Bengal Steel Industries Ltd.की ऑडीटर रिपोर्ट

Mar 31, 2024

We have audited the standalone financial statements of Bengal Steel Industries Limited
("the Company"), which comprise the Balance Sheet as at 31^st March 2024, the Statement of
Profit and Loss, Statement of Changes in Equity and Statement of Cash Flows for the year
ended on that date and notes to the financial statements, including a summary of significant
accounting policies and other explanatory information.

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 31^st March
2024, and profit/loss, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under
Section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are
further described in the Auditor''s Responsibilities for the Audit of the Financial Statements
section of our report. We are independent of the Company in accordance with the Code of
Ethics issued by the Institute of Chartered Accountants of India together with the ethical
requirements that are relevant to our audit of the financial statements under the provisions
of the Companies Act, 2013 and the Rules there under, and we have fulfilled our other
ethical responsibilities in accordance with these requirements and the Code of Ethics. We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.

Emphasis of Matters:

Without qualifying our opinion, we draw attention to the following:

1. Charge of depreciation on the composite cost of Land & Building and in absence of
useful life of assets, depreciation is being charged by reducing balance method * Refer note
27.

Key Audit Matters

There are no Key Audit Matters to communicate in our report.

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 of these standalone
financial statements that give a true and fair view of the financial position, financial
performance, changes in equity 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.

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 statement
that give a true and fair view and are free from material misstatement, whether due to
fraud or error.

In preparing the financial statements, management is responsible for assessing the
Company''s ability to continue as a going concern, disclosing, as applicable, matters related
to going concern and using the going concern basis of accounting unless management either
intends to liquidate the Company or to cease operations, or has no realistic alternative but
to do so.

Auditor''s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue
an auditor''s report that includes our opinion. Reasonable assurance is a high level of
assurance, but is not a guarantee that an audit conducted in accordance with SAs will always
detect a material misstatement when it exists. Misstatements can arise from fraud or error
and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these financial
statements.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor''s Report) Order, 2020 ("the Order"), issued by the
Central Government of India in terms of sub-section (11) of Section 143 of the Companies

Act, 2013, we give in the "Annexure-A" a statement on the matters specified in paragraphs
3 and 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 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, Cash Flow Statement and the
Statement of Changes in Equity 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 Companies (Indian
Accounting Standards) Rules, 2015.

(e) On the basis of the written representations received from the directors as on 31^st
March, 2024 taken on record by the Board of Directors, none of the directors are
disqualified as on 31^st March, 2024 from being appointed as a director in terms of Section
164 (2) of the Act.

(f) With respect to the adequacy of the internal financial controls over financial reporting of
the Company and the operating effectiveness of such controls, refer to our separate Report
in "Annexure-B".

(g) The Company has not paid any remuneration to its Directors. Hence, provisions of
Section 197 of the Act read with Schedule V of the Act were not applicable to the Company
during the year ended 31^st March, 2024.

(h) 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 Rs. 2,96,790/- on its financial position in respect
of its pending litigation - Refer Note 19 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.

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

iv. The company, in respect of financial years commencing on or after the 1^st April, 2023
has used such accounting software for maintaining its books of account which has a
feature of recording audit trail facility and the same has been operated throughout the
year for all transactions recorded in the software and the audit trail feature has not been
tampered with and the audit trail has been preserved by the company as per the statutory
requirements for record retention.

v. (1) The management has represented that, to the best of its knowledge and belief,
other than as disclosed in the notes to the accounts, no funds have been advanced or
loaned or invested (either from borrowed funds or share premium or any other sources or
kind of funds) by the Company to or in any other person(s) or entity(ies) ("Intermediaries"),
with the understanding, whether recorded in writing or otherwise, that the Intermediary
shall, whether, directly or indirectly lend or invest in other persons or entities identified in
any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or
provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

(2) The management has represented that, to the best of its knowledge and belief, other
than as disclosed in the notes to the accounts, no funds have been received by the Company
from any person(s) or entity(ies) ("Funding Parties"), with the understanding, whether
recorded in writing or otherwise, that the Company shall, whether, directly or indirectly,
lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or
the like on behalf of the Ultimate Beneficiaries; and

(3) Based on such audit procedures that we have considered reasonable and appropriate in
the circumstances, nothing has come to our notice that has caused us to believe that the
representations under sub-clause (1) and (2) contain any material mis-statement.

v. The Company has not declared or paid any dividend during the year under review.

For S. Ghose & Co., LLP
Chartered Accountants
FRN-302184E/E300007

— oa U-v

CA. Riten Dey

Designated Partner

Place: Kolkata M.No. 051078

Date: 22^nd April, 2024 UDIN: 24051078BKDIAG7340

---

Mar 31, 2014

REPORT ON THE FINANCIAL STATEMENTS :

We have audited the accompanying financial statements of BENGAL STEEL INDUSTRIES LIMITED ("the company), which comprise the Balance Sheet as at March 31,2014, the Statement of Profit and Loss and the Cash Flow Statements for the year then ended, and a summary of the significant accounting policies and other explanatory information.

MANAGEMENT''S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS :

The Company''s Management is responsible for the preparation 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 Standards referred to in Section 211 (3C) of the Companies Act, 1956 read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013 and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatements, whether due to fraud or error.

AUDITORS'' RESPONSIBILITY :

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. 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 control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company''s internal control. An audit aiso includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the management, 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.

OPINION :

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 manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2014;

b) in the case of the Statement of Profit and Loss, of the profit of the Company for the year ended on that date; and

c) in the case of the Cash Flow Statement, of the cash flows of the Company for the year ended on that date.

Emphasis of Matter

Without qualifying our opinion, we draw attention to the following :

1. Charge of depreciation on the composite cost of Land & Building, the value of which are not segregated;

2. Non-recognition of impairment loss, if any, on discontinuation of operation and disposal of fixed assets of ingot plant in absence of adequate information;

3. Non-provision in diminution in value of investments, the amount of which could not be ascertained in absence of adequate information.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS :

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order”) issued by the Central Government of India in terms of Section 227(4A) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by Section 227(3) of the Act, we report that :

(a) 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.

(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, 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 Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement comply with the Accounting Standards referred to in Section 211 (3C) of the Act read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013.

(e) On the basis of the written representations received from the directors as on 31st March, 2014, taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2014, from being appointed as a director in terms of Section 274(1)(g) of the Act.

ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT

(Referred to in paragraph 1 under ''Report on other legal and regulatory requirements'' section of our report of even date)

As required by Companies (Auditors'' Report) Order, 2003 issued by the Central Govt. of India under Section 227(4-A) of the Companies Act, 1956,and on the basis of such checks of the books and records of the Company and according to the information and explanations given to us, we report further that:

1) The Company has not maintained proper records showing full particulars, including quantitative details and situation of Fixed Assets. The Fixed Assets do not appearto have been physically verified by the Management during the year under Audit and therefore, the question of discrepancy on physical verification could not be determined. During the year substantial part of fixed assets have not been disposed off.

2) We are informed that physical verification of inventory has been conducted at reasonable intervals by the Management. The procedure 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 its business. The Company is maintaining proper records of its inventory and no material discrepancy were noticed on physical verification.

3) There is an adequate internal control procedure commensurate with the size of the Company and the nature of its business for the purchase of inventory and fixed assets and for sale of goods.

4) Transactions that need be entered into register mentioned under section 301 of the Companies Act, 1956, have been so entered and these transactions have been made at prices which are reasonable having regard to prevailing market price at the relevant time.

5) The Company does not have an internal audit system commensurate with its size and nature of its business.

6) We have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost Accounting Record) 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. However, we have not made a detailed examination of cost records with a view to determine whether they are accurate or complete.

7) The Company is regular in depositing undisputed statutory dues with the appropriate authorities so far as applicable to the affairs of the Company during the year. There are no disputed dues of Sales Tax, Income Tax, Custom Duty, Wealth Tax, Excise Duty, Service Tax or Cess.

8) The Company does not have any accumulated loss or Cash loss in the current or immediately preceding financial year.

9) Proper records of transactions and contracts relating to dealing in shares, securities or other investments have been maintained so far as applicable to such transactions and timely entries have been made therein, and the shares, securities, debentures or other securities have been held in the Company''s name.

10) On the basis of an overall examination of the Balance Sheet of the Company, in our opinion and according to the information and explanations given to us, short term funds have not been used for long term purposes.

11) We have not noticed nor have been reported any fraud on or by the Company during the year under audit.

12) Clauses (iii), (vi), (xi), (xii), (xiii), (xv), (xvi), (xviii), (xix), (xx) of paragraph 4 of the order are not applicable to the Company for this year.

For J. N. Banerjee & Co. Chartered Accountants (Registration No. 302063E)

(G. BANDYOPADHYAY, F.C.A.) Place: Kolkata Partner Date : 30th May, 2014 Membership No. 050270

---

Mar 31, 2011

We have audited the Balance Sheet of Bengal Steel Industries Limited as at 31st March, 2011, and the Profit and Loss Account for the year ending on that date, together with Schedules annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statement based on our audit.

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

We report that:-

1. We have obtained all information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

2. 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 the said books;

3. The Balance Sheet and Profit & Loss Account dealt with in this report are in agreement with the Books of Account;

4. In our opinion and to the best of our information and explanations given to us, the said accounts together with the Schedules 1 to 14 give the information required by the Companies Act" 1956, in the manner so required and also give, subject to;

(i) Charge of depreciation on the Composite cost of Land & Building, the value of which are not segregated;

(ii) Non-recognition of impairment loss, if any, on discontinuation of operation and disposal of fixed assets of ingot plant in absence of adequate information.

(Hi) Non-provision in diminution in value of investments, the amount of which could not be ascertained in absence of adequate information. 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, 2011.

(b) In the case of the Profit & Loss Account, of the Profits for the year ended on that date.

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

5. In our opinion, the Profit & Loss Account and the Balance Sheet comply with the Accounting Standards referred to in subsection (3C) of Section 211 of the Companies Act. 1956, subject to notes in para 4 above.

6. On the basis of written representations received trom Directors, and taken on record by the Board of Directors, we report that none of the Directors are disqualified as on 31st March, 2011 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

7. As required by Companies (Auditors' Report) Order, 2003 issued by the Central Govt, of India under Section 227(4-A) of the Companies Act, 1956 and on the basis of such checks of the books and records of the Company and according to the information and explanations given to us, we report further that:

1) The Company has not maintained proper records showing full particulars, including quantitative details and situation of Fixed Assets. The Fixed Assets do not appear to have been physically verified by the Management during the year under Audit and therefore, the question of discrepancy on physical verification could not be determined. During the year substantial part of fixed assets have not been disposed off but this did not effect the going concern.

2) We are informed that physical verification of inventory has been conducted at reasonable intervals by the Management. The procedure 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 its business. The Company is maintaining proper records of its inventory and no material discrepancy were noticed on physical verification.

3) There is an adequate internal control procedure commensurate with the size of the Company and the nature of its business, for the purchase of inventory and fixed assets and for sale of goods.

4) Transactions that need be entered into register mentioned under section 301 of the Companies Act, 1956, have been so entered and these transactions have been made at prices which are reasonable having regard to prevailing market price at the relevant time.

5) The Company does not have an internal audit system commensurate with its size and nature of its business.

6) The Company is regular in depositing undisputed statutory dues with the appropriate authorities so far as applicable to the affairs of the Company during the year. There are no disputed dues of Sales Tax, Income Tax, Wealth Tax, Custom Duty, Excise Duty or Cess.

7) The Company does not have any accumulated loss or Cash loss in the current or immediately preceding financial year.

8) Proper records of transactions and contracts relating to dealing in shares, securities or other investments have been maintained so far as applicable to such transactions and timely entries have been made therein, and the shares, securities, debentures or other securities have been held in the Company's name.

9) On the basis of an overall examination of the Balance Sheet of the Company, in our opinion and according to the information and explanations given to us, short term funds have not been used for long term purposes.

10) We have not noticed nor have been reported any fraud on or by the Company during the year under audit.

11) Clauses (iii), (vi), (viii), (xi), (xii), (xiii), (xv), (xvi), (xviii), (xix), (xx) of paragraph 4 of the order are not applicable to the Company for this year.

For J. N. BANERJEE & CO.

Chartered Accountants (Regd. No. 302063E)


Date : 30th May, 2011 Membership No.050270

---

Mar 31, 2010

We have audited the Balance Sheet of Bengal Steel Industries Limited as at 31st March, 2010, and the Profit and Loss Account for the year ending on that date, together with Schedules annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statement based on our audit.

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

We report that:-

1. We have obtained all information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

2. 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 the said books;

3. The Balance Sheet and Profit & Loss Account dealt with in this report are in agreement with the Books of Account;

4. In our opinion and to the best of our information and explanations given to us, the said accounts together with the Schedules 1 to 14 give the information required by the Companies Act 1956, in the manner so required and also give, subject to;

(i) Charge of depreciation on the Composite cost of Land & Building, the value of which are not segregated;

(ii) Non-recognition of impairment loss, if any, on discontinuation of operation and disposal of fixed assets of ingot plant in absence of adequate Information.

(iii) Non-provision in diminution in value of investments, the amount of which could not be ascertained in absence of adequate information. 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, 2010.

(b) In the case of the Profit & Loss Account, of the Profits for the year ended on that date.

(c) In the case of the Cash Flow Statement, of the cash flows for the year ended on that date,

5. In our opinion, the Profit S. Loss Account and the Balance Sheet comply with the Accounting Standards referred to in subsection (3C) of Section 211 of the Companies Act. 1956, subject to notes in para 4 above.

6. On the basis of written representations received from Directors, and taken on record by the Board of Directors, we report that none of the Directors are disqualified as on 31st March, 2010 from being appointed as a director in terms of clause {g} of sub-section (1) of section 274 of the Companies Act, 1956.

7. As required by Companies (Auditors Report) Order, 2003 issued by the Central Govt, of India under Section 227(4-A) of the Companies Act, 1956 and on the basis of such checks of the books and records of the Company and according to the information and explanations given to us, we report further that :

1) The Company has not maintained proper records showing full particulars, including quantitative details and situation of Fixed Assets.The Fixed Assets do not appear to have been physically verified by the Management during the year under Audit and therefore, the question of discrepancy on physical verifica- tion could not be determined. During the year substantial part of fixed assets have been disposed off but this did not effect the going concern.

2) We are informed that physical verification of inventory has been conducted at reasonable interval by the Management. The procedure 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 its business. The Company is maintaining proper records of its inventory and no material discrepency were noticed on physical verification.

3) There is an adequate internal control procedure commensurate with the size of the Company and the nature of its business, for the purchase of inventory and fixed assets and for sale of goods.

4) Transactions that need be entered into register mentioned under section 301 of the Companies Act, 1956, have been so entered and these transactions have been made at prices which are reasonable having regard to prevailing market price at the relevant time.

5) The Company does not have an internal audit system commensurate with its size and nature of its business.

6) The Company is regular in depositing undisputed statutory dues with the appropriate authorities so far as applicable to the affairs of the Company during the year. There are no disputed dues of Sales Tax, Income Tax, Wealth Tax, Custom Duty, Excise Duty or Cess.

7) The Gompany does not have any accumulated loss or Cash loss in the current or immediately preceeding financial year.

8) Proper records of transactions and contracts relating to dealing in shares, securities or other investments have been maintained so far as applicable to such transactions and timely entries have been made therein, and the shares, securities, debentures or other securities have been held in the Companys name.

9) On the basis of an overall examination of the Balance Sheet of the Company, in our opinion and according to the information and explanations given to us, short term funds have not been used for long term purposes.

10) We have not noticed nor have been reported any fraud on or by the Company during the year under audit.

11) Clauses (iii), (vi), (viii), (xi), (xii), (xiii), (xv), (xvi), (xviii). (xix), (xx) of paragraph 4 of the order are not applicable to the Company for this year.

For J. N. BANERJEE & CO.

Chartered Accountants

(G. BANDYOPADHYAY, F.C.A.)

Place : Kolkata Partner

Date : 31st May, 2010 Membership No.050270