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Shri Bajrang Alliance Ltd.

BSE: 526981 | NSE: | Series: NA | ISIN: INE402H01015 | SECTOR: Steel - Rolling

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Shri Bajrang Alliance is not listed on NSE

Annual Report

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

Auditor's Report

1. We have audited the attached Balance Sheet of Shri Bajrang Alloys Limited as at 31st March' 2012 and the Profit and Loss Account and the Cash Flow Statement for the year ended on that date, annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan & perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosure in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors' Report) Order, 2003 and the Companies (Auditors' Report) (Amendment) Order, 2004 issued by the Central Government in terms of Section 227 (4A) of the Companies Act, 1956, we enclose in the annexure a statement on the matter specified in paragraphs 4 and 5 of the said order.

4. Further to our to comment in the Annexure referred to above, we report that:

(i) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit.

(ii) 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 such books.

(iii)The Balance Sheet and Profit and Loss Account and Cash Flow Statement dealt

with by this report are in agreement with the books of account.

(iv)The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub section (3C) of section 211 of the Companies Act, 1956.

(v) Based on written representations received from all directors as on 31st March 2012, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March

2012 from being appointed as a Director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

(vi) In our opinion and to the best of our information and according to the explanations given to us, the annexed accounts read together with notes and the significant accounting policies give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view: -

a) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2012,

b) In the case of the Profit and Loss Account, of the PROFIT of the Company for the year ended on that date, and

c) In the case of Cash Flow Statement, of the Cash Flows for the year ended on that date.

Re: Shri Bajrang Alloys Limited

(Referred to in paragraph 3 of our report of even

date)

i) (a) The Company has generally maintained

the 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, in phased verification programmed, which, in our opinion is reasonable, looking to the size of the company and the nature of its business. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

(c) The Company has not disposed off substantial part of fixed assets during the year, which has any effect on going concern of the Company.

ii) (a) As explained to us, physical verification of inventory have been conducted at reasonable intervals during the year by the management.

(b) In our opinion, the procedures of physical verification of inventory followed by the management are reasonable and ade- quate in relation to the size of the company and the nature of its business.

(c) On the basis of our examination of the inventory records of the company, we are of the opinion that, the company is maintaining proper records of inventory. No discrepancies have been noticed on verification between physical stocks and the book records.

iii) (a) Company has not granted any loan secured or unsecured to company, firm or other person covered in the registered maintained u/s 301of Companies Act and therefore sub clause (b), (c), (d) of clause (iii) are not applicable.

(e) Company has taken unsecured loan from parties covered in the register maintained u/s 301 of the Companies Act, 1956 and maximum amount outstanding during the year Rs.3,75,02,323/- (Previous Year Rs. 5,99,08,038/-.) The year end balance Rs.2,36,37,635/- (Previous Year Rs. 3,00,96,099/-.)

(f) According to the information and explanations given to us, rate of interest and other terms and conditions on which loan was taken is not primafacie prejudicial to the interest of the company.

(g) Payment of interest and principal are generally regular.

iv) In our opinion and according to the information and explanations given to us the internal control procedures regarding purchase of inventory, fixed assets and for the sale of goods are adequate and the same are commensurate with the size of the company and nature of its business. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

v) (a) In opinion and according to the

information and explanations given to us, contracts and arrangements that need to be entered into the Registers in pursuance of section 301 of the Act, have been so entered.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of five lakhs rupees in respect of any party during the year have been reasonable having regard to the prevailing market prices at the relevant time.

vi) According to the information and explanations given to us, the Company has

not accepted any deposits from public during the year; therefore, the provisions of clause 4(vi) of the Companies (Auditors' Report) Order, 2003 are not applicable to the Company.

vii) The company is a listed company and in our opinion the Company has adequate internal audit system commensurate with its size and nature of its business.

viii) We have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost Accounting Records) Rules,

2011 prescribed by the Central Government under Section 209(1)(d) of the Companies Act, 1956 and are of the opinion that prima facie the prescribed cost records have been maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.

ix) (a) As explained to us there was no amount

outstanding as on 31.03.2012 in respect of undisputed statutory dues including Provident Fund, Employees State Insurance, Income Tax, Wealth Tax, Sales Tax, Customs Duty and Excise Duty for a period of more than six months from the date they become payable.

(b) According to the information and explanations given to us, there are no dues of Sales Tax, Income Tax, Custom Duty, Wealth Tax, Service Tax, Excise Duty and Cess outstanding as on

31.03.2012 which has not been deposited on account of any dispute except following :

Statute Nature Amount Forum where involved dispute is (Rs '000) Period pending

State Sales Tax Act CGST 474.66 2006-07 D.C.C.T. (Appeal)

Central Excise Tax Act, 1944 CENVAT 292.37 2007-09 C.C.E. (Appeal) Central Excise Tax Act, 1944 CENVAT 289.26 2008-09 C.C.E. (Appeal)

Central Excise CENVAT 0.13 2009-10 C.C.E. (Appeal) Tax Act, 1944

x) The Company doesnothaveany accumulated losses and has not incurred cash losses during the end of the financial year covered by our audit. Therefore, the provisions of clause 4(x) of the Companies (Auditors' Report) Order, 2003 are not applicable to the Company.

xi) In our opinion and according to information and explanations given to us, the company has not defaulted in repayment due to financial institution or Banks. Therefore, the provisions of clause 4(xi) of the Companies (Auditors' Report) Order, 2003 are not applicable to the Company.

xii) In our opinion and according to information and explanations given to us, the company has not granted loan and advances on the basis of security by way of pledge of share, debenture and other security.

xiii) In our opinion, the Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of sub clause (a), (b), (c), (d) of clause 4 (xiii) of the Companies (Auditor's Report) Order 2003 is not applicable to the company.

xiv) In our opinion and according to information and explanations given to us, the company has maintained proper records of transactions and contracts in respect of trading in securities, debentures and other investments and timely entries have been made therein. All shares, debenture and other investments have been held by the company in its own name.

xv) The Company has given corporate guarantees for loans availed by the others. The terms and conditions whereof, in accordance with information and explanations furnished to us, are not, prima facie, prejudicial to the interest of the Company.

xvi) The Company has not obtained any term loan during the year. Therefore, the provisions of clause 4(xvi) of the Companies (Auditors' Report) Order, 2003 are not applicable to the Company.

xvii) According to the information and explanations given to us and on overall examination of the Balance Sheet of the company, we are of the opinion that the Company has not utilized any amount from short term sources towards long term investments and visa versa.

xviii) According to the information and explanations given to us, during the year the company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act. Therefore, the provisions of clause 4(xviii) of the Companies (Auditors' Report) Order, 2003 are not applicable to the Company.

xix) The Company has not issued any debenture during the year; therefore, the provisions of clause 4(xix) of the Companies (Auditors' Report) Order, 2003 are not applicable to the Company.

xx) The Company has not raised any fund by public issue during the year. Therefore, the provisions of clause 4(xx) of the Companies (Auditors' Report) Order, 2003 are not applicable to the Company.

xxi) To our best of knowledge and according to information and explanations given to us, the Company has not been noticed or reported any fraud during the year. Therefore, the provisions of clause 4(xxi) of the Companies (Auditors' Report) Order, 2003 are not applicable to the Company.

For, R.K. Singhania & Associates

Chartered Accountants Registration No. 004435C

Sd/-

(Ramesh Kumar Singhania)

Partner

Membership No. - 41880

Raipur, 30th May, 2012