Tax on Dividend
s (B26)
Net Cash Flow from / (used in) Financing Activities qc)
(21,016) 735
Net Increase/ (Decrease) in Cash and Cash Equivalents (A*B+C)
(1,463) 1146
Foreign Currency Translation
(506) 756
Effect of change in Group interest/ Acquisition of Subsidiary
‘Cash and Cash Equivalents at the Beginning of the Year (3) 619
8.394 5.873
Cash and Cash Equivalents at the End of the Year
6.422 8,394
 SEGMENT REVENUE, RESULTS & CAPITAL EMPLOYED
]
Quarter Ended Yeor Ended
Particulars 31-Mar-21 | 31-Dec-20 | 31-Mar-20 | 31-Mar-21 | 31-Mar-20
' Segment Revenue
‘9. Steel Pipes & Tubes
63,159 52,977 56.982 216,645 258,649
b, Power - Electricity
1.524 1,300 1,264 5.406 5.072
c. Rig
7 738 49 2.951 ay
d. Others /Unailocated
7,539 4,026 751 17,066 7798
Total Income
72,933 59,041 $9,046 242.068 271,568
Less: Inter segment revenue
635 57! 474 2.494 2,086
72.098 | 58.470 58.552 239,.S74 249,482
2 [Segment Results : Profit betore tax and interest (EBIT) from each Segment
0. Steel Pipes & Tubes 7.005 35,157 8663 30.208 43,74) |
Ib. Power - Electricity 1.016 819 B62 3.466 3.517
ic. Rig
65 ay g 430 9
id. Others /Unaliocated
3,234 1,505. (2.194) 9,031 2,993
Total] 13,320 7,572 7,340 43,135 50.260
Less: i) Interest & Financial Charges
1.185 1,340 1.394 5.574 6,391
ii) Other Unallocabie Expenditure
= = is = :
Total Profit Before Tax
12,135 6.232 5.946 37,561 43.869
3 Segment Assets
Q, Steel Pipes & Tubes
229,066 202,348 213,162 229.066 213,162
b. Power - Electricity
29.050 29.386 30,308 29,050 30.308
cc. Rig
72AI 72,815 74,062 72,199 74.062
dg. Others /Unallocated
205,246. 215.882 206.404 205.244 206.406
Total 535,561 520,431 523.938 535.56! | $23,938.
4 Segment Liabilities

a, Steel Pipes & Tubes

90.621 75.34) 79,084 90,621 79,084
b. Power - Electricity
105 551 659 105 659
c. Rig
71,203 71108 78,133 71.203 78.133
d. Others /Unallocated
43,753 37.614 45594 43.753 45,594
Total 205.682. 184.610 203,470 205.682 203,470
Notes:
‘The above financial results were reviewed by the Audi! Committee and approved by the
Board of Directors at its meeting held on 25th June. 2021.

Figures tor the quarter ended 3)! March 2021 ore the balancing figures between
ny

Audited figures of financial year ended 31st March 202) & published
figures upto third quarter of the financial year,
The Boord of Directors has recommended a dividend of Rs. 3.50 Per share (70%) tor the finoncial year ended 31st
o

each, March 2021 on Equity Shares of Rs. 5/-

The outbreak of corona virus (COVID-19) pandemic globally and in India

is causing significant disturbance and slowdown of economic activity. The
~

‘Company operations and revenye during the current quarter were impacted
due to COVID-19. The Company has taken into account the possible
impact of COVID-19 in preparation of the financial results. including its assessment
of recoverable value of its assets based on internal and external
intormation upto the date of approval of the results, The Company will continue to monitor ‘any material changes
to future economic conditions,

‘Exceptional item of Rs. 17.673 lacs represents diminution of investment in

subsidiary Company & joint venture company.
aw

Figures for the previous periods have been fe-grouped / rearanged / recast
to make them comparable wilh the figures of the current period.

Sh” Jy
Soket Jindal
Managing Director
 fications for the Financial Year e
Bl LODR)(Amendment) Reguilatic

Sl, Audited Figures Adjusted Figures

Particulars
(as reported (audited figures
No.
before adjusting after adjusting for
for qualifications) qualifications)
Rs. In lakhs Except Rs. in
Earnings per Share lakhsExcept
Earningsper
Share
Tumover / Total income (Rs. in lakhs) 230,834 230,834
lw iy 7a

Total Expenditure (Rs. in lakhs)

PIN [MIS

202.013 202,013
Net Profit/(Loss) (Rs. in lakhs)
12,396
Earnings Per Share (Rs.)
14.63
Total Assets (Rs. in lakhs)
535,561
Total Liabilities (Rs. in lakhs) 205,682 Not Ascertainable
Net Worth (Rs. in lakhs)
329,879
Any other financial item(s) (as felt :
appropriate by themanagement)

alification (each audit qualification separa

Details of AuditQualification:
In one of the foreign subsidiaries not audite
d by us and whose audit report for financi
ending 31st March 2021 al year
has been provided to us and the concerned audito
report that the Company has investment r has stated in his
in unquoted shares which are held in related
These investments are carried at their Origina parties.
l cost of investments as management is of
view that cost approximates fair value. Manag the
ement has not determined the fair value
investments using acceptable valuation metho of these
ds as required by FRS 109, financial instru
Consequently, we are ments.
unable to determine whether any adjust
ments to the carrying value of
the investments as at March 31, 2021 would
be required to be made.
In one of the foreign subsidiaries not audite
d by us and whose audit report for financ
ending 31st March 2021 has been provi ial year
ded to us and the concerned auditor
Audit Report that during the previous has stated in his
year ended 31st March 2020, the Compa
impairment ny recognized
provision in the statement ofprofit or loss for the Opening carrying
amount due from subsidiary and the value of
Opening carrying value of investment
April 2019 amounting to US$ in subsid iary as at 01
9,357,500 and USS 6,961 respectively, They are unable to

The Holding Company has recognized

necessary provisions fo f impairme
aforesaid qualifications in the standalo nt in respect of the
ne financial statements.

Type of Audit Qualification : Qualified

Opinion on consolidate accounts

Frequency of qualification: Repetitive :

second time
 e. For Audit Qualification(s) where the impact is quantified by the auditor,
Management'sViews:
Not Quantified

f. For Audit Qualification(s) where the impact is not quantified by theauditor:

(i) Management's estimation on the impact of auditqualification:Not quantified

(iil) If management is unable to estimate the impact, reasons for thesame:We have
recognized necessary provisions for impairment in respect of the aforesaid qualifications in
the standalone statements.

(iii) Auditors’ Comments on (i) or (ii) above: The holding company has recognized necessary
provisions for impairment in respect of the aforesaid qualifications in the standalone
statements. ’
——
Wh. ignatories

For L B Jha& Co. For Maharashtra Seamless Limited

Chartered Accountants GJ Sahat ZT roy
Registration Number- 301088E a“. ha esa Jind
: ijay aket Jinda
Pratik Agarwal
Pratik Agarwal
—etelvsonedbyamerowval | Chairman-
Din.ooo4gae2Audit Committee DIN-00405736
Managing Director
alter Date: June25, 2021 Date: June 25, 2021
Place: Place: N Ihi
Membership Number-301880 oe
lane Gel -
Danish Parvaiz Bhat
Date: June 25, 2021 Chief Financial Officer
Place: Mumbai. Date: June 25, 2021
Place: New Delhi
 MAHARASHTRA SEAMLESS LIMITED|
INTERIM CORPORATE OFFICE : Plot No.106, Institutional Sector-44, Gurgaan-122 002 Haryana (india)
Prone No. : 91-124-4624000, 2574326, 2574325, 2574724 Fax : 91-124-2574327

CORPORATE OFFICE: Piol No. 30, Institutional Sector-44, Gurgaon-122 002 Haryana (India)

E-Communication

MSL/SEC/SE/2021-22 June 25, 2021

BSE Limited National Stock Exchange of India Limited

25th Floor, P.J. Towers, Exchange Plaza, C-1, Block-G,
Dalal Street, Mumbai-400001 Bandra - Kurla Complex
Bandra (E), Mumbai-400051

Stock Code: 500265 Scrip Code: MAHSEAMLES

Sub: Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)

Regulations, 2015
Ref: Declaration in respect of Audit Reports with unmodified opinion for the financial
year ended March 31, 2021.

Dear Sir/Madam,

Pursuant to the Regulation 33(3)(d) of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 as amended by SEBI through notification no. SEBI/LAD-
NRO/GN/2016-17/001 dated May 25, 2016 and Circular No. CIR/CFD/CMD/56/2016 dated May
27, 2016, | do hereby declare and confirm that M/s L B Jha & Co., Chartered Accountants,
Statutory Auditors of Maharashtra Seamless Limited (“the Company"), have given an unmodified
audit report on the Standalone Audited Financial Results of the Company for the Financial Year
ended March 31, 2021.

You are requested to kindly take the same on record.

Yours faithfully,

[Fin
0. hak
n
For Maharashtra Seamless Limited

Danish P Bhat
Chief Financial Officer

_ JINDAL__
DP. JINDAL GROUP
REGD. OFF. & WORKS Pipe Nagar, Village, Sukell, N.H.17, 8.K.G. Road, Taluka-Roha, Lhstt Roiged-402 126 (Maharashtra)
Phono: 02194-238511, 238512. 238567. 238569* Fax 02194-238513
MUMBAI OFFICE : 402, Sarjan Piazo, 100 Or. Annic Desant Road. Opp. Telco Shorwruarn, Yvurli, Murnbai-<d00 016
Phones : 022-2490 2570 /72 748 Fax : 022-2492 5473
HEAD OFFICE : 5, Pusa Road, 2nd Floor, New Deini-110005 Phones : 011-28752862. 28756631 Email . jpideihigbol net in
KOLKATA OFFICE : Sukhsegar Apartment. Fiat No. 8A, 8th Floor. 2/5, Sarat Bose Road. Kolkata - 700 020
Phone : 033-2455 9982, 2454 0053, 2454 0056
® Fax : 033 - 2474 2280 E-mail: msigcal vsni_net.in
CHENNAI OFFICE > 3A, Royal Court. 41, Venkstnarayana Road, T. Nagar Chennai-600017
Phone : 044-2434 2231* Fax : 044-2434 7990