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

Beekay Steel Industries Ltd.

BSE: 539018 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE213D01015
BSE LIVE 10:09 | 26 May 160.00 -2.20
(-1.36%)
OPEN

170.00

HIGH

170.00

LOW

160.00

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 170.00
PREVIOUS CLOSE 162.20
VOLUME 20
52-Week high 189.35
52-Week low 66.75
P/E 10.05
Mkt Cap.(Rs cr) 305
Buy Price 160.00
Buy Qty 4.00
Sell Price 165.00
Sell Qty 200.00
OPEN 170.00
CLOSE 162.20
VOLUME 20
52-Week high 189.35
52-Week low 66.75
P/E 10.05
Mkt Cap.(Rs cr) 305
Buy Price 160.00
Buy Qty 4.00
Sell Price 165.00
Sell Qty 200.00

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 INDUSTRIES LIMITED which comprise the Balance Sheet as at 31st March 2016 the Statement of Profit andLoss the Cash Flow Statement for the year then ended and a summary of the 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 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 and other applicable authoritative pronouncements issued by theInstitute of Chartered Accountants of India.Those Standards and pronouncements requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.

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 2016 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 2016 issued by theCentral Government of India in terms of sub-section (11) of section 143 of the Act(hereinafter referred to as the "Order") and on the basis of such checks of thebooks and records of the Company as we Considered appropriate and according to theinformation and explanations given to us we give in the Annexure B a statement on thematters specified in the paragraph 3 and 4 of the 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 31March 2016 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2016 from being appointed as a director in terms of Section164 (2) of the Act;

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in Annexure A.

g) 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 if any of pending litigations as at March 312016 on its financial position in its financial statements.

ii) The Company has made provision as at March 312016as required under the applicablelaw or accounting standards for material forseeable losses if any on long-termcontracts including derivative contracts.

iii) There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company during the year ended March312016.

For RUSTAGI & ASSOCIATES
Chartered Accountants
Firm Regd. No.314194E
Place : 59 Bentinck Street Sd/-
Kolkata - 700 069. (S.K. RUSTAGI)
Partner
Dated : 30th day of May 2016 Mem. No.051860

ANNEXURE - A TO INDEPENDENT AUDITOR’S REPORT

Refered to in paragraph 10(f) of the Independent Auditors’ Report of even date tothe members of BEEKAY STEEL INDUSTRIES LIMITED on the standalone financial statements forthe year ended March 31 2016 Report on the Internal Financial Controls under Clause (i)of Sub-section 3 of Section 143 of the Act.

1. We have audited the internal financial controls over financial reporting of BEEKAYSTEEL INDUSTRIES LIMITED as of March 31 2016 in conjunction with our audit of thestandalone financial statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

2. The Company’s management is responsible for establishing and maintaininginternal financial controls based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting issued by the Institute of Chartered Accountants of India (ICAI). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to Company’s policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Act.

Auditors’ Responsibility

3. Our responsibility is to express an opinion on the Company’s internal financailcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing deemed to be prescribedunder section 143(10( of the Act to the extent applicable to an audit of internalfinancial controls both applicabel to an audit of internal financial controls and bothissued by the ICAI. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based onthe assessed risk. The proceduresselected depend on the auditor’s judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

5. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company’s internal financial controlssystem over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

6. A Company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A Company’s internal financial control overfinancial reporting includes those policies and procedures that: (i) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the Company.

(ii) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the Company are being made only inaccordance with authorisations of management and directors of the Company; and (iii)provide reasonable assurance regarding prevention or timely detection of unauthorisedacquisition use or disposition of the Company’s assets that could have a materialeffect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

7. Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

8. In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For RUSTAGI & ASSOCIATES
Chartered Accountants
Firm Regd. No.314194E
Place : 59 Bentinck Street Sd/-
Kolkata - 700 069. (S.K. RUSTAGI)
Partner
Dated : 30th day of May 2016 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 31.03.2016 we report that :

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

b) The fixed assets are physically verified by the Management according to a phasedprogramme designed to cover all the items over a period of three years which in ouropinion it is reasonable having regard to the size of the company and the nature of itsassets. Pursuant to the programme a portion of the fixed assets has been physicallyverified by the Management during the year and no material discrepancies have been noticedon such verification.

(ii) The physical verification of inventory has been conducted at reasonable intervalsby the management during the year.The discrepancies noticed on physical verification ofinventory as compared to book records were not material and have been appropriately dealtwith in the books of accounts.

(iii) There are firms covered in the register to be maintained under section 189 of theCompanies Act 2013 however Company have not granted loan to such Company as such theClause does not have any application.

(iv) In our opinion and according to the information and explanations given to us theCompany has compiled with the provisions of Section 185 and 186 of the Companies Act 2013in respect of loans and investments made and guarantees and security provided by it.

(v) The Company has not accepted any deposits from public within the meaning ofsections 73 74 75 and 76 of the Act and the rules framed there under to the extentnotified.

(vi) Pursuant to the rules made by the Central Government of India the Company isrequired to maintain Cost records as specified under section 148(1) of the Act in respectof its products. We have broadly reviewed the same and are of the opinion that primafacie the prescribed accounts and records have been made and maintained. we have nothowever made a detailed examination of the records with a view to determine whether theyare accurate or complete.

(vii) a) According to the information and explanations given to us and the records ofthe company examined by us in our opinion the company is generally regular indepositing the undisputed statutory dues in respect of sales tax including value addedtax though there has been a slight delay in few cases and is regular in depositingundisputed statutory dues including provident fund employees’ state insuranceincome tax service tax duty of customs duty of excise cess and other materialstatutory dues as applicable with the appropriate authorities.

b) According to the information and explanations given to us there were undisputedamount payable in respect of Income Tax relating to F.Y. 2010-11 amounting Rs. 1156430/-which have remained outstanding as at 31st March 2016 for a period of more than sixmonths from the date they become payable. However no undisputed dues is payable in respectof wealth-tax sales-tax value added tax service tax customs duty and excise duty whichhave remained outstanding as at 31.03.2016 for a period of more than six months from thedate they became payable.

c) According to the records of the Company there are dues of sales tax income taxcustoms tax/wealth tax value added tax service tax excise duty / cess which have notbeen deposited 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 - 2010-2011 Comm. Central Excise (Appeal)Visakhapatnam 590078
- Do - 2011-2015 Commissioner of Central Excise(Appeals) Chennai 168541
- Do - 2005-2008 CustomsExcise & Service Tax 3150000
Appeallate Tribunal Kolkata.
- Do - 2009-2013 The Commissioner of Central Excise & 45651910
Service Tax. Jamshedpur
- Do - 2013-2014 Commissioner of Central Excise(Appeals) Ranchi 52501
- Do - 2009-2013 Commissioner of Central Excise(Appeals) Ranchi 2509575
- Do - 2012-2014 Comm. Central Excise (Appeal)Visakhapatnam 788884
- Do - 2012-2014 Comm. Central Excise (Appeal) Chennai 902623
Sales Tax 2010-2011 Senior Joint Commissioner of Sales Tax (kolkata) 1906567
- Do - 2012-2013 Joint Commissioner (Appeal) of Sales Tax (Jamshedpur) 8959689
Income Tax 2004-2005 Income Tax Appellate Tribunal Kolkata 4128981
- Do - 2011-2012 The Commissioner of Income Tax(Appeal-1) Kolkata 67142440

d) The amounts required to be transferred to the Investor Education and Protection Fundin accordance with the provisions of the Companies Act 1956 (1 of 1956) and rules madethereunder have been transferred to such fund within time.

(viii)According to the records of the company examined by us and the information andexplanation given to us the Company has not defaulted in repayment of loans or borrowingsto any financial institution or bank or Government or dues to debenture holders as at thebalance sheet date.

(ix) In our opinion and according to the information and explanations given to us theterm loans have been applied for the purposes for which they were obtained.

(x) During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of material fraud by the Company or on the Company by its officiers or employeesnoticed or reported during the year nor have we been informed of any such cases by theManagement.

(xi) The Company has paid/ provided for managerial remuneration in accordance with therequiste approvals mandated by the provisions of section 197 read with Schedule v to theAct.

(xii) As the Company is not a Nidhi Company and the Nidhi Rules 2014 are notapplicable to it the provisions of clause 3(xii) of the order are not applicable to theCompany.

(xiii)The Company has entered into transactions with related parties in compliance withthe provisions of sections 177 and 188 of the Act.The details of such related partytransactions have been disclosed in the financial statements as required under AccountingStandard (AS) 18 Related Party Disclosures specified under Section 133 of the Act readwith rule 7 of the Companies (Accounts) Rules 2014.

(xiv)The Company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year under review. Accordingly theprovisions of clause 3(xiv) of the order are not applicable to the Company.

(xv) The Company has not entered into any non cash transactions with its directors orpersons connected with him. Accordingly the provisions of Clause 3(xv) of the order arenot applicable to the Company.

(xvi)The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934. Accordingly the provisions of clause 3(xvi) of the order are notapplicable to the company.

For RUSTAGI & ASSOCIATES
Chartered Accountants
Place : 59 Bentinck Street Firm Regd. No.314194E
Kolkata - 700 069. Sd/-
Dated : 30th day of May 2016 (S.K. RUSTAGI)
Partner
Mem. No.051860