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BHASKAR SHRACHI ALLOYS LTD
Standalone Financial Statements for period 01/04/2016 to 31/03/2017
[400100] Disclosure of general information about company

Unless otherwise specified, all monetary values are in INR
01/04/2016 01/04/2015
to to
31/03/2017 31/03/2016
Corporate identity number L51109WB1995PLC071126
Permanent account number of entity AABCB8956C
8/1 middleton row ,
Address of registered office of company Kolkata , WEST BENGAL ,
INDIA - 700071
Commercial and
Type of industry Industrial
Date of board meeting when final accounts were approved 06/06/2017
Date of start of reporting period 01/04/2016 01/04/2015
Date of end of reporting period 31/03/2017 31/03/2016
Nature of report standalone consolidated Standalone
Content of report Financial Statements
Description of presentation currency INR
Level of rounding used in financial statements Actual
Type of cash flow statement Indirect Method
Whether company is maintaining books of account and other
Yes
relevant books and papers in electronic form
Complete postal address of place of maintenance of computer 8/1 Middleton Row,
servers (storing accounting data) Kolkata- 700 071
Name of city of place of maintenance of computer servers (storing
KOLKATA
accounting data)
Name of state/ union territory of place of maintenance of
WEST BENGAL
computer servers (storing accounting data)
Pin code of place of maintenance of computer servers (storing
700071
accounting data)
Name of district of place of maintenance of computer servers
KOLKATA
(storing accounting data)
ISO country code of place of maintenance of computer servers
IN
Name of country of place of maintenance of computer servers
INDIA
Phone (with STD/ ISD code) of place of maintenance of computer
servers (storing accounting data) (91-33)2229-7190/0114/8877
Disclosure of principal product or services [Table] ..(1)

Types of principal product or services [Axis] 1
01/04/2016
to
31/03/2017
Disclosure of general information about company [Abstract]
Disclosure of principal product or services [Abstract]
Disclosure of principal product or services [LineItems]
Product or service category (ITC 4 digit) code 7202
Description of product or service category SilicoManganeseFerroAlloys
Turnover of product or service category 47,21,47,328
Highest turnover contributing product or service (ITC 8 digit) code 72021100
FERO-MANGANESE,CARBON
Description of product or service CONTNG>2% BY WEIGHT
Unit of measurement of highest contributing product or service kgs
Turnover of highest contributing product or service 47,21,47,328
Quantity of highest contributing product or service in UoM [pure] 0
BHASKAR SHRACHI ALLOYS LTD Standalone Financial Statements for period 01/04/2016 to 31/03/2017
[400400] Disclosures - Directors report
Details of directors signing board report [Table] ..(1)

Directors signing board report [Axis] 1 2
01/04/2016 01/04/2016
to to
31/03/2017 31/03/2017
Details of signatories of board report [Abstract]
Details of directors signing board report [LineItems]
Name of director signing board report [Abstract]
KULVEER
First name of director HURKAT
ASIT
Last name of director MONDAL

Designation of director Director Director
Director identification number of director 07053912 07563593
Date of signing board report 14/08/2017 14/08/2017
2

01/04/2016
to
31/03/2017
Textual information (1)
Disclosure in board of directors report explanatory [TextBlock] [See below]
AS PER DIRE CTORS REPORT
Description of state of companies affair TEXT BLOCK
1 .
Disclosure relating to amounts if any which is proposed to carry to any RESERVES There is no such
reserves amount which the Board
posses to carry to any
reserves.
1 .
DIVIDEND Due to non
–availability of
Disclosures relating to amount recommended to be paid as dividend distributable profit,
the directors do not
recommend any dividend
for the period under
review.
Details regarding energy conservation [See below]
Details regarding technology absorption [See below]
Details regarding foreign exchange earnings and outgo [See below]
Disclosures in director’s responsibility statement [See below]
Details of material changes and commitment occurred during period AS PER DIRE CTORS REPORT
affecting financial position of company TEXT BLOCK
Particulars of loans guarantee investment under section 186 [TextBlock] [See below]
Particulars of contracts/arrangements with related parties under section Textual information (7)
188(1) [TextBlock] [See below]
Whether there are contracts/arrangements/transactions not at arm's
No
length basis
Whether there are material contracts/arrangements/transactions at
No
arm's length basis
Disclosure of extract of annual return as provided under section 92(3) Textual information (8)
[TextBlock] [See below]
Disclosure of statement on declaration given by independent directors Textual information (9)
under section 149(6) [TextBlock] [See below]
Disclosure for companies covered under section 178(1) on
directors appointment and remuneration including other matters TEXT BLOCK
provided under section 178(3) [TextBlock]
Disclosure of statement on development and implementation of risk AS PER DIRE CTORS REPORT
management policy [TextBlock] TEXT BLOCK
Details on policy development and implementation by company on
corporate social responsibility initiatives taken during year TEXT BLOCK
[TextBlock]
Disclosure as per rule 8(5) of companies accounts rules 2014 [TextBlock]
Disclosure of financial summary or highlights [TextBlock] [See below]
Disclosure of change in nature of business [TextBlock] TEXT BLOCK
Details of directors or key managerial personnels who were Textual information (11)
appointed or have resigned during year [TextBlock] [See below]
Disclosure of companies which have become or ceased to be its
subsidiaries, joint ventures or associate companies during TEXT BLOCK
year [TextBlock]
Details relating to deposits covered under chapter v of companies act AS PER DIRE CTORS REPORT
[TextBlock] TEXT BLOCK
Details of deposits which are not in compliance with requirements AS PER DIRE CTORS REPORT
of chapter v of act [TextBlock] TEXT BLOCK
Details of significant and material orders passed by
regulators or courts or tribunals impacting going concern TEXT BLOCK
status and company’s operations in future [TextBlock]
Details regarding adequacy of internal financial controls with AS PER DIRE CTORS REPORT
reference to financial statements [TextBlock] TEXT BLOCK
Disclosure of appointment and remuneration of managerial personnels AS PER DIRE CTORS REPORT
[TextBlock] TEXT BLOCK
3
Number of meetings of board [pure] 0
4
Disclosure in board of directors report explanatory [Text Block]

BHASKAR SHRACHI ALLOYS LIMITED
(CIN: L51109WB1995PLC071126)
Registered Office: 8/1 Middleton Row, Kolkata- 700 071
Website: www.bhaskargroup.com, E-mail: bhaskarshrachi@gmail.com
Tel: (91-33)2229-7190/0114/8877, Fax: 91-33-2229-7223
DIRECTOR’S REPORT
Dear Shareholders,
Your Directors hereby present their 22nd Annual Report of the Company together with the Audited Statements of Accounts for the year ended
March 31, 2017.
1. HIGHLIGHTS OF FINANCIAL RESULTS
The Company’s financial performance for the year ended, 31st March, 2017 is summarized below:
(` in Crores)
PARTICULARS 2016-17 2015-16
Gross Sales 52.92 64.64
Net Sales 47.21 60.10
Income from Operations & Other Income 43.35 34.01
5
Profit before Finance Cost & Depreciation (6.44) (25.24)
Finance Cost 7.30 6.65
Profit before Depreciation (13.74) (31.89)
Depreciation 1.91 2.42
Profit before tax (15.65) (34.31)
Profit after tax (15.65) (34.31)
Transfer to General Reserve - -
Interim Dividend - -
Proposed Final Dividend - -
2. PERFORMANCE REVIEW
During the year under review your Company has achieved a net turnover of Rs. 90.57 crore, as against Rs. 94.11 crore in the previous year. The
Company has incurred a loss of Rs. 15.65 crore as against Rs. 34.31 crore in the previous year
3. DIVIDEND
Due to non –availability of distributable profit, the directors do not recommend any dividend for the period under review.
4. RESERVES
There is no such amount which the Board posses to carry to any reserves.
5. CHANGE IN SHARE CAPITAL
During the year under review, the company has not changed its share capital.
6
6. CAPITAL EXPENDITURE
During the year under review, the company has invested an amount of Rs. 16.34 lacs in fixed assets as against Rs. 102.43 lacs in the previous
year.
7. SUBSIDIARIES / JOINT VENTURES AND ASSOCIATE COMPANY
The company does not have any subsidiaries / Joint Ventures within the meaning of the Companies Act, 2013.
8. INTERNAL CONTROL SYSTEM
The Company has adequate internal control systems and procedures designed to effectively control the operations at its Head Office and Plants.
The internal control systems are designed to ensure that the financial and other records are reliable for the preparation of financial statements and
for maintaining assets. The Company has well designed Standard Operating Procedures. Independent Internal Auditors conduct audit covering a
wide range of operational matters and ensure compliance with specified standards. Planned periodic reviews are carried out by Internal Audit. The
findings of Internal Audit are reviewed by the top management and by the Audit Committee of the Board of Directors.
Based on the deliberations with Statutory Auditors to ascertain their views on the financial statements including the Financial Reporting System
and Compliance to Accounting Policies and Procedures, the Audit Committee was satisfied with the adequacy and effectiveness of the Internal
Controls and Systems followed by the company.
9. INTERNAL FINANCIAL CONTORLS
The Company has in place adequate Internal Financial Controls with reference to financial statements. During the year, such controls were tested
and no reportable material weakness in the design or operation was observed.
10. DIRECTORS AND KEY MANAGERIAL PERSONNEL
As on date, the Board consists of Three Directors. The composition of Board of Directors is in conformity with the compliance of Companies Act,
2013 and SEBI (Listing Obligation and Disclosures Regulations)2015.
Appointment of Independent Directors is in conformity with section 149 of the Companies Act, 2013 and SEBI (Listing Obligation and
7
Disclosures Regulations) 2015.
Mr. Mr. Asit Mondal (DIN: 07563593), Director has resigned from the Board of Directors of the Company w.e.f 6th June, 2017.
In accordance with the provisions of Companies Act, 2013 Mr. Shrawan Kumar Todi (DIN: 00080303) Director will retire by rotation at the
ensuing AGM and being eligible offered himself for re-appointment. The Board recommends his re-appointment.
The information on the particulars of Director eligible for re-appointment in terms of Regulation 33 of SEBI (Listing Obligations and Disclosure
Requirement) Regulations, 2015 has been provided in the notes to the notice convening the Annual General Meeting.
11. INDEPENDENT DIRECTORS DECLARATION
The Independent Directors have confirmed and declared that they are not disqualified to act as an Independent Director in compliance with the
provisions of Section 149 of the Companies Act, 2013 and the Board is also of the opinion that the Independent Directors fulfill all the conditions
specified in the Companies Act, 2013 making them eligible to act as Independent Directors.
12. BOARD MEETINGS
The details of number and dates of meetings held by the Board and its Committees, attendance of Directors and sitting fee/ commission/
remuneration paid to them is given separately in the attached Corporate Governance Report.
13. EVALUATION OF THE BOARD’S PERFORMANCE
In compliance with the Companies Act, 2013 and Regulation 17(10) of SEBI (Listing Obligations and Disclosure Requirements), Regulations,
2015, the performance evaluation of the Board was carried out during the year under review. More details on the same are given in the Corporate
Governance Report.
8
14. REMUNERATION POLICY
The company follows a policy on remuneration of Directors and Senior Management Employees. The policy is approved by the Nomination and
Remuneration Committee and the Board. More details on the same are given in the Corporate Governance Report.
15. BOARD COMMITTEES
The details of term of reference of the Audit Committee, Nomination and Remuneration Committee and Stakeholders Relationship Committee
member, dates of meeting held and attendance of the Directors are given separately in the Corporate Governance Report.
16. VIGIL MECHANISM POLICY / WHISTLE BLOWER POLICY
In order to ensure that the activities of the Company and its employees are conducted in a fair and transparent manner by adoption of highest
standards of professionalism, honesty, integrity and ethical behavior, the company has adopted a vigil mechanism / Whistle Blower policy in
compliance with the requirements of law. The policy on this has been uploaded on the website of the Company.
17. CODE OF CONDUCT
Directors, Key Managerial Personnel and senior management of the Company have confirmed compliance with the Code of Conduct applicable
to the Directors and employees of the Company and the declaration in this regard made by the CFO & Director is attached as Annexure ‘I’ which
forms a part of this Report of the Directors. The Code of Conduct is available on the Company’s website.
18. FIXED DEPOSIT
Your company has not accepted any fixed deposit and, accordingly no amount was outstanding as at the Balance Sheet date.
19. CORPORATE SOCIAL RESPONSIBILITY
9
The Company does not meet any of the criteria as specified under section 135 of the Act and hence no compliance is required in this regards.
20. RELATED PARTY TRANSACTIONS
The company has entered into contract / arrangements with the related parties in the ordinary course of business and on arms length basis. Thus
provision of Section 188 (1) of the Companies Act and rules made there under is not applicable.
21. RELATIONSHIP BETWEEN DIRECTORS INTER SE
None of the directors are related within the meaning of the term “relative” as per section 2(77) of the Companies Act, 2013 and Listing Obligation
and Disclosure Requirements, Regulations 2015.
22. PECUNIARY RELATIONSHIP OR TRANSACTION OF NON EXECUTIVE DIRECTORS
During the year, the Non Executive Directors of the Company had no pecuniary relationship or transaction with the company.
23. PARTICULARS OF LOANS, GURANTEES AND INVESTMENTS
There have been no loans, Guarantees and investments under section 186 of the Companies Act, 2013 during the financial year 2016-17.
24. RISK MANAGEMENT
10
The Risk Management is overseen by the Audit Committee of the Company on a continuous basis. The Committee oversees Company’s process
and policies for determining risk tolerance and review management’s measurement and comparison of overall risk tolerance to established levels.
Major risks identified by the business and functions are systematically addressed through mitigating actions on a continuous basis.
25. PARTICULRAS OF EMPLOYEES
The information required under section 197 of the Act and rules made there under, in respect of employees of the company, is provided in
Annexure –I forming part of this Report.
26. EXTRACT OF ANNUAL RETURN
The extract of Annual Return as provided under Sub-Section (3) of Section 92 of the Companies Act, 2013 (“the Act”) is enclosed at Annexure –
II in the prescribed form MGT -9 and forms part of this Report.
27. STATUTORY AUDITORS
Under Section 139 of the Companies Act, 2013 and the rules made there under, it is mandatory to rotate the statutory auditors on completion of
the maximum term permitted under the said section. The audit committee has proposed and on June, 6, 2017, The Board of Directors of the
Company has recommended the appointment of M/s. AMK & Associates (FRN No. 327817E), as a statutory auditors of the Company. They will
hold office for a period of Five years(5 years)starting from the conclusion of the 22nd Annual general Meeting which is scheduled to be held on
25th September, 2017 till the conclusion of 27th Annual General Meeting to be held in the year, 2022, subject to the shareholders of the
Company. The first year of audit will be the financial statements for the year ended 31st March, 2018, which will include the audit of the
quarterly financial statements for the year 2017-18 also.
28. SECRETARIAL AUDIT
A Secretarial Audit was conducted during the year by the Secretarial Auditor Mr. Rahul Jaiswal, Practicing Company Secretaries. The Secretarial
Auditors Report is attached as Annexure ‘III’. There are no qualifications or remarks made by the Secretarial Auditor in their Report.
29. COST AUDITORS
11
The Board of Directors has on the recommendation of Audit Committee, approved the appointment of Mr. Shib Shankar Ghosh, Practicing Cost
Accountants, as the Cost Auditors of the company for the year 2017-2018 at a remuneration of Rs. 35,000/- plus out of pocket expenses. The
proposed remuneration of the Cost Auditors would be approved by the members in the ensuing AGM.
30. AUDITOR’S REPORT
Regarding Auditors’ remarks for non-provision of deferred tax, your directors have to state that in consideration of prudence, deferred tax has not
been recognized in the financial statements and the same would be considered at the appropriated time keeping in view of the availability of
sufficient taxable income against which such deferred tax can be realized. Rest of the Auditors’ Report are self-explanatory and therefore, do not
call for any further comments.
31. CORPORATE GOVERNANCE REPORT, MANAGEMENT DISCUSSION & ANALYSIS AND OTHER INFORMATION
REQUIRED UNDER THE COMPANIES ACT, 2013 AND LISTING OBLIGATIONS AND DISCLOSURE
REQUIREMENT, 2015
As per Schedule V of the entered into with the Stock Exchanges, a Management Discussion and Analysis, Corporate Governance Report,
Directors and Auditors’ Certificate regarding compliance of conditions of Corporate Governance are forming part of this Report.
32. HUMAN RESOURCE MANAGEMENT, HEALTH AND SAFETY
During the year the Company had cordial relations with workers, staff and officers. The shop floor management is done through personal touch,
using various motivational tools and meeting their training needs requirements. The company has taken initiative for safety of employees and
implemented regular safety audit, imparted machine safety training, wearing protective equipments etc.
33. DISCLOSURE AS PER THE SEXUAL HARRASMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION
AND REDRESSAL) ACT, 2013
The company has a policy on prohibition, prevention and redressal of Sexual Harassment of women at workplace and matters connected there
with or incidental there to covering all the aspects as contained under “The Sexual Harassment of women at workplace (Prohibition, Prevention
and Redressal) Act, 2013”.
12
During the financial year 2016-17, no complaint was received under the policy.
34. DIRECTOR’S RESPONSIBILITY STATEMENT
Pursuant to the requirement of section 134(5) of the Act, and based on the representations received from the management, the directors hereby
confirm that:
a) in the preparation of Annual Accounts for the financial year 2016-17, the applicable accounting
standards have been followed along with the proper explanation relating to material departure;
b) they have selected such accounting policies and applied them consistently and made judgments and
estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the
company at the end of the financial year and of the profit or loss of the company for the financial year;
c) they have taken proper and sufficient care to the best of their knowledge and ability for the
maintenance of adequate accounting records in accordance with the provisions of the Companies Act,
2013. They confirm that there are adequate systems and controls for safeguarding the assets of the
company and for preventing and detecting fraud and other irregularities;
d) they have prepared the annual accounts on a going concern basis.
e) they have laid down internal financial controls to be followed by the company and that such internal
financial controls are adequate and operating properly; and
f) they have devised proper systems to ensure compliance with the provisions of all applicable
laws and that such system were adequate and operating effectively.
13
35. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO
The particulars as prescribed under Rule 8(3) of the Companies (Accounts) Rules, 2014, are set out below:
A. CONSERVATION OF ENERGY
I) Energy conservation measures taken:
Energy conservation is being pursued with considerable focus and commitment by the Management through improved operational and
maintenance practices. Steps taken by the Company in this direction are as under:
a) Correcting the alignment of drive and driven pullies.
b) Up-gradation of old furnaces to make it energy efficient.
c) Melting operations are consolidated in economical lot sizes for optimum furnace utilization in Foundry Division.
d) Power consumption are measured and monitored at various consumption points by metering and corrective action is taken to ensure
minimum wastage.
II) Proposals under Study and Implementation;
Replacement of old equipments with new energy efficient equipments.
III) Impact to measures of (I) and (II) above for reduction of energy consumption and
consequent impact on cost of production of goods:
The above measures will result in saving of energy and corresponding reduction in cost of goods.
14
FORM 2016-2017
A
Power & Fuel

a)
Consumption:
1) Electricity:
i) Purchased :
Units (KWH in Lacs) 922.39
Total Amount (Rs. in Lacs

4516.33
)
Rate/Unit (Rs.) 4.90
ii) Own Generation :
*Through Diesel Generator

-
(Unit)
Units generated per Litre of

-
Diesel Oil
Cost/ Unit (Rs.)
Consumption per unit of

production:
b)
2016-
2017
Ferro SGCI Steel

Alloys Inserts. Billets
MT Pcs. MT
Production (MT) 22585 4303165 0
Electricity per MT of
15
production – Unit 3600.85 1.73 -
Coal per MT of
- -
production – Kg. -
* Generator was not used for production.
B. TECHNOLOGY ABSORPTION
FORM-B
Research and Development (R & D)
a) Specific area in which R & D carried out by the Company
To maximize furnace utilization.
b) Benefits derived as a result of R & D
Research and development work has helped in increasing quantity of production of
the Units.
c) Expenditure on R & D
Research work is undertaken indigenously as such no specific expenses on R & D are
apportionable.
C. TECHNOLOGY ABSORPTION, ADAPTATION AND INNOVATION
The technology is continually upgraded to meet the demanding market conditions. Quality of products manufactured by this company is well
appreciated by the user industries including overseas markets.
16
D. FOREIGN EXCHANGE EARNINGS AND OUTGO
Rs./Lakhs
Earnings : 157.06
Outgo : 3.62
36. CAUTIONARY STATEMENT
Statements in this report, describing the Company’s objectives, expectations and/or anticipations may be forward looking within the meaning of
applicable Securities Law and Regulations. Actual results may differ materially from those stated in the statement. Important factors that could
influence the Company’s operations include global and domestic supply and demand conditions affecting selling prices of finished goods,
availability of inputs and their prices, changes in the Government policies, regulations, tax laws, economic developments within the country and
outside and other factors such as litigation and industrial relations.
The Company assumes no responsibility in respect of the forward-looking statements, which may undergo changes in future on the basis of
subsequent developments, information or events.
37. APPRECIATIONS
Your Directors wish to place on record their appreciation for the continuous support received from the Members, customers, suppliers, bankers,
various statutory bodies of the Government of India and the Company’s employees at all levels.
For and on behalf of the Board of Directors
Kolkata: 14th Day of August, 2017. Kulveer Hurkat Asit Mondal
17
DIN: 07053912 DIN: 07563593
Director Director
ANNEXURE: I
PARTICULARS OF EMPLOYEES/ REMUNERATION
The information required under section 197 of the Act and the Rules made there under, in respect of employees of the Company, is follows:-
(a) The ratio of the remuneration of each director to the median remuneration of the employees of the company for the financial year;
Non – Executive Directors Ratio to Median Remuneration
18
Mr. Shrawan Kumar Todi NIL
Mr. Padam Chand Dugar* NIL
Mr. Sanjeev Agarwal* NIL
Mr. Kulveer Hurkat NIL
Mr. Bharat Goenka NIL
Mr. Asit Mondal NIL
Executive Director
Mr. Mukesh Kumar Rathi* 5.24
* Resigned during the financial year on 13th June, 2016.
(b) The percentage increase in remuneration of each Director, Chief Financial Officer, Company Secretary or Manager, if any, in the financial
year;
Name of Person % increase in remuneration
Director
Mr. Shrawan Kumar Todi NIL
Mr. Padam Chand Dugar NIL
Mr. Sanjeev Agarwal NIL
Mr. Kulveer Hurkat NIL
Mr. Bharat Goenka NIL
Mr. Asit Mondal NIL
Key Managerial Person
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Mr. Mukesh Kumar Rathi, CFO 17.94%
Mr. Ashwani Ladha, CS NIL
(c) The percentage increase in the median remuneration of employees in the financial year; 3.43%
(d) The number of permanent employees on the rolls of company; 164 Employees
(e) The explanation on the relationship between average increase in remuneration and company performance;
The increase/decrease in remuneration is in line with the market trends. In order to ensure that remuneration reflects company performance, the
performance pay is linked to organization performance.
(f) Comparison of the remuneration of the Key Managerial Personnel against the performance of the company;
Particulars `/lac
Remuneration of KMP during F.Y. 2016-17 (aggregated) 13.02
Revenue from operations 9047.36
Remuneration (as % of revenue) 0.14%
Profit before tax (PBT) (1565.35)
Remuneration (as % of PBT) 0.83%
20
(g) Variation in the market capitalization of the company, price earnings ratio as at the closing date of the current financial year and previous
financial year and percentage increase over decrease in the market quotations of the share of the company in comparison to the rate at which the
company came out with the last public offer in case listed companies, and in case of unlisted companies, the variation in the net worth of the
company as at the close of the current financial year and previous financial year;
Particulars Unit As at 31st March, 2017 As at 31st March, 2016 Variation
Profit before tax (PBT) `/lac (1565.35) (3431.36) 54.38%
Earnings per Share (EPS) ` (7.64) (16.74) 54.36%
Shares of the company are not publically traded and bracket represents negative figures
(h) Average percentile increase already made in the salaries of employees other than the managerial personnel in the last financial year and its
comparison with the percentile increase in the managerial remuneration and justification thereof and point out if there are any exceptional
circumstances for increase in the managerial remuneration;
The average increase in salaries of employees other than managerial personnel in 2016-17 is 5.03% Percentage increase in the managerial
remuneration for the year was 16.09%
(i) The ratio of the remuneration of the highest paid director to that of the employees who are not directors but receive remuneration in excess
of the highest paid director during the year; NIL
(j) The key parameters for any variable component of remuneration availed by the directors; Not applicable.
(k) Affirmation that the remuneration is as per the remuneration policy of the company.
The Company’s remuneration policy is driven by the success and performance of the individual employees and the Company through its
compensation package, the company endeavors to attract, retain, develop and motivate a high performance staff. The company affirms
remuneration is as per the remuneration policy of the company.
21
Management Discussion and Analysis Report
Global Steel Industry Outlook
Annual production for Asia was 1,125.10 Mt of crude steel in 2016, an increase of 1.6% compared to 2015. China’s crude steel production in
2016 reached 808.40 Mt, up by 1.2% on 2015. China’s share of world crude steel production increased from 49.4% in 2015 to 49.6% in 2016.
Japan produced 104.8 Mt in 2016, down by -0.3% compared to 2015. India’s crude steel production for 2016 was 95.6 Mt, up by 7.4% on 2015.
South Korea produced 68.4 Mt of crude steel in 2016, a decrease of -0.5% compared to 2015.
In 2016, the EU (28) produced 162.30 Mt of crude steel, a decrease of -2.3% compared to 2015. Germany produced 42.10 Mt of crude steel in
2016, down by -1.4% over 2015. Italy produced 23.30 Mt in 2016, an increase of 6.0% over 2015. Spain produced 13.70 Mt of crude steel in
2016, a decrease of 0.8% compared to 2015.
Crude steel production for 2016 in North America was 111.0 Mt almost similar volume compared to 2015. The US produced 78.60 Mt of crude
steel, down by -0.3% on 2015.
The CIS showed an increase of 0.8% in 2016, producing 102.40 Mt of crude steel. Russia produced 70.80 Mt of crude steel, down by -0.1% on
2015 and Ukraine recorded an increase of 5.5% with a year-end figure of 24.20 Mt.
Annual crude steel production for South America was 39.20 Mt in 2016, a decrease of -10.60% on 2015. Brazil produced 30.20 Mt in 2016, down
by -9.2% compared to 2015.
In December 2015, world crude steel production for the 66 countries reporting to the World Steel Association (worldsteel) was 134 Mt, an
increase of 5.5% compared to December 2015. The crude steel capacity utilisation ratio of the 66 countries in December 2016 was 68.10%. This
is 2.8 percentage points higher than December 2015. The average capacity utilisation in 2015 was 69.3% compared to 69.7% in 2015.
22
Indian Steel Industry
India was the world’s third-largest steel producer in 2016. The growth in the Indian steel sector has been driven by domestic availability of raw
materials such as iron ore and cost-effective labour. Consequently, the steel sector has been a major contributor to India’s manufacturing output.
Driven by rising infrastructure development and growing demand for automotives, steel consumption is expected to reach 104 MT by 2017. It is
expected that consumption per capita would increase supported by rapid growth in the industrial sector, and rising infra expenditure projects in
railways, roads & highways, etc.
Indian Ferro Alloy Industry
India produces 3.5 Million Tonne (MT) of Ferro Alloys and consumes around 2.3 MT and the Rs. 23,000 crore industry employs around one lakh
people. The country exported 1.3 MT of Ferro Alloys, earning a foreign exchange of around Rs 8,900 crore. India's production of around 3.5 MT
of Ferro Alloys consists of one Million Tonne of Ferro Chrome (FeCr) and 2.5 MT of manganese alloys i.e. Silico Manganese (SiMn) and Ferro
Manganese (FeMn).
Ferro Alloys Prices are driven by global factors and follows the natural theory of demand and supply. FeMn is expected see decline in both
demand (from 4.6 Mn to 4.5 Mn tonnes) &supply ( from 4.7 Mn to 4.6 Mn tonnes). However SiMn is expected to see increase in supply by 5.6%
(from 13.2 Mn to 14 Mn tonnes)& that in demand by 2% (from 13.7 Mn to 13.96 Mn tonnes). Global demand for FeCr in 2016 was 11.2 Mn
tonnes while supply was 11 million tonnes. A lot of inefficient players (like IFM, TSKZN etc.) went out of the market last year creating a deficit
for the first time after years. This resulted in unprecedented price rise. Consolidation in South Africa also gave power in the hands of South
African players to control prices. Demand is expected by increase by 5% in 2017 supported by growth in Stainless Steel. High prices have
enabled a lot of closed producers to come back into the market. Hence, supply is also expected to grow by 3% to 11.7 Mn tonnes.
Challenges Indian Ferro Alloy Industry
1. Malaysian & Indonesian Mn alloys upcoming supplies (with lower power tariff) to bring down profitability. In 2016, 365000 tonnes of
extra capacity has come into the market and additional 180000 tonnes is expected to come in 2017. The difference in power tariff between India
& Malaysia is USD 20/MWH.
2. Power tariff in India in on a higher side as compared to other Ferro Alloy producing nations. Cross – subsidy in power tariff further puts the
non-captive producers at a disadvantage.
3. No availability of Low Phos coke in India is another challenge that the Indian Ferro Alloy industry is facing and anti-dumping duty on
Chinese coke has put an upward pressure on cost of production
4. Mn Ore- non availability of high grade Mn ore
Performance Review of the Company
In the year under report, the Company has generated total income of Rs. 90.57 crores which is decreased by 3.76% than the total income of the
previous financial year. However, substantial increase of raw material cost, provisional increase in power tariff by Damodar Valley Corporation
and stressed sales realization caused the Company loss of Rs. 15.65 crores in the year under report in comparison to a loss of Rs. 34.31 crores in
23
the previous financial year.
Internal control systems and their adequacy
The Company has in place adequate system of internal control commensurate with its size and the nature of its operations. These have been
designed to provide reasonable assurance with regard to recording and providing reliable financial and operational information, complying with
applicable statutes, safeguarding assets from unauthorized use, executing transaction with proper authorization and ensuring compliance of
corporate policies. The company has well defined delegation of power with authority limits for approving revenue as well as expenditure and
processing payments.
Financial Management
Funds requirement for projects under implementation is reviewed by senior management periodically and after assessing the financial market,
decisions are taken to identify the lenders. Accounts and Finance department is manned by qualified and experience personnel. All financial
transactions are properly recorded by the department.
Cautionary statement
Statements in the Management Discussion and Analysis describing the Company’s objectives, expectations or predictions may be forward
looking within the meaning of applicable securities, laws and regulations. Actual results may differ materially from those expressed in the
statement; important factors that could influence the Company’s operations include changes in Government regulation, tax laws, economic &
political developments within and outside the country and such other factors.
CORPORATE GOVERNANCE REPORT
(Pursuant to Schedule V of the SEBI (Listing Obligation and Disclosure Requirement)
Regulation, 2015)
24
In accordance with Schedule V of the SEBI (Listing Obligation and Disclosure Requirements) Regulation, 2015 and some of the best practices
followed internationally on Corporate Governance, the report containing the details of corporate governance systems and processes at Bhaskar
Shrachi Alloys Limited is as under:
COMPANY’S PHILOSOPHY ON CORPORATE GOVERNANCE
Corporate Governance is an ethically driven business process to ensure that the company’s affairs are being managed in fair and transparent
manner in all transactions in the widest sense. The objective is to meet stakeholders’ aspirations and social expectations.
The norms are aligned with the provisions of Companies Act, 2013, and Listing Obligations and Disclosure Requirements, 2015 are aimed to
encourage companies to ‘adopt best practices on corporate governance’.
At Bhaskar Shrachi Alloys Limited we are committed to growth and long term shareholders wealth creation. Our corporate philosophy extends
beyond just doing business for profit maximization, but encouraging forward looking initiatives to strengthen our goodwill, to play responsible
roles for our stakeholders. Principles of Transparency and Timely Disclosures have been adhered to the extent these do not compromise on its
competitiveness. We believe that good Corporate Governance is a continuous exercise and it ensures:
v The core values of the company are protected.
v The fiduciary and trusteeship role of the board to align and direct the actions of an organization towards creating and promoting transparency,
accountability, fairness, integrity and social responsibilities.
v An inherent culture that guides the Board of Directors, the management and the employees to function towards the best interest of all
stakeholders.
v The company maximizes their value legally, ethically and benefit in the long run by way of sustained growth and value addition.
v Commitment to establish systems and practices which enable it to conduct its business in line with any other world class company.
The Company, in compliance with the guidelines on corporate governance as stipulated under Schedule II of the Listing Obligation and
Disclosures Requirements, 2015 (LODR) and entered into with the Stock Exchanges and in this regard, submits a report on the matters
mentioned in the Requirements related to corporate governance and practices followed by the Company.
DATE OF REPORT
The information provided in the Report on Corporate Governance for the purpose of unanimity is as on 31st March, 2017. However, the report is
updated as on the date of the Report wherever applicable.
BOARD OF DIRECTORS
25
Composition of the Board
As on date, the Board consists of Three Directors. The composition of the Board of Directors is in conformity with the corporate governance
norms and has an optimum combination of Executive and Independent Non-Executive Directors. The Board consists of Directors with vast
experience in different fields. Appointment of all Independent Directors is in conformity with section 149 and Schedule IV of the Companies Act
and of the Listing Obligation and Disclosures Requirements 2015 entered into with the Stock Exchanges.
As per the declarations received by the Company, none of the Directors are disqualified under Section 164 of The Companies Act, 2013.
The composition of the Board and category of Directors as on date is as follows:
No. of Directorships/committee
Name Position & Designation
positions held in other Public
Companies
Committee Committee
Directorship
Chairmanship membership
Mr. Shrawan Kumar Todi (DIN:

Non - Executive Director 1 - -
00080303)
Mr. Kulveer Hurkat (DIN: Non-Executive, Independent

- - -
07053912) Director
Mr. Bharat Goenka (DIN: Non-Executive, Independent

- - -
00414688) Director
Mr. Asit Mondal (DIN: 07563593)# Non Executive Director - - -
# - Directors resigned
None of the Directors are in any way related to each other.
As mandated by Regulation 26 of the Listing Obligation and Disclosures Requirements, 2015, none of the Directors are members of more than
ten Board level committees nor are they Chairman of more than five committees in which they are members.
Independent Director is as defined in Section 149 of the Companies Act, 2013 and Regulation 16 of the Listing Obligation and Disclosures
Requirements, 2015 they actively contribute in the activities of the Board, covering all strategic policies and decisions making.
Except the Independent Directors, all other Executive and Non - Executive Directors are liable to retire by rotation.
26
The brief resume and other details relating to appointment and re-appointment of Directors, as required to be disclosed, are given as part of the
Notice convening the Annual General Meeting.
Further to be informed that, Mr. Asit Mondal (DIN: 07563593), Director has resigned from the Board of Directors of the Company w.e.f 06th
June, 2017.
Key Managerial Personnel
Pursuant to the provisions of Section 203 of the Companies Act, 2013, Mr. Ashwani Ladha working as Company Secretary (Key Managerial
Personnel) & Compliance Officer and Mr. Mukesh Kumar Rathi as Chief Financial Officer of the Company.
Selection of New Directors
The Board is responsible for the selection of new directors. The board delegates the screening process and selection process involved in selecting
new directors to the nomination and remuneration committee which consists exclusively of independent directors. The nomination and
remuneration committee in turn makes recommendation to the Board on the induction of any new directors.
Board Meetings and Directors Attendance
The Company has a well-defined process in place for placing vital and sufficient information before the Board. Any matters requiring discussion/
decision/ approval at the Board or Committee are communicated to the Company Secretary well in advance, so that the same could be included in
the agenda of the respective meetings. All information required under regulation 72 of the Listing obligations and disclosures Requirements, 2015
are covered to the fullest extent and presentation covering sales, finance, compliance, human resources and risk management practices are given
to the Board before considering the quarterly and annual financial results of the Company. The Board meets at least once a quarter as and when
required and the maximum time gap between any such two meetings is not more than 120 Days.
The Directors of your Company met 5 (Five) times during the period from April 2016 to March 2017 on 6th June, 2016 (Adjourned Meeting of
30th May, 2016), 13th June, 2016, 12th August, 2016, 14th November, 2016 and 14th February, 2017.
The attendance of each of the Directors at 5 (Five) Board Meetings held during the year 2013-14 and at the last AGM is given below :
Name of Director Number of Board Meetings Attended Attendance at the last AGM
Mr. Shrawan Kumar Todi 4 out of 5 Yes
27
Mr. Bharat Goenka 4 out of 5 Yes
Mr. Kulveer Hurkat 4 out of 5 Yes
Mr. Asit Mondal # 3 out of 3 Yes
# - Mr. Asit Mondal resigned with effect from 06.06.2017
Discussion with Independent Directors
The Company’s Independent Directors meet at least once in every financial year without the presence of Executive Directors or Management
Personnel. Such meetings are conducted informally to enable Independent Directors to discuss matters pertaining to the Company’s affairs. The
meeting of Independent Directors was held on 14th February, 2017.
Code of Conduct
The Company has laid down a Code of Conduct for all its board members and senior management personnel. The Company’s Code of Conduct is
in consonance with the requirements of Listing Obligations and Disclosures Requirements, 2015. The Code of Conduct is available on the
website of the Company – www.bhaskargroup.com. All Board members and senior management personnel have affirmed compliance with the
Code of Conduct. A declaration signed by the Director is annexed and forms a part of this report.
BOARD COMMITTEES
Currently, the Board has three committees: the Audit Committee, the Nomination and Remuneration Committee and Stakeholders’ Relationship
Committee. All the committees consist majority of Independent Directors.
AUDIT COMMITTEE
The Committee’s composition fulfills the requirement of section 177 of the Companies Act, 2013 and Regulation 18 of the Listing Obligations
and Disclosure Requirements, 2015. Members of the Audit Committee possess financial /accounting expertise/exposure.
Role of Audit Committee
The terms of reference of the Audit Committee, for the year under review, inter alia are as follows:
(A) Terms of reference: The Audit Committee assists the Board in its responsibility of overseeing the quality and integrity of the accounting,
auditing and reporting practices of the Company and its compliance with the legal and regulatory requirements. The Committee’s purpose is to
oversee the accounting and financial process of the Company, the audits of the Company’s financial statements, the appointment, independence,
performance and remuneration of the statutory auditors including the Cost auditors, the performance of internal auditors and the Company’s risk
management policies. The terms of reference of Audit Committee cover the areas mentioned under Part C of Schedule II of the SEBI (Listing
Obligation and Disclosure Requirement) Regulation, 2015 as well as Section 177 of the Companies Act, 2013.
28
(B) The Audit Committee invites Chief Financial Officer, Company Secretary, representative of Statutory Auditors and Internal Auditors for each
meeting, to provide inputs on issues relating to accounts, taxation, internal audit finding, internal controls, risk managements etc.
Composition and Meetings
The Audit Committee comprises of two non-executive (independent) directors and one executive director having financial management expertise.
The Chairman of the committee is an independent director, elected by the Members of the Committee.
During the year the Audit Committee met 4 (Four) times. The dates on which the Meetings were held are as follows:
6th June, 2016 (Adjourned Meeting of 30th May, 2016), 12th August, 2016, 14th November, 2016 and 14th February, 2017.
.
The gap between two meetings did not exceed 120 days and are in conformity with the secretarial standards issued by the ICSI.
The composition of Audit Committee as on date is given below:
Name of Director Number of Meetings Attended Attendance at the last AGM Category
Mr. Shrawan Kumar Todi 4 out of 4 Yes NED
Mr. Bharat Goenka 4 out of 4 Yes NEID
Mr. Kulveer Hurkat 4 out of 4 Yes NEID
Mr. Kulveer Hurkat is the Chairman of the Audit Committee.
The executives responsible for the finance and accounts functions and the Statutory Auditors are invitees to the meetings. The quarterly and
annual audited financials results of the Company were reviewed by the Audit Committee before consideration and approval by the Board of
Directors. Among other items, the Committee also reviewed the adequacy of Internal Control Systems and Internal Audit Reports and various
compliances and reviewed the transactions of subsidiary Company.
NOMINATION AND REMUNERATION COMMITTEE
The Board has framed Nomination and Remuneration policy, which is generally in line with the existing industry practice and applicable laws.
The policy has been displayed on the company’s website viz., www.bhaskargroup.com.
29
Two meetings of the Nomination and Remuneration Committee were held during the year viz: 13th June, 2016 and 12th August, 2016. The
composition of the Nomination and Remuneration Committee and details of their attendance at the meetings are as follows:
Name of Director Number of Meetings Attended Category
Mr. Shrawan Kumar Todi 2 out of 2 NED
Mr. Bharat Goenka 2 out of 2 NEID
Mr. Kulveer Hurkat 2 out of 2 NEID
Terms of Reference
The Nomination and Remuneration Committee assist the Board in overseeing the method, criteria and quantum of compensation for directors and
senior management based on their performance and defined assessment criteria. The Committee formulates the criteria for evaluation of the
performance of Independent Directors & the Board of Directors; identifying the persons who are qualified to become directors, and who may be
appointed in senior management and recommend to the Board their appointment and removal.
The terms of the reference of Nomination and Remuneration Committee covers the areas mentioned under Part D of Schedule II of SEBI (Listing
Obligation and Disclosure Requirement) Regulation 2015 as well as section 178 of the Companies Act, 2013.
Performance evaluation criteria for Independent Directors-
The Nomination and Remuneration Committee has laid down the criteria for performance evaluation of Independent Directors which are as
under-
AREAS OF EVALUATION
1 Frequency of meetings attended
2 Timeliness of circulating Agenda for meetings and descriptiveness
3 Quality, quantity and timeliness of flow of information to the Board
30
4 Promptness with which Minutes of the meetings are drawn and circulated
5 Opportunity to discuss matters of critical importance, before decisions are made
6 Familiarity with the objects, operations and other functions of the company
7 Importance given to Internal Audit Reports, Management responses and steps towards
improvement
8 Avoidance of conflict of interest
9 Exercise of fiscal oversight and monitoring financial performance
10 Level of monitoring of Corporate Governance Regulations and compliance
11 Adherence to Code of Conduct and Business ethics by directors individually and collectively
12 Monitoring of Regulatory compliances and risk assessment
13 Review of Internal Control Systems
14 Performance of the Chairperson of the company including leadership qualities.
15 Performance of the Whole time Director
16 Overall performance of the Board/ Committees.
Remuneration to Directors
(a) There was no pecuniary relationship or transaction between the Non-Executive Directors and the company during the financial year
2016-2017.
(b) Criteria of making payments to Non-Executive Directors:
Overall remuneration (sitting fees and commission) decided by the Board is reasonable and sufficient to attract, retain and motivate Directors
aligned to the requirements of the Company (taking into consideration the challenges faced by the Company and its future growth imperatives).
a) Remuneration / Commission:
31
The remuneration / commission shall be fixed as per the slabs and conditions mentioned in the Articles of Association of the Company and the
Act.
b) Sitting Fees:
The Non- Executive / Independent Director may receive remuneration by way of fees for attending meetings of Board or Committee thereof.
Provided that the amount of such fees shall not exceed Rs. One Lac per meeting of the Board or Committee or such amount as may be prescribed
by the Central Government from time to time.
c) Commission:
Commission may be paid within the monetary limit approved by shareholders, subject to the limit not exceeding 1% of the profits of the
Company computed as per the applicable provisions of the Act.
d) Stock Options:
An Independent Director shall not be entitled to any stock option of the Company.
Payment criteria of Non-Executive directors are the given in the Nomination and Remuneration Policy.
The policy will be visible to our website: www.bhaskargroup.com
(c) Details of Remuneration to Directors:
The Company has paid the following remuneration to Directors during the year under review, which is in accordance with the section 177(4) of
the Companies Act, 2013.
(i) Non-Executive Directors and Independent Directors
There no provision for providing sitting fees to any one of the Non – Executive and Independent Directors
a) Whole Time Director
32
Salary, Allowances & perquisites*

Name of the Director Designation
(Rs. In Lacs)
NIL NIL NIL
STAKEHOLDERS’ RELATIONSHIP COMMITTEE
The Stakeholder Relationship Committee looks into shareholders’ and investors’ grievances. Mr. Kulveer Hurkat –Non - Executive Independent
Director is the Chairman of the Committee.
The terms of reference of the Stakeholders’ Relationship Committee are as follows:
· To approve the transfer of shares.
· To look after the matter relating to non-receipts of the refund orders, right entitlement,
annual reports and other entitlements.
· To look after the matters relating to dematerialization and re-materialization of shares
· Overseeing the performance of the Registrars and Share Transfer Agents,.
· To look after non-payment of dividends and revalidation of refund orders/ dividend warrants.
The composition and Meetings of the Stakeholder’s Relationship Committee as on date is given
below:
Name of Director Number of Meetings Attended Category
Mr. Shrawan Kumar Todi NIL NEID
Mr. Bharat Goenka NIL ED
Mr. Kulveer Hurkat NIL NEID
During the year, the there were no such meetings held in the Company.
No. of investors’ complaints received by the RTA/ Company during the year: NIL
33
No. of complaints not solved to the satisfaction of shareholders during the year: Nil
No. of complaints pending as at 31st March, 2017: Nil
Mr. Ashwani Ladha , Company Secretary and Compliance Officer, nominated under the Listing Obligation and Disclosure Requirement,
Regulations 2015 as the Secretary to all the Committees.
WARNING AGAINST INSIDER TRADING
Comprehensive guidelines advising and cautioning the management, staff and other relevant business associates on the procedure to be followed
while dealing with the securities of the company have been issued and implemented.
GENERAL BODY MEETINGS
The venue, time and date where the last three Annual General Meetings of the Company were held are given hereunder:
Date Venue Time
30th September, 2016 8/1, Middleton Row, 3rd Floor, Kolkata – 700071. 11.30 AM
DISCLOSURES
(i) During the financial year ended 31st March, 2017 there were no materially significant related party transactions that may have potential
conflict with the interests of the Company at large.
34
(ii) Neither was any penalties imposed, nor were any strictures passed by Stock Exchange or SEBI
or any statutory authority on any capital market related matters during the last three years.
(iii) The Company has announced Whistle Blower policy. All the personnel of the company have
the access to the Audit Committee.
(iv) The Company has complied with the mandatory requirements of the Listing Regulation. The
Company has adopted various non-mandatory requirements as well, as discussed under relevant
headings.
(v) The company has framed Related Party Transaction Policy and is placed on the Company’s
website.
(vi) During the financial year ended 31st March, 2017 the company did not engage in commodity
hedging activities.
There has been no instance of non-compliance of any requirement of Corporate Governance Report.
SUBSIDIARY COMPANIES
The Company has no subsidiary within the meaning of the Companies Act, 2013.
MEANS OF COMMUNICATION
The Company regularly intimates the Quarterly un-audited financial results to the Stock Exchanges immediately after they are taken and recorded
by the Board of Directors of the Company.
The Company’s quarterly/half yearly and annual financial results are uploaded on the Company’s website at www.bhaskargroup.com and also the
same are published in English and Bengali dailies, after its submission to the Stock Exchanges.
35
The Company has designated a separate e-mail id. bhaskarshrachi@gmail.com for handling investor’s services.
GENERAL SHAREHOLDERS INFORMATION
Company Registration Details
The Company is registered in the state of West Bengal. The Corporate Identification Number (CIN) of the Company is:
L51109WB1995PLC071126.
Annual General Meeting
Date 25th September, 2017
Time 11.30 A.M
Venue 8/1, Middleton Row, 3rd Floor, Kolkata – 700071.
Financial Calendar for the year 2017-18 (tentative)
Sl. No. Particulars Tentative Schedule
1 Financial reporting for the quarter ended June 30, 2017 By 14th August, 2017
2 Financial reporting for the half year ended September 30, 2017 By 14th November, 2017
3 Financial reporting for the quarter ended December 31, 2017 By 14th February, 2017
4 Financial reporting for the year ended March 31, 2017 By 30th May, 2018
5 Annual General Meeting for the year ending March 31, 2017 By 30th September, 2018
Book Closure Date
36
20th September, 2017 to 25th September, 2017 (both days inclusive).
Listing on Stock Exchanges:
The Calcutta Stock Exchange Limited, Kolkata
The Company’s shares are listed on the following Stock Exchanges.
The Company has paid the annual listing fees for the financial year 2016-17 and there is no outstanding payment towards the Exchange, as on
date.
Registrar & Share Transfer Agents
“Maheshwari Datamatics Pvt. Ltd.
6, Mangoe Lane, Kolkata – 700 001
Share Transfer System
M/s. Maheshwari Datamatics Pvt. Ltd has been appointed as the Company’s Registrar and Share Transfer Agents. All share transfers and related
activities are conducted by them, in accordance with the stipulated guidelines. The authority relating to transfer of shares and allied work relating
to servicing of investors has been delegated by the Board to the Stakeholder’s Relationship Committee.
37
Distribution of shareholding as on March 31, 2017:
Total no. of
No. of shares No. of Shareholders % of Shareholders % of holding
shares
1 to 500 368 28.0061 170100 1.3728
501 to 1,000 423 32.1918 312000 2.5440
1,001 to 2,000 262 19.9391 439400 3.6544
2,001 to 3,000 44 3.3486 122900 1.0232
3,001 to 4,000 14 1.0654 48400 0.4192
4,001 to 5,000 26 1.9787 130000 1.4400
5,001 to 10,000 82 6.2405 749000 6.2800
10,001 and above 95 7.2298 18528200 83.2664
TOTAL 1314 100.00 20,50,0000 100.00
Shareholding Pattern as on 31st March, 2017:
Category No. of Shares held (NOS) % of Issued Share Capital
Promoters & Promoters Group 77,38,600 37.75
38
Non – Promoters
Government Institution 50,000 0.25
Private Corporate Bodies 90,83,300 44.30
Indian Public 36,28,100 17.70
Total (A+B) 205,00,000 100.00
Dematerialization of shares and liquidity:
The shares of the Company are in compulsory demat mode with NSDL and CDSL. M/s. Maheshwari Datamatics Pvt. Ltd. is the Registrars &
Share Transfer Agents for the Company.
Outstanding Convertible Instruments:
There are no ADRs/GDRs /warrants or any convertible instruments issued by the Company during the year.
Plant Location
a) Durgapur Waria Road, Angadpur, Durgapur – 713 215, West Bengal
Address for correspondence:
Registered Office
8/1, Middleton Row,
Kolkata – 700 001
Website: www.bhaskargroup.com, Email: cs@bhaskargroup.com
Tel: (91-33 2229-7190/0114/8877,
Fax: 91-33-2229-7223
39
Investors’ correspondence may be addressed to:
Company Secretary & Compliance Officer
Bhaskar Shrachi Alloys Limited
8/1, Middleton Row,
Kolkata – 700 001
Email: cs@bhaskargroup.com
Tel: (91-33 2229-7190/0114/8877,
Fax: 91-33-2229-7223
DECLARATION REGARDING COMPLIANCE BY BOARD MEMBERS AND SENIOR MANAGEMENT PERSONNEL WITH THE CODE
OF CONDUCT
Bhaskar Shrachi Alloys Limited, as required by Regulation 26(3) of the Listing Obligations and Disclosure Requirement, Regulations, 2015
executed with the Calcutta Stock Exchange and Ahmedabad Stock Exchange Limited., hereby declare that all the Board Members and Senior
Management Personnel of the Company have affirmed compliance with the Company’s Code of Conduct for the financial year 2016-17.
For Bhaskar Shrachi Alloys Limited
Kulveer Hurkat Asit Mondal
DIN: 07053912 DIN: 07563593
Director Director
14th Day of August, 2017.
Kolkata
40
ADOPTION OF NON-MANDATORY REQUIREMENTS
The Board
The Chairman of the Board is a Non Executive Chairperson of the Company, and is allowed reimbursement of expenses incurred in performance
of his duties.
Shareholder Rights
Half yearly financial results are forwarded to the Stock Exchanges and uploaded on the website of the Company like quarterly results.
Audit Qualifications
During the year under review, there was no audit qualification in the Auditors’ Report on the Company’s financial statements.
Separate posts of Chairman and CEO
There are no such posts in the Company, hence it’s no applicable.
Reporting of Internal Auditor
The Internal Auditor of the Company is a permanent invitee to the Audit Committee Meeting and regularly attends the Meeting for reporting their
findings of the internal audit to the Audit Committee Members.
The Company has fully complied with the applicable requirement specified in Reg. 17 to 27 and clause (b) to (i) of sub-regulation (2) of
regulation 46.
Disclosure of Accounting Treatment
The Company has followed the treatment laid down in the Accounting Standards prescribed by the Institute of Chartered Accountants of India, in
the preparation of financial statements. There are no audit qualifications in the Company’s financial statements for the year under review.
Demat Suspense Account/Unclaimed Suspense Account
There is no such instance happened in the Company during the year – 2016-17.
41
COMPLIANCE CERTIFICATE
To
The Members
We have examined the compliance of conditions of Corporate Governance by Bhaskar Shrachi Alloys Limited (‘the Company’), for the year
ended on 31st March, 2017, as stipulated in Chapter IV of Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015 pursuant to the Listing Agreement of the said Company with the Calcutta Stock Exchange Limited and
Ahmadabad Stock Exchange.
The compliance of conditions of Corporate Governance is the responsibility of the Management. Our examination was limited to a review of
procedures and implementation thereof, adopted by the Company for ensuring compliance with the conditions of Corporate Governance. It is
neither an audit nor an expression of opinion on the financial statements of the Company.
In our opinion and to the best of our information and according to the explanations given to us, we certify that the Company has compiled with
the conditions of Corporate Governance as stipulated in the provisions as specified in Chapter IV of Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015 pursuant to the Listing Agreement of the said Company with the Calcutta
Stock Exchange Limited and Ahmadabad Stock Exchange.
We further state that this certificate is neither an assurance as to the future viability of the Company nor of the efficiency or effectiveness with
which the Management has conducted the affairs of the Company.
42
FORM NO. MGT-9
EXTRACT OF ANNUAL RETURN as on the financial year ended on 31st March, 2017 of BHASKAR SHRACHI ALLOYS LIMITED
[Pursuant to Section 92(1) of the Companies Act, 2013 and rule 12(1) of the Companies (Management and Administration) Rules, 2014]
I. REGISTRATION AND OTHER DETAILS
CIN L51109WB1995PLC071126
Registration Date 19TH April, 1995
Name of the Company BHASKAR SHRACHI ALLOYS LIMITED
Category/ Sub Category of the Company Company Limited by Shares / Indian Non- Government Company
8/1 Middleton Row,
Address of the Registered Office & Kolkata - 700 071;
Contact Details Telephone: (033) 22298877
E-mail –bhaskarshrachi@gmail.com
Whether Listed Company YES
Maheswari Datamatics Pvt. Ltd.
6, Mangoe Lane,
Name, Address and Contact details of Registrar and Transfer Agent, if any
Kolkata – 700 001
PH: (033) 22435029/5809
II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY
All the business activities contributing 10 % or more of the total turnover of the company
43
shall be stated:-
Sl. No. Name and Description of main products / services NIC Code of the Product/ service % to total turnover of the company
1 Silico Manganese (Ferro Alloys) 7202 65.40%
2 SGCI Inserts 3371 34.60%
3 Steel Billet 3309 NIL
III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES -
Name of the Company CIN Holding/ Associates/ Subsidiary % holding as at 31st March, 2017.
NIL
IV. SHARE HOLDING PATTERN
(Equity Share Capital Breakup as percentage of Total Equity)
i) Category-wise Shareholding
44
Number of Total shareholding Shares

Total
Cate-gory Category of Number of shares held in as a percentage of pledged or
number of
code Shareholder share-holders dematerialized total number of otherwise
shares
form shares encumbered
As a
As a per-centage of Number of As a
per-centage
(A+B+C) shares percentage
of (A+B)
(IX)=(VIII)/(IV)
(I) (II) (III) (IV) (V) (VI) (VII) (VIII)
* 100
Shareholding of Promoter
(A)
and Promoter Group
(1) Indian
Individuals/Hindu
(a) 76 3,497,400 - 17.06 17.06 1,893,300 54.10
Undivided Family
Central Government/State
(b) - - - - - - -
Government(s)
(c) Bodies Corporate 30 4,241,200 1500000 20.68 20.68 8,06,700 19.02
Financial
(d) - - - - - - -
Institutions/Banks
(e) Any Other (specify) - - - - - - -
Sub-Total (A)(1) 106 7,738,600 1500000 37.74 37.74 27,00,000 34.89
(2) Foreign
Individuals (Non-Resident
Individuals/
(a) - - - - - - -
Foreign Individuals)
(b) Bodies Corporate - - - - - - -
(c) Institutions - - - - - - -
(d) Qualified Foreign Investor - - - - - - -
(e) Any Other (specify) - - - - - - -
45
Sub-Total (A)(2) - - - - - - -
Total Shareholding of
Promoter and Promoter 106 7,738,600 1500000 37.74 37.74 27,00,000 34.89
Group (A) =(A)(1)+(A)(2)
(B) Public Shareholding
(1) Institutions NA NA
(a) Mutual Funds/UTI - - - - - - -
(b) Financial Institutions/Banks - - - - - - -
(c) Central Government/State Government(s) - - - - - - -
(d) Venture Capital Funds - - - - - - -
(e) Insurance Companies - - - - - - -
(f) Foreign Institutional Investors - - - - - - -
(g) Foreign Venture Capital Investors - - - - - - -
(h) Qualified Foreign Investors - - - - - - -
(i) Any Other (specify) - - - - - - -
Sub-Total (B)(1) - - - - - - -
(2) Non-institutions - - - - - - -
(a) Bodies Corporate 70 9,133,300 50,000 44.55 44.55 - -
(b) Individuals –
i. Individual shareholders holding nominal share capital upto Rs. 2 lakh. 1124 1,398,000 5,809 6.81 6.81 - -
ii .Individual shareholders holding nominal share capital in excess of Rs. 2 lakh. 12 1,980,100 - 9.65 9.65 - -
(c) Qualified Foreign Investor - - - - - - -
(d) Any Other (specify) 1 250,000 - 1.21 1.21 - -
46
Sub Total (B)(2)
Total Public Shareholding (B) = (B)(1)+(B)(2) 1207 12,761,400 - 62.25 62.25 - -
TOTAL (A)+(B)
(C) Shares held by Custodians and against which Depository Receipts have been issued - - - - - - -
(1) Promoter and Promoter Group - - - - - - -
(2) Public - - - - - - -
GRAND TOTAL
1313 20,500,000 55,809 100 100 2,700,000 13.17
(A) + (B) + (C)
1. SHAREHOLDING OF PROMOTERS
Details of % change in share

Sl. No Name of the shareholder Encumbered shares (*)
shares held holding during the year
No. of As a % of total shares of the As a As a % of grand total

Number
shares held company %age (A)+(B)+(C) of sub-clause (I)(a)
(VI)=
(I) (II) (III) (IV) (V) (V)/(III) (VII)
*100
1. Shrawan Kumar Todi 731600 3.5688 6,08,100 83.11 2.97 - -
2. Ravi Todi, 615000 3.0000 6,15,000 100.000 3.00
47
3. Rahul Todi 450000 2.1951 4,50,000 100.000 2.19
4. Sujata Todi 250000 1.2195 - - -
5. Vaibhav Vinimay Pvt Ltd 250000 1.2195 - - -
6. Manish Rungta, 110100 0.5371 60,000 54.49 0.29
7. Ashish Rungta, 110000 0.5366 60,000 54.50 0.29
8. Chitra Lekha Todi, 106400 0.5190 - - -
9. Krishna Kumar Rungta, 61600 0.3005 60,100 97.5649 0.29
10. Sabina Rungta 60000 0.2927 - - -
Bhagwan Ram Sita Seva

11. 50000 0.2439 - - -
Nidhi
12. Garima Rungta 40000 0.1951 40,000 100.00 0.19
13. Chitra Family Trust 38100 0.1859 - - -
14. Shankar Kumar Somani, 32500 0.1585 - - -
15. Shri Balaji Nidhi, 30000 0.1463 - - -
16. Girija Kumar Choudhury, 20000 0.0976 - - -
17. Vinita Sharma, 20000 0.0976 - - -
18. Chitra Family Trust 15000 0.0732 - - -
19. Padam Chand Dugar, 15000 0.0732 - - -
20. Mamata Sharma, 15000 0.0732 - - -
21. Atul Kumar Gupta, 15000 0.0732
22. Bishnu Chand Yadav, 15000 0.0732 - - -
23. Mahesh Gupta, 15000 0.0732 - - -
48
24. Kishori Devi Mandiwal, 12500 0.0610 - - -
25. Manish Kumar Agarwal, 12500 0.0610 - - -
26. Smt.Sudha Devi Sultania, 11500 0.0561 - - -
27. Pradip Kumar Patodia, 10100 0.0493 - - -
28. Anila Devi Sultania, 10000 0.0488 - - -
29. Pawan Kumar Rungta, 10000 0.0488 - - -
30. Praveen Kumar Bhalotia, 10000 0.0488 - - -
31. Rina Pramanick, 10000 0.0488 - - -
32. Sunita Agarwal, 10000 0.0488 - - -
33. Deonath Prasad Gupta, 10000 0.0488 - - -
34. Susanta Pramanick, 10000 0.0488 - - -
35. Prayagraj Sharma, 10000 0.0488 - - -
36. Ganga Devi Sharma, 10000 0.0488 - - -
37. Bimala Debi Verma, 10000 0.0488 - - -
38. Mahendrapal Verma, 10000 0.0488 - - -
39. Geeta Devi Verma, 10000 0.0488 - - -
40. Satya Narayan Verma, 10000 0.0488 - - -
41. Gopal Kumar Gupta, 10000 0.0488 - - -
42. Kamaleshwar Prasad Singh, 10000 0.0488 - - -
43. Deonath Prasad Gupta, 10000 0.0488 - - -
44. Ajoy Kumar Patodia, 10000 0.0488 - - -
45. Manju Devi Agarwal, 10000 0.0488 - - -
49
46. Pawan Kumar Jaju, 10000 0.0488 - - -
47. Praveen Kumar Bhalotia, 10000 0.0488 - - -
48. Sujit Kumar Gupta, 10000 0.0488 - - -
49. Anup Kumar Khaitan, 10000 0.0488 - - -
50. Lokenath Patodia (HUF), 10000 0.0488 - - -
51. Ratan Kumar Sharma, 10000 0.0488 - - -
52. Mahesh Kumar Gupta, 10000 0.0488 - - -
53. Krishna Kumar Patodia, 10000 0.0488 - - -
54. Bijay Kumar Thakur, 10000 0.0488 - - -
55. Mrs.Kavita Sharma, 7500 0.0366 - - -
56. Atul Kumar Gupta, 7500 0.0366 - - -
57. Kanta Devi Seksaria, 7500 0.0366 - - -
58. Manju Patodia, 6500 0.0317 - - -
59. Dayanand Agarwal, 5000 0.0244 - - -
60. Usha Patodia, 5000 0.0244 - - -
61. Gopal Kumar Bajaj, 5000 0.0244 - - -
62. Ajoy Kumar Rungta, 5000 0.0244 - - -
Om Prakash Srivastava
63. 5000 0.0244 - - -
(HUF),
64. Meenu Jain, 5000 0.0244 - - -
65. Nand Kishore Shaw, 5000 0.0244 - - -
66. Keshar Chand Jain, 5000 0.0244 - - -
50
67. Subhash Roy, 5000 0.0244 - - -
68. Satish Goel, 5000 0.0244 - - -
69. Chotulal Singh, 5000 0.0244 - - -
70. Samir Pramanick, 5000 0.0244 - - -
71. Sanjay Kumar Chenani, 5000 0.0244 - - -
72. Savitri Devi Chenani, 5000 0.0244 - - -
73. Lokenath Patodia, 5000 0.0244 - - -
74. Sunil Kumar Patodia, 5000 0.0244 - - -
75. Bimal Kumar Seksaria, 5000 0.0244 - - -
76. Padam Chand Dugar, 1500 0.0073 - - -
77. Tulsyan & Sons Pvt Limited 1500000 7.3171 - - -
Bengal General Trading Co

78. 733200 3.5766 7,33,200 100.00 3.57
P Ltd.
Lodhasons Consultancy
79. 205000 1.0000 - - -
Services (P) Limited,
80. Frankross Vinimay Pvt Ltd., 180000 0.8780 - - -
81. Dilip Agencies Pvt.Ltd., 175000 0.8537 - - -
82. Bajrangbali Foundry P.Ltd., 132500 0.6463
83. Sulabh Resources (P) Ltd., 125000 0.6098 - - -
84. Ulike Developers (P) Ltd., 110000 0.5366 - - -
85. GNB Credit Pvt.Limited, 103500 0.5049 - - -
86. Tanisha Business Pvt.Ltd., 100000 0.4878 - - -
87. Priya Purnima Credit P.Ltd., 100000 0.4878 - - -
51
Carbide Asia (Private)

88. 75000 0.3659 - - -
Limited,
Kalpataru Housing &

89. 70000 0.3415 - - -
Trading (Pvt.) Limited,
90. Bothra Suitings (P) Limited, 60000 0.2927 - - -
91. Aarkey Tie Up Pvt.Limited, 58500 0.2854 - - -
92. Ravi Todi Family Trust, 55000 0.2683 - - -
93. Classic Share Dealers Ltd., 50000 0.2439 - - -
94. P.S.B.Investments P. Ltd. 50000 0.2439
KSK Share & Stock Brokers

95. 50000 0.2439
(Pvt.) Limited,
96. K.D.Jag Holdings (P) Ltd., 50000 0.2439 - - -
97. Navi Plast Suppliers, 50000 0.2439 - - -
98. Neha Bearing Co.Pvt.Ltd., 50000 0.2439 - - -
Essel Plowood (Private)

99. 30000 0.1463 - - -
Ltd.,
100. Apeotex Ply (P) Limited, 30000 0.1463 - - -
101. Seksariah Enclaves P.Ltd., 26000 0.1268 - - -
Everlest Fincon (Private)

102. 25000 0.1220 - - -
Ltd.,
103. GMB Finvest Pvt.Limited, 25000 0.1220 - - -
Satyam Trade Centre

104. 12500 0.0610 - - -
Pvt.Ltd.,
105. Suave Business Pvt.Ltd., 5000 0.0244 - - -
106. Bagrun Trade Centre P.Ltd., 5000 0.0244 - - -
Total : 77,38,600 37.75
52
(iii) Change in Promoters’ Shareholding (please specify, if there is no change):-
Shareholding at
Cumulative
the
Sl. Shareholding
No
beginning of the
during the year
year
No. of No. of
% of total shares of the % of total shares of the
company company
shares shares
53
At the beginning of the year 77,38,600 37.75 - -
Date wise Increase /Decrease in
Promoters Share
Holding during the
Year specifying
- - - -
the reasons for increase / decrease
(e.g. ALLOTMENT /transfer /

bonus/
sweat equity etc):
At the End of the year. 77,38,600 37.75 - -
Shareholding at
Cumulative
the
Sl. Shareholding
No
beginning of the
during the year
year
No. of No. of
For Each of the Top 10 % of total shares of the % of total shares of the
Shareholders company company
shares shares
At the beginning of the year
Date wise Increase /Decrease in
Promoters Share
Holding during the
Year specifying
the reasons for increase /

decrease
NIL
(e.g. allotment /
transfer / bonus/
sweat equity etc):
At the End of the year.
(iv) Shareholding Pattern of top ten Shareholders (other than Directors, Promoters and Holders of GDRs and ADRs):
54
(v) Shareholding of Directors and Key Managerial Personnel:
Shareholding
Cumulative
at the
Sl. Shareholding
No
beginning of
during the year
the year
For Each of the No. of No. of

% of total shares of % of total shares of
the company the company
Directors and KMP shares shares
Shrawan Kumar Todi

1. 731,600 3.56 - -
At the beginning of the year
Date wise Increase /Decrease in Promoters Share Holding

during the Year specifying
- - - -
the reasons for increase / decrease (e.g. allotment /
transfer / bonus/ sweat equity etc):
At the End of the year. 731,600 3.56 - -
* Changes occurred due to transfer of shares during the year.
V. INDEBTEDNESS
55
Indebtedness of the Company including interest outstanding/accrued but not due for
payment.
` in lacs
Secured Loans excluding deposits Unsecured Loans Deposits Total Indebtedness
Indebtedness at the
beginning of the financial
year
i) Principal Amount 5148.72

6097.10
ii) Interest due but not paid 1329.48 948.38
1329.48
iii) Interest accrued but not due
Total (i+ii+iii) 6478.20 948.38 NIL 7426.58
Change in Indebtedness
during the financial year
? Addition 916.28 916.28
? Reduction 58.36 526.54 584.90
Net Change 857.92 527.00 NIL 331.38
Indebtedness at the
end of the financial year
i) Principal Amount 5300.45

5722.29
ii) Interest due but not paid 2035.67 421.84
2035.67
iii) Interest accrued but not due
Total (i+ii+iii) 7336.12 421.84 NIL 7757.96
56
VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
A. Remuneration to Managing Director, Whole-time Directors and/or Manager:
` in lacs
Sl.No. Particulars of Remuneration MD/ WTD/MANAGER Total Amount (`)
Gross salary
(a) Salary as per provisions

1.
contained in section 17(1) of the Income-tax Act,1961. NIL NIL
(b) Value of perquisites u/s 17(2) Income-tax Acts, 1961.
(c) Profits in lieu of salary under section 17(3) Income tax Act, 1961.
2. Stock Option NIL NIL
3. Sweat Equity NIL NIL
Commission
4. - as % of profit NIL NIL
- others, specify…
5. Others, please specify NIL NIL
Total (A) NIL NIL
Ceiling as per the Act NIL NIL
B. Remuneration to other directors:
Total Amount
Sl.No Particulars of Remuneration Name of Directors
(`)
Mr. Bharat
57
Mr. Shrawan Kumar Todi Goenka Mr. Kulveer Hurkat Mr. Asit Mondal Total Amount
2. Non - Executive Directors
a) Fee for attending
- Board Meeting.
b) Commission
NA NA NA NA NA
c) others
Total (2) NA NA NA NA NA
Total (B)=(1+2) NA NA NA NA NA
Total Managerial
NA NA NA NA NA
Remuneration
Overall Ceiling as per the Act NA NA NA NA NA
C. REMUNERATION TO KEY MANAGERIAL PERSONNEL OTHER THAN MD/MANAGER/WTD
Sl.No. Particulars of Remuneration Mr. Ashwani Ladha Mr. Mukesh Rathi Total Amount
58
CS CFO
Gross salary
(a) Salary as per provisions

1.
contained in section 17(1) of the Income-tax Act, 1961. 4.67 8.35 13.02
(b) Value of perquisites u/s 17(2) Income-tax Acts, 1961.
(c) Profits in lieu of salary under section 17(3) Income tax Act, 1961.
2. Stock Option - - -
3. Sweat Equity - - -
Commission
4. - as % of profit - - -
- others, specify…
5. Others, please specify - - -
Total 4.67 8.35 13.02
VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES:
Appeal made if
Details of Penalty/ any,
Punishment/ Authority
Section of the Companies Brief (give details)
Type
Act Description Compounding [ RD / NCLT/
COURT]
fees imposed
A. Company
Penalty
Punishment NIL
Compounding
59
B. Directors
Penalty
Punishment NIL
Compounding
C. Other Officers in
Default
Penalty
Punishment NIL
Compounding
SECRETARIAL AUDIT REPORT
FORM MR-3
(For the period 01-04-2016 to 31-03-2017)
[Pursuant to section 204(1) of the Companies Act, 2013 and Rule No.9 of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014]
To,
The Board of Directors
60
8/1 Middleton Row,
Kolkata – 700 071
I have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good corporate practices by
Bhaskar Shrachi Alloys Limited (hereinafter called the company). Secretarial Audit was conducted in a manner that provided a reasonable basis
for evaluating the corporate conducts/statutory compliances and expressing our opinion thereon.
Based on the verification of the books, papers, minute books, forms and returns filed and other records maintained by the company and also the
information provided by the Company, its officers, agents and authorized representatives during the conduct of secretarial audit, I hereby report
that in opinion, the company has, during the audit period ended on 31st March, 2017, complied with the statutory provisions listed hereunder and
also that the Company has proper Board-processes and compliance-mechanism in place to the extent, in the manner and subject to the reporting
made hereinafter:
1. I have examined the books, papers, minute books, forms and returns filed and other records maintained by the company for the audit
period ended on 31st,March 2017 according to the provisions of :
I. The Companies Act, 2013 (the Act) and the rules made thereunder;
II. The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the rules made thereunder;
III. The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;
IV. Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of Foreign Direct Investment,
Overseas Direct Investment and External Commercial Borrowings : Not Applicable
V. The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 (‘SEBI Act’) to
the extent applicable to the company :-
a. The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;
b. The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992;
c. The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009;
d. The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding the Companies
Act and dealing with client;
e. The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009; (Not applicable as the Company has not
delisted its equity share from any stock exchange during the financial year under review)
61
f. The Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998; (Not applicable as the Company has not any
issued any debt securities during the financial year under review)
g. The Securities and Exchange Board of India (Employee Stock Option Scheme and Employee Stock Purchase scheme) Guidelines, 1999 and
( Not applicable as the Company has not granted any options to its employees during the financial year under review.)
h. The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008. (Not applicable as the Company has
not granted any options to its employees during the financial year under review.)
VI. I further report that with respect to the compliance of the below mentioned laws, we have relied on the compliance system prevailing
in the Company and on the basis of representation received from its concerned department:-
VII. I have also examined compliance with the applicable clauses of the following:-
i. Secretarial Standards issued by The Institute of Company Secretaries of India;
and
ii. Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015 for the period from 1st April, 2016 to
31st March, 2017.
i. During the period under review the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines, Listing
Obligations and Disclosure Requirements etc mentioned above.
2. I further report that:
a. The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-Executive Directors and
Independent Directors. The changes in the composition of the Board of Directors that took place during the period under review were carried out
in compliance with the provisions of the Act. However as per section 149(1) of the Companies Act, 2013, the Company is yet to appoint a
Women Director on its Board of Directors. The Company is taking effective measures to fulfill the requirement of Companies Act, 2013 and
SEBI (Listing Obligations and Disclosures Requirement), Regulations, 2015.
b. During the year review, the Company has already filed its documents for further listing to the Calcutta Stock Exchange for 8,000,000 Nos.
Equity Shares of Rs. 10 /- each had been allotted by Private Placement. There is a delay in the process of the further listing with the Designated
Stock Exchange.
62
c. Adequate notice is given to all directors to schedule the Board Meetings, agenda and detailed notes on agenda were sent at least seven days
in advance, and a system exists for seeking and obtaining further information and clarifications on the agenda items before the meeting and for
meaningful participation at the meeting.
d. Majority decision is carried through while the dissenting members’ views are captured and recorded as part of the minutes.
e. The Company has obtained all necessary approvals under the various provisions of the Act; and
f. There was no prosecution initiated and no fines or penalties were imposed during the year under review under the Act, SEBI Act, SCRA,
Depositories Act, Listing Agreement, Rules, Regulations and Guidelines framed under these Acts against/ on the Company, its Directors and
Officers.
g. The Directors have complied with the disclosure requirements in respect of their eligibility of appointment, their being independent and
compliance with the Code of Business Conduct & Ethics for Directors and Management Personnel;
h. Maintenance of website of the Company is under process and shall be available for stakeholders in the meantime.
3. I further report that based on the information received and records maintained there are adequate systems and processes in the Company
commensurate with the size and operations of the Company to monitor and ensure compliance with applicable laws, rules, regulations and
guidelines.
Place: Kolkata
Date: 20th June, 2017 CS Rahul Jaiswal
Membership No. A - 37393
COP No. : 14753
This report is to be read with letter of even date which is annexed as Annexure A and forms an integral part of this report.
63
To, “Annexure A”
The Members of
The report of even date is to be read along with this letter.
1. Maintenance of secretarial record is the responsibility of the management of the company.
Our responsibility is to express an opinion on these secretarial records based on our audit.
2. I have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the correctness of the contents of
the Secretarial records. The verification was done on test basis to ensure that correct facts are reflected in secretarial records. We believe that the
processes and practices, we followed provide a reasonable basis for our opinion.
3. Where ever required, the Management representation has been about the compliance of laws, rules and regulations and happening of events
etc.
4. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the responsibility of management.
Our examination was limited to the verification of procedures on test basis.
5. The Secretarial Audit is neither an assurance as to the future viability of the company nor of the efficacy or effectiveness with which the
management has conducted the affairs of the Company.
64
Place: Kolkata
Date: 20th June, 2017 CS Rahul Jaiswal
Membership No. A - 37393
COP No. : 14753
Details regarding energy conservation

A. CONSERVATION OF ENERGY I) Energy conservation measures taken: Energy conservation is being pursued with considerable
focus and commitment by the Management through improved operational and maintenance practices. Steps taken by the Company in this
direction are as under: a) Correcting the alignment of drive and driven pullies. b) Up-gradation of old furnaces to make it energy efficient.
c) Melting operations are consolidated in economical lot sizes for optimum furnace utilization in Foundry Division. d) Power consumption
are measured and monitored at various consumption points by metering and corrective action is taken to ensure minimum wastage. II) Proposals
under Study and Implementation; Replacement of old equipments with new energy efficient equipments. III) Impact to measures
of (I) and (II) above for reduction of energy consumption and consequent impact on cost of production of goods: The above measures will
result in saving of energy and corresponding reduction in cost of goods. FORM A 2016-2017 a) Power & Fuel Consumption: 1) Electricity:
i) Purchased : Units (KWH in Lacs) 922.39 Total Amount (Rs. in Lacs ) 4516.33 Rate/Unit (Rs.) 4.90
ii) Own Generation : *Through Diesel Generator (Unit) - Units generated per Litre of Diesel Oil - Cost/
Unit (Rs.) b) Consumption per unit of production: 2016- 2017 Ferro Alloys SGCI
Inserts. Steel Billets MT Pcs. MT Production (MT) 22585 4303165 0 Electricity per MT of production – Unit 3600.85 1.73 - Coal per
MT of production – Kg. - - - * Generator was not used for production.
Details regarding technology absorption

A. TECHNOLOGY ABSORPTION FORM-B Research and Development (R & D)
a) Specific area in which R & D carried out by the Company To maximize furnace utilization. b) Benefits
derived as a result of R & D Research and development work has helped in increasing quantity of production of
the Units. c) Expenditure on R & D Research work is undertaken
indigenously as such no specific expenses on R & D are apportionable. B. TECHNOLOGY ABSORPTION,
ADAPTATION AND INNOVATION The technology is continually upgraded to meet the demanding market conditions. Quality of products
manufactured by this company is well appreciated by the user industries including overseas markets.
Details regarding foreign exchange earnings and outgo

A. FOREIGN EXCHANGE EARNINGS AND OUTGO Rs./Lakhs Earnings
: 157.06 Outgo : 3.62
65
Disclosures in director’s responsibility statement

DIRECTOR’S RESPONSIBILITY STATEMENT Pursuant to the requirement of section 134(5) of the Act, and based on the representations
received from the management, the directors hereby confirm that: a) in the preparation of Annual Accounts for the financial year 2016-17, the
applicable accounting standards have been followed along with the proper explanation relating to material departure; b) they have
selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as
to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit or loss of the company
for the financial year; c) they have taken proper and sufficient care to the best of their knowledge and ability for the maintenance of
adequate accounting records in accordance with the provisions of the Companies Act, 2013. They confirm that there are adequate systems
and controls for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities; d) they have
prepared the annual accounts on a going concern basis. e) they have laid down internal financial controls to be followed by the company and
that such internal financial controls are adequate and operating properly; and f) they have devised proper systems to ensure compliance
with the provisions of all applicable laws and that such system were adequate and operating effectively.
Particulars of loans guarantee investment under section 186 [Text Block]

1. PARTICULARS OF LOANS, GURANTEES AND INVESTMENTS
There have been no loans, Guarantees and investments under section 186 of the Companies Act, 2013 during the financial year 2016-17.
Particulars of contracts/arrangements with related parties under section 188(1) [Text Block]
1. RELATED PARTY TRANSACTIONS
The company has entered into contract / arrangements with the related parties in the ordinary course of business and on arms length basis. Thus
provision of Section 188 (1) of the Companies Act and rules made there under is not applicable.
Disclosure of extract of annual return as provided under section 92(3) [Text Block]
1. EXTRACT OF ANNUAL RETURN
The extract of Annual Return as provided under Sub-Section (3) of Section 92 of the Companies Act, 2013 (“the Act”) is enclosed at Annexure –
II in the prescribed form MGT -9 and forms part of this Report.
66
Disclosure of statement on declaration given by independent directors under section 149(6) [Text Block]
1. INDEPENDENT DIRECTORS DECLARATION
The Independent Directors have confirmed and declared that they are not disqualified to act as an Independent Director in compliance with the
provisions of Section 149 of the Companies Act, 2013 and the Board is also of the opinion that the Independent Directors fulfill all the conditions
specified in the Companies Act, 2013 making them eligible to act as Independent Directors.
67
Disclosure of financial summary or highlights [Text Block]

1. HIGHLIGHTS OF FINANCIAL RESULTS
The Company’s financial performance for the year ended, 31st March, 2017 is summarized below:
(` in Crores)
PARTICULARS 2016-17 2015-16
Gross Sales 52.92 64.64
Net Sales 47.21 60.10
Income from Operations & Other Income 43.35 34.01
Profit before Finance Cost & Depreciation (6.44) (25.24)
Finance Cost 7.30 6.65
Profit before Depreciation (13.74) (31.89)
Depreciation 1.91 2.42
Profit before tax (15.65) (34.31)
Profit after tax (15.65) (34.31)
Transfer to General Reserve - -
Interim Dividend - -
Proposed Final Dividend - -
68
Details of directors or key managerial personnels who were appointed or have resigned during year [Text Block]
1. DIRECTORS AND KEY MANAGERIAL PERSONNEL
As on date, the Board consists of Three Directors. The composition of Board of Directors is in conformity with the compliance of Companies Act,
2013 and SEBI (Listing Obligation and Disclosures Regulations)2015.
Appointment of Independent Directors is in conformity with section 149 of the Companies Act, 2013 and SEBI (Listing Obligation and
Disclosures Regulations) 2015.
Mr. Mr. Asit Mondal (DIN: 07563593), Director has resigned from the Board of Directors of the Company w.e.f 6th June, 2017.
In accordance with the provisions of Companies Act, 2013 Mr. Shrawan Kumar Todi (DIN: 00080303) Director will retire by rotation at the
ensuing AGM and being eligible offered himself for re-appointment. The Board recommends his re-appointment.
The information on the particulars of Director eligible for re-appointment in terms of Regulation 33 of SEBI (Listing Obligations and Disclosure
Requirement) Regulations, 2015 has been provided in the notes to the notice convening the Annual General Meeting.
[400200] Disclosures - Auditors report
Details regarding auditors [Table] ..(1)

Auditors [Axis] 1
01/04/2016
to
31/03/2017
Details regarding auditors [Abstract]
Details regarding auditors [LineItems]
Category of auditor Auditors firm
Name of audit firm K.N. Gutgutia & Co
Name of auditor signing report AMIT GHOSH
Firms registration number of audit firm 304153E
Membership number of auditor 062091
Address of auditors 6C, Middleton Street
Permanent account number of auditor or auditor's firm AACSK6448G
SRN of form ADT-1 Z99999999
Date of signing audit report by auditors 06/06/2017
Date of signing of balance sheet by auditors 06/06/2017
69
Disclosure of auditor's qualification(s), reservation(s) or adverse remark(s) in auditors' report [Table] ..(1)
Auditor's Clause not
Auditor's qualification(s), reservation(s) or adverse remark(s) in auditors' report [Axis] favourable remark applicable
[Member] [Member]
01/04/2016 01/04/2016
to to
31/03/2017 31/03/2017
Disclosure of auditor's qualification(s), reservation(s) or adverse remark(s) in
auditors' report [Abstract]
Disclosure of auditor's qualification(s), reservation(s) or adverse remark(s) in
auditors' report [LineItems]
Textual information
Disclosure in auditors report relating to fixed assets (12) [See below]
The company has
maintained proper
records showing full
Disclosure relating to quantitative details of fixed assets particulars including
quantitative details
and situation of fixed
assets.
Disclosure relating to physical verification and material discrepancies of fixed Textual information
assets (13) [See below]
The Title Deed of
immovable
Disclosure relating to title deeds of immovable properties properties is held in
the name of the
Company.
Textual information
Disclosure in auditors report relating to inventories (14) [See below]
Textual information
Disclosure in auditors report relating to loans (15) [See below]
Disclosure about loans granted to parties covered under section 189 of companies Textual information
act (16) [See below]
Textual information
Disclosure relating to terms and conditions of loans granted (17) [See below]
Textual information
Disclosure regarding receipt of loans granted (18) [See below]
Textual information
Disclosure regarding terms of recovery of loans granted (19) [See below]
Disclosure in auditors report relating to compliance with Section 185 and 186 of Textual information
Companies Act, 2013 (20) [See below]
Textual information
Disclosure in auditors report relating to deposits accepted (21) [See below]
Textual information
Disclosure in auditors report relating to maintenance of cost records (22) [See below]
Textual information
Disclosure in auditors report relating to statutory dues [TextBlock] (23) [See below]
Disclosure relating to regularity in payment of undisputed statutory dues Textual information
[TextBlock] (24) [See below]
Textual information
Disclosure relating to disputed statutory dues [TextBlock] (25) [See below]
Textual information
Disclosure in auditors report relating to default in repayment of financial dues (26) [See below]
Disclosure in auditors report relating to public offer and term loans used for Textual information
purpose for which those were raised (27) [See below]
Disclosure in auditors report relating to fraud by the company or on the Textual information
company by its officers or its employees reported during period (28) [See below]
Textual information
Disclosure in auditors report relating to managerial remuneration (29) [See below]
In our opinion
company is not a
nidhi company.
Therefore, the
Disclosure in auditors report relating to Nidhi Company provisions of clause
(xii) of paragraph 3
of the Order are not
applicable to the
Company
Textual information
Disclosure in auditors report relating to transactions with related parties (30) [See below]
Disclosure in auditors report relating to preferential allotment or private Textual information
placement of shares or convertible debentures (31) [See below]
70
Disclosure in auditors report relating to non-cash transactions with directors Textual information
or persons connected with him (32) [See below]
To the best of our
knowledge and as
explained, the
Company is not
Disclosure in auditors report relating to registration under section 45-IA of
required to be
Reserve Bank of India Act, 1934 registered under
Section 45-IA of the
Reserve Bank of
India Act, 1934.

01/04/2016
to
31/03/2017
Disclosure in auditor’s report explanatory [TextBlock] [See below]
Whether companies auditors report order is applicable on company Yes
Whether auditors' report has been qualified or has any reservations or
No
contains adverse remarks
Disclosure in auditors report relating to fixed assets

i). a. The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.
b. All the assets have not been physically verified by the management during the year but there is a phased programme of verification
designed to cover all the items of Fixed Assets over the period of three years. Pursuant to the programme a portion of the Fixed Assets have been
physically verified by the Management during the year which, in our opinion, is reasonable having regard to the size of the company and the
nature of its assets. No material discrepancies were noticed on such verification. c. The Title Deed of immovable properties is held in the
name of the Company.
Disclosure relating to physical verification and material discrepancies of fixed assets

All the assets have not been physically verified by the management during the year but there is a phased programme of verification designed to
cover all the items of Fixed Assets over the period of three years. Pursuant to the programme a portion of the Fixed Assets have been physically
verified by the Management during the year which, in our opinion, is reasonable having regard to the size of the company and the nature of its
assets. No material discrepancies were noticed on such verification.
Disclosure in auditors report relating to inventories

The inventory has been physically verified by the management during the year. In our opinion, the frequency of verification is reasonable. The
discrepancies noticed on such verification between physical stocks and book records were not material except as disclosed in note no. 15 of the
financial statement.
Disclosure in auditors report relating to loans

The Company has not granted any loan during the year, Secured or Unsecured to the companies, firms, limited liability partnerships or other
parties covered the register maintained u/s 189 of the Companies Act 2013 and accordingly clause (iii) (a) to clause (iii) (c) of the order is not
applicable to the Company
Disclosure about loans granted to parties covered under section 189 of companies act
71
Disclosure relating to terms and conditions of loans granted

Disclosure regarding receipt of loans granted

Disclosure regarding terms of recovery of loans granted

Disclosure in auditors report relating to compliance with Section 185 and 186 of Companies Act, 2013
According to the information and explanations given to us, no loan has been given to any director of the company or to any other person as
specified under section 185 of the Companies Act, 2013. The company has neither given any loan or guarantee and has provided security to any
person or body corporate nor has made any investment during the year under audit as specified under section 186 of the Companies Act, 2013.
Disclosure in auditors report relating to deposits accepted

In our opinion and according to the information and explanations given to us, the company has not accepted any deposit from the public u/s 73 to
76 of the Companies Act, 2013 or any other relevant provisions of the Companies Act, 2013 and Rules made thereunder. Therefore, the
provisions of clause (v) of paragraph 3 of the order are not applicable to the Company.
Disclosure in auditors report relating to maintenance of cost records

The maintenance of cost records has not been specified by the Central Government under sub section (1) of the section 148 of the Companies Act,
though the Company has a practice of maintaining such accounts and records for the purpose of cost Audit.
72
Disclosure in auditors report relating to statutory dues [Text Block]

In respect of statutory dues:
a. According to the information and explanations given to us and records produced and examined by us the Company is regular in depositing
undisputed statutory dues including provident fund, employees state insurance, income tax, sales tax, service tax, custom duty, excise duty, cess
and other material statutory dues applicable to it with appropriate authorities.
b. According to the information and explanation given to us and the records of the Company examined by us, there are no dues of income tax
and custom duty which have not been deposited on account of any dispute. The particulars of dues of Excise, Service Tax, Sales Tax and Entry
Tax as at 31st March, 2017 which have not been deposited on account of a dispute are as follows:
Name of the Statute Nature of Dues Amount (`/crore) Period to which the amount relates Forum where the dispute is pending
1.97
Central Excise Aug’08 to Dec’16, Commissioner (Appeals)
Central Excise Act, 1944
2003-04 CESTAT
0.17
0.32 2007-08
Commissioner (Appeals)
Finance Act, 1994 Service Tax
0.11 2011-12
VAT 6.13 Board

2006-07, 2007-08
West Bengal VAT Act, 2005
2012-13 to 2016-17
Entry Tax 1.66 Calcutta High Court
73
Disclosure relating to regularity in payment of undisputed statutory dues [Text Block]

1.97
2003-04 CESTAT
0.17
0.32 2007-08
0.11 2011-12
VAT 6.13 Board

2006-07, 2007-08
2012-13 to 2016-17
74
Disclosure relating to disputed statutory dues [Text Block]

1.97
2003-04 CESTAT
0.17
0.32 2007-08
0.11 2011-12
VAT 6.13 Board

2006-07, 2007-08
2012-13 to 2016-17
Disclosure in auditors report relating to default in repayment of financial dues

In our opinion and according to the information and explanations given to us, the Company has defaulted in repayment of loans and borrowings to
its sole banker, State Bank of India, the amount of principal dues in default is ` 51.49 crores and the period of such default is about zero to nine
months and it has no dues to debenture holders.
Disclosure in auditors report relating to public offer and term loans used for purpose for which those were raised
The company has not raised money by way of initial public offer or further public offer (including debt instruments) or term loan and hence
clause (ix) of paragraph 3 of the Order is not applicable to the Company.
75
Disclosure in auditors report relating to fraud by the company or on the company by its officers or its employees
reported during period
Based on the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and as per information and
explanations given to us, no fraud by the Company or on the Company by its officers or employees has been noticed or reported during the year
Disclosure in auditors report relating to managerial remuneration

In our opinion and according to the information and explanations given to us, managerial remuneration has been paid or provided in accordance
with the requisite approvals mandated by the provisions of the section 197 read with Schedule V of the Act.
Disclosure in auditors report relating to transactions with related parties

In our opinion and according to the information and explanations given to us, the Company has not entered into any transaction with related
parties that require approval under section 177 and section 188 of the Act and the rules made thereunder. Hence, clause (xiii) of paragraph 3 of the
Order is not applicable to the Company.
Disclosure in auditors report relating to preferential allotment or private placement of shares or convertible
debentures
In our opinion and according to the information and explanations given to us, the Company has not made any preferential allotment or private
placement of shares or fully or partly convertible debentures during the year under review.
Disclosure in auditors report relating to non-cash transactions with directors or persons connected with him
In our opinion and according to the information and explanations given to us, the Company has not entered into any non-cash transaction with the
Directors or Persons connected with them and covered under section 192 of the Act. Hence clause (xv) of paragraph 3 of the Order is not
applicable to the Company.
76
Disclosure in auditor’s report explanatory [Text Block]

Independent Auditors’ Report
To The Members of Bhaskar Shrachi Alloys Limited
Report on the Financial Statements
We have audited the accompanying Financial Statements of BHASKAR SHRACHI ALLOYS LIMITED (the company), which comprise the
Balance sheet as at March 31, 2017, and 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 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 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) Rule, 2014. This responsibility also includes 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 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 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
77
from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and 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. 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.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified audit opinion.
Basis for Qualified Opinion
REFER TO NOTE NO. 2.24(13) REGARDING NON-RECOGNITION OF DEFERRED TAX ASSETS (NET OF DEFERRED TAX
LIABILITY) AMOUNTING TO Rs. 34.79 LACS. HAD THE RECOGNITION BEEN MADE THE LOSS FOR THE YEAR WOULD HAVE
DECREASED BY Rs. 34.79 LACS AND THE BALANCE IN PROFIT & LOSS STATEMENT WOULD HAVE INCREASED AND
DEFERRED TAX ASSETS WOULD HAVE INCREASED BY THE SAME AMOUNT.
Qualified Opinion
In our opinion and to the best of our information and according to the explanations given to us, except for the effects of the matter described in the
Basis for Qualified Opinion Paragraph, 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 31st March,
2017;
(b) in the case of Statement of Profit and Loss, of the Loss 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.
78
Emphasis of Matter
Attention is drawn to Point No. 15 of Notes on Accounts 2.24 regarding physical verification of inventories lying at its manufacturing unit or
elsewhere and certain quantities of work in progress items have been found to be of waste quality.
The financial impact of the above has already been accounted for during the financial year 2015-16 and any other impact of the same, if any shall
be determined and will be provided for as and when it is required.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor’s Report) Order, 2016 (“the order”) issued by the Central Government of India in terms of
Subsection (11) of section 143 of the Act, We give in the “ANNEXURE- A” a statement on the matter specified in paragraph 3 and 4 in the order.
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, subject to note no. 2.24(13) 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, Statement of Profit & Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books
of account;
d) In our opinion, the Balance Sheet, Statement of Profit & Loss, and Cash Flow Statement comply with the Accounting Standards
specified under section 133 of the Act, read with rule 7 of the companies (Accounts) Rule, 2014 except note no. 2.24(13) regarding non-provision
of Deferred Tax Liability (Accounting Standard 22).
e) On the basis of the written representations received from the Directors as on 31st March, 2017, and taken on record by the Board of
79
Directors, none of the Directors is disqualified as on 31st March, 2017 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) 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) Rule, 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 – Refer Note 2.24
(14) to the financial statement.
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 has provided requisite disclosure in the Financial Statements as to holdings as well as dealings in Specified Bank Notes
during the period from 8th November, 2016 to 30th December, 2016. Based on the audit procedures and relying on the management
representation we report that the disclosures are in accordance with books of accounts maintained by the Company and as produced to us by the
Management – Refer Note 18
For K.N. GUTGUTIA & CO.
Chartered Accountants
Firm Registration No. 304153E
CA. AMIT GHOSH
Partner
6C, Middleton Street, Membership No. 62091
Kolkata - 700071
80
Annexure – A To THE INDEPENDENT Auditor’s Report
to the members of BHASKAR SHRACHI ALLOYS LIMITED, referred to in paragraph 1 of our report on other Legal and Regulatory
Requirements of even date.
i). a. The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.
b. All the assets have not been physically verified by the management during the year but there is a phased programme of verification
designed to cover all the items of Fixed Assets over the period of three years. Pursuant to the programme a portion of the Fixed Assets have been
physically verified by the Management during the year which, in our opinion, is reasonable having regard to the size of the company and the
nature of its assets. No material discrepancies were noticed on such verification.
c. The Title Deed of immovable properties is held in the name of the Company.
ii) The inventory has been physically verified by the management during the year. In our opinion, the frequency of verification is
reasonable. The discrepancies noticed on such verification between physical stocks and book records were not material except as disclosed in note
no. 15 of the financial statement.
iii) The Company has not granted any loan during the year, Secured or Unsecured to the companies, firms, limited liability
partnerships or other parties covered the register maintained u/s 189 of the Companies Act 2013 and accordingly clause (iii) (a) to clause (iii) (c)
of the order is not applicable to the Company.
iv) According to the information and explanations given to us, no loan has been given to any director of the company or to any other
person as specified under section 185 of the Companies Act, 2013. The company has neither given any loan or guarantee and has provided
security to any person or body corporate nor has made any investment during the year under audit as specified under section 186 of the
Companies Act, 2013.
v) In our opinion and according to the information and explanations given to us, the company has not accepted any deposit from the
public u/s 73 to 76 of the Companies Act, 2013 or any other relevant provisions of the Companies Act, 2013 and Rules made thereunder.
Therefore, the provisions of clause (v) of paragraph 3 of the order are not applicable to the Company.
vi) The maintenance of cost records has not been specified by the Central Government under sub section (1) of the section 148 of the
Companies Act, though the Company has a practice of maintaining such accounts and records for the purpose of cost Audit.
vii) In respect of statutory dues:
81
1.97
2003-04 CESTAT
0.17
0.32 2007-08
0.11 2011-12
VAT 6.13 Board

2006-07, 2007-08
2012-13 to 2016-17
viii) In our opinion and according to the information and explanations given to us, the Company has defaulted in repayment of loans
and borrowings to its sole banker, State Bank of India, the amount of principal dues in default is ` 51.49 crores and the period of such default is
about zero to nine months and it has no dues to debenture holders.
ix) The company has not raised money by way of initial public offer or further public offer (including debt instruments) or term loan
and hence clause (ix) of paragraph 3 of the Order is not applicable to the Company.
x) Based on the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and as per
information and explanations given to us, no fraud by the Company or on the Company by its officers or employees has been noticed or reported
during the year.
xi) In our opinion and according to the information and explanations given to us, managerial remuneration has been paid or provided
in accordance with the requisite approvals mandated by the provisions of the section 197 read with Schedule V of the Act.
xii) In our opinion company is not a nidhi company. Therefore, the provisions of clause (xii) of paragraph 3 of the Order are not
applicable to the Company.
xiii) In our opinion and according to the information and explanations given to us, the Company has not entered into any transaction
with related parties that require approval under section 177 and section 188 of the Act and the rules made thereunder. Hence, clause (xiii) of
paragraph 3 of the Order is not applicable to the Company.
xiv) In our opinion and according to the information and explanations given to us, the Company has not made any preferential
allotment or private placement of shares or fully or partly convertible debentures during the year under review.
82
xv) In our opinion and according to the information and explanations given to us, the Company has not entered into any non-cash
transaction with the Directors or Persons connected with them and covered under section 192 of the Act. Hence clause (xv) of paragraph 3 of the
Order is not applicable to the Company.
xvi) To the best of our knowledge and as explained, the Company is not required to be registered under Section 45-IA of the Reserve
Bank of India Act, 1934.
Firm Registration No. 304153E
6C, Middleton Street, CA. AMIT GHOSH
Kolkata - 700071 Partner
Membership No. 62091
83
84
“ANNEXURE B”
ANNEXURE TO THE INDEPENDENT AUDITOR’S REPORT OF EVEN DATE ON THE FINANCIAL STATEMENTS OF BHASKAR
SHRACHI ALLOYS LTD.
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)
We have audited the Internal Financial Controls over financial reporting of BHASKAR SHRACHI ALLOYS LIMITED (“the Company”) as of
March 31, 2017 in conjunction with our audit of the financial statements of the Company for the year ended on that date.
Management’s Responsibility for Internal Financial Controls
The Company’s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial
reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of
Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the
design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and
efficient conduct of its business, including adherence to company’s policies, the safeguarding of its assets, the prevention and detection of frauds
and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required
under the Companies Act, 2013.
Auditors’ Responsibility
85
Our responsibility is to express an opinion on the Company's internal financial controls over financial reporting based on our audit. We conducted
our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the “Guidance Note”) and the
Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to
an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered
Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to
obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if
such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial
reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of
internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and
operating effectiveness of internal control based on the assessed risk. 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.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company’s
internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A company's internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.
A company's internal financial control over financial reporting includes those policies and procedures that
1. Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets
of the company;
2. Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with
generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with
authorizations of management and directors of the company; and
3. Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's
assets that could have a material effect on the financial statements.
86
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper
management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation
of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial
reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may
deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal
financial controls over financial reporting were operating effectively as at March 31, 2017, based on the internal control over financial reporting
criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal
Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
Kolkata For K. N. Gutgutia & Co.
June 6, 2017 Chartered Accountants
Firm Registration Number 304153E
CA AMIT GHOSH
Partner
87
Membership No.062091
[400500] Disclosures - Secretarial audit report
Details of signatories of secretarial audit report [Table] ..(1)

Signatories of secretarial audit report [Axis] 1
01/04/2016
to
31/03/2017
Details of signatories of secretarial audit report [Abstract]
Details of signatories of secretarial audit report [LineItems]
Category of secretarial auditor Individual
Name of secretarial audit firm RAHUL JAISWAL
Name of secretarial auditor signing report RAHUL JAISWAL
Membership number of secretarial auditor 37393
Certificate of practice number of secretarial auditor 14753
6/3/28A SEAL'S
Address of secretarial auditors GARDEN
LANE,1ST FLOOR
Permanent account number of secretarial auditor or secretarial auditors firm AHGPJ7073H
Date of signing secretarial audit report 14/08/2017

01/04/2016
to
31/03/2017
Disclosure in secretarial audit report explanatory [TextBlock] [See below]
Whether secretarial audit report is applicable on company Yes
Whether secretarial audit report has been qualified or has any
No
observation or other remarks
Disclosure in secretarial audit report explanatory [Text Block]

SECRETARIAL AUDIT
A Secretarial Audit was conducted during the year by the Secretarial Auditor Mr. Rahul Jaiswal, Practicing Company Secretaries. The Secretarial
Auditors Report is attached as Annexure ‘III’. There are no qualifications or remarks made by the Secretarial Auditor in their Report.
88
[100100] Balance sheet

31/03/2017 31/03/2016
Balance sheet [Abstract]
Equity and liabilities [Abstract]
Shareholders' funds [Abstract]
Share capital 20,50,00,000 20,50,00,000
Reserves and surplus -85,88,74,812 -70,23,39,814
Total shareholders' funds -65,38,74,812 -49,73,39,814
Share application money pending allotment 0 0
Non-current liabilities [Abstract]
Long-term borrowings 20,45,53,453 18,93,86,733
Other long-term liabilities 0 0
Long-term provisions 0 0
Total non-current liabilities 20,45,53,453 18,93,86,733
Current liabilities [Abstract]
Short-term borrowings 53,35,66,564 52,44,33,839
Trade payables 28,49,86,970 23,42,07,428
Other current liabilities 6,81,24,006 6,06,72,068
Short-term provisions 25,50,080 21,15,480
Total current liabilities 88,92,27,620 82,14,28,815
Total equity and liabilities 43,99,06,261 51,34,75,734
Assets [Abstract]
Non-current assets [Abstract]
Fixed assets [Abstract]
Tangible assets 7,39,96,792 9,15,11,464
Intangible assets 0 0
Tangible assets capital work-in-progress 1,39,42,565 1,39,42,565
Total fixed assets 8,79,39,357 10,54,54,029
Non-current investments 0 0
Long-term loans and advances 7,18,46,156 3,65,78,087
Total non-current assets 15,97,85,513 14,20,32,116
Current assets [Abstract]
Current investments 0 0
Inventories 15,65,70,274 22,93,33,895
Trade receivables 10,61,90,984 11,18,30,152
Cash and bank balances 64,50,107 1,32,65,190
Short-term loans and advances 1,29,03,838 1,58,53,481
Other current assets -19,94,455 11,60,900
Total current assets 28,01,20,748 37,14,43,618
Total assets 43,99,06,261 51,34,75,734
89
[400300] Disclosures - Signatories of financial statements
Details of directors signing financial statements [Table] ..(1)

Directors signing financial statements [Axis] 1 2
01/04/2016 01/04/2016
to to
31/03/2017 31/03/2017
Details of signatories of financial statements [Abstract]
Details of directors signing financial statements [Abstract]
Details of directors signing financial statements [LineItems]
Name of director signing financial statements [Abstract]
KULVEER
First name of director HURKAT
ASIT
Last name of director MONDAL

Designation of director Director Director
Director identification number of director 07053912 07563593
Date of signing of financial statements by director 06/06/2017 06/06/2017
90
[100400] Cash flow statement, indirect

01/04/2016 01/04/2015
to to 31/03/2015
31/03/2017 31/03/2016
Statement of cash flows [Abstract]
Whether cash flow statement is applicable on company Yes Yes
Cash flows from used in operating activities [Abstract]
Profit before extraordinary items and tax -15,65,34,998 -34,31,35,673
Adjustments for reconcile profit (loss) [Abstract]
Adjustments to profit (loss) [Abstract]
Adjustments for finance costs 7,29,84,084 6,65,08,274
Adjustments for depreciation and amortisation expense 1,91,48,882 2,42,14,202
Other adjustments to reconcile profit (loss) (A) 17,774 (B) -25,14,224

Total adjustments to profit (loss) 9,21,50,740 8,82,08,252
Adjustments for working capital [Abstract]
Adjustments for decrease (increase) in inventories 7,27,63,621 25,03,95,440
Adjustments for decrease (increase) in trade receivables 56,39,169 -4,64,86,194
Adjustments for decrease (increase) in other current assets -2,91,63,072 3,44,79,164
Adjustments for increase (decrease) in trade payables 5,07,79,541 1,27,76,704
Adjustments for increase (decrease) in other current liabilities 74,51,938 1,29,29,408
Total adjustments for working capital 10,74,71,197 26,40,94,522
Total adjustments for reconcile profit (loss) 19,96,21,937 35,23,02,774
Net cash flows from (used in) operations 4,30,86,939 91,67,101
Net cash flows from (used in) operating activities before extraordinary
4,30,86,939 91,67,101
items
Net cash flows from (used in) operating activities 4,30,86,939 91,67,101
Cash flows from used in investing activities [Abstract]
Purchase of tangible assets 16,34,210 1,02,43,414
Interest received 4,16,826 24,91,057
Other inflows (outflows) of cash (C) 9,52,000 (D) 1,30,48,000

Net cash flows from (used in) investing activities before extraordinary
-2,65,384 52,95,643
items
Net cash flows from (used in) investing activities -2,65,384 52,95,643
Cash flows from used in financing activities [Abstract]
Proceeds from issuing shares 0 8,00,00,000
Proceeds from borrowings (E) 2,42,99,446 (F) -2,15,87,328

Other inflows (outflows) of cash -7,29,84,084 -6,65,08,274
Net cash flows from (used in) financing activities before extraordinary
-4,86,84,638 -80,95,602
items
Net cash flows from (used in) financing activities -4,86,84,638 -80,95,602
Net increase (decrease) in cash and cash equivalents before effect of
-58,63,083 63,67,142
exchange rate changes
Net increase (decrease) in cash and cash equivalents -58,63,083 63,67,142
Cash and cash equivalents cash flow statement at end of period 54,50,107 1,13,13,190 49,46,048
Footnotes
(A) Provision for Employee Benefits : 434600 Interest Income : -416826 Profit on Sale of Tangible Fixed Assets : 0
(B) Provision for Employee Benefits : -23167 Interest Income : -2491057 Profit on Sale of Tangible Fixed Assets : 0
(C) Sale of Tangible Fixed Assets : 0 Increase in Margin Money Deposit : 952000
(D) Sale of Tangible Fixed Assets : 0 Increase in Margin Money Deposit : 13048000
(E) Proceeds/(Repayment) of Long Term Borrowings : 15166720 Proceeds/(Repayment) of Short Term Borrowings : 9132726
(F) Proceeds/(Repayment) of Long Term Borrowings : 12787875 Proceeds/(Repayment) of Short Term Borrowings : -34375203
91
[200100] Notes - Share capital
Disclosure of shareholding more than five per cent in company [Table] ..(1)
Classes of share capital [Axis] Equity shares [Member]
Name of shareholder [Axis] Shareholder 1 [Member] Shareholder 2 [Member]
31/03/2017 31/03/2016 31/03/2017 31/03/2016
Disclosure of shareholding more than five per cent in
company [Abstract]
Disclosure of shareholding more than five per cent
in company [LineItems]
Number of shares held in company [shares] 80,00,000 [shares] 80,00,000 [shares] 15,00,000 [shares] 15,00,000
Disclosure of shareholding more than five per cent in company [Table] ..(2)
Classes of share capital [Axis] Equity shares 1 [Member]
Name of shareholder [Axis] Shareholder 1 [Member] Shareholder 2 [Member]
01/04/2016 01/04/2015 01/04/2016 01/04/2015
to to to to
31/03/2017 31/03/2016 31/03/2017 31/03/2016
Disclosure of shareholding more than
five per cent in
company [Abstract]
Disclosure of shareholding more than
five per cent
in company [LineItems]
Type of share EQUITY EQUITY EQUITY EQUITY
KRISHAY PROPERTIES KRISHAY PROPERTIES TULSYAN & SONS PVT TULSYAN & SONS PVT
Name of shareholder PRIVATE LIMITED PRIVATE LIMITED LTD LTD
CIN of shareholder U70102WB2013PTC194852 U70102WB2013PTC194852 U51109WB1988PTC044161 U51109WB1988PTC044161
Country of incorporation or
residence of INDIA INDIA INDIA INDIA
shareholder
Number of shares held in company [shares] 80,00,000 [shares] 80,00,000 [shares] 15,00,000 [shares] 15,00,000
Percentage of shareholding in
39.02% 39.02% 7.31% 7.31%
company
92
Disclosure of classes of share capital [Table] ..(1)

Classes of share capital [Axis] Share capital [Member] Equity shares [Member]
01/04/2016 01/04/2015 01/04/2016 01/04/2015
to to to to
31/03/2017 31/03/2016 31/03/2017 31/03/2016
Disclosure of classes of share capital [Abstract]
Disclosure of classes of share capital [LineItems]
Number of shares authorised [shares] 2,50,00,000 [shares] 2,50,00,000 [shares] 2,50,00,000 [shares] 2,50,00,000
Value of shares authorised 25,00,00,000 25,00,00,000 25,00,00,000 25,00,00,000
Number of shares issued [shares] 2,05,00,000 [shares] 2,05,00,000 [shares] 2,05,00,000 [shares] 2,05,00,000
Value of shares issued 20,50,00,000 20,50,00,000 20,50,00,000 20,50,00,000
Number of shares subscribed and fully paid [shares] 2,05,00,000 [shares] 2,05,00,000 [shares] 2,05,00,000 [shares] 2,05,00,000
Value of shares subscribed and fully paid 20,50,00,000 20,50,00,000 20,50,00,000 20,50,00,000
Number of shares subscribed but not fully paid [shares] 0 [shares] 0 [shares] 0 [shares] 0
Value of shares subscribed but not fully paid 0 0 0 0
Total number of shares subscribed [shares] 2,05,00,000 [shares] 2,05,00,000 [shares] 2,05,00,000 [shares] 2,05,00,000
Total value of shares subscribed 20,50,00,000 20,50,00,000 20,50,00,000 20,50,00,000
Value of shares paid-up [Abstract]
Number of shares paid-up [shares] 2,05,00,000 [shares] 2,05,00,000 [shares] 2,05,00,000 [shares] 2,05,00,000
Value of shares called 20,50,00,000 20,50,00,000 20,50,00,000 20,50,00,000
Calls unpaid [Abstract]
Calls unpaid by directors and officers
[Abstract]
Calls unpaid by directors 0 0 0 0
Calls unpaid by officers 0 0 0 0
Total calls unpaid by directors and
0 0 0 0
officers
Calls unpaid by others 0 0 0 0
Total calls unpaid 0 0 0 0
Forfeited shares 0 0 0 0
Forfeited shares reissued 0 0 0 0
Value of shares paid-up 20,50,00,000 20,50,00,000 20,50,00,000 20,50,00,000
Reconciliation of number of shares outstanding
[Abstract]
Changes in number of shares outstanding
[Abstract]
Increase in number of shares outstanding
[Abstract]
Number of shares issued in public offering [shares] 0 [shares] 0 [shares] 0 [shares] 0
Number of shares issued as bonus shares [shares] 0 [shares] 0 [shares] 0 [shares] 0
Number of shares issued as rights [shares] 0 [shares] 0 [shares] 0 [shares] 0
Number of shares issued in private
placement arising out of conversion of
[shares] 0 [shares] 0 [shares] 0 [shares] 0
debentures preference shares during
period
Number of shares issued in other private
placement
Number of shares issued as preferential
allotment arising out of conversion of
debentures preference shares during
period
Number of shares issued as other
preferential allotment
Number of shares allotted for
contracts without payment received [shares] 0 [shares] 0 [shares] 0 [shares] 0
in cash
Number of shares issued under scheme of
amalgamation
Number of other issues of shares [shares] 0 [shares] 0 [shares] 0 [shares] 0
Number of shares issued under employee
stock option plan
Number of other issue of shares
arising out of conversion of [shares] 0 [shares] 0 [shares] 0 [shares] 0
securities
Total aggregate number of shares issued
during period
93
Decrease in number of shares during period

[Abstract]
Number of shares bought back [shares] 0 [shares] 0 [shares] 0 [shares] 0
Other decrease in number of shares [shares] 0 [shares] 0 [shares] 0 [shares] 0
Total decrease in number of shares during
period
Total increase (decrease) in number of
shares outstanding
Number of shares outstanding at end of period [shares] 2,05,00,000 [shares] 2,05,00,000 [shares] 2,05,00,000 [shares] 2,05,00,000
Reconciliation of value of shares outstanding
[Abstract]
Changes in share capital [Abstract]
Increase in share capital during period
[Abstract]
Amount of public issue during period 0 0 0 0
Amount of bonus issue during period 0 0 0 0
Amount of rights issue during period 0 0 0 0
Amount of private placement issue
arising out of conversion of debentures 0 0 0 0
preference shares during period
Amount of other private placement issue
0 0 0 0
during period
Amount of preferential allotment issue
arising out of conversion of debentures 0 0 0 0
preference shares during period
Amount of other preferential allotment
0 0 0 0
issue during period
Amount of issue allotted for
contracts without payment 0 0 0 0
received in cash during period
Amount of issue under scheme of
0 0 0 0
amalgamation during period
Amount of other issues during period 0 0 0 0
Amount of employee stock option plan
0 0 0 0
issued during period
Amount of other issue arising out of
conversion of securities during 0 0 0 0
period
Total aggregate amount of increase in
0 0 0 0
share capital during period
Decrease in share capital during period
[Abstract]
Decrease in amount of shares bought back 0 0 0 0
Other decrease in amount of shares 0 0 0 0
Total decrease in share capital during
0 0 0 0
period
Total increase (decrease) in share capital 0 0 0 0
Share capital at end of period 20,50,00,000 20,50,00,000 20,50,00,000 20,50,00,000
Shares in company held by holding company or
ultimate holding company or by its subsidiaries
or associates [Abstract]
Shares in company held by holding company [shares] 0 [shares] 0 [shares] 0 [shares] 0
Shares in company held by ultimate holding
company
Shares in company held by subsidiaries of its
holding company
Shares in company held by subsidiaries of its
ultimate holding company
Shares in company held by associates of its
holding company
Shares in company held by associates of its
ultimate holding company
Total shares in company held by holding company
or ultimate holding company or by its [shares] 0 [shares] 0 [shares] 0 [shares] 0
subsidiaries or associates
Shares reserved for issue under options
and contracts or commitments for sale of [shares] 0 [shares] 0 [shares] 0 [shares] 0
shares or disinvestment
94
Amount of shares reserved for issue under options

and contracts or commitments for sale of shares or 0 0 0 0
disinvestment
Aggregate number of fully paid-up shares issued
pursuant to contracts without payment being [shares] 0 [shares] 0 [shares] 0 [shares] 0
received in cash during last five years
Aggregate number of fully paid-up shares
issued by way of bonus shares during last [shares] 0 [shares] 0 [shares] 0 [shares] 0
five years
Aggregate number of shares bought back during
last five years
Original paid-up value of forfeited shares 0 0 0 0
Details of application money received for
allotment of securities and due for refund and
interest accrued thereon [Abstract]
Application money received for allotment of
securities and due for refund and interest
accrued thereon [Abstract]
Application money received for
allotment of securities and due for 0 0 0 0
refund, principal
Application money received for
allotment of securities and due for 0 0 0 0
refund, interest accrued
Total application money received for
allotment of securities and due for refund 0 0 0 0
and interest accrued thereon
Number of shares proposed to be issued [shares] 0 [shares] 0 [shares] 0 [shares] 0
Share premium for shares to be allotted 0 0 0 0
95
Disclosure of classes of share capital [Table] ..(2)

Classes of share capital [Axis] Equity shares 1 [Member]
01/04/2016 01/04/2015
to to
31/03/2017 31/03/2016
Disclosure of classes of share capital [Abstract]
Disclosure of classes of share capital [LineItems]
Type of share Equity Equity
Number of shares authorised [shares] 2,50,00,000 [shares] 2,50,00,000
Value of shares authorised 25,00,00,000 25,00,00,000
Number of shares issued [shares] 2,05,00,000 [shares] 2,05,00,000
Value of shares issued 20,50,00,000 20,50,00,000
Number of shares subscribed and fully paid [shares] 2,05,00,000 [shares] 2,05,00,000
Value of shares subscribed and fully paid 20,50,00,000 20,50,00,000
Number of shares subscribed but not fully paid [shares] 0 [shares] 0
Value of shares subscribed but not fully paid 0 0
Total number of shares subscribed [shares] 2,05,00,000 [shares] 2,05,00,000
Total value of shares subscribed 20,50,00,000 20,50,00,000
Value of shares paid-up [Abstract]
Number of shares paid-up [shares] 2,05,00,000 [shares] 2,05,00,000
Value of shares called 20,50,00,000 20,50,00,000
Calls unpaid [Abstract]
Calls unpaid by directors and officers [Abstract]
Calls unpaid by directors 0 0
Calls unpaid by officers 0 0
Total calls unpaid by directors and officers 0 0
Calls unpaid by others 0 0
Total calls unpaid 0 0
Forfeited shares 0 0
Forfeited shares reissued 0 0
Value of shares paid-up 20,50,00,000 20,50,00,000
Par value per share [INR/shares] 10 [INR/shares] 10
Amount per share called in case shares not fully called [INR/shares] 0 [INR/shares] 0
Reconciliation of number of shares outstanding [Abstract]
Changes in number of shares outstanding [Abstract]
Increase in number of shares outstanding [Abstract]
Number of shares issued in public offering [shares] 0 [shares] 0
Number of shares issued as bonus shares [shares] 0 [shares] 0
Number of shares issued as rights [shares] 0 [shares] 0
Number of shares issued in private placement arising out of conversion
[shares] 0 [shares] 0
of debentures preference shares during period
Number of shares issued in other private placement [shares] 0 [shares] 0
Number of shares issued as preferential allotment arising out of
conversion of debentures preference shares during period
Number of shares issued as other preferential allotment [shares] 0 [shares] 0
Number of shares allotted for contracts without payment received in cash [shares] 0 [shares] 0
Number of shares issued under scheme of amalgamation [shares] 0 [shares] 0
Number of other issues of shares [shares] 0 [shares] 0
Number of shares issued under employee stock option plan [shares] 0 [shares] 0
Number of other issue of shares arising out of conversion of securities [shares] 0 [shares] 0
Total aggregate number of shares issued during period [shares] 0 [shares] 0
Decrease in number of shares during period [Abstract]
Number of shares bought back [shares] 0 [shares] 0
Other decrease in number of shares [shares] 0 [shares] 0
Total decrease in number of shares during period [shares] 0 [shares] 0
Total increase (decrease) in number of shares outstanding [shares] 0 [shares] 0
Number of shares outstanding at end of period [shares] 2,05,00,000 [shares] 2,05,00,000
Reconciliation of value of shares outstanding [Abstract]
Changes in share capital [Abstract]
Increase in share capital during period [Abstract]
Amount of public issue during period 0 0
Amount of bonus issue during period 0 0
Amount of rights issue during period 0 0
96
Amount of private placement issue arising out of conversion of

0 0
debentures preference shares during period
Amount of other private placement issue during period 0 0
Amount of preferential allotment issue arising out of conversion of
0 0
debentures preference shares during period
Amount of other preferential allotment issue during period 0 0
Amount of issue allotted for contracts without payment received in cash
0 0
during period
Amount of issue under scheme of amalgamation during period 0 0
Amount of other issues during period 0 0
Amount of employee stock option plan issued during period 0 0
Amount of other issue arising out of conversion of securities during period 0 0
Total aggregate amount of increase in share capital during period 0 0
Decrease in share capital during period [Abstract]
Decrease in amount of shares bought back 0 0
Other decrease in amount of shares 0 0
Total decrease in share capital during period 0 0
Total increase (decrease) in share capital 0 0
Share capital at end of period 20,50,00,000 20,50,00,000
Shares in company held by holding company or ultimate holding company or by its
subsidiaries or associates [Abstract]
Shares in company held by holding company [shares] 0 [shares] 0
Shares in company held by ultimate holding company [shares] 0 [shares] 0
Shares in company held by subsidiaries of its holding company [shares] 0 [shares] 0
Shares in company held by subsidiaries of its ultimate holding company [shares] 0 [shares] 0
Shares in company held by associates of its holding company [shares] 0 [shares] 0
Shares in company held by associates of its ultimate holding company [shares] 0 [shares] 0
Total shares in company held by holding company or ultimate holding company
or by its subsidiaries or associates
Shares reserved for issue under options and contracts or commitments for sale of
shares or disinvestment
Amount of shares reserved for issue under options and contracts or commitments
0 0
for sale of shares or disinvestment
Aggregate number of fully paid-up shares issued pursuant to contracts
without payment being received in cash during last five years
Aggregate number of fully paid-up shares issued by way of bonus shares during last
five years
Aggregate number of shares bought back during last five years [shares] 0 [shares] 0
Original paid-up value of forfeited shares 0 0
Details of application money received for allotment of securities and due for
refund and interest accrued thereon [Abstract]
Application money received for allotment of securities and due for refund and
interest accrued thereon [Abstract]
Application money received for allotment of securities and due for refund,
0 0
principal
Application money received for allotment of securities and due for refund,
0 0
interest accrued
Total application money received for allotment of securities and due for
0 0
refund and interest accrued thereon
Number of shares proposed to be issued [shares] 0 [shares] 0
Share premium for shares to be allotted 0 0

01/04/2016 01/04/2015
to to
31/03/2017 31/03/2016
Disclosure of notes on share capital explanatory [TextBlock]
Whether there are any shareholders holding more than five per cent
Yes Yes
shares in company
Whether money raised from public offering during year No No
97
[200200] Notes - Reserves and surplus
Statement of changes in reserves [Table] ..(1)

Components of reserves [Axis] Reserves [Member] Capital reserves [Member]
01/04/2016 01/04/2015 01/04/2016 01/04/2015
to to to to
31/03/2017 31/03/2016 31/03/2017 31/03/2016
Statement of changes in reserves [Abstract]
Statement of changes in reserves [LineItems]
Changes in reserves [Abstract]
Additions to reserves [Abstract]
Profit (loss) for period -15,65,34,998 -34,31,35,673 0 0
Total additions to reserves -15,65,34,998 -34,31,35,673
Total changes in reserves -15,65,34,998 -34,31,35,673 0 0
Reserves at end of period -85,88,74,812 -70,23,39,814 21,00,000 21,00,000
Statement of changes in reserves [Table] ..(2)

Capital reserves
Components of reserves [Axis] Surplus [Member]
[Member]
01/04/2016 01/04/2015
31/03/2015 to to 31/03/2015
31/03/2017 31/03/2016
Statement of changes in reserves [Abstract]
Statement of changes in reserves [LineItems]
Changes in reserves [Abstract]
Additions to reserves [Abstract]
Profit (loss) for period -15,65,34,998 -34,31,35,673
Total additions to reserves -15,65,34,998 -34,31,35,673
Total changes in reserves -15,65,34,998 -34,31,35,673
Reserves at end of period 21,00,000 -86,09,74,812 -70,44,39,814 -36,13,04,141
[200300] Notes - Borrowings
Classification of borrowings [Table] ..(1)

Classification based on time period [Axis] Long-term [Member]
Classification of borrowings [Axis] Borrowings [Member] Term loans [Member]
Subclassification of borrowings [Axis] Secured borrowings [Member] Secured borrowings [Member]
31/03/2017 31/03/2016 31/03/2017 31/03/2016
Borrowings notes [Abstract]
Details of borrowings [Abstract]
Details of borrowings [LineItems]
Borrowings 20,45,53,453 18,93,86,733 20,45,53,453 18,93,86,733

Classification of borrowings [Axis] Term loans from banks [Member] Rupee term loans from banks [Member]
31/03/2017 31/03/2016 31/03/2017 31/03/2016
Borrowings 20,45,53,453 18,93,86,733 20,45,53,453 18,93,86,733
98

Classification based on time period [Axis] Short-term [Member]
Classification of borrowings [Axis] Borrowings [Member]
Subclassification of borrowings [Axis] Secured borrowings [Member] Unsecured borrowings [Member]
31/03/2017 31/03/2016 31/03/2017 31/03/2016
Borrowings 49,13,82,715 42,95,96,127 4,21,83,849 9,48,37,712

Classification of borrowings [Axis] Deposits [Member] Intercorporate deposits [Member]
Subclassification of borrowings [Axis] Unsecured borrowings [Member] Unsecured borrowings [Member]
31/03/2017 31/03/2016 31/03/2017 31/03/2016
Borrowings 4,21,83,849 9,48,37,712 4,21,83,849 9,48,37,712

Other loans and advances, others
Classification of borrowings [Axis] Other loans and advances [Member]
[Member]
31/03/2017 31/03/2016 31/03/2017 31/03/2016
Borrowings 49,13,82,715 42,95,96,127 (A) 49,13,82,715 (B) 42,95,96,127
Footnotes
(A) Cash Credit : 491382715
(B) Cash Credit : 429596127
99
[201000] Notes - Tangible assets
Disclosure of tangible assets [Table] ..(1)

Classes of tangible assets [Axis] Company total tangible assets [Member]
Sub classes of tangible assets [Axis] Owned and leased assets [Member]
Carrying amount accumulated depreciation and gross Gross carrying amount Accumulated depreciation and
Carrying amount [Member]
carrying amount [Axis] [Member] impairment [Member]
01/04/2016 01/04/2015 01/04/2016 01/04/2015 01/04/2016 01/04/2015
to to to to to to
31/03/2017 31/03/2016 31/03/2017 31/03/2016 31/03/2017 31/03/2016
Disclosure of tangible assets [Abstract]
Disclosure of tangible assets
[LineItems]
Reconciliation of changes in
tangible assets [Abstract]
Changes in tangible assets
[Abstract]
Additions other than through
business combinations tangible 16,34,210 1,02,43,414 16,34,210 1,02,43,414
assets
Depreciation tangible assets -1,91,48,882 -2,42,14,202 1,91,48,882 2,42,14,202
Impairment loss
recognised in profit or 0 0 0 0
loss tangible assets
Reversal of impairment loss
recognised in profit or loss 0 0 0 0
tangible assets
Disposals tangible assets
[Abstract]
Disposals tangible assets,
0 0 0 0 0 0
others
Total disposals tangible
0 0 0 0 0 0
assets
Other adjustments tangible
assets [Abstract]
0 0 0 0
assets, others
Total other adjustments
0 0 0 0
tangible assets
Total changes in tangible
-1,75,14,672 -1,39,70,788 16,34,210 1,02,43,414 1,91,48,882 2,42,14,202
assets
Tangible assets at end of period 7,39,96,792 9,15,11,464 49,99,87,752 49,83,53,542 42,59,90,960 40,68,42,078
100

Sub classes of tangible assets [Axis] Assets held under lease [Member]
01/04/2016 01/04/2015 01/04/2016 01/04/2015 01/04/2016 01/04/2015
to to to to to to
31/03/2017 31/03/2016 31/03/2017 31/03/2016 31/03/2017 31/03/2016
[LineItems]
[Abstract]
business combinations tangible 0 0 0 0
assets
Depreciation tangible assets -92,433 -92,433 92,433 92,433
Impairment loss
tangible assets
[Abstract]
0 0 0 0 0 0
others
0 0 0 0 0 0
assets
assets [Abstract]
0 0 0 0
assets, others
0 0 0 0
tangible assets
-92,433 -92,433 0 0 92,433 92,433
assets
Tangible assets at end of period 44,57,110 45,49,543 57,86,479 57,86,479 13,29,369 12,36,936
101

Sub classes of tangible assets [Axis] Owned assets [Member]
01/04/2016 01/04/2015 01/04/2016 01/04/2015 01/04/2016 01/04/2015
to to to to to to
31/03/2017 31/03/2016 31/03/2017 31/03/2016 31/03/2017 31/03/2016
[LineItems]
[Abstract]
business combinations tangible 16,34,210 1,02,43,414 16,34,210 1,02,43,414
assets
Impairment loss
tangible assets
[Abstract]
0 0 0 0 0 0
others
0 0 0 0 0 0
assets
assets [Abstract]
0 0 0 0
assets, others
0 0 0 0
tangible assets
-1,74,22,239 -1,38,78,355 16,34,210 1,02,43,414 1,90,56,449 2,41,21,769
assets
102

Classes of tangible assets [Axis] Land [Member]
01/04/2016 01/04/2015 01/04/2016 01/04/2015 01/04/2016 01/04/2015
to to to to to to
31/03/2017 31/03/2016 31/03/2017 31/03/2016 31/03/2017 31/03/2016
[LineItems]
[Abstract]
assets
Impairment loss
tangible assets
[Abstract]
0 0 0 0 0 0
others
0 0 0 0 0 0
assets
assets [Abstract]
0 0 0 0
assets, others
0 0 0 0
tangible assets
-92,433 -92,433 0 0 92,433 92,433
assets
103

Sub classes of tangible assets [Axis] Assets held under lease [Member]
01/04/2016 01/04/2015 01/04/2016 01/04/2015 01/04/2016 01/04/2015
to to to to to to
31/03/2017 31/03/2016 31/03/2017 31/03/2016 31/03/2017 31/03/2016
[LineItems]
[Abstract]
assets
Impairment loss
tangible assets
[Abstract]
0 0 0 0 0 0
others
0 0 0 0 0 0
assets
assets [Abstract]
0 0 0 0
assets, others
0 0 0 0
tangible assets
-92,433 -92,433 0 0 92,433 92,433
assets
104

Classes of tangible assets [Axis] Buildings [Member]
01/04/2016 01/04/2015 01/04/2016 01/04/2015 01/04/2016 01/04/2015
to to to to to to
31/03/2017 31/03/2016 31/03/2017 31/03/2016 31/03/2017 31/03/2016
[LineItems]
[Abstract]
business combinations tangible 0 6,91,647 0 6,91,647
assets
Depreciation tangible assets -22,01,596 -23,15,067 22,01,596 23,15,067
Impairment loss
tangible assets
[Abstract]
0 0 0 0 0 0
others
0 0 0 0 0 0
assets
assets [Abstract]
0 0 0 0
assets, others
0 0 0 0
tangible assets
-22,01,596 -16,23,420 0 6,91,647 22,01,596 23,15,067
assets
105

Classes of tangible assets [Axis] Buildings [Member]
01/04/2016 01/04/2015 01/04/2016 01/04/2015 01/04/2016 01/04/2015
to to to to to to
31/03/2017 31/03/2016 31/03/2017 31/03/2016 31/03/2017 31/03/2016
[LineItems]
[Abstract]
assets
Impairment loss
tangible assets
[Abstract]
0 0 0 0 0 0
others
0 0 0 0 0 0
assets
assets [Abstract]
0 0 0 0
assets, others
0 0 0 0
tangible assets
-22,01,596 -16,23,420 0 6,91,647 22,01,596 23,15,067
assets
106

Classes of tangible assets [Axis] Plant and equipment [Member]
01/04/2016 01/04/2015 01/04/2016 01/04/2015 01/04/2016 01/04/2015
to to to to to to
31/03/2017 31/03/2016 31/03/2017 31/03/2016 31/03/2017 31/03/2016
[LineItems]
[Abstract]
assets
Impairment loss
tangible assets
[Abstract]
0 0 0 0 0 0
others
0 0 0 0 0 0
assets
assets [Abstract]
0 0 0 0
assets, others
0 0 0 0
tangible assets
-1,20,48,360 -1,54,77,172 0 14,57,350 1,20,48,360 1,69,34,522
assets
107

Classes of tangible assets [Axis] Plant and equipment [Member]
01/04/2016 01/04/2015 01/04/2016 01/04/2015 01/04/2016 01/04/2015
to to to to to to
31/03/2017 31/03/2016 31/03/2017 31/03/2016 31/03/2017 31/03/2016
[LineItems]
[Abstract]
assets
Impairment loss
tangible assets
[Abstract]
0 0 0 0 0 0
others
0 0 0 0 0 0
assets
assets [Abstract]
0 0 0 0
assets, others
0 0 0 0
tangible assets
-1,20,48,360 -1,54,77,172 0 14,57,350 1,20,48,360 1,69,34,522
assets
108

Classes of tangible assets [Axis] Furniture and fixtures [Member]
01/04/2016 01/04/2015 01/04/2016 01/04/2015 01/04/2016 01/04/2015
to to to to to to
31/03/2017 31/03/2016 31/03/2017 31/03/2016 31/03/2017 31/03/2016
[LineItems]
[Abstract]
assets
Impairment loss
tangible assets
[Abstract]
0 0 0 0 0 0
others
0 0 0 0 0 0
assets
assets [Abstract]
0 0 0 0
assets, others
0 0 0 0
tangible assets
-16,858 -32,861 0 0 16,858 32,861
assets
Tangible assets at end of period 19,073 35,931 10,98,931 10,98,931 10,79,858 10,63,000
109

Classes of tangible assets [Axis] Furniture and fixtures [Member]
01/04/2016 01/04/2015 01/04/2016 01/04/2015 01/04/2016 01/04/2015
to to to to to to
31/03/2017 31/03/2016 31/03/2017 31/03/2016 31/03/2017 31/03/2016
[LineItems]
[Abstract]
assets
Impairment loss
tangible assets
[Abstract]
0 0 0 0 0 0
others
0 0 0 0 0 0
assets
assets [Abstract]
0 0 0 0
assets, others
0 0 0 0
tangible assets
-16,858 -32,861 0 0 16,858 32,861
assets
110

Classes of tangible assets [Axis] Vehicles [Member]
01/04/2016 01/04/2015 01/04/2016 01/04/2015 01/04/2016 01/04/2015
to to to to to to
31/03/2017 31/03/2016 31/03/2017 31/03/2016 31/03/2017 31/03/2016
[LineItems]
[Abstract]
assets
Impairment loss
tangible assets
[Abstract]
0 0 0 0 0 0
others
0 0 0 0 0 0
assets
assets [Abstract]
0 0 0 0
assets, others
0 0 0 0
tangible assets
-6,26,858 9,58,331 0 16,11,471 6,26,858 6,53,140
assets
111

Classes of tangible assets [Axis] Vehicles [Member]
01/04/2016 01/04/2015 01/04/2016 01/04/2015 01/04/2016 01/04/2015
to to to to to to
31/03/2017 31/03/2016 31/03/2017 31/03/2016 31/03/2017 31/03/2016
[LineItems]
[Abstract]
assets
Impairment loss
tangible assets
[Abstract]
0 0 0 0 0 0
others
0 0 0 0 0 0
assets
assets [Abstract]
0 0 0 0
assets, others
0 0 0 0
tangible assets
-6,26,858 9,58,331 0 16,11,471 6,26,858 6,53,140
assets
112

Classes of tangible assets [Axis] Office equipment [Member]
01/04/2016 01/04/2015 01/04/2016 01/04/2015 01/04/2016 01/04/2015
to to to to to to
31/03/2017 31/03/2016 31/03/2017 31/03/2016 31/03/2017 31/03/2016
[LineItems]
[Abstract]
business combinations tangible 3,42,973 0 3,42,973 0
assets
Depreciation tangible assets -1,41,127 -28,735 1,41,127 28,735
Impairment loss
tangible assets
[Abstract]
0 0 0 0 0 0
others
0 0 0 0 0 0
assets
assets [Abstract]
0 0 0 0
assets, others
0 0 0 0
tangible assets
2,01,846 -28,735 3,42,973 0 1,41,127 28,735
assets
Tangible assets at end of period 2,30,115 28,269 9,01,545 5,58,572 6,71,430 5,30,303
113

Classes of tangible assets [Axis] Office equipment [Member]
01/04/2016 01/04/2015 01/04/2016 01/04/2015 01/04/2016 01/04/2015
to to to to to to
31/03/2017 31/03/2016 31/03/2017 31/03/2016 31/03/2017 31/03/2016
[LineItems]
[Abstract]
business combinations tangible 3,42,973 0 3,42,973 0
assets
Depreciation tangible assets -1,41,127 -28,735 1,41,127 28,735
Impairment loss
tangible assets
[Abstract]
0 0 0 0 0 0
others
0 0 0 0 0 0
assets
assets [Abstract]
0 0 0 0
assets, others
0 0 0 0
tangible assets
2,01,846 -28,735 3,42,973 0 1,41,127 28,735
assets
Tangible assets at end of period 2,30,115 28,269 9,01,545 5,58,572 6,71,430 5,30,303
114

Classes of tangible assets [Axis] Computer equipments [Member]
01/04/2016 01/04/2015 01/04/2016 01/04/2015 01/04/2016 01/04/2015
to to to to to to
31/03/2017 31/03/2016 31/03/2017 31/03/2016 31/03/2017 31/03/2016
[LineItems]
[Abstract]
business combinations tangible 60,133 0 60,133 0
assets
Depreciation tangible assets -26,431 0 26,431 0
Impairment loss
tangible assets
[Abstract]
0 0 0 0 0 0
others
0 0 0 0 0 0
assets
assets [Abstract]
0 0 0 0
assets, others
0 0 0 0
tangible assets
33,702 0 60,133 0 26,431 0
assets
115

Classes of tangible assets [Axis] Computer equipments [Member]
01/04/2016 01/04/2015 01/04/2016 01/04/2015 01/04/2016 01/04/2015
to to to to to to
31/03/2017 31/03/2016 31/03/2017 31/03/2016 31/03/2017 31/03/2016
[LineItems]
[Abstract]
business combinations tangible 60,133 0 60,133 0
assets
Depreciation tangible assets -26,431 0 26,431 0
Impairment loss
tangible assets
[Abstract]
0 0 0 0 0 0
others
0 0 0 0 0 0
assets
assets [Abstract]
0 0 0 0
assets, others
0 0 0 0
tangible assets
33,702 0 60,133 0 26,431 0
assets
116

Classes of tangible assets [Axis] Other tangible assets [Member]
01/04/2016 01/04/2015 01/04/2016 01/04/2015 01/04/2016 01/04/2015
to to to to to to
31/03/2017 31/03/2016 31/03/2017 31/03/2016 31/03/2017 31/03/2016
[LineItems]
[Abstract]
business combinations tangible 12,31,104 64,82,946 12,31,104 64,82,946
assets
Impairment loss
tangible assets
[Abstract]
0 0 0 0 0 0
others
0 0 0 0 0 0
assets
assets [Abstract]
0 0 0 0
assets, others
0 0 0 0
tangible assets
-27,64,115 23,25,502 12,31,104 64,82,946 39,95,219 41,57,444
assets
117

Classes of tangible assets [Axis] Other tangible assets [Member]
01/04/2016 01/04/2015 01/04/2016 01/04/2015 01/04/2016 01/04/2015
to to to to to to
31/03/2017 31/03/2016 31/03/2017 31/03/2016 31/03/2017 31/03/2016
[LineItems]
[Abstract]
assets
Impairment loss
tangible assets
[Abstract]
0 0 0 0 0 0
others
0 0 0 0 0 0
assets
assets [Abstract]
0 0 0 0
assets, others
0 0 0 0
tangible assets
-27,64,115 23,25,502 12,31,104 64,82,946 39,95,219 41,57,444
assets
118

Classes of tangible assets [Axis] Other tangible assets, others [Member]
01/04/2016 01/04/2015 01/04/2016 01/04/2015 01/04/2016 01/04/2015
to to to to to to
31/03/2017 31/03/2016 31/03/2017 31/03/2016 31/03/2017 31/03/2016
[LineItems]
Nature of other tangible assets 0.00 0.00 0.00 0.00 0.00 0.00
[Abstract]
assets
Impairment loss
tangible assets
[Abstract]
0 0 0 0 0 0
others
0 0 0 0 0 0
assets
assets [Abstract]
0 0 0 0
assets, others
0 0 0 0
tangible assets
-27,64,115 23,25,502 12,31,104 64,82,946 39,95,219 41,57,444
assets
119

Classes of tangible assets [Axis] Other tangible assets, others [Member]
01/04/2016 01/04/2015 01/04/2016 01/04/2015 01/04/2016 01/04/2015
to to to to to to
31/03/2017 31/03/2016 31/03/2017 31/03/2016 31/03/2017 31/03/2016
[LineItems]
Nature of other tangible assets 0.00 0 0.00 0 0.00 0
[Abstract]
assets
Impairment loss
tangible assets
[Abstract]
0 0 0 0 0 0
others
0 0 0 0 0 0
assets
assets [Abstract]
0 0 0 0
assets, others
0 0 0 0
tangible assets
-27,64,115 23,25,502 12,31,104 64,82,946 39,95,219 41,57,444
assets
Disclosure of additional information tangible assets [Table] ..(1)

Company total tangible assets
[Member]
Owned and leased assets Owned and leased assets Assets held under lease
Sub classes of tangible assets [Axis]
[Member] [Member] [Member]
01/04/2016 01/04/2015 01/04/2016 01/04/2015 01/04/2016 01/04/2015
to to to to to to
31/03/2017 31/03/2016 31/03/2017 31/03/2016 31/03/2017 31/03/2016
Disclosure of additional information
tangible assets [LineItems]
As per As per
Depreciation method tangible assets - - - - accounting accounting
policy policy
As per As per
Useful lives or depreciation rates
NA NA NA NA accounting accounting
tangible assets policy policy
120

Classes of tangible assets [Axis] Buildings [Member] Plant and equipment [Member]
Owned and leased assets Owned and leased assets
[Member] [Member]
01/04/2016 01/04/2015 01/04/2016 01/04/2015 01/04/2016 01/04/2015
to to to to to to
31/03/2017 31/03/2016 31/03/2017 31/03/2016 31/03/2017 31/03/2016
As perAs per
Depreciation method tangible assets - - accounting accounting - -
policy policy
As perAs per
NA NA accounting accounting NA NA

Classes of tangible assets [Axis] Plant and equipment [Member] Furniture and fixtures [Member]
Owned and leased assets
Sub classes of tangible assets [Axis] Owned assets [Member] Owned assets [Member]
[Member]
01/04/2016 01/04/2015 01/04/2016 01/04/2015 01/04/2016 01/04/2015
to to to to to to
31/03/2017 31/03/2016 31/03/2017 31/03/2016 31/03/2017 31/03/2016
As perAs per As per As per
Depreciation method tangible assets accounting accounting - - accounting accounting
policy policy policy policy
accounting accounting NA NA accounting accounting
tangible assets policy policy policy policy

Classes of tangible assets [Axis] Vehicles [Member] Office equipment [Member]
[Member] [Member]
01/04/2016 01/04/2015 01/04/2016 01/04/2015 01/04/2016 01/04/2015
to to to to to to
31/03/2017 31/03/2016 31/03/2017 31/03/2016 31/03/2017 31/03/2016
As perAs per
Depreciation method tangible assets - - accounting accounting - -
policy policy
As perAs per
NA NA accounting accounting NA NA
121

Classes of tangible assets [Axis] Office equipment [Member] Computer equipments [Member]
Owned and leased assets
Sub classes of tangible assets [Axis] Owned assets [Member] Owned assets [Member]
[Member]
01/04/2016 01/04/2015 01/04/2016 01/04/2015 01/04/2016 01/04/2015
to to to to to to
31/03/2017 31/03/2016 31/03/2017 31/03/2016 31/03/2017 31/03/2016
Depreciation method tangible assets accounting accounting - - accounting accounting
policy policy policy policy
accounting accounting NA NA accounting accounting
tangible assets policy policy policy policy

Classes of tangible assets [Axis] Other tangible assets [Member] Other tangible assets, others [Member]
[Member] [Member]
01/04/2016 01/04/2015 01/04/2016 01/04/2015 01/04/2016 01/04/2015
to to to to to to
31/03/2017 31/03/2016 31/03/2017 31/03/2016 31/03/2017 31/03/2016
As per As per
Depreciation method tangible assets - - - - accounting accounting
policy policy
As per As per
NA NA NA NA accounting accounting
[201100] Notes - Intangible assets
Disclosure of intangible assets [Table] ..(1)

Company total intangible assets
Classes of intangible assets [Axis]
[Member]
Internally generated and other than
Sub classes of intangible assets [Axis] internally generated intangible assets
[Member]
Carrying amount accumulated amortization and impairment and gross carrying amount [Axis] Carrying amount [Member]
31/03/2017 31/03/2016
Disclosure of intangible assets [Abstract]
Disclosure of intangible assets [LineItems]
Reconciliation of changes in intangible assets [Abstract]
Intangible assets at end of period 0 0
122
[200600] Notes - Subclassification and notes on liabilities and assets
Disclosure of breakup of provisions [Table] ..(1)

31/03/2017 31/03/2016
Subclassification and notes on liabilities and assets [Abstract]
Provisions notes [Abstract]
Disclosure of breakup of provisions [Abstract]
Disclosure of breakup of provisions [LineItems]
Provisions [Abstract]
Provisions for employee benefits [Abstract]
Provision leave encashment 14,56,580 8,88,731
Provision other employee related liabilities 10,93,500 12,26,749
Total provisions for employee benefits 25,50,080 21,15,480
CSR expenditure provision 0 0
Total provisions 25,50,080 21,15,480
Loans and advances [Table] ..(1)

Classification of loans and advances [Axis] Loans and advances [Member] Capital advances [Member]
Classification of assets based on security [Axis] Unsecured considered good [Member] Unsecured considered good [Member]
31/03/2017 31/03/2016 31/03/2017 31/03/2016
Subclassification and notes on liabilities and assets
[Abstract]
Loans and advances notes [Abstract]
Loans and advances [Abstract]
Disclosure of loans and advances [LineItems]
Loans and advances, gross 7,18,46,156 3,65,78,087 25,500 25,500
Allowance for bad and doubtful loans and
0 0 0 0
advances
Loans and advances 7,18,46,156 3,65,78,087 25,500 25,500
Details of loans and advances due by
directors, other officers or others
[Abstract]
Loans and advances due by directors 0 0 0 0
Loans and advances due by other officers 0 0 0 0
Details of loans and advances due by firms
or companies in which any director is
partner or director [Abstract]
Loans and advances due by firms in
0 0 0 0
which any director is partner
Total loans and advances due
by firms or companies in which
0 0 0 0
any director is partner or
director
123

Loans advances given suppliers
Classification of loans and advances [Axis] Security deposits [Member]
[Member]
31/03/2017 31/03/2016 31/03/2017 31/03/2016
[Abstract]
Loans and advances, gross (A) 1,61,34,978 (B) 1,28,05,285 3,22,97,658 93,45,761
0 0 0 0
advances
Loans and advances 1,61,34,978 1,28,05,285 3,22,97,658 93,45,761
[Abstract]
0 0 0 0
0 0 0 0
director
Footnotes
(A) With Govt.Authorities : 9895059 With Others : 6239919
(B) With Govt.Authorities : 9149561 With Others : 3655724

Classification of loans and advances [Axis] Other loans and advances [Member] Advance tax [Member]
31/03/2017 31/03/2016 31/03/2017 31/03/2016
[Abstract]
Loans and advances, gross 2,33,88,020 1,44,01,541 2,33,88,020 1,44,01,541
0 0 0 0
advances
Loans and advances 2,33,88,020 1,44,01,541 2,33,88,020 1,44,01,541
[Abstract]
0 0 0 0
0 0 0 0
director
124

Classification based on time period [Axis] Long-term [Member] Short-term [Member]
Classification of loans and advances [Axis] Advance income tax paid [Member] Loans and advances [Member]
31/03/2017 31/03/2016 31/03/2017 31/03/2016
[Abstract]
Loans and advances, gross (A) 2,33,88,020 (B) 1,44,01,541 1,29,03,838 1,58,53,481
0 0 0 0
advances
Loans and advances 2,33,88,020 1,44,01,541 1,29,03,838 1,58,53,481
[Abstract]
0 0 0 0
0 0 0 0
director
Footnotes
(A) Advance tax (Net of Provision) : 23388020
(B) Advance tax (Net of Provision) : 14401541

Classification of loans and advances [Axis] Security deposits [Member] Other loans and advances [Member]
31/03/2017 31/03/2016 31/03/2017 31/03/2016
[Abstract]
Loans and advances, gross 5,93,101 4,36,572 1,23,10,737 1,54,16,909
0 0 0 0
advances
Loans and advances 5,93,101 4,36,572 1,23,10,737 1,54,16,909
[Abstract]
0 0 0 0
0 0 0 0
director
125

Other loans and advances, others
Classification of loans and advances [Axis] Prepaid expenses [Member]
[Member]
31/03/2017 31/03/2016 31/03/2017 31/03/2016
[Abstract]
Loans and advances, gross 3,30,819 3,63,188 1,19,79,918 1,50,53,721
0 0 0 0
advances
Loans and advances 3,30,819 3,63,188 1,19,79,918 1,50,53,721
[Abstract]
0 0 0 0
0 0 0 0
director
Subclassification of trade receivables [Table] ..(1)

Classification of assets based on security
Classification of assets based on security [Axis] Unsecured considered good [Member]
[Member]
31/03/2017 31/03/2016 31/03/2017 31/03/2016
[Abstract]
Trade receivables notes [Abstract]
Trade receivables [Abstract]
Subclassification of trade receivables
[Abstract]
Subclassification of trade receivables
[LineItems]
Breakup of trade receivables [Abstract]
Trade receivables, gross 10,61,90,984 11,18,30,152 (A) 10,61,90,984 (B) 11,18,30,152
Allowance for bad and doubtful debts 0 0 0 0
Total trade receivables 10,61,90,984 11,18,30,152 10,61,90,984 11,18,30,152
Details of trade receivables due by
[Abstract]
Trade receivables due by directors 0 0
Trade receivables due by other officers 0 0
Details of trade receivables due by
firms or companies in which any director
is partner or director [Abstract]
Total trade receivables due by firms
or companies in which any director is 0 0
partner or director
Footnotes
(A) within six months from due date : 90678228 exceeding six months from due date : 15512756
(B) within six months from due date : 96451861 exceeding six months from due date : 15378291
126
Classification of inventories [Table] ..(1)

Classification of inventories [Axis] Company total inventories [Member] Raw materials [Member]
01/04/2016 01/04/2015 01/04/2016 01/04/2015
to to to to
31/03/2017 31/03/2016 31/03/2017 31/03/2016
[Abstract]
Inventories notes [Abstract]
Inventories [Abstract]
Classification of inventories [Abstract]
Details of inventories [LineItems]
Inventories 15,65,70,274 22,93,33,895 1,50,95,104 10,17,33,672
Textual information Textual information Textual information Textual information
Mode of valuation (35) [See below] (36) [See below] (37) [See below] (38) [See below]

Classification of inventories [Axis] Work-in-progress [Member] Finished goods [Member]
01/04/2016 01/04/2015 01/04/2016 01/04/2015
to to to to
31/03/2017 31/03/2016 31/03/2017 31/03/2016
[Abstract]
Inventories 10,63,81,449 9,86,52,364 2,61,11,591 1,91,39,079
Textual information Textual information Textual information Textual information
Mode of valuation (39) [See below] (40) [See below] (41) [See below] (42) [See below]

Classification of inventories [Axis] Stores and spares [Member]
01/04/2016 01/04/2015
to to
31/03/2017 31/03/2016
Subclassification and notes on liabilities and assets [Abstract]
Inventories 89,82,130 98,08,780
Textual information Textual information
Mode of valuation (43) [See below] (44) [See below]
127

01/04/2016 01/04/2015
to to
31/03/2017 31/03/2016
Disclosure of subclassification and notes on liabilities and assets
explanatory [TextBlock]
Trade payables, long-term 0 0
Total other long-term liabilities 0 0
Current maturities of long-term debt 3,76,76,000 2,88,38,000
Interest accrued but not due on borrowings 0 0
Interest accrued and due on borrowings 0 0
Interest accrued but not due on public deposits 0 0
Interest accrued and due on public deposits 0 0
Debentures claimed but not paid 0 0
Unpaid dividends 0 0
Application money received for allotment of securities and
0 0
due for refund, principal
Unpaid matured deposits and interest accrued thereon 0 0
Unpaid matured debentures and interest accrued thereon 0 0
Public deposit payable, current 0 0
Total other payables, current 0 0
Advance received against contracts 73,47,073 94,00,264
Current liabilities portion of share application money pending
0 0
allotment
Other current liabilities, others (A) 2,31,00,933 (B) 2,24,33,804
Total other current liabilities 6,81,24,006 6,06,72,068
Aggregate amount of trade receivables outstanding for period
0 0
exceeding six months
Fixed deposits with banks 0 0
Other balances with banks 49,97,449 1,08,56,564
Total balance with banks 49,97,449 1,08,56,564
Cash on hand 4,52,658 4,56,626
Total cash and cash equivalents 54,50,107 1,13,13,190
Other bank balances 10,00,000 19,52,000
Total cash and bank balances 64,50,107 1,32,65,190
Total balances held with banks to extent held as
margin money or security against borrowings, 0 0
guarantees or other commitments
Bank deposits with more than twelve months maturity 0 0
Other current assets, others (C) -19,94,455 (D) 11,60,900

Total other current assets -19,94,455 11,60,900
Footnotes
(A) Statutory liabilities : 22182883 Unpaid salaries and other payroll dues : 110957 Accrued expenses : 807093
(B) Statutory liabilities : 19710717 Unpaid salaries and other payroll dues : 1924028 Accrued expenses : 799059
(C) Interest accrued and due : 102907 Prepaid Gratuity : -3015615 BSAL - Employees Gratuity Fund : 1000 FPS Receivable : 917253
Duty Drawback Receivable : 0
(D) Interest accrued and due : 46484 Prepaid Gratuity : -1386743 BSAL - Employees Gratuity Fund : 1000 FPS Receivable : 1753150
Duty Drawback Receivable : 747009
Mode of valuation
Inventories Inventories are valued as follows: Raw materials & Stores and Spares Raw materials & production consumables are valued at lower of
cost and net realizable value. However, materials and other items held for use in the production of inventories are not written down below cost if
the finished products in which they will be incorporated are expected to be sold at or above cost. Cost is determined on a weighted average basis.
Stores & Spares are valued on weighted average basis. Work-in- Process and Finished Goods At lower of cost and net realizable value. Cost
includes direct materials and labour and a proportion of manufacturing overheads based on normal operating capacity. Cost of finished goods
includes excise duty. Cost is determined on a weighted average basis. Net realizable value is the estimated selling price in the ordinary course of
business, less estimated costs of completion and estimated costs necessary to make the sale.
128
Mode of valuation
Mode of valuation
Mode of valuation
Mode of valuation
Mode of valuation
129
Mode of valuation
Mode of valuation
Mode of valuation
Mode of valuation
130
[200700] Notes - Additional disclosures on balance sheet

01/04/2016 01/04/2015
to to
31/03/2017 31/03/2016
Disclosure of additional balance sheet notes explanatory [TextBlock] [See below]
Total contingent liabilities and commitments 0 0
Amount of dividends proposed to be distributed to equity shareholders 0 0
Amount of per share dividend proposed to be distributed to equity
[INR/shares] 0 [INR/shares] 0
shareholders
Deposits accepted or renewed during period 0 0
Deposits matured and claimed but not paid during period 0 0
Deposits matured and claimed but not paid 0 0
Deposits matured but not claimed 0 0
Interest on deposits accrued and due but not paid 0 0
Share application money received during year 0 0
Share application money paid during year 0 0
Amount of share application money received back during year 0 0
Amount of share application money repaid returned back during year 0 0
Number of person share application money paid during year [pure] 0 [pure] 0
Number of person share application money received during year [pure] 0 [pure] 0
Number of person share application money paid as at end of year [pure] 0 [pure] 0
Number of person share application money received as at end of year [pure] 0 [pure] 0
Whether maintenance of cost records by company has been
mandated under Companies (Cost Records and Audit) Rules, No No
2014
Unclaimed share application refund money 0 0
Unclaimed matured debentures 0 0
Unclaimed matured deposits 0 0
Interest unclaimed amount 0 0
Number of warrants converted into equity shares during period [pure] 0 [pure] 0
Number of warrants converted into preference shares during period [pure] 0 [pure] 0
Number of warrants converted into debentures during period [pure] 0 [pure] 0
Number of warrants issued during period (in foreign currency) [pure] 0 [pure] 0
Number of warrants issued during period (INR) [pure] 0 [pure] 0
131
Disclosure of additional balance sheet notes explanatory [Text Block]

2 - Notes to accounts
Note No : 2.1 (`)
Share capital
Particulars
As at 31st As at 31st
No. of shares March, 2017 No. of shares March, 2016
(a) Authorised
Equity shares of Rs.10/- each 2,50,00,000 25,00,00,000 2,50,00,000 25,00,00,000
(b) Issued, subscribed and fully paid up
Equity shares of Rs.10/- each 2,05,00,000 20,50,00,000 2,05,00,000 20,50,00,000
20,50,00,000 20,50,00,000
(c) The Company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is
entitled to one vote per share. The holders of Equity Shares are entitled to receive dividends as declared from time to time. The dividend proposed
by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation of the
company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts.
The distribution will be in proportion to the number of equity shares held by the shareholders.
132
(d) Shareholders holding more than 5 % of the equity shares in the Company :
Name of shareholder As at 31st March, 2017 As at 31st March, 2016
Nos. % holding Nos. % holding
Krishay Properties Private Limited 80,00,000 39.0244% 80,00,000 39.0244%
Tulsyan & Sons Private Limited 15,00,000 7.3171% 15,00,000 7.3171%
Note No : 2.2
Reserves and surplus
Particulars As at 31st As at 31st
March, 2017 March, 2016
(a) Capital reserves
Balance as per last account 21,00,000 21,00,000
Add: Capital subsidy - 21,00,000 - 21,00,000
(b) Surplus
Balance as per last account (70,44,39,814) (36,13,04,141)
Add:Profit for the year (15,65,34,998) (34,31,35,673)
Balance at the end of the year (86,09,74,812) (70,44,39,814)
Total Reserves and surplus (85,88,74,812) (70,23,39,814)
133
Notes :
i) Capital reserve is in respect of State Capital Investment Subsidy.
Note No : 2.3
Share Application Money Pending Allotment
As at 31st As at 31st
(a) Pending for approval by shareholders - -
to be allotted within 60 days from Balance Sheet Date
- -
Notes to accounts (contd.)
Note No : 2.4 (`)
Long - term borrowings
(Secured and Considered Good)
A) Term loans
134
From bank 20,45,53,453 18,93,86,733
B) Other Loans & Advances
From bank - -
20,45,53,453 18,93,86,733
Notes:
a) Nature of securities:
(i) " Term Loan from State Bank of India is secured by way of :
"
a) First charge over the entire existing and future Fixed Assets of the company and assets created for the Steel
Billet project
subject to charges created or to be created in favour of working capital lenders on the current assets for securing
Working
Capital Facilities.
b) Equitable mortgate over the factory land and building of the company.
c) Pledge of 30% of the equity shares of the company held by promoters.
d) Personal guarantee of of Mr. S.K.Todi, Director of the company.
e) Term Loans from banks are secured against respective vehicle or equipment financed from loan and
hypothecated in favour
of the lender.
b) Terms of repayment:
135
Sl. Name of the banks / entities Rate Amount outstanding as on Balance Sheet date Period
of Number of
No of maturity w.r.t. instalments Amount of
Interest Balance Sheet due as on instalment
% Non-Current Current* date 31 March 2017 (`)
1 State Bank of India 10.25 14,37,34,495 3,23,00,000 7 Years 9 **
2 State Bank of India 10.25 5,36,85,386 48,84,000 7 Years 8 **
3 State Bank of India 10.25 71,33,572 4,92,000 7 Years 8 **
Total 20,45,53,453 3,76,76,000 -
* Represents current maturities of long term debts shown under 'Other current liabilities (Note no. 2.9).
** Amount of Installments varies as per terms of sanction.
Note No : 2.5 (`)
Short - term borrowings
(a) Loans repayable on demand
From banks
136
Secured
Cash Credit 49,13,82,715 42,95,96,127
Buyers Credit - 49,13,82,715 - 42,95,96,127
From Inter corporate deposits *
Unsecured
Others 4,21,83,849 9,48,37,712
* Repayable on demand
(b) Loans & Advances from Related Parties
Unsecured - -
53,35,66,564 52,44,33,839
Nature of securities as disclosed in note no.2.4 above:
i) Working Capital loans are secured against hypothecation of entire inventories, book debts and all other current
Assets and by extension of charge on fixed assets and current assets of the company.
ii) The Working Capital Limits are guaranteed by Mr. S.K.Todi, Director of the company.
iii) Interest on Working Capital Limits charged at 11% p.a.
Note No : 2.6
137
Trade Payables
(a) For Goods 6,50,63,233 6,90,85,135
(b) For Expenses 21,99,23,736 16,51,22,294
(c) Against Letter of Credit - -
28,49,86,969 23,42,07,429
Note No : 2.7
Other current liabilities
(a) Current maturities of long - term debt* 3,76,76,000 2,88,38,000
(b) Interest accrued but not due on borrowings - -
(c) Interest accrued and due on short term borrowings from ICD - -
(d) Other payables
Payable to suppliers of capital goods - -
Advance from customers and others 73,47,073 94,00,264
Statutory liabilities 2,21,82,883 1,97,10,717
Unpaid salaries and other payroll dues 1,10,957 19,24,028
Accrued expenses 8,07,093 7,99,059
138
6,81,24,006 6,06,72,068
* Refer note no. 2.4 (a) & (b) for nature of securities and terms of repayment respectively.
Note No : 2.8
Short-term provisions
Provision for employee benefits
For Leave Encashment 14,56,580 8,88,731
For Bonus 10,93,500 12,26,749
25,50,080 21,15,480
Note No : 2.10 (`)
Long - term loans and advances
(Unsecured, considered good)
139
(a) Capital advances
Advance for Land 25,500 25,500
(b) Security deposits
With Govt.Authorities 98,95,059 91,49,561
With Others 62,39,919 1,61,34,978 36,55,724 1,28,05,285
(c) Other loans and advances
Advance to suppliers and others 3,22,97,659 93,45,761
Advance tax (Net of Provision) 2,33,88,020 1,44,01,541
5,56,85,679 2,37,47,302
7,18,46,156 3,65,78,087
Note No : 2.11
Inventories
(Valued at lower of cost and net realizable value, unless stated otherwise)
(a) Raw materials
Manganese Ore 62,36,381 4,75,28,462
140
MnO Slag - 2,16,480
Coal & Coke 11,32,409 4,44,07,906
Dolomite 8,75,704 7,98,615
Pig Iron 8,47,902 15,24,704
Waste & Scrap of Steel Fdy 27,78,237 37,28,558
Others 32,24,471 1,50,95,104 35,28,947 10,17,33,672
(b) Work-in-progress 10,63,81,449 9,86,52,364
(c) Finished goods 2,61,11,591 1,91,39,079
(d) Stores and spares (Estimated) 89,82,131 98,08,780
15,65,70,274 22,93,33,895
Note No : 2.12 (`)
Trade receivables
(Unsecured & Considered Good)
Trade receivables outstanding for a period
within six months from due date 9,06,78,228 9,64,51,861
exceeding six months from due date 1,55,12,756 1,53,78,291
141
10,61,90,984 11,18,30,152
Note No : 2.13
Cash and Cash Equivalents
(a) Balances with banks
In current accounts 49,97,449 1,08,56,564
(b) Cash on hand 4,52,657 54,50,107 4,56,627 1,13,13,190
(c) Other bank balances
Margin money
Fixed deposits against bank guarantees
- Upto 3 months from Balance Sheet date 10,00,000 19,52,000
- From 3 months to 12 months from Balance Sheet date
64,50,107 1,32,65,190
Note No : 2.14
Short - term loans and advances
(Unsecured, considered good)
142
(a) Security deposits 5,93,101 4,36,572
(b) Other loans and advances
VAT and other taxes/duties Receivable 1,19,79,918 1,50,53,721
Prepaid expenses 3,30,819 3,63,188
1,29,03,838 1,58,53,481
Note No : 2.15
Other current assets
Interest accrued and due 1,02,907 46,484
Prepaid Gratuity (30,15,615) (13,86,743)
BSAL - Employees Gratuity Fund 1,000 1,000
FPS Receivable 9,17,253 17,53,150
Duty Drawback Receivable - 7,47,009
(19,94,455) 11,60,900
143
Note No : 2.16 (`)
Revenue from operations
Particulars Year ended Year ended
31st March, 2017 31st March, 2016
Sale of goods (Gross)
Finished Goods
Silico Manganese 17,70,08,160 30,79,97,007
S.G.C.I. Inserts 35,21,20,864 31,16,13,675
Steel Billets - 48,36,080
Others 71,673 14,29,788
52,92,00,697 62,58,76,551
Traded Goods/Cleared as such
Ferrous Waste & Scrap - 20,85,595
Sponge Iron - 10,64,635
Pig Iron - 83,250
Sales - Ferro Silicon - 2,19,952
Manganese Ore - 1,70,67,693
- 52,92,00,697 2,05,21,125 64,63,97,675
Other operating revenues
144
Conversion Charges (Gross) 43,22,71,984 31,44,53,386
Export Duty Drawback 1,08,149 24,85,338
Income from FPS Licence 2,08,886 15,81,107
Sale of FPS Licence - 43,25,89,019 11,31,883 31,96,51,714
Revenue from operations (Gross) 96,17,89,716 96,60,49,389
Less : Excise duty and cess on sale of goods 5,70,53,369 4,53,94,135
Revenue from operations (net) 90,47,36,347 92,06,55,255
Note No : 2.17
Other income
Interest income (Gross)
Inter corporate deposit/Loan to others - -
Fixed deposits with banks 1,66,580 15,85,938
Others 2,50,246 4,16,826 9,05,119 24,91,057
Other non-operating income
Net gain on foreign currency transactions and
translations 1,91,029 51,30,016
Other Income (Liability w/off/ Non performance charges) 3,45,000 1,28,32,085
145
Profit on sale of fixed assets - 5,36,029 - 1,79,62,101
9,52,855 2,04,53,158
Note No : 2.18 (`)
Cost of materials consumed
Manganese Ore 9,50,90,026 13,49,13,019
MnO Slag 24,80,930 12,56,850
Coal & Coke 6,98,63,406 3,24,64,454
Dolomite 21,10,128 19,97,546
Pig Iron 7,13,19,727 5,16,74,723
Waste & Scrap of Fdy 7,37,99,372 6,40,96,204
Waste & Scrap of Steel - 13,41,446
Sponge Iron 33,200 39,49,391
Others 5,41,02,456 6,92,34,287
36,87,99,245 36,09,27,920
Note No : 2.19
Purchases of stock-in trade
146
Pig Iron - 72,400
Scrap - 19,71,416
Sponge Iron - 11,34,610
Ferro Silicon - 1,88,000
Manganese Ore - 2,08,70,070
- 2,42,36,496
Note No : 2.20
Changes in inventories of finished goods and work-in-progress
Finished goods
Opening stock 1,91,39,079 1,36,77,349
Less : Closing Stock 2,61,11,591 (69,72,512) 1,91,39,079 (54,61,730)
Work- in-progress
Opening stock 9,86,52,364 25,73,56,270
Less : Closing Stock 10,63,81,449 (77,29,085) 9,86,52,364 15,87,03,906
147
(1,47,01,596) 15,32,42,176
Add/(Less) : Excise duty and cess on stock * 18,86,296 9,73,934
(1,28,15,300) 15,42,16,110
* The amount of excise duty and cess on stock represents differential excise duty and cess on opening and closing
stock of finished goods.
Note No : 2.21 (`)
Employee benefits expense
Salaries, wages & other benefits 3,37,49,461 3,51,66,791
Contribution to provident and other funds 1,18,62,883 1,02,14,580
Staff welfare expense 4,92,585 5,47,512
4,61,04,929 4,59,28,883
Note No : 2.22
148
Finance costs
Finance cost on borrowings 7,29,84,084 6,56,81,245
Other borrowing costs - 8,27,029
7,29,84,084 6,65,08,274
Note No : 2.23
Other expenses
Consumption of stores and spare parts 1,61,40,524 1,87,63,389
Power and fuel 45,43,86,420 47,36,61,298
Rent 2,10,300 8,75,091
Repairs
Buildings 42,600 1,36,139
Machinery 4,38,226 11,16,095
Others 1,75,967 6,56,793 2,43,996 14,96,230
Freight & Carriage Inward 75,35,160 1,60,84,351
Insurance 4,16,391 3,68,631
149
Rates and taxes 21,97,396 35,88,173
Payments to auditor
As auditor for statutory audit 65,000 65,000
For tax audit 26,000 26,000
For other services (Limited reviews & certifications) 38,875 35,375
For reimbursement of expenses 42,726 1,72,601 44,425 1,70,800
Secretarial Audit Fees 15,000 15,000
Stock Audit Fees - 87,825
Internal Audit Fees 2,62,500 37,500
ISO Surveillance Audit Fees 60,000 75,000
Net Loss on foreign currency transactions and - 1,74,890
translations
Share Processing Fees - 500
Miscellaneous expenses 1,70,53,432 1,84,67,010
Selling & Distribution Expenses 97,21,711 1,41,04,596
Bank Charges 98,382 13,28,912
Labour Charges 5,90,70,001 5,89,04,679
Discount Allowed 5,750 8,327
56,80,02,360 60,82,12,201
Notes to accounts (Contd.)
Note No : 2.24
Other disclosures
150
1. The Company has not received any memorandum (as required to be filed by the suppliers with the notified authority under the Micro,
Small and
Medium Enterprises Development Act, 2006) claiming their status as on 31st March 2015 as micro, small or medium enterprises.
Consequently ,
the amount due to micro and small enterprises as per the requirement of Section 22 of the Micro, Small and Medium Enterprises
Development Act,
2006 is Rs Nil (Previous year Nil).
2. Earnings per Share - The numerators and denominators used to calculate Basic / Diluted Earnings per Share :
(`)
Year Year
Particulars ended 31st ended 31st
March 2017 March 2016
a) Amount used as the numerator (`)
Profit after Tax - (A) (15,65,34,998) (34,31,35,673)
b) Weighted average number of Equity Shares Outstanding used as the denominator for
computing Basic Earnings per Share - (B) 2,05,00,000 2,05,00,000
c) Nominal value of Equity Shares (`) 10 10
d) Basic & Diluted Earnings per Share (`) (A/C) (7.64) (16.74)
3. Contingent Liabilities not provided for : (` in Lacs)
Year Year
Particulars ended 31st ended 31st
151
a) Un-expired Letters of Credit - -
b) Un-expired Bank Guarantees 10.00 19.52
c) Bhaskar Shrachi Alloys Ltd. V/S Damodar Valley Corporation (Pending before Hon'ble APTEL
1,078.19 1,078.19
in IA no. 228 of 2017 in Appeal No. 263 of 2013)
4. Employee Benefits :
The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service is entitled to
gratuity on terms
not less favourable than The Provisions of Gratuity Act 1972. The company makes annual contributions to the Employees Group
Gratuity Insurance
Scheme with Bajaj Allianz Life Insurance Company Limited which is funded towards defined benefit plan for qualifying employees.
The scheme
provides for lumps sum payment to vested employees at retirement death while in employment or on termination of employment as per
the
Company’s Gratuity Scheme. Vesting occurs upon completion of five years of service.
As per Accounting Standard - 15 " Employee Benefits" the disclosure of Employee Benefits as defined in the Accounting Standard are
as follows:
(` in Lacs)
a) Defined Contribution Plan Year ended 31st Year ended 31st
Employers' Contribution to Provident Fund 67.72 69.16
152
Defined Benefit Plan:
Long-term employee benefits in the forms of gratuity and leave encashment are considered as defined benefit obligation. The present
value of
obligation is determined based on actuarial valuation using projected unit credit method as at the Balance Sheet date. The amount of
defined
benefits recognised in the Balance Sheet represent the present value of the obligation as adjusted for unrecognised past service cost
and as
reduced by the fair value of plan assets.
Any asset resulting from this calculation is limited to the discounted value of any economic benefit available in the form of refunds
from the plan
or reduction in future contribution to the plan. The amount recognised in the Accounts in respect of Employees Benefit Schemes based
on actuarial
reports are as follows :
(`)
b) Defined benefits Plans: Year ended 31st Year ended 31st
I Change of Defined Benefit obligation
Present value of Defined Benefit Obligation at the beginning of the year 57,41,538
51,48,520
Interest cost 3,87,666 3,78,799
Current service cost 7,25,440 6,21,074
Past Service Cost(Non Vested Funds) - -
Past Service Cost(Vested Funds) - -
Benefits paid (11,45,296) (8,27,061)
Actuarial (gain)/loss on obligation 10,35,940 4,20,206
Curtailments and Settlements - -
153
Present value of Defined Benefit Obligation at the end of the year 67,45,288
57,41,538
II Change in Fair Value of Plan Assets during the year :
Plan Assets at the beginning of the year 43,54,795 47,83,274
Expected return on plan assets 3,48,383 3,82,662
Contributions - -
Benefits paid (11,45,296) (8,27,061)
Actuarial Gain/(Loss) on plan assets 1,71,791 15,920
Fair value of plan assets as at the end of the year 37,29,673 43,54,795
Total Actuarial (Gain)/Loss to be recognised 8,64,149 4,04,286
III Actual return on plan assets
Expected return on plan assets 3,48,383 3,82,662
Actuarial Gain/(Loss) on plan assets 1,71,791 15,920
Actual return on plan assets 5,20,174 3,98,582
IV Amount recognized in the Balance Sheet
Present value of Defined Benefit Obligation (67,45,288) (57,41,538)
Fair value of plan assets as at the end of the year 37,29,673 43,54,795
Funded Status [Surplus/(Deficit)] (30,15,615) (13,86,743)
Unrecognised Past Service Cost - -
Net Asset / (Liability) recognised in Balance Sheet (30,15,615) (13,86,743)
V Components of Employer Expense :
Current service cost 7,25,440 6,21,074
Interest cost 3,87,666 3,78,799
Past Service Cost - -
Expected return on Plan Assets (3,48,383) (3,82,662)
154
Actuarial (Gain) /Loss recognised in the year 8,64,149 4,04,286
Expense recognised in Profit & Loss Account 16,28,872 10,21,497
VI Actuarial Assumptions
Discount Rate (per annum) % 7.50% 8.00%
Expected return on Plan Assets (per annum) % 8.00% 8.00%
Expected Rate of Salary increase % 5.00% 5.00%
Retirement/Superannuation Age (Year)
Mortality Rates IALM 2006-2008 ULTIMATE IALM 2006-2008 ULTIMATE
VII Basis used to determine the expected Rate of return on Plan Assets :
The basis used to determine overall expected Rate of return on Plan Assets is based on the current portfolio of assets,
investment strategy and
market scenario. In order to protect the Capital and optimise returns within acceptable risk parameters, the Plan Assets are
well diversified.
VIII The history of experience adjustments for funded post retirement plans are as follows :
(`)
As at 31st As at 31st As at 31st As at 31st
Particulars March, 2017 March, 2016 March, 2015 March, 2014
Gratuity
Present value of defined benefit obligation 67,45,288 57,41,538 51,48,520 37,91,019
Fair value of plan assets 37,29,673 43,54,795 47,83,274 41,31,710
(Deficit)/Surplus (30,15,615) (13,86,743) (3,65,246) 3,40,691
Experience adjustments of plan assets - Gain/(Loss) 1,71,791 15,920 5,22,878 1,67,717
155
Experience adjustments of oligation (Gain)/Loss 10,35,940 4,20,206 6,50,756

(1,32,120)
c) Other disclosures :
i) Basis of estimates of Rate of escalation in salary :
The estimates of rate of escalation in salary, considered in actuarial valuation, take into account inflation, seniority,
promotion and other
relevant factors including supply and demand in the employment market. The above information is certified by the actuary.
ii) The Gratuity, Leave Encashment and Provident Fund Expenses have been recognised under " Contribution to Provident Fund
and Other Funds"
under Note No.2.21.
5. Segment information as per Accounting Standard - 17 on 'Segment Reporting' :
The Company has identified four primary business segments viz. Ferro Division, Foundry Division, Steel Division and
Trading. Segments have
been identified and reported taking into account the nature of the products, the differing risks and returns, the organisational
structure and
internal business reporting system.
a) Information about Primary Business Segments:
(` in Lacs)
PARTICULARS As At As At
31st March 2017 31st March 2016
Business Segments -
Segment Revenue
Ferro Division
156
- Domestic Market 1,434.46 1,169.53
- Foreign Market 157.06 1,794.49
Foundry Division
- Domestic Market 3,129.95 2,820.47
- Foreign Market - -
Steel Division
- Domestic Market - 42.99
Trading Sales
- Domestic Market - 182.56
Total 4,721.47 6,010.04
Less: Inter Segment Revenue - -
Net Sales / Income from Operations 4,721.47 6,010.04
Add : Allocable other operating income 4,325.89 3,196.52
Total revenue 9,047.36 9,206.56
Segment Results - PBIT -
Profit/Loss (-)
Ferro Division (929.90) (2,965.88)
Foundry Division 84.86 80.80
Steel Division - (25.92)
Trading - (59.80)
Total (845.04) (2,970.80)
157
Less : Interest 729.84 665.08
Add : Other unallocable income net off 9.53 204.53
unallocable expenditure
Total Profit/Loss (-) Before Tax (1,565.35) (3,431.35)
Tax
Current tax - -
Deferred tax - -
MAT credit write down/(entitlement) - -
Income tax provision for earlier years written back - -
Profit after tax - -
Other Information
Segment Assets (Ferro Divn.) 2,885.44 3,829.97
Segment Assets (Foundry Divn.) 1,222.07 900.48
Segment Assets (Steel Divn.) 291.56 404.33
Segment Assets (Trading)
Segment Liabilities (Ferro Divn) 3,010.15 2,353.29
Segment Liabilities (Foundry Divn) 546.46 605.39
Segment Liabilities (Steel Divn.) - 11.26
Segment Liabilities (Trading) - -
Capital Expenditure 16.34 102.43
Depreciation - Ferro Divn. 83.65 96.49
- Foundry Divn. 22.49 29.37
158
- Steel Divn. 85.35 116.28
Non-Cash Expenditure Other Than Depreciation - -
Notes:
i) Segment assets and segment liabilities represent assets and liabilities of respective segment. Investments, tax related assets/
liabilities and
other assets and liabilities that cannot be allocated to a segment on reasonable basis have been treated separately.
ii) Segment Results of Ferro Division includes gain/loss of conversion job for Tata Steel Limited.
iii) During the Financial Year the Company has sold its finished goods to Foreign Market alongwith Domestic market.
iv) Transactions between segments are primarily for materials which are transferred at market determined prices. Common costs
are
apportioned on a reasonable basis.
b) Information about Secondary Geographical Segments:
The Company has common fixed assets located in India for producing goods for domestic and overseas markets. Therefore,
the value of fixed
assets and additions thereto can not be allocated to the geographical segments. Hence, the total carrying amount of segment
assets and cost
incurred during the period to acquire segment assets has not been given in respect of secondary segments.
7. Value of imports on C.I.F. basis (`)
a) Raw materials 55,37,046 4,03,04,000
b) Components and spare parts* - -
159
c) Capital goods - -
* Spare parts includes store items also.
8. Expenditure in foreign currency (`)
a) On Travelling and Sales Promotion 3,62,390 3,08,105
b) On Commission on Sale - -
c) Membership Fees - 1,26,788
9. Consumption of Raw Materials (`)
Percentage Amount Percentage
a) Imported 7.80 74,18,156 35.11 12,67,11,073
b) Indigenous 92.20 8,76,71,869 64.89 23,42,16,847
Total 100.00 9,50,90,025 36,09,27,920.00
10. Consumption of spare parts and components * (`)
160
Percentage Amount Percentage
a) Imported - - - -
b) Indigenous 100.00 1,61,40,524 100.00 2,05,02,405
Total 100.00 1,61,40,524 100.00 2,05,02,405
* Spare parts includes store items also.
11. Earnings in foreign exchange (`)
a) FOB value of exports 1,55,53,205 17,94,49,333
12. Trade Payable for expenses include Rs. 907.36 Lacs claimed by Damodar Valley Corporation towards FCS against which civil appeal is
pending
before the Hon’ble Supreme Court of India.
13. Deferred tax asset of Rs. 7.88 lacs has arisen as on 31st March 2017 (As at 31st March 2016 - Rs. 6.53 lacs) on account of disallowance
of
expenses under 43B of Income Tax Act, 1961. As per Accounting Standard 22 on ‘Accounting for taxes on income’ notified in the
Companies
(Accounting Standards) Rules 2006 . However, in consideration of prudence, the above deferred tax asset has not been recognized in
the financial
statements and the same would be considered at appropriate time keeping in view the availability of sufficient taxable income against
which such
deferred tax asset can be realized. Further the company has deferred tax liability on account of depreciation about Rs. 26.91 lacs as on
31st March
161
2017 and Rs.8.10 lacs of deferred tax liability as on 31st March 2016 which is also not provided in the financial statement, and hence a
total of
Rs. 34.79 lacs Deferred Tax Assets (net of Deferred Tax Liability) has not been recognised in the books of accounts for the F.Y.
2016-17.
14. The Company had calculated the amount of refund on the basis of the amount paid to Damodar Valley Corporation (DVC) since April,
2006 to
April, 2010 whereby an amount of Rs. 32.75 crores shall be admissible as refund which remains stayed by the order of the Hon'ble
Supreme Court,
and till date the same refund of Rs. 32.75 crores has not been accounted for in the Annual Accounts of the Company. Further, on
determination of
tariff by Central Electricity Regulatory Commission (CERC) DVC had calculated the amount due from the company for the period
May, 2010 to
August,2013 at Rs 14.93 crores, which is contested by the company along with some consumers of DVC in different appeals pending
before
Appellate Tribunal for Electricity (APTEL).
15. In 2015 the Company started an extensive physical verification of its stock of Raw Material/Work-in-Process/Finished Goods lying at
its manufacturing
unit and elsewhere. During the conduct of such physical verification, the Company found certain shortages in the inventories, slow
moving items of
Finished Goods and obsolete items of Work-in-Process, which has yet not been quantified. In addition to this, the Company has also
abserved that
There were certain quantities of Work-in-Process which have been found to be of waste quality and are not expected to fetch/ realize
the value at
which they have been accounted for. The financial implication of certain amount of such shortage/obsolescence/slow moving wastage
etc., has
already been accounted for in the books of accounts and any other impact of the same, if any, shall be determined and provided for in
the books of
accounts and when such exercise is completed.
16. Right to recompense to lender for the relief and sacrifice extended, subject to provisions of restructuring guidelines. The recompense
payable by
162
the company is contingent on various factor, the outcome of which currently is materially uncertain and hence the proportionate
amount payable as
recompense has been treated as contingent liability.
17. Outstanding balances in Cash Credit Account as shown under note 2.5 'Short Term Borrowings' included the restructured balance for
WCTL and the
same is not yet apporioned since the sanctioned package by SBI is still under implementation. Further, the company has taken into
consideration
an interest provision @ 11% on the outstanding balances as per the sanction letter dated 05.02.2015.
18. The details of specified Bank Notes (SBN) held and transacted during the period 8th November, 2016 to 30th December 2016 are
provided in the
table below:
(` in Lacs)
Particulars SBNs* Other Denomination Notes TOTAL
Closing cash balance in hand as on 8th Novemner, 2016 1.45 6.12 7.57
Add: Permitted receipt - 0.23 0.23
Less: Permitted Payments 1.45 3.90 5.35
Less: Amount deposited in Banks - - -
Add: Amount withdrawn from Bank - 4.85 4.85
Closing cash balance in hand as on 30th December, 2016 - 7.30 7.30
* Specified Bank Notes (SBNs) means the bank notes of denomination of the exising series of the value of five hundred
rupees and one thousand
rupees as defined under the notification of the Government of India, in the Ministry of Finance, Department of Economic
Affairs no S.O.3407 (E),
dated the 8th November, 2016.
163
As per our report of even date attached
For and on behalf of the Board
Firm Registration No. 304153E Asit Mondal Director
DIN: 07563593
Kulveer Hurkat Director
DIN: 07053912
M.K.Rathi CFO
(CA.Amit Ghosh)
Partner
Membership No. 62091 Ashwani Ladha Company Secretary
6C, Middleton Street,
Kolkata
6. Related party disclosures as per Accounting Standard - 18 are given below :
a) Name of the related parties and description of relationship :
164
i) Key Managerial Personnel (KMP): Mr.Shrawan Kumar Todi, Director ii) Relative of Key
Managerial Personnel: NIL
Mr. Bharat Goenka, Director * iii) Enterprises over which KMP and their
Mr. Kulveer Hurkat, Director * relatives have substantial interest : NIL
Mr. Asit Mondal, Director *
Mr. Sanjeev Agarwal, Director **
Mr. Padam Chand Dugar, Director **
Mr. Mukesh Kumar Rathi, Director **
Mr. Mukesh Kumar Rathi, CFO
Mr. Ashwani Ladha, CS
b) Transactions with Related parties :
Nature of Transaction Key Managerial Personnel (KMP)
Mr. Shrawan Kumar Todi Mr. Bharat Goenka Mr. Kulveer Hurkat Mr. Asit Mondal
Mr. Sanjeev Agarwal Mr. Padam Chand Dugar Mr. Mukesh Kumar Rathi Mr. Ashwani Ladha Total
Sales of Finished Goods & Raw Materials - - - - - - - -

-
- - - - - - - - -
Purchase of Raw Materials - - - - - - - - -
- - - - - - - - -
Other Services - - - - - - - - -
- - - - - - - - -
Advances Taken and Refunded Back - - - - - - - - -
- - - - - - - - -
165
Loan Taken - - - - - - - - -
- - - - - - - - -
Loan Repaid - - - - - - - - -
- - - - - - - - -
Interest Paid - - - - - - - - -
- - - - - - - - -
Rent Paid - - - - - - - - -
- - - - - - - - -
Salary / Managerial Remuneration - - - - - - 8,35,000 4,66,970

13,01,970
- - - - - - (7,08,000) (66,563) (7,74,563)
Sitting Fees - - - - - - - - -
- - - - - - - - -
Balances Receivable at the year end - - - - - - - - -
- - - - - - - - -
Balances Payable at the year end - - - - - - - - -
- - - - - - - - -
Balance of Advance Payable at the year end - - - - - - - -

-
- - - - - - - - -
c) The amount due from related parties are good and hence no provision for doubtful debts in respect of dues from such related
parties is required.
d) The transactions with related parties have been entered at an amount which are not materially different from those on normal
166
commercial terms.
e) Figures in brackets pertain to previous year.
* Appointed during the year
** Resigned during the year
[200800] Notes - Disclosure of accounting policies, changes in accounting policies and estimates
01/04/2016
to
31/03/2017
Disclosure of accounting policies, change in accounting policies and Textual information (46)
changes in estimates explanatory [TextBlock] [See below]
167
Disclosure of accounting policies, change in accounting policies and changes in estimates explanatory [Text Block]
1. Significant Accounting Policies
Accounting Concepts
The financial statements of the company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian
GAAP) to comply in all material respects with the accounting standards specified under section 133 of the Companies Act, 2013 read with Rule 7
of the Companies (Accounts) Rules, 2014 and the relevant provisions of the Companies Act, 2013 (“the Act”). The financial statements have been
prepared under the historical cost convention on an accrual basis. The accounting policies have been consistently applied by the Company and
except for the changes discussed more fully below, are consistent with those used in the previous year.
Use of Estimates
The preparation of financial statements in conformity with Indian GAAP require the Management to make estimates and assumptions considered
in the reported amounts of assets and liabilities (including contingent liabilities) and the reported income and expenses during the year. The
Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ due
to these estimates and the differences between the actual results and the estimates are recognized in the periods in which the results are
known/materialize.
Borrowing Costs
Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of such assets. A
qualifying asset is one that necessarily takes substantial period to get ready for intended use. All other borrowing costs are charged to revenue.
Impairment
The carrying amount of assets / cash generating units are reviewed at each balance sheet date to determine if there is any indication of impairment
based on internal/external factors. An impairment loss is recognized wherever the carrying amount of an asset exceeds its recoverable amount,
which represents the greater of the net selling price of assets and their value in use. The estimated future cash flows are discounted to their
present value at the weighted average cost of capital.
Cash and Cash Equivalents
Cash and cash equivalents in the balance sheet comprise cash at bank and in hand and short-term investments with an original maturity of three
months or less, highly liquid investments that are readily convertible into known amounts of cash and which are subject to insignificant risk of
changes in value.
Cash flow statements
Cash flows are reported using the indirect method, whereby profit / (loss) before extraordinary items and tax is adjusted for the effects of
transactions of non cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing,
and financing activities of the company are segregated based on the available information.
Revenue Recognition
168
Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably
measured.
Sale of Goods
Revenue from sale of goods is recognized on passage of significant risk and reward of ownership thereof to the customers, which generally
coincides with delivery and includes excise duty thereon net of returns, claims, rebates, discounts, Sales Tax, VAT etc.
Interest
Revenue is recognized on a time proportion basis taking into account the amount outstanding and the rate applicable.
Fixed Assets
Fixed assets are stated at cost less accumulated depreciation. Cost comprises the purchase price inclusive of duties (net of CENVAT and VAT
Credit), taxes, incidental expenses, erection / commissioning expenses, interest and any other cost attributable of bringing the asset to its working
condition and for its intended use upto the date the asset is ready to be put to use. Useful life of the assets have been determined according to the
nature and specification of the assets which is different in some cases from the life as specified in the schedule-II of the Companies Act, 2013.
Depreciation and Amortisation
In respect of fixed assets (other than capital work in progress) acquired during the year, depreciation/amortization is charged on a written down
value method and calculated on prorata basis according to the period the assets have been put to use so as to write off the cost of the assets over
the useful lives and for the assets acquired prior to 1st April, 2014, the carrying amount as on 1st April, 2014 is depreciated over the remaining
useful life based on an evaluation. Assets costing less than ` 5,000/- individually have been fully depreciated in the year of purchase.
Type of Assets Estimated useful life (Years)
Leasehold Land Lease period
Buildings
Ferro Division 60
Foundry Division 45
Steel Division 50
Plant & Machinery
Ferro Division 13
Foundry Division 9
169
Steel Division 18
Electrical Equipments
Ferro Division 14
Foundry Division 12
Steel Division 15
Computer 3
Furniture & Fixtures 10
Vehicle
Motor Cycle, Scooter, and other Mopeds 10
Motor Buses, Motor Car 8
Office Equipments 5
Inventories
Inventories
are valued
as follows:
Raw Raw materials & production consumables are valued at lower of cost and net realizable value. However, materials and other items
materials held for use in the production of inventories are not written down below cost if the finished products in which they will be
& Stores incorporated are expected to be sold at or above cost. Cost is determined on a weighted average basis. Stores & Spares are valued on
and Spares weighted average basis.
Work-in-
Process
At lower of cost and net realizable value. Cost includes direct materials and labour and a proportion of manufacturing overheads
and based on normal operating capacity. Cost of finished goods includes excise duty. Cost is determined on a weighted average basis.
Finished
Goods
Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and estimated costs
necessary to make the sale.
Foreign Exchange Transaction
(i) Initial Recognition
170
Transactions in foreign currencies entered into by the company are accounted at the exchange rates prevailing on the date of the transaction or at
rates that closely approximate the rate at the date of the transaction.
(ii) Measurement at the Balance Sheet date
Foreign currency monetary items are reported using the closing rate. Non-monetary items which are carried in terms of historical cost
denominated in a foreign currency are reported using the exchange rate at the date of the transaction; and non-monetary items which are carried at
fair value or other similar valuation denominated in a foreign currency are reported using the exchange rates that existed when the values were
determined.
(iii) Exchange Differences
Exchange differences arising on the settlement / conversion of monetary items are recognized as income or expenses in the period in which they
arise.
(iv) Forward Exchange Contracts not intended for trading or speculation purposes
The premium or discount arising at the inception of forward exchange contracts is amortized as expense or income over the life of the contract.
Exchange differences on such contracts are recognized in the statement of profit and loss in the year in which the exchange rates change. Any
profit or loss arising on cancellation or renewal of forward exchange contract is recognized as income or expense for the year.
Retirement and other Employee Benefits
Retirement benefits in the form of Provident / Superannuation Funds are defined contribution schemes and the contributions are charged to the
Profit and Loss Account in the year when the contributions to the respective funds are due.
Gratuity liability is a defined benefit obligation and is provided for on the basis of actuarial valuation on projected unit credit method made at the
end of each financial year.
Short term compensated absences are provided for based on estimates whereas long term compensated absences are provided for on the basis of
actuarial valuation.
Actuarial gains/losses are immediately taken to profit and loss account and are not deferred.
Bonus
Bonus for the employees who have completed the requisite period of service under the Payment of Bonus Act, 1965, have been provided in the
account.
Taxation
Current tax is the amount of tax payable on the taxable income for the year as determined in accordance with the applicable tax rates and the
provisions of the Income Tax Act, 1961 and other applicable tax laws.
Minimum Alternate Tax (MAT) paid in accordance with the tax laws, which gives future economic benefits in the form of adjustment to future
income tax liability, is considered as an assets if there is convincing evidence that the company will pay normal income tax.
171
Deferred Tax is recognized, subject to the consideration of prudence, on timing differences, being difference between taxable and accounting
income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax assets are not recognized unless
there is a ‘virtual certainty’ that sufficient taxable income will be available against which such deferred tax assets will be realized. Deferred Tax
Assets and Liabilities are offset if such items relate to taxes on income levied by the same governing tax laws and the company has a legally
enforceable right for such setoff. Deferred tax assets are reviewed at each Balance Sheet date for their realisability.
Segment Reporting
a) Based on the Organizational Structure and its Financial Reporting System, the Company has classified its operation into Four business
segments namely Ferro Division, Foundry Division, Steel Division and Trading Activities.
b) Revenue & Expenses have been identified to segment on the basis of their relationship to the operating activities of the segment. Revenue
and expenses which are related to the enterprise as a whole and are not allocable to segment on a reasonable basis, have been included under
unallocable expenses.
c) Capital Employed to each segment is classified on the basis of allocable assets minus allocable liabilities identifiable to each segment on
reasonable basis.
Provisions, contingent liabilities & contingent assets
A provision is recognised when an enterprise has a present obligation as a result of past event and it is probable that an outflow of resources will
be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions (excluding retirement benefits) are not
discounted to its present value and are determined based on best estimates required to settle the obligation at the balance sheet date. These are
reviewed at each Balance Sheet date and adjusted to reflect the current best estimates. Contingent assets are not recognized in the financial
statements and contingent assets and liabilities are disclosed in note 2.24.
Derivative Instruments
As per the announcement made by the Institute of Chartered Accountants of India, the accounting for derivative contracts, other than those
covered under Accounting Standard 11, are marked to market on a portfolio basis, and the net loss after considering the offsetting effect of the
underlying hedge item is charged to the income statement. Net gains are ignored as a matter of prudence.
Operating Cycle
All Assets and Liabilities have been classified as current or non-current as per the company’s normal operating cycle and other criteria set out in
the Companies’ Act, 2013. Based on the nature of services provided and time between the rendering of services and their realization in cash and
cash equivalents, the company has ascertained its operating cycle as 12 months for the purpose of current and non-current classification of assets
and liabilities.
172
[201700] Notes - Government grants

01/04/2016 01/04/2015
to to
31/03/2017 31/03/2016
Disclosure of notes on government grants explanatory [TextBlock]
Capital subsidies or grants received from government authorities 0 0
Revenue subsidies or grants received from government authorities 0 0
[201200] Notes - Employee benefits

01/04/2016
to
31/03/2017
Disclosure of employee benefits explanatory [TextBlock] [See below]
Disclosure of employee benefits explanatory [Text Block]
Retirement and other Employee Benefits
Retirement benefits in the form of Provident / Superannuation Funds are defined contribution schemes and the contributions are charged to the
Profit and Loss Account in the year when the contributions to the respective funds are due.
Gratuity liability is a defined benefit obligation and is provided for on the basis of actuarial valuation on projected unit credit method made at the
end of each financial year.
Short term compensated absences are provided for based on estimates whereas long term compensated absences are provided for on the basis of
actuarial valuation.
Actuarial gains/losses are immediately taken to profit and loss account and are not deferred.
Bonus
Bonus for the employees who have completed the requisite period of service under the Payment of Bonus Act, 1965, have been provided in the
account.
173
[201600] Notes - Related party
Disclosure of relationship and transactions between related parties [Table] ..(1)

Categories of related parties [Axis] 1 2
01/04/2016 01/04/2015 01/04/2016 01/04/2015
to to to to
31/03/2017 31/03/2016 31/03/2017 31/03/2016
Disclosure of relationship and transactions between
related parties [Abstract]
Disclosure of relationship and transactions between
related parties [LineItems]
Mukesh Kumar ASHWANI
Name of related party Rathi
Mukesh Kumar Rathi
LADHA
ASHWANI LADHA
Country of incorporation or residence of related

INDIA INDIA INDIA INDIA
party
Permanent account number of related party AHRPR3584N AHRPR3584N AHWPL5302P AHWPL5302P
Key Management Key Management Key Management Key Management
Description of nature of related party relationship Personnel Personnel Personnel Personnel
Description of nature of transactions with related
Remuneration Remuneration Remuneration Remuneration
party
Transaction relating to key management personnel
[Abstract]
Remuneration for key managerial personnel 8,35,000 7,08,000 4,66,970 66,563
Amount written off during period in respect
0 0 0 0
of debts due from related parties
Amount written back during period in respect
0 0 0 0
of debts due to related parties

01/04/2016 01/04/2015
to to
31/03/2017 31/03/2016
Disclosure of notes on related party explanatory [TextBlock] [See below]
Whether there are any related party transactions during year Yes Yes
Whether company is subsidiary company No No
174
Disclosure of notes on related party explanatory [Text Block]
6. Related party disclosures as per Accounting Standard - 18 are given below :
a) Name of the related parties and description of relationship :
i) Key Managerial Personnel (KMP): Mr.Shrawan Kumar Todi, Director ii) Relative of Key
Managerial Personnel: NIL
Mr. Bharat Goenka, Director * iii) Enterprises over which KMP and their
Mr. Kulveer Hurkat, Director * relatives have substantial interest : NIL
Mr. Asit Mondal, Director *
Mr. Sanjeev Agarwal, Director **
Mr. Padam Chand Dugar, Director **
Mr. Mukesh Kumar Rathi, Director **
Mr. Mukesh Kumar Rathi, CFO
Mr. Ashwani Ladha, CS
b) Transactions with Related parties :
Nature of Transaction Key Managerial Personnel (KMP)
Mr. Shrawan Kumar Todi Mr. Bharat Goenka Mr. Kulveer Hurkat Mr. Asit Mondal
Mr. Sanjeev Agarwal Mr. Padam Chand Dugar Mr. Mukesh Kumar Rathi Mr. Ashwani Ladha Total
175
Sales of Finished Goods & Raw Materials - - - - - - - -

-
- - - - - - - - -
Purchase of Raw Materials - - - - - - - - -
- - - - - - - - -
Other Services - - - - - - - - -
- - - - - - - - -
Advances Taken and Refunded Back - - - - - - - - -
- - - - - - - - -
Loan Taken - - - - - - - - -
- - - - - - - - -
Loan Repaid - - - - - - - - -
- - - - - - - - -
Interest Paid - - - - - - - - -
- - - - - - - - -
Rent Paid - - - - - - - - -
- - - - - - - - -
Salary / Managerial Remuneration - - - - - - 8,35,000 4,66,970

13,01,970
- - - - - - (7,08,000) (66,563) (7,74,563)
Sitting Fees - - - - - - - - -
- - - - - - - - -
Balances Receivable at the year end - - - - - - - - -
- - - - - - - - -
Balances Payable at the year end - - - - - - - - -
176
- - - - - - - - -
Balance of Advance Payable at the year end - - - - - - - -

-
- - - - - - - - -
c) The amount due from related parties are good and hence no provision for doubtful debts in respect of dues from such related
parties is required.
d) The transactions with related parties have been entered at an amount which are not materially different from those on normal
commercial terms.
e) Figures in brackets pertain to previous year.
* Appointed during the year
** Resigned during the year
[201400] Notes - Leases

01/04/2016 01/04/2015
to to
31/03/2017 31/03/2016
Disclosure of leases explanatory [TextBlock]
Whether any operating lease has been converted to financial lease or
No No
vice-versa
[300300] Notes - Earnings per share

01/04/2016 01/04/2015
to to
31/03/2017 31/03/2016
Disclosure of earnings per share explanatory [TextBlock]
Adjustments of numerator to calculate basic earnings per share [Abstract]
Adjustments of numerator to calculate diluted earnings per share [Abstract]
177
[202800] Notes - Subsidiary information

01/04/2016
to
31/03/2017
Disclosure of subsidiary information explanatory [TextBlock]
Whether company has subsidiary companies No
Whether company has subsidiary companies which are yet to commence
No
operations
Whether company has subsidiary companies liquidated or sold during year No
[202400] Notes - Investments in associates

01/04/2016
to
31/03/2017
Disclosure of notes on investment in associates explanatory [TextBlock]
Whether company has invested in associates No
Whether company has associates which are yet to commence operations No
Whether company has associates liquidated or sold during year No
[202500] Notes - Financial reporting of interests in joint ventures

01/04/2016
to
31/03/2017
Disclosure of notes on interests in joint ventures explanatory [TextBlock]
Whether company has invested in joint ventures No
Whether company has joint ventures which are yet to commence operations No
Whether company has joint ventures liquidated or sold during year No
[202700] Notes - Cash flow statements

31/03/2017 31/03/2016 31/03/2015
Disclosure of cash flow statement explanatory [TextBlock]
Cash and cash equivalents if different from balance sheet [Abstract]
Cash and cash equivalents cash flow statement 54,50,107 1,13,13,190 49,46,048
Total cash and cash equivalents 54,50,107 1,13,13,190
178
[100200] Statement of profit and loss

01/04/2016 01/04/2015
to to
31/03/2017 31/03/2016
Statement of profit and loss [Abstract]
Disclosure of revenue from operations [Abstract]
Disclosure of revenue from operations for other than finance company
[Abstract]
Revenue from sale of products 52,92,00,697 64,63,97,675
Revenue from sale of services 0 0
Other operating revenues 43,25,89,019 31,96,51,714
Excise duty 5,70,53,369 4,53,94,135
Total revenue from operations other than finance company 90,47,36,347 92,06,55,254
Total revenue from operations 90,47,36,347 92,06,55,254
Other income 9,52,855 2,04,53,158
Total revenue 90,56,89,202 94,11,08,412
Expenses [Abstract]
Cost of materials consumed 36,87,99,245 36,09,27,920
Purchases of stock-in-trade 0 2,42,36,496
Changes in inventories of finished goods, work-in-progress and
-1,28,15,300 15,42,16,110
stock-in-trade
Employee benefit expense 4,61,04,929 4,59,28,883
Finance costs 7,29,84,084 6,65,08,274
Depreciation, depletion and amortisation expense [Abstract]
Depreciation expense 1,91,48,882 2,42,14,201
Total depreciation, depletion and amortisation expense 1,91,48,882 2,42,14,201
CSR expenditure 0 0
Other expenses 56,80,02,360 60,82,12,201
Total expenses 106,22,24,200 128,42,44,085
Total profit before prior period items, exceptional items, extraordinary
-15,65,34,998 -34,31,35,673
items and tax
Total profit before extraordinary items and tax -15,65,34,998 -34,31,35,673
Total profit before tax -15,65,34,998 -34,31,35,673
Tax expense [Abstract]
Total tax expense 0 0
Total profit (loss) for period from continuing operations -15,65,34,998 -34,31,35,673
Total profit (loss) for period before minority interest -15,65,34,998 -34,31,35,673
Total profit (loss) for period -15,65,34,998 -34,31,35,673
Earnings per equity share [Abstract]
Basic earning per equity share [INR/shares] -7.64 [INR/shares] -16.74
Diluted earnings per equity share [INR/shares] -7.64 [INR/shares] -16.74
179
[300500] Notes - Subclassification and notes on income and expenses

01/04/2016 01/04/2015
to to
31/03/2017 31/03/2016
Subclassification and notes on income and expense explanatory [TextBlock]
Disclosure of revenue from sale of products [Abstract]
Revenue from sale of products [Abstract]
Revenue from sale of products, gross 52,92,00,697 64,63,97,675
Total revenue from sale of products 52,92,00,697 64,63,97,675
Disclosure of revenue from sale of services [Abstract]
Revenue from sale of services [Abstract]
Total revenue from sale of services 0 0
Disclosure of other operating revenues [Abstract]
Other operating revenues [Abstract]
Miscellaneous other operating revenues 43,25,89,019 31,96,51,714
Total other operating revenues 43,25,89,019 31,96,51,714
Disclosure of other income [Abstract]
Interest income [Abstract]
Total interest income 0 0
Dividend income [Abstract]
Total dividend income 0 0
Other non-operating income [Abstract]
Miscellaneous other non-operating income (A) 9,52,855 (B) 2,04,53,158
Total other non-operating income 9,52,855 2,04,53,158
Total other income 9,52,855 2,04,53,158
Disclosure of finance cost [Abstract]
Interest expense [Abstract]
Other interest charges 7,29,84,084 6,56,81,245
Total interest expense 7,29,84,084 6,56,81,245
Other borrowing costs 0 8,27,029
Total finance costs 7,29,84,084 6,65,08,274
Employee benefit expense [Abstract]
Salaries and wages 3,37,49,461 3,51,66,791
Managerial remuneration [Abstract]
Remuneration to directors [Abstract]
Total remuneration to directors 0 0
Total managerial remuneration 0 0
Contribution to provident and other funds [Abstract]
Contribution to provident and other funds for others 1,18,62,883 1,02,14,580
Total contribution to provident and other funds 1,18,62,883 1,02,14,580
Staff welfare expense 4,92,585 5,47,512
Total employee benefit expense 4,61,04,929 4,59,28,883
Breakup of other expenses [Abstract]
Consumption of stores and spare parts 1,61,40,524 1,87,63,389
Power and fuel 45,43,86,420 47,36,61,298
Rent 2,10,300 8,75,091
Repairs to building 42,600 1,36,139
Repairs to machinery 4,38,226 11,16,095
Insurance 4,16,391 3,68,631
Rates and taxes excluding taxes on income [Abstract]
Total rates and taxes excluding taxes on income 0 0
Directors sitting fees 0 0
Bank charges 98,382 13,28,912
Cost repairs maintenance other assets 1,75,967 2,43,996
Cost transportation [Abstract]
Cost freight 75,35,160 1,60,84,351
Total cost transportation 75,35,160 1,60,84,351
Provision bad doubtful debts created 0 0
Provision bad doubtful loans advances created 0 0
180
Write-off assets [Abstract]

Miscellaneous expenditure written off [Abstract]
Total miscellaneous expenditure written off 0 0
Bad debts written off 0 0
Bad debts advances written off 0 0
Loss on disposal of intangible asset 0 0
Loss on disposal, discard, demolishment and destruction of depreciable
0 0
tangible asset
Payments to auditor [Abstract]
Payment for audit services 65,000 65,000
Payment for taxation matters 26,000 26,000
Payment for other services 38,875 35,375
Payment for reimbursement of expenses 42,725 44,424
Total payments to auditor 1,72,600 1,70,799
Miscellaneous expenses (C) 8,83,85,790 (D) 9,54,63,500

Total other expenses 56,80,02,360 60,82,12,201
Footnotes
(A) Inter corporate deposit/Loan to others : 0 Fixed deposits with banks : 166580 Others : 250246 translations : 191029 Other Income
(Liability w/off/ Non performance charges) : 345000 Profit on sale of fixed assets : 0
(B) Inter corporate deposit/Loan to others : 0 Fixed deposits with banks : 1585938 Others : 905119 translations : 5130016 Other Income
(Liability w/off/ Non performance charges) : 12832085 Profit on sale of fixed assets : 0
(C) Rates and taxes : 2197396 Secretarial Audit Fees : 15000 Stock Audit Fees : 0 Internal Audit Fees : 262500 ISO Surveillance Audit
Fees : 60000 Net Loss on foreign currency transactions and : 0 Share Processing Fees : 0 Miscellaneous expenses : 17053432 Selling &
Distribution Expenses : 9721711 Labour Charges : 59070001 Discount Allowed : 5750
(D) Rates and taxes : 3588173 Secretarial Audit Fees : 15000 Stock Audit Fees : 87825 Internal Audit Fees : 37500 ISO Surveillance
Audit Fees : 75000 Net Loss on foreign currency transactions and : 174890 Share Processing Fees : 500 Miscellaneous expenses :
18467010 Selling & Distribution Expenses : 14104596 Labour Charges : 58904679 Discount Allowed : 8327
[300600] Notes - Additional information statement of profit and loss

01/04/2016 01/04/2015
to to
31/03/2017 31/03/2016
Additional information on profit and loss account explanatory [TextBlock]
Changes in inventories of finished goods -50,86,215 -44,87,796
Changes in inventories of work-in-progress -77,29,085 15,87,03,906
Total changes in inventories of finished goods, work-in-progress and
-1,28,15,300 15,42,16,110
stock-in-trade
Expenditure on dividend paid 0 0
Total expenditure in foreign currency 0 0
Total amount of dividend remitted in foreign currency 0 0
Total earnings in foreign currency 0 0
Domestic sale manufactured goods 52,92,00,697 62,58,76,551
Domestic sale traded goods 0 2,05,21,124
Total domestic turnover goods, gross 52,92,00,697 64,63,97,675
Total revenue from sale of products 52,92,00,697 64,63,97,675
Total revenue from sale of services 0 0
Gross value of transaction with related parties as per AS-18 0 0
Bad debts of related parties as per AS-18 0 0
[300100] Notes - Revenue

01/04/2016
to
31/03/2017
Disclosure of revenue explanatory [TextBlock] [See below]
181
Disclosure of revenue explanatory [Text Block]
Revenue Recognition
Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably
measured.
[300700] Notes - Key managerial personnels and directors remuneration and other information
Disclosure of key managerial personnels and directors and remuneration to key managerial personnels and directors [Table] ..(1)
Key managerial personnels and directors [Axis] 1 2 3 4
01/04/2016 01/04/2016 01/04/2016 01/04/2016
to to to to
31/03/2017 31/03/2017 31/03/2017 31/03/2017
Disclosure of key managerial personnels and directors and
remuneration to key managerial personnels and directors
[Abstract]
Disclosure of key managerial personnels and directors
and remuneration to key managerial personnels and
directors [LineItems]
SHRAWAN MUKESH KUMAR K U L V E E R
Name of key managerial personnel or director KUMAR TODI
BHARAT GOENKA
RATHI HURKAT
Director identification number of key managerial
00080303 00414688 07053912
personnel or director
Permanent account number of key managerial
AHRPR3584N
personnel or director
Date of birth of key managerial personnel or
01/08/1943 13/05/1963 25/08/1986 27/07/1954
director
Designation of key managerial personnel or director Director Director CFO Director
Qualification of key managerial personnel or
B.Com B.Com CA & CS B.Com
director
Shares held by key managerial personnel or director [shares] 7,31,600 [shares] 0 [shares] 0 [shares] 0
Key managerial personnel or director remuneration
[Abstract]
Gross salary to key managerial personnel or
director [Abstract]
Salary key managerial personnel or director 0 0 8,35,000 0
Gross salary to key managerial personnel or
0 0 8,35,000 0
director
Total key managerial personnel or director
0 0 8,35,000 0
remuneration
182
Disclosure of key managerial personnels and directors and remuneration to key managerial personnels and directors [Table] ..(2)
Key managerial personnels and directors [Axis] 5
01/04/2016
to
31/03/2017
Disclosure of key managerial personnels and directors and remuneration to key managerial personnels and
directors [Abstract]
Disclosure of key managerial personnels and directors and remuneration to key managerial personnels and
directors [LineItems]
Name of key managerial personnel or director ASHWANI LADHA
Permanent account number of key managerial personnel or director AHWPL5302P
Date of birth of key managerial personnel or director 23/11/1986
Designation of key managerial personnel or director Company Secretary
Qualification of key managerial personnel or director CS
Shares held by key managerial personnel or director [shares] 0
Key managerial personnel or director remuneration [Abstract]
Gross salary to key managerial personnel or director [Abstract]
Salary key managerial personnel or director 4,66,970
Gross salary to key managerial personnel or director 4,66,970
Total key managerial personnel or director remuneration 4,66,970
[301000] Notes - Corporate social responsibility

01/04/2016
to
31/03/2017
Disclosure of corporate social responsibility explanatory [TextBlock]
Whether provisions of corporate social responsibility are applicable on
No
company
183

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BHASKAR SHRACHI ALLOYS LTD

Standalone Financial Statements for period 01/04/2016 to 31/03/2017

[400100] Disclosure of general information about company

Disclosure of principal product or services [Table] ..(1)

[400400] Disclosures - Directors report

Details of directors signing board report [Table] ..(1)

Last name of director MONDAL

Unless otherwise specified, all monetary values are in INR

Number of meetings of board [pure] 0

Textual information (1)

Disclosure in board of directors report explanatory [Text Block]

Registered Office: 8/1 Middleton Row, Kolkata- 700 071

Website: www.bhaskargroup.com, E-mail: bhaskarshrachi@gmail.com

Tel: (91-33)2229-7190/0114/8877, Fax: 91-33-2229-7223

1. HIGHLIGHTS OF FINANCIAL RESULTS

PARTICULARS 2016-17 2015-16

Gross Sales 52.92 64.64

Net Sales 47.21 60.10

Income from Operations & Other Income 43.35 34.01

Profit before Finance Cost & Depreciation (6.44) (25.24)

Finance Cost 7.30 6.65

Profit before Depreciation (13.74) (31.89)

Depreciation 1.91 2.42

Profit before tax (15.65) (34.31)

Profit after tax (15.65) (34.31)

Transfer to General Reserve - -

Proposed Final Dividend - -

5. CHANGE IN SHARE CAPITAL

7. SUBSIDIARIES / JOINT VENTURES AND ASSOCIATE COMPANY

8. INTERNAL CONTROL SYSTEM

9. INTERNAL FINANCIAL CONTORLS

10. DIRECTORS AND KEY MANAGERIAL PERSONNEL

Disclosures Regulations) 2015.

11. INDEPENDENT DIRECTORS DECLARATION

12. BOARD MEETINGS

13. EVALUATION OF THE BOARD’S PERFORMANCE

14. REMUNERATION POLICY

15. BOARD COMMITTEES

16. VIGIL MECHANISM POLICY / WHISTLE BLOWER POLICY

17. CODE OF CONDUCT

18. FIXED DEPOSIT

19. CORPORATE SOCIAL RESPONSIBILITY

20. RELATED PARTY TRANSACTIONS

21. RELATIONSHIP BETWEEN DIRECTORS INTER SE

22. PECUNIARY RELATIONSHIP OR TRANSACTION OF NON EXECUTIVE DIRECTORS

23. PARTICULARS OF LOANS, GURANTEES AND INVESTMENTS

24. RISK MANAGEMENT

25. PARTICULRAS OF EMPLOYEES

26. EXTRACT OF ANNUAL RETURN

27. STATUTORY AUDITORS

28. SECRETARIAL AUDIT

29. COST AUDITORS

30. AUDITOR’S REPORT

32. HUMAN RESOURCE MANAGEMENT, HEALTH AND SAFETY

34. DIRECTOR’S RESPONSIBILITY STATEMENT

d) they have prepared the annual accounts on a going concern basis.

I) Energy conservation measures taken:

a) Correcting the alignment of drive and driven pullies.

b) Up-gradation of old furnaces to make it energy efficient.

II) Proposals under Study and Implementation;

Replacement of old equipments with new energy efficient equipments.

consequent impact on cost of production of goods:

Power & Fuel