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Beekay Steel Industries Ltd.

BSE: 539018 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE213D01015
BSE LIVE 11:30 | 23 Nov 121.85 -6.40
(-4.99%)
OPEN

121.85

HIGH

121.85

LOW

121.85

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 121.85
PREVIOUS CLOSE 128.25
VOLUME 40
52-Week high 135.90
52-Week low 47.45
P/E 8.01
Mkt Cap.(Rs cr) 232.37
Buy Price 0.00
Buy Qty 0.00
Sell Price 121.85
Sell Qty 48.00
OPEN 121.85
CLOSE 128.25
VOLUME 40
52-Week high 135.90
52-Week low 47.45
P/E 8.01
Mkt Cap.(Rs cr) 232.37
Buy Price 0.00
Buy Qty 0.00
Sell Price 121.85
Sell Qty 48.00

Beekay Steel Industries Ltd. (BEEKAYSTEELIND) - Auditors Report

Company auditors report

To the Members of Beekay Steel Industries Limited.

Report on the Financial Statements

We have audited the accompanying financial statement of BEEKAY STEEL INDUSTRIESLIMITED ("the company") which comprise the Balance Sheet asat 31st March 2015 the Statement of Profit and Loss the Cash Flow Statement for theyear then ended and a summary of the significant accounting policies and other explanatoryinformation.

Management’s Responsibility for the FinancialStatements

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 preparationand presentation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

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 thereunder.

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 ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Company’s Directors aswell as evaluating 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 standalone 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 31March 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 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the Annexure a statement on the matters specified inthe paragraph 3 and 4 of the Order to the extent applicable.

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 31March 2015 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2015 from being appointed as a director in terms of Section164 (2) of the Act; and

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 disclosed the impact of pending litigations on its financialposition in its financial statements – Refer Note No. 37 to the financial 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 – Refer Note to the financial statements; and

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

Place : 59 Bentinck Street For RUSTAGI & ASSOCIATES
Kolkata - 700 069. Chartered Accountants
Firm Regd. No.314194E
Dated : 30th day of May 2015 Sd/-
(S.K. RUSTAGI)
Partner
Mem. No.051860

Annexure to the Auditors’ Report

The Annexure referred to in our Independent Auditors’s Report to the members ofthe company on the financial statements for the year ended 31.03.2015 we report that :

(i) a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

b) All the assets have not been physically verified by the management during the yearbut there is a regular programme of verification which in our opinion is reasonablehaving regard to the size of the Company and the nature of its assets. No materialdiscrepancies were noticed on such verification.

(ii) a) The Inventory has been physically verified during the year by the management.In our opinion the frequency of verification is reasonable.

b) The procedures of physical verification of inventories followed by the managementare reasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

c) On the basis of our examination of the records of inventory we are of the opinionthat the Company is maintaining proper records of inventory. The discrepancies noticed onverification between the physical stocks and the book records were not material.

(iii) a) There are no firms covered in the register to be maintained under section 189of the Companies Act 2013 to which the Company has granted loans and therefore other subpart of this clause is not applicable.

(iv) In our opinion and according to the information and explanations given to usthere are adequate internal control procedures commensurate with the size of the Companyand the nature of its business with regard to purchases of inventory fixed assets andwith regard to the sale of goods and services. During the course of our audit no majorweakness has been noticed in the internal controls.

(v) The Company has not accepted any deposits from public

(vi) We have broadly reviewed the books of account relating to materials labour andother items of cost maintained by the Company pursuant to the Rules made by the CentralGovernment for the maintenance of cost records under section 148(1) of the Companies Act2013 and we are of the opinion that prima facie the prescribed accounts and records havebeen made and maintained.

(vii) a) According ot the records of the Company the Company is regular in depositingwith appropriate authorities undisputed statutory dues including provident fundemployees’ state insurance income-tax sales-tax value added tax wealth-taxcustom duty excise-duty service tax cess and other statutory dues applicable to it.

b) According to the information and explanations given to us there were undisputedamount payable in respect of Income Tax relating to F.Y. 2008-09 and F.Y. 2010-11amounting Rs. 1167469/- which have remained outstanding as at 31st March 2015 for aperiod of more than six months from the date they become payable. However no undisputeddues is payable in respect of wealth-tax sales-tax value added tax service tax valueadded rax service tax customs duty and excise duty which have remained outstanding as at31.03.2015 for a period of more than six months from the date they became payable. c)According to the records of the Company there are dues of sales tax income tax customstax/wealth tax value added tax service tax excise duty / cess which have not beendeposited on account of any dispute.

Particulars Financial year to which the matter pertains Forum where matter is pending Amount Involved ( Rs )
Excise Duty 1998-1999 Hon’ble High Court Kolkata 831204
- Do - 2001-2002 Jt. Comm. Of Central Excise 144046
- Do - 2002-2003 Jamshedpur 276757
- Do - 1994-1995 Comm. Central Excise (Appeal) 94185
- Do - 2010-2011 Comm. Central Excise (Appeal) Vishakapatanum 590078
- Do - 2008-2013 Commissioner of Central Excise (Appeals) Chennai 210156
- Do - 2005-2008 CustomsExcise & Service Tax Appeallate Tribunal Kolkata. 3150000
- Do - 2009-13 The Commissioner of Central Excise & Service Tax Jamshedpur 49353416
Income Tax 2004-05 Income Tax Appellate Tribunal Kolkata 6063651
- Do - 2011-12 The Commissioner of Income Tax(Appeal-1) Kolkata 76142440

d) These amounts required to be transferred to the Investor Education and ProtectionFund in accordance with the provisions of the Companies Act 1956 (1 of 1956) and rulesmade thereunder have been transferred to such fund within time.

(viii) The accumulated losses of the Company are not more than fifty per cent of itsnet worth. The Company has not incurred any cash losses during the financial year coveredby our audit and the immediately preceding financial year.

(ix) Based on our audit procedures and on the information and explanations given by themanagement we are of the opinion that the Company has not defaulted in repayment of duesto a financial institution bank or debenture holders.

(x) The Company has not given any guarantee for loans taken by others from bank orfinancial institutions.

(xi) The term loans have been applied for the purpose for which they were raised.

(xii) Based upon the audit procedures performed and information and explanations givenby the management we report that no fraud on or by the Company has been noticed orreported during the course of our audit.

Place : 59 Bentinck Street For RUSTAGI & ASSOCIATES
Chartered Accountants
Kolkata - 700 069. Firm Regd. No.314194E
Dated : 30th day of May 2015 Sd/-
(S.K. RUSTAGI)
Partner
Mem. No.051860

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