You are here » Home » Companies » Company Overview » Bajaj Steel Industries Ltd

Bajaj Steel Industries Ltd.

BSE: 507944 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE704G01016
BSE LIVE 15:27 | 02 Dec 133.05 2.90
(2.23%)
OPEN

133.05

HIGH

133.05

LOW

133.05

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 133.05
PREVIOUS CLOSE 130.15
VOLUME 50
52-Week high 201.90
52-Week low 120.00
P/E
Mkt Cap.(Rs cr) 31.27
Buy Price 133.05
Buy Qty 5.00
Sell Price 137.00
Sell Qty 100.00
OPEN 133.05
CLOSE 130.15
VOLUME 50
52-Week high 201.90
52-Week low 120.00
P/E
Mkt Cap.(Rs cr) 31.27
Buy Price 133.05
Buy Qty 5.00
Sell Price 137.00
Sell Qty 100.00

Bajaj Steel Industries Ltd. (BAJAJSTEELINDS) - Auditors Report

Company auditors report

 

 

(STANDALONE)

To the Members of M/s Bajaj Steel Industries Limited

Report on the Financial Statements

We have audited the accompanying financial statements of M/s BAJAJ STEEL INDUSTRIESLIMITED (The Company) which comprise the Balance Sheet as at March 31 2015 Statement ofProfit and Loss then ended the Cash Flow Statement and a summary of significantaccounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial control systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31stMarch 2015 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2015 issued by the CentralGovernment of India in terms of section 143 of the Act we give in the Annexure astatement on the matters specified in paragraphs 4 and 5 of the said Order.

2. As required by Section 143 (3) of the Act we report that:

(a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit.

(b) In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books.

(c) The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of account.

(d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

(e) On the basis of the written representations received from the directors as on 31stMarch2015 taken on record by the Board of Directors none of the directors isdisqualified as on31st March 2015 from being appointed as a director in terms of Section164 (2) of the Act.

(f) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. The Company has to the extent ascertainable disclosed the impact of pendinglitigations on its financial position in its financial statements - Refer Note 29 to thefinancial statements;

ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts.

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

For B. CHHAWCHHARIA & CO.

Chartered Accountants

Firm Registration No.305123E

Ketan Chhawchharia

Partner

Membership No. 63422

Place: Nagpur

Date: 27th May 2015.

ANNEXURE TO THE AUDITORS' REPORT

Referred to in paragraph 1 of our Report of even date for the year ended 31st March2015.

(i) a) Proper records showing full particulars including quantitative details andsituation of fixed assets are being updated by the company.

b) Some of the Fixed Assets were physically verified during the year by the Managementin accordance with a program of verification which in our opinion provides for physicalverification of fixed assets at reasonable intervals. According to the information andexplanation given to us no material discrepancies were noticed on such verification.

(ii) a) According to the information and explanation given to us physical verification

of inventory has been conducted by the management at reasonable intervals.

b) In our opinion the procedure of physical verification of inventory followed by themanagement is reasonable and adequate in relation to the size of the Company and thenature of its business.

c) The Company is maintaining proper records of inventory and no material discrepancieswere noticed on physical verification of inventory.

(iii) The Company has not granted any loan secured or unsecured to companies firms orparties covered in the register maintained u/s 189 of the Companies Act 2013.

(iv) In our opinion and according to the information and explanations given to usthere are adequate internal control system commensurate with the size of the Company andthe nature of its business with regard to purchase of fixed assets and Inventories and forsale of goods and services. During the course of audit we have not observed anycontinuing failure to correct major weakness if any in internal control system.

(v) The Company has not accepted any deposits from the public within the meaning ofSections 73 to 76 or any other relevant provisions of the Companies Act 2013 and therules framed there-under during the year under review.

(vi) As informed to us the Company is maintaining cost records as specified undersection 148(1) of the Companies Act 2013 read with Companies (Cost Accounting records)Rules 2011 to the extent applicable to the Company. We have however not made adetailed examination of such records.

(vii) In our opinion and according to the information and explanations given to us:

a) The Company is generally regular in depositing undisputed statutory dues includingProvident Fund Employees' State Insurance Income Tax Sales Tax Service Tax WealthTax Custom Duty Excise Duty Cess and other statutory dues as applicable with theappropriate authorities.

b) There are no disputed dues of sales tax income tax custom duty wealth taxservice Tax excise duty or cess as applicable which have not been deposited on accountof any disputes except as detailed in Annexure-I.

c) The Company has transferred the amount 'as applicable' to investor education andProtection fund in accordance with the relevant provisions of the Companies Act 1956 (1of 1956) and rules made there under.

(viii) There are no accumulated losses at the end of the financial year. The Companyhas not incurred any cash loss in the financial year under review and also in thepreceding financial year.

(ix) In our opinion and according to the information and explanations given to us theCompany has not defaulted in repayment of dues to financial institution or banks.

(x) According to the information and explanations given to us the Company has notgiven any guarantee for loans taken by others from Banks or Financial Institutions.

(xi) In our opinion and according to the information and explanations given to us theTerm loans have been applied for the purpose for which they were obtained.

(xii) According to the information and explanations given to us and to the best of ourknowledge and belief no fraud on or by the Company has been noticed or reported duringthe year.

For B. CHHAWCHHARIA & CO.

Chartered Accountants

Firm Registration No.305123E

Ketan Chhawchharia

Partner

Membership No. 63422

Place: Nagpur

Date: 27th May 2015

Annexure 1 as referred in clause [ix (b)] of the Annexure to our Report of even datefor the year ended 31st March 2015

Name of the Statute Nature of the Dues Amount (Lacs) Relating to the year Forum where dispute Pending
Central Sales Tax Act 1956 Non submission of Forms 2.16 2001-2002 Maharashtra Sales Tax Tribunal (Mumbai)
Central Sales Tax Act 1956 Non submission of Forms 1.83 2002-2003 Maharashtra Sales Tax Tribunal (Mumbai)
Central Sales Tax Act 1956 Non submission of Forms 7.09 2003-2004 Deputy Commissioner Sales Tax Nagpur
Bombay Sales Tax Act 1956 Non submission of Forms 2.75 2003-2004 Deputy Commissioner Sales Tax Nagpur
Central Excise Act 1944 Duty on material cleared after Job Work 0.43 Oct-03 to Apr - 2004 Assistant Commissioner Chindwara
The Customs Act 1962 Duty and Penalty on import of material 136.60 2002-2003 & 2003-2004 CESTAT Mumbai
Madhya Pradesh Commercial Tax Act 1994 Demand on regular assessment 0.27 2002-2003 Assistant Commissioner Commercial Tax
Madhya Pradesh Entry Tax Act 1976. Entry Tax on Stock transferd goods. 0.38 2010-2011 Deputy Commissioner Commercial Tax (Appeal) Chindwara
Madhya Pradesh Entry Tax Act 1976. Entry Tax on Stock transferd goods. 0.06 2011-2012 Deputy Commissioner Commercial Tax (Appeal) Chindwara
Income Tax Act 1961 Demand under Section 143 (3) of the Income Tax Act 1961. 20.56 2008-2009 Commissioner of Income Tax (Appeal)
Central Sales Tax Act 1956 Non submission of Forms 0.54 2006-2007 Deputy Commissioner Commercial Tax (Appeal) Chindwara

For B. CHHAWCHHARIA & CO.

Chartered Accountants

Firm Registration No.305123E

Ketan Chhawchharia

Partner

Membership No. 63422

Place: Nagpur

Date: 27th May 2015.

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard