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middot CI L2710GMI-I 1991PLC061595
~Prakash Steeiage Ltd Manufacturer amp Exporters of Stainless Steel Welded Pipes Tubes amp U-Tubes
An ISO 9001-2008 ISO 14001-2004 OHSAS 18001-2007 PED Certifi ed Company
12th November 2018 To To
The Manager The Manager
BSE Limited National Stock Exchange of India Limited
Listing Department Listing Compliance Department
Phiroze Jeejeebhoy Towers Exchange Plaza Bandra - Kurla Complex
Dalal Street Mumbai - 400 001 Bandra E Mumbai - 400 OSl
Dear SirMadam
Scrip Code 533239 Symbol PRAKASHSTIi
Sub Outcome of the Board Meeting of Prakash Steelage Limited (lithe Company) held today ie r
Monday 12th November 2018
Ref 1 Regulation 30 ofthe SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015
2 Notice of the Board Meeting ofthe Company dated osth November 2018
Please be informed that the Board of Directors of the Company BM032018-19 at their meeting held
today ie Monday lih November 2018 at the registered office of the Company inter alia considered and
approved the following viz
1 Unaudited Financia l Results of the Company along with the Limited Review Report for the quarter
and half year ended 30th September 2018 which has been duly reviewed and recommended by
the Audit Committee and
2 The Dissolution of Risk Management Committee
The meet ing commenced at 230 pm and concluded at 0700
The above information is also hosted on the website of the Company (wwwprakashsteelagecom)
~ Shikha A Mishra Company Secretary amp Cormp~iance
Membership No ACS 53469 Address 101 151 Floor Shatrunjay Apartment
28 Sindhi Lane Nanubhai Desai Road
Mumbai - 400 004
End Unaudited Financial Results of the Company along with the Limited Review Report thereon for the quarter andmiddot half year ended 30
th September 2018
Registered Office 101 Shatrunjay Apa l1ment 1st Floor 28 Sindhi Lane Nanubhai Desai Road Mumbai-400 004 (India)
Te +91-22-661 34500 Fax +91-22-66134599 Email marketingprakashsteelagecom Wen wwwprakashsteelagecom
PRAKASH STEELAGE LIMITED
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PRAKASH BTB5LAGP LIMITED
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For PIPARA amp middotCO LLP rQEf1~~~~mlt~ Chartered Accountants
FRNm107929W I W100219 Aahoia M Beth
Pllet 2l1mb-al cro ~~t Dlrntor Da(e lZ 1l 2011 DIll ()o309106
(nA t ~~an Pipara~Nam Partner (M No 140234)
~ _~~~~middott)bull _ _ ~ _ _ v _ _ ~ bull bull ~~ - - ~ --~- ----- ----~~ - shyi middotJ- -middot ~Z__ r_ bullbull bull
aco I L I
CHARTERED ACCOUNTAN rs
Independent Auditors Review Report on interim financial Results ofPrallaquolsh Steelage Limited for the quarter and six month ended 30thSeptember 2018 pursuant to the Regulation 33 of the SEBI [Listing Obligation and Disclosure Requirements] Regulations 2015 shy
The Board of Directors Pralash Steelage Limited Mumbai
1 We have reviewed the unaudited finan cial results of Prakash Steelage Limited (the Company) for the quarter and six month ended September 30 2018 which are included in the accompanying Un-audited Financial Results for the quarter and six month ended September 30 2018and the statement of assets and liabilities as on that date (the Statement) The Statement has been prepared by the Company pursuant to Regulation 33 of the Securities and Exchange Board of India (Listing Obligations Ilnd Disclosure Requirements) Regulations 2015 (the Listing 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
Corporate Office Pipara Corporate House Near Gruh Finance Netaji Marg Law Garden
Ahmedabadmiddot 380 006 Gujarat III d i a
Mumbai Office
3 13th Floor Tradelink E Wing Amiddot Bloc k Kamala Mills Senapati Bapat Marg Lower Parel Mumbai bull400 DB India
Surat Office
D-612lncernational Trade Centre Majura Gat e bull Surat - 395 003 Gujarat 1n d i a I
Delhi Office G-36 One [nternet COllnaught Place F 91 79 40 370376 New Delhi-llOOOl E piparapiparacom In d i a infoplparacom
wwwpipara com
- ~I ~~~
5 We draw attention to
a The account of the company with its Consortium 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 and six months ended September 2018 on its borrowings to the extent the same have remained unpaid The inipact of the same 011 the loss for the year and its consequent effect on the Liabilities and Reserve and Surplus is not ascertainable (Refer note no shy 8)
b The Company bas accumulated losses resulting in erosion of Net worth and has incurred net cash losses in the previous Financial Years These conditions cast serious doubt about the companys ability to continue as a going concern However the statement of unaudited financial results of the Company has been prepared on a going concern basis (Refer note no -7)
c Note no 6 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 9 of statement of the unaudited financial results stating that the comp~ny 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 31 2018 prepared in accordance with the Companies (Indian Accounting Standard) Rules 2015 (Ind AS) 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 28 2018 expressed a modified opinion on those financial statements
Our conclusion is not modified in respect of these matters
For Pipara amp Co LLP FRN 107929WjWl00219
~~ Namann Pipara Mumbai Partner November 12 2018 MNo 140234
PRAKASH STEELAGE LIMITED
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For PIPARA amp middotCO LLP rQEf1~~~~mlt~ Chartered Accountants
FRNm107929W I W100219 Aahoia M Beth
Pllet 2l1mb-al cro ~~t Dlrntor Da(e lZ 1l 2011 DIll ()o309106
(nA t ~~an Pipara~Nam Partner (M No 140234)
~ _~~~~middott)bull _ _ ~ _ _ v _ _ ~ bull bull ~~ - - ~ --~- ----- ----~~ - shyi middotJ- -middot ~Z__ r_ bullbull bull
aco I L I
CHARTERED ACCOUNTAN rs
Independent Auditors Review Report on interim financial Results ofPrallaquolsh Steelage Limited for the quarter and six month ended 30thSeptember 2018 pursuant to the Regulation 33 of the SEBI [Listing Obligation and Disclosure Requirements] Regulations 2015 shy
The Board of Directors Pralash Steelage Limited Mumbai
1 We have reviewed the unaudited finan cial results of Prakash Steelage Limited (the Company) for the quarter and six month ended September 30 2018 which are included in the accompanying Un-audited Financial Results for the quarter and six month ended September 30 2018and the statement of assets and liabilities as on that date (the Statement) The Statement has been prepared by the Company pursuant to Regulation 33 of the Securities and Exchange Board of India (Listing Obligations Ilnd Disclosure Requirements) Regulations 2015 (the Listing 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
Corporate Office Pipara Corporate House Near Gruh Finance Netaji Marg Law Garden
Ahmedabadmiddot 380 006 Gujarat III d i a
Mumbai Office
3 13th Floor Tradelink E Wing Amiddot Bloc k Kamala Mills Senapati Bapat Marg Lower Parel Mumbai bull400 DB India
Surat Office
D-612lncernational Trade Centre Majura Gat e bull Surat - 395 003 Gujarat 1n d i a I
Delhi Office G-36 One [nternet COllnaught Place F 91 79 40 370376 New Delhi-llOOOl E piparapiparacom In d i a infoplparacom
wwwpipara com
- ~I ~~~
5 We draw attention to
a The account of the company with its Consortium 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 and six months ended September 2018 on its borrowings to the extent the same have remained unpaid The inipact of the same 011 the loss for the year and its consequent effect on the Liabilities and Reserve and Surplus is not ascertainable (Refer note no shy 8)
b The Company bas accumulated losses resulting in erosion of Net worth and has incurred net cash losses in the previous Financial Years These conditions cast serious doubt about the companys ability to continue as a going concern However the statement of unaudited financial results of the Company has been prepared on a going concern basis (Refer note no -7)
c Note no 6 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 9 of statement of the unaudited financial results stating that the comp~ny 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 31 2018 prepared in accordance with the Companies (Indian Accounting Standard) Rules 2015 (Ind AS) 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 28 2018 expressed a modified opinion on those financial statements
Our conclusion is not modified in respect of these matters
For Pipara amp Co LLP FRN 107929WjWl00219
~~ Namann Pipara Mumbai Partner November 12 2018 MNo 140234
J~ _____ - -____ _ -
PRAKASH BTB5LAGP LIMITED
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~Nlhuu~b l h( ncr uonh (I h~ lt~rtIP() ~ roden nn It -bull 11 hCG1 mruulli CrW) r)~ in pa~ r _-can The- Uu=tl have wen pu-p-c1 un Jois g (Q1Unl tl~ Ihe LlaquoI illlu~tl IJO on (he f tl-iYil (1l th )be CumplVlY u 11e- pn (~n H~IVK cu n(tr-J_ 17ui51-J QI zn ~OJsirIJ r(-trunuritlamp~Id (Jr n diU cMlmltlf
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Unul1lJnl) the Company neSllmiddotOl [lfOVUr-d intmst n~h~dir ptrW mlt-1I-S1 arti othrr dntS or he pcriOO on horo-tLp 1amp thl t-nenl me wnt hnv-c cemunccf unpnid
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For PIPARA amp middotCO LLP rQEf1~~~~mlt~ Chartered Accountants
FRNm107929W I W100219 Aahoia M Beth
Pllet 2l1mb-al cro ~~t Dlrntor Da(e lZ 1l 2011 DIll ()o309106
(nA t ~~an Pipara~Nam Partner (M No 140234)
~ _~~~~middott)bull _ _ ~ _ _ v _ _ ~ bull bull ~~ - - ~ --~- ----- ----~~ - shyi middotJ- -middot ~Z__ r_ bullbull bull
aco I L I
CHARTERED ACCOUNTAN rs
Independent Auditors Review Report on interim financial Results ofPrallaquolsh Steelage Limited for the quarter and six month ended 30thSeptember 2018 pursuant to the Regulation 33 of the SEBI [Listing Obligation and Disclosure Requirements] Regulations 2015 shy
The Board of Directors Pralash Steelage Limited Mumbai
1 We have reviewed the unaudited finan cial results of Prakash Steelage Limited (the Company) for the quarter and six month ended September 30 2018 which are included in the accompanying Un-audited Financial Results for the quarter and six month ended September 30 2018and the statement of assets and liabilities as on that date (the Statement) The Statement has been prepared by the Company pursuant to Regulation 33 of the Securities and Exchange Board of India (Listing Obligations Ilnd Disclosure Requirements) Regulations 2015 (the Listing 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
Corporate Office Pipara Corporate House Near Gruh Finance Netaji Marg Law Garden
Ahmedabadmiddot 380 006 Gujarat III d i a
Mumbai Office
3 13th Floor Tradelink E Wing Amiddot Bloc k Kamala Mills Senapati Bapat Marg Lower Parel Mumbai bull400 DB India
Surat Office
D-612lncernational Trade Centre Majura Gat e bull Surat - 395 003 Gujarat 1n d i a I
Delhi Office G-36 One [nternet COllnaught Place F 91 79 40 370376 New Delhi-llOOOl E piparapiparacom In d i a infoplparacom
wwwpipara com
- ~I ~~~
5 We draw attention to
a The account of the company with its Consortium 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 and six months ended September 2018 on its borrowings to the extent the same have remained unpaid The inipact of the same 011 the loss for the year and its consequent effect on the Liabilities and Reserve and Surplus is not ascertainable (Refer note no shy 8)
b The Company bas accumulated losses resulting in erosion of Net worth and has incurred net cash losses in the previous Financial Years These conditions cast serious doubt about the companys ability to continue as a going concern However the statement of unaudited financial results of the Company has been prepared on a going concern basis (Refer note no -7)
c Note no 6 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 9 of statement of the unaudited financial results stating that the comp~ny 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 31 2018 prepared in accordance with the Companies (Indian Accounting Standard) Rules 2015 (Ind AS) 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 28 2018 expressed a modified opinion on those financial statements
Our conclusion is not modified in respect of these matters
For Pipara amp Co LLP FRN 107929WjWl00219
~~ Namann Pipara Mumbai Partner November 12 2018 MNo 140234
~ _~~~~middott)bull _ _ ~ _ _ v _ _ ~ bull bull ~~ - - ~ --~- ----- ----~~ - shyi middotJ- -middot ~Z__ r_ bullbull bull
aco I L I
CHARTERED ACCOUNTAN rs
Independent Auditors Review Report on interim financial Results ofPrallaquolsh Steelage Limited for the quarter and six month ended 30thSeptember 2018 pursuant to the Regulation 33 of the SEBI [Listing Obligation and Disclosure Requirements] Regulations 2015 shy
The Board of Directors Pralash Steelage Limited Mumbai
1 We have reviewed the unaudited finan cial results of Prakash Steelage Limited (the Company) for the quarter and six month ended September 30 2018 which are included in the accompanying Un-audited Financial Results for the quarter and six month ended September 30 2018and the statement of assets and liabilities as on that date (the Statement) The Statement has been prepared by the Company pursuant to Regulation 33 of the Securities and Exchange Board of India (Listing Obligations Ilnd Disclosure Requirements) Regulations 2015 (the Listing 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
Corporate Office Pipara Corporate House Near Gruh Finance Netaji Marg Law Garden
Ahmedabadmiddot 380 006 Gujarat III d i a
Mumbai Office
3 13th Floor Tradelink E Wing Amiddot Bloc k Kamala Mills Senapati Bapat Marg Lower Parel Mumbai bull400 DB India
Surat Office
D-612lncernational Trade Centre Majura Gat e bull Surat - 395 003 Gujarat 1n d i a I
Delhi Office G-36 One [nternet COllnaught Place F 91 79 40 370376 New Delhi-llOOOl E piparapiparacom In d i a infoplparacom
wwwpipara com
- ~I ~~~
5 We draw attention to
a The account of the company with its Consortium 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 and six months ended September 2018 on its borrowings to the extent the same have remained unpaid The inipact of the same 011 the loss for the year and its consequent effect on the Liabilities and Reserve and Surplus is not ascertainable (Refer note no shy 8)
b The Company bas accumulated losses resulting in erosion of Net worth and has incurred net cash losses in the previous Financial Years These conditions cast serious doubt about the companys ability to continue as a going concern However the statement of unaudited financial results of the Company has been prepared on a going concern basis (Refer note no -7)
c Note no 6 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 9 of statement of the unaudited financial results stating that the comp~ny 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 31 2018 prepared in accordance with the Companies (Indian Accounting Standard) Rules 2015 (Ind AS) 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 28 2018 expressed a modified opinion on those financial statements
Our conclusion is not modified in respect of these matters
For Pipara amp Co LLP FRN 107929WjWl00219
~~ Namann Pipara Mumbai Partner November 12 2018 MNo 140234
- ~I ~~~
5 We draw attention to
a The account of the company with its Consortium 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 and six months ended September 2018 on its borrowings to the extent the same have remained unpaid The inipact of the same 011 the loss for the year and its consequent effect on the Liabilities and Reserve and Surplus is not ascertainable (Refer note no shy 8)
b The Company bas accumulated losses resulting in erosion of Net worth and has incurred net cash losses in the previous Financial Years These conditions cast serious doubt about the companys ability to continue as a going concern However the statement of unaudited financial results of the Company has been prepared on a going concern basis (Refer note no -7)
c Note no 6 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 9 of statement of the unaudited financial results stating that the comp~ny 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 31 2018 prepared in accordance with the Companies (Indian Accounting Standard) Rules 2015 (Ind AS) 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 28 2018 expressed a modified opinion on those financial statements
Our conclusion is not modified in respect of these matters
For Pipara amp Co LLP FRN 107929WjWl00219
~~ Namann Pipara Mumbai Partner November 12 2018 MNo 140234
