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Auditor Report of Bheema Cements Ltd.

Mar 31, 2012

We have audited the attached Balance Sheet of M/s. Bheema Cements limited, as at 31st March, 2012, the Profit and Loss Account and also the 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.

We conducted our audit in accordance with the 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 the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

1. As required by the Companies (Auditor's Report) Order, 2003, and amendments thereto made from time to time, 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 paragraphs 4 and 5 of the said order.

2. 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 purpose 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 and Cash Flow Statement dealt with by this report comply with the mandatory accounting standards, referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

(v) On the basis of written representations 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, read together with the significant Accounting Policies and other notes thereon, give the information required by the Companies Act 1956, in the manner so required and give a true and fair view in conformity with accounting principles generally accepted in India;

a) In the case of Balance Sheet, of the State of Affairs of the Company as at 31st March, 2012;

b) In the case of Profit and Loss Account, of the Loss for the Year ended on that date; and

c) In the case of Cash Flow Statement, of the Cash Flows for the Year ended on that date.

ANNEXURE TO THE AUDITOR'S REPORT

(Of even date referred to in Para 3 of our Report)

Re: M/s. Bheema Cements Limited

(i) (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets;

(b) All the Fixed Assets have not been physically verified by the management during the year but there is a regular program of verification which in our opinion, is reasonable having regard to the size of the company and the nature of its assets and to the best of our knowledge no material discrepancies were noticed on such verification;

(c) In our opinion, the Company has not disposed off any substantial part of Fixed Assets during the year and the going concern status of the company is not affected;

(ii) (a) As explained to us inventories have been Physically verified by the Management at regular intervals during the year;

(b) In our opinion, 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 maintaining proper records of inventories. As explained to us, there were no material discrepancies noticed on physical verification of inventory as compared to the book records;

(iii) Based on the information and explanations provided to us, the company has not granted or taken any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained u/s 301 of the Act during the year. Accordingly the sub-clauses

(b),(c),(d),(e) and (f) of clause 4(iii) are not applicable for the year.

(iv) In our opinion and according to the information and explanations given to us there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of inventory, fixed assets and also for the sale of goods and services. During the course of our audit we have not observed any continuing failure to correct major weaknesses in the internal control.

(v) In our opinion, and according to the information and explanations given to us, the company has not entered into any transactions referred to in section 301 of the Act and hence clause 4(v) is not applicable to the company.

(vi) Based on the information provided to us, the Company has not accepted any deposits from the public during the year and hence, in our opinion, the clause 4(vi) is not applicable to the company for the year.

(vii) In our opinion, in view of the expansion, the company needs to further strengthen the internal audit system so as to commensurate with its size and nature of its business.

(viii) We are of the opinion, based on information provided to us, that the accounts and records, as prescribed by the Central Government under Sec. 209(1 )(d) of the Act in respect of maintenance of cost records, have been made and maintained.

(ix) a) According to the records of the Company, the company is regular in depositing the undisputed statutory dues including Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Customs Duty, Excise Duty and Cess, Investor Education and Protection Fund with the appropriate authorities. We have been informed that the provisions of Wealth Tax are not applicable to the company.

b) According to the information and explanations given to us, there are no dues of Sales Tax/Income Tax/Wealth Tax/Customs Duty/Excise Duty/Cess to be deposited on account of any dispute;

(x) In our opinion, based on the explanation offered to us, the accumulated losses of the company are less than fifty percent of its net worth and it has incurred cash losses during the year covered by our audit and in the immediately preceding financial year.

(xi) Based on the information provided and explanations given to us, in our opinion, pursuant to implementation of a Debt Restructuring Package, the company has not defaulted in repayment of dues to its lending bankers and hence the sub-clause (xi) is not applicable to the company for the year.

(xii) In our opinion and according to the information and explanations given to us, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) In our opinion the Company is not a chit fund or a Nidhi / Mutual Benefit Fund / Society. Therefore, clause 4 (xiii) of the Companies (Auditor's Report) Order 2003 is not applicable to the Company.

(xiv) In our opinion, the Company has not dealt or traded in shares, securities, debentures or other investments during the year.

(xv) As per the information and explanations given to us, the Company has not given guarantees for loans taken by others from banks or financial institutions.

(xvi) In our opinion and based on the explanations given to us, the Term Loans were applied for the purpose for which the loans were obtained.

(xvii) According to the information and explanation given to us and on an overall examination of the Balance Sheet of the company, we are of the opinion that the funds raised on short- term basis have not been used specifically for long-term investments.

(xviii) In our opinion and based on the information provided and explanations offered, the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained u/s. 301 of the Companies Act, 1956 and hence sub-clause (xviii) of the order is not applicable to the company for the year.

(xix) The Company has not issued any debentures and not created any securities or charges in respect of any debentures.

(xx) In our opinion and based on the explanations given to us, the Company has not raised any money by Public issue during the year.

(xxi) In our opinion and according to the information provided and explanations offered to us, no fraud on or by the Company has been noticed or reported during the course of our audit.

For A. RAMACHANDRA RAO & CO.,

Chartered Accountants ICAI FRN-.002857S

Sd/-

Place: Hyderabad, (A. RAMACHANDRA RAO)

Date: 30.05.2012. Partner

Membership No. 9750


Mar 31, 2011

We have audited the attached Balance Sheet of M/s. Bheema Cements limited, as at 31st March, 2011, the Profit and Loss Account and also the 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.

We conducted our audit in accordance with the 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 the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

1. As required by the Companies (Auditor's Report) Order, 2003, and amendments thereto made from time to time, 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 paragraphs 4 and 5 of the said order.

2. 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 purpose 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 and Cash Flow Statement dealt with by this report comply with the mandatory accounting standards, referred to in sub - section (3C) of section 211 of the Companies Act, 1956,

(v) On the basis of written representations received from the Directors, as on 31st March, 2011 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2011 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, read together with the significant Accounting Policies and other notes thereon, give the information required by the Companies Act 1956, in the manner so required and give a true and fair view in conformity with accounting principles generally accepted in India;

a) In the case of Balance Sheet, of the State of Affairs of the Company as at 31st March, 2011 ;

b) In the case of Profit and Loss Account, of the Loss for the Year ended on that date; and

c) In the case of Cash Flow Statement, of the Cash Flows for the Year ended on that date.

ANNEXURE TO THE AUDITOR'S REPORT

(Of even date referred to in Para 3 of our Report) Re: M/s. Bheema Cements Limited

(i) (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) All the Fixed Assets have not been physically verified by the management during the year but there is a regular program of verification which in our opinion, is reasonable having regard to the size of the company and the nature of its assets and to the best of our knowledge no material discrepancies were noticed on such verification;

(c) In our opinion, the Company has not disposed off substantial part of Fixed Assets during the year and the going concern status of the company is not affected.

(ii) (a) As explained to us inventories have been Physically verified by the Management at regular intervals during the year;

(b) In our opinion, 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 maintaining proper records of inventories. As explained to us, there were no material discrepancies noticed on physical verification of inventory as compared to the book records.

(iii) Based on the information and explanations provided to us, the company has not granted or taken any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained u/s 301 of the Act during the year. Accordingly the sub-clauses (b),(c),(d),(e) and (f) of clause 4(iii) are not applicable for the year.

(iv) In our opinion and according to the information and explanations given to us there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of inventory, fixed assets and also for the sale of goods and services. During the course of our audit we have not observed any continuing failure to correct major weaknesses in the internal control.

(v) In our opinion and according to the information and explanations given to us, the company has not entered into any transactions referred to in section 301 of the Act and hence clause 4(v) is not applicable to the company.

(vi) Based on the information provided to us, the Company has not accepted any deposits from the public during the year and hence, in our opinion, the clause 4(vi) is not applicable to the company for the year.

(vii) In our opinion, the company has an internal audit system commensurate with its size and nature of its business.

(viii) We are of the opinion, based on information provided to us, that the accounts and records, as prescribed by the Central Government under Sec. 209(1)(d) of the Act in respect of maintenance of cost records, have been made and maintained.

(ix) a) According to the records of the Company, the company is regular in depositing the undisputed statutory dues including Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Customs Duty, Excise Duty and Cess, Investor Education and Protection Fund with the appropriate authorities. We have been informed that the provisions of, Wealth Tax are not applicable to the company.

b) According to the information and explanations given to us, there are no dues of Sales Tax/Income Tax/Wealth Tax/Customs Duty/Excise Duty/Cess to be deposited on account of any dispute;

(x) The Company has no accumulated losses and it has incurred cash losses during the year covered by our audit but not in the immediately preceding financial year.

(xi) Based on the information and explanations given to us, the company has defaulted the repayment of dues to its lending bankers and it has been sanctioned a Debt Restructuring Package based on which the bankers had agreed to restructure the term loans etc. in relation to which the necessary formalities have yet to be completed. We are of the opinion that, subject to the foregoing, the default has been made good by the said package.

(xii) In our opinion and according to the information and explanations given to us, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) In our opinion the Company is not a chit fund or a Nidhi / Mutual Benefit Fund / Society. Therefore, clause 4 (xiii) of the Companies (Auditor's Report) Order 2003 is not applicable to the Company.

(xiv) In our opinion, the Company has not dealt or traded in shares, securities, debentures or other investments during the year.

(xv) As per the information and explanations given to us, the Company has not given guarantees for loans taken by others from banks or financial institutions.

(xvi) In our opinion and based on the explanations given to us, the Term Loans were applied for the purpose for which the loans were obtained.

(xvii) According to the information and explanation given to us and on an overall examination of the Balance Sheet of the company, we are of the opinion that the funds raised on short- term basis have not been used specifically for long-term investments.

(xviii) In our opinion and based on the information provided and explanations offered, the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained u/s. 301 of the Companies Act, 1956 and hence Clause (xviii) of the Order is not applicable to the company for the year.

(xix) The Company has not issued any debentures and not created any securities or charges in respect of any debentures.

(xx) In our opinion and based on the explanations given to us, the Company has not raised any money by Public issue during the year.

(xxi) In our opinion and according to the information provided and explanations offered to us, no fraud on or by the Company has been noticed or reported during the course of our audit.

For A.RAMACHANDRA RAO & CO., Chartered Accountants ICAI FRN : 002857S

Sd/- (A. RAMACHANDRA RAO)

Partner Membership No. 9750 Place: Hyderabad, Date: 30-05-2011.


Mar 31, 2010

We have audited the attached Balance Sheet of M/s. Bheema Cements Limited, as at 31st March, 2010, the Profit and Loss Account and also the 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.

We conducted our audit in accordance with the 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 the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

1. As required by the Companies (Auditors Report) Order, 2003, and amendments there to made from time to time, 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 paragraphs 4 and 5 of the said order.

2. Furtherto ourcomments in theAnnexure 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 purpose of ouraudit;

(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 and Cash Flow Statement dealt with by this report comply with the mandatory accounting standards, referred to in sub - section (3C) of section 211 of the Companies Act, 1956,

(v) On the basis of written representations 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, read together with the significant Accounting Policies and other notes thereon, give the information required by the Companies Act 1956, in the manner so required and give a true and fair view in conformity with accounting principles generally accepted in India;

a) In the case of Balance Sheet, of the State of Affairs of the Company as at 31 st March 2010;

b) In the case of Profit and Loss Account, of the Profit for the Year ended on that date; and

c) In the case of Cash Flow Statement, of the Cash Flows for the Year ended on that date.

ANNEXURE TO THE AUDITORS REPORT (Of even date referred to in Para 3 of our Report) Re: M/s. Bheema Cements Limited

(i) (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) All the Fixed Assets have not been physically verified by the management during the year but there is a regular program of verification which in our opinion, is reasonable having regard to the size of the company and the nature of its assets and to the best of our knowledge no material discrepancies were noticed on such verification;

(c) In our opinion, the Company has not disposed off substantial part of Fixed Assets during the year and the going concern status of the company is not affected.

(ii) (a) As explained to us inventories have been Physically verified by the Management at regular intervals during the year;

(b) In our opinion, 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 maintaining proper records of inventories. As explained to us, there were no material discrepancies noticed on physical verification of inventory as compared to the book records.

(iii) Based on the information and explanations provided to us, the company has not granted or taken any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained u/s 301 of the Act during the year. Accordingly the sub-clauses (b),(c),(d),(e) and (f) of clause 4(iii) are not applicable for the year.

(iv) In our opinion and according to the information and explanations given to us there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of inventory, fixed assets and also for the sale of goods and services. During the course of our audit we have not observed any continuing failure to correct major weaknesses in the internal control.

(v) In our opinion, and according to the information and explanations given to us, the company has not entered into any transactions referred to in section 301 of the Act and hence clause 4(v) is not applicable to the company.

(vi) Based on the information provided to us, the Company has not accepted any deposits from the public during the year and hence, in our opinion, the clause 4(vi) is not applicable to the company for the year.

(vii) In our opinion, the company has an internal audit system commensurate with its size and nature of its business.

(viii) We are of the opinion, based on information provided to us, that the accounts and records, as prescribed by the Central Government under Sec. 209(1 )(d) of the Act in respect of maintenance of cost records, have been made and maintained.

(ix) a) According to the records of the Company, the company is regular in depositing the undisputed statutory dues including Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Customs Duty, Excise Duty and Cess, Investor Education and Protection Fund with the appropriate authorities. We have been informed that the provisions of, Wealth Tax are not applicable to the company.

b) According to the information and explanations given to us, there are no dues of Sales Tax/Income Tax/Wealth Tax/Customs Duty/Excise Duty/Cess to be deposited on account of any dispute;

(x) The Company has no accumulated losses and has not incurred any cash losses during the year covered by our audit or in the immediately preceding financial year.

(xi) Based on the information and explanations given to us, we are of the opinion that the Company has not defaulted in repayment of dues to banks.

(xii) In our opinion and according to the information and explanations given to us, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) In our opinion the Company is not a chit fund or a Nidhi / Mutual Benefit Fund / Society. Therefore, clause 4 (xiii) of the Companies (Auditors Report) Order 2003 is not applicable to the Company.

(xiv) In our opinion, the Company has not dealt or traded in shares, securities, debentures or other investments during the year.

(xv) As per the information and explanations given to us, the Company has not given guarantees for loans taken by others from banks or financial institutions.

(xvi) In our opinion and based on the explanations given to us, the Term Loans were applied for the purpose for which the loans were obtained.

(xvii) According to the information and explanation given to us and on an overall examination of the Balance Sheet of the Company, we are of the opinion that the funds raised on short- term basis have not been used specifically for long-term investments.

(xviii) In our opinion and based on the information provided and explanations offered, the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained u/s. 301 of the Companies Act, 1956 and hence Clause (xviii) of the Order is not applicable to the company for the year.

(xix) The Company has not issued any debentures and not created any securities or charges in respect of any debentures.

(xx) In our opinion and based on the explanations given to us, the Company has not raised any money by Public issue during the year.

(xxi) In our opinion and according to the information provided and explanations offered to us, no fraud on or by the Company has been noticed or reported during the course of our audit.

For A.RAMACHANDRA RAO & CO.,

Chartered Accountants ICAIFRN:002857S

Sd/- Place: Hyderabad, (A. RAMACHANDRA RAO)

Date: 28/05/2010. Partner

Membership No. 9750



 
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