| We have audited the accompanying standalone financial statements of
SHRI BAJRANG ALLOYS LIMITED ('the Company'), which comprise the Balance
Sheet as at 31st March 2015, the Statement of Profit and Loss and the
Cash Flow Statement for the year then ended, and a summary of
significant accounting policies and other explanatory information.
Management's Responsibility for the Standalone Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation and presentation of these standalone financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the accounting principles generally accepted in India, including the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility
also includes the maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding the assets
of the Company and for preventing and detecting the frauds and other
irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for
ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial
statements that give a true and fair view and 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 statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
thereunder.
We conducted our audit in accordance 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 the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide 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
explanations given to us, the aforesaid standalone financial statements
give the information required by the Act in the manner so required and
give a true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as
at 31st March 2015 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, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters specified in the paragraph 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 best of 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 the Company 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 Statement dealt with by this report are in agreement with the
books of account;
(d) in our opinion, the aforesaid standalone financial statements
comply with the Accounting Standards 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 31st March 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March 2015
from being appointed as a director in terms of Section 164 (2) of the
Act; and
(f) with respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i. the Company has disclosed the impact of pending litigations on its
financial position in its financial statements.
ii. the Company has made provision, as required under the applicable
law or accounting standards, for material foreseeable losses, if any,
on long-term contracts including derivative contracts (Note-30), and
iii. The Company is not liable to transfer any amounts to the Investor
Education and Protection Fund during the year.
The Annexure referred to in our Independent Auditors' Report to the
members of the Company on the standalone financial statements for the
year ended 31st March 2015, we report that:
(i) (a) According to the information and explanations given to us, the
Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
(b) As explained to us, the fixed assets have been physically verified
by the management at reasonable intervals, which in our opinion is
reasonable looking to the size of the Company and the nature of its
business. According to the information and explanation given to us, no
material discrepancies were noticed on such verification during the
year.
(ii) (a) According to the information and explanations given to us, the
Company has conducted physical verification of inventory at reasonable
intervals during the year.
(b) According to the information and explanations given to us, the
procedures of physical verification of inventory followed by the
management is reasonable and adequate in relation to the size of the
Company and the nature of the business.
(c) According to the information and explanations given to us, the
Company is maintain proper records of inventory and there were no
material discrepancies noticed on physical verification.
(iii) (a) According to the information and explanations given to us,
the Company has granted unsecured loans to one body corporate covered
in the register maintained under section 189 of the Companies Act, 2013
('the Act').
(b) According to the information and explanations given to us, the
receipt of the principal amount and interest are regular during the
year.
(c) According to the information and explanations given to us, there
are no overdue amounts of more than rupees one lakh in respect of the
loans granted to the bodies corporate listed in the register maintained
under section 189 of the Act.
(iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business with regard
to purchase of inventory and fixed assets and for sale of goods and
services. We have not observed any major weakness in the internal
control system during the course of the audit.
(v) According to the information and explanations given to us, the
Company has not accepted any deposits from the public 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 have broadly reviewed the accounts and
records of the Company in this connection and are of the opinion that
prima facie, the prescribed accounts and records have been made and
maintained. 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 of our examination of the records of the Company, the
Company is regular in depositing the undisputed statutory dues
including provident fund, employee's state insurance, income tax, sales
tax, wealth tax, service tax, duty of customs, duty of excise, value
added tax, cess and any other statutory dues with the appropriate
authorities and there is no arrear of outstanding statutory dues at the
last day of the financial year concerned for a period of more than six
months from the date they became payable.
(b) According to the information and explanations given to us, there is
no disputed amount of statutory dues which have not been deposited with
the concerned authorities during the year.
(c) According to the information and explanations given to us the
Company is not required to remit any amount which is required to be
transferred to the Investor Education and Protection Fund in accordance
with the relevant provisions of the Companies Act, 1956 (1 of 1956) and
rules there under during the year.
(viii) According to the information and explanations given to us, the
Company does not have any accumulated losses at the end of the
financial year and has not incurred cash losses in the financial year
and in the immediately preceding financial year.
(ix) The Company has not defaulted in repayment of dues to financial
institutions, banks and payments have been made as per the repayment
schedule sanctioned by the financial institutions and banks.
(x) According to the information and the explanations given to us, the
Company has given Corporate guarantees for loans taken by others from
banks or financial institutions; the terms and conditions thereof are
not prejudicial to the interest of the Company.
(xi) According to the information and explanations given to us, the
term loans mainly applied for the purpose for which the same loan have
been obtained during the year.
(xii) According to the information and explanations given to us, no
material fraud on or by the Company has been noticed or reported during
the course of our audit.
FOR, R.K. SINGHANIA AND ASSOCIATES
CHARTERED ACCOUNTANTS
Firm Registration No. 004435C
PLACE : RAIPUR
DATE : 26.05.2015
Sd/-
RAMESH KUMAR SINGHANIA
(PARTNER)
MEMBERSHIP NO. 041880 |