Prakash SteeJage Lt~~N L27106MH1 991PLC061595

6
Prakash SteeJage Man ufa cturer & Exporters of Stain less Steel We lded , Pip es , Tubes 8: U-Tubes An ISO 9001 -2008, ISO 14 001-2004, OH SAS 1800 1- 2007, PED Ce rtified Com pany 13 th August, 2018 To, To, The Manager, The Manager, BSE Limited, National Stock Exchange of India Limited, Dept. of Corporate Services, Corporate Communication Department, Phiroze Jeejeebhoy Towers, Exchange Plaza, Bandra - Kurla Complex, Dalal Street, Mumbai - 400001 Bandra (EL Mumbai - 400051. Dear Sir/Madam, Scrip Code: 533239; Symbol: PRAKASHSTL Sub.: Outcome of the Board Meeting of Prakash Steelage Limited ("the Compaml') held today i.e. Monday. 13 th August. 2018 Ref.: 1. Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations. 2015; 2. Notice of the Board Meeting of the Company dated 04 th August. 2018. Please be informed that the Board of Directors of the Company (BM02/2018-19) at its meeting held today i.e. Monday, 13 th August, 2018, at the registered office of the Company, has inter alia considered and approved: 1. The Un-audited Financial Results (Standalone) of the Company along with the Limited Review Report issued by the Statutory Auditors of the Company, for the quarter ended 30th June, 2018; 2. The appointment of M/s. Amish Parmar & Associates,(Firm Registration No.l00502) as the Cost Auditors of the Company for the financial year 2018-19. Re gis te red Office • Page 1 of 2 10 1, Shat runjay Apartment, 1st Floor. 28, Si ndhi Lane, Nanubhai Desai Road , Mumbai-400 004. (In dia) Tel. +9 1-22-661 34500 , Fax . +91-22-66 134599, Em ail. mark et ing@prakashsteelagecom, Web. www.prakashsteelage.com

Transcript of Prakash SteeJage Lt~~N L27106MH1 991PLC061595

Page 1: Prakash SteeJage Lt~~N L27106MH1 991PLC061595

~Prakash SteeJage Lt~~N L27106MH1 991 PLC061595 Manufacturer amp Exporters of Stain less Steel Welded Pipes Tubes 8 U-Tubes

An ISO 9001 -2008 ISO 14001-2004 OHSAS 1800 1-2007 PED Certified Company

13th August 2018

To To

The Manager The Manager

BSE Limited National Stock Exchange of India Limited

Dept of Corporate Services Corporate Communication Department

Phiroze Jeejeebhoy Towers Exchange Plaza Bandra - Kurla Complex

Dalal Street Mumbai - 400001 Bandra (EL Mumbai - 400051

Dear SirMadam

Scrip Code 533239 Symbol PRAKASHSTL

Sub Outcome of the Board Meeting of Prakash Steelage Limited (the Compaml)

held today ie Monday 13th August 2018

Ref 1 Regulation 30 of the SEBI (Listing Obligations amp Disclosure Requirements) Regulations 2015

2 Notice of the Board Meeting of the Company dated 04th August 2018

Please be informed that the Board of Directors of the Company (BM022018-19) at

its meeting held today ie Monday 13th August 2018 at the registered office of the

Company has inter alia considered and approved

1 The Un-audited Financial Results (Standalone) of the Company along with the Limited Review Report issued by the Statutory Auditors of the Company for the quarter ended 30th June 2018

2 The appointment of Ms Amish Parmar amp Associates(Firm Registration

Nol00502) as the Cost Auditors of the Company for the financial year 2018-19

Registered Office bull Page 1 of 2 101 Shatrunjay Apartment 1st Floor 28 Sindhi Lane Nanubhai Desai Road Mumbai-400 004 (India)

Tel +91-22-661 34500 Fax +91-22-66 134599 Email marketingprakashsteelagecom Web wwwprakashsteelagecom

~Prakash Steeage Lt~N L27106MHl991PLC06159

Manufacturer amp Exporters of Stainless Steel Welded Pipes Tubes amp U-Tubes An ISO 9001-2008 ISO 14001-2004 OHSAS 18001-2007 PED Certified Company

The meeting commenced at 230 pm and concluded at 0750 PM

The above information is also hosted on the website of the Company

(wwwprakashsteelagecom )

Kindly take the same on your record

Thanking You

Yours faithfully

For Prakash Steelage Limited

Encl 1) Un- audited Financial Results (Standalone) of the Company along with the Limited

Review Report issued by the Statutory Auditors of the Company for the quarter ended

30th June 2018

Registered Office bull Page 2 of 2 101 Shatrunjay Apartment 1 sl Floor 28 Sindhi lane Nanubhai Desai Road Mumbai-400 004 (India)

Tel +91 -22-66134 500 Fax +91-22-66134599 Email marketingprakashsleelagecom Web wwwprakashsteelagecom

-- - -

~IEndid

-- - _ _ - - ~ ~

PUAl(ASH STULAGE LWIfED

CQ(I47liUIWU90lPLC0615I1S TL Ifo 02~ 66134500 PlutNo 021 6~13459 RQaltc[om~ I 101 ~~ncoJAlartmoll~ ~t Io~r aasln4llJ Lanbullbull IfDUblaJ InCamp Road MlImht-400 004

-ampTAT~~It1Qr~~np-JJ(olf~ ~~~TUQI1A1tfM UD~ 3OTBnnn 2018

Paniculail

J lIuOII

) RevellO frol- Opera~on b) (j)cher lIicolllc

TotailDoolll -

I ~pe-~ 1 eo~ of1Il1$rlalooncumed ~ ~Ol~middotjOQd ct ~gc Q Iny=~ CI finillb~ JOQda work in p~ and stock in

1ra~ d) biscDllty o employcc benelits ~enlie I) PlW1ee C05111

Oepre~lation amplid ~ortillatioJl

hl Con8)1lnptlon ormiddotserms an4 Sparu ~

1) Otli~ eA~dl~

1oWllqgtnabullbull

~ pto~(LQa4) bBrQr6-~lpttoDal nom (12)

4 ~iigttlOilal IhlO

5 Proflt(Loaal (rO~01~ AQttviUea bcforellpE (3+4)

6 IIur Expenllt Cnent Tall ~fene4~ lnCocne T~IClr ~ryeampr$

Not Pto1Jt(lo)flCUIIiOt~ ActivitlCli after tax (56)

bull O~hn Co=1gt1hoaalve ~CIOIbbull

(I) ItonIl that wiD nOt be ~ed to PfOi1 or 10$1 (~qlla1ll

1otaJ COlUprebII11v-lnoolll I) 10 PaldmiddotupEquity $h~ capital

(Faee value of~l per-bye)

Reaorvee iXcludinC Rey~ullti9n Rcentuerveamp

11 (libel ampQulty (~c1lng rclavulatlon rtfieJVo)

1~ aaie-anqOi11t~ Earnlnfp~r Share ~)

Rsln Ikh YCIUEilded

3 10310 11middot (Unaucltedl (UnampUdited) (UJuwdi1laquo1) 3()~201~ 31032018 30062017

(Auditedlacler N0103 RcC~Note3 Rcfer1lo1c 3

4663358143S 1208946~392 304 2668l6Q83 1674

Ii7t17 122568middot 1i9696 493017

53746 230371408n 65866 6418964181-78112919729~193 middot4246 99009900-2414J57-12 6SG4~2 1l

523110 123 063 281196028 5452~ l9 05023697 2202 3996 3722514902 732613114

48399976901 88200 1159101

-l~O6 middot 901-682 16$34

(2-~17)33 l2 -2519767-248267026211 2556301-~O5

2612 middot77709

2672-middot77709 -- -1503715037

2407633-~O5 77666 middot2~56301

middot3J)3 117middot1713 -12 13

-24088467SQ8 75953 middot251i6Ul4

11$0 17507501)() 1750

2992757

(004) 044 (13761(14 61)I

1

1 1110 SblWrAent of rllllllldaJ reelll~ baa been prepelOClln aooor4ance wim tho lndlan Alccunans S~dard (lnd AS) prescribed under section 133 of the ColDpan[UAcl 21)13 read with the ~evant ruiN lasued U1ereuDder and me ~ aeeoundni practiClt1 and polldea to the extent applicable

2 I1le a~e 8tatementnlniiapcil1 ree1tlu been nwI~ by he Audit CowQlnee and approved by the Board or DlreclotS al lu meeting beld on 13th AU1U8I~18

3 I1lo iguJq of the quarter ended 311t March 208 are ba1aacing 1iampUfe- between the alldittd flampurq in JtlrpeCt ottlle CUUlnanclal year md the pubUahed year to dalejlgurea up to the htrd quaner of the ~I~vant 6nancialYeaJ

4 SaIea Cor the quarteT endlld June 302018 MArCh 312018 30tllJune 2017 and year endecl3laMarcb2018I get ofOood and Service Tax GSO howover eale$ ~ the perlgd ended 30 June 2017 and (Jthcr comJlllllllive poriocla IUC grosa oCExdee Duty The Nct ~ue from operations (Net or Ofyenll Exclle dilly) as applleable are ailaeated belo

Fill the Quartcr~ded Fot the Year Bnded middot 30062018 31032018 30062017 31032018

Net Revenue from Operations 69392 81435 110994 456435

5 EfrectiveutApriI ~Ola the CoD)panybas adopted lad AS ns The comparatM iJlformatiOQ Is IlOt reStated In the finaociala Ieo1Wtl1he adoption ofthis standard dQes JIot bave anYllIaterW impact to the finAncial resull$ of the Company

I6 I1le Cc)lDpany hu identUled ManufacNrilS o( SWl~esa Steel ~l1les amp Pipe b1aiJ1l$1 as Its only pOmAIY reponabt IeampIJIent in Alaquoordance with tPe req~ent orlnd AS 108 OpcraiV1amp Sesmcntllmiddot AlaquoordJl)s)y no aepatau ~em information hasbeen provided bull

7 Due to unavourallle DlAlket lor aleel indusUy there ha been pretoalUe on the reaisabilry of (eceivablea atodal and aeWns price IWhlch hu resulted intO ~1iOnal108Re durinl the quartet ~ndcd 30th June 2018 I

8 Ilventhoush the net worth Of1he ComplUly hllll eroded and it 11u been Incuninamp cath Io~ for past (eyears 1110 aceoWIU bAve been prepared on aofns concom biuila iuI Iho amptee fndultry il 00 the revival path be Company ia in tho proeeaa of coming out Of the criala lhtoUBh bualness rMIJUctwin and lilanclal arrangernel1t

9 The lotus actOunt of the CODlJl8l1wltblts IOnsorlium banb baa become Non Perfonillng ~ (NPAa) Companr is not generallnamp nvenuc to service the l~ Hence In viewotuncertaint) tho Company 114 not provided lmelt fncJuding pcnallnte~t and other dues for the period on borrowiQg to the extent the l81ne have remained unpaid

10 The company baa ~blnJtted ita prirpoampal to the coniOrUulII banke toward tetllemen~ otita borrtJWin titrouah the Aaaeta RccooatnicUoa Company (ARC) route ThIt prOpOul Sa vndactfVc eonaUlenuion bY inc toIsonlwu baolQ M~while the Qankcfe haVCl taken ayxnbolic posse6lIIon of the ccUaterala orUte ~pany~~ of factoly land futOl) buildinamp oliOC buildQlI tDd p-at ~machinery loQated at SUvasaa

P~~IMwU Dat 13082018 _

Asllok M Seth CFO ~cclltivemiddot Dlr DIN 00309106

I

_ -_ _ _ _ ~ middot __ __ middot middotmiddot1middot

lal~ ampm ] CHARTERED ACCOtJNTANTS

Independent Auditors Review Report on interim financial Results of Prakash Steelage Limited for the quarter ended 30th June 2018 pursuant to the Regulation 33 of the SED [Listing Obligation and Disclosure Requirements] Regulations 2015

The Board of Directors Prakash Steelage Limited Mumbai

l We have reviewed the unaudited tinancial results of Prakash Steelage Limited (the Company) for the quarter ended June 30 2018 which are included in the accompanying Un-audited Financial Results for the Quarter Ended June 30 2018 (the Statement) The Statement has been prepared by the Company pursuant to Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015 (the IlListing Regulations 2015) which has been initialed by us for identification purposes The Statement is the responsibility of the Companys management and has been approved by the Board of Directors Our responsibility is to issue a report on the Statement based on our review

2 We conducted our review in accordance with the Standard on Review Engagement (SRE) 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity issued by the Institute of Chartered Accountants of India This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement

3 A review is limited primarily to inquiries of company personnel and an analytical procedure applied to financial data and thus provides less assurance than an audit We have not performed an audit and accordingly we do not express an audit opinion

4 Based on our review conducted as above nothing has come to our attention except those mentioned below that causes us to believe that the Statement has not been prepared in all material respects in accordance with the applicable Accounting Standards prescribed under Section 133 of the Companies Act 2013 and other recognized accounting practices and policies and has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations 2015 including the manner in which it is to be disclosed or that it contains any material misstatement

5 We draw attention to

a The account of the company with its ConsOltium Banks has turned Non Performing Asset on various dates in the previous Financial Years In view of uncertainty the company has not provided interest including penal interest and other dues for the quarter ended June 2018 on its borrowings to the extent the same have remained middot unpaid The impact of the same on the loss for the year and its consequent effe ~ Ramp ~

the Liabilities and Reserve and Surplus is not ascertainable (Refer note no - 9)~~~gt-)~

~i~~ sect Mumbai Office Surat Ofi1cc Odhi Office CTmiddot~ n ta (7~9 40 ~~f(~

Plpara Corporate House Corpomte Office

703 Gajlaxmi CHS Ltd D-612 Inte rn ational G-j 6 One Internet 9 1

Near Gruh Finance T r ad e C c n t r e Co n naught Place F 91 7940 370376 )Vasant Rao Cross Road Netaji Marg Law Garden M a j u r il G at e NewDelhi-l10001 EpiparapiparacomBorivali (West) Ahmedabad-380006 Mumbal-400092 Sur at ~ 9 5 0 0 3 I 11 ct i a infopiparacom

wwwpipalacomGujarat India Maharashtra India Gujarat India

bull bull bullbull _ bull bullbullbullbull__ bull bull _ _ ~ bullbull _ __~_~_~_~_ _ _ _ ___ _ bull bull bullbull bull ~_ bull bullbull bull bull ~ ____ _ bull bull _ -- ~_ _ bull bull 0- bullbull bull -bullbullbull ~___bullbull _ bull bull - - - - - ~ - ---- -- ~~bullbullbull bullbull bullbullbull bull bull 0-bullbullbull

1

I ~~ -

i t

b The Company has accumulated losses resulting in erosion of Net worth and has incurred

net cash losses in the previous Financial Years These conditions cast serious doubt t about the companys ability to continue as a going concern However the statement of unaudited financial results ofthe Company has been prepared on a going concern basis

I

(Refer note no -8)

c Note no 7 of the statement of the unaudited financial results sharing that the company has the unfavorable market conditions for steel industry which has resulted in pressure on the realization of receivables stock and selling prices

d Note no 10 of statement of the unaudited financial results stating that the company has submitted is proposal to the consortium banks towards settlement of its borrowing through the Assets Reconstruction Company (ARC) route This proposal is under the active consideration by the consortium banks Meanwhile the bankers have taken symbolic possession of the collaterals of the company comprising of the factory land factory building office building and Plant and Machinery located at Silvasa

e The financial statements of the Company for the year ended March 312018 prepared i in accordance with the Companies (I ndian Accounting Standard) Rules 2015 (Ind AS) f prescribed under Section 133 of the Companies Act 2013 were audited by another firm of chartered accountants under the Companies Act 2013 who vide their report dated May 282018 expressed a modified opinion on those financial statements

Our conclusion is not modified in respect of these matters

or Pipanl amp Co LLP FRN 107929WIWI00219

~~ Namann Pipara

Mumbai Partner August 13 2018 M No 140234

Page 2: Prakash SteeJage Lt~~N L27106MH1 991PLC061595

~Prakash Steeage Lt~N L27106MHl991PLC06159

Manufacturer amp Exporters of Stainless Steel Welded Pipes Tubes amp U-Tubes An ISO 9001-2008 ISO 14001-2004 OHSAS 18001-2007 PED Certified Company

The meeting commenced at 230 pm and concluded at 0750 PM

The above information is also hosted on the website of the Company

(wwwprakashsteelagecom )

Kindly take the same on your record

Thanking You

Yours faithfully

For Prakash Steelage Limited

Encl 1) Un- audited Financial Results (Standalone) of the Company along with the Limited

Review Report issued by the Statutory Auditors of the Company for the quarter ended

30th June 2018

Registered Office bull Page 2 of 2 101 Shatrunjay Apartment 1 sl Floor 28 Sindhi lane Nanubhai Desai Road Mumbai-400 004 (India)

Tel +91 -22-66134 500 Fax +91-22-66134599 Email marketingprakashsleelagecom Web wwwprakashsteelagecom

-- - -

~IEndid

-- - _ _ - - ~ ~

PUAl(ASH STULAGE LWIfED

CQ(I47liUIWU90lPLC0615I1S TL Ifo 02~ 66134500 PlutNo 021 6~13459 RQaltc[om~ I 101 ~~ncoJAlartmoll~ ~t Io~r aasln4llJ Lanbullbull IfDUblaJ InCamp Road MlImht-400 004

-ampTAT~~It1Qr~~np-JJ(olf~ ~~~TUQI1A1tfM UD~ 3OTBnnn 2018

Paniculail

J lIuOII

) RevellO frol- Opera~on b) (j)cher lIicolllc

TotailDoolll -

I ~pe-~ 1 eo~ of1Il1$rlalooncumed ~ ~Ol~middotjOQd ct ~gc Q Iny=~ CI finillb~ JOQda work in p~ and stock in

1ra~ d) biscDllty o employcc benelits ~enlie I) PlW1ee C05111

Oepre~lation amplid ~ortillatioJl

hl Con8)1lnptlon ormiddotserms an4 Sparu ~

1) Otli~ eA~dl~

1oWllqgtnabullbull

~ pto~(LQa4) bBrQr6-~lpttoDal nom (12)

4 ~iigttlOilal IhlO

5 Proflt(Loaal (rO~01~ AQttviUea bcforellpE (3+4)

6 IIur Expenllt Cnent Tall ~fene4~ lnCocne T~IClr ~ryeampr$

Not Pto1Jt(lo)flCUIIiOt~ ActivitlCli after tax (56)

bull O~hn Co=1gt1hoaalve ~CIOIbbull

(I) ItonIl that wiD nOt be ~ed to PfOi1 or 10$1 (~qlla1ll

1otaJ COlUprebII11v-lnoolll I) 10 PaldmiddotupEquity $h~ capital

(Faee value of~l per-bye)

Reaorvee iXcludinC Rey~ullti9n Rcentuerveamp

11 (libel ampQulty (~c1lng rclavulatlon rtfieJVo)

1~ aaie-anqOi11t~ Earnlnfp~r Share ~)

Rsln Ikh YCIUEilded

3 10310 11middot (Unaucltedl (UnampUdited) (UJuwdi1laquo1) 3()~201~ 31032018 30062017

(Auditedlacler N0103 RcC~Note3 Rcfer1lo1c 3

4663358143S 1208946~392 304 2668l6Q83 1674

Ii7t17 122568middot 1i9696 493017

53746 230371408n 65866 6418964181-78112919729~193 middot4246 99009900-2414J57-12 6SG4~2 1l

523110 123 063 281196028 5452~ l9 05023697 2202 3996 3722514902 732613114

48399976901 88200 1159101

-l~O6 middot 901-682 16$34

(2-~17)33 l2 -2519767-248267026211 2556301-~O5

2612 middot77709

2672-middot77709 -- -1503715037

2407633-~O5 77666 middot2~56301

middot3J)3 117middot1713 -12 13

-24088467SQ8 75953 middot251i6Ul4

11$0 17507501)() 1750

2992757

(004) 044 (13761(14 61)I

1

1 1110 SblWrAent of rllllllldaJ reelll~ baa been prepelOClln aooor4ance wim tho lndlan Alccunans S~dard (lnd AS) prescribed under section 133 of the ColDpan[UAcl 21)13 read with the ~evant ruiN lasued U1ereuDder and me ~ aeeoundni practiClt1 and polldea to the extent applicable

2 I1le a~e 8tatementnlniiapcil1 ree1tlu been nwI~ by he Audit CowQlnee and approved by the Board or DlreclotS al lu meeting beld on 13th AU1U8I~18

3 I1lo iguJq of the quarter ended 311t March 208 are ba1aacing 1iampUfe- between the alldittd flampurq in JtlrpeCt ottlle CUUlnanclal year md the pubUahed year to dalejlgurea up to the htrd quaner of the ~I~vant 6nancialYeaJ

4 SaIea Cor the quarteT endlld June 302018 MArCh 312018 30tllJune 2017 and year endecl3laMarcb2018I get ofOood and Service Tax GSO howover eale$ ~ the perlgd ended 30 June 2017 and (Jthcr comJlllllllive poriocla IUC grosa oCExdee Duty The Nct ~ue from operations (Net or Ofyenll Exclle dilly) as applleable are ailaeated belo

Fill the Quartcr~ded Fot the Year Bnded middot 30062018 31032018 30062017 31032018

Net Revenue from Operations 69392 81435 110994 456435

5 EfrectiveutApriI ~Ola the CoD)panybas adopted lad AS ns The comparatM iJlformatiOQ Is IlOt reStated In the finaociala Ieo1Wtl1he adoption ofthis standard dQes JIot bave anYllIaterW impact to the finAncial resull$ of the Company

I6 I1le Cc)lDpany hu identUled ManufacNrilS o( SWl~esa Steel ~l1les amp Pipe b1aiJ1l$1 as Its only pOmAIY reponabt IeampIJIent in Alaquoordance with tPe req~ent orlnd AS 108 OpcraiV1amp Sesmcntllmiddot AlaquoordJl)s)y no aepatau ~em information hasbeen provided bull

7 Due to unavourallle DlAlket lor aleel indusUy there ha been pretoalUe on the reaisabilry of (eceivablea atodal and aeWns price IWhlch hu resulted intO ~1iOnal108Re durinl the quartet ~ndcd 30th June 2018 I

8 Ilventhoush the net worth Of1he ComplUly hllll eroded and it 11u been Incuninamp cath Io~ for past (eyears 1110 aceoWIU bAve been prepared on aofns concom biuila iuI Iho amptee fndultry il 00 the revival path be Company ia in tho proeeaa of coming out Of the criala lhtoUBh bualness rMIJUctwin and lilanclal arrangernel1t

9 The lotus actOunt of the CODlJl8l1wltblts IOnsorlium banb baa become Non Perfonillng ~ (NPAa) Companr is not generallnamp nvenuc to service the l~ Hence In viewotuncertaint) tho Company 114 not provided lmelt fncJuding pcnallnte~t and other dues for the period on borrowiQg to the extent the l81ne have remained unpaid

10 The company baa ~blnJtted ita prirpoampal to the coniOrUulII banke toward tetllemen~ otita borrtJWin titrouah the Aaaeta RccooatnicUoa Company (ARC) route ThIt prOpOul Sa vndactfVc eonaUlenuion bY inc toIsonlwu baolQ M~while the Qankcfe haVCl taken ayxnbolic posse6lIIon of the ccUaterala orUte ~pany~~ of factoly land futOl) buildinamp oliOC buildQlI tDd p-at ~machinery loQated at SUvasaa

P~~IMwU Dat 13082018 _

Asllok M Seth CFO ~cclltivemiddot Dlr DIN 00309106

I

_ -_ _ _ _ ~ middot __ __ middot middotmiddot1middot

lal~ ampm ] CHARTERED ACCOtJNTANTS

Independent Auditors Review Report on interim financial Results of Prakash Steelage Limited for the quarter ended 30th June 2018 pursuant to the Regulation 33 of the SED [Listing Obligation and Disclosure Requirements] Regulations 2015

The Board of Directors Prakash Steelage Limited Mumbai

l We have reviewed the unaudited tinancial results of Prakash Steelage Limited (the Company) for the quarter ended June 30 2018 which are included in the accompanying Un-audited Financial Results for the Quarter Ended June 30 2018 (the Statement) The Statement has been prepared by the Company pursuant to Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015 (the IlListing Regulations 2015) which has been initialed by us for identification purposes The Statement is the responsibility of the Companys management and has been approved by the Board of Directors Our responsibility is to issue a report on the Statement based on our review

2 We conducted our review in accordance with the Standard on Review Engagement (SRE) 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity issued by the Institute of Chartered Accountants of India This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement

3 A review is limited primarily to inquiries of company personnel and an analytical procedure applied to financial data and thus provides less assurance than an audit We have not performed an audit and accordingly we do not express an audit opinion

4 Based on our review conducted as above nothing has come to our attention except those mentioned below that causes us to believe that the Statement has not been prepared in all material respects in accordance with the applicable Accounting Standards prescribed under Section 133 of the Companies Act 2013 and other recognized accounting practices and policies and has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations 2015 including the manner in which it is to be disclosed or that it contains any material misstatement

5 We draw attention to

a The account of the company with its ConsOltium Banks has turned Non Performing Asset on various dates in the previous Financial Years In view of uncertainty the company has not provided interest including penal interest and other dues for the quarter ended June 2018 on its borrowings to the extent the same have remained middot unpaid The impact of the same on the loss for the year and its consequent effe ~ Ramp ~

the Liabilities and Reserve and Surplus is not ascertainable (Refer note no - 9)~~~gt-)~

~i~~ sect Mumbai Office Surat Ofi1cc Odhi Office CTmiddot~ n ta (7~9 40 ~~f(~

Plpara Corporate House Corpomte Office

703 Gajlaxmi CHS Ltd D-612 Inte rn ational G-j 6 One Internet 9 1

Near Gruh Finance T r ad e C c n t r e Co n naught Place F 91 7940 370376 )Vasant Rao Cross Road Netaji Marg Law Garden M a j u r il G at e NewDelhi-l10001 EpiparapiparacomBorivali (West) Ahmedabad-380006 Mumbal-400092 Sur at ~ 9 5 0 0 3 I 11 ct i a infopiparacom

wwwpipalacomGujarat India Maharashtra India Gujarat India

bull bull bullbull _ bull bullbullbullbull__ bull bull _ _ ~ bullbull _ __~_~_~_~_ _ _ _ ___ _ bull bull bullbull bull ~_ bull bullbull bull bull ~ ____ _ bull bull _ -- ~_ _ bull bull 0- bullbull bull -bullbullbull ~___bullbull _ bull bull - - - - - ~ - ---- -- ~~bullbullbull bullbull bullbullbull bull bull 0-bullbullbull

1

I ~~ -

i t

b The Company has accumulated losses resulting in erosion of Net worth and has incurred

net cash losses in the previous Financial Years These conditions cast serious doubt t about the companys ability to continue as a going concern However the statement of unaudited financial results ofthe Company has been prepared on a going concern basis

I

(Refer note no -8)

c Note no 7 of the statement of the unaudited financial results sharing that the company has the unfavorable market conditions for steel industry which has resulted in pressure on the realization of receivables stock and selling prices

d Note no 10 of statement of the unaudited financial results stating that the company has submitted is proposal to the consortium banks towards settlement of its borrowing through the Assets Reconstruction Company (ARC) route This proposal is under the active consideration by the consortium banks Meanwhile the bankers have taken symbolic possession of the collaterals of the company comprising of the factory land factory building office building and Plant and Machinery located at Silvasa

e The financial statements of the Company for the year ended March 312018 prepared i in accordance with the Companies (I ndian Accounting Standard) Rules 2015 (Ind AS) f prescribed under Section 133 of the Companies Act 2013 were audited by another firm of chartered accountants under the Companies Act 2013 who vide their report dated May 282018 expressed a modified opinion on those financial statements

Our conclusion is not modified in respect of these matters

or Pipanl amp Co LLP FRN 107929WIWI00219

~~ Namann Pipara

Mumbai Partner August 13 2018 M No 140234

Page 3: Prakash SteeJage Lt~~N L27106MH1 991PLC061595

-- - -

~IEndid

-- - _ _ - - ~ ~

PUAl(ASH STULAGE LWIfED

CQ(I47liUIWU90lPLC0615I1S TL Ifo 02~ 66134500 PlutNo 021 6~13459 RQaltc[om~ I 101 ~~ncoJAlartmoll~ ~t Io~r aasln4llJ Lanbullbull IfDUblaJ InCamp Road MlImht-400 004

-ampTAT~~It1Qr~~np-JJ(olf~ ~~~TUQI1A1tfM UD~ 3OTBnnn 2018

Paniculail

J lIuOII

) RevellO frol- Opera~on b) (j)cher lIicolllc

TotailDoolll -

I ~pe-~ 1 eo~ of1Il1$rlalooncumed ~ ~Ol~middotjOQd ct ~gc Q Iny=~ CI finillb~ JOQda work in p~ and stock in

1ra~ d) biscDllty o employcc benelits ~enlie I) PlW1ee C05111

Oepre~lation amplid ~ortillatioJl

hl Con8)1lnptlon ormiddotserms an4 Sparu ~

1) Otli~ eA~dl~

1oWllqgtnabullbull

~ pto~(LQa4) bBrQr6-~lpttoDal nom (12)

4 ~iigttlOilal IhlO

5 Proflt(Loaal (rO~01~ AQttviUea bcforellpE (3+4)

6 IIur Expenllt Cnent Tall ~fene4~ lnCocne T~IClr ~ryeampr$

Not Pto1Jt(lo)flCUIIiOt~ ActivitlCli after tax (56)

bull O~hn Co=1gt1hoaalve ~CIOIbbull

(I) ItonIl that wiD nOt be ~ed to PfOi1 or 10$1 (~qlla1ll

1otaJ COlUprebII11v-lnoolll I) 10 PaldmiddotupEquity $h~ capital

(Faee value of~l per-bye)

Reaorvee iXcludinC Rey~ullti9n Rcentuerveamp

11 (libel ampQulty (~c1lng rclavulatlon rtfieJVo)

1~ aaie-anqOi11t~ Earnlnfp~r Share ~)

Rsln Ikh YCIUEilded

3 10310 11middot (Unaucltedl (UnampUdited) (UJuwdi1laquo1) 3()~201~ 31032018 30062017

(Auditedlacler N0103 RcC~Note3 Rcfer1lo1c 3

4663358143S 1208946~392 304 2668l6Q83 1674

Ii7t17 122568middot 1i9696 493017

53746 230371408n 65866 6418964181-78112919729~193 middot4246 99009900-2414J57-12 6SG4~2 1l

523110 123 063 281196028 5452~ l9 05023697 2202 3996 3722514902 732613114

48399976901 88200 1159101

-l~O6 middot 901-682 16$34

(2-~17)33 l2 -2519767-248267026211 2556301-~O5

2612 middot77709

2672-middot77709 -- -1503715037

2407633-~O5 77666 middot2~56301

middot3J)3 117middot1713 -12 13

-24088467SQ8 75953 middot251i6Ul4

11$0 17507501)() 1750

2992757

(004) 044 (13761(14 61)I

1

1 1110 SblWrAent of rllllllldaJ reelll~ baa been prepelOClln aooor4ance wim tho lndlan Alccunans S~dard (lnd AS) prescribed under section 133 of the ColDpan[UAcl 21)13 read with the ~evant ruiN lasued U1ereuDder and me ~ aeeoundni practiClt1 and polldea to the extent applicable

2 I1le a~e 8tatementnlniiapcil1 ree1tlu been nwI~ by he Audit CowQlnee and approved by the Board or DlreclotS al lu meeting beld on 13th AU1U8I~18

3 I1lo iguJq of the quarter ended 311t March 208 are ba1aacing 1iampUfe- between the alldittd flampurq in JtlrpeCt ottlle CUUlnanclal year md the pubUahed year to dalejlgurea up to the htrd quaner of the ~I~vant 6nancialYeaJ

4 SaIea Cor the quarteT endlld June 302018 MArCh 312018 30tllJune 2017 and year endecl3laMarcb2018I get ofOood and Service Tax GSO howover eale$ ~ the perlgd ended 30 June 2017 and (Jthcr comJlllllllive poriocla IUC grosa oCExdee Duty The Nct ~ue from operations (Net or Ofyenll Exclle dilly) as applleable are ailaeated belo

Fill the Quartcr~ded Fot the Year Bnded middot 30062018 31032018 30062017 31032018

Net Revenue from Operations 69392 81435 110994 456435

5 EfrectiveutApriI ~Ola the CoD)panybas adopted lad AS ns The comparatM iJlformatiOQ Is IlOt reStated In the finaociala Ieo1Wtl1he adoption ofthis standard dQes JIot bave anYllIaterW impact to the finAncial resull$ of the Company

I6 I1le Cc)lDpany hu identUled ManufacNrilS o( SWl~esa Steel ~l1les amp Pipe b1aiJ1l$1 as Its only pOmAIY reponabt IeampIJIent in Alaquoordance with tPe req~ent orlnd AS 108 OpcraiV1amp Sesmcntllmiddot AlaquoordJl)s)y no aepatau ~em information hasbeen provided bull

7 Due to unavourallle DlAlket lor aleel indusUy there ha been pretoalUe on the reaisabilry of (eceivablea atodal and aeWns price IWhlch hu resulted intO ~1iOnal108Re durinl the quartet ~ndcd 30th June 2018 I

8 Ilventhoush the net worth Of1he ComplUly hllll eroded and it 11u been Incuninamp cath Io~ for past (eyears 1110 aceoWIU bAve been prepared on aofns concom biuila iuI Iho amptee fndultry il 00 the revival path be Company ia in tho proeeaa of coming out Of the criala lhtoUBh bualness rMIJUctwin and lilanclal arrangernel1t

9 The lotus actOunt of the CODlJl8l1wltblts IOnsorlium banb baa become Non Perfonillng ~ (NPAa) Companr is not generallnamp nvenuc to service the l~ Hence In viewotuncertaint) tho Company 114 not provided lmelt fncJuding pcnallnte~t and other dues for the period on borrowiQg to the extent the l81ne have remained unpaid

10 The company baa ~blnJtted ita prirpoampal to the coniOrUulII banke toward tetllemen~ otita borrtJWin titrouah the Aaaeta RccooatnicUoa Company (ARC) route ThIt prOpOul Sa vndactfVc eonaUlenuion bY inc toIsonlwu baolQ M~while the Qankcfe haVCl taken ayxnbolic posse6lIIon of the ccUaterala orUte ~pany~~ of factoly land futOl) buildinamp oliOC buildQlI tDd p-at ~machinery loQated at SUvasaa

P~~IMwU Dat 13082018 _

Asllok M Seth CFO ~cclltivemiddot Dlr DIN 00309106

I

_ -_ _ _ _ ~ middot __ __ middot middotmiddot1middot

lal~ ampm ] CHARTERED ACCOtJNTANTS

Independent Auditors Review Report on interim financial Results of Prakash Steelage Limited for the quarter ended 30th June 2018 pursuant to the Regulation 33 of the SED [Listing Obligation and Disclosure Requirements] Regulations 2015

The Board of Directors Prakash Steelage Limited Mumbai

l We have reviewed the unaudited tinancial results of Prakash Steelage Limited (the Company) for the quarter ended June 30 2018 which are included in the accompanying Un-audited Financial Results for the Quarter Ended June 30 2018 (the Statement) The Statement has been prepared by the Company pursuant to Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015 (the IlListing Regulations 2015) which has been initialed by us for identification purposes The Statement is the responsibility of the Companys management and has been approved by the Board of Directors Our responsibility is to issue a report on the Statement based on our review

2 We conducted our review in accordance with the Standard on Review Engagement (SRE) 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity issued by the Institute of Chartered Accountants of India This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement

3 A review is limited primarily to inquiries of company personnel and an analytical procedure applied to financial data and thus provides less assurance than an audit We have not performed an audit and accordingly we do not express an audit opinion

4 Based on our review conducted as above nothing has come to our attention except those mentioned below that causes us to believe that the Statement has not been prepared in all material respects in accordance with the applicable Accounting Standards prescribed under Section 133 of the Companies Act 2013 and other recognized accounting practices and policies and has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations 2015 including the manner in which it is to be disclosed or that it contains any material misstatement

5 We draw attention to

a The account of the company with its ConsOltium Banks has turned Non Performing Asset on various dates in the previous Financial Years In view of uncertainty the company has not provided interest including penal interest and other dues for the quarter ended June 2018 on its borrowings to the extent the same have remained middot unpaid The impact of the same on the loss for the year and its consequent effe ~ Ramp ~

the Liabilities and Reserve and Surplus is not ascertainable (Refer note no - 9)~~~gt-)~

~i~~ sect Mumbai Office Surat Ofi1cc Odhi Office CTmiddot~ n ta (7~9 40 ~~f(~

Plpara Corporate House Corpomte Office

703 Gajlaxmi CHS Ltd D-612 Inte rn ational G-j 6 One Internet 9 1

Near Gruh Finance T r ad e C c n t r e Co n naught Place F 91 7940 370376 )Vasant Rao Cross Road Netaji Marg Law Garden M a j u r il G at e NewDelhi-l10001 EpiparapiparacomBorivali (West) Ahmedabad-380006 Mumbal-400092 Sur at ~ 9 5 0 0 3 I 11 ct i a infopiparacom

wwwpipalacomGujarat India Maharashtra India Gujarat India

bull bull bullbull _ bull bullbullbullbull__ bull bull _ _ ~ bullbull _ __~_~_~_~_ _ _ _ ___ _ bull bull bullbull bull ~_ bull bullbull bull bull ~ ____ _ bull bull _ -- ~_ _ bull bull 0- bullbull bull -bullbullbull ~___bullbull _ bull bull - - - - - ~ - ---- -- ~~bullbullbull bullbull bullbullbull bull bull 0-bullbullbull

1

I ~~ -

i t

b The Company has accumulated losses resulting in erosion of Net worth and has incurred

net cash losses in the previous Financial Years These conditions cast serious doubt t about the companys ability to continue as a going concern However the statement of unaudited financial results ofthe Company has been prepared on a going concern basis

I

(Refer note no -8)

c Note no 7 of the statement of the unaudited financial results sharing that the company has the unfavorable market conditions for steel industry which has resulted in pressure on the realization of receivables stock and selling prices

d Note no 10 of statement of the unaudited financial results stating that the company has submitted is proposal to the consortium banks towards settlement of its borrowing through the Assets Reconstruction Company (ARC) route This proposal is under the active consideration by the consortium banks Meanwhile the bankers have taken symbolic possession of the collaterals of the company comprising of the factory land factory building office building and Plant and Machinery located at Silvasa

e The financial statements of the Company for the year ended March 312018 prepared i in accordance with the Companies (I ndian Accounting Standard) Rules 2015 (Ind AS) f prescribed under Section 133 of the Companies Act 2013 were audited by another firm of chartered accountants under the Companies Act 2013 who vide their report dated May 282018 expressed a modified opinion on those financial statements

Our conclusion is not modified in respect of these matters

or Pipanl amp Co LLP FRN 107929WIWI00219

~~ Namann Pipara

Mumbai Partner August 13 2018 M No 140234

Page 4: Prakash SteeJage Lt~~N L27106MH1 991PLC061595

1 1110 SblWrAent of rllllllldaJ reelll~ baa been prepelOClln aooor4ance wim tho lndlan Alccunans S~dard (lnd AS) prescribed under section 133 of the ColDpan[UAcl 21)13 read with the ~evant ruiN lasued U1ereuDder and me ~ aeeoundni practiClt1 and polldea to the extent applicable

2 I1le a~e 8tatementnlniiapcil1 ree1tlu been nwI~ by he Audit CowQlnee and approved by the Board or DlreclotS al lu meeting beld on 13th AU1U8I~18

3 I1lo iguJq of the quarter ended 311t March 208 are ba1aacing 1iampUfe- between the alldittd flampurq in JtlrpeCt ottlle CUUlnanclal year md the pubUahed year to dalejlgurea up to the htrd quaner of the ~I~vant 6nancialYeaJ

4 SaIea Cor the quarteT endlld June 302018 MArCh 312018 30tllJune 2017 and year endecl3laMarcb2018I get ofOood and Service Tax GSO howover eale$ ~ the perlgd ended 30 June 2017 and (Jthcr comJlllllllive poriocla IUC grosa oCExdee Duty The Nct ~ue from operations (Net or Ofyenll Exclle dilly) as applleable are ailaeated belo

Fill the Quartcr~ded Fot the Year Bnded middot 30062018 31032018 30062017 31032018

Net Revenue from Operations 69392 81435 110994 456435

5 EfrectiveutApriI ~Ola the CoD)panybas adopted lad AS ns The comparatM iJlformatiOQ Is IlOt reStated In the finaociala Ieo1Wtl1he adoption ofthis standard dQes JIot bave anYllIaterW impact to the finAncial resull$ of the Company

I6 I1le Cc)lDpany hu identUled ManufacNrilS o( SWl~esa Steel ~l1les amp Pipe b1aiJ1l$1 as Its only pOmAIY reponabt IeampIJIent in Alaquoordance with tPe req~ent orlnd AS 108 OpcraiV1amp Sesmcntllmiddot AlaquoordJl)s)y no aepatau ~em information hasbeen provided bull

7 Due to unavourallle DlAlket lor aleel indusUy there ha been pretoalUe on the reaisabilry of (eceivablea atodal and aeWns price IWhlch hu resulted intO ~1iOnal108Re durinl the quartet ~ndcd 30th June 2018 I

8 Ilventhoush the net worth Of1he ComplUly hllll eroded and it 11u been Incuninamp cath Io~ for past (eyears 1110 aceoWIU bAve been prepared on aofns concom biuila iuI Iho amptee fndultry il 00 the revival path be Company ia in tho proeeaa of coming out Of the criala lhtoUBh bualness rMIJUctwin and lilanclal arrangernel1t

9 The lotus actOunt of the CODlJl8l1wltblts IOnsorlium banb baa become Non Perfonillng ~ (NPAa) Companr is not generallnamp nvenuc to service the l~ Hence In viewotuncertaint) tho Company 114 not provided lmelt fncJuding pcnallnte~t and other dues for the period on borrowiQg to the extent the l81ne have remained unpaid

10 The company baa ~blnJtted ita prirpoampal to the coniOrUulII banke toward tetllemen~ otita borrtJWin titrouah the Aaaeta RccooatnicUoa Company (ARC) route ThIt prOpOul Sa vndactfVc eonaUlenuion bY inc toIsonlwu baolQ M~while the Qankcfe haVCl taken ayxnbolic posse6lIIon of the ccUaterala orUte ~pany~~ of factoly land futOl) buildinamp oliOC buildQlI tDd p-at ~machinery loQated at SUvasaa

P~~IMwU Dat 13082018 _

Asllok M Seth CFO ~cclltivemiddot Dlr DIN 00309106

I

_ -_ _ _ _ ~ middot __ __ middot middotmiddot1middot

lal~ ampm ] CHARTERED ACCOtJNTANTS

Independent Auditors Review Report on interim financial Results of Prakash Steelage Limited for the quarter ended 30th June 2018 pursuant to the Regulation 33 of the SED [Listing Obligation and Disclosure Requirements] Regulations 2015

The Board of Directors Prakash Steelage Limited Mumbai

l We have reviewed the unaudited tinancial results of Prakash Steelage Limited (the Company) for the quarter ended June 30 2018 which are included in the accompanying Un-audited Financial Results for the Quarter Ended June 30 2018 (the Statement) The Statement has been prepared by the Company pursuant to Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015 (the IlListing Regulations 2015) which has been initialed by us for identification purposes The Statement is the responsibility of the Companys management and has been approved by the Board of Directors Our responsibility is to issue a report on the Statement based on our review

2 We conducted our review in accordance with the Standard on Review Engagement (SRE) 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity issued by the Institute of Chartered Accountants of India This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement

3 A review is limited primarily to inquiries of company personnel and an analytical procedure applied to financial data and thus provides less assurance than an audit We have not performed an audit and accordingly we do not express an audit opinion

4 Based on our review conducted as above nothing has come to our attention except those mentioned below that causes us to believe that the Statement has not been prepared in all material respects in accordance with the applicable Accounting Standards prescribed under Section 133 of the Companies Act 2013 and other recognized accounting practices and policies and has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations 2015 including the manner in which it is to be disclosed or that it contains any material misstatement

5 We draw attention to

a The account of the company with its ConsOltium Banks has turned Non Performing Asset on various dates in the previous Financial Years In view of uncertainty the company has not provided interest including penal interest and other dues for the quarter ended June 2018 on its borrowings to the extent the same have remained middot unpaid The impact of the same on the loss for the year and its consequent effe ~ Ramp ~

the Liabilities and Reserve and Surplus is not ascertainable (Refer note no - 9)~~~gt-)~

~i~~ sect Mumbai Office Surat Ofi1cc Odhi Office CTmiddot~ n ta (7~9 40 ~~f(~

Plpara Corporate House Corpomte Office

703 Gajlaxmi CHS Ltd D-612 Inte rn ational G-j 6 One Internet 9 1

Near Gruh Finance T r ad e C c n t r e Co n naught Place F 91 7940 370376 )Vasant Rao Cross Road Netaji Marg Law Garden M a j u r il G at e NewDelhi-l10001 EpiparapiparacomBorivali (West) Ahmedabad-380006 Mumbal-400092 Sur at ~ 9 5 0 0 3 I 11 ct i a infopiparacom

wwwpipalacomGujarat India Maharashtra India Gujarat India

bull bull bullbull _ bull bullbullbullbull__ bull bull _ _ ~ bullbull _ __~_~_~_~_ _ _ _ ___ _ bull bull bullbull bull ~_ bull bullbull bull bull ~ ____ _ bull bull _ -- ~_ _ bull bull 0- bullbull bull -bullbullbull ~___bullbull _ bull bull - - - - - ~ - ---- -- ~~bullbullbull bullbull bullbullbull bull bull 0-bullbullbull

1

I ~~ -

i t

b The Company has accumulated losses resulting in erosion of Net worth and has incurred

net cash losses in the previous Financial Years These conditions cast serious doubt t about the companys ability to continue as a going concern However the statement of unaudited financial results ofthe Company has been prepared on a going concern basis

I

(Refer note no -8)

c Note no 7 of the statement of the unaudited financial results sharing that the company has the unfavorable market conditions for steel industry which has resulted in pressure on the realization of receivables stock and selling prices

d Note no 10 of statement of the unaudited financial results stating that the company has submitted is proposal to the consortium banks towards settlement of its borrowing through the Assets Reconstruction Company (ARC) route This proposal is under the active consideration by the consortium banks Meanwhile the bankers have taken symbolic possession of the collaterals of the company comprising of the factory land factory building office building and Plant and Machinery located at Silvasa

e The financial statements of the Company for the year ended March 312018 prepared i in accordance with the Companies (I ndian Accounting Standard) Rules 2015 (Ind AS) f prescribed under Section 133 of the Companies Act 2013 were audited by another firm of chartered accountants under the Companies Act 2013 who vide their report dated May 282018 expressed a modified opinion on those financial statements

Our conclusion is not modified in respect of these matters

or Pipanl amp Co LLP FRN 107929WIWI00219

~~ Namann Pipara

Mumbai Partner August 13 2018 M No 140234

Page 5: Prakash SteeJage Lt~~N L27106MH1 991PLC061595

I

_ -_ _ _ _ ~ middot __ __ middot middotmiddot1middot

lal~ ampm ] CHARTERED ACCOtJNTANTS

Independent Auditors Review Report on interim financial Results of Prakash Steelage Limited for the quarter ended 30th June 2018 pursuant to the Regulation 33 of the SED [Listing Obligation and Disclosure Requirements] Regulations 2015

The Board of Directors Prakash Steelage Limited Mumbai

l We have reviewed the unaudited tinancial results of Prakash Steelage Limited (the Company) for the quarter ended June 30 2018 which are included in the accompanying Un-audited Financial Results for the Quarter Ended June 30 2018 (the Statement) The Statement has been prepared by the Company pursuant to Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015 (the IlListing Regulations 2015) which has been initialed by us for identification purposes The Statement is the responsibility of the Companys management and has been approved by the Board of Directors Our responsibility is to issue a report on the Statement based on our review

2 We conducted our review in accordance with the Standard on Review Engagement (SRE) 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity issued by the Institute of Chartered Accountants of India This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement

3 A review is limited primarily to inquiries of company personnel and an analytical procedure applied to financial data and thus provides less assurance than an audit We have not performed an audit and accordingly we do not express an audit opinion

4 Based on our review conducted as above nothing has come to our attention except those mentioned below that causes us to believe that the Statement has not been prepared in all material respects in accordance with the applicable Accounting Standards prescribed under Section 133 of the Companies Act 2013 and other recognized accounting practices and policies and has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations 2015 including the manner in which it is to be disclosed or that it contains any material misstatement

5 We draw attention to

a The account of the company with its ConsOltium Banks has turned Non Performing Asset on various dates in the previous Financial Years In view of uncertainty the company has not provided interest including penal interest and other dues for the quarter ended June 2018 on its borrowings to the extent the same have remained middot unpaid The impact of the same on the loss for the year and its consequent effe ~ Ramp ~

the Liabilities and Reserve and Surplus is not ascertainable (Refer note no - 9)~~~gt-)~

~i~~ sect Mumbai Office Surat Ofi1cc Odhi Office CTmiddot~ n ta (7~9 40 ~~f(~

Plpara Corporate House Corpomte Office

703 Gajlaxmi CHS Ltd D-612 Inte rn ational G-j 6 One Internet 9 1

Near Gruh Finance T r ad e C c n t r e Co n naught Place F 91 7940 370376 )Vasant Rao Cross Road Netaji Marg Law Garden M a j u r il G at e NewDelhi-l10001 EpiparapiparacomBorivali (West) Ahmedabad-380006 Mumbal-400092 Sur at ~ 9 5 0 0 3 I 11 ct i a infopiparacom

wwwpipalacomGujarat India Maharashtra India Gujarat India

bull bull bullbull _ bull bullbullbullbull__ bull bull _ _ ~ bullbull _ __~_~_~_~_ _ _ _ ___ _ bull bull bullbull bull ~_ bull bullbull bull bull ~ ____ _ bull bull _ -- ~_ _ bull bull 0- bullbull bull -bullbullbull ~___bullbull _ bull bull - - - - - ~ - ---- -- ~~bullbullbull bullbull bullbullbull bull bull 0-bullbullbull

1

I ~~ -

i t

b The Company has accumulated losses resulting in erosion of Net worth and has incurred

net cash losses in the previous Financial Years These conditions cast serious doubt t about the companys ability to continue as a going concern However the statement of unaudited financial results ofthe Company has been prepared on a going concern basis

I

(Refer note no -8)

c Note no 7 of the statement of the unaudited financial results sharing that the company has the unfavorable market conditions for steel industry which has resulted in pressure on the realization of receivables stock and selling prices

d Note no 10 of statement of the unaudited financial results stating that the company has submitted is proposal to the consortium banks towards settlement of its borrowing through the Assets Reconstruction Company (ARC) route This proposal is under the active consideration by the consortium banks Meanwhile the bankers have taken symbolic possession of the collaterals of the company comprising of the factory land factory building office building and Plant and Machinery located at Silvasa

e The financial statements of the Company for the year ended March 312018 prepared i in accordance with the Companies (I ndian Accounting Standard) Rules 2015 (Ind AS) f prescribed under Section 133 of the Companies Act 2013 were audited by another firm of chartered accountants under the Companies Act 2013 who vide their report dated May 282018 expressed a modified opinion on those financial statements

Our conclusion is not modified in respect of these matters

or Pipanl amp Co LLP FRN 107929WIWI00219

~~ Namann Pipara

Mumbai Partner August 13 2018 M No 140234

Page 6: Prakash SteeJage Lt~~N L27106MH1 991PLC061595

bull bull bullbull _ bull bullbullbullbull__ bull bull _ _ ~ bullbull _ __~_~_~_~_ _ _ _ ___ _ bull bull bullbull bull ~_ bull bullbull bull bull ~ ____ _ bull bull _ -- ~_ _ bull bull 0- bullbull bull -bullbullbull ~___bullbull _ bull bull - - - - - ~ - ---- -- ~~bullbullbull bullbull bullbullbull bull bull 0-bullbullbull

1

I ~~ -

i t

b The Company has accumulated losses resulting in erosion of Net worth and has incurred

net cash losses in the previous Financial Years These conditions cast serious doubt t about the companys ability to continue as a going concern However the statement of unaudited financial results ofthe Company has been prepared on a going concern basis

I

(Refer note no -8)

c Note no 7 of the statement of the unaudited financial results sharing that the company has the unfavorable market conditions for steel industry which has resulted in pressure on the realization of receivables stock and selling prices

d Note no 10 of statement of the unaudited financial results stating that the company has submitted is proposal to the consortium banks towards settlement of its borrowing through the Assets Reconstruction Company (ARC) route This proposal is under the active consideration by the consortium banks Meanwhile the bankers have taken symbolic possession of the collaterals of the company comprising of the factory land factory building office building and Plant and Machinery located at Silvasa

e The financial statements of the Company for the year ended March 312018 prepared i in accordance with the Companies (I ndian Accounting Standard) Rules 2015 (Ind AS) f prescribed under Section 133 of the Companies Act 2013 were audited by another firm of chartered accountants under the Companies Act 2013 who vide their report dated May 282018 expressed a modified opinion on those financial statements

Our conclusion is not modified in respect of these matters

or Pipanl amp Co LLP FRN 107929WIWI00219

~~ Namann Pipara

Mumbai Partner August 13 2018 M No 140234