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Shri Bajarang Alloys Ltd.

BSE: 526981 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE402H01015
BSE LIVE 15:40 | 15 Dec 18.15 -0.70
(-3.71%)
OPEN

18.70

HIGH

18.70

LOW

18.00

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 18.70
PREVIOUS CLOSE 18.85
VOLUME 6820
52-Week high 24.45
52-Week low 14.70
P/E 15.00
Mkt Cap.(Rs cr) 16
Buy Price 0.00
Buy Qty 0.00
Sell Price 18.00
Sell Qty 380.00
OPEN 18.70
CLOSE 18.85
VOLUME 6820
52-Week high 24.45
52-Week low 14.70
P/E 15.00
Mkt Cap.(Rs cr) 16
Buy Price 0.00
Buy Qty 0.00
Sell Price 18.00
Sell Qty 380.00

Shri Bajarang Alloys Ltd. (SHBAJRANGALL) - Auditors Report

Company auditors report

To the Members of

SHRI BAJRANG ALLOYS LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of SHRI BAJRANGALLOYS LIMITED (the Company) which comprise the Balance Sheet as at 31 March 2016the Statement of Profit and Loss and the Cash Flow Statement for the year then ended anda summary of significant accounting policies and other explanatory information for theyear then ended.

Management s Responsibility for the Standalone 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 standalone financial statements that give a true and fair viewof the financial position financial performance and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement 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 accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made thereunder. We conducted our audit inaccordance with the Standards on Auditing specified under Section 143(10) of the Act.Those Standards require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether the financial statements are free frommaterial misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on the auditors judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company s preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company s Directors as well asevaluating 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 standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31 March 2016 and its loss and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor s Report) Order 2016 (“the Order”)issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the Annexure-A statement on the matters specified in the paragraph 3and 4 of the Order to the extent applicable.

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 standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (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; and

(f) with respect to the adeqacy of internal financial controls over financial reportingof the company and the operating effectiveness of such controls refer to our separatereport in 'Annexure-B' and

(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 of pending litigations (Note No.-30) on itsfinancial position in its 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 (Note No.-30) and

iii. The Company is not liable to transfer any amounts to the Investor Education andProtection Fund during the year.

FOR R.K. SINGHANIA AND ASSOCIATES
CHARTERED ACCOUNTANTS
Firm Registration No. 004435C
Date : 28 May 2016 Sd/-
Place: RAIPUR RAMESH KUMAR SINGHANIA
(PARTNER)
MEMBERSHIP NO. 041880

ANNEXURE "A" TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THESTANDALONE FINANCIAL STATEMENTS OF SHRI BAJARANG ALLOYS LIMITED.

The Annexure referred to in paragraph 7 of our Independent Auditors Report of even dateto the members of the Company on the standalone financial statements for the year ended 31March 2016 we report that

(i) (a) According to the information and explanations given to us the Company is inprocess of maintaining proper records showing full particulars including quantitativedetails and situation of fixed assets.

(b) As explained to us the Company has a regular programme of physical verification ofits fixed assets by which fixed assets are verified in a phased manner over a period ofone year. In accordance with this programme certain fixed assets were verified during theyear and no material discrepancies were noticed on such verification. In our opinion thisperiodicity of physical verification is reasonable having regard to the size of theCompany and the nature of its assets.

(c) According to the information and explanation given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties asdisclosed in (Note No. - 10) on the fixed assets to the financial statements are held inthe name of the Company.

(ii) (a) According to the information and explanations given to us the Company has beenphysically verified the inventory at reasonable intervals during the year.

(b) According to the information and explanations given to us the procedures ofphysical verification of inventory followed by the management is reasonable and adequatein relation to the size of the Company and the nature of the business. Further thediscrepancies noticed in our physical verification of inventory as compared to books ofaccounts were not material.

(iii) According to the information and explanations given to us the Company has grantedloans (Note No.34) to the bodies corporate covered in the register maintained undersection 189 of the Companies Act 2013 (the Act).The terms and conditions of the loans arenot prejudicial to the interest of the Company. The stipulated schedule of payment ofprincipal and interest are regular in nature and the Company has taken reasonable stepsfor recovery of the overdue loan and interest amount during the year.

(iv) The Company has granted loans investments guraantees (Note No.34) and securitiesgranted in respect of which the provisions of section 185 & 186 of the Act andcomplied as applicable.

(v) According to the explanation and information given to us the Company has notaccepted any deposits within the meaning of section 73 to 76 of the Act and the rulesframed thereunder to the extent notified during the year.

(vi) The Central Govt. has prescribed maintenance of cost records under section 148(1)of the Companies Act 2013 in respect of manufacturing activities of the Company. We havebroadly reviewed the accounts and records of the Company in this connection and are of theopinion that prima facie the prescribed accounts and records have been made andmaintained. We have not however made a detailed examination of the same.

(vii) (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company the Company is regular in depositing theundisputed statutory dues including provident fund employee's state insurance incometax sales tax wealth tax service tax duty of customs duty of excise value added taxcess and any other statutory dues with the appropriate authorities. And there is no arrearof outstanding statutory dues at the last day of the financial year concerned for a periodof more than six months from the date they became payable.

(b) According to the information and explanations given to us there is disputed amountof statutory dues which have not been deposited with the concerned authorities during theyear; which are as follows;

Sl. No Name of the Statute Nature of the duties Amount in Lakhs Period to which the amount relates Forum where dispute is pending
1 Central Excise Act1944 Penalty 0.14 2011-12 to 2013-14 Commissioner of Central Excise(A) Raipur

(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 banks financial institutions or govt. Further the Company does not have anydebentures issued/ outstanding any time during the year.

(ix) The Company has not raised any money by way of initial public offer or furtherpublic offer (including debt instruments) during the year. The Company has obtained freshterm loan during the year and the same has been mainly applied for the purpose for whichthese are obtained.

(x) According to the information and explanations given to us no material fraud on orby the Company has been noticed or reported during the course of our audit.

(xi) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with schedule V to the Act.

(xii) In our opinion and according to the information and explanation given to us theCompany is not a nidhi company. Accordingly paragraph 3

(xii) of the Order is not applicable during the year. (xiii) According to theinformation and explanation given to us and based on our examination of the records of theCompany transactions with the related parties are in compliance with sections 177 and 188of the Act wherver applicable and details of such transactions have been disclosed in(Note No.-34) to the financial statement as required by the applicable accountingstandard.

(xiv) According to the information and explanation given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

(xv) According to the information and explanation given to us and based on ourexamination of the records of the Company the Company has not entered into any non-cashtransactions with directors or persons connected with them as prescribed under section 192of the Act. Accordingly paragraph 3(xv) of the Order is not applicable during the year.

(xvi) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934. Accordingly paragraph 3(xvi) of the order is not applicableduring the year.

FOR R.K. SINGHANIA AND ASSOCIATES
CHARTERED ACCOUNTANTS
Firm Registration No. 004435C
Date : 28 May 2016 Sd/-
Place: RAIPUR RAMESH KUMAR SINGHANIA
(PARTNER)
MEMBERSHIP NO. 041880