Mar 31, 2015
Report on the Financial Statements
We have audited the accompanying financial statements of India Cements
Capital 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.
Managements 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 (Âthe ActÂ) with respect
to the preparation and presentation 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.
Auditors Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. While conducting the 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 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 auditors 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 operating effectiveness of
such control. An audit also includes evaluating the appropriateness of
the 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 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, 2015.
b) in the case of Statement of Profit and Loss, 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.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order, 2015 (The
Ordered) issued by the Central Government of India in terms of
sub-section (11) section 143 of the Companies Act, 2013, 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 Companies Act, 2013, we report
that:
a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit;
b) In our opinion, proper books of account as required by law have been
kept by the Company so far as it appears from our examination of those
books;
c) The Balance Sheet, 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, Statement of Profit and Loss and
Cash Flow Statement comply with the Accounting Standards specified
under the 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 March 31, 2015, and 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 sub-section (2) of Section 164 of
the Companies Act, 2013.
The Annexure referred to in our Independent Auditors Report to the
members of the Company on the financial statements for the year ended
31st March 2015, we report that:
(i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) The Company has a regular program of physical verification of its
fixed assets by which fixed assets are verified in a phased manner at
reasonable intervals by the management. According to the information
and explanations given to us, no material discrepancies where observed
by the management on such verification. In our opinion, this
periodicity of physical verification is reasonable having regard to the
size of the Company and the nature of its assets.
(ii) The Company is a service company. Thus, paragraph 3(ii) of the
Order is not applicable.
(iii) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
granted loans unsecured to a body corporate covered in the register
maintained under section 189 of the Companies Act, 2013.
(a) In the case of the loans granted to the body corporate listed in
the register maintained under section 189 of the Act. The terms of
arrangements do not stipulate any payment of interest and the loans are
repayable on demand and hence there is no repayment schedule.
Accordingly, paragraph 3(iii)(a) of the Order is not applicable to the
Company in respect of repayment of the principal amount.
(b) There are no overdue amounts of more than rupees one lakh in
respect of the loans granted to the body 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 with regard
to purchase of fixed assets and the sale of services. The activities of
the Company do not involve purchase of inventory and the sale of goods.
We have not observed any major weakness in the internal control system
during the course of the audit.
(v) The Company has not accepted any deposits from the public.
(vi) The Central Government has not prescribed maintenance of cost
records under Section 148 (1) of the Companies Act, 2013 for any of the
services rendered by the Company.
(vii) (a) According to the information and explanations given to us and
on the basis of our examination of the records of the Company, amount
deducted or accrued in the books of account in respect of undisputed
statutory dues including Provident Fund, Income-Tax, Sales Tax, duty of
customs, Wealth Tax, Service Tax, Value Added Tax, Cess and other
material statutory dues have been regularly deposited during the year
by the Company with the appropriate authorities. As explained to us,
the Company did not have any dues on account of Employees State
Insurance and duty of excise. According to the information and
explanations given to us, no undisputed amounts payable in respect of
Provident Fund, Income Tax, Sales Tax, Wealth Tax, Service Tax, Value
Added Tax, Cess and other material statutory dues were in arrears as at
31st March, 2015 for a period of more than six months from the date
they became payable.
(b) According to the information and explanations given to us, there
are no material dues of Income Tax, Sales Tax, Wealth Tax, Service Tax,
Value Added Tax, duty of customs and cess which have not been deposited
with the appropriate authorities on account of any dispute. However,
according to information and explanations given to us, the following
dues of Income Tax and Service Tax have not been deposited by the
Company on account of disputes:
Name of Nature of the Forum where disputes Period to Amount
Statute dues are pending which they Rs, in
lakhs
amount
relates
Finance
Act, Service Tax Commissioner of
Customs, 2003-2004 to 3.47
1994 Excise and Service 2007-2008
Tax Appellate
Tribunal, Chennai
Income
Tax Income Tax Commissioner of
Income Tax AY 2004-2005 23.94
Act,1961 (Appeals)
(c) Since, there is no amount required to be transferred to investor
education and protection fund, this sub clause is not applicable.
(viii) The accumulated losses at the end of the financial year are not
more than fifty percent of the net worth. The Company has not incurred
cash losses in the financial year and also in the immediately preceding
financial year.
(ix) The Company did not have any outstanding dues to Financial
Institutions, Banks or Debenture Holders during the year.
(x) According to the information and explanations given to us the
Company has not given any guarantee for loans taken by others from
banks or financial institutions, therefore this clause is not
applicable.
(xi) The Company did not have any term loans outstanding during the
year.
(xii) According to the information and explanations given to us, no
material fraud on or by the Company has been noticed or reported during
the course of our audit.
For M/s. S. VISWANATHAN
Chartered Accountants
New No.17, Bishop Wallers Avenue (West) Regn.No.004770S
C.I.T Colony, Mylapore, Chennai - 600 004. CHELLA K SRINIVASAN
Partner
Date: 29th May, 2015 Membership No. 023305
Mar 31, 2014
We have audited the accompanying financial statements of India Cements
Capital Limited, which comprise the Balance Sheet as at March 31,2014
and the Statement of Profit and Loss and 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
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 (Act) and in accordance with the Accounting
Principles generally accepted in India. 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 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 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
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the
purpose of experssing an opinion on the effectiveness of the Company''s
internal 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 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 issued
by the Central Government of India
in terms of sub-section (4A) of section 227 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 explanations 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, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956;
e) on the basis of written representations received from the directors
as on March 31,2014 and 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 clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT
(Referred to in Paragraph 1 of our Report on Other Legal and Regulatory
Requirements section of our report of even date)
(i) a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) All the assets have not been physically verified by the management
during the year but there is a regular programme of verification which,
in our opinion, is reasonable having regard to the size of the company
and the nature of its assets. No material discrepancies were noticed on
such verification.
c) Since the disposal of fixed assets during the year is not
substantial, the preparation of financial statements on a going concern
basis is not affected on this account.
(ii) Since the Company is a finance company, the provisions of this
clause are not applicable to the company.
(iii) (a) The Company has not granted loans to any party covered in the
register maintained under section 301 of the Act. Hence clause iii(b)
to iii(d) are not applicable
(e) The company has taken loans and advances from two companies covered
in the register maintained under section 301 of the Act. The maximum
amount involved during the year was Rs. 2.34 crores and the year end
balance aggregates to Rs. 1.74 crores.
(f) In our opinion and according to the information and explanations
provided to us, the terms and conditions on which such loans and
advances are taken, are not prima facie prejudicial to the interest of
the company. However, no interest has been charged on the above loans.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the company and the nature of its business with regard
to purchase of fixed assets and the sale of services. During the course
of our audit no major weakness has been noticed in the internal
controls.
(v) (a) Based on the audit procedures applied by us and according to
the information and explanations
provided by the management, we are of the opinion that the transactions
or arrangements that need to be entered into the register maintained
under Section 301 of the Act have been so entered.
b) In our opinion and according to the information and explanations
given to us, transactions entered in the register maintained under
Section 301 of the Act and exceeding the value by rupees five lakhs
during the year in respect of each party have been made at prices which
are reasonable having regard to the prevailing market prices at the
relevant time.
(vi) According to the information and explanations given to us, the
company has complied with the directives issued by the Reserve Bank of
India, provisions of Sections 58A and 58AA of the Companies Act, 1956
and all other relevant provisions of the Companies Act, 1956, with
regard to the deposits accepted from the public. The Company has not
accepted any deposit from public during the financial year.
(vii) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(viii) The provisions of this clause are not applicable to the Company.
(ix) (a) According to the records of the company, the company is
regular in depositing with appropriate authorities undisputed statutory
dues including Provident Fund, Investor Education and Protection fund,
Employees'' State Insurance, Income-tax, Sales-tax, Wealth-tax, Cess and
other statutory dues applicable to it with the appropriate authorities.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of Income-tax, Sales-tax,
Wealth-tax and Cess were in arrears as at 31st March 2014 for a period
of more than six months from the date they became payable.
(c) Details of dues of Income-tax, Sales tax, Service Tax, Customs
Duty, Excise Duty and Cess which have not been deposited as on 31st
March, 2014 on account of disputes are given below:
Name of Statute Nature of the dues Forum where disputes are pending
Finance Act, Service Tax Commissioner of Customs,
1994 Excise and Service Tax,
Appellate Tribunal, Chennai
Income Tax Income Tax Commissioner of Income Tax
Act,1961 (Appeals)
Name of Statute Period to which the Amount in lakhs
amount relates
Finance Act, 1994 2003-2004 to 2007-2008 3.47
Income Tax Act.1961 AY 2004-2005 23.94
(d) The Income Tax demand of Rs. 25.80 crores relating to the Financial
Year 2005-06, raised in December 2011 has been nullified by the
Commissioner of Income Tax (Appeals) in his order dated 25/05/2012,
however, the Department has gone on appeal before the ITAT.
(x) The accumulated losses at the end of the financial year are not
more than fifty percent of the networth. The Company has not incurred
any cash losses in the current financial year and also in the
immediately preceding financial year.
(xi) Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that the
company has not defaulted in repayment of dues to a Financial
Institution, Bank or Debenture holders.
(xii) The Company has not granted any loans and advances on the basis
of security by way of pledge of shares, debentures and other
securities.
(xiii) The company is not a chit fund or a nidhi or a mutual fund
society.Therefore, the provisions of sub-para (xiii) of para 4 of the
Order are not applicable to the company.
(xiv) The company is not dealing in or trading in shares, securities
and debentures .Hence, the provisions of this clause are not applicable
to the company.
(xv) The company has not given any guarantee for loans taken by others
from Bank or Financial Institutions.
(xvi) No term loans were raised by the Company.
(xvii) No funds raised on short term basis have been used for long term
investments.
(xviii) 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.
(xix) The Company has not issued any debentures.
(xx) No public issue has been made by the Company.
(xxi) 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 course of our
audit.
For M/s.S. VISWANATHAN
Chartered Accountants
Regn.No.004770S
New No.17 (Old 8-A), Bishop Wallers CHELLA K SRINIVASAN
Avenue (West) Mylapore, Partner
Chennai - 600 004. Membership No. 023305
Date: 26th May, 2014
Mar 31, 2013
1. Report on the Financial Statements
We have audited the accompanying financial statements of India Cements
Capital Limited, which comprise the Balance Sheet as at March 31,2013,
and the Statement of Profit and Loss and Cash Row 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
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. 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.
3. 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 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 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.
4. Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the 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.
5. Report on Other Legal and Regulatory Requirements
1. 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 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 explanations 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, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
sub-section (3C) of section 211 of the Companies Act, 1956;
e) on the basis of written representations received from the directors
as on March 31,2013, and 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 clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
ANNEXURE TO THE AUDITORS'' REPORT
(Referred to in Paragraph 5.1 of our Report of even date)
1. a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) All the assets have not been physically verified by the management
during the year but there is a regular programme of verification which,
in our opinion, is reasonable having regard to the size of the company
and the nature of its assets. No material discrepancies were noticed on
such verification.
c) During the year, the Company has not disposed off any substantial
part of the Fixed Assets affecting it as a going concern.
2. a) The following are the particulars of secured and unsecured loans
granted by the company to parties covered in the register maintained
under Section 301 of the Companies Act, 1956 :
Relationship Opening
with Balance as
SL. company of 1st April,
Name of the Party 2012
No. Rs.
1 India Cements Investment Subsidiary (15346609)
Services Ltd
2 SwastikForex Associate (427942)
Firm
3 The India Cements Ltd Associate (155021266)
4 Coromandel Sugars Ltd Associate (74405000)
5 ICL Securities Ltd Associate (71150000)
6 ICL Financial Services Associate (71150000)
Ltd
7 Unique Receivable Associate 445563698
Management Pvt Ltd.
Nett Closing
disbursements/ Balance
(receipts) as of 31st
during the year March,2013
2012-2013 (exclusive of
Rs. all provisions)
Rs.
1738573 (13608036)
(98045) (525987)
(7386321) (162407587)
(3032489) (77437489)
0 (71150000)
0 (71150000)
11551660 457115358
b) In our opinion the rate of interest and other terms and conditions
on which loans have been granted to companies, firms or other parties
listed in the registers maintained under Section 301 are not, prima
facie, prejudicial to the interest of the company.
c) Reasonable steps have been taken by the Company for recovery of the
principal and interest in cases where the overdue amount is more than
rupees one lakh.
d) 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 except as ascertained in
Clause 2 (a).
3. In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the company and the nature of its business with regard
to purchase of fixed assets and sale of services. During the course of
our audit, no major weakness has been noticed in the internal controls.
4. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, we are of the
opinion that the transactions that need to be entered into the register
maintained under Section 301 have been so entered.
b) In our opinion and according to the information and explanations
given to us, the aforesaid transactions have been made at prices which
are reasonable having regard to the prevailing market prices at the
relevant time.
5. In our opinion and according to the information and explanations
given to us, the company has complied with the directives issued by the
Reserve Bank of India, provisions of Sections 58A and 58AA of the
Companies Act, 1956 and all other relevant provisions of the Companies
Act, 1956, with regard to the deposits accepted from the public.
6. In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
7. a) According to the records of the company, the company is regular
in depositing with appropriate authorities undisputed statutory dues
including provident fund, investor education protection fund,
employees'' state insurance, income-tax, sales-tax, wealth-tax, cess and
other statutory dues applicable to it and there are no disputed amounts
payable in respect of income-tax, wealth-tax, service tax, sales-tax,
were outstanding, as at 31.03.2013 for a period of more than six months
from the date of they became payable.
b) According to the records of the company, there are no dues of sales
tax/wealth-tax/cess which have not been deposited on account of any
dispute. However service tax has not been remitted as an appeal is
pending before the Commissioner of Customs, Excise and Service Tax,
Appellate Tribunal, Chennai, in respect of the years 2003-04 to 2007-08
Rs.3.47 lakhs.
c) Similarly income-tax has not been remitted to the tune of Rs.23.94
lakhs, as appeals is pending before the Commissioner of Income Tax
(Appeals) in respect of Assessment year 2004-05. The Income Tax demand
of Rs. 25.80 crores relating to the Financial Year 2005-06, raised in
December 2011 has been nullified by the Commissioner of Income Tax
(Appeals) in his order dated 25/05/2012, however, the Department has
gone on appeal before the ITAT.
8. The accumulated losses at the end of the financial year are not
more than fifty percent of the net worth. The Company has incurred
cash profit in the current financial year and has incurred cash Profit
in the immediately preceding financial year.
9. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that the
company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
10. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
11. The company has not given any guarantee for loans taken by others
from bank or financial institutions.
12. No term loans raised by the Company.
13. No funds raised on short term basis have been used for long term
investments.
14. 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.
15. The Company has not issued any debentures.
16. No public issue has been made by the Company.
17. 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 course of our
audit.
18. Clause ii, viii, xiii and xiv of the Companies (Auditor''s Report)
Order, 2003 are not applicable to the Company.
ForM/s.S.VISWANATHAN
Chartered Accountants
Regn.No.004770S
New No.17 (Old 8-A), Bishop Wallers Avenue (West) CHELLA K SRINIVASAN
Mylapore, Chennai - 600 004. Partner
Date: 20th May, 2013 Membership No. 023305
Mar 31, 2012
1. We have audited the attached balance sheet of India Cements Capital
Limited, as at 31st March 2012 and also the Statement of Profit and
Loss and 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 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 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 as
amended by the Companies (Auditors' Report) Amendment Order 2004 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 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, Statement of Profit and Loss and cash flow
statement dealt with by this report are in agreement with the Books of
Account;
iv. In our opinion, the Balance Sheet, Statement of Profit and Loss
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;
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 are 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 Balance Sheet, of the State of Affairs of the
Company as at 31st March, 2012 and
b. in the case of Statement of Profit and Loss, of the Profit for the
year ended on that date.
c. in the case of the cash flow statement, of the cash flows for the
year ended on that date.
1. a) The Company has maintained proper records showing full
particulars including quantitative details and
situation of fixed assets.
b) All the assets have not been physically verified by the management
during the year but there is a regular programme of verification which,
in our opinion, is reasonable having regard to the size of the company
and the nature of its assets. No material discrepancies were noticed on
such verification.
c) During the year, the Company has not disposed off any substantial
part of the Fixed Assets affecting it as a going concern.
2. a) The following are the particulars of secured and unsecured loans
granted by the company to parties covered in the register maintained
under Section 301 of the Companies Act, 1956 :
opening nett closing
disburse balance
Relation Balance ment/ as of 31
ship as of 1 receipt March
name of the with st April during 2012
party Company 2011 the year (exclusive
sl 2011- of all
No 2012 Provision
Rs Rs Rs
1. India Cements
Investment
Services Ltd Subsidiary (15910606) 563997 (15346609)
2. Swastik Forex Associate (195419) (232523) (427942)
Firm
3. The India Cements
Ltd. Associate (158969390) 3948124 (155021266)
4. Coromandel Sugars
Ltd. Associate (69405000) (5000000) (74405000)
5. ICL Securities
Ltd. Associate (71150000) 0 (71150000)
6. ICL Financial
Services Ltd. Associate (71150000) 0 (71150000)
7. Unique Receivable
Management Pvt.
Ltd. Associate 449001765 (3438067) 445563698
b) In our opinion the rate of interest and other terms and conditions
on which loans have been granted to companies, firms or other parties
listed in the registers maintained under Section 301 are not, prima
facie, prejudicial to the interest of the company.
c) Reasonable steps have been taken by the Company for recovery of the
principal and interest in cases where the overdue amount is more than
rupees one lakh.
d) 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 except as ascertained in
Clause 2 (a).
3. In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the company and the nature of its business with regard
to purchase of fixed assets and sale of services. During the course of
our audit, no major weakness has been noticed in the internal controls.
4. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, we are of the
opinion that the transactions that need to be entered into the register
maintained under Section 301 have been so entered.
b) In our opinion and according to the information and explanations
given to us, the aforesaid transactions have been made at prices which
are reasonable having regard to the prevailing market prices at the
relevant time.
5. In opinion and according to the information and explanations
given to us, the company has complied with the directives issued by the
Reserve Bank of India, provisions of Sections 58A and 58AA of the
Companies A -1,1956 and all other relevant provisions of the Companies
Act, 1956, with regard to the deposits accepted form the public.
6. In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
7. a) According to th#: records of the company, the company is regular
in depositing with appropriate authorities undisputed statutory dues
including provident fund, investor education protection fund,
employees' state insurance, income-tax, sales-tax, wealth-tax, cess and
other statutory dues applicable to it and there are no undisputed
amounts payable in respect of income-tax, wealth-tax, service tax,
sales-tax, were outstanding, as at 31.03.2012 for a period of more than
six months from the date of they became payable.
b) According to the records of the company, there are no dues of sales
tax/wealth-tax/cess which have not been deposited on account of any
dispute. However service tax has not been remitted as an appeal is
pending before the Commissioner of Customs, Excise and Service Tax,
Appellate Tribunal, Chennai,in respect of the year 2003-04 to 2007-08
Rs.3.47 lakhs.
c) Similarly inco , .as not been remitted to thy June of Rs.23.94
lakhs, as appeals is pending before the Commissioner ncome Tax
(Appeals) in t of Assessment year 2004-05.
8. The accumulated losses at the end of the financial year are not
more than fifty percent of the net worth. The Company has incurred cash
profit in the current financial year and has incurred cash Profit in
the immediately preceding financial year.
9. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that the
company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
10. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
11. The company has not given any guarantee for loans taken by others
from bank or financial institutions.
12. No term loans raised by the Company.
13. No funds raised on short term basis have been used for long term
investments.
14. 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.
15. The Company has not issued any debentures.
16. No public issue has been made by the Company.
17. 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 course of our audit
except as mentioned in SI.No. II.J of Notes on Accounts.
18. Clause ii, viii, xiii and xiv of the Companies (Auditor's
Report) Order, 2003 are not applicable to the Company.
For M/s. S. VISWANATHAN
Chartered Accountants
Regn. No. 004770S
New No.17 (Old 8-A),
Bishop Wallers Avenue (West), CHELLA K SRINIVASAN
Mylapore, Chennai - 600 004. Partner
Date : 25th April, 2012. Membership No. 023305
Mar 31, 2010
1. We have audited the attached balance sheet of India Cements Capital
Limited, as at 31st March 2010 and also the profit and loss account and
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 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 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 as
amended by the Companies (Auditors Report) Amendment Order 2004 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 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 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 are disqualified as on 31st 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 Balance Sheet, of the State of Affairs of the
Company as at 31st March, 2010 and
(b) in the case of Profit and Loss Account, of the Profit for the year
ended on that date.
(c) in the case of the 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)
1. a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) All the assets have not been physically verified by the management
during the year but there is a regular programme of verification which,
in our opinion, is reasonable having regard to the size of the company
and the nature of its assets. No material discrepancies were noticed
on such verification.
c) During the year, the Company has not disposed off any substantial
part of the Fixed Assets, which is affecting the going concern.
2. a) The following are the particulars of secured and unsecured loans
granted by the company to parties covered in the register maintained
under Section 301 of the Companies Act, 1956 :
Relationship Opening Nett disbur- Closing
Sl.
No. Name of the Party with company Balance sements / Balance as of
as of (receipts) 31st March,
2010
1st April, during the (exclusive
of all
2009 year 2009-
2010 provisions)
Rs. Rs. Rs.
1 India Cements
Investment Subsidiary 186425 (17162839> (16976414)
Services Ltd
2 Swastik Forex Associate 120783 (204070) (83287)
b) In our opinion the rate of interest and other terms and conditions
on which loans have been granted to companies, firms or other parties
listed in the registers maintained under Section 301 are not, prima
facie, prejudicial to the interest of the company.
c) Outstanding related party balances are not "OVERDUE IN NATURE" since
they partake the character of running current accounts.
d) Reasonable steps have been taken by the Company for recovery of the
principal and interest in cases where the overdue amount is more than
rupees one lakh.
e) 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 except as mention in
clause 2(a).
3. In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the company and the nature of its business with regard
to purchase of fixed assets and sale of services. During the course of
our audit, no major weakness has been noticed in the internal controls.
4. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, we are of the
opinion that the transactions that need to be entered into the register
maintained under Section 301 have been so entered.
b) In our opinion and according to the information and explanations
given to us, the aforesaid transactions have been made at prices which
are reasonable having regard to the prevailing market prices at the
relevant time.
5. In our opinion and according to the information and explanations
given to us, the company has complied with the directives issued by the
Reserve Bank of India, provisions of Sections 58A and 58AA of the
Companies Act, 1956 and all other relevant provisions of the Companies
Act, 1956, with regard to the deposits accepted from the public.
6. In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
7. a) According to the records of the company, the company is regular
in depositing with appropriate authorities undisputed statutory dues
including provident fund, investor education protection fund,
employees state insurance, income-tax, sales- tax, wealth-tax, cess
and other statutory dues applicable to it and there are no undisputed
amounts payable in respect of income-tax, wealth-tax, service tax,
sales-tax, were outstanding, as at 31.03.2010 for a period of more than
six months from the date of they became payable.
b) According to the records of the company, there are no dues of sales
tax/wealth-tax/cess which have not been deposited on account of any
dispute. However service tax has not been remitted as an appeal is
pending before the Commisioner of Central Excise (Appeals) in respect
of the following years:
YEAR AMOUNT.Rs.
2003-04 59454.00
2004-05 76991.00
2005-06 101241.00
2006-07 164067.00
2007-08 93200.00
TOTAL 494953.00
c) Similarly Income-Tax has not been remitted to the tune of Rs.23.94
lakhs as an appeal is pending before the Commisioner of Income Tax
(Appeals) in respect of Assessment year 2004-2005.
8. The accumulated loss at the end of the financial year are not more
than fifty percent of the net worth. The Company has incurred cash
profit in the current financial year and has incurred cash loss in the
immediately preceding financial year.
9. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that the
company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
10. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
11. The company has not given any guarantee for loans taken by others
from bank or financial institutions.
12. No term loan was raised by the Company.
13. No funds raised on short term basis have been used for long term
investments.
14. 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.
15. The Company has not issued any debentures.
16. No public issue has been made by the Company.
17. 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 course of our
audit.
18. Clause ii, viii, xiii and xiv of the Companies (Auditors Report)
Order, 2003 are not applicable to the Company.
For M/s. S. VISWANATHAN
Chartered Accountants
Regn. No.004770S
New No. 17 (Old 8-A), Bishop Wallers
Avenue (West) CHELLA K. SRINIVASAN
Mylapore, Chennai - 600 004. Partner
Date: 28th May, 2010 Membership No. 23305