Jun 30, 2015
I have audited the accompanying financial statements of ENSA STEEL
INDUSTRIES LIMITED, which comprise the Balance Sheet as at 30th June,
2015, the Statement of Profit & Loss, the Cash Flow Statement for the
year then ended, and a summary of significant accounting policies and
other explanatory information.
2. 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
Flow 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 the
maintenance of adequate accounting records in accordance with the
provision of the Act for safeguarding of the assets of the Company and
for preventing and detecting the 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 internal financial control, 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.
3. Auditor's Responsibility
My responsibility is to express an opinion on these financial
statements based on my audit.
I 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.
I conducted my audit in accordance with the Standards on Auditing
specified under section 143(10) of the Act. Those Standards require
that I 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 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 true and fair view 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 Company's Directors, as well as evaluating the
overall presentation of the financial statements. I believe that the
audit evidence I have obtained is sufficient and appropriate to provide
a basis for my audit opinion on the financial statements.
4. Opinion
In my opinion and to the best of my information and according to the
explanations given to me, the aforesaid financial statements give the
information required by the Companies Act, 2013 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 30th June, 2015, and its loss and its Cash
Flows for the year ended on that date.
5. 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 Companies Act 2013, I give in The
Annexure statement on the matters specified in paragraphs3and4 of the
Order.
2. As required by section 143(3) of the Act, I report that:
a) I have sought and obtained all the information and explanations
which to the best of my knowledge and belief were necessary for the
purposes of my audit.
b) In my opinion proper books of account as required by law have been
kept by the Company so far as appears from my examination of those
books.
c) The Balance Sheet, the Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) In my 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 written representations received from the directors
as on 30th June, 2015, taken on record by the Board of Directors, none
of the directors is disqualified as on 30th June, 2015, from being
appointed as a director inters 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 & Auditors)
Rules, 2014, in my opinion and to the best of my information and
according to the explanations given to me:
i. The Company does not have any pending litigations which would
impact its financial position.
ii. The company did not have any material foreseeable losses on long
term contracts including derivative contracts.
iii. There were no amounts which were required to be transferred, to
the Investor Education and Protection Fund by the Company.
Referred to in paragraph 1 under Report on other Legal and Regulatory
Requirements of my Report of even date to the members of Ensa Steel
Industries Limited on the accounts as at and for the period ended 30th
June, 2015
(i). (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) Fixed assets have been physically verified by the management based
on a phased program of verification of all the assets during the year,
which in my opinion is reasonable having regard to the size of the
company and the nature of its business. No material discrepancies were
noticed on such verification.
(ii) In respect of the inventories of the company:
(a) As explained to me, the inventories were physically verified during
the year by the Management at reasonable intervals.
(b) In my opinion and according to the information and explanations
given to me, the procedures of physical verification of inventories
followed by the Management were reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) In my opinion and according to the information and explanations
given to me, the company has maintained proper records of its
inventories and no material discrepancies were noticed on physical
verification.
(iii) The Company has not granted any secured or unsecured loans to any
company or party covered in the register maintained under section 189
of the Companies Act, 2013.
(iv) According to the information and explanations given to me, there
are adequate internal control procedures commensurate with the size of
the company and nature of its business for the purchase of inventory
and fixed assets and sales of Goods and Services.
(v) The Company has not accepted any deposits from public and does not
have any unclaimed deposits.
(vi) The provision of clause 3(vi) of the order are not applicable to
the company as the company is not Covered by the Companies (Cost Record
and Audit)Rules, 2014.
(vii) (a) According to the records of the company, the company has been
regular in depositing with appropriate authorities, Undisputed
statutory dues including Provident Fund, Income tax, Sales tax, Wealth
tax, Service Tax, Custom duty, Cess and other statutory dues,
applicable to the company.
(b) According to the information and explanations given to me, no
undisputed amounts payable in respect of such statutory dues were
outstanding as at the 30th June, 2015 for a period of more than six
months from the date they became payable.
(c) The amount required to be transferred to Investor Education &
Protection Fund in accordance with the relevant provisions of the
Companies Act, 1956(1of1956) and rules made there under has been
transferred to such fund within time.
(viii) The Company does not have any accumulated losses at the end of
the financial year. However the company has incurred cash losses during
the financial year covered by my audit and in the immediately preceding
financial year.
(ix) The Company has not obtained any loans from banks or financial
institution and not issued any debentures, hence the clause is not
applicable.
(x) The Company has not given guarantees for loans taken by others from
banks or financial institutions.
(xi) According to the information and explanations given to me, the
company did not avail any term loan during the year.
(xii) To the best of my knowledge and belief and according to the
information and explanations given to me, no fraud by the company and
no material fraud on the company has been noticed or reported during
the year.
For and on behalf of
For H. S. Hathi & Co.
Firm Reg. No. 103596W
Chartered Accountants
Hemant S. Hathi
Place : Mumbai
Membership No. 37109
Date : 27th August, 2015 Proprietor
Jun 30, 2014
We have audited the accompanying financial statements of ENSA STEEL
INDUSTRIES LIMITED (the "Company"), which comprise the Balance Sheet as
at 30th June, 2014, and the Statement of Profit & Loss Account and Cash
Flow Statement for the year then ended and a summary of significant
accounting policies and other explanatory information, which we have
signed under reference to this report.
Management''s Responsibility for the Financial Statements
The Company''s 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 the Accounting Standards notified under the Companies
Act, 1956 of India (''the act'') read with General Circular 15/2013 dated
september 13,2013 of Ministry of Corporate Affairs in respect of
Section 133 of Companies Act, 2013. 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 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 disclosure 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 control relevant to the Company''s preparation and
fair 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 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 30th June, 2014;
b) In the case of the Statement of Profit & Loss, of the Loss of the
company 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. Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) order, 2003'', as
amended by the Companies (Auditor''s Report) (Amendment) Order, 2004,
issued by the Central Government of India in terms of sub-section (4A)
of section 227 of the Act (hereinafter referred to as the "Order") ,
and on the basis of such checks of the books and records of the company
as we considered appropriate and according to the information and
explanation given to us, 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 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 appears from our examination of
those books;
c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
d) In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement dealt with by this report comply with the Accounting
Standards under the Act read with the General Circular 15/2013 dated
September 13,2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013.
e) On the basis of the written representations received from the
Directors as on 30th June, 2014 and taken on record by the Board of
Directors, we report that none of the Directors of the company are
disqualified as on 30th June, 2014 from being appointed as a Director
in terms of Clause (g) of the sub-section (1) of section 274 of the
Companies Act, 1956.
ANNEXURE REFERRED TO IN PARAGRAPH 1 UNDER THE HEADING OF "REPORT ON
OTHER LEGAL AND REGULATORY REQUIREMENTS" OF OUR REPORT OF EVEN DATE TO
THE MEMBERS OF ENSA STEEL INDUSTRIES LIMITED ON THE ACCOUNTS AS AT AND
FOR THE PERIOD ENDED 30th JUNE, 2014.
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) Fixed assets have been physically verified by the management based
on a phased program of verification of all the assets during the year,
which in our opinion is reasonable having regard to the size of the
company and the nature of its business. No material discrepancies were
noticed on such verification.
(c) As per the information and explanations given to us, during the
year, the company has not disposed off any substantial part of fixed
assets that would affect the going concern.
(ii) (a) As explained to us inventories have been physically verified
by the management at reasonable intervals during the year.
(b) In our opinion and according to information and explanations given
to us, the procedure of physical verification of inventories followed
by the management is reasonable and adequate in relation to the size of
the company and the nature of its business.
(c) On the basis of our examinations of records of inventories, we are
of the opinion that the company is maintaining proper records of the
inventory. As explained to us, no material discrepancies have been
noticed on physical verification of inventories as compared to Books
records.
(iii) The Company has not granted any unsecured loan to a company
covered in the register maintained under section 301 of the companies
Act, 1956. The Company has not taken any loans, secured or unsecured,
from companies, firms or other parties covered in the register
maintained under section 301 of the Companies Act, 1956.
(iv) According to information and explanations given to us, there are
adequate internal control procedures commensurate with the size of the
company and nature of its business for the purchase of inventory and
fixed assets and sales of Goods and service. We have not observed any
continuing failure to correct major weakness in internal controls.
(v) (a) According to the information and explanations given to us, we
are of the opinion that the particulars of contracts or arrangements
that need to be entered in to the register maintained under section 301
of the Companies Act, 1956 have been so entered.
(b) In our opinion and according to the information and explanations
given to us, there are no transactions of purchase of Goods and
materials and sales of Goods, material & services made in pursuance of
contracts or arrangements required to be entered in the register
maintained under section 301 of the Companies Act, 1956, aggregating
during the year to Rs.5, 00,000/- or more in respect of each party.
(vi) The Company has not accepted any deposits from the public and
hence directives issued by the Reserve Bank of India and provisions of
section 58A and 58AA or any other relevant provisions of the companies
Act, 1956 and rules framed there under are not applicable for the year
under audit.
(vii) In our opinion, the Company has an internal audit System
commensurate with the size and nature of its business.
(viii) We have broadly reviewed the books of accounts maintained by the
company pursuant to the rules made by the Central Government for the
maintenance of cost records under section 209(1)(d) of the companies
Act, 1956 and are of the opinion that prima facie, the prescribed
accounts and records have been made and maintained.
(ix) (a) According to the records of the company, the company has been
regular in depositing with appropriate authorities, Undisputed
statutory dues including Provident Fund, Income tax, Sales Tax / VAT,
Wealth tax, Service Tax, Custom duty, Cess and other statutory dues.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of such statutory dues were
outstanding as at the 30th June 2014 for a period of more than six
months from the date they became payable.
(c) According to the information and explanations given to us, there
are no such statutory dues which have not been deposited on account of
any dispute.
(x) The Company does not have Accumulated losses however it has
incurred cash losses during the year and in the immediately preceding
financial year.
(xi) According to us, the company has not obtained loan from
banks/financial institutions.
(xii) According to the information and explanations given to us and
based on the documents and records produced to us, the Company has not
granted loans and advances 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, a nidhi or a
mutual benefit fund society. Therefore, the provisions of clause
4(xiii) of the companies (Auditor''s Report) Order, 2003 are not
applicable to the company.
(xiv) In our opinion, the company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the companies (Auditor''s Report ) Order,
2003 are not applicable to the company.
(xv) According to the information and explanations given to us by the
management, the company has not given any Guarantee for loan taken by
other from banks or financial institutions.
(xvi) According to the information and explanations given to us by the
management, the company has not obtained any term loans.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that no funds has been raised on short term or long term basis by the
company.
(xviii) According to the information and explanations given to us,
during the year the Company has not made any preferential allotment of
shares to the parties or companies covered in the register maintained
under section 301 of the companies Act, 1956.
(xix) The Company has not issued any debentures and hence clause 4(XIX)
of the companies (Auditor''s Report) Order, 2003 is not applicable to
the company.
(xx) During the year covered by our report the company has not raised
any money by way of public issue.
(xxi) According to the information and explanations given to us no
frauds on or by the company has been noticed or reported during the
year.
For H. S. Hathi & Co.,
Chartered Accountants
Firm Reg. No. : 103596W
Place : Mumbai Hemant S. Hathi
Date : 27th August, 2014 Proprietor
Membership No. 37109
Jun 30, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of ENSA STEEL
INDUSTRIES LIMITED (the "Company"), which comprise the Balance Sheet
as at 30th June, 2013, and the Statement of Profit & Loss Account and
Cash Flow Statement for the year then ended and a summary of
significant accounting policies and other explanatory information,
which we have signed under reference to this report.
Management''s Responsibility for the Financial Statements
The Company''s 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 the Accounting Standards referred to in sub-section
(3C) of section 211 of the Companies Act, 1956'' of India (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 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 disclosure 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 control relevant to the Company''s
preparation and fair 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 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 30th June, 2013;
b) In the case of the Statement of Profit & Loss, of the Loss of the
company 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. Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) order, 2003'',
as amended by the Companies (Auditor''s Report) (Amendment) Order,
2004, issued by the Central Government of India in terms of sub-section
(4A) of section 227 of the Act (hereinafter referred to as the
"Order") , and on the basis of such checks of the books and records
of the company as we considered appropriate and according to the
information and explanation given to us, 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 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 appears from our examination of
those books;
c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
d) In our opinion, the Balance Sheet, Profit & Loss Account and 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.
e) On the basis of the written representations received from the
Directors as on 30th June,
2013 and taken on record by the Board of Directors, we report that none
of the Directors of the company are disqualified as on 30th June, 2013
from being appointed as a Director in terms of Clause (g) of the
sub-section (1) of section 274 of the Companies Act, 1956.
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) Fixed assets have been physically verified by the management based
on a phased program of verification of all the assets during the year,
which in our opinion is reasonable having regard to the size of the
company and the nature of its business. No material discrepancies were
noticed on such verification.
(c) As per the information and explanations given to us, during the
year, the company has not disposed off any substantial part of fixed
assets that would affect the going concern.
(ii) (a) As explained to us inventories have been physically verified
by the management at reasonable intervals during the year.
(b) In our opinion and according to information and explanations given
to us, the procedure of physical verification of inventories followed
by the management is reasonable and adequate in relation to the size of
the company and the nature of its business.
(c) On the basis of our examinations of records of inventories, we are
of the opinion that the company is maintaining proper records of the
inventory. As explained to us, no material discrepancies have been
noticed on physical verification of inventories as compared to Books
records.
(iii) The Company has not granted any unsecured loan to a company
covered in the register maintained under section 301 of the companies
Act, 1956. The Company has not taken any loans, secured or unsecured,
from companies, firms or other parties covered in the register
maintained under section 301 of the Companies Act, 1956.
(iv) According to information and explanations given to us, there are
adequate internal control procedures commensurate with the size of the
company and nature of its business for the purchase of inventory and
fixed assets and sales of Goods and service. We have not observed any
continuing failure to correct major weakness in internal controls.
(v) (a) According to the information and explanations given to us, we
are of the opinion that the particulars of contracts or arrangements
that need to be entered in to the register maintained under section 301
of the Companies Act, 1956 have been so entered.
(b) In our opinion and according to the information and explanations
given to us, there are no transactions of purchase of Goods and
materials and sales of Goods, material & services made in pursuance of
contracts or arrangements required to be entered in the register
maintained under section 301 of the Companies Act, 1956, aggregating
during the year to Rs.5, 00,000/- or more in respect of each party.
(vi) The Company has not accepted any deposits from the public and
hence directives issued by the Reserve Bank of India and provisions of
section 58A and 58AA or any other relevant provisions of the companies
Act, 1956 and rules framed there under are not applicable for the year
under audit.
(vii) In our opinion, the Company has an internal audit System
commensurate with the size and nature of its business.
(viii) We have broadly reviewed the books of accounts maintained by the
company pursuant to the rules made by the Central Government for the
maintenance of cost records under section 209(1)(d) of the companies
Act, 1956 and are of the opinion that prima facie, the prescribed
accounts and records have been made and maintained.
(ix) (a) According to the records of the company, the company has been
regular in depositing with appropriate authorities, Undisputed
statutory dues including Provident Fund, Income tax, Sales Tax / VAT,
Wealth tax, Service Tax, Custom duty, Cess and other statutory dues.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of such statutory dues were
outstanding as at the 30th June 2013 for a period of more than six
months from the date they became payable.
(c) According to the information and explanations given to us, there
are no such statutory dues which have not been deposited on account of
any dispute.
(x) The Company does not have Accumulated losses however it has
incurred cash losses during the year and in the immediately preceding
financial year.
(xi) Based on our audit procedures and as per the information and
explanations given by the management, we are of the opinion that the
company has not defaulted in the repayment of the dues to financial
institutions or banks.
(xii) According to the information and explanations given to us and
based on the documents and records produced to us, the Company has not
granted loans and advances 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, a nidhi or a
mutual benefit fund society. Therefore, the provisions of clause
4(xiii) of the companies (Auditor''s Report) Order, 2003 are not
applicable to the company.
(xiv) In our opinion, the company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the companies (Auditor''s Report)
Order, 2003 are not applicable to the company.
(xv) According to the information and explanations given to us by the
management, the company has not given any Guarantee for loan taken by
other from banks or financial institutions.
(xvi) According to the information and explanations given to us by the
management, the company has not obtained any term loans.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that no funds has been raised on short term or long term basis by the
company.
(xviii) According to the information and explanations given to us,
during the year the Company has not made any preferential allotment of
shares to the parties or companies covered in the register maintained
under section 301 of the companies Act, 1956.
(xix) The Company has not issued any debentures and hence clause 4(XIX)
of the companies (Auditor''s Report) Order, 2003 is not applicable to
the company.
(xx) During the year covered by our report the company has not raised
any money by way of public issue.
(xxi) According to the information and explanations given to us no
frauds on or by the company has been noticed or reported during the
year.
For H. S. Hathi & Co.,
Chartered Accountants
Firm Reg. No. : 103596W
Place : Mumbai Hemant S. Hathi
Date : 27th August, 2013 Proprietor
Membership No. 37109
Jun 30, 2011
1. We have audited the attached Balance Sheet of ENSA STEEL INDUSTRIES
LIMITED as at 30th June, 2011 and also the Profit & Loss Account and
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.
2. We have conducted our audit in accordance with auditing standards
generally accepted in India. These 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 paragraphs 4 and 5
of the said order.
4. Further to our comments in the annexure referred to in paragraph
3 above, we state that:
a) 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;
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, Profit & Loss Account and Cash Row Statement
dealt with by this report are in agreement with the books of account;
d) In our opinion, the Balance Sheet, Profit & Loss Account and 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.
e) On the basis of the written representations received from the
Directors as on 30th June, 2011 and taken on record by the Board of
Directors, we report that none of the Directors of the Company are
disqualified as on 30th June, 2011 from being appointed as a Director
in terms of Clause (g) of the sub-section (1) of section 274 of the
Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us, they said accounts read with the 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 the accounting principles generally accepted in India:
I) In the case of the Balance Sheet, of the state of affairs of the
Company as at 30th June, 2011;
ii) In the case of the Profit & Loss Account, of the Loss of the
Company for the period ended on that date; and
iii) In the case of Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE TO THE
MEMBERS OF ENSA STEEL INDUSTRIES LIMITED ON THE ACOUNTS AS AT AND FOR
THE PERIOD ENDED 30TM JUNE 2011.
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) Fixed assets have been physically verified by the management
based on a phased program of verification of all the assets during the
year, which in our opinion is reasonable having regard to the size of
the Company and the nature of its business. No material discrepancies
were noticed on such verification.
(c) As per the information and explanations given to us, during the
year, the Company has not disposed off any substantial part of fixed
assets that would affect the going concern.
(ii) (a) As explained to us inventories have been physically verified
by the management at reasonable intervals during the year.
(b) In our opinion and according to information and explanations given
to us, the procedure of physical verification of inventories followed
by the management is reasonable and adequate in relation to the size of
the Company and the nature of its business.
(c) On the basis of our examinations of records of inventories, we are
of the opinion that the Company is maintaining proper records of the
inventory. As explained to us, no material discrepancies have been
noticed on physical verification of inventories as compared to Books
records.
(iii) The Company has not granted any unsecured loan to a Company
covered in the register maintained under section 301 of the companies
Act, 1956. The Company has not taken any loans, secured or unsecured,
from companies, firms or other parties covered in the register
maintained under section 301 of the Companies Act, 1956.
(iv) According to information and explanations given to us, there are
adequate internal control procedures commensurate with the size of the
Company and nature of its business for the purchase of inventory and
fixed assets and sales of Goods and service. We have not observed any
continuing failure to correct major weakness in internal controls.
(v) (a) According to the information and explanations given to us, we
are of the opinion that the particulars of contracts or arrangements
that need to be entered in to the register maintained under section 301
of the Companies Act, 1956 have been so entered.
(b) In our opinion and according to the information and explanations
given to us, there are no transactions of purchase of Goods and
materials and sales of Goods, material & services made in pursuance of
contracts or arrangements required to be entered in the register
maintained under section 301 of the Companies Act, 1956, aggregating
during the year to Rs.500,000/-or more in respect of each party.
(vi) The Company has not accepted any deposits from the public and
hence directives issued by the Reserve Bank of India and provisions of
section 58A and 58AA or any other relevant provisions of the companies
Act, 1956 and rules framed there under are not applicable for the year
under audit.
(vii) In our opinion, the Company has an internal audit System
commensurate with the size and nature of its business.
(viii) We have broadly reviewed the books of accounts maintained by the
Company pursuant to the rules made by the Central Government for the
maintenance of cost records under section 209(1 )(d) of the companies
Act, 1956 and are of the opinion that prima facie, the prescribed
accounts and records have been made and maintained.
(ix)(a) According to the records of the Company, the Company has been
regular in depositing with appropriate authorities, Undisputed
statutory dues including Provident Fund, Income tax, Sales Tax/VAT,
Wealth tax, Service Tax, Custom duty, CASs and other statutory dues.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of such statutory dues were
outstanding as at the 30th June 2011 for a period of more than six
months from the date they became payable.
(c) According to the information and explanations given to us, there
are no such statutory dues which have not been deposited on account of
any dispute.
(x) The Company has incurred cash losses during the financial year,
however there were no cash losses in the immediately preceding
financial year.
(xi) Based on our audit procedures and as per the information and
explanations given by the management, we are of the opinion that the
Company has not defaulted in the repayment of the dues to financial
institutions or banks.
(xii) According to the information and explanations given to us and
based on the documents and records produced to us, the Company has not
granted loans and advances 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, a niche or a
mutual benefit fund society. Therefore, the provisions of clause 4
(xiii) of the companies (Auditor's Report) Order, 2003 are not
applicable to the Company.
(xiv) In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the companies (Auditor's Report) Order,
2003 are not applicable to the Company.
(xv) According to the information and explanations given to us by the
management, the Company has not given any Guarantee for loan taken by
other from banks or financial institutions.
(xvi) According to the information and explanations given to us by the
management, the company has not taken any term loan.
(xvii) According to the information and explanations given to us and
on an overall examination of the balance sheet of the Company, we
report that no funds raised on short term basis have been used for long
term investments. No long term funds have been used to finance short
term assets except permanent working capital.
(xviii) According to the information and explanations given to us,
during the year the Company has not made any preferential allotment of
shares to the parties or companies covered in the register maintained
under section 301 of the companies Act, 1956.
(xix) The Company has not issued any debentures and hence clause 4
(XIX) of the companies (Auditor's Report) Order, 2003 is not
applicable to the Company.
(xx) During the year covered by our report the Company has not raised
any money by way of public issue.
(xxi) According to the information and explanations given to us no
frauds on or by the Company has been noticed or reported during the
year.
For H. S. Hathi & Co.,
Chartered Accountants
Firm Reg. No. : 103596W
Place : Mumbai Hemant S. Hathi
Date : 30th November, 2011 Partner
Membership No. 37109
Jun 30, 2010
1. We have audited the attached Balance Sheet of ENSA STEEL INDUSTRIES
LIMITED as at 30th June, 2010 and also the Profit & Loss Account and
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.
2. We have conducted our audit in accordance with auditing standards
generally accepted in India. These 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 annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
order.
4. Further to our comments in the annexure referred to in paragraph 3
above, we state that:
a) 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;
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, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
d) In our opinion, the Balance Sheet, Profit & Loss Account and 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.
e) On the basis of the written representations received from the
Directors as on 30th June, 2010 and taken on record by the Board of
Directors, we report that none of the Directors of the Company are
disqualified as on 30th June, 2010 from being appointed as a Director
in terms of Clause (g) of the sub-section (1) of section 274 of the
Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with the 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 the accounting principles generally accepted in India:
i) In the case of the Balance Sheet, of the state of affairs of the
Company as at 30th June 2010;
ii) In the case of the Profit & Loss Account, of the Profit of the
Company for the period ended on that date; and iii) In the case of Cash
Flow Statement, of the cash flows for the year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE TO THE
MEMBERS OF ENSA STEEL INDUSTRIES LIMITED ON THE ACCOUNTS AS AT AND FOR
THE PERIOD ENDED 30Ã JUNE 2010.
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) Fixed assets have been physically verified by the management based
on a phased program of verification of all the assets during the year,
which in our opinion is reasonable having regard to the size of the
Company and the nature of its business. No material discrepancies were
noticed on such verification.
(c) As per the information and explanations given to us, during the
year, the Company has not disposed off any substantial part of fixed
assets that would affect the going concern.
(ii) (a) As explained to us inventories have been physically verified
by the management at reasonable intervals during the year.
(b) In our opinion and according to information and explanations given
to us, the procedure of physical verification of inventories followed
by the management is reasonable and adequate in relation to the size of
the Company and the nature of its business.
(c) On the basis of our examinations of records of inventories, we are
of the opinion that the Company is maintaining proper records of the
inventory. As explained to us, no material discrepancies have been
noticed on physical verification of inventories as compared to Books
records.
(iii) The Company has not granted any unsecured loan to a Company
covered in the register maintained under section 301 of the companies
Act, 1956. The Company has not taken any loans, secured or unsecured,
from companies, firms or other parties covered in the register
maintained under section 301 of the Companies Act, 1956.
(iv) According to information and explanations given to us, there are
adequate internal control procedures commensurate with the size of the
Company and nature of its business for the purchase of inventory and
fixed assets and sales of Goods and service. We have not observed any
continuing failure to correct major weakness in internal controls.
(v) (a) According to the information and explanations given to us, we
are of the opinion that the particulars of contracts or arrangements
that need to be entered in to the register maintained under section 301
of the Companies Act, 1956 have been so entered. (b) In our opinion
and according to the information and explanations given to us, there
are no transactions of purchase of Goods and materials and sales of
Goods, material & services made in pursuance of contracts or
arrangements required to be entered in the register maintained under
section 301 of the Companies Act, 1956, aggregating during the year to
Rs.5,00,000/-or more in respect of each party.
(vi) The Company has not accepted any deposits from the public and
hence directives issued by the Reserve Bank of India and provisions of
section 58A and 58AA or any other relevant provisions of the companies
Act, 1956 and rules framed there under are not applicable for the year
under audit.
(vii) In our opinion, the Company has an internal audit System
commensurate with the size and nature of its business.
(viii) We have broadly reviewed the books of accounts maintained by the
Company pursuant to the rules made by the Central Government for the
maintenance of cost records under section 209(1 )(d) of the companies
Act, 1956 and are of the opinion that prima facie, the prescribed
accounts and records have been made and maintained .
(ix)(a) According to the records of the Company, the Company has been
regular in depositing with appropriate authorities, Undisputed
statutory dues including Provident Fund, Income tax, VAT, Wealth tax,
Service Tax, Custom duty, Cess and other statutory dues.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of such statutory dues were
outstanding as at the 30th June 2010 for a period of more than six
months from the date they became payable .
(c) According to the information and explanations given to us, there
are no such statutory dues which have not been deposited on account of
any dispute.
(x) The Company neither has accumulated losses nor it has incurred any
cash losses during the year and in the immediately preceding financial
year.
(xi) Based on our audit procedures and as per the information and
explanations given by the management, we are of the opinion that the
Company has not defaulted in the repayment of the dues to financial
institutions or banks.
(xii) According to the information and explanations given to us and
based on the documents and records produced to us, the Company has not
granted loans and advances 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, a nidhi or a
mutual benefit fund society. Therefore the provisions of clause 4(xiii)
of the companies (Auditors Report) Order, 2003 are not applicable to
the Company.
(xiv) In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the companies (Auditors Report) Order,
2003 are not applicable to the Company.
(xv) According to the information and explanations given to us by the
management, the Company has not given any Guarantee for loan taken by
other from banks or financial institutions.
(xvi) According to the information and explanations given to us by the
management, the company has not taken any term loan.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company, we report
that no funds raised on short term basis have been used for long term
investments. No long term funds have been used to finance short term
assets except permanent working capital.
(xviii) According to the information and explanations given to us,
during the year the Company has not made any preferential allotment of
shares to the parties or companies covered in the register maintained
under section 301 of the companies Act, 1956.
For H. S. Hathi & Co.
Chartered Accountants
Firm Reg. No. 103596W
Place: Mumbai
Date : 19th November, 2010 Hemant S. Hathi
Partner
Membership No. 37109
Jun 30, 2009
1. We have audited the attached Balance Sheet of ENSA STEEL INDUSTRIES
LIMITED as at 30th June, 2009 and also the Profit & Loss Account and
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.
2. We have conducted our audit in accordance with auditing standards
generally accepted in India. These 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 annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
order.
4. Further to our comments in the annexure referred to in paragraph 3
above, we state that:
a) 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;
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, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
d) In our opinion, the Balance Sheet, Profit & Loss Account and 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.
e) On the basis of the written representations received from the
Directors as on 30th June, 2009 and taken on record by the Board of
Directors, we report that none of the Directors of the Company are
disqualified as on 30th June, 2009 from being appointed as a Director
in terms of Clause (g) of the sub-section (1) of section 274 of the
Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with the 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 the accounting principles generally accepted in India:
i) In the case of the Balance Sheet, of the state of affairs of the
Company as at 30th June, 2009;
ii) In the case of the Profit & Loss Account, of the Profit of the
Company for the period ended on that date; and
iii) In the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE TO THE
MEMBERS OF ENSA STEEL INDUSTRIES LIMITED ON THE ACCOUNTS AS AT AND FOR
THE PERIOD ENDED 30th JUNE 2009.
(i). (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) Fixed assets have been physically verified by the management based
on a phased program of verification of all the assets during the year,
which in our opinion is reasonable having regard to the size of the
Company and the nature of its business. No material discrepancies were
noticed on such verification.
(c) As per the information and explanations given to us, during the
year, the Company has not disposed off any substantial part of fixed
assets that would affect the going concern.
(ii) (a) As explained to us inventories have been physically verified
by the management at reasonable intervals during the year.
(b) In our opinion and according to information and explanations given
to us, the procedure of physical verification of inventories followed
by the management is reasonable and adequate in relation to the size of
the Company and the nature of its business.
(c) On the basis of our examinations of records of inventories, we are
of the opinion that the Company is maintaining proper records of the
inventory. As explained to us, no material discrepancies have been
noticed on physical verification of inventories as compared to Books
records.
(iii) The Company has not granted any unsecured loan to a Company
covered in the register maintained under section 301 of the companies
Act, 1956. The Company has not taken any loans, secured or unsecured,
from companies, firms or other parties covered in the register
maintained under section 301 of the Companies Act, 1956.
(iv) According to information and explanations given to us, there are
adequate internal control procedures commensurate with the size of the
Company and nature of its business for the purchase of inventory and
fixed assets and sales of Goods and service. We have not observed any
continuing failure to correct major weakness in internal controls.
(v) (a) According to the information and explanations given to us, we
are of the opinion that the particulars of contracts or arrangements
that need to be entered in to the register maintained under section 301
of the Companies Act, 1956 have been so entered.
(b) In our opinion and according to the information and explanations
given to us, there are no transactions of purchase of Goods and
materials and sales of Goods, material & services made in pursuance of
contracts or arrangements required to be entered in the register
maintained under section 301 of the Companies Act, 1956, aggregating
during the year to Rs.5,00,000/- or more in respect of each party.
(vi) The Company has not accepted any deposits from the public and
hence directives issued by the Reserve Bank of India and provisions of
section 58A and 58AA or any other relevant provisions of the companies
Act, 1956 and rules framed there under are not applicable for the year
under audit.
(vii) In our opinion, the Company has an internal audit System
commensurate with the size and nature of its business.
(viii) We have broadly reviewed the books of accounts maintained by the
Company pursuant to the rules made by the Central Government for the
maintenance of cost records under section 209(1 )(d) of the companies
Act, 1956 and are of the opinion that prima facie, the prescribed
accounts and records have been made and maintained .
(ix)(a) According to the records of the Company, the Company has been
regular in depositing with appropriate authorities, Undisputed
statutory dues including Provident Fund, Income tax, VAT, Wealth tax,
Service Tax, Custom duty, Cess and other statutory dues.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of such statutory dues were
outstanding as at the 30th June 2009 for a period of more than six
months from the date they became payable .
(c) According to the information and explanations given to us, there
are no such statutory dues which have not been deposited on account of
any dispute.
(x) The Company has incurred cash losses during the financial year
covered by our audit; however the company had not incurred any cash
losses in the immediately preceding financial year.
(xi) Based on our audit procedures and as per the information and
explanations given by the management, we are of the opinion that the
Company has not defaulted in the repayment of the dues to financial
institutions or banks.
(xii) According to the information and explanations given to us and
based on the documents and records produced to us, the Company has not
granted loans and advances 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, a nidhi or a
mutual benefit fund society. Therefore, the provisions of clause
4(xiii) of the companies (Auditors Report) Order, 2003 are not
applicable to the Company.
(xiv) In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the companies (Auditors Report) Order,
2003 are not applicable to the Company.
(xv) According to the information and explanations given to us by the
management, the Company has not given any Guarantee for loan taken by
other from banks or financial institutions.
(xvi) According to the information and explanations given to us by the
management, the company has not taken any term loan.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company, we report
that no funds raised on short term basis have been used for long term
investments. No long term funds have been used to finance short term
assets except permanent working capital.
(xviii) According to the information and explanations given to us,
during the year the Company has not made any preferential allotment of
shares to the parties or companies covered in the register maintained
under section 301 of the companies Act, 1956.
(xix) The Company has not issued any debentures and hence clause 4(X1X)
of the companies (Auditors Report) Order, 2003 is not applicable to
the Company.
(xx) During the year covered by our report the Company has not raised
any money by way of public issue.
(xxi) According to the information and explanations given to us no
frauds on or by the Company has been noticed or reported during the
year.
For H.S. HATHI & CO.
Chartered Accountants
Place : Mumbai HEMANT S. HATHI
Dated : 25th November, 2009 (Partner)
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