bihar - bseindia.com · corporate information board of directors name: dr. hari krishna budhia...

BIHAR FOUNDRY & CASTINGS LIMITED

ANNUAL REPORT 2016-2017

Corporate Information Board Of Directors Name: Dr. Hari Krishna Budhia (DIN: 01481085) Address: Near Surendra Nath Centenary School Dipatoli, P.O. Bariatu, P.S. Sadar, District Ranch-834009 (Jharkhand) Designation: Managing Director Name: Mrs. Aruna Budhia (DIN: 01481095) Address: Near Surendra Nath Centenary School Dipatoli, P.O. Bariatu, P.S. Sadar, District Ranch-834009 (Jharkhand) Designation: Director Name: Mr. Gaurav Budhia (DIN: 01652817) Address: Near Surendra Nath Centenary School Dipatoli, P.O. Bariatu, P.S. Sadar, District Ranch-834009 (Jharkhand) Designation: Director

Compliance Officer Dr. Hari Krishan Budhia

Bankers Name of Bank: Bank of India Address: Ranchi Mid Corporate Branch Sahjanand Chowk, Birsa Raj Marg, Harmu Ranchi, 834002 (Jharkhand) Name Of Bank: Indian Overseas bank Address: Ranchi Branch Atmaram Bhawan, Radheyshyam Lane, M.G. Marg, Main Road, Ranchi-834001 (Jharkhand) Name of Bank: United Bank of India Address: Ranchi Branch

Post Box No .94, Main Road, Ranchi-834001 (Jharkhand) Name of Bank: Canara Bank Address: Ranchi Branch Main Road, Ranchi-834001 (Jharkhand)

Statutory Auditors

M/s S. Sannigrahi & Company Chartered Accountants 305, Shrilok Complex Hazaribagh Road, Ranchi-834001 (Jharkhand) Tel No: 0651-2213953 E Mail: [email protected]

Registered Address Of Company Main Road, Ranchi-834001 Jharkhand, India

mailto:[email protected]

DIRECTOR’S REPORT

Dear Members,

Your Directors have pleasure in presenting before you the Annual Report of the Company for the

Financial Year ended 31st March, 2017.

1. Financial Results

Particulars Amount (in Rs.)

2016-17 2015-16

Sales/Revenue From Operation 2,961,899,494.61 3,503,829,039.83

Other Income 9,100,475.68 11,610,856.32

Total Income 2,970,999,970.29 3,515,439,896.15

Less: Expenditure 2,970,265,975.84 3,549,641,029.93

Profit / Loss before Tax and Extraordinary items 733,994.45 (34,201,133.78)

Extraordinary items - -

Less: Tax Expenses

Current Tax

Deffered Tax

139,862.64

12,262,336.22

-

9,908,925.22

Profit / Loss After Tax (11,668,204.41) (44,110,059.00)

Financial highlights

1. During the year under review the company has incurred a loss of Rs.11,668,204.41.

2. Dividend- Since the Company has incurred loss, the Directors of the Company has not recommended

any dividend during the Year under review.

3. Reserves- No amount was proposed to be carried to Reserves.

4. Review of business- During the year under review, your Company has shown a net loss of

Rs.11,668,204.41. It is expected to register growth next year.

5. Change in the nature of business- There is no change in the nature of Business of the Company.

6. Material changes and commitment if any affecting the financial position of the company occurred

between the ends of the financial year to which these financial statements relate and the date of

the report- No material changes and commitments affecting the financial position of the Company

occurred between the end of the financial year to which this financial statements relate and the date

of this report.

7. Statement concerning development and implementation of risk management policy of the

company- The Management/Board does not foresee any Material Risk concerning development and

implementation of risk management policy of the company.

8. Particulars of loans, guarantees or investments made under section 186 of the companies act,

2013- There were no loans, guarantees or investments made by the Company under Section 186 of

the Companies Act, 2013 during the year under review and hence the said provision is not

applicable.

9. Particulars of contracts or arrangements made with related parties - There were contract or

arrangements made with related parties as defined under Section 188 of the Companies Act, 2013

during the year under review. All the Contracts and arrangements entered into with related Parties

were on Arm Length Basis and in the Ordinary Course of Business.

10. Statutory auditors- Comments of the Auditors in their report and the notes forming part of the

Accounts are self explanatory.

During the year under review, the appointment of auditors needs to be ratified as they have been

appointed for a term 5 year.

Your directors’ request that the ratification of appointment of M/s. S. SANNIGRAHI & CO. (FRN-

04995C), the Company's Auditors at the Annual General Meeting. The Company has received a

certificate from the auditors to the effect that ratification of their appointment, if made would be in

accordance with the provisions of section 141of the Companies Act, 2013.

11. Secretarial audit report- Section 204 of Companies Act, 2013 is applicable to the company which is

attached as an annexure to this Board Report.

12. Explanation or comments on qualifications, reservations or adverse remarks or disclaimers made

by the auditors and the practicing company secretary in their reports-

The Statutory Auditor of the Company has stated in their comments that the Company has defaulted

in repayment of the interest free loan of Rs. 50,97,259/- from Bihar State Investment and Credit

Corporation. The Company has not taken any loan either from financial institutions or from the

government and has not issued any debentures.

13. Changes in the Directorship and Company’s policy relating to directors appointment, payment of

remuneration and discharge of their duties-

(a) No changes in the Directorship took place during the year. (b) During the year under review there is no change in terms of remuneration of the Directors.

14. Directors responsibility statement- In accordance with the provisions of Section 134(5) of the

Companies Act, 2013 the Board hereby submits its responsibility Statement:—

(i) That in the preparation of the annual accounts, the applicable accounting standards had

been followed along with proper explanation relating to material departures;

(ii) That the Directors have selected such Accounting Policies and applied them consistently

and made judgments and estimates that are reasonable and prudent so as to give 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 year for that period;

(iii) That the Directors have taken proper and sufficient care for the maintenance of the

adequate Accounting records in accordance with the provisions of the Companies Act,

2013 for safeguarding the assets of the company and for preventing and detecting fraud

and other irregularities.

(iv) That the Directors have prepared the annual accounts on a going concern basis.

(v) Since the company is Unlisted, this clause is not applicable.

(vi) The directors had devised proper systems to ensure compliance with the provisions of all

applicable laws and that such systems were adequate and operating effectively.

15. Number of board meetings/EGM conducted during the year under review- The Company had 21

Board meetings during the financial year under review.

Board Meeting were held on 15.04.2016, 13.05.2016, 31.05.2016, 21.06.2016, 24.06.2016,

20.07.2016, 30.08.2016, 31.08.2016, 02.09.2016, 28.09.2016, 03.10.2016, 10.10.2016,

27.10.2016, 05.11.2016, 05.12.2016, 26.12.2016, 12.01.2017, 29.01.2017, 07.02.2017,

15.02.2017, 25.03.2017 during the year under review.

EGM’s were held on 13.02.2017, 15.03.2017 during the year under review.

16. Annual return- The extracts of Annual Return pursuant to the provisions of Section 92 read with

Rule 12 of the Companies (Management and administration) Rules, 2014 is furnished in "Annexure

1" to this report and is attached to this Report.

17. Subsidiaries, joint ventures and associate companies along with their performance and financial

position - The Company does not have any Subsidiary, Joint venture or Associate Company

18. Deposits- The Company has not accepted deposits during the year under review.

19. Shares

a. The Company has not bought back any of its securities during the year under review

b. The Company has not issued any Sweat Equity Shares during the year under review.

c. No Bonus Shares were issued during the year under review.

d. The Company has not provided any Stock Option Scheme to the employees.

e. The Company has issued 200000 Equity Shares during the Year on Private Placement basis.

20. Transfer of unclaimed dividend to Investor Education And Protection Fund- Since there was no

unpaid/unclaimed Dividend declared and paid last year, the provisions of Section 125 of the

Companies Act, 2013 do not apply.

21. Conservation of energy, technology absorption, foreign exchange earnings and outgo

(A) Conservation of energy-

(i) the steps taken or impact on conservation of energy: NIL

(ii) the steps taken by the company for utilising alternate sources of energy: NIL

(iii) the capital investment on energy conservation equipments: NIL

(B) Technology absorption-

i) the efforts made towards technology absorption: NIL

ii) the benefits derived like product improvement, cost reduction, product development or

import substitution: NIL

iii) in case of imported technology (imported during the last three years reckoned from the

beginning of the financial year)- : NIL

iv) the expenditure incurred on Research and Development: NIL

22. Details of significant and material orders passed by the regulators or courts or tribunals impacting

the going concern status and company's operations in future-

No such order has been passed by any Regulators or Courts or Tribunals.

23. Acknowledgements- Your Directors place on record their sincere thanks to bankers, business

associates, consultants, and various Government Authorities for their continued support extended

to your Companies activities during the year under review. Your Directors also acknowledges

gratefully the shareholders for their support and confidence reposed on your Company.

By and on behalf of the Board

Bihar Foundry & Castings Limited

Hari Krishna Budhia

Director

DIN: 01481085

Gaurav Budhia

Director

DIN- 01652817

Annexure-I

FORM NO. MGT 9

EXTRACT OF ANNUAL RETURN

As on financial year ended on 31.03.2017

Pursuant to Section 92 (3) of the Companies Act, 2013 and rule 12(1) of the Company (Management &

Administration) Rules, 2014

I. REGISTRATION & OTHER DETAILS:

1. CIN U27100JH1971PLC000912

2. Registration Date 11/11/1971

3. Name of the Company Bihar Foundry & Castings Limited

4. Category/Sub-category of

the Company

Public Company limited by shares

5. Address of the Registered

office & contact details

Main Road, Ranchi, Jharkhand-834001 E Mail ID: [email protected] Contact No: 0651-2202699

6. Whether listed company No

7. Name, Address & contact

details of the Registrar &

Transfer Agent, if any.

NA

II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY (All the business activities contributing 10 % or

more of the total turnover of the company 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 Manufacturing facilities of metals

other than iron

99532696 100

mailto:[email protected]

III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES

Sl. No. Name and Address of the

Company CIN/GLN

Holding/ Subsidiary /

Associate

1 NA

IV. SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity)

A) Category-wise Share Holding

Category of

Shareholders

No. of Shares held at the end of the year

[As on 31-March-2017]

No. of Shares held at the end of the year[As

on 31-March-2016]

%

Change

during

the year De

mat

Physical Total % of

Total

Shares

De

mat

Physical Total % of

Total

Shares

A. Promoters

(1) Indian

a) Individual/

HUF

- 2888775 2888775 35.90 - 2688775 2688775 34.26 -

b) Central Govt - - - - - - - - -

c) State Govt(s) - - - - - - - - -

d) Bodies Corp. - - - - - - - - -

e) Banks / FI - - - - - - - - -

f) Any other - - - - - - - - -

Total

shareholding of

Promoter(A)

- 2888775 2888775 35.90 - 2688775 2688775 34.26 -

B. Public

Shareholding

1. Institutions - - - - - - - - -

a) Mutual Funds - - - - - - - - -

b) Banks / FI - - - - - - - - -

c) Central Govt - - - - - - - - -

d) State Govt(s):

Government of

Bihar

- 3250 3250 0.04 - 3250 3250 0.04 -

e) Venture

Capital Funds

- - - - - - - - -

f) Insurance

Companies

- - - - - - - - -

g) FIIs - - - - - - - - -

h) Foreign

Venture Capital

Funds

- - - - - - - - -

i) Others (Private

Companies)

- 3797600 3797600 47.18 - 3797600 3797600 48.39 -

Sub-total (B)(1):- - 3800850 3800850 47.22 - 3800850 3800850 48.43 -

2. Non-

Institutions

a) Bodies Corp.

i) Indian - - - - - - - - -

ii) Overseas - - - - - - - - -

b) Individuals

i) Individual

shareholders

holding nominal

share capital

upto Rs. 1 lakh

- 119475

119475

1.48

- 119475

119475

1.52

-

ii) Individual

shareholders

holding nominal

share capital in

excess of Rs 1

- 1238400 1238400 15.39

- 1238400 1238400 15.78

-

lakh

c) Others

(specify)

- - - - - - - - -

Non Resident

Indians

- - - - - - - - -

Overseas

Corporate

Bodies

- - - - - - - - -

Foreign

Nationals

- - - - - - - - -

Clearing

Members

- - - - - - - - -

Trusts - - - - - - - - -

Foreign Bodies -

D R

- - - - - - - - -

Sub-total (B)(2):- - 1357875 1357875 16.88 - 1357875 1357875 17.30 -

Total Public

Shareholding

(B)=(B)(1)+

(B)(2)

- 5158725 5158725 64.10 - 5158725 5158725 65.74 -

C. Shares held by

Custodian for

GDRs & ADRs

- - - - - - - - -

Grand Total

(A+B+C)

- 8047500 8047500 100 - 7847500 7847500 100 -

B) Shareholding of Promoters-

Sl.

No.

Shareholder’s

Name

Shareholding at the beginning of the

year

Share holding at the end of the year %

change

in share

holding

during

the year

No. of

Shares

% of total

Shares of

the

Company

%of Shares

Pledged /

encumbered

to total shares

No. of

Shares

% of total

Shares of

the

Company

%of Shares

Pledged /

encumbered

to total shares

1 Mangi Lal

Sharma

1000 0.012 -

1000 0.013

-

2 Maharaj Kumar

Raj Kishore Nath

Sahdeo

500 0.006 -

500 0.006

-

3 Hari Krishna

Budhia

2262700 28.12 -

2162700 27.56

-

4 Piarey Lal

Chopra

3000 0.037 -

3000 0.04

-

5 Rajendra Prasad

Budhia

27475 0.34 -

27475 0.35

-

6 Aruna Budhia 179550 2.23 - 179550 2.29 -

7 Gaurav Budhia 414550 5.15 - 314550 4.01 -

Total 2888775 35.90 - 2688775 34.26 -

C) Change in Promoters’ Shareholding (please specify, if there is no change):

Sl.

No.

Shareholding at the

beginning

of the year

Cumulative

Shareholding during

the year

No. of

shares

% of total

shares of

the

Company

No. of

shares

% of total

shares of

the

Company

At the beginning of the year 2688775 34.26 2688775 33.41

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):

- - 200000 2.49

At the end of the year 2688775 34.26 2888775 35.90

D) Shareholding Pattern of top ten Shareholders:

(Other than Directors, Promoters and Holders of GDRs and ADRs):

Sl.

No.

(i) Jackpot Financial consultant SPV

Shareholding at the

beginning of the year

Cumulative

Shareholding during

the year

No. of

shares

% of total

shares of

the

Company

No. of

shares

% of total

shares of

the

Company

At the beginning of the year - - 100000 1.24




decrease (e.g. allotment / transfer /

bonus/ sweat equity etc):

100000 1.27 - -


Sl.

No.

(ii) Blue Print Securities Limited

Shareholding at the


Cumulative

Shareholding during

the year

No. of

shares

% of total

shares of

the

Company

No. of

shares

% of total

shares of

the

Company







(183750)

340000

2.34

4.33

- -


Sl.

No.

(iii) Shardaraj Tradefin Limited

Shareholding at the


Cumulative

Shareholding during the

year

No. of

shares

% of total

shares of

the

Company

No. of

shares

% of total

shares of

the

Company







(182500)

385000

2.33

4.91

- -


Sl.

No.

(iv) Aruna Industries and Investments Pvt. Ltd.

Shareholding at the


Cumulative


year

No. of

shares

% of total

shares of

the

Company

No. of

shares

% of total

shares of

the

Company

At the beginning of the year - - 822500 10.22






822500 10.48 - -


Sl.

No.

(v) Konark Commerce & Industries Limited

Shareholding at the


Cumulative


year

No. of

shares

% of total

shares of

the

Company

No. of

shares

% of total

shares of

the

Company







(181250)

375000

2.31

4.78

- -


Sl.

No.

(vi) Darkin Distributors Private Limited

Shareholding at the


Cumulative

Shareholding during

the year

No. of

shares

% of total

shares of

the

Company

No. of

shares

% of total

shares of

the

Company







- - - -


Sl.

No.

(vii) Hari Krishna Budhia HUF

Shareholding at the


Cumulative

Shareholding during

the year

No. of

shares

% of total

shares of

the

Company

No. of

shares

% of total

shares of

the

Company







- - - -


Sl.

No.

(viii) Darshan Barter Private Limited

Shareholding at the


Cumulative

Shareholding during

the year

No. of

shares

% of total

shares of

the

Company

No. of

shares

% of total

shares of

the

Company







- - - -


Sl.

No.

(ix) Allied Global Infrastructure Limited

Shareholding at the


Cumulative

Shareholding during

the year

No. of

shares

% of total

shares of

the

Company

No. of

shares

% of total

shares of

the

Company




300000 3.82 - -





Sl.

No.

(x) Sunshine Housecon Limited

Shareholding at the


Cumulative

Shareholding during

the year

No. of

shares

% of total

shares of

the

Company

No. of

shares

% of total

shares of

the

Company







320000 4.08 - -


E) Shareholding of Directors and Key Managerial Personnel:

Sl.

No.

(i) Hari Krishna Budhia (Managing Director)

Shareholding at the


Cumulative

Shareholding during

the year

No. of

shares

% of total

shares of

the

Company

No. of

shares

% of total

shares of

the

Company


Date wise Increase / Decrease in Promoters

Share holding during the year specifying the

reasons for increase / decrease (e.g.

allotment / transfer / bonus/ sweat equity

- - 100000 1.24

etc):


Sl.

No.

(ii) Aruna Budhia (Director)

Shareholding at the


Cumulative

Shareholding during

the year

No. of

shares

% of total

shares of

the

Company

No. of

shares

% of total

shares of

the

Company







- - - -


Sl.

No.

(iii) Gaurav Budhia (Director)

Shareholding at the


Cumulative

Shareholding during

the year

No. of

shares

% of total

shares of

the

Company

No. of

shares

% of total

shares of

the

Company






- - - -



F) INDEBTEDNESS -Indebtedness of the Company including interest outstanding/accrued but not due for payment

Secured Loans

excluding

deposits

Unsecured

Loans Deposits

Total

Indebtedness

Indebtedness at the beginning of

the Financial Year

(i) Principal Amount 1328615612.36 0 94907943.92 1402095699.22

(ii) Interest due but not Paid 8744947.80 0 0 8744947.80

(iii) Interest accrued but not due 0 0 0 0

Total (i+ii+iii) 1337360560.16 0 94907943.92 1410840647.02

Change in Indebtedness during the

Financial Year

*Addition

38880693.58 0 0 38880693.58

*Reduction

Net Change

38880693.58 0 0 38880693.58

Indebtedness at the end of the

Financial Year

(i) Principal Amount 1367627640.56 0 94907943.92 1462535584.48

(ii) Interest due but not Paid 8613613.18 0 0 8613613.18

(iii) Interest accrued but not due 0 0 0 0

Total (i+ii+iii) 1376241253.74 0 94907943.92 1471149197.66

G) REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL-

A. Remuneration to Managing Director, Whole-time Directors and/or Manager:

SN. Particulars of Remuneration Name of MD/WTD/ Manager Total

Amount

Hari Krishna

Budhia

Aruna

Budhia

Gaurav

Budhia

1 Gross salary 24,00,000 - 18,00,000

42,00,000

(a) Salary as per provisions

contained in section 17(1) of the

Income-tax Act, 1961

- - -

-

(b) Value of perquisites u/s 17(2)


- - -

-

-

(c) Profits in lieu of salary under

section 17(3) Income- tax Act, 1961

- - -

-

-

2 Stock Option - - -

-

-

3 Sweat Equity - - -

-

-

4 Commission

- as % of profit

- others, specify…

- - -

-

-

5 Others, please specify

- - -

-

-

Total (A)

24,00,000 - 18,00,000

42,00,000

Ceiling as per the Act

- - -

-

-

B. Remuneration to other directors

SN. Particulars of Remuneration Name of Directors Total Amount

----- ---- ---- ---

1 Independent Directors

Fee for attending board

committee meetings

- - - - -

Commission - - - - -

Others, please specify - - - - -

Total (1) - - - - -

2 Other Non-Executive Directors

Fee for attending board

committee meetings

- - - - -

Commission - - - - -

Others, please specify - - - - -

Total (2) - - - - -

Total (B)=(1+2) - - - - -

Total Managerial

Remuneration

- - - - -

Overall Ceiling as per the Act - - - - -

C. Remuneration to key managerial personnel other than MD/Manager/WTD

Sl.

No.

Particulars of Remuneration Key Managerial Personnel

CEO CS CFO Total

1 Gross salary

(a) Salary as per provisions contained in

section 17(1) of the Income-tax Act, 1961

- - - -

(b) Value of perquisites u/s 17(2) - - - -


(c) Profits in lieu of salary under section 17(3)


- - - -

2 Stock Option - - - -

3 Sweat Equity - - - -

4 Commission - - - -

- as % of profit - - - -

others, specify… - - - -

5 Others, please specify - - - -

Total - - - -

VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES: NA

Type Section of the

Companies Act

Brief

Description

Details of Penalty

/ Punishment/

Compounding

fees imposed

Authority

[RD / NCLT/

COURT]

Appeal made,

if any (give

Details)

A. COMPANY

Penalty - - - - -

Punishment - - - - -

Compounding - - - - -

B. DIRECTORS

Penalty - - - - -


Compounding - - - - -

C. OTHER OFFICERS IN DEFAULT

Penalty - - - - -


Compounding - - - -

For and on behalf of the Board

Hari Krishna Budhia Gaurav Budhia Managing Director Director DIN: 01481085 DIN: 01652817 Place: Ranchi

FORM NO. MGT-8

[Pursuant to section 92(2) of the Companies Act, 2013 and rule 11(2) of Companies

(Management and Administration) Rules, 2014]

CERTIFICATE BY A COMPANY SECRETARY IN PRACTICE

I have examined the registers, records and books and papers of M/S BIHAR FOUNDRY AND

CASTINGS LIMITED (the Company) as required to be maintained under the Companies Act,

2013 (the Act) and the rules made there under for the financial year ended on 31/03/2017. In my

opinion and to the best of my information and according to the examinations carried out by me

and explanations furnished to me by the company, its officers and agents, I certify that:

A. The Annual Return states the facts as at the close of the aforesaid financial year correctly and adequately.

B. During the aforesaid financial year, the Company has complied with the following provisions of the Companies Act, 2013 & Rules made there under:

1. its status under the Act;

2. maintenance of registers/records and making entries therein within the time

prescribed therefore;

3. filing of forms and returns as stated in the annual return, with the Registrar of

Companies, Regional Director, Central Government, the Tribunal , Court or other

authorities within/beyond the prescribed time.

4. calling/ convening/ holding meetings of Board of Directors or its committees, if any,

and the meetings of the members of the company on due dates as stated in the

annual return in respect of which meetings, proper notices were given and the

proceedings including the circular resolutions and resolutions passed by postal ballot,

if any, have been properly recorded in the Minute Book/registers maintained for the

purpose and the same have been signed.

5. closure of Register of Members / Security holders, as the case may be;

6. advances/loans to its directors and/or persons or firms or companies referred in

section 185 of the Act;

7. contracts/arrangements with related parties as specified in section 188 of the Act;

8. Issue or allotment or transfer or transmission or buy back of securities/ redemption of

preference shares or debentures/ alteration or reduction of share capital/ conversion

of shares/ securities and issue of security certificates in all instances;

9. keeping in abeyance the rights to dividend, rights shares and bonus shares pending registration of transfer of shares in compliance with the provisions of the Act;

10. declaration/ payment of dividend; transfer of unpaid/ unclaimed dividend/other

amounts as applicable to the Investor Education and Protection Fund in accordance with section 125 of the Act;

11. signing of audited financial statement as per the provisions of section 134 of the Act

and report of directors is as per sub - sections (3), (4) and (5) thereof;

12. constitution/ appointment/ re-appointments/ retirement/ filling up casual vacancies/

disclosures of the Directors, Key Managerial Personnel and the remuneration paid to

them;

13. appointment / reappointment / filling up casual vacancies of auditors as per the

provisions of section 139 of the Act;

14. approvals required to be taken from the central Government, Tribunal, Regional Director, Registrar, Court or such other authorities under the various provisions of the Act;

15. acceptance /renewal / repayment of deposits; declaration/ payment of dividend;

transfer of unpaid/ unclaimed dividend/other amounts as applicable to the Investor Education and Protection Fund in accordance with section 125 of the Act;

16. borrowing from its directors, members, public financial institutions, banks, and others

and creation / modification/ satisfaction/ of charges in that respect, wherever

applicable;

17. loans and investments or guarantees given or providing of securities to other bodies

corporate or persons falling under the provisions of section 186 of the Act;

18. alteration of the provisions of the Memorandum and / or Articles of Association of the

Company.

Dharmendra Kumar Company Secretary Membership No.- 8969

COP No. - 13873

Place: Ranchi

List of Shareholders of Bihar Foundry & Casting Limited as on 31st March 2017

Sl. No Name

No. of Shares Held

1 Sri Mangi Lal Sharma 1000

2 Maharaj Kumar Raj Kishore Nath Sahdeo 500

3 Dr. Hari Krishna Budhia 2262700

4 Sri Piarey Lal Chopra 3000

5 Sri R. Prasads Budhia 27475

6 Smt. Lalita Chhachharia 50

7 Smt. Gyan Kaur 500

8 Sri A. C. Mooljee Khare 100

9 Sri U.S. Sanwal 200

10 Sri Radha Krishna Munjal 100

11 Sri Krityanand 50

12 Smt. Vijay C. Kamalia 100

13 Smt. Rita P. Kamalia 100

14 Dr. T.B. Prasad 100

15 Tekchand Dharamdas Bhagwanani 100

16 Avadhesh Pratap Singh 100

17 Sri Krishna Kumar Todi 15000

18 Sri Ashish Budhia 250

19 Smt. Achintya Dass 100

20 Smt. Sheilla Gupta 100

21 Smt. Kanka Chatterjee 100

22 Charanjeet Singh Washu 500

23 Mrs. Eva Dass 100

24 Mrs. Ranju Rekha Dass 100

25 Mrs. Satya Marwaha 100

26 Smt. Mintu Budhia 12850

27 Heendra Kumar Budhia 7375

28 Smt. Aruna Budhia 179550

29 Sri Devendra Kr. Budhia 25125

30 Bhgirathi Devi Budhia 23725

31 Sri Hari Mohan Ghosal 200

32 Mrs. Ranjeet Kaur 100

33 Mrs. Raj Kumari Bhala 200

34 Sri Gurbir Singh 100

35 Government of Bihar 3250

36 Smt. Sarla Devi Todi 15000

37 Bhupendra Kumar Jain & Mrs. Surajmukhi Jain 50

38 Sri F.S. Chhajerh & Mrs. Pushpa Chhajerh 50

39 Sri Ashok Seksaria 500

40 Sri Gaurav Budhia 414550

41 Mr. Nirmal Kumar Khemka 500

42 Sri Aravind Kumar Jhunjhunwala 200

43 Mrs. Abha Budhia 1250

44 Jhunjhunwala Consultants Co. Pvt. Ltd. 100

45 Sri Bimal Kumar Khemka 500

46 Sri Radha Shyam Lohia 500

47 Devendra Kumar Budhia & Smt. Abha Budhia 2000

48 Sri Ravi Agarwal 100

49 Suraj Narayan Agarwal 50

50 Sri Khushi Ram Agarwal 100

51 Sri Gobind Pd. Agarwal 200

52 Shyam Sunder Agarwal 100

53 Ramesh Kumar Bhuwalka 500

54 Miss Munni Bajoria 100

55 Mrs. Parwati Bajoria 150

56 Miss Manju Bajoria 250

57 Kanchan Lata Bhuwalka 500

58 Sri Ajoy Kumar Banerjee 50

59 Shakuntala Devi Budhia 50

60 Smt. Shakuntala Bahi 500

61 Shri Shankarlal Budhia 100

62 Sri Bishnu Kumar Budhia 100

63 Sri Uma Shankar Budhia 100

64 Sri Sachidanand Budhia 100

65 Sri Ram Deo Choudhary 100

66 Satyaindra Kr. Chopra 100

67 Smt. Puspa Daruka 500

68 Smt. Murti Devi 50

69 Sri Tirkha Ram Gopta 500

70 Sri Subhash Goel 100

71 Jetendra Prasad Gupta

100

72 Sri Premchand Goel 400

73 Sri Sita Ram Gupta 50

74 Sri Panchu Gon 50

75 Sri Nand Kishore Gupta

50

76 Sri Surendra Singh Hora

100

77 Ramesh Kumar Honda 100

78 Rampati Ram Kishan Jajodia

50

79 Sri Moolchand Jain 100

80 Sri Antony Joseph 150

81 Smt. Durga Khaitan 500

82 Smt. Sumitra Khaitan 250

83 Sri Gopilal Khaitan 250

84 Smt. Saroj Khaitan 250

85 Sri Satish Kumar 100

86 Sri Dashrath Pd. Kharia 100

87 Sri Surendra Sahu 50

88 Miss Suman Lata 100

89 Sri Surendra Pd. Singh 100

90 Sri Sibendra Nath Sen 50

91 Sri Sibendra Pd. Sen 50

92 Sri Nagendra Pd. Singh 50

93 Sri Shesh Nath Singh 100

94 Nawal Kishore Prasad 50

95 Sri Panalal Jain 100

96 Smt. Buchittar Kaur Rao 200

97 Sri Ram Gopal Surekha 100

98 Smt. Subh Mohindru 200

99 Md. Masihuddin 500

100 Jagdish Pd. Maheshwari 100

101 Mohendra Singh Mangal 100

102 Smt. Radha Devi Pasari 500

103 Sri Rajeshwar Prasad 1000

104 Hriday Narayan Tiwari 100

105 Sri Satyanarayan Todi 50

106 Sri Ram Parwesh Tiwari 100

107 Sri Ashok Kr. Tiwari 100

108 Jyotish Tiwari 50

109 Sri Prem Shankar Mishra 300

110 Sri Sanjay Kumar Mishra 200

111 Sri Vishnu Pd. Upadhaya 100

112 Santosh Kumar Jaiswal 50

113 Dr. Hari Krishna Budhia Gaurav Budhia Aruna Budhia 1238400

114 Aditi Sancharsuvidha Pvt. Ltd. 37500

115 Build Con Finance Ltd. 45000

116 Centak Distributors Pvt. Ltd. 29375

117 Cimmco Vinimay Pvt. Ltd. 15625

118 D.S. Consultancy and Holding Pvt. Ltd. 21875

119 Giri Financial Services Pvt. Ltd. 25000

120 J. P. Engineering Corporation Pvt. Ltd. 25000

121 Mohan Hire Purchase Pvt. Ltd. 12500

122 Motcab Finance Pvt. Ltd. 31250

123 MVS Leasing Pvt. Ltd. 21875

124 Nutshell Vyapaar Pvt. Ltd. 15625

125 Paridhi Finvest Pvt. Ltd. 34375

126 Plus Jet Finvest Pvt. Ltd. 31250

127 Prabhudhan Finance Pvt. Ltd. 28125

128 Priyamvada Finvest Pvt. Ltd. 45625

129 Sai Baba Finvest Private Limited 12500

130 Shree Mata Finance Pvt. Ltd. 15625

131 SJR Auto Financiers Pvt. Ltd. 28125

132 Swastik Securities & Finance Ltd. 12500

133 Vidhan Sales Agencies Pvt. Ltd. 15625

134 V S G Leasing and Finance Company Ltd. 9375

135 Aruna Industries and Investment Pvt Ltd 822500

136 Darshan Barter Private Limited 65000

137 Hallmark Commerce Pvt. Ltd 57500

138 Jhunjhunu Commerce Pvt. Ltd 52500

139 Kotriwal Commercial Pvt. Ltd. 31250

140 Saphire Dealers Private Limited 30000

141 Allied Global Infrastructure Ltd 360000

142 Darkin Distributors Pvt. Ltd 130000

143 Sunshine Housecon Ltd. 380000

144 Ashok Investors Trust Ltd 25000

145 Blue Print Securities Limited 340000

146 Greatful Infrastructures Pvt Ltd. 30000

147 Jackpot Financial Consultant SPV 100000

148 Konark Commerce & Industries Limited 375000

149 Matribhumi Finance Capital India 50000

150 Nihon Commodit Ltd. 50000

151 Shardaraj Tradefin Ltd. 385000

TOTAL 8047500

Independent Auditor’s Report

To the Members of

Bihar Foundry and Castings Limited

Report on the (standalone) Financial Statements

1. We have audited the accompanying (Standalone) financial statements of Bihar

Foundry and Castings Limited (The Company) which comprise the Balance Sheet

as at March 31, 2017, the Statement of Profit and Loss, Cash Flow Statement for

the year then ended, and a summary of significant accounting policies and other

explanatory information.

Management’s Responsibility for the (Standalone) Financial Statements

2. The Company’s Board of Directors is responsible for the matters stated in Section

134(5) of the Companies Act, 2013 (“the Act”) with respect to the preparation of

these (Standalone) 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 Indian Accounting Standards specified under Section 133 of the Act, read

with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also

includes maintenance of adequate accounting records in accordance with the

provisions of the Act for safeguarding 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 (standalone) financial statements that give a

true and fair view and are free from material misstatement, whether due to fraud

or error.

Auditor’s Responsibility

3. Our responsibility is to express an opinion on these (Standalone) financial

statements based on our audit in conducting 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 of

the (Standalone) financial statements 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 (Standalone) financial statements are

free from material misstatement.

4. An audit involves performing procedures to obtain audit evidence about the

amounts and the disclosures in the (standalone) financial statements. The

procedures selected depend on the auditor’s judgment, including the assessment

of the risks of material misstatement of the (standalone) financial statements,

whether due to fraud or error. In making those risk assessments, the auditor

considers internal financial control relevant to the Company’s preparation of the

(standalone) financial statements that give a true and fair view in order to design

audit procedures that are appropriate in the circumstances. An audit also includes

evaluating the appropriateness of the accounting policies used and the

reasonableness of the accounting estimates made by the Company’s Directors, as

well as evaluating the overall presentation of the (standalone) financial

statements.

5. We believe that the audit evidence we have obtained is sufficient and appropriate

to provide a basis for our audit opinion on the (standalone) financial statements

Opinion

6. In our opinion and to the best of our information and according to the

explanations given to us, the aforesaid (standalone) financial statements give the

information required by the Act in the manner so required and give a true and

fair view in conformity with the accounting principles generally accepted in India,

of the state of affairs of the Company as at March 31, 2017, and its Profit and its

Cash Flow for the year ended on that date.

Report on Other Legal and Regulatory Requirements

7. As required by section 143 (3) of the Act, based on our audit we report to the

extent applicable 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 purpose of

our audit;

b. in our opinion proper books of account as required by law have been kept

by the Company so far as it appears from our examination of those books;

c. the Balance Sheet, the Statement of Profit and Loss and the Cash Flow

Statement dealt with by this Report are in agreement with the books of

account;

d. in our opinion, the aforesaid (Standalone) financial statements comply with

the Accounting Standards prescribed under section 133 of the Act.

e. On the basis of written representations received from the directors as on

March 31, 2017 taken on record by the Board of Directors, none of the

directors is disqualified as on March 31, 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 A”. Our report

expresses and unmodified opinion on the adequacy and operating

effectiveness of the company’s internal financial controls over financial

reporting.

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) Rules,

2014, as amended, in our opinion and to the best of our information and

according to the explanations given to us:

i. According to the representation given by the company the pending

litigations disclosed in para 9 of note – 25 attached to the

(Standalone) Financial Statement will not significantly impact its

financial position. However, the present position of the matters

referred are subject to confirmation by the Legal Expert engaged by

the company;

ii. The Company did not have any long term contract including

derivative contracts for which their where any material foreseeable

losses.

iii. The Company is not required to transfer any amount to investor

education and protection fund.

iv. The Company has provided requisite disclosures in the standalone

financial statements as regards its holding and dealings in Specified

Bank Notes as defined in the Notification S.O. 3407(E) dated the 8th

November, 2016 of the Ministry of Finance, during the period from

8th November, 2016 to 30th December, 2016. Based on audit

procedures performed and the representations provided to us by

the management we report that the disclosures are in accordance

with the books of account maintained by the Company and as

produced to us by the Management. Also refer Note – 25 (8) to the

(standalone) financial statements.

8. As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”), as

amended, issued by the Central Government of India in terms of sub-section (11)

of section 143 of the Act to the extent applicable to the company, we give in the

“Annexure B” a statement on the matters specified in paragraphs 3 and 4 of the

Order.

For: S. Sannigrahi & Co.

Chartered Accountants

FRN: 04995C

Place: Ranchi

[CA D. Sannigrahi, FCA]

Partner

M. No.: 073322

“Annexure A” to the Independent Auditor’s Report.

(Referred to in paragraph 7(f) under ‘report on under legal and regulatory

requirements’ of even date).

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 Bihar Foundry

and Castings Limited (the company) as of March 31, 2017 in conjunction with our audit

of the standalone 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 (ICAI)”. 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

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”) issued by The Institute of Chartered Accountants of India and the

Standards on Auditing, prescribed under section 143(10) of the Companies Act, 2013, to

the extent applicable to an audit of internal financial controls. 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 judgement, including the assessment of

the risks of material misstatement of the (standalone) 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 (standalone) 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

(standalone) financial statements in accordance with generally accepted accounting

principles, and that receipts and expenditures of the company are being made only in

accordance with authorisations of management and directors of the company; and (3)

provide reasonable assurance regarding prevention or timely detection of unauthorised

acquisition, use, or disposition of the company's assets that could have a material effect

on the (standalone) financial statements.

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, 2016, based on for

example, “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”.



FRN: 04995C

Place: Ranchi


Partner

M. No.: 073322

“Annexure B” to the Independent Auditors’ Report

Referred to in paragraph 1 under the heading ‘Report on Other Legal & Regulatory

Requirement’ of our report of even date.

1. Reporting on maintaining. Verifying and disposing off the fixed assets :

a) The companies records showing full particulars including quantitative details and

situations of property, plant and equipments needs to be updated.

b) The management has physically verified all the property, plant and equipments

by its duly constituted team at the end of the year. The reconciliation between

Fixed Assets as per books & as per physical records is yet to be done.

c) The title deeds of immovable properties are held in the name of the company.

2. Physical Verification and maintenance of records of inventories :

a) Physical Verification of stock of stores and provisions has been done by

duly constituted team of the management of the company at the end of

the year.

b) In our opinion, the procedure of physical verification of stock followed by

the management is reasonable in relation to the size of the company and

the nature of its business. However system of identification of

unserviceable and obsolete stores is yet to be implemented.

c) As per the records produced before us, in our opinion, the company has

generally maintained proper records of the inventories. As verified by us,

there is no material variance found on physical verification compared to

the booked stock.

3. Reporting on repayment of loans granted by the Company :

The company has not granted any loans to the parties covered in the registered

maintained U/s 189 of the Companies Act except advances in the normal course

of the business. Accordingly the provisions of clause 3(iii)(a) to (c) of the order

are not applicable to the company and hence not commented upon.

4. Reporting on compliance of the Act in respect of loan granted by the

company:-

In our opinion and according to the information and explanations given to us, the

company has complied with the provisions of section 185 and I86 of the Companies

Act, 2013 In respect of loans, investments, guarantees, and security.

5. Acceptance of deposits:

The Company has not accepted any deposits from the public and hence the

directives issued by the Reserve Bank of India and the provisions of Sections 73 to 76

or any other relevant provisions of the Act and the Companies (Acceptance of

Deposit) Rules, 2015 with regard to the deposits accepted from the public are not

applicable.

6. Cost Records:

As per information & explanation given to us, cost records under sub section (1)

of section 148 of the Companies Act maintained by the company broadly

complied with the requirement of the Act.

7. Payment of applicable taxes:

According to the information and explanations given to us, in respect of statutory

dues;

a) In our opinion, the company needs to be regular in depositing with

appropriate authority undisputed statutory dues payable in respect of

Provident Fund, ESI, Income Tax, Service Tax, TDS, VAT, CST, Cess and

other material statutory dues as applicable to it.

b) There is no dues of material amount in respect of Income tax, wealth tax,

excise duty, service tax, sales tax, value added tax, cess, TDS which are not

been deposited on account of any dispute and outstanding on 31st March

2017 except the matters referred in para – 9 of Note No. 25 of Notes on

Account attached to the balance sheet. However details of demand of

Central Excise not made available for our verification.

8. Default in repayment of dues :

According to our information and explanation given to us, except temporary

irregularities, the company has not defaulted in repayment of its dues to banks

except the default in repayment of the interest free loan of Rs. 50,97,259/- from

Bihar State Investment and Credit Corporation. The Company has not taken any

loan either from financial institutions or from the government and has not issued

any debentures.

9. Initial public offered terms and condition of loan:-

Based upon the audit procedures performed and the information and explanations

given by the management, the company has not raised moneys by way of initial

public offer or further public offer including debt instruments and term Loans.

Accordingly, the provisions of clause 3 (ix) of the Order are not applicable to the

Company and hence not commented upon. However according to our information

and explanation given to us, the company has taken from bank and the loans are

applied for the purpose for which the loans were taken.

10. Reporting of fraud:

According to our information and explanation given to us and on our

examination of the books and records of the company we have neither come

across any instances of fraud or on by the Company, noticed or reported during

the year nor we have been informed of such case by the management.

11. Managerial Remuneration:

According to the information and explanations give to us and based on our

examination of the records of the Company, the Company has paid/provided for

managerial remuneration in accordance with the requisite approvals mandated by

the provisions of section 197 read with Schedule V to the Act.

12. Application of nidhi company:

In our opinion and according to the information and explanations given to us,

the Company is not a nidhi company. Accordingly, paragraph 3(xi) of the Order is

not applicable.

13. Disclosure of transactions with related parties:-

In our opinion, all transactions with the related parties are in compliance with section

177 and 188 of Companies Act, 2013 and the details have been disclosed in the

Financial Statements as required by the applicable accounting standards refer para –

5 of Note - 25.

14. Preferential allotment or private placement of share and debenture:

Based upon the audit procedures performed and the information and

explanations given by the management, the company has not made any

preferential allotment of shares or debenture, hence reporting under this clause

of the order is not application to the company.

15. Non cash transaction with the directors :-

Based upon the audit procedures performed and the information and explanations

given by the management, the company has not entered into any non-cash

transactions with directors or persons connected with him. Accordingly, the

provisions of clause 3 (xv) of the Order are not applicable to the Company and

hence not commented upon.

16. Registration with RBI

In our opinion, the company is not required to be registered under section 45 IA of

the Reserve Bank of India Act, 1934 and accordingly, the provisions of clause 3 (xvi)

of the Order are not applicable to the Company and hence not commented upon.



Place: Ranchi FRN: 04995C


Partner

M. No.: 073322

BIHAR FOUNDRY & CASTINGS LTD.

Balance Sheet as at 31st March 2017

Particulars

Note No

Figures as at 31st March 2017


I. EQUITY AND LIABILITIES

(1) Shareholder's Funds

(a) Share Capital 1 80,475,000.00 78,475,000.00

(b) Reserves and Surplus 2 616,918,690.93 610,586,895.34

(2) Share application money pending allotment - -

Sub Total 697,393,690.93 689,061,895.34

(3) Non-Current Liabilities

(a) Long-term borrowings 3 839,112,071.22 851,876,873.33

(b) Deferred tax liabilities (Net) 4 50,633,468.04 38,371,131.82

(c) Other Long term liabilities - -

(d) Long term provisions 5 6,381,736.00 5,357,437.00

Sub Total 896,127,275.26 895,605,442.15

(4) Current Liabilities

(a) Short-term borrowings 6 526,896,082.93 546,161,060.58

(b) Trade payables 7 370,684,990.68 389,028,778.30

(c) Other current liabilities 8 268,469,091.89 164,126,407.84

(d) Short-term provisions 9 8,926,982.64 9,468,027.00

Sub Total 1,174,977,148.14

1,108,784,273.72

Total 2,768,498,114.34

2,693,451,611.21

II.ASSETS

(1) Non-current assets

(a) Fixed assets

(i) Tangible assets 10 1,255,775,258.58

1,294,949,981.84

(ii) Capital work-in-progress 31,726,465.70 -

(b) Long term loans and advances 11 58,245,936.25 49,730,531.25

Sub Total 1,345,747,660.53

1,344,680,513.09

(2) Current assets

(a) Current Investment 12 1,075,050.00

(b) Inventories 13 637,602,192.88 439,141,267.14

(c) Trade receivables 14 549,358,554.71 705,753,061.79

(d) Cash and cash equivalents 15 20,784,904.38 24,128,146.17

(e) Short-term loans and advances 16 210,157,035.72 166,932,015.85

(f) Other current assets 17 3,772,716.10 12,816,607.15

Sub Total 1,422,750,453.79

1,348,771,098.10

Total 2,768,498,114.34

2,693,451,611.21

III Significant Accounting Policies and Notes on Accounts 25

For : BIHAR FOUNDRY AND CASTINGS LIMITED

Dr. Hari Krishna Budhia Gaurav Budhia

DIN: 01481085 DIN: 01652817

Managing Director Director

Place : Ranchi

BIHAR FOUNDRY AND CASTINGS LIMITED

Profit and Loss statement for the year ended 31st March, 2017

Particulars

Note No



I Revenue from operations 18

2,961,899,494.61

3,503,829,039.83

II Other Income 19

9,100,475.68

11,610,856.32

III Total Revenue (I +II)

2,970,999,970.29

3,515,439,896.15

IV Expenses:

Cost of materials consumed 20

1,642,163,207.95

1,723,000,490.13

Changes in inventories of finished goods, 21 (12,966,941.22)

(8,232,799.68)

Employee benefit expense 22

19,188,665.99

16,875,398.36

Financial costs 23

152,762,740.98

123,205,044.06

Depreciation and amortization expense 10

57,118,932.35

36,420,183.02

Other expenses 24

1,111,999,369.78

1,658,372,714.05

Total Expenses

2,970,265,975.84

3,549,641,029.93

V

Profit before exceptional and extraordinary items and tax

733,994.45

(34,201,133.78)

VI Exceptional Items -

VII Profit before extraordinary items and tax

733,994.45

(34,201,133.78)

VIII Extraordinary Items - -

IX Profit before tax

733,994.45

(34,201,133.78)

X Tax expense:

(1) Current tax

139,862.64 -

(2) Deferred tax

12,262,336.22

9,908,925.22

XI

Profit(Loss) for the period from continuing operations

(11,668,204.41)

(44,110,059.00)

XII Profit/(Loss) from discontinuing operations -

XIII Tax expense of discontinuing operations - -

XIV Profit/(Loss) from Discontinuing operations (After tax) - -

XV Profit/(Loss) for the period

(11,668,204.41)

(44,110,059.00)

XVI Earning per equity share:

(1) Basic - -

(2) Diluted - -

Notes referred above form integral part of the statement of Profit & Loss

For : BIHAR FOUNDRY AND CASTINGS LIMITED


DIN: 01481085 DIN: 01652817


BIHAR FOUNDRY AND CASTINGS LIMITED

Notes on Financial Statement for the Period Ended 31st March, 2017

Current Year Previous Year

Amount( In `) Amount( In `)

Note - 1

DETAILS OF SHARE CAPITAL

1.1 Authorised Share capital

81,00,000 Equity Share of ` 10/- each

81,000,000.00 81,000,000.00

80,000,000.00

80,000,000.00

(Previous year 80,00,000 Equity Share of 10/ each)

1.2 Issued, Subscribed & Paid-up

80,47,500 Equity share of `10/- each Fully paid-up.

80,475,000.00

78,475,000.00

(Previous Year 78,47,500 Equity share of `10/- each Fully paid-up)

TOTAL 80,475,000.00

78,475,000.00

1.3 Reconcilation between Opening and Closing Numbers of Shares

Number of Shares Amount( In `)

Number of Shares Amount( In `)

1.3 Particulars

Equity Shares at the Begning of the Reporting Period

7,847,500 78,475,000.00

5,872,500

58,725,000.00

Add : Fresh Equity Shares Issued during the reporting period

200,000 2,000,000.00

1,975,000

19,750,000.00

Equity Shares at the End of the Reporting Period

8,047,500 80,475,000.00

7,847,500

78,475,000.00

1.4 Details of Shareholders Holding More than 5% Number of

Shares Percentage Number of

Shares Percentage

of Shares In the Company

(a) Hari Krishna Budhia

2,262,700 28.12

2,162,700 27.56

(b) Hari Krishna Budhia(HUF)

1,238,400 15.39

1,238,400 15.78

(c ) Aruna Industries and Investment Pvt Ltd

822,500 10.22

822,500 10.48

(d) Gaurav Budhia

414,550 5.15

314,550 4.01

1.5 Shares out of Issued, Subscribed and paid up Share Capital were alloted as Bonus Shares in the last five years

NIL NIL 1.6 Shares out of Issued, Subscribed and paid up Share

Capital were alloted in the last five years without payment being received in Cash NIL NIL

1.7 Shares of the company were bought back in the last five years NIL NIL

Note - 2

DETAILS OF RESERVES AND SURPLUS

2.1 Securities Premium Account

Balance at the Begning of the Year

451,125,000.00

273,375,000.00

Add : Addition during the Year

18,000,000.00

177,750,000.00

Less: Deduction during the Year - -

Balance at the close of the Year 469,125,000.00

451,125,000.00

2.2 Profit and Loss Account


156,866,989.66

200,977,048.66

Add : Depreciation Written Back

Add : Addition during the Year

(11,668,204.41)

(44,110,059.00)

Add : Depreciation Written Back - -


156,866,989.66

2.3 Investment Allowance Utilasation Reserve (free Reserve)


2,594,905.68

2,594,905.68

Add : Addition during the Year - -

Less: Deduction during the Year - -


2,594,905.68

TOTAL 616,918,690.93

610,586,895.34

Note - 3

DETAILS OF LONG TERM BORROWINGS

3.1 Secured

3.1.1 From Banks (Consortium)

739,945,159.00

756,150,000.00

3.1.2 From other Financial Instution

4,258,968.30

818,929.41

744,204,127.30

756,968,929.41

3.2 Unsecured

3.2.1 Deposit from Related Parties

94,907,943.92

94,907,943.92

94,907,943.92

94,907,943.92

TOTAL 839,112,071.22

851,876,873.33

3.1.1

(a) Long term Borrowing from Banks (Consortium) are

secured by Charges on Fixed Asset,hypothecation of Stock & Book Debts and by Personal Guarantee of Directors

(b) Terms of Repayment

In Financial Year 2016-17 - Rs 195.50 Lacs



In Financial Year 2019-20 - Rs 1,053.36 Lacs






(c ) Rate of Interest(March,2017) 10.50% 10.25% (d) Instalment Due in respenct of loans from Bank

Consortium upto 31.03.2018 have been reported under Current maturities of Long term Debt.

3.2.1

(a) Unsecured Loan from Related parties are interest free and not payable within 12 Months

Note - 4

DETAILS OF DEFERRED TAX LIABILITIES (Net)

4.1 As per Last Statement

38,371,131.82

28,462,206.60

4.2 Add Provision for the Reporting Period

12,262,336.22

9,908,925.22

50,633,468.04

38,371,131.82

Note - 5

DETAILS OF LONG TERM PROVISION

5.1 For Employee Benefit

6,381,736.00

5,357,437.00

TOTAL 6,381,736.00

5,357,437.00

Note - 6

DETAILS OF SHORT TERM BORROWING

6.1 Secured

Working Capital Loan from Banks- Consortium

526,896,082.93 526,896,082.93

546,161,060.58

6.2 Working Capital Loan is secured by hypothecation of present and future Stock in Trade & Sundry Debtors

6.3 Working Capital Loans are repayable on Demand.

6.4 Rate of Interest(March,2016) 10.25% 10.25%

TOTAL 526,896,082.93

546,161,060.58

Note - 7

DETAILS OF TRADE PAYABLES

7.1 Trade Payables

327,559,790.68

345,835,352.30

7.2 Bills Accepted(Against LC)

43,125,200.00

43,193,426.00

TOTAL 370,684,990.68

389,028,778.30

Note - 8

DETAILS OF OTHER CURRENT LIABILITIES

8.1 Current maturities of Long Term Debt-

72,627,000.00

24,870,805.00

Consortiun Banks

8.2 Bank Overdraft

21,862,267.23

8.3 Current maturities of Long Term Debt-

2,038,163.10

614,817.37

Other Financial Instution

8.4 Interest Accured and due on borrowings

8,613,613.18

8,744,947.80

8.5 Creditors for Capital Expenditure

23,456,996.47

30,339,338.17

8.6 Interest Free Sales Tax Loan from BICICO

5,097,258.97

5,097,258.97

8.7 Advance from Customers

63,783,475.67

78,252,745.92

8.8 Statutory Dues & Other Current Liability

70,990,317.27

16,206,494.61

TOTAL 268,469,091.89

164,126,407.84

Note - 9

DETAILS OF SHORT TERM PROVISIONS

9.1 For Employees Benefit

1,966,934.00

2,337,703.00

9.2 Central Excise Duty on Finished Goods

6,820,186.00

7,130,324.00

9.3 Income Tax

139,862.64 -

TOTAL 8,926,982.64

9,468,027.00

BIHAR FOUNDRY & CASTINGS LTD

Note - 10

Details of Fixed Assets and Depreciation as on 31st March 2017

DESCRIPTION OF ASSETS

GROSS BLOCK DEPRECIATION NET BLOCK

Balance As on 01-04-2016

Add/Adj

Dedn/Ad

j

Total As on 31-03-2017

Balance as on 01-04-2016

For the year ended

31-03-2017

Dedn/

Adj

Arrear

of Depreciatio

n

Total as on 31-03-2017

As on 31-03 -2017

As on 31-03-2016

Lease hold Land 558,250.01 -

-

558,250.01

131,145.00

3,360.00

-

-

134,505.00

423,745.01 427,105.01

5 Acre Land 27,101,037.00 -

-

27,101,037.00

451,683.95

903,367.90

-

-

1,355,051.85

25,745,985.15

26,649,353.05

Internal Road 146,000.00 -

-

146,000.00

145,999.00 -

-

-

145,999.00

1.00 1.00

Factory Building 48,058,539.78 -

-

48,058,539.78

11,255,110.58

1,505,654.66

-

-

12,760,765.24

35,297,774.54

36,803,429.20

Plant & Machinery 833,580,245.56 9,161,045.57

-

842,741,291.13

123,381,626.51

29,881,657.36

-

-

153,263,283.87

689,478,007.26

710,198,619.05

Motor Vehicles 15,110,028.19 8,213,752.52

-

23,323,780.71

5,162,411.34

2,073,182.74

-

-

7,235,594.08

16,088,186.63

9,947,616.85

Miscellaneous Fixed Assets 7,309,303.79 569,411.00

-

7,878,714.79

4,218,609.53

574,464.74

-

4,793,074.28

3,085,640.51

3,090,694.26

Factory Building 12,360,020.52 -

-

12,360,020.52

1,960,003.42

392,000.68

-

-

2,352,004.10

10,008,016.42

10,400,017.10

Plant & Machinery 570,231,106.69 -

-

570,231,106.69

72,797,960.37

21,785,244.27

-

-

94,583,204.63

475,647,902.06

497,433,146.32

TOTAL 1,514,454,531.54 17,944,209.09

-

1,532,398,740.63

219,504,549.70

57,118,932.35

-

-

276,623,482.05

1,255,775,258.58

1,294,949,981.84

Previous years Figures 965,040,099.50 549,414,432.04

-

1,514,454,531.54

183,084,366.68

36,420,183.02

-

-

219,504,549.70

1,294,949,981.84

781,955,732.82



Note - 11

DETAILS OF LONG TERM LOAN & ADVANCES

11.1 Capital Advance 48,193,436.25

39,678,031.25

11.2 Deposit with Central Excise Department 10,052,500.00

10,052,500.00

All the above Advances are unsecured but considered good.

TOTAL

58,245,936.25

49,730,531.25

Note - 12

DETAILS OF CURRENT INVESTMENT

12.1 Gold Coins 1,075,050.00 -

TOTAL

1,075,050.00 -

Note - 13

DETAILS OF INVENTORIES

13.1 Raw Material 485,069,608.12

144,909,036.88

13.2 Finished Goods 78,740,133.35

65,773,192.13

13.3 Stock In Transit 33,454,540.26

79,994,042.60

13.4 Stores & Spares 40,337,911.15

148,464,995.54

Stocks are taken, valued and certified by management

TOTAL

637,602,192.88

439,141,267.14

Note -

14

DETAILS OF TRADE RECEIVABLE 14.1 Outstanding for a period exceeding Six

Month From from the date they are due 215,939,138.26

61,717,811.21

14.2 Other Debtor 333,419,416.45

644,035,250.58

All the debtors are unsecured considered good and are realisable either in cash or by Adjustment

TOTAL

549,358,554.71

705,753,061.79

Note - 15

DETAILS OF CASH AND CASH EQUIVALENT

15.1 Cash in Hand 564,077.05

4,290,189.91

15.2 Balances with Bank(Current Account) 169,196.69

768,188.97

15.3 Balances with Bank in Fixed Deposit Account

20,051,630.64

19,069,767.29

(Held as Margin for BG & LC)

TOTAL

20,784,904.38

24,128,146.17

Note - 16

DETAILS OF SHORT TERM LOANS AND ADVANCES

16.1 Advances to Suppliers 161,610,410.16

140,334,834.85

16.2 Advances to Related Parties - -

H.K.Budhia

8,662,736.76

Gaurav Budhia

6,987,280.00

16.3 Advance to others 7,148,421.20

9,666,570.00

15.4 Security Deposit 25,748,187.60

16,930,611.00

All the Advances are Unsecured but considered good

TOTAL

210,157,035.72

166,932,015.85

Note - 17

DETAILS OF OTHER CURRENT ASSET

17.1 Prepaid paid Expenses 907,589.60

6,407,673.85

17.2 Advance Tax and Tax Refundable(Direct & Indirect)

2,865,126.50

6,408,933.30

All the Above Balances are Considered

Good

TOTAL

3,772,716.10

12,816,607.15



Note - 18

DETAILS OF REVENUE FROM OPERATIONS

18.1 Gross Sales 3,280,944,585.11

3,832,443,084.96

Less Excise Duty

319,045,090.50

328,614,045.13

Net Revenue from Operation

2,961,899,494.61

3,503,829,039.83

Note - 19

DETAILS OF OTHER INCOME

19.1 Interest on Fixed Deposit

1,282,778.00

1,407,241.00

19.2 Interest on Security Deposit

6,248,390.00

8,304,714.00

19.3 Discount Received

909,746.89

1,003,490.92

19.4 Foreign Exchange Difference Account

214,402.00 -

19.5 Other Income

445,158.79

895,410.40

TOTAL

9,100,475.68

11,610,856.32

Note - 20

DETAILS OF COST OF MATERIAL CONSUMED

20.1 Opening Stock

Raw material

144,909,036.88

152,072,483.64

Stock In Transit

79,994,042.60 -

Stores & Spares

148,464,995.54

373,368,075.01

193,254,183.88

345,326,667.52

20.2 Add : Purchase Made

Manganese Ore

379,788,678.70

505,118,111.89

Steel scrap

234,246,314.55

198,568,771.26

Iron Ore/ Iron Ore Pellet

367,920,244.52

576,989,339.63

Coal/Coke

387,956,631.88

629,233,510.36

Other Purchase and Related Expenses Including Carriage Inward

591,049,771.03

1,960,961,640.68

513,428,983.21

2,423,338,716.35

20.3 Less: Closing Stock

Raw Material

485,069,608.12

144,909,036.88

Stock In Transit

33,454,540.26

79,994,042.60

Stock & Spare

40,337,911.15

558,862,059.53

148,464,995.54

373,368,075.01

20.4 Less: Stores and Spare Consumption transferred to Repair and Maintenance & consumbales under other expenses

133,304,448.21

672,296,818.73

Coal/Coke

613,182,770.48

Civil Material -

1,634,193.39

Consumable Store

93,655,863.34

36,732,804.38

Electrical

10,776,429.68

5,166,692.04

Laboratory

2,416,425.45

1,947,374.60

Mechanical Stores

23,471,927.28

13,630,451.25

Tools & Tackels

2,983,802.46

2,532.59

TOTAL

1,642,163,207.95

1,723,000,490.13

Note - 21

DETAILS OF CHANGE IN INVENTORY OF FINISHED GOODS

21.1 Closing Stock of Finished Goods 78,740,133.35

65,773,192.13

21.2 Less Opening Stock of Finished Goods

65,773,192.13

57,540,392.45

TOTAL

(12,966,941.22)

(8,232,799.68)

Note - 22

DETAILS OF EMPLOYEE BENEFIT EXPENSE

22.1 Salary & Wages

10,566,952.00

9,725,574.00

22.2 Annual Bonus -

900,937.00

22.3 Gratuity & Leave Encashment

2,426,467.99

646,349.36

22.4 Staff & Labour Welfare

619,254.00 57,800.00

22.5 Employer Contribution to ESI & EPF

1,375,992.00

1,319,538.00

22.6 Director Remuneration

4,200,000.00

4,200,000.00

22.7 Medical Reimbursement 25,200.00

TOTAL

19,188,665.99

16,875,398.36

Note - 23

DETAILS OF FINANCE COSTS

23.1 Interest

145,706,582.73

113,092,839.56

23.2 Other Borrowing Cost

7,056,158.25

10,112,204.50

TOTAL

152,762,740.98

123,205,044.06

Note - 24

DETAILS OF OTHER EXPENSES

24.1 Consumables

96,072,288.79

651,862,949.46

24.2 Electricity Charges 685,531,442.00

786,776,892.00

24.3 Contractor Payments

48,871,698.00

20,075,114.00

24.4 Machine Hire Charges

3,434,177.00

1,723,125.00

24.5 Repair & Maintenance of Building

18,078.00

1,716,540.39

24.6 Repair & Maintenance of Plant & Machinery

43,415,168.42

20,644,552.88

24.7 Repair & Maintenance of Computer

165,660.00

170,254.00

24.8 Repair & Maintenance of Other

5,075,798.00

1,009,161.00

24.9 Central Excise Duty & Custom Duty

35,985,648.89

44,852,527.23

24.10 Insurance Expenses

3,181,244.00

2,076,446.86

24.11 Rent, Rates & Taxes

3,084,080.25

1,145,400.00

24.12 Security Expenses

3,610,818.81

4,245,073.17

24.13 Commission & Brokerage

14,071,769.00

14,305,350.20

24.14 Carriage Outward

118,766,341.00

81,089,300.00

24.15 Auditor Remuneration

390,000.00

469,750.00

24.16 Other Expenses

50,325,157.62

26,210,277.86

TOTAL

1,111,999,369.78

1,658,372,714.05


Cash Flow Statement for the year ended 31st March, 2017

Year Ended Year Ended

31.03.2017 31.03.2016

Figure in Lacs

A. Cash Flow from Operating Activities :

Net Profit before tax 7.34

(342.01)

Adjustments for :

Depreciation 571.19 364.20

Interest on Fixed Deposit (12.83) (14.07)

558.36

350.13

Operating Profit before Working Capital Changes 565.70

8.12

Increase in Inventory (1,984.61) (362.74)

Decrease in Debtors 1,563.95 (458.85)

Increase in Short Term Loan & Advances (432.25) (378.83)

Decrease in Other Current Assets 79.69 253.31

Increase In Current Liability & Provisions 394.72 1,115.76

Increase In Other Long Term Liability -

(378.50) (40.00) 128.66

Cash Generated from Operations

Advance Tax,Tax Deducted at Source and Taxes of Earlier Years - -

Direct Taxes paid (1.40) -

(1.40)

-

Net Cash from Operating Activities 185.80

136.78

B. Cash Flow from Investing Activities :

Purchase of fixed assets (179.44) (5,494.14)

Increase in Advances Paid toward Capital work in progress

(85.15)

1,280.90

Increase in Capital work in progress (317.26) 1,945.11

Increase in Current Investment -

Interest on Fixed Deposit 12.83 14.07

Net Cash used in Investing Activities

(569.03)

(2,254.06)

C. Cash Flow from Financing Activities :

Increase in Share Capital 20.00 197.50

Increase in Share Premium 180.00 1,777.50

Increase in Long Term Liability 342.45 247.32

Increase in Short Term Liability (192.65) -258.86

Net Cash from Financing Activities 349.80

1,963.46

Net Increase/(Decrease) in Cash or Cash equivalents (A+B+C)

(33.43)

(153.83)

Opening Cash and Cash equivalents 241.28

395.11

Closing Cash and Cash Equivalents 207.85 241.28

207.85

0.00

For : BIHAR FOUNDRY & CASTINGS LTD.


DIN: 01481085 DIN: 01652817



NOTE -25

NOTE: ANNEXED TO AND FORMING PART OF THE FINANCIAL STATEMENTS AS AT AND FOR

THE YEAR ENDED 31st MARCH, 2017 AND TO BE READ INCONJUCTION THEREWITH.

1. Figures of previous year have been regrouped and rearranged wherever considered necessary.

2. Significant Accounting Policies:

i) The financial statement are prepared under the historical cost convention on accrual

basis as going concern and materially comply with the mandatory accounting standards

issued by the Institute of Chartered Accountants of India, subject to the matter stated

hereunder/before.

ii) Valuation of Closing Stock:

a) Closing stock of Raw Material is valued at cost.

b) Closing stock of store and spares are valued at cost.

c) Closing stock of finished goods valued at realisable price inclusive of Excise Duty in

accordance with the provisions of section 145A of Income Tax Act, 1961.

iii) Fixed Assets:

Fixed Assets are recorded at cost of acquisition.

iv) Depreciation:

a. Depreciation on fixed assets is charged over the estimated use full life of the asset

in accordance with part A of schedule 2 of Companies Act,2013 provided from the

date of asset put to use under straight line method.

b. The residual value of all the fixed asset for depreciation purpose is considered as

5% of original cost of asset

v) Revenue recognition:

a. Sales are exclusive of state tax but inclusive of excise duty and net off discount and

rebate allowed.

b. Revenue on account of disposal of rejected stores, materials etc. are recognised on

realisation basis.

c. As per accounting policy consistently followed by the company sales include unsold

stock with consignee. Differences in realisations are adjusted in the year of actual

sale by the consignee.

vi) Use of Estimates:

The preparation of financial year statements requires estimates and assumption to be

made that affect the reported amount of asset and liabilities on the date of the

financial statements and the reported amount of revenues and expenses during the

reporting period. Difference between the actual results and estimates are recognised in

the period in which the results are known/materialised.

vii) Impairment of Assets:

An asset is treated as impaired when the carrying cost of assets exceeds its recoverable

value. An impairment loss is charges to the Profit and loss Account in the year in which

an asset is identified as impaired. The impairment loss recognised in prior accounting

period is reversed if there has been a change in the estimate of recoverable amount.

viii) Employee Benefits:

Retirement Benefits are treated in the account consistently in the following manner:-

a. For gratuity liability – The Company has made provisions for accrued gratuity

liability in accordance with the Act.

b. Provident Fund & Family Pension Fund - As per actual contribution made to the

concerned authorities in accordance with the Act.

c. Leave encashment on retirement – The Company has made provisions for accrued

liability in accordance with the rules of the company for the financial year 2016-17.

ix) Borrowing Cost:

Interest and other borrowing costs attributable to qualifying asset are capitalised. Other

interest and Borrowing costs are charged to revenue.

x) Finance Cost:

Finance Charge include Bank Interest, interest on unsecured loan and other borrowing

cost.

xi) Balance and Balance Confirmation:

Individual balances of debtors and creditors are net of security deposit advance deposit

with/from the parties and subject to reconciliation and confirmation.

xii) Consumption of Material:

Raw material, stores consumption amount is net of recovery.

xiii) Repair & Maintenance:

Repairs & Maintenance expense of plant and machinery, building & others are mainly

cost of the materials used and exclusive of salary and wages incurred for the same.

xiv) Electricity Charges

Company has commenced availing Power Supply for its Ferro Alloys Unit from

Jharkhand State Electricity Board from November, 2013.

For the period of supply from DVC to Ferro Alloys Unit, the company has made claim

to DVC for refund of Rs. 11.69 crores. In terms of final tariff orders of Central Electricity

Regular Commission for the Tariff period 2009-2014 published during June, 2013 to

September, 2013 which has been disputed by DVC and the matter is now subjudice

before the Hon’ble Jharkhand High Court in writ petition being WP(C) No. 93/2014.

xv) Grouping of Items:

Sales & expenditure of consignment sale is accounted by merging the same with the

overall sales and expenditure.

xvi) Cash In Hand

Cash Balances are as taken and certified by the management.

xvi) Inventories

Closing stock of stores and provisions are valued at average cost of Physical stock

found on physical verification by team of management.

xvii) Bank Balances

Bank Balances are net of Cheque Issued/ Deposited but not debited/credited till the

end of the year appearing in bank reconciliation statement.

xviii) Tax on Income

The company is not liable to pay income tax for the year in accordance with the

applicable provisions of Income Tax Act because of taxable loss. However the company

is liable to pay MAT ` 1,39,863/- on Book Profit ` 7,33,994/-.

3. As the Company’s Business activity falls within Single Primary Business Segment viz.

“Manufacturing of Steel and allied materials”, accordingly the disclosure requirement of

Accounting Standard- 17 – “Segment Reporting” issued by the Institute of Chartered

Accountants of India is not applicable.

4. No amount is due to Micro and Small Enterprises as defined in the “The Micro, Small and

Medium Enterprises Development Act, 2006”. This has been determined to the extent such

parties have been identified on the basis of information available with the Company. The

disclosures relating to Micro and Small Enterprises as at 31st March, 2017 are as under:-

Sl. No. Description Rupees

1 The principal amount remaining unpaid to supplier as at the

end of accounting year (included in Trade Payables)

Nil

2 The interest due thereon unpaid to supplier as at the end of

accounting year

Nil

3 The amount of interest paid in terms of Section 16, along with

the amount of payment made to the supplier beyond the

appointment day during the year 2016-17

Nil

4 The amount of interest due and payable for the period of delay

in making payment (which have been paid but beyond the

appointed day during the year)

Nil

5 The amount of interest accrued during the year and remaining

unpaid at the end of the accounting year

Nil

5. Related Party disclosure as required under Accounting Standard- 18 are given.

Name of related parties and description of relationship are given below:-

1. List of Related Parties

1.1 Key Managerial Personal

(a) Dr. Hari Krishna Budhia

(b) Sri Gaurav Budhia

(c) Smt. Aruna Budhia

1.2 Relative of Key Managerial Personal

(a) Dr. Hari Krishna Budhia (HUF)

(b) Smt. Sweta Budhia

1.3 Associates

(a) Aruna Industries and Investments Pvt. Ltd.

(b) Sweta Minerals

2. Transactions with Related parties Current year Amt. in ` Previous year Amt. in `

2.1 Remuneration

(a) Dr. Hari Krishna Budhia 24,00,000.00 24,00,000.00

(b) Sri Gaurav Budhia 18,00,000.00 19,00,000.00

2.2 Services Received (Hire Charges)

(a) Sri Gaurav Budhia 21,24,00 0.00 12,01,000.00

(b) Smt. Aruna Budhia 2,40,000.00 3,00,000.00

(c) Aruna Industries and

Investments Pvt. Ltd.

3,86,000.00 6,00,000.00

(d) Dr. Hari Krishna Budhia 2,40,000.00 --

2.3 Services Received (Rent)

(a) Hari Krishna Budhia (HUF) 6,00,000.00 6,00,000.00

(b) Smt. Aruna Budhia -- 2,40,000.00

2.4 Purchases (Raw Material)

(a) Sweta Minerals 33,30,68,611.00 25,88,71,250.00

(b) Aruna Industries and

Investments Pvt. Ltd.

20,36,37,183.52 --

2.4 Sale

(a) Sweta Minerals

--

4,73,34,065.00

Deposits (Other than temporary advances) Current year Amt. in ` Previous year Amt. in `

(a) Hari Krishna Budhia (HUF) Cr. 6,46,296.92 Cr. 6,46,296.92

(b) Smt. Aruna Budhia Cr. 2,82,86,545.00 Cr. 2,82,86,545.00

(c) Dr. Hari Krishna Budhia Cr. 4,92,33,102.00 Cr. 4,92,33,102.00

(d) Gaurav Budhia Cr. 1,67,42,000.00 Cr. 1,67,42,000.00

6. Earnings Per Share is calculated by dividing Net Profit for the year attributable to equity share

holders by number of Equity Share outstanding during the year in accordance with the

requirement of Accounting Standard- 20 issued by The Institute of Chartered Accountant of

India.

7. The calculation for deferred tax has been made in accordance with the requirement of

Accounting Standard -22 issued by the Institute of Chartered Accountant of India.

8. Details of Specified Bank Notes (SBNs) held and transacted during the period from 8th

November, 2016 to 30th December, 2016 as provided in the table below:-

Particulars SBNs Other

Denomination

Notes

Total

Closing cash in hand as on 08-11-2016 1,90,63,500 4,15,917 1,94,79,417

(+) Permitted receipts -- 9,54,000 9,54,000

(-) Permitted payments -- 2,93,663 2,93,663

(-) Amount deposited in banks 1,90,63,500 -- 1,90,63,500

Closing cash in hand as on 30.12.2016 -- 10,76,254 10,76,254

9. Contingent Liabilities and commitments (to the extent not provided for)

Current year `

in lakhs

Previous year ` in

lakhs

i. Commitments

Estimated amount of contracts remaining to be

executed on capital account and not provided for

-- --

ii. Contingent Liabilities

Disputed Income Tax demand by estimated addition 93.94 63.34

of income in assessment and apparent mistake in

calculation of demand of earlier years(In Lacs)

Disputed Demand of Commissioner of Customs 67.58 --

Bank Outstanding Guarantee 20.69 5.00

a. Damodar Valley Corporation’s claim of minimum demand and energy Charges for the

period July, 1977 to October, 1978 amounting to Rs. 30.18 lakhs is still under arbitration as

per courts order. The Company has furnished bank guarantees of Rs. 5.00 lakhs as per the

direction of the Court.

b. During search and seizure on 16th October, 2008 by Central Excise Authorities the amount

of Rs. 1 crore paid under protest has been shown as deposit as the purported demand is

under protest before CESTAT, Kolkata.

c. All the known liabilities upto 31st March, 2017 have been provided for in the accounts. The

company has no knowledge of any other liability proper and/or contingent not provided for

or not disclosed in the accounts other than those disclosed above.

For BIHAR FOUNDARY & CASTINGS LTD. For S. SANNIGRAHI & CO.


(Firm R. No. 004995C)

Dr. Hari Krishna Budhia Sri Gaurav Budhia (CA. Debasish Sannigrahi)

(DIN : 01481085) (DIN : 01652817) Partner

Managing Director Director M. NO. 073322

bihar - bseindia.com · corporate information board of directors name: dr. hari krishna budhia...

Documents