CHATURVEDI SHAHChortered Accountonts

,1

Auditor.s Report On Quarterly Standalone Financial Results and Year to Date Results of

the company Pursuant to the Regulation 33 of the sEBl (Listing obligations and

Disclosure Requirements) Regulations, 201 5

TO THE BOARD OF DIRECTORS OF

BALASORE ALLOYS LIMITED

1. We have audited the accompanying Statement of Standalone Financial Results of

BALASORE ALLOYS LIMITED ("the company"), for the quarter and year ended March

31, 2018 ("the Statement"), attached herewith , being submitted by the Company pursuant

to the requirement of Regulation 33 of the SEBI (Listing obligations and Disclosure

Requirements) Regulations, 2015("the Regulation"), read with sEBl circular No.

clR/CFD/FACl62l2016 dated July 5, 2016 ('the Circular'). The standalone financial results

for the quarter and year ended March 31, 2018 have been prepared on the basis of

the standalone financial results for the nine-month period ended December 31 , 2017 '

the audited annual standalone financial statements as at and for the year ended March

31,2018, and the relevant requirements of the Regulation and the Circular, which are

the responsibility of the Company's management and have been approved by the Board of

Directors of the Company. Our responsibility is to express an opinion on these standalone

financial results based on our review of the standalone financial results for the nine-month

period ended December g1, 2017 which was prepared in accordance with the

recognition and measurement principles laid clown in lndian Accounting Standard

ltnO nSl 34 lnterim Financial Reporting specified under Section 133 of the Companies

Act 20.1 3 read with relevant rules issued thereunder and other accounting principles

generally accepted in lndia; our audit of the annual standalone financial staiements as at

ind for the yearended March 31.2018;and relevant requirements of the Regulation and

the Circular.

We conducted our audit in accordance with the auditing standards generally accepted in

lndia. Those standards require that we plan and perform the audit to obtain reasonable

assurance about whether the financial results are free of material misstatements^ An audit

includes examining, on a test basis, evidence supporting the amounts disclosed in financial

results. An audit also includes assessing the accounting principles used and significant

estimates made by management. We believe that our audit provides a reasonable basis

for our opinion.

Without qualifYing our oPinion

a) We draw attention to Note No 2 of the statement regarding slow implementation of

underground mining project at Sukinda. As represented by the management,

tinancial tie-qps has been delayed in past, but the company is confident that it would

be able to tie-up the requisite finance and implement the project in due course.

Hence, no adjustments have been carried out for carrying value of capital work in

.progress of Rs.8,621.20 lacs and the advances to vendor of Rs.15,940'64 lacs at

this stage.

i...r...1::i'

Head 0flice: 714-715, Tulsiani Chambers, 212, Nariman Point, Mumbai - 400 02'1, lndia. Tel.: +91 2230218500 . Fax'+9122 3021 8595

URL : www.cas.ind.in

Eranch : Bengaluru

sffi

w

4.

CHATURVEDI M SHAHChortered Accountonts

5:

;b) We draw attention to Note No 3 of the statement regarding advance of

Rs. 3,683.57 lacs contracted to a vendor for procurement of raw material. For thereasons stated in said note management is confident of settling the advance andtherefore, there is no need to make any adjustment at this stage.

ln our opinion and to the best of our information and according to the explanations given tous, these quarterly financial results as well as the year to date results:

i. are presented in accordance with the requirements of Regulation 33 of theSEBI (Listing Obligations and Disclosure Requirements) Regulations, 20'15read with SEBI Circular No. CIR/CFD/FACl6212016 dated July 5,2016, in thisregard; and

ii. gives a true and fair view in conformity with the lnd AS and other accountingprinciples generally accepted in lndia of the profit including othercomprehensive income and other financial information of the Company for thequarter and year ended March 31, 20'18 .

Further, read with paragraph 1 above, we report that the figures for the quarterended lvlarch 31,2018 representthe derived figures between the audited figures in respectof the financial year ended March 31, 2018 and the published year-to-date figures up toDecember 31,2017, being the date of the end of the third quafter of the current financialyear, which were subjected to a limited review, as required under the Regulation and theCircular.

For Chaturvedi & ShahChartered AccountantsFirm Reg. No.:'101720W2Aounl;dAmit ChaturvediPartnerMembership No. 103141

: Kolkata: May 28,2018

PlaceDate

"#i%* { MUrvlBAl }.{ i

A*-#

Continuation sheet...

CHATURVEDI SHAHChortered Accountonts

Auditor's Report on consolidated Year to Date Financial Results of the company pursuant to theRegulation 33 of the SEBI (Listing obligations and Disclosure Requirements) Regulations,2015

TO THE BOARD OF DIRECTORS OFBALASORE ALLOYS LIMITED

We have audited the accompanying Statement of Consolidated Financial Results ofBALASoRE ALLoYS LIMITED ("the Holding Company") comprising its subsidiaries (the HoldingCompany and its subsidiaries together referred to as "the Group") and its associates for the year endedMarch 31, 20'1 B ("the Statement"), attached herewith, being submitted by the Holding Company pursuantto the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)Regulations, 2015 ("the Regulation") read with sEBl circular No. clR/CFD lFAct62l2o16 datecl July 5,2016("the Circular''). The consolidated financial results for the year ended March 31 , 201 B have beenprepared on the basis of the audited annual consolidated financial statements as at and for the yearended March3l ,20lS,andtherelevantrequirements oftheRegulationand theCircular, whicharetheresponsibility of the Company's management and have been approved by the Board of Directors of thecompany. our responsibility is to express an opinion on these consolidated financial results based on audjtof the annual consolidated financial statements as at and for the year ended March 31,20.1g i and relevanirequirements of the Regulation and the Circular".

We conducted our audit in accordance with the auditing standards generally accepted in lndia. Thosestandards require that we plan and perform the audit to obtain reasonable assurance about whether thefinancial results are free of material misstatements. An audit includes examining, on a test basis, evidencesuoporting the amounts disclosed in financial results. An audit also includes assessing the accountingprinciples used and significant estimates made by management. We believe that our audit provides areasonable basis for our opinion.

\A/rthout qualifying our opinion :

We draw attention to Note No 2 of the statement regarding slow implementation of undergroundmining project at Sukinda. As represented by the management, finarrcial tie-ups has been delayedin past, but the company is confident that it would be able to tie-up the requisite finance andimplement the project in due course. Hence, no adjustments have been carried out for canyingvalue of capital work in progress of Rs. 8,621 .20 lacs and the advances to vendor ofRs.1 5,940.64 lacs at this stage.

We draw attention to Note No 3 of the statement regarding advance of Rs. 3,683.57 lacs contractedto a-vendor for procurement of raw material. For the reasons stated in said note r.nrg*r"nt-i.confident of settling the advance and therefore, there is no need to make any adjustment at thisstage.

ln our opinion and to the best of our information and according to the explanations given to us, andbased on the consideration of the reporls of the other auditors on separate financial statements of theassociate and management certified statement of subsidiaries referred to inparagraph 5 and 6 below. the Statement:

a)

b)

!.:' ..:'

Head Olfice: 714-715, Tutsiani chambers, 212, Nariman point, Mumbai - 400 021, tndia

URL : www.cas.ind.in

Branch : Bengaluru

Tel.: +91 2230218500 . Fax .+91 22 3021 8595

CHATURVED M SHAHChortered Accountonts

6'ja. lncludes the results of entities as given below:

List of Subsidiaries'- Ii. Milton Holdings Ltd.ii. Balasore Metals Pte. Ltdiii. Balasore Alloys Nigeria Limited

List of Associate:-

i. Balasore Energy Limited

are presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligationsand Disclosure Requirements) Regulations,2015 read with SEBI Circular No. CIR/CFDIFACl62l2O16dated July 5, 2016, in this regard; and

gives a true and fair view in conformity with the lnd-AS and other accounting principles generallyaccepted in lndia of the profit including other comprehensive income and other financial informationof the Group for the year ended March 31 ,2018.

The consolidated financial statements include the Group's share of net loss of Rs. Nil lacs for the yearended 31st March,2018, as considered in the consolidated financial statements, in respect of oneassociate, whose financial statements have not been audited by us. This financial statement have beenaudited by other auditor whose report have been furnished to us by the Management and our opinionon the consolidated financial statements, in so far as it relates to the amounts and disclosures includedin respect of an associate is based solely on the report of the other auditor.

We have relied on the unaudited financial statements in respect of three subsidiaries whose financialstatements reflects total assets of Rs.340.81 lacs as at 31st March,201 I and total revenues ofRs. Nil lacs and Rs. Nil lacs for the quarter and year ended on that date respectively , as considered inconsolidated financial statement. These unaudited flnancial statements have been furnished to us bythe Management and our opinion on these statements, in so far as it relates to the amounts included inrespect of these subsidiaries is based solely on such unaudited financial statements certified by themanagement.

Our opinion on the consolidated financial statements is not modified in respect of the above matterswith respect to our reliance on the reports of the other auditor and the financial statements certified bythe management.

For Chaturvedi & ShahChadered Accountants

6,

(Firm Registration no.f92

}&v^a";L";*q--Amit ChaturvediPartnerMembership No.: 103141

Place: KolkataDate:May28,2018

0w)

Continuation sheet...

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Managingluirectn'r.- DtN N+o8o5s2?8

EALASORE ALLOYS LIilITEDRegd. Office : Ealgopalpur 75€0?.0 , Eist ' Balasor€ , O

Te!:: +9I-6781-!?5.?Sil.{5, Fax:+5t5782-2757?4 e-mail: mail@balasorealloys.corn, We

{!ft NO ; L27t010nfft84Pt€001354

AT'IB{TES FITIIAITICIAL RfST'LTS FER ft{E qUARTER/YEAR ENDED 3TST

disha

beite:w.babsoreall'op. eonn

u!.ARCH, m18

Jn

cot{50u$AT5D

PART IpA*Tic.{JtA&t

Quarter end€d errded Yeat 'end€d31.S3.2018

Ar rdiietl3L.72.2|d17 31.03"?017

audited31.03.1018Audlted

31.03.201?Audited

31.03.1ffi4.Arriited

3r"03.2Sr[?Arrriiteri

1. Nncome frcm spersti$nsal Satei$ncon'le ftonl Epet.]U{}ns

b] Other inr.orne

Total incr:rne *.um Operali$fts {ln-{a} +l{h$i

2. €xpe!.tr;eg

al C05t o[ materia{ consurned

b] Purhase of Sto'ift - in- tr:decl Change ift inventorier {ffinisheri g*oJdls and wotk in pro$€ssdl Powerel Excise fiuLyf] Fnlgrloyee benefits erpenrxl

€l Depreciat,on ar}d an\ortisati{$t trr{pen$e

h! Olher Exp€nie$

i, Finance cEst (sip-tl

Trtal Erpenses f2(a, t0 8{ii}

3. Frofit fronr cperations befcra exceptiffial it{?vr2 {?-p.}

4. ExceFtit)tlal lterrl lt'tfec n*.te - rt!

5. Profit froill op€rati$ns ats'f."r exc"eFti&m8{ ite.{n alrd &efbre tax {3-4}

6. Tax lxpesse

7. lilet Prsfilll-oss {or tire period {5-{i}

S. Other Corftl]retrcnsive lrw:onre {OCl} (ttet #f'Iar}

9" Total €amprehensiv* inc$ffie foilthe period {7.}S}

10. Paid up equity stla{e Ca{sita{ { F.ace velue.o{tfte share : { 5/- each }

11-'0ther Equitf

i 12. Earning Fer share{Face rehre *{ d 5y'- earh} {ffot en*ualised for quarter

l1i1 easicI

i(,rl Lir{uted

32,s30.527L?.tg

?3,242.71"

13,025.03

{334.s2}8.840.45

L955"62789.52

4958.17r"183.30

30,4X8.57

2,424.14

2,661.81

16A33

93.s9

68,74

20"091

48"65

4,6ffi.2V

0.o50.05

31,760.3?

1,366.63

33,r.26.95

12,284.50

403.25

8,388.86

1,850.86780.89

5,245.:1.7

1,224.4$

30,L78.03

2348.97

v,944.92

1,01.3.73

1",935.L9

1,935.X9

4,M4"52

2.181.90

35,807.8r.1,157.85

36,955.67

10,283.62

290.67

7,249"60

1"108.7?

2,23S.88

724.30

6,r.88.92

1,449.9S

29,526^61

7,439.r't6

7,439.06

2,995.6{;

4,443.40

4,443.4i1

4,444.52

qq?

1,2?,880.55

a068.15La8,948.S2

46"040.99

{6ee.8s}32,601,04

1,446.3A

7,039,43

3,011.4721,008,e5

4,615"16

I"15,44r.67

13,467.15

2,66r."81

10,405.34

4,249.J8

6,s55.56

(r0..r]91

6,535.47

4,6166.27

91,990"16

7.3:5a7n

1,04,171"89,2,2{39.58

1,06,38r.47 i

29,3r)5"40

{s23.S4}27,848"68

?,990.46

6,300.4f1

2,7f,8.8620,33E,16

3,934.22

92.896"14

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7,038.{33,@1.4?

24,L58"16

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10 315.87

2,661.81

7,69"&6

4149.78

3,404"e8

t?0"091

3,384,19

4,655"27

91,860.5?

3.&3

334

r,04,171.69 i

2,216.?1] l

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29,306"4r.t l

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Regtl. $ff{€e ! EalgoFalpur 756020, Oist. Balasore , Odisha'f,ef: +91-ti78l-l?5?E1*li, frsx:+El47&L-275724, e-rnail: mail@balasorealtoys"com,

website:lsww,baliaaoneallioys",conr, CIN NO : l-271010R1984PtCO0X3tr

AU&ITEP STATEfritENT OF As$.ETS ANO TIABITITIES AS AT 31st MARCH, ZOI.B

{{ in lacs

STANDATONF CONSOUAA1ED

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b

1

.e

AS5€TS

I{on{urrent AssetsPrflperty, Plant & Eq*ipnlentlntangible Assets

Capital work-irtsF rogressFinancial Asset

I nvestments ir-1 SubsidiariesI nvestanents in Je$sociates

lnr./estmelrts iri OtherLoans

OthersOther Assets

Total Non-Currefit A,s's€ts

fu'rrcnt AssetslnventoriesFinsrrcial As5et$

Trade Receivabies

Cash and Sank tsalance:L0ans

OthersOther Assets

Total Current Asset$

To.tal Assets

f QUTTY AI\tD !"tA$il.tTt€sEqurtygquity Share Capita{'Other €quityTotdl Equitv

Uabilitiesir,ion-f urrent Liabil?tiesFinamcial tiabilit'res

BorrowirigsOeferred Tax Liabilities {net}ProvisionsTotal Non-Crrrrent Liabilhies

Current LiahilitianFinancial l-iahilitiei

tsorrDwingsTrade Pavable

0ther0ther Current l-iaililitiBsPr0visi0nsTotal Current Liabilities

Total Equiw and t-iab:tities

AS AT ASAT

31.03.2018 31.03.2017 31.03"2018 31"O3.2017

83,240.853,145.90

1 1,993.39

r,750"67

813.9116.987"23

82,s08"5?2,093.669.426.55

1,663.462,?.67.44

680.64

17.275.79

83,240.853,146.90

x1,993"39

r,752..16

813.5X

\6,987.23

82,508"532,093.669,426"55

1,663.d5

2,267.00€80.64

?fl.O94..43

L.t7.932"95 1,15,855.65 1.17.q34,65 r.La"7?4"27

19,041"66

5,313"361,9t4.912,947.332,832.53

1-9,582.12

20,3L2.27

3,978.9r2,605,922,497.29

3,799.5715,611,57

19,224.3n

5,31,3.3ri

L,975"872,94r..332,832.s3

1q.71S"43

28,3t2.7V

3,985.392,608"142,49X.29

3,199.5715.7A1.96

51,685.97 48.199.53 5?..O25.77 48,3?8"54

1.69.618.92 1.6i1.055"18 r.69.961.4? 1,67,L1-2.89

4,666.77

91,990.16

4,444,528s_755,60

4,668.V791_860.62

4,444.5288.770.O0

96,656.43 90,200.1? q5.526.49 93,2ill.52

527.762,878.631.788.96

r-,01,0.16

1,786.89x.,490.97

527.762,878"631,788.96

x,010,151,786.891.4.9n,c7

5,195.35 4.288-02 5,19s.35 4,288"O2

17,595.76

26,s38"075,511.477,963.68

10,158.16

20,508.1829,169.754,673.456,170.539,045"13

x7,595.76

?6,63r.615,5r1.478,342-18

1{}.158.16

al,5(98.1829,'t77.7v

4,673"456,r0s.s29.o45"13

67,167.14 69.s67.04 €8"239.18 69.610.35

1.69.618.92 1.64.O55.18 1.,69.96r.42 i."57"11"2.89

brdP; Ko{kata

atE: ?Eth MaV,2O18

tI I t.-,rivi^..'"1 i,: ,f.:. 1. ) l")''"\''-

"j"Fl

Fsr and on behalfoi ttie 8oa{d

,-r-. Iii,, r..;1?{'{|::---7iliricr"r,rrn ii,; ':1\-:\ r. it'1--./;7 'd'nir lsrslia

\{Sri'")' hrana$.ng D;rr{torDt${ N,r'-0,&158228

N"t-* **'-* --**---

1I

enrled 31st March 20,1s are the baiancing figtrres between $te audited figures in respect o{ the ful{ frnaneial year and the year-to{ate figltres up to the t}rirdl

louarie, of the fieancral year.

i

31. 20,1g cotnpany has tncurred cost of { a,621-20 lacs for- devel<rprneni of uriderground mineswhich has treen shown as capital work in progress arra has a'sr''l

advarrceci { 1F,g40.6.1 la{:,stoverxlorswhichhasbeensho\,vnunderadvencestovendorsforequipmentandseriessforaforesaidproiect Asisnih(ianlF'artcrJ

progressanc!advarrcesrelatingtoprqectisconsidere.d.Further,vendorshavecc,nfrmedoutstandji]gadvaneesoft 15,89888 lacsandnarreals<lcofrrnrtttdlI

tc provlde the coutracled eqL,ip{nent and servic€s as anrC wl'len required I

An advance of { 3,683.57 lacs was contracted in priercfr 2015 to a supp,ier for sr.rpply of raw rnaterial at fixed price over a period of eighle€n monthii Due to iAn advance Oi < '3,FJSJ 5r laCS was Ctlnlfacre{ In Milrsl 4u il (u d supp'icr rur ru},t'tr ur - i

ofl the negoiiations wlti:l ihe supplier where he expressed his inabilifi to honour the financial cnmrnitrnents as agreed in past has nc|v offeledl to supply nraterral I

whjch is sccepted bv the company and v,ij{l be supplied by the supp'lier d{.,ring contracted period I

one tirne setilernent of outstanding dues of lpll- with its sonle of the cornrnon ieRders , so that Con-rpany can eontinue to get finanial faci{ities for iis working i

caprtai req,Lr.irements . ongorng projects , gmvdti"i and e\nansion plans.lPlL. has submitte.d a revival plan tc, Hon'ble Kolkata High oourt which is pending for i

approval. c.ropanv based on conservative approach . w,ritten off ihe said loan along with its accurnulated interest aggregating to { 2.661 8? lac$ anr{ shcwn a:i {

an e>ceotrona{ itern i

The Company is nrarntv engaged in the l\,4anufacturing of Ferro Chrcrme. As such there are no seperate reportable segrneni as per the lnd'A$ '108 Sesnre{lit

Rcportinet I

Ibelcw K irr tacs ) I

{-$LfNatd;",lJ"tt*"-ts ------ _--i

I

ir i'""-'='ffioth"'Eq;ryt-@iI I i I I lfteconciliationl ll!l I I +#iI I I t erlarfer lyearEndedlYearEndedl YearEnded lYearEncledllI i I I unuii'l'="'-""*l'="'- I I rll*.,l # lI Itlet Frofit as per previous lndian GA.AP

charged to the statefient of pro{it and Loss based on depletion using unit of production meth*d instead of c{epreciation baseci cn remainlrrcl iift! of the iea

uncler iG,AAP.

Z Fair valtratisn f,arfin:ln€ial assets'fhe compa{"ly has valured financiel a$sets al fair value lntpacl nf fair value changers as or', tite date of tlansition,

chanE*; therea'lter are recognised in Frcrfit and Los$ Accnunt'

3 i0efrrffed Taxtlalance sheFrt approailh{tsEa;l)sl'FiJ'fii'tir,!'l\:t-i\).,s *pqtt;:airh ln' tl'''l' i*r'l'joitq

I

lt._-,__

The rrnpact of trafi'siticn adJustnxents loueltiur'rtifn lnd AgGAAF) fcr compl.rtation of defened laxes, has resulted.ii'f!

SL

!,1s.

Natur€ o{ adjustments td0te ref" STANOALONE TED

Frofit Reconcil.iation other Equity FJrofi{.

f{econciliationOther Equity

Quarterended

?{ nt tn{7

Year Ended

3{,03"2017

Year Ended

31.03"2017

Year Ended

31.03-2.fi'17

Year Encled

31.03"2017

Net ttrofit as per previnus lndian GA.AP 4,599.97 8,951.99 83,840"75 8,948.62 84,658.64

Fair valuation 0t investments 2 1.14 3.24 -2114.53 3.2.4 (2,1 1,4 53)

Farr valuat:on ,rl security deposit a I,JJ t11.22) -34.14 t11 22) (34 14)

Shares Forfeiteci 5 x 51.86 151.86

A.ccounting for nrinlk to market on derivative (333.24) {333 24)

Rerneasure(nent of post employrnent benefli obiigatiol:ls 4 142.37 102 37

Deferred tax on above adjustrnents 3 7.31 79.s1 79.9'1

Deoreciation cln Mrninq Lease 1A&18 (142 17 (428.82 391 3.35 (428.82\, 3 E13 35

Fair valrretion of financiai assets (30.78)

4.443.40 8_364.23 85.757_29 1E

account fc,r trre suLrsequenl periods

-.--,+---:!

ji.

on the ilate ot tratrsitir:rt, with EonsequertisJ impasi 1l] the Pmfit and l o$$

4 Rg$lqs6{swmer&tof liabil&ies:

bendot p,&?ns are fi)cognised in t?fter Compehen$iw klciorm?t.

S Rac iessilfrid[inn.as pe,r lnd ,Ss S.ahed&le ll!

stfiarehd#ffi at fl+e e,nsllirq Annuat General lWeeling.

Tfw ahove 6namaa{ resutts were duly revieured by &e Aildit Onsrefli b*e $rW

ueae eppn:nred in ttle Er.rard Meetirq *wld on z$th F.{-uy" &ri8.

f r,r^ ald ,:$ .U,eJrtll$ d tire &rand

Siare. K.slta*afiide: ISth Hlayr,ia8t$

3-*=--

A€lil 5\Fe*tit&drol8gfifiS fin{rflmh3{

/,':;t!]{

"Park Plaza",71, Park Street, Kolkata 700 016Phone: +91 33 40297OOO, Fax: +91 3322295693E-mail : mail @ balasorealloys.comWebsite : www.balasorealloys.comCIN : 1271 01 OR1 984P1C001 354

4

DECLARATION

Pursuant to the provisions of Regulation 33(3)(d) of the SEBI (Listing Obligationsand Disclosures Requirement) Regulations, 2015 as amended, we, hereby declarethat the Statutory Auditors of the Company, M/s Chaturvedi & Shah, CharteredAccountants (Firm Registration No.101720W) have issued an Audit Report withunmodified opinion on the Annual Audited Financial Results (Standalone andConsolidated) of the Company for the financial year ended on 31st March, 2018"

For Balasore Alloys Ltd

,.a_-

-7 a-,-_=-Anil SurekaManaging DirectorDIN:00058228

Date 28.05.2018Place: Kolkata

For Balasore Alloys Ltd

/ <2/ '/ -/vllrz*t,r//'l{-7,

'Nikunl P6nsariDirector-Finance & CFODIN:08023216

Regd. Office & Works : Balgopatpu r 756020, Balasore (Odisha), Phone : (06782) 275781-85, Fax : (067821 275724