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Auditor Report of Aanchal Ispat Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of Aartchal Ispat limited, which comprise the Balance Sheet as at 31st March 2015, the Statement of Profit and Loss, for the year then ended, and a summary of the significant accounting policies and other explanatory' information

MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The Company's Board of Directors is responsible far the matters stated in Section 134(5) of the Companies Act, 2013 with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Ac-counts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

AUDITOR'S RESPONSIBILITY

Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified under Section 143(101 of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the apprcprfateness of the accounting policies used and the reasonable-ness of the accounting estimates made by the Company's Directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

OPINION

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid finan-cial statements give the information required bv the Act in the manner so required and give a due and fair view in. conformity with the accounting principles generallv accepted in India, of the state of affairs of the Company as at 31 March 2015, and its Profit and its C ash flows for the year ended on that date.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

I. As Required by the Companies (Auditor's Report) Order, 2015 ("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, We give in the Annexure a statement on the matters specified in the Paragraph 3 and 4 of the Order, to the extent applicable.

As required by Section 143' (3) of the Act, we report that:

(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

(c) The Balance Sheet, the Statement of Profit and Loss, dealt with by this Report are in agreement with the books of account.

(d) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

(e) On the basis of the written representations received from the directors as on 31/03/2015 taken on record by the Board of Directors, none of the directors is disqualified as 31/03/2015 from being appointed as a director in terms of Section 154 (2) of the Act.

(f) With respect to the other matters to be included in the Auditor' s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

t. The Company does not have any pending litigations which would impact its financial positions;

ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable Losses; and.

iii. There has been no amount required to be transferred to the Investor Education and Protection Fund by the Company.

Reports under the Companies (Auditor's Report) Order, 2015 (CARO 2015)

The Annexure referred to in our Independent Auditors' Report to the members of the Company on the financial statements for the year ended 31 March 2015, we report that

i. In respect of its assets:

a. The Company has maintained proper records showing full particulars, including quantitative details and situation of lived assets.

b. The Company"s fixed assets have been physically verified by the management at regular intervals, having regard to the size of the company and the nature of its assets. The management has confirmed that no discrepancies have been found.

ii. In respect of its inventories:

a. The company has also conducted physical verification of inventory at reasonable intervals during the year.

b. In our opinion and according to explanation given to- us, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

c. The company is also maintaining proper records of inventory and there have been no material discrepancies.

iii. The company has granted loans, unsecured to companies, firms or other parties covered in the register main- tained under section 189 of the companies Act, 2013 ("The Act").

a. In respect of loans granted, repayment of the principal amount is as stipulated and the payment of interest have been regular.

b. There is no overdue amount of any loans, secured or unsecured to companies, firms or other parties, covered in the registered maintained under section 189 of the Companies Act.

iv. In. our opinion and according to the information and explanations given to us, there is adequate internal control system commensurate with the size of the Company and the nature of its business with regard to

purchase of fixed assets, purchase of inventory and for the sale of goods. We have not observed any major weakness in the internal control system during the course of the audit.

v. In our opinion and according to the information and explanations given to us the Company has not accepted any deposits from the public.

vi. The Centra] Government has not prescribed the maintenance of cost records under Section 148(1) of the Act, for any of the services rendered by the company-

vii. In respect of statutory dues:

a. Undisputed statutory dues including Provident Fund, , Employees State Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax, duty of customs, duty of excise, value added tax or cess and any other statutory dues with the appropriate authorities though there has been a slight delay in a few cases.

b. According to the records of the company, there are no dues of employees state insurance, sales tax, wealth tax, duty of customs, duty of excise, value added tax or cess and any other statutory dues with the appropriate authorities that have not been deposited on amount of any dispute except following.

Related to Authority When Case is Pending Financial Year

Excise- Commission of Central Excise,Haldia 2007 2008 Duty Commissonerate

Income Income Tax Officer, Ward 1(4), Kolkzla 2010-2011 Tax

Income Commissioner of income lax, Kolkata - 1 2008-2009 Tax

April 2003 Provident Assistant Provident fund Commissioner, to Febru- Fund Howrah ary 2013

Income DCIT, Circle 3(1), Koikata 2011-2012 lax

Related to Disputed Remarks Amount

Excise- 10,486,754.00 Appeal filed by the company Duty on 13-07-2012 before Customs Exrise Service Tax Tribunal

Income 10,618,810.00 Appeal filed by the company on Tax 29-04-2014 before

Income 1,142344.00 Appeal filed by the company on Tax 26-05-2014 before Commissioner or Income lax (Appeals) - 1, Kolkata

Appeal filed by the Company on 07-07-2014 before Provident 259,486.00 Employees Provident fund Fund Appellate Tribunal, Ministy Labour & Employment Government of India, New Delhi

Income 19,273,200.00 Appeal filed by the company on lax 16-04-2015 before the Commissioner of Income Tax (Appeal$-1 -1, Kolkata

c. According to the records of the company there are no amounts that are due to be transferred to Investors Education and Protection Fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made thereunder.

viii. The Company does not have any accumulated losses at the end of the financial year and has not incurred any cash losses in the financial year and in the immediately preceding financial year.

ix. Based on our audit procedures and according to the information and explanations given, to us, we are of the opinion that the company has not defaulted in repayment of dues to financial institutions, banks, and debenture holders.

x. According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from bank or financial institution. Therefore the para 3(x) of the order is not applicable to the company.

xi. According to the information and explanations given to us, in our opinion, the terms loans were applied for the purpose of which they were obtained.

xii. Eased upon the audit procedures performed for the purpose of reporting the true and fair nature of the financial statements and as per the information and explanations given by the management, we report that no fraud on or by the company has been noticed or reported during the course of audit.

R MODI & CO. (Chartered Accountants) Firm Reg. No.: 327727E

RANJIT KUMAR MODI (Partner) Kolkata Membership No.: 062254 Date: 30/05/2015

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