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Sharda Ispat Ltd.

BSE: 513548 | NSE: | Series: NA | ISIN: INE385M01012 | SECTOR: Steel - Medium & Small

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Sharda Ispat is not listed on NSE

Annual Report

For Year :
2015 2014 2013 2012 2011 2010 2009 2008 2007

Auditor's Report

To,

The Members of,

Sharda Ispat Ltd.. Nagpur.

Report on the Financial Statements:

1. We have audited the accompanying financial statements of Shard spat Ltd., Nagpur, which comprise the Balance Sheet as at 31st March, 2015, the statement of Profit & 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 Financial Statements:

2. 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 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 maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting 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:

3. Our responsibility is to express an opinion on these financial statements based on our audit.

4. 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 there under.

5. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India. Those Standards and pronouncements 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.

6. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in 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 control systems over financial reporting and the operating effectiveness of the Company''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

7. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

8 In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the man”®r so required I and give a true and fair view in conformity with the accounting pencils genera 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 of that date.

Report on Other Legal and Regulatory Requirements:

9 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, and on the bas^ of I such checks of the books and records of the company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement I on the matters specified in the paragraph 3and 4 of the Order, to the extent applicable.

10. 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 o our knowledge 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 the Company so far as appears from our examination of those books.

c. The Balance Sheet and the Statement of Profit & Loss and the cash flow statement dealt with by I this Report are in agreement with the books of account.

d In our opinion, the aforesaid financial statements comply with the Amounting Standards I specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules,

e On the basis of written representations received from the Directors as on 31stMarch . 2015i and 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 u e

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 i s financial statements Refer Note 28.1 to the financial statements;

ii) the Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses; and

iii) there were no amounts which were required to be transferred, to the Investor Education and Protection Fund by the Company.

The Annexure referred to in Paragraph ''9'' with the heading “Report on other Legal and Regulatory Requirements of our Independent Auditors'' Report to the members of Shard I spat Ltd. on the financial statements for the year ended 31 st March, 2015

i) (a) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) These assets have been physically verified by the management during the year and no discrepancies have been noticed on such verification.

il) (a) As explained to us, inventories were physically verified during the year by the management at reasonable intervals.

(b) In our opinion and according to the information and explanations given to us, the procedures of the physical verification of inventories followed by the management were reasonable and adequate in relation to the size of the company and nature of its business.

(c) In our opinion and according to the information and explanations given to us, the Company has maintained proper records of inventories and no material discrepancies were noticed on physical verification.

iii) The Company has not granted any loans, Secured, or Unsecured to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act, 2013. Accordingly, clauses (a) and (b)of (iii) of the order are not applicable.

iv) In our opinion, and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods and Services.

v) In our opinion, and according to the information and explanations given to us, the company has not accepted any deposits from the public to which the directives issued by Reserve Bank of India and the provisions of section 73 to 76 or any other relevant provisions of the Companies Act, 2013 and rules made there under are applicable.

vi) As prescribed by the Central Government under sub-section(1) of section 148 of the Act for maintenance of cost records and as per information and explanations given by the management, such records are maintained by the company but we have not made a detailed examination of the records with a view to determine whether they are accurate or complete.

vii (a) According to the information and explanations given to us and on the basis of our examination of the records, the Company is regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees 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 applicable to it. According to the information and explanations given to us, no undisputed dues are outstanding as at 31 st March, 2015 for a period of more than six months from the date of becoming payable.

(b) According to the information and explanations given to us and the records of the company I examined by us, the dues of Income Tax. Sales Tax, Wealth Tax, Service Tax, Duty off Customs, Duty of Excise, Value Added Tax and Cess as at 31st March, 2015 which have I not been deposited on account of dispute and the forum where the disputes are pending, I areas under:

Sr.

No.

Name of Statute

Nature of Dues

Amount

(Rs.)

(Forum where Dispute is pending)

1.

Central Excise Act

Excise Duty

12,57,012

High Court, Delhi

2.

Central Excise Act

Penalty

2,24,000

Commissioner of Central Excise, Indore

3.

Central Excise Act

Excise Duty & Penalty

17,60,778

CEGAT, Mumbai (Appeals), Nagpur

4.

Central Excise Act

Excise Duty & Penalty

22,64,530

Add. Commissioner of Central Excise, Custom and Service Tax, Nagpur

5.

Central Excise Act

Excise Duty & Penalty

19,63,762

Jt. Commissioner of Central Excise, Custom and Service Tax, Nagpur

6.

Central Excise Act

Excise Duty & Penalty

3,74,578

Dy. Commissioner, Central Excise, Division I, Nagpur

7.

Central Excise Act

Service Tax

1,15,559

Dy. Commissioner Service Tax Cell, Nagpur

8.

Bombay Sales Tax Act (1999-00)

Sales Tax, Interest and Penalty

13,08,650

Joint Commissioner of Sales Tax (Appeals), Nagpur

9.

Central Sales Tax Act (1999-00)

Sales Tax, Interest and Penalty

2,37,211

Joint Commissioner of Sales Tax (Appeals), Nagpur

10.

Bombay Sales Tax Act (2000-01)

Sales Tax, Interest and Penalty

1,21,62.805

Joint Commissioner of Sales Tax (Appeals), Nagpur

11.

Central Sales Tax Act (2000-01)

Sales Tax, Interest and Penalty

30,15,700

Joint Commissioner of Sales Tax (Appeals). Nagpur

(Above Sr. No 8,9,10 and 11 are in total. The allocation shall be made after final decision between I demerged company and resultant companies)

(Refer Note No.28.1)

(c) According to the information and explanations given to us, there are no amounts that are required to be transferred to the Investor Education and Protection Fund in accordance I with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules there I under.

viii) As per Records of the company, the accumulated losses at the end of the financial year are less than 50% of its net worth. The company has not incurred cash losses during the current financial year and in the immediately preceding financial year.

ix) According to the information and explanations given to us, the Company has not defaulted in repayment of dues to a financial institution or bank during the year. The company did not have any outstanding dues to debenture holders during the year.

x) According to the information and explanations given to us, the company has not given any guarantee for loans taken by others from Banks or Financial Institutions.

xi) In our opinion and according to the information and explanations given to us, the company has not received any term loan during the year.

xii) According to information and explanations given to us and to the best of our knowledge and belief, no fraud on or by the company was noticed or reported during the year.

FOR LOYABAGRI & CO,

Firm Registration No. 105658W

Chartered Accountants,

Nagpur, Dated the, (GOPAL DAS BAGRI)

30th May 2015 Partner(M.No.002933)