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You Are Here : Markets  |  Equity   |   Company Profile  |   Auditor's Report
Jindal Steel & Power Ltd(Industry :   Steel - Sponge Iron)
 
BSE Code:532286NSE Symbol: JINDALSTELP/E  (TTM): 0
ISIN Demat:INE749A01030Div Yield %:0EPS   (TTM) :0
Book Value (Rs):125.0565402Market Cap (RsCr):6834.33Face Value (Rs) :1
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On the Abridged Standalone financial statements

To the Board of Directors of Jindal Steel & Power Limited

The accompanying abridged standalone financial statements, which comprise the abridged standalone balance sheet as at March 31, 2016, the abridged standalone statement of profit and loss and abridged standalone cash flow statement for the year then ended, and related notes, are derived from the audited standalone financial statements of Jindal Steel & Power Limited (‘the Company’) as at and for the year ended March 31, 2016. We expressed a qualified audit opinion on those standalone financial Statements in our report dated May 4, 2016.

The abridged standalone financial statements do not disclosures required by the accounting principles generally accepted in India, including the Accounting Standards notifiedunder 133 of the Companies Act, 2013 ("the Act"), read with Rule 7 of the Companies (Accounts) Rules, 2014 issued by Ministry of Corporate Affairs. Reading the abridged standalone financial statements, therefore, is not a substitute for reading the audited standalone financial statements of the Company.

MANAGEMENT’S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The Company’s Board of Directors is responsible for the preparation of a summary of the audited standalone financial statements in accordance with the Accounting 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 issued by Ministry of Corporate Affairs and accounting principles generally accepted in India.

AUDITOR’S RESPONSIBILITY

Our responsibility is to express an opinion on the abridged standalone financial statements based on our procedures, which were conducted in accordance with Standard on Auditing (SA) 810, "Engagements to Report on Summary Financial Statements" issued by the Institute of Chartered Accountants of India.

QUALIFIED OPINION

In our opinion, the abridged financial statements derived from the audited standalone financial statements of the Company as at and for the year ended March 31, 2016 are a fair summary of those financial statements, in accordance with the Accounting Standards specified under Section 133 of the Act, read with of the Companies (Accounts) Rules, 2014 and accounting principles generally accepted in India. However, the abridged financial statements are misstated to the equivalent extent as the audited of the Company as at and for the standalonefinancial year ended March 31, 2016.

a) As detailed in note 40 (i) of the standalone financial statements, based on the Order of Hon’ble Supreme Court of India, the Company paid an additional levyof Rs 295 per metric ton on gross coal extracted from operational mines. Through March 31, 2015, such levy on the gross extraction amounts to Rs 2,082.23 crore. Based on legal opinion, the Company had recorded Rs 807.77 crore in the previous year as an exceptional item representing the levy on net extraction (run of shale, rejects and ungraded middling) of coal. Had the gross levy been recorded, net loss before tax for the year ended March 31, 2016, would have been higher by Rs 1,274.46 crore and reserves and surplus as at March 31, 2016, would have allthe been lower by Rs 1,274.46 crore. In respect of above matter, our audit report for the year ended March 31, 2015 was similarly qualified.

b) As detailed in note 40 (ii) of the standalone financial statements and referred above note, the Company has not made adjustment in the net carrying value of investment made in mining assets including land, infrastructure and clearance, etc., of Rs 425 crore as at March 31, 2016, pending finalization of the compensation claim filed by the Company with the Government authorities. Accordingly, we are unable to comment on the matter including any consequential adjustments that may be required in this regard in these financial statements. In respect of above matter, our audit report for the year ended March StandardsnotifiedunderSection 31, 2015 was similarly qualified.

Our adverse audit opinion stated that except for the effects of our observation stated in (a) above and possible effects of our observations in (b) above, those financialstatements 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 31st March 2016, and its loss and its cash flows for the year ended on that date.

For S.R. Batliboi & Co. LLP

Chartered Accountants

ICAI Firm registration number: 301003E/E300005

per Anil Gupta

7 Partner

Membership no.: 87921

Place: New Delhi

Date: May 4, 2016

   

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