You are here » Home » Companies » Company Overview » Indian Bright Steel Company Ltd

Indian Bright Steel Company Ltd.

BSE: 504731 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE566M01017
BSE LIVE 14:03 | 05 Jul Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 18.35
PREVIOUS CLOSE 18.35
VOLUME 1
52-Week high 18.35
52-Week low 18.35
P/E
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 18.35
Sell Qty 199.00
OPEN 18.35
CLOSE 18.35
VOLUME 1
52-Week high 18.35
52-Week low 18.35
P/E
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 18.35
Sell Qty 199.00

Indian Bright Steel Company Ltd. (INDIANBRIGHTST) - Auditors Report

Company auditors report

To

The Members of

Indian Bright Steel Company Limited

Report on the Financial Statements

We have audited the accompanying financial statements of Indian Bright Steel CompanyLimited ("the Company") which comprise the Balance Sheet as at March 31 2015and the Statement of Profit and Loss and Cash Flow Statement for the year then ended anda summary 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 stated in Section134(5) of theCompanies 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 AccountingStandards specified under Section 133 of the Act read with Rule 7 of theCompanies(Accounts) Rules 2014. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding of theassets of the Company and for preventing and detecting frauds and other irregularities;selection and application of appropriate accounting policies; making judgments andestimates that are reasonable and prudent; and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

Auditors’ 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 andmatters 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 financial control relevant to the Company’s preparation thatgive a true and fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by theCompany’s Directors as well as evaluating the overall presentation of the financialstatements.

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 financial statements give the information required by the Act in themanner 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 March31 2015 and its losses and 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 inparagraphs 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 andbelief 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 it appears from our examination of those books;

(c) the balance sheet statement of profit and loss and cash flow Statement dealt withby this Report are in agreement with the books of account;

(d) in our opinion the balance sheet statement of profit and loss and cash flowstatement comply with the Accounting Standards specified under Section 133 of the Actread with Rule 7 of the Companies (Accounts) Rules 2014.

(e) on the basis of written representations received from the directors as on March 312015 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 312015 from being appointed as a director in terms of section 164 (2) of theAct.

(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 does not have any pending litigations which would impact its financialposition.

ii. the Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. there has been no delay in transferring amounts required to be transferred ifany to theInvestor Education and Protection Fund by the Company.

For Desai Associates
Chartered Accountants
FRN: 102286W

Sudhir K. Jain

Partner

Membership No.: - 120610
Place: Mumbai
Date: 26.05.2015

ANNEXURE TO THE AUDITORS’ REPORT

The annexure referred to in our Independent Auditors’ Report to the members of thecompany in the financial statements for the year ended 31st March 2015 We report that:

1) The company does not have any fixed assets and hence the requirement of para 3(i)is not applicable.

2) The Company does not have any inventory and hence the requirement of para 3(ii) isnot applicable.

3) The Company has not granted any loans secured or unsecured to companies firms orother parties covered in the register maintained under section 189 of the act.

4) In our opinion and according to the information and explanations given to us thereareadequate internal control procedures commensurate with the size of the company andnature of its business with regard to the purchase of inventory and fixed assets and withregard to sale of goods and services. We have not observed any major weakness in theinternal control system during the course of our audit.

5) The Company has not accepted any deposits from the public.

6) According to the information and explanations provided to us the Company is notrequired to have cost records as prescribed by the Central Government under sub-section(1) of Section 148 of the Act.

7) (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company amounts deducted / accrued in the books ofaccount in respect of undisputed statutory dues including Provident Fund employees’state insurance income-tax sales-tax wealth tax service tax duty of customs duty ofexcise value added tax cess and any other material statutory dues have been regularlydeposited during the year by the company with the appropriate authorities.

According to the information and explanations given to us no undisputed amountspayable in respect of Provident Fund employees’ state insurance income-taxsales-tax wealth tax service tax duty of customs duty of excise value added tax cessand any other material statutory dues were in arrears as at 31 March 2015 for a period ofmore than six months from the date they became payable.

(b) According to the information and explanations given to us there are no materialdues of income tax sales tax wealth tax service tax duty of customs duty of excisevalue added tax or cess which have not been deposited with the appropriate authorities onaccount of any dispute.

(c) According to the information and explanations given to us the company is notrequired to transfer any amount to investor education and protection fund in accordancewith the relevant provisions of the Companies Act 1956 (1 of 1956) and rules madethereunder.

8) The Company have accumulated losses of Rs.7238117 in the statement of profit andlossat the end of the financial year and has incurred cash losses in the current financialyear. However the company has not incurred cash losses in the immediately precedingfinancial year.

9) Based on our audit procedures and as per the information and explanations given bythe management we are of the opinion that the company has not defaulted in repayment ofdues to a financial institution bank or debenture holders.

10) According to the information and explanations given to us the guarantee given forloans taken by others if any from banks are not prejudicial to the interest of thecompany.

11) The company did not have any term loans outstanding during the year.

12) Based on the audit procedures performed for the purpose of reporting the true andfair view of the financial statements and as per the information and explanations given bythe management we report that no fraud on or by the company has been noticed or reportedduring the year.

For Desai Associates

Chartered Accountants

FRN. 102286W

Sudhir K Jain

Partner

Membership No. : 120610

Place: Mumbai

Date: 26.05.2015