steel exchange india results - 31.03.2019.pdf · steel exchange india limited redd. ouice 303, my...
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Steel Exchange India LimitedRedd. Ouice 303, My Home Laxminlvas Apanmenie, Greenlands. Ameerpei. Hyderabad , 500 his 75
Phone. vEl-40-2M03725, Fax +9l 4023413267
‘1‘.” of corp,olilce Block-A, Green CilyTDWBVS Green City.NoarAppalexpcnPaik,‘flanLli Vadlapudi (Pcsl), Visakhapainamtsaflbfl, Andhra Fradesh
Phone «eleEEirzsmws. 2507573. Fax asieaslezmzis, 2749213
www.seil co in 551 no; 37AAECP9362lev cm No. : L7MDOAP1999PLCOSHSi E-mail 1 mlfl@sell,co in
Z9"'May, 201‘?
TH To
The Manager, The Manager,Department oi Corporate Services, Listing Department,ESE Limited National Stock Exchange of lndia Limited,
PJ. Towers, Dalal Street, Exchange Plaza, Bandra Kurla Complex,Pon, Mumabi e 400001 Bandra (East). Mumhai — 400051
Scrip Code: 534740 Scrip ID: STEELXIND
Dear Sir,
Sub: Outcome oi the lioard Meeting held on 29h May, 2019 — Reg
itch Steel Exchangc India Limited, Scrlp code: 534748 0 Scrip 1d: STEELXlND
with reference to the ahove subject we wish to inform you that at the meeting olthe hoard
uf Directors orthe Company held on Wednesday the 29d. day oiMay, 2019 has inter alia:
Approved the Audited Smndalane Financial Results of the Company lor the
Financial year ended 315i March, 2019 in the specified format along with the
Auditors Report thereon. pursuant to the provisions or Regulatiun 33 oi the
Securities and Exchange Board of india (SEEI) Listing Obligations and Disclosure
Requirements (Limit) Regulations, 2015
- Pursuant to SEE] Circular No. ClR/CFD/CMD/Sé/ZOIB dated 27'“ May, 2016 the
company hereby declares that the Statutory Auditor‘s M/s Pavuluri in Co, Chartered
Accountants have issued the Audit Report on the Standalone Financial Results of the
Cumpany for the Financial Year ended 3131 March, 2019 with modified nplnion. The
Statement on lmpact 0f Audit Qualification is enclosed.
The Copy orthe Audited Standalone Financial Results uftlle company for the financial yearended 31st March, 2019 in the specified lormat along with Auditor's Report thereon is
enclosed.
The meeting of the uoard of Directors commenced at 11.30 am and concluded at 3.30 pm
Request you to take the same on recnrd.
Thanking you,
yours filithfully.For Steel Exchange India Limile -
QWW pearlRaveendra Bab“ M
Company Secretary, M.No: 34409
Cc: The Calcutta Stock Exchange Limited, 7, Lyons Range, Kolkaia — 700 001
WORKS
Integrated Steel Plant Sisevampuram. L,Kola Manual, Vlzlanagavam Districtt535161
Phone 03966-267l 72. Fax 05966-2672l8
Power Plan! It SMS Opp Mandapalll New Bridge, Kotnapsta, East Gnflavail Disllict-533223.
Phone 06855-244400 Fax , 05355444405
PAVULURl 8i Co.CHARTERED ACCOUNTANTS
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INDEPENDENT AUDITORS REPORT
TO THE BOARD OF DIRECTOIE OF
STEEL EXCHANGE INDIA LIMITED
1. We have audited the accompanying Statement of Financial Results of
SI'EELEXCHANGE INDIA LIMETED ("the Company”) for the quarter and year ended 315k
March 2019 (hereinafter referred to as the "5tatement"), being submmed by the
Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015 read with SE31 Circular Not
CIR/CFD/FAC/BZ/ZOIS dated July 5, 2016.
Management's Responslbllitv for the standalone finandals results
2. The Management is responsible for the preparation or the accompanying Statement.
The Management is also responsible for the preparation of the annual statutory
financial statements in accordance With the Accounting Standards specified under
Section 133 of the Companies Act 2013 (the "accounting principles generally acceplied
in India"), basis which the above Statement containing the annual audited standalone
financial results has been prepared. The responsibility includes the design,
implementation and maintenance of internal control relevant to the preparation or the
statement that is free from material misstatement.
ty
3.We conducted our audit in accordance with the standards on Auditing issued by the
institute of Chartered accountants of India Those Standards require that we comply
wid’l ethical requirement and plan and perform the audit to obtain reasonable assurance
about whether the statement is free from material misstatement
Auditor's Respons
An audit involves performing procedures to obtain audit evidence about the amounts
and me disclosure in the Statement The procedures selected depend on the auditor
iudgment , including the assessment of the risk or material misstatement or the
statement ,whether due to fraud or error . in making these risk assessment ,
the
auditor consider internal control relevant to the company's preparation and fair
presentation or the statements in order to design audit procedure that are appropriate
in me circumstances ,but not for the purpose or Expressing an opinion on the
effectiveness of the Company’s internal controL
PAVULURI 8r Co.CHARTERED ACCOUNTANTS
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An audit also includes evaluating the appropriateness of the accounting policies used
and the reasonableness of the accounting estimates made by the management, as wellas evaluating the overall presentation of the statement
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a baSis for our qualified audit opinion
Basis Ibr Qua/[fled Opinion
We draw your attention to note :11 to the 1nd A5 financial statements with regard to
non—recognition of interest expenses amounting to Rs 131.07 erores on the borrowingsof the company for the year ended 31st March 2019 which Is not in accordanoe with the
requirements or Ind AS 23. Borrowing Cost read with 1nd AS 109 Financial instruments.
Had the aforesaid interest expenses been recognized, finance costs for the year ended315i March 2019 would have been R5 191.04 CrDres instead of reported amount Of Rs
9.97 CrDres. Total expenses for the year ended 315E March, 2019 would have been Rs
1227.52 crores instead of Rs 1046.45 crors. Lass before exceptional items and tax for
the year ended 315t March 2019 would have been R5 19814 Cmrs instead of the
reported amount or Rs 17.17 crores, Loss before Tax for the year ended 31st March
2019 would have been Rs 198.24 crores instead of the reparted amount of Rs 17,17
crores, Net Loss after Tax for the year ended 315t March 2019 would have been R5
21775 wares instead of reported amount of Rs 36.68 acres Tomi comprehensive loss
for the year ended 315t March 2019 would have been RS 217.85 Crores instead of
reported amount of Rs 36.79 cores and loss per share for the year ended 315t March
2019 would have been Rs 28.57 instead reported amount of Rs 4.84, other equity andother financial liabilities as at 31st March 2019 would have been RS 465.72 crores and
Rs 385.81 crores instead of reported amount of Rs 15135 crores and Rs 205.74 Crores
respectively.
The above reported interest has been ralsuiated using simple interest rate
PAVULURI & Co.CHARTERED ACCOUNTANTS
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Qua/med Opinion
5. In our opinion and to the best or our information and according to the explanationgiven (0 us, except for the matter as described in the Basis of Qualified opinionparagraph above, mas year to date results:
a) are presented in accordance with the requirements of Regulation 33 of the SEBI
(Listlng Obligation and Dlsclosure Requiremenls) Regulations 2015 and as modified byCircular No. CIR/CFD/FAC/62/2016 dated July 5, 2016; and
b)glve true and hair View of the financial performance Including other comprehensiveincome and ether financial information for the year ended March 31, 2019 in
accordance with the accounting principles generally accepted In India.
5. The statement includes the result for the qualter ended 31st March, 2019 being the
balancing figure between audited figures in respect of the full financial year to date and
published year figures up to the third quarter of the current financial year which were
subiect to limited review by us,
For PAVULURI & Co.
Charured Amumans
Flrlll Reg. "0:0121945
P. A keeei}
(m. m. nun/mm)Place' Vlsakhapamam PARTNERDate. 29052019 M.Na:203300
Bt-lemnt nn Imp-ct nuum Quanta-non. (for man report um: unnamedopinion) Inhmltted Along-wk): Anna-1 [mama Malachi 11mm (sand-10.1..
Statement on Imuact or Audit Qualification for the Financial Year ended March 31
2919[See Regulaunn 3:5 / 52 or the SEE] [mum (Amendmrnq Regulatinne, 201s]
1‘ In lakha)Andiud H‘um Adjusted figure.I. 91.[u npolted [Audited flnlnl IR!!!“
11»,mum
befall-dinning mum-g (nr
fur qlldlfle-tlnnlj mailman".1. Turnover 1111.31 tncome 1,112,927.55 1.02927 64
2. Total Expenditure 11141645100 122,752.95
3. Net mm (11ml 131379.231 121,757 I914 Earnings Per Share («.841 128 67)
s Tm. Assets 112,751.41 1112.151.“
6. TDlBI Llabihties 1,351,617.82 1.51.725 75
7. Net Worth 9,133.59 18,974.37]Any other annual itemts] (1;; tell
8 te”prom“ by me manmmnmlNot AppliCnble Nut Applicable
Audit ommnmn Inch .u-m ending-Hon mum:
a Dehfll a! Audit QunlLfin-fin
link In! Qlllliflld OplninnWe draw ynur nttcnttun to name 311 tn the Ind AS finnncial statements with regard to non
recogmlmn 01 Interest expenses amounting to Rs 131.07 crates an the borrowings a! thempany for the year ended 315C March 2019 which is not in aocordnnoe with the
equlrements cl Ind AS 23, Box-mwmg Cast read with 1nd AS 109 Financial instmmenls.
Had the 310mm Interest expense: been recognized, finnnce cost: fur Lhe year ended 31-arch 2019 would have been Rs 191.04 crates instead of reported amount a! Rs 9.97 crorel.
Tum] expenses for the year ended Slat March, 2019 would have been Rs 1227.52 5mminstead of Rs 1046 45 cmres. Loss bet-me exceptional items and tax for the year ended 3131Match 2019 would have been Rs 193.24 cmres instead of U1: reported amnunt 01' Rs 17.17emres, boss before Tax {or the year ended 3151 March 2019 wauld have been Rs 198.24crnres instead a! the reported nmnunt of R: 17.17 unrest Net Loss after Tax {or the yearended 3151 Marfll 2019 would have been Rs 217.75 crates instend u! reported amount of Rs36.68 cmres Total comprehensive loss for the year ended 3151 March 2019 would have beenRs 217.55 cmres Instead cf reparted amount of Rs 36.79 cmres and loss per share fur m2ear ended 313! March 2019 would have been R! 213.67 instead ”parted amuunt of Rs 4.34,[her equity and other financial llnbiiitiea as It 3151 March 2019 would have been R3 7155.72
acres and Rs 386 81 crores instead 0! r rte amount of Rs 15.35 crates and Rs 205.74mres respentwrly.
gunned Opinkm
in our opinion and to the heat or our inioirnation and uccurding to the explanations givai
to us. the aloresaid Standalone lnd AS nnancial Statements give the inlorrnation
required by the Act in the manner so required and except the cfl‘cct oi matter relened In
in paragraph 3 above give a true and ran view in wnfnnnjly with the accounting
pii'nciples generally accepted in lndio or the state of affairs oi the Compnny n: at March
31, 21:19, ita totsl comprehensive income [comprising loss Ind other comprehensive
ineornet iits cash flows and the statement oi changes in equity ror the year ended on
that date
o. Type ofAudltq-uunentlo 'QualifiedOpinicn /Worm / Adm
ic Frequencyolunllflelflamucondtime W
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d roerdthuulnentlsnls)uharetholnipnetitquantinsdhythennditor,Monnpenient'ovleu
The majclrity or the lenders have stopped charging interest on debts since the due: from thd
Company have been categorized as Nonpetdorming Asset The Company is in active
iscussion /negotiation with the tenders for a suitable debt resolution. Pending finalization
suitable deht resolution, the Company has stopped providing (or accrued interest and
unpaid elleetive lroni 1st January 2013, in its hooks of accounts, so the some is nnder
oiseuaaion with the lenders. The amount oi such aeerued and unpaid inherent [including
penal interest and other charges) not provided tor is estimated up to Rs 217.8d crores and
“11.07 crorea {or the year ended Slst March 2019,:he same has not been considered for
notation or the financial statements [or the ear ended a lot March 2mg.
: not And“ Queue-float.) uh." uu lnipnet I: not ountitled hy the audltor:
Not Anolteahle
(i) using rthnttlon on the input ol-udk {Minn-Hon:
liil Itmugement is unable to elflmh tho Imp-ct renou forth. nine:
il Audltnn‘ Continent. on lit or (u. above:
In toria
i‘t. Mlnlginfl nireetor §
Qt
/a Audit Comm!“ lChifln-n
’
- statutory Auditor
Pl Vinaithapatnamno or 29 05.2019
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.
303 My Home uxmmivas Aoanmsms, Greanlands‘ Ameerpei. Hydslabade 500 015.13
‘
Phon. eel-4023403725 Fax : +§IAD~2M13267
fig “j Corp. ome- BlackeA‘ Green City Towers, Green city Near Apparel Expnfl Park
«was Vadlipudl (Pout Visakhapalnam-SGOMB‘ Andhra Pradasri
Phone ‘Slflslszsfi71752587573, Fax «9059172749215, meals
wwwseil co in EST no; 37MBCP9362L|ZV . 7MDOAP1599PL0031 191 E-lnlll : lMoGseIl.cn,in
To To
The Manager, The Manager.
Department of Corporate Services, Listing Department,
USE Limited National Stock Exchange oflndia Limited,
I-Il. Towers, Dalal Street. Exchange Plaza, Bandra Kurla Complex,
Port, Mumabi - 400001 Bandra (East). Mumbai - 400cm
near sirs,
Sub: Declaration pursuant to Regulation 33mm) of SEE! Listing Obligarions and
Disclosure Requirements) Regulatinns, 2015 as amended
WW
I, d, Sarish Kumar, chairman and Managing Director oi Steel Exchange India Limited, on
hehaii of the Company, hereby declare that the Company is submitting the Audited
Financial Results tor the Qudner and yearendcd 31erarch, 2019 along with Audit Report
wirhmodiried Opinion,
The declaration is given along wrth Audited Financial Results, pursuant to Reg 33 (3) [d] or
Serun'ties and Exchange Board of India (Listing Obligations and Disclosure Requirements)
hegulanons, 2015 as amended.
Kindly take this declaration on your record.
The klng you
a. u
Managing 1) mm
Place: Visakhapatlia In
Date: 29.052019
WORKS
Integrated Sta-I Plant Sveerampuvam, I_.Koia Mandal, vizianagaram District-535161
Phone : 08966-267172. Fax-
08956-2672‘3
Power Plum I. 5M5 :Opp Mandapalli New Bridge. Koihapeia, East Godavarl Diana-533223.
Phone. 05855-244400 Fax~ 05555-244406
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