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Bengal Steel Industries Ltd.

BSE: 512404 Sector: Metals & Mining
NSE: N.A. ISIN Code: N.A.
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Bengal Steel Industries Ltd. (BENGALSTEEL) - Auditors Report

Company auditors report

INDEPENDENT AUDITORS

TO THE MEMBERS

REPORT ON THE FINANCIAL STATEMENTS :

We have audited the accompanying financial statements of BENGAL STEEL INDUSTRIESLIMITED ("the company) which comprise the Balance Sheet as at March 312014 theStatement of Profit and Loss and the Cash Flow Statements for the year then ended and asummary of the significant accounting policies and other explanatory information.

MANAGEMENT’S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS :

The Company's Management is responsible for the preparation of these financialstatements that give a true and fair view of the financial position financial performanceand cash flows of the Company in accordance with the Accounting Standards referred to inSection 211(3C) of the Companies Act 1956 read with the General Circular 15/2013 dated13th September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of theCompanies Act 2013 and in accordance with the accounting principles generally accepted inIndia. This responsibility includes the design implementation and maintenance of internalcontrol relevant to the preparation and presentation of the financial statements that givea true and fair view and are free from material misstatements whether due to fraud orerror.

AUDITORS’ RESPONSIBILITY :

Our responsibility is to express an opinion on these financial statements based on ouraudit. We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the 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 control relevant to the Company’s preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances but not for the purpose of expressing an opinion on theeffectiveness of the Company's internal control. An audit aiso includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the management as well as evaluating the overall presentation of thefinancial statements.

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

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:

a) in the case of the Balance Sheet of the state of affairs of the Company as at March31 2014;

b) in the case of the Statement of Profit and Loss of the profit of the Company forthe year ended on that date; and

c) in the case of the Cash Flow Statement of the cash flows of the Company for theyear ended on that date.

Emphasis of Matter

Without qualifying our opinion we draw attention to the following :

1. Charge of depreciation on the composite cost of Land & Building the value ofwhich are not segregated;

2. Non-recognition of impairment loss if any on discontinuation of operation anddisposal of fixed assets of ingot plant in absence of adequate information;

3. Non-provision in diminution in value of investments the amount of which could notbe ascertained in absence of adequate information.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS :

1. As required by the Companies (Auditor’s Report) Order 2003 ("theOrder") issued by the Central Government of India in terms of Section 227(4A) of theAct we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 ofthe Order.

2. As required by Section 227(3) of the Act we report that :

(a) We have obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purpose of our audit.

(b) In our opinion proper books of account as required by law have been kept by theCompany so far as 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 Balance Sheet the Statement of Profit and Loss and the CashFlow Statement comply with the Accounting Standards referred to in Section 211(3C) of theAct read with the General Circular 15/2013 dated 13th September 2013 of the Ministry ofCorporate Affairs in respect of Section 133 of the Companies Act 2013.

(e) On the basis of the written representations received from the directors as on 31stMarch 2014 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2014 from being appointed as a director in terms ofSection 274(1)(g) of the Act.

For J. N. Banerjee & Co.
Chartered Accountants
(RegistrationNo.302063E)
(G.BANDYOPADHYAYF.C.A.)
Place : Kolkata Partner
Date : 30th May 2014. Membership No. 050270

ANNEXURE TO THE INDEPENDENT AUDITORS’ REPORT

(Referredtoinparagraph1under'Reportonotherlegalandregulatoryrequirements'sectionofourreportof even date)

As required by Companies (Auditors' Report) Order 2003 issued by the Central Govt. ofIndia under Section 227(4-A) of the Companies Act 1956 and on the basis of such checksof the books and records of the Company and according to the information and explanationsgiven to us we report further that:

1) The Company has not maintained proper records showing full particulars includingquantitative details and situation of Fixed Assets. The Fixed Assets do not appear to havebeen physically verified by the Management during the year under Audit and therefore thequestion of discrepancy on physical verification could not be determined. During the yearsubstantial part of fixed assets have not been disposed off.

2) We are informed that physical verification of inventory has been conducted atreasonable intervals by the Management. The procedure of physical verification ofinventory followed by the Management is reasonableandadequateinrelationtothesizeoftheCompanyandthenatureofitsbusiness.TheCompanyismaintainingproper records of its inventory and no material discrepancy were noticed on physicalverification.

3) There is an adequate internal control procedure commensurate with the size of theCompany and the nature of its business for the purchase of inventory and fixed assets andfor sale of goods.

4) Transactions that need been into register mentioned under section 301of theCompanies Act 1956have been so entered and these transactions have been made at priceswhich are reasonable having regard to prevailing market price at the relevant time.

5) The Company does not have an internal audit system commensurate with its size andnature of its business.

6) We have broadly reviewed the cost records maintained by the Company pursuant to theCompanies (Cost Accounting Record) Rules 2011 prescribed by the Central Government undersection 209 (1) (d) of the Companies Act 1956 and are of the opinion that prima facie theprescribed cost records have been maintained. However we have not made a detailedexamination of cost records with a view to determine whether they are accurate orcomplete.

7) The Company is regular in depositing undisputed statutory dues with the appropriateauthorities so far as applicable to the affairs of the Company during the year. There areno disputed dues of Sales Tax Income Tax Custom Duty Wealth Tax Excise Duty ServiceTax or Cess.

8) The Company does not have any accumulated loss or Cash loss in the current orimmediately preceding financial year.

9) Proper records of transactions and contracts relating to dealing in sharessecurities or other investments have been maintained so far as applicable to suchtransactions and timely entries have been made therein and the shares securitiesdebentures or other securities have been held in the Company's name.

10) On the basis of an overall examination of the Balance Sheet of the Company in ouropinion and according to the information and explanations given to us short term fundshave not been used for long term purposes.

11) We have not noticed nor have been reported any fraud on or by the Company duringthe year under audit.

12) Clauses (iii) (vi) (xi) (xii) (xiii) (xv) (xvi) (xviii) (xix) (xx) ofparagraph 4 of the order are not applicable to the Company for this year.

For J. N. Banerjee & Co.
Chartered Accountants
(RegistrationNo.302063E)
(G.BANDYOPADHYAYF.C.A.)
Place : Kolkata Partner
Date : 30th May 2014 Membership No. 050270

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