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Chase Bright Steel Ltd.

BSE: 504671 Sector: Metals & Mining
NSE: N.A. ISIN Code: N.A.
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Chase Bright Steel Ltd. (CHASEBRIGHTST) - Auditors Report

Company auditors report

To

The Members OF

CHASE BRIGHT STEEL LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of CHASE BRIGHT STEEL LIMITED(“the Company”) which comprise the Balance Sheet as at March 312015the Statement of Profit and Loss and Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

The Company’s Board of Directors is responsible for the matters in section 134(5)of the Companies Act 2013 (“the Act”) with respect to the preparation andpresentation of these financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting 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 the maintenance of adequate accountingrecords in accordance with the provision of the Act for safeguarding of the assets of theCompany and for preventing and detecting the frauds and other irregularities; selectionand application of appropriate accounting policies; making judgments and estimates thatare reasonable and prudent; and design implementation and maintenance of 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 standalone financial statementsbased on our audit.

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 anddisclosures 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 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 the controls.

An audit also includes evaluating the appropriateness of the accounting policies usedand the reasonableness of the accounting estimates made by 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 March312015 its Loss and its cash flow for the year ended on that date.

Report on Other Legal and Regulatory Requirements

i. As required by the Companies (Auditor’s Report) Order 2015 (“theOrder”) issued by the Central Government of India in terms of Section 143(11) of theAct we give in the Annexure a statement on the matters specified in the paragraph 3 and 4of the Order to the extend applicable.

ii. 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 appears from our examination of those books.

c The Balance Sheet the Statement of Profit and Loss and Cash Flow Statement dealtwith by this Report are in agreement with the Books of Accounts.

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 written representations received from the directors as on March 312015 taken on record by the Board of Directors none of the directors is disqualified ason March 31 2015 from being appointed as a director in terms of Section 164(2) of theAct: 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) Rule 2014 in our opinionand to our 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 standalone financial statements - Refer Note “31(M) and 31(N)”to the standalone financial statements.

(ii) The Company did not have any long-term contracts including derivatives contractsfor which there were any material foreseeable losses as required under the applicable lawor accounting standards.

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

For MAHENDRA KUMBHAT & ASSOCIATES
Chartered Accountants
Firm Registration No. 105770W
(AMAR BAGRECHA)
Place : Mumbai Partner
Dated : May 16 2015 Membership No.: 056605

ANNEXURE TO INDEPENDENT AUDITORS’ REPORT

[Referred in Paragraph (i) under the heading of “Report on Other Legal andRegulatory Requirements” of our report of even date to the member of CHASE BRIGHTSTEEL LIMITED

on the financial statements for the year ended March 312015.]

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

(b) As explained to us all the fixed assets have been physically verified by themanagement according to a phased programme designed to cover all the fixed assets atleast once during the year which in our opinion is at reasonable intervals having regardto the size of the Company and nature of its assets. As informed to us no materialdiscrepancies were noticed on such verification.

(ii) (a) Inventories other than stocks - in - transit and stocks lying with thirdparties have been physically verified by the management during the year or at the yearend. In our opinion the frequency of verification is reasonable. In case of stocks lyingwith the third parties confirmations of such stocks being held have been received inrespect of stocks held on March 31 2015.

(b) In our opinion the procedures of physical verification of inventories followed bythe management are reasonable and adequate in relation to the size of the Company and thenature of its business.

(c) On the basis of our examination of the inventory records in our opinion theCompany has maintained proper records of inventories and no material discrepancies havebeen noticed on physical verification between the physical stocks and book records.

(iii) As the Company has not granted any loan secured or unsecured to companiesfirms or other parties covered in the register maintained under section 189 of the ActClause 3(iii) (a) of the Order regarding regularity of receipt of principal amount andinterest and Clause 3(iii)(b) of the Order regarding steps for recovery of overdue amountof more than rupees one lakh are not applicable.

(iv) In our opinion and according to the information and explanation given to usthere is an adequate internal control system commensurate with the size of the Company andthe nature of its business for the purchase of inventory and fixed assets and for the saleof goods and services. During the course of our audit no major weaknesses have beenobserved in such internal control system.

(v) In our opinion and according to the information and explanation given to us as theCompany has not accepted any deposits from the public Clause 3(v) of the Order to commenton whether the Company has complied with the directives issued by the Reserve Bank ofIndia and the provisions of Sections 73 to 76 or any other relevant provisions of theCompanies Act 2013 and the Rules framed thereunder are not applicable.

(vi) We have broadly reviewed the cost records maintained by the Company pursuant tothe Companies (Cost Records and Audit) Rules 2014 as specified by the Central Governmentunder section 148(1) of the Act in respect of its products and are of the opinion thatprima facie the prescribed accounts and records have been made and maintained. Howeverwe have not made a detailed examination of the records with a view to determine whetherthey are accurate or complete.

(vii) (a) According to the information and explanation given to us and the records ofthe Company examined by us in our opinion the Company is generally regular in depositingthe undisputed statutory dues including provident fund employees’ state insuranceincome-tax sales-tax wealth-tax service-tax custom duty excise and other materialstatutory dues as applicable to it with the appropriate authorities. Further Accordingto the information and explanations given to us no undisputed amounts payable in respectof income-tax wealth-tax service-tax sales-tax customs duty and other materialstatutory dues were in arrears as at March 312015 for a period of more than six monthsfrom the date they became payable except Income- tax and TDS dues of ' 14.27lakhs NMMC Cess of ' 14.03 lakhs and employees’ state insurance of '0.04 lakhs.

(b) According to the information and explanations given to us and on the basis of thebooks of accounts and records examined by us as may be applicable given hereinbelow arethe details of dues of Income-tax Sales-tax Wealth Tax Service Tax Customs DutyExcise Duty Value Added Tax Cess which have not been deposited on account of disputesand the forum where the dispute is pending :

Particulars Financial Period for which the matter pertains Forum where dispute is pending Amount in Rs.
Income-tax 2010-2011 Income-tax Appellate Tribunal Mumbai (Appeal Filed by Income- tax Dept.) 779325

(c) According to the information and explanations given to us there were no amountsrequired to be transferred to Investor Education and Protection Fund in accordance withthe relevant provisions of the Companies Act 1956 (1 of 1956) and rules made thereunder.

(viii) As on March 31 2015 the accumulated losses of the Company are not more than50% of its net worth. The Company has not incurred cash losses during the year ended onthat date but had incurred cash losses in the immediately preceding financial year.

(ix) According to the information and explanations given to us and records of theCompany examined by us the Company has not defaulted in repayment of dues to financialinstitutions or banks. Further the Company has not issued any debentures and hence clause4 (ix) of the Order to that extent is not applicable.

(x) According to the information and explanations given to us as the Company has notgiven guarantees for loans taken by others from banks or financial institutions therequirement of Clause 3(x) of the Order to comment on whether the terms and conditionswhereof are prejudicial to the interest of the Company is not applicable.

(xi) According to the information and explanations given to us the term loans havebeen applied for the purpose for which they were obtained.

(xii) Based on the audit procedures performed and to the best of our knowledge andbelief and according to the information and explanations given to us we report that nofraud on or by the Company has been noticed or reported during the course of our audit.

For MAHENDRA KUMBHAT & ASSOCIATES
Chartered Accountants
Firm Registration No. 105770W
(AMAR BAGRECHA)
Place : Mumbai Partner
Dated : May 16 2015 Membership No.: 056605

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