Mar 31, 2015
We have audited the accompanying financial statements of Auroma Coke
Limited ("the Company"), which comprise the Balance Sheet as at March
31, 2015, the Statement of Profit and Loss and the Cash Flow Statement
for the year then ended, and a summary of significant accounting
policies and other explanatory information.
Management's Responsibility for the Financial Statements
The company's Board of Directors is responsible for the matters stated
in section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these financial statements that give a true and
fair view of the financial position, financial performance and cash
flows 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 (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding 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 there under.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) 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 misstatements.
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, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness 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 financial statements 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 31 March 2015 and its loss and its cash flows for the year ended on
that date.
Emphasis of Matters
We draw attention to the following matters in the Notes to the
financial statements:
Note No. 1.12 of the financial statements which, describes the
uncertainty related to the outcome of the case filed against the
company by CBI and suspension of supply of raw material under FSA by
main supplier BCCL and its consequences.
Our opinion is not modified in respect of these matters.
Report on Other Legal and Regulatory Requirements
1. 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 paragraphs 3 and 4 of the Order
to the extent applicable.
2. As required by Section 143(3)of the Act, we report that :
a. We have sought and obtained all the information and explanation
which to the best of our knowledge and belief were necessary for the
purpose of our audit.
b. In our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books.
c. The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement 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 referred to in 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 March 31, 2015, taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 2015,
from being appointed as a director in terms of Section 164(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:
i. The Company has disclosed the impact of pending litigations on its
financial position in its financial statements - Refer Note 1.12 to the
financial statements;
ii. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses;
iii. There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.
Annexure to Independent Auditors' Report
Referred to in Paragraph 1 under the heading of "Report on Other Legal
and Regulatory Requirements" to the members of the company on the
financial statements for the year ended 31st March, 2015, we report
that :
i. We have been informed that the Company is in the process of
preparing fixed assets register. Physical verification of assets has
been conducted on selective basis and no discrepancies were noticed
during such verification. In our opinion this method of physical
verification is reasonable having regard to the size of the Company and
the nature of its assets.
ii. (a) We have been informed that the management has conducted physical
verification of inventories at the year end and no material
discrepancies have been noticed on such verification as compared to book
records.
(b) The procedures followed for such verification are reasonable in
relation to the size of the Company and the nature of its business.
(c) The company is maintaining proper records of inventory.
iii. (a) The company has granted unsecured loans to the bodies corporate
covered in the register maintained under section 189 of the Companies
Act, 2013 ("the Act").
(b) There is no stipulation regarding repayment of principal and
interest and they are repayable on demand, and the company is receiving
the principal and interest as and when demanded. Accordingly,
paragraph 3(iii)(b) of the Order is not applicable to the company.
(c) There are no overdue amounts of more than rupees one lakh in
respect of the loans granted to the bodies corporate listed in the
register maintained under section 189 of the Act.
iv. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the company and the nature of its business for the
purchase of inventory and fixed assets and for the sale of goods and
services. During the course of audit, we have not observed any
continuing failure to correct major weaknesses in internal control
system.
v. We have been informed that the Company has not accepted any
deposits as defined under Companies (Acceptance of Deposits) Rules,
2014 read along with other notifications/Rules issued from time to
time. Therefore the provisions of Clause (v) of the Order is not
applicable to the company.
vi. The Central Government has not specified the maintenance of cost
records under section 148(1) of the Act for the company.
vii. We have been informed that the company is generally regular in
depositing undisputed statutory dues including provident fund, investor
education and protection fund, income tax, sales tax, wealth tax,
custom duty, service tax, cess and any other statutory dues with the
appropriate authorities, wherever applicable, except with some delays.
There has been delay in depositing excise duty, service tax, Tax
deducted at Source, Employees State Insurance, Electricity duty and in
one case of income tax. However, there are no arrears of outstanding
liabilities as at the end of the year for a period of more than six
months from the date they became payable, except in case of Sales Tax '
1.00 lacs, Electricity Duty Rs 0.16 lacs and Income tax Rs 0.64 lacs.
There are demands in respect of sales tax dues, which are disputed by
the company but the said demands have been adjusted by the department
from the input credit available with them. The company is yet to file
revision petition / appeals in respect of demands adjusted from input
credit or claim for input credit not admitted amounting to Rs 23.56
lacs with the appropriate authorities for the year 2006-07 to 2010-11.
According to the information and explanations given to us, the
following dues of sales tax / VAT has not been deposited by the company
on account of disputes:
Name of the Nature of the Amount Period to Forum where
Statute dues involved which dispute
relate is pending
JVAT Act, 2005 Tax & Penalty Rs 43.76 2007-08 Commissioner
of Sales Tax
JVAT Act, 2005 Tax & Penalty Rs 2.40 2008-09 Commissioner
of Sales Tax
viii. The company does not have any accumulated losses at the end of
the financial year The losses incurred have been adjusted with the
balance available in Profit & Loss Account. The company has incurred
cash loss during the financial year covered by our audit. No cash loss
was incurred in the immediately preceding financial year
ix. The company has not defaulted in repayment of dues to any bank or
financial institutions. The company has not raised any amount by way of
Debentures.
x. The company has not given any guarantee for loans taken by others
from any bank or financial institutions.
xi. Term loans raised were applied for the purposes for which the
loans were obtained.
xii. Based upon the audit procedures performed and information and
explanations given to us, we report that no fraud on or by the company
has been noticed or reported during the year during the course of our
audit.
For AGARWAL KHEMKA & ASOCIATES
Chartered Accountants
(Registration Number : 314133E)
A. K. Agarwal
Place : Kolkata Proprietor
Date : 30th day of May, 2015 Membership Number : 052791
Mar 31, 2014
We have audited the accompanying financial statements of Auroma Coke
Limited ("the Company"), which comprise the Balance Sheet as at March
31, 2014, Statement of Profit and Loss and the Cash Flow Statement for
the year then ended, and a summary of significant accounting policies
and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
accounting principles generally accepted in India including Accounting
Standards referred to in Section 211(3C) of the Companies Act,1956
("the Act"). This responsibility includes the design, implementation
and maintenance of internal control 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.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. 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 misstatements.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgement, 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 control relevant to the Company''s preparation and
presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the entity''s
control. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by management, 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.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements 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 :
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
(b) In the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
(c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies(Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of Section
227(4A) of the Act, we give in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the Order.
2. As required by Section 227(3)of the Act, we report that:
a. We have obtained all the information and explanation which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
b. In our opinion, proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books.
c. The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
d. In our opinion, the Balance Sheet, the Statement of Profit and Loss,
and the Cash Flow Statement comply with the Accounting Standards
referred to in section 211(3C) of the Act.
e. On the basis of the written representations received from the
directors as on March 31, 2014, taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 2014,
from being appointed as a director in terms of Section 274(1)(g) of the
Act.
Referred to in Paragraph 1 under the heading of "Report on Other Legal
and Regulatory Requirements" of our report of even date
(a) We have been informed that the Company is in the process of
preparing fixed assets register. No substantial part of fixed asset has
been disposed off during the year. Physical verification of assets has
been conducted on selective basis and no discrepancies were noticed
during such verification.
(b) We have been informed that the management has conducted physical
verification of finished goods, raw materials, spare parts and
construction work in progress at the year end and no material
discrepancies have been noticed on such verification as compared to
book records. The procedures followed for such verification are
reasonable in relation to the size of the Company and the nature of its
business. The company is maintaining proper records of inventory.
(c) The company has taken unsecured loans from companies which are
covered in the register maintained under section 301 of the Act. The
transactions involved during the year are as follow :
No. of Companies Amount Paid (Rs.) Amount Received (Rs.)
2 246.62 lacs 138.55 lacs
The rate of interest and other terms and conditions of above loans are
not prima-facie prejudicial to the interest of the Company. There is no
stipulation regarding repayment of principal and interest and they are
repayable on demand, and the company is paying the principal and
interest as and when demanded.
(d) The company has granted unsecured loans to companies which are
covered in the register maintained under section 301 of the Act. The
transactions involved during the year is as follow:
No. of Companies Amount Paid (Rs.) Amount Received (Rs.)
1 207.00 lacs 120.00 lacs
The rate of interest and other terms and conditions of above loans are
not prima-facie prejudicial to the interest of the Company. There is no
stipulation regarding repayment of principal and interest and they are
payable on demand, and the company is paying/receiving the principal
and interest as and when demanded.
(e) In respect of loans taken from or given to other parties, the terms
and conditions of such loans are not prima-facie prejudice to the
interest of the company. They are payable/repayable on demand and are
being paid / repaid as and when demanded.
(f) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the company and the nature of its business for the
purchase of inventory and fixed assets and for the sale of goods and
services. During the course of audit, we have not observed any
continuing failure to correct major weaknesses in internal control
system.
(g) The particulars of contracts or arrangements referred to in section
301 of the Act have been so entered in the register maintained under
that section. The transactions made in pursuance of such contracts or
arrangements exceeding the value of Rs. 5,00,000/- in respect of each
party during the year have been made at prices which appear reasonable
having regard to the prevailing market prices at the relevant time,
wherever available.
(h) We have been informed that the Company has not accepted any
deposits from public, share holders or others as defined under Section
58A of the Companies Act, 1956 during the year. Therefore the
provisions of Clause (vi) of paragraph 4 of the Order are not
applicable to the company.
(i) The Company has appointed a firm of Chartered Accountants to
conduct the internal audit periodically which is considered to be
adequate and commensurate with the size and nature of its present
activities.
(j) We have broadly reviewed the cost records maintained by the Company
pursuant to the Companies (Cost Accounting Records) Rules, 2011
prescribed by the Central Government under Section 209(1)(d) of the
Companies Act, 1956 and are of the opinion that prima facie the
prescribed cost records have been maintained. We have, however, not
made a detailed examination of the cost records with a view to
determine whether they are accurate or complete.
(k) We have been informed that the company is generally regular in
depositing undisputed statutory dues including provident fund, investor
education and protection fund, income tax, sales tax, wealth tax,
custom duty, service tax, cess and any other statutory dues with the
appropriate authorities, wherever applicable, except with some delays.
There has been delay in depositing excise duty, service tax, Tax
deducted at Source, Employees State Insurance, Electricity duty and in
one case of income tax. However, there are no arrears of outstanding
liabilities as at the end of the year for a period of more than six
months from the date they became payable, except in case of Sales Tax ''
1.00 lacs, Electricity Duty '' 0.05 lacs and Income tax '' 0.64 lacs.
There are demands in respect of sales tax dues, which are disputed by
the company but the said demands have been adjusted by the department
from the input credit available with them. The company is yet to file
revision petition/appeals in respect of demands adjusted from input
credit or claim for input credit not admitted amounting to '' 12.94 lacs
with the appropriate authorities for the year 2006-07 to 2008-
In respect of demand of Excise duty, the company has deposited under
protest the amount demanded by the authorities and has simultaneously
filed appeal with the authorities. The details of appeal filed are as
under :
Name of the Nature of the Amount Period to Forum where
Statute dues involved which relate dispute
is pending
Central Excise Duty '' 4.50 lacs 2010-11 Commissioner
Excise Act, of Central
1994 Excise
(Appeals)
(l) The company does not have any accumulated losses at the end of the
financial year. The company has not incurred any cash losses during the
financial year covered by our audit and in the immediately preceding
financial year.
(m) The company has not defaulted in repayment of dues to any
bank/financial institutions. The company has not raised any amount by
way of Debenture from bank or financial institution.
(n) The company has not granted any loans and/or advances on the basis
of security by way of pledge of shares, debentures and other securities
or any guarantee.
(o) The company is not a chit fund/nidhi/mutual benefit / society.
Therefore, the provisions of clause (xiii) of paragraph 4 of the Order
are not applicable to the company.
(p) In respect of investment in shares, securities, debentures and
other investments, proper records have been maintained of the
transactions and contracts and timely entries have been made therein.
The shares, securities, debentures and other securities have been held
by the company, in its own name except to the extent of the exemption,
if any, granted under section 49 of the Act;
(q) The company has not given any guarantee for loans taken by others
from any bank or financial institution.
(r) No term loans were raised during the year.
(s) According to the information and explanations given to us and on
overall examination of the Balance Sheet of the company, we are of the
opinion that there are no funds raised on short term basis that have
been used for long term investment.
(t) The company has not made any preferential allotment of shares to
parties and companies covered in the Register maintained under section
301 of the Act during the year.
(u) The company has not raised any amount by issue of secured
debentures.
(v) During the year, the company has not raised any amount by public
issues.
(w) Based upon the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the company has been noticed or reported during the year.
For AGARWAL KHEMKA & ASOCIATES
Chartered Accountants
(Registration Number : 314133E)
A. K. Agarwal
Place : Kolkata Proprietor
Date : 30th day of May, 2014 Membership Number : 052791
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Auroma Coke
Limited ("the Company"), which comprise the Balance Sheet as at March
31, 2013, Statement of Profit and Loss and the Cash Flow Statement for
the year then ended, and a summary of significant accounting policies
and other explanatory information.
Management''s Responsibility for the Consolidated Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
accounting principles generally accepted in India including Accounting
Standards referred to in Section 211(3C) of the Companies Act, 1956
("the Act"). This responsibility includes the design, implementation
and maintenance of internal control 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 conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. 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 misstatements.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgement, 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 control relevant to the Company''s
preparation and presentation of the financial statements in order to
design audit procedures that are appropriate in the circumstances. An
audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of the accounting estimates made
by management, 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.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements 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:
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
(b) In the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
(c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date. Report on Other Legal and Regulatory
Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of Section
227(4A) of the Act, we give in the Annexure a statement on the matters
specified in paragraphs 4 and 5 of the Order.
2. As required by Section 227(3)of the Act, we report that:
a. We have obtained all the information and explanation which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
b. In our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books.
c. The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
d. In our opinion, the Balance Sheet, the Statement of Profit and
Loss, and the Cash Flow Statement comply with the Accounting Standards
referred to in section 211(3C) of the Act,
e. On the basis of the written representations received from the
directors as on March 31, 2013, taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 2013,
from being appointed as a director in terms of Section
274(l)(g)oftheAct.
AnneXUre to the Independent Auditors'' Report
Referred to in Paragraph 1 under the heading of "Report on Other Legal
and Regulatory Requirements" of our report of even date
(a) We have been informed that the Company is in the process of
preparing fixed assets register. No substantial part of fixed asset has
been disposed off during the year.
(b) We have been informed that the management has conducted physical
verification of finished goods, raw materials, spare parts and
construction work in progress at the year end and no material
discrepancies have been noticed on such verification as compared to
book records. The procedures followed for such verification are
reasonable in relation to the size of the Company and the nature of its
business. The company is maintaining proper records of inventory.
(c) The company has taken unsecured loans from companies which are
covered in the register maintained under section 301 of the Act. The
transactions involved during the year are as follow:
No. of Companies Amount Paid (Rs.) Amount Received (Rs.)
2 232.75 lacs 309.00 lacs
The rate of interest and other terms and conditions of above loans are
not prima-facie prejudicial to the interest of the Company. There is no
stipulation regarding repayment of principal and interest and they are
repayable on demand, and the company is paying the principal and
interest as and when demanded.
(d) The company has granted unsecured loans to companies which are
covered in the register maintained under section 301 of the Act. The
transactions involved during the year is as follow:
No. of Companies Amount Paid (Rs.) Amount Received (Rs.)
1 4.00 lacs 4.00 lacs
The rate of interest and other terms and conditions of above loans are
not prima-facie prejudicial to the interest of the Company. There is no
stipulation regarding repayment of principal and interest and they are
payable on demand, and the company is paying/receiving the principal
and interest as and when demanded.
(e) In respect of loans taken from or given to other parties, the terms
and conditions of such loans are not prima - facie prejudice to the
interest of the company. They are payable / repayable on demand and are
being paid / repaid as and when demanded.
(f) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the company and the nature of its business for the
purchase of inventory and fixed assets and for the sale of goods and
services. During the course of audit, we have not observed any
continuing failure to correct major weaknesses in internal control
system.
(g) The particulars of contracts or arrangements referred to in section
301 of the Act have been so entered in the register maintained under
that section. The transactions made in pursuance of such contracts or
arrangements exceeding the value of Rs. 5,00,000/- in respect of each
party during the year have been made at prices which appear reasonable
having regard to the prevailing market prices at the relevant time,
wherever available.
(h) We have been informed that the Company has not accepted any
deposits from public, share holders or others as defined under Section
58A of the Companies Act, 1956 during the year. Therefore the
provisions of Clause (vi) of paragraph 4 of the Order are not
applicable to the company.
(i) The Company has appointed a firm of Chartered Accountants to
conduct the internal audit periodically which is considered to be
adequate and commensurate with the size and nature of its present
activities.
(j) We have broadly reviewed the cost records maintained by the Company
pursuant to the Companies (Cost Accounting Records) Rules, 2011
prescribed by the Central Government under Section 209(l)(d) of the
Companies Act, 1956 and are of the opinion that prima facie the
prescribed cost records have been maintained. We have, however, not
made a detailed examination of the cost records with a view to
determine whether they are accurate or complete.
(k) We have been informed that the company is generally regular in
depositing undisputed statutory dues including provident fund, investor
education and protection fund, income tax, sales tax, wealth tax,
custom duty, service tax, cess and any other statutory dues with the
appropriate authorities, wherever applicable, except with some delays.
There has been delay in depositing excise duty and Employees State
Insurance and in one case of income tax. However, there are no arrears
of outstanding liabilities as at the end of the year for a period of
more than six months from the date they became payable except in case
of Sales Tax Rs. 1.00 lacs and Income tax Rs. 0.64 lacs.
There are demands in respect of sales tax dues, which are disputed by
the company but the said demands have been adjusted by the department
from the input credit available with them. The company is yet to file
revision petition / appeals in respect of demands adjusted from input
credit or claim for input credit not admitted amounting to Rs. 12.94
lacs with the appropriate authorities for the year 2006-07 to 2008-09.
(I) The company does not have any accumulated losses at the end of the
financial year. The company has not incurred any cash losses during the
financial year covered by our audit and in the immediately preceding
financial year.
(m) The company has not defaulted in repayment of dues to any
bank/financial institutions. The company has not raised any amount by
way of Debenture from bank.or financial institution.
(n) The company has not granted any loans and / or advances on the
basis of security by way of pledge of shares, debentures and other
securities or any guarantee. (o) The company is not a chit fund /
nidhi / mutual benefit / society. Therefore, the provisions of clause
(xiii) of paragraph 4 of the Order are not applicable to the company.
(p) In respect of investment in shares, securities, debentures and
other investments, proper records have been maintained of the
transactions and contracts and timely entries have been made therein.
The shares, securities, debentures and other securities have been held
by the company, in its own name except to the extent of the exemption,
if any, granted under section 49 of the Act;
(q) The company has not given any guarantee for loans taken by others
from any bank or financial institution.
(r) The term loans raised during the year were applied for the purpose
for which the loans were obtained.
(s) According to the information and explanations given to us and on
overall examination of the Balance Sheet of the company, we are of the
opinion that there are no funds raised on short term basis that have
been used for long term investment.
(t) The company has not made any preferential allotment of shares to
parties and companies covered in the Register maintained under section
301 of the Act during the year.
(u) The company has not raised any amount by issue of secured
debentures.
(v) During the year, the company has not raised any amount by public
issues.
(w) Based upon the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the company has been noticed or reported during the year.
For AGARWAL KHEMKA & ASSOCIATES
Chartered Accountants
Firm Registration No. 314133E
A. K. Agarwal
Place : Kolkata Proprietor
Dated : 30th day of May, 2013 Membership No. 052791
Mar 31, 2012
1. We have audited the attached Balance Sheet of Auroma Coke Limited,
as at 31st March, 2012 and also the Profit and Loss Account, Cash Flow
Statement for the year ended on that date annexed thereto. These
financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
Section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraph 4 and 5 of the said
Order on the basis of information and explanations given to us during
the course of audit.
4. Further, to our comments in the Annexure referred to above, we
report that :
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
(ii) In our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books;
(iii) The Balance Sheet ,Profit and Loss Account, and Cash Flow
Statement dealt with by this report are in agreement with the books of
account ;
(iv) In our opinion, the Balance Sheet, Profit and Loss Account, Cash
Flow Statement dealt with by this report comply with the Accounting
Standards referred to in sub-section (3C) of Section 211 of the
Companies Act,1956;
(v) On the basis of written representation received from the directors
as on 31st March, 2012. and taken on record by the Board of Directors,
we report that none of the directors is disqualified as on 31st
March,2012 from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act,1956;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said Accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March'2012.
(b) In the case of the Profit and Loss Account, of the Profit for the
year ended on that date.
(c) In the case of Cash Flow Statement of the cash flows for the year
ended on that date.
Annexure to the Auditors' Report Referred to in paragraph 3 of our
report of even date
(a) We have been informed that the Company is in the process of
preparing fixed assets register. No substantial part of fixed assets
has been disposed off during the year.
(b) We have been informed that the management has conducted physical
verification of finished goods, raw materials, spare parts and
construction work in progress at the year end and no material
discrepancies have been noticed on such verification as compared to
book records. The procedures followed for such verification are
reasonable in relation to the size of the Company and the nature of its
business. The company is maintaining proper records of inventory.
(c) The company has taken unsecured loans from companies which are
covered in the register maintained under section 301 of the Act. The
transactions involved during the year are as follow:
No. of Companies Amount Paid (Rs.) Amount Received (Rs.)
2 305.00 lacs 327.50 lacs
The rate of interest and other terms and conditions of above loans are
not prima-facie prejudicial to the interest of the Company. There is no
stipulation regarding repayment of principal and interest and they are
repayable on demand, and the company is paying the principal and
interest as and when demanded.
(d) The company has granted unsecured loans to companies which are
covered in the register maintained under section 301 of the Act. The
transactions involved during the year is as follow :
No. of Companies Amount Paid (Rs.) Amount Received (Rs.)
1 561.00 lacs 563.00 lacs
The rate of interest and other terms and conditions of above loans are
not prima-facie prejudicial to the interest of the Company. There is no
stipulation regarding repayment of principal and interest and they are
payable on demand, and the company is paying/receiving the principal
and interest as and when demanded.
(e) In respect of loans taken from or given to other parties, the terms
and conditions of such loans are not prima - facie prejudice to the
interest of the company. They are payable / repayable on demand and are
being paid/repaid as and when demanded.
(f) In our opinion there is adequate internal control system
commensurate with the size of the company and the nature of its
business for the purchase of inventory and fixed assets and for the
sale of goods and services. We have not observed any continuing failure
to correct major weaknesses in internal control system.
(g) The particulars of contracts or arrangements referred to in section
301 of the Act have been so entered in the register maintained under
that section. The transactions made in pursuance of such contracts or
arrangements have been made at prices which are reasonable having
regard to the prevailing market prices at the relevant time, wherever
available.
(h) We have been informed that the Company has not accepted any
deposits from public, share holders or others as defined under Section
58A of the Companies Act, 1956 during the year.
(i) The Company has appointed a firm of Chartered Accountants to
conduct the internal audit periodically which is considered to be
adequate and commensurate with the size and nature of its present
activities.
(j) We have been informed that the company is generally regular in
depositing undisputed statutory dues including provident fund, investor
education and protection fund, income tax, sales tax, wealth tax,
custom duty, service tax, cess and any other statutory dues with the
appropriate authorities, wherever applicable, except with minor delays.
There has been delay in depositing excise duty and Employees State
Insurance and in one case of income tax. However, there are no arrears
of outstanding liabilities as at the end of the year for a period of
more than six months from the date they became payable except in case
of Sales Tax Rs. 1.00 lacs and Income tax Rs. 0.64 lacs.
There are demands in respect of sales tax dues, which are disputed by
the company but the said demands, except Rs. 0.52 lacs for the year
2007-08, have been adjusted by the department from the input credit
available with them. The company is yet to file revision petition /
appeals in respect of demands adjusted from input credit or claim for
input credit not admitted amounting to Rs. 12.94 lacs with the
appropriate authorities for the year 2006-07 to 2008-09.
(k) The company does not have any accumulated losses at the end of the
financial year. The company has not incurred any cash losses during the
financial year covered by our audit and in the immediately preceding
financial year.
(l) The company has not defaulted in repayment of dues to any
bank/financial institutions. The company has not raised any amount by
way of Debenture from bank or financial institution.
(m) In respect of investment in shares, securities, debentures and
other investments, proper records have been maintained of the
transactions and contracts and timely entries have been made therein.
The shares, securities, debentures and other securities have been held
by the company, in its own name except to the extent of the exemption,
if any, granted under section 49 of the Act;
(n) The company has not granted any loans and / or advances on the
basis of security by way of pledge of shares, debentures and other
securities or any guarantee.
(o) The company has not given any guarantee for loans taken by others
from any bank or financial institution.
(p) The term loans were applied for the purpose for which the loans
were obtained.
(q) According to the information and explanations given to us, no funds
raised on short term basis by the Company during the year under audit
have been used for long term investment.
(r) The company has not made any preferential allotment of shares to
parties and companies covered in the Register maintained under section
301 of the Act during the year.
(s) During the year, the company has not raised any amount by public
issues.
(t) Based upon the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the company has been noticed or reported during the year.
(u) The other provisions of the said Order are not applicable in case
of this Company.
For AGARWAL KHEMKA & ASSOCIATES
Chartered Accountants
Firm No. 314133E
A. K. Agarwal
Place : Kolkata Proprietor
Dated : 14th day of August, 2012 Membership No. 52791
Mar 31, 2010
1. We have audited the attached Balance Sheet of Auroma Coke Limited
as at 31st March, 2010 and also the Profit and Loss Account, Cash Flow
Statement for the year ended on that date annexed thereto. These
financial statements are the responsibility of the Companys
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditors Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
Section 227 of the Companies Act, 1956, we enclose in the Annexurea
statement on the matters specified in paragraph 4 and 5 of the said
Order on the basis of information and explanations given to us during
the course of audit.
4. Further to our comments in the Annexure referred to above, we
report that:
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
(ii) In our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books;
(iii) The Balance Sheet, Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
(iv) In our opinion, the Balance Sheet, Profit and Loss Account, Cash
Flow Statement dealt with by this report comply with the Accounting
Standards referred to in sub-section (3C) of Section 211 of the
Companies Act,1956;
(v) On the basis of written representation received from the directors
as on 31st March, 2010 and taken on record by the Board of Directors,
we report that none of the directors is disqualified as on 31 st March,
2010 from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act,1956;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said Accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India :
(a)In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2010.
(b) In the case of the Profit and Loss Account, of the Profit for the
year ended on that date.
(c) In the case of Cash Flow Statement of the cash flows for the year
ended on that date.
Annexure to the AuditorsReport
Referred to in paragraph 3 of our report of even date
(a) We have been informed that the Company is in the process of
preparing fixed assets register. No substantial part of fixed asset has
been disposed off during the year.
(b) We have been informed that the management has conducted physical
verification of finished goods, raw materials, spare parts and
construction work in progress at the year end and no material
discrepancies have been noticed on such verification as compared to
book records. The procedures followed for such verification are
reasonable in relation to the size of the Company and the nature of its
business. The company is maintaining proper records of inventory.
(c) The company has not taken any loans secured or unsecured from
companies which are covered in the register maintained under section
301 of the Act.
(d) The company has not granted any loans secured or unsecured to
companies which are covered in the register maintained under section
301 of the Act.
(e) In respect of loans taken from or given to other parties, the terms
and conditions of such loans are not prima - facie prejudice to the
interest of the company. They are payable / repayable on demand and are
being paid/repaid as and when demanded.
(f) In our opinion there is adequate internal control system
commensurate with the size of the company and the nature of its
business for the purchase of inventory and fixed assets and for the
sale of goods and services. We have not observed any continuing failure
to correct major weaknesses in internal control system.
(g) The particulars of contracts or arrangements referred to in section
301 of the Act have been so entered in the register maintained under
that section. The transactions made in pursuance of such contracts or
arrangements have been made at prices which are reasonable having
regard to the prevailing market prices at the relevant time, wherever
available.
(h) We have been informed that the Company has not accepted any
deposits from public, share holders or others as defined under Section
58A of the Companies Act, 1956 during the year.
(i) The Company has appointed a firm of Chartered Accountants to
conduct the internal audit periodically which is considered to be
adequate and commensurate with the size and nature of its present
activities.
(j) We have been informed that the company is generally regular in
depositing undisputed statutory dues including provident fund, investor
education and protection fund, Employees State Insurance, income tax,
sales tax, wealth tax, custom duty, service tax, excise duty, cess and
any other statutory dues with the appropriate authorities, wherever
applicable, except with minor delays. In respect of sales tax dues
there are no arrears of outstanding liabilities as at the end of the
year for a period of more than six months from the date they became
payable except Rs. 1.00 lacs.
The disputes in respect of sales tax dues, which are yet to be
deposited, are as follow:
Year Amount involved Forum where dispute pending
2006-07 Rs. 14.32 lacs Jt. Comm. of Comml. Taxes (Appeal)
(k) The company does not have any accumulated losses at the end of the
financial year. The company has not incurred any cash losses during the
financial year covered by our audit and in the immediately preceding
financial year.
(I) The company has not defaulted in repayment of dues to any
bank/financial institutions. The company has not raised any amount by
way of Debenture from bank or financial institution.
(m) In respect of investment in shares, securities, debentures and
other investments, proper records have been maintained of the
transactions and contracts and timely entries have been made
therein.The shares, securities, debentures and other securities have
been held by the company, in its own name except to the extent of the
exemption, if any, granted under section 49 of the Act;
(n) The company has not granted any loans and / or advances on the
basis of security by way of pledge of shares, debentures and other
securities or any guarantee.
(o) The company has not given any guarantee for loans taken by others
from any bank or financial institution.
(p) No term loan was raised during the year.
(q) According to the information and explanations given to us, no funds
raised on short term basis by the Company during the year under audit
have been used for long term investment.
(r) The company has not made any preferential allotment of shares to
parties and companies covered in the Register maintained under section
301 of the Act during the year.
(s) During the year, the company has not raised any amount by public
issues.
(t) Based upon the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the company has been noticed or reported during the year.
(u) The other provisions of the said Order are not applicable in case
of this Company.
For AGARWAL KHEMKA & ASSOCIATES
Chartered Accountants
A. K. Agarwal
Proprietor
Place : Kolkata Membership No. 52791
Dated : This 31st day of July, 2010 Firm No. 314133E