Mar 31, 2018
Report on the Ind AS Financial Statements
We have audited the accompanying Ind AS financial statements of K I C METALIKS LIMITED âthe Company^ which comprise the Balance Sheet as at 31st March, 2018, and the Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and a summary of the significant accounting policies and other explanatory information.
Managementâs Responsibility for the Ind AS Financial Statements
The Companyâs 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 of these Ind AS financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) prescribed under section 133 of the Act.
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 Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditorsâ Responsibility
Our responsibility is to express an opinion on these Ind AS financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.
We conducted our audit of the Ind AS financial statements 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 Ind AS financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the Ind AS financial statements. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the Ind AS financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Companyâs preparation of the Ind AS financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Companyâs Directors, as well as evaluating the overall presentation of the Ind AS financial statements.
We believe that the audit evidence obtained by us, is sufficient and appropriate to provide a basis for our audit opinion on the Ind AS financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Ind AS financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March, 2018, and its profit, total comprehensive income, its cash flows and the changes in equity for the year ended on that date.
Other Matter
The comparative financial information of the Company for the corresponding year ended 31st March, 2017 and as at 1st April, 2016 included in these financial results, are based on the previously issued financial statements prepared in accordance with the recognition and measurement principles specified under section 133 of the Companies Act, 2013, read with relevant rules issued thereunder and other accounting principles generally accepted in India and audited by the predecessor auditor whose report for the year ended 31st March, 2017 dated 27th May, 2017 and for the year ended 31st March, 2016 dated 30th May, 2016 expressed an unmodified opinion on those financial statements, as adjusted for the differences in the accounting principles adopted by the Company on transition to the Ind AS, which have been audited by us.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditorâs Report) Order, 2016 (âthe Orderâ) issued by the Central Government in terms of Section 143(11) of the Act, we give in âAnnexure Aâ a statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by Section 143(3) of the Act, based on our audit, to the extent applicable, we report that,
a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.
b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.
c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, the Cash Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the books of account.
d) In our opinion, the aforesaid Ind AS financial statements comply with the Indian Accounting Standards prescribed under section 133 of the Act.
e) On the basis of the written representations received from the directors as on 31st March, 2018 taken on record by the Board of Directors, none of the directors are disqualified as on 31st March, 2018 from being appointed as a director in terms of Section 164(2) of the Act.
f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in âAnnexure Bâ. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Companyâs internal financial controls over financial reporting.
3. With respect to the other matters to be included in the Auditorâs Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our information and according to the explanations given to us
I. The Company has disclosed the impact of pending litigations on its financial position as on 31st March, 2018 in its Ind AS financial statements;
II. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses;
III. There were no amounts, which were required to be transferred, to the Investor Education and protection fund by the company.
IV. The reporting on disclosures relating to Specified Bank Notes is not applicable to the Company for the year ended 31st March, 2018.
1. In respect of its Fixed Assets:
(a) The Company has maintained proper records showing full particulars including quantitative details and situation of its Fixed Assets on the basis of available information.
(b) As explained to us, all the Fixed Assets have been physically verified by the management in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such verification.
(c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the title deeds of immovable properties are held in name of Company.
2. As explained to us, inventories have been physically verified during the year by the management at reasonable interval and no material discrepancy was noticed on physical verification of stocks by the management as compared to book records.
3. The Company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained under Section 189 of The Companies Act, 2013.
4. In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Section 185 and 186 of the Act, with respect to the loans and investments made.
5. The Company has not accepted any deposits from the public to which directives issued by Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevant provisions of the Companies Act, 2013 and the rules framed there under apply.
6. We have broadly reviewed the books of account maintained by the Company in respect of products where, pursuant to the rules made by the Central Government of India, the maintenance of cost records has been prescribed under Section 148(1) of the Companies Act, 2013 and are of the opinion on that, prima facie, the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examination of the records with a view to determine whether they are accurate or complete.
7. According to the information and explanations given to us in respect of statutory dues:
(a) The undisputed statutory dues including Provident Fund, Employeesâ State Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, value added tax, cess and to the extent applicable and any other statutory dues to the appropriate authorities have generally been regularly deposited with the appropriate authorities.
There is no undisputed statutory dues payable in respect of Provident Fund, Employeesâ State Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, value added tax, cess and other material statutory dues were in arrears as at 31st March, 2017, 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 disputed statutory dues arrear as at 31st March, 2017.
Name of the Statue |
Nature of dues |
Amount (Rs.in Lakhs) |
Period to which the amount relates |
Forum where the dispute is pending |
Central Excise Act |
Excise Duty |
117.81 |
2006 |
CESTAT |
WB VAT Act |
Input claim pending |
312.31 |
2012 |
WB Commercial Tax Appellate & Revision Board. |
8. The Company has not defaulted in repayment of loans or Borrowings to any financial institution, banks, government or debenture holders during the year.
9. Based on our audit procedures and on the information and explanations given to us, we are of the opinion that, the Company has not raised any money by way of initial public offer or further public offer (including debt instrument) and term loan during the year. Accordingly, the provisions of Clause 3(ix) of the Order are not applicable to the Company.
10. According to the information and explanations given to us, no material fraud by the Company or on the Company by its officers or employees has been noticed or reported during the course of our audit.
11. According to the information and explanations given to us and based on our examination of the records of the Company, the Company has provided for managerial remuneration in accordance with the requisite approvals mandated by provision of Section 197 read with Schedule V to the Act.
12. According to the information and explanations given to us, the Company is not a Nidhi Company. Accordingly, the provisions of Clause 3(xii) of the Order are not applicable to the Company.
13. According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with Section 177 & 188 of the Act where applicable and details of such transaction have been disclosed in financial statements as required by the applicable Accounting Standards.
14. According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debenture during the year.
15. According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered entered into non cash transaction with Director or persons connected with him. Accordingly, the provisions of Clause 3(xv) of the Order are not applicable to the Company.
16. The Company is not required to registered under Section 45-IA of the Reserve Bank of India Act 1934.
Annexure B to the Independents Auditorsâ Report
(Report on the Internal Financial Controls under clause (i) of sub-section 3 of section 143 of the Companies Act, 2013.) (âThe Actâ)
We have audited the Internal Financial Controls over financial reporting of K I C Metaliks Limited (âthe Company^ as of 31st March 2018 in conjunction with our audit of the financial statements of the company for the year ended on that date.
Managementâs responsibility for internal financial controls
The companyâs management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the company considering the essential components of internal control stated in Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institution of Chartered Accountants of India (ICAI). These responsibilities includes the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the companyâs policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditorâs responsibility
Our responsibility is to express an opinion on the Companyâs internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with Guidance Note on internal financial controls over financial Reporting (the âGuidance Noteâ) and the Standard of Auditing, issued by ICAI and deemed to be prescribe under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of internal financial controls and, both issued by ICAI. Those standard and Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting were established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedure to obtained audit evidence about the adequacy of the internal financial controls system over the financial reporting and there operating effectiveness. Our audit of the internal financial controls system over the financial reporting includes obtaining an understanding of internal financial controls system over the financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on assessed risk. The procedures selected depend on Auditorâs judgment, including the assessment of the risk of material misstatement of financial statement, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the companyâs internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A companyâs internal financial controls over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A Companyâs internal financial controls over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transaction and disposition of the assets of the Company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statement in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorization of the Management and directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Companyâs assets that could have material effect on the financial statements.
Inherent Limitation of Internal Financial Controls over financial reporting
Because of the inherent limitations of internal financial controls over financial reporting, includes the possibility of collusion or improper management override of controls, material misstatement due to error or fraud may occur and not be detected. Also, projection of any evaluation of internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial control over financial reporting were operate effectively as at 31st March 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institution of Chartered Accountants of India.
For B. N. Agrawal & Co.
Chartered Accountants
Firm Reg. No. 320312E
B. N. Agarwal
Place: Kolkata Partner
Date: The 30th Day of May, 2018 Membership No. 055649
Mar 31, 2016
Report on Other Legal & Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2016 ("the Order") issued by the Central Government in terms of Section 143 (11) of the Act, we give in the ''Annexure - A'' statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by Section 143(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 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 March 31, 2016, taken on record by the Board of Directors, none of the Directors is disqualified as on March 31, 2016, from being appointed as a Director in terms of Section 164(2) of the Act.
(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in ''Annexure - B''; and
(g) With respect to the other matters included in the Auditorâs Report in accordance with the Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to our best of our information and according to the explanations given to us :
i) With reference to Note No. 27 to the financial statements the Company has disclosed the impact of pending litigations on its financial position.
ii) The Company did not have long-term contracts including derivatives contracts for which there were any material foreseeable losses.
iii) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
''ANNEXURE - A'' TO THE INDEPENDENT AUDITORS'' REPORT
(Referred to in Paragraph 1 under ''Report on Other Legal and Regulatory Requirements'' section of our report of even date)
1. In respect of its Fixed Assets :
(a) The Company has maintained proper records showing full particulars including quantitative details and situation of its Fixed Assets on the basis of available information.
(b) As explained to us, all the Fixed Assets have been physically verified by the management in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such verification.
(c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the title deeds of immovable properties are held in name of Company.
2. As explained to us, inventories have been physically verified during the year by the management at reasonable interval and no material discrepancy was noticed on physical verification of stocks by the management as compared to book records.
3. The Company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained under Section 189 of the Companies Act, 2013.
4. In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Section 185 and 186 of the Act, with respect to the loans and investments made.
5. The Company has not accepted any deposits from the public to which directives issued by Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevant provisions of the Companies Act, 2013 and the rules framed there under apply.
6. We have broadly reviewed the books of account maintained by the Company in respect of products where, pursuant to the rules made by the Central Government of India, the maintenance of cost records has been prescribed under Section 148(1) of the Companies Act, 2013 and are of the opinion on that, prima facie, the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examination of the records with a view to determine whether they are accurate or complete.
7. According to the information and explanations given to us in respect of statutory dues :
(a) The undisputed statutory dues including Provident Fund, Employees'' State Insurance, Income-Tax, Sales-Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Value Added Tax, Cess and to the extent applicable and any other statutory dues to the appropriate authorities have generally been regularly deposited with the appropriate authorities.
There is no undisputed statutory dues payable in respect of Provident Fund, Employees'' State Insurance, Income-Tax, Sales-Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Value Added Tax, Cess and other material statutory dues were in arrears as at March 31, 2016, 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 is disputed statutory dues arrear as at March 31, 2016.
Name of the Statue |
Nature of dues |
Amount (Rs. In Lakhs) |
Period to which the amount relates |
Forum where the dispute is pending |
Central Excise Act |
Cenvat Used |
9.27 |
2005 |
CESTAT |
Central Excise Act |
Excise Duty |
117.81 |
2006 |
CESTAT |
WB VAT Act |
Statutory form Due |
12.68 |
2011 |
WB Sales Tax Tribunal |
WB VAT Act |
Input claim pending |
312.31 |
2012 |
WB Commercial Tax Appellate & Revision Board |
WB VAT Act |
Statutory form Due |
30.76 |
2013 |
Senior Joint Commissioner (Appeal) |
8. The Company has not defaulted in repayment of loans or borrowings to any financial institution, banks, government or debenture holders during the year.
9. Based on our audit procedures and on the information and explanations given to us, we are of the opinion that, the Company has not raised any money by way of initial public offer or further public offer(including debt instrument) and term loan during the year. Accordingly, the provisions of Clause 3(ix) of the Order are not applicable to the Company.
10. According to the information and explanations given to us, no material fraud by the Company or on the Company by its officers or employees has been noticed or reported during the course of our audit.
11. According to the information and explanations given to us and based on our examination of the records of the Company, the Company has provided for managerial remuneration in accordance with the requisite approvals mandated by provision of Section 197 read with Schedule V to the Act.
12. According to the information and explanations given to us, the Company is not a Nidhi Company. Accordingly, the provisions of Clause 3(xii) of the Order are not applicable to the Company.
13. According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with Section 177 & 188 of the Act where applicable and details of such transaction have been disclosed in financial statements as required by the applicable Accounting Standards.
14. According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debenture during the year.
15. According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transaction with Director or persons connected with him. Accordingly, the provisions of Clause 3(xv) of the Order are not applicable to the Company.
16. The Company is not required to registered under Section 45-IA of the Reserve Bank of India Act 1934.
''ANNEXURE - B'' TO THE INDEPENDENT AUDITORS'' REPORT
(Report on the Internal Financial Controls under Clause (i) of sub-section 3 of Section 143 of the Companies Act, 2013.)(''The Act'')
We have audited the Internal Financial Controls over financial reporting of K I C Metaliks Limited ("the Company") as of 31st March, 2016 in conjunction with our audit of the financial statements of the Company for the year ended on that date.
Management''s responsibility for internal financial controls
The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in Guidance Note on audit of internal financial controls over financial reporting issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities includes the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the Company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditor''s responsibility
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with Guidance Note on internal financial controls over financial reporting (the ''Guidance Note'') and the Standard of Auditing, issued by ICAI and deemed to be prescribe under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of internal financial controls and, both issued by ICAI. Those standard and Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting were established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedure to obtained audit evidence about the adequacy of the internal financial controls system over the financial reporting and there operating effectiveness. Our audit of the internal financial controls system over the financial reporting includes obtaining an understanding of internal financial controls system over the financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on assessed risk. The procedures selected depend on Auditor''s judgment, including the assessment of the risk of material misstatement of financial statement, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.
Meaning of internal financial controls over financial reporting
A Company''s internal financial controls over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A Company''s internal financial controls over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transaction and disposition of the assets of the Company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statement in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorization of the management and Directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company''s assets that could have material effect on the financial statements.
Inherent limitation of internal financial controls over financial reporting
Because of the inherent limitations of internal financial controls over financial reporting, includes the possibility of collusion or improper management override of controls, material misstatement due to error or fraud may occur and not be detected. Also, projection of any evaluation of internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial control over financial reporting were operate effectively as at 31st March, 2016, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on audit of internal financial controls over financial reporting issued by the Institute of Chartered Accountants of India.
For AGARWAL MAHESWARI & CO.
Chartered Accountants
Firm Reg. No. 314030E
D. R. AGARWAL
Place : Kolkata Partner
Date : 30th Day of May, 2016 Membership No. 051484
Mar 31, 2015
We have audited the accompanying financial statements of K I C Metaliks
Ltd. ('the Company'), which comprise the Balance Sheet as at 31st
March, 2015, the Statement of Profit and Loss and the Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
Te Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ('the Act') with respect
to the preparation of these financial statements that give a true and
fair view of the financial position, financial performance and cash
flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. Tis responsibility also includes the
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of the Company and
for preventing and detecting 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.
AUDITORS' RESPONSIBILITY
Our responsibility is to express an opinion on these standalone
financial statements based on our audit.
We have taken into account the provisions of the Act, the Accounting
and Auditing Standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Tose 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. Te 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, but not for the purpose of expressing an opinion on
whether the Company has in place an adequate internal financial
controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by 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 said 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 31st March, 2015;
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.
1. As required by the Companies (Auditor's Report) Order, 2015 ('the
Order') issued by the Central Government in terms of Section 143 (1) of
the Act, we give in the Annexure a statement on the matters specified
in paragraphs 3 and 4 of the Order.
2. As required by Section 143(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 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 March 31, 2015, taken on record by the Board of Directors, none
of the Directors is disqualified as on March 31, 2015, from being
appointed as a Director in terms of Section 164(2) of the Act.
(f) With respect to the other matters included in the Auditor's Report
in accordance with the Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to our best of our information and
according to the explanations given to us:
i) With reference to Note No. 28 to the financial statements the
Company has disclosed the impact of pending litigations on its
financial position.
ii) The Company did not have long-term contracts including derivatives
contracts for which there were any material foreseeable losses.
iii) There has been no delay in transferring amounts, 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' Section of our report of even date
1. In respect of its Fixed Assets :
(a) Te Company has maintained proper records showing full particulars
including quantitative details and situation of its fixed assets on the
basis of available information.
(b) As explained to us, all the Fixed Assets have been physically
verified by the management in a phased periodical manner, which in our
opinion is reasonable, having regard to the size of the Company and
nature of its assets. No material discrepancies were noticed on such
verification.
2. In respect of its Inventories :
(a) As explained to us, inventories have been physically verified
during the year by the management at reasonable intervals.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records.
3. Te Company has not granted any loans, secured or unsecured, to
companies, firms or other parties covered in the register maintained
under Section 189 of the Companies Act, 2013.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the Company and the nature of its
business, for the purchase of inventories and fixed assets and for the
sale of goods and services, and during the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. Te Company has not accepted any deposits from the public to which
directives issued by Reserve Bank of India and the provisions of
Sections 73 to 76 or any other relevant provisions of the Companies
Act, 2013 and the rules framed there under apply.
6. We have broadly reviewed the books of account maintained by the
Company in respect of products where, pursuant to the rules made by the
Central Government of India, the maintenance of cost records has been
prescribed under Section 148(1) of the Companies Act, 2013 and are of
the opinion on that, prima facie, the prescribed accounts and records
have been made and maintained. We have not, however, made a detailed
examination of the records with a view to determine whether they are
accurate or complete.
7. According to the information and explanations given to us in
respect of statutory dues:
(a) Te undisputed statutory dues including Provident Fund, Employees'
State Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom
Duty, Excise Duty, Cess to the extent applicable and any other
statutory dues have generally been regularly deposited with the
appropriate authorities.
Tere is no undisputed statutory dues arrear as at March 31, 2015, for a
period exceeding six months from the date they became payable.
(b) There are no dues of Wealth Tax, Customs Duty, Income Tax and
Service Tax which have not been deposited on account of any dispute
with the relevant authorities. Details of dues towards Excise Duty and
Sales Tax that have not been deposited ' as at March 31, 2015 on
account of disputes are as follows :
Name of the Statute Nature of the dues Amount Period to
which the Forum where
the
(in
Lakhs) amount
relates disput is
pending
Central Excise CENVAT used 9.27 2005 CESTA
Tribunal
Central Excise
Act, 1994 Excise Duty 117.81 2006 CESTA
Tribunal
West Bengal
Sales Tax Statutory form
due 12.68 2011 WB Sales
Tax
Tribunal
West Bengal
Sales Tax Input claim
pending 312.31 2012 Joint
Commis
sioner,
WB
Commercial
Tax
(c) There is no amount required to be transferred to investor education
and protection fund in accordance with the relevant provisions of the
Companies Act 1956 (1 of 1956) and rules made thereunder.
8. The Company does not have any accumulated loss at the end of the
financial year. The Company has neither incurred any cash loss during
the financial year covered by our audit nor even in the immediately
preceding financial year. y
9. Based on our audit procedures and on the information and
explanations given to us, we are of the opinion that, the Company has
not defaulted in repayment of dues to Banks.
10. In our opinion and according to the information and explanations
given to us, the Company has not given any guarantees for loan taken by
others from a bank or financial institutions. Accordingly, the
provisions of Clause 3(x) of the Order are not applicable.
11. According to the information and explanations given to us, the
Company has applied the term loans for the purpose for which they have
been raised.
12. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
material fraud on or by the Company, noticed or reported during the
year, nor have we been informed of any such case by the Management.
For AGARWAL MAHESWARI & CO.
Firm Reg. No. 314030E
Chartered Accountants
D. R. Agarwal
Place : Kolkata Partner
Date : The 30th day of May, 2015 Membership No. 051484
Mar 31, 2014
We have audited the accompanying financial statements of K I C Metaliks
Limited ("the Company"), which comprise the Balance Sheet as at March
31, 2014, 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, 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 the General Circular no.
15/2013 dated September 13, 2013 of the Ministry of Corporate Affairs
in respect of Section 133 of the 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 are free from
material misstatement, whether due to fraud or error.
AUDITORS'' RESPONSIBILITY
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing and other applicable authoritative
pronouncements 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 auditors
consider 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 expressing an opinion on the effectiveness of the entity''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 said accounts read in conjunction with
Note No. 1 to 38, 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 Loss 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 & 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
explanations 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 purpose of our
audit;
(b) In our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books.
(c) The Balance Sheet, the Statement of Profit and Loss and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of accounts.
(d) In our opinion, the Balance Sheet, the Statement of Profit and Loss
and the Cash Flow Statement, comply with the Accounting Standards
notified under the Act read with the General Circular No. 15/2013 dated
September, 2013 of the Ministry of Corporate of Affairs in respect of
Section 133 of the Companies Act, 2013;
(e) On the basis of written representations received from the Directors
as on March 31, 2014, taken on record by the Board of Directors, none
of the Directors is disqualified as on March 31, 2014, from being
appointed as a Director in terms of Section 274(1)(g) of the Act.
Annexure to the Independent Auditors'' Report Referred to in our
Auditors'' Report of even date to the members of K I C Metaliks Limited
on the financial statements as of and for the year ended on March 31,
2014.
1. In respect of its fixed assets :
(a) The Company has maintained proper records showing full particulars
including quantitative details and situation of its fixed assets on the
basis of available information.
(b) As explained to us, all the fixed assets have been physically
verified by the management in a phased periodical manner, which in our
opinion is reasonable, having regard to the size of the Company and
nature of its assets. No material discrepancies were noticed on such
verification.
(c) As per the explanation and information given to us and in
accordance with Note No.-31, a major part of Mini Blast Furnace was
dismantled and the same was substituted by a new Blast Furnace, hence
it will not affect the going concern assumption of the Company.
2. In respect of its inventories:
(a) As explained to us, inventories have been physically verified
during the year by the management at reasonable intervals.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records.
3. The Company has not granted/taken any loans, secured or unsecured,
to/from companies, firms or other parties covered in the register
maintained under section 301 of the Act. Therefore, the provisions of
clause 4 (iii){(b),(c) and (d) / (f) and (g)} of the said Order are not
applicable to the Company.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchase of inventories and fixed assets and for sale of goods. During
the course of our audit, we have not observed any continuing failure to
correct major weaknesses in internal control system.
5. (a) In our opinion and according to the information and
explanations given to us, the transactions made in pursuance of
contracts or arrangements that need to be entered in the register
maintained under section 301 of the Companies Act, 1956 have been so
entered.
(b) In our opinion and according to information and explanations given
to us, the transactions made in pursuance of contracts or arrangements
and exceeding the value of five lakhs in respect of parties during the
year have been made at prices which are reasonable having regard to
prevailing market prices at the relevant time.
6. According to the information and explanations given to us, the
Company has not accepted any deposit from the public. Accordingly,
paragraph 4 (vi) of the Order is not applicable to the Company.
7. In our opinion, the Company has an internal audit system
commensurate with its size and the nature of its business.
8. We have broadly reviewed the books of accounts maintained by the
Company in respect of products where, pursuant to the rules made by the
Central Government of India, the maintenance of cost records has been
prescribed under clause (d) of sub section (1) of Section 209 of the
Act, and are of the opinion on that, prima facie, the prescribed
accounts and records have been made and maintained. We have not,
however, made a detailed examination of the records with a view to
determine whether they are accurate or complete.
9. In respect of statutory dues :
(a) According to the records of Company, undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, cess and other statutory dues have been generally
regularly deposited with the appropriate authorities. According to the
information and explanations given to us, no undisputed amounts payable
in respect of the aforesaid dues were outstanding as at 31st March,
2014 for a period of more than six months from the date of becoming
payable.
(b) The disputed statutory dues aggregating Rs. 1,27,08,258.00/- that
have been not deposited on the account of disputed matters pending
before appropriate authorities are as under :
Name of the Nature of dues Amount
(Rs.) Period to
which Forum where the
statute the amount
relates dispute is pending
Central Excise Cenvat used 9,27,007 2005 CESTA Tribunal
Central Excise Excise Duty 1,17,81,251 2006 CESTA Tribunal
Act, 1944
10. The Company does not have accumulated losses at the end of the
financial year. The Company has not incurred cash losses during the
financial year covered by the audit and in the immediately preceding
financial year.
11. Based on our audit procedures and according to the information and
explanations given to us, we are of the opinion that the Company has
not defaulted in repayment of dues to financial institutions, banks and
debenture holders.
12. According to the information and explanations given to us, the
Company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
Accordingly, paragraph 4 (xii) of the Order is not applicable to the
Company.
13. As the provisions of any special statute applicable to chit
fund/nidhi/mutual benefit fund/societies are not applicable to the
Company, the provisions of clause 4(xiii) of the Order are not
applicable to the Company.
14. In our opinion and according to the information and explanations
given to us, the Company is not dealing or trading in Shares,
Securities, Debentures and other investments.
15. According to the information and explanations given to us and the
records examined by us, the Company has not given any guarantee for
loans taken by others from bank or financial institutions. Accordingly,
paragraph 4 (xv) of the Order is not applicable to the Company.
16. To the best of our knowledge and belief and according to the
information and explanations given to us, in our opinion the term loans
were used for the purpose for which they were raised.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we are of
the opinion that there are no funds raised on short-term basis that
have been used for long-term investment.
18. According to the information and explanations given to us and the
records examined by us, the Company has not made preferential allotment
of shares to parties and Companies covered in the register maintained
under section 301 of the Companies Act, 1956 during the year.
Accordingly, paragraph 4 (xviii) of the Order is not applicable to the
Company.
19. According to the information and explanations given to us and the
records examined by us, the Company has not issued any secured
debentures during the year. Accordingly, paragraph 4 (xix) of the Order
is not applicable to the Company.
20. According to the information and explanations given to us and the
records examined by us, the Company has not raised any money by public
issue during the year. Accordingly, paragraph 4 (xx) of the Order is
not applicable to the Company.
21. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
material fraud on or by the Company, noticed or reported during the
year, nor have we been informed of any such case by the Management.
For AGARWAL MAHESWARI & CO.
FRN No. 314030E
Chartered Accountants
D. R. Agarwal
Place : Kolkata Partner
Date : The 28th day of May, 2014 Membership No. 051484
Mar 31, 2013
REPORT ON THE FINANCIAL STATEMENTS
We have audited the accompanying financial statements of K I C Metaliks
Limited ("the Company"), which comprise the Balance Sheet as at March
31, 2013, 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
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 section 211(3C)
of the Companies Act, 1956 ("the Act") and are 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.
AUDITORS''RESPONSIBILITY
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material 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, but not for the
purpose of expressing an opinion on the effectiveness of the Company''s
internal control. An audit also includes evaluating the appropriateness
of the 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 statement gives the
information required by the Act in the manner so required and gives a
true and fair view in conformity with the accounting principles
generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2013;
(b) in the case of the Statement of Profit and Loss, of the Profit for
the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
REPORT ON OTHER LEGAL & REGULATORY REQUIREMENTS
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
order") as amended 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 it 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 section 211(3C) 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 section Z74(l)(g) of the Companies
Act, 1956.
Annexure to the Independent Auditors'' Report
Referred to in Paragraph 1 under the heading of "Report on Other Legal
and Regulatory Requirements" of our report of even date.
1. In respect of its fixed assets:
(a) The Company has maintained proper records showingfull particulars
including quantitative details and situation of its fixed assets on the
basis of available information.
(b) As explained to us, all the fixed assets have been physically
verified by the management in a phased periodical manner, which in our
opinion is reasonable, having regard to the size of the Company and
nature of its assets. No material discrepancies were noticed on such
verification.
(c) In our opinion, the Company has not disposed off a substantial part
of its fixed assets during the year and the going concern status of the
Company is not affected.
2. In respect of its inventories:
(a) As explained to us, inventories have been physically verified
during the year by the management at reasonable intervals.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records.
3. The Company has neither granted nor taken any loan, secured or
unsecured, to or from Companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
Accordingly, the sub-clauses (a), (b), (c), (d), (e), (f) and (g) of
clause (iii) are not applicable to the Company.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchase of inventories and fixed assets and for sale of goods. During
the course of our audit, we have not observed any continuing failure to
correct major weaknesses in internal control system.
5. In respect of the contracts or arrangements referred to in Section
301 of the Companies Act, 1956 :
(a) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements that need to be entered in 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, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 and exceeding the value ofRs. 5,00,000 in respect
of each party during the year have been made at prices which are
reasonable as per information available with the Company.
6. According to the information and explanations given to us, the
Company has not accepted any deposit from the public. Therefore, the
provisions of Clause (vi) of Paragraph of the Order are not applicable
to the Company.
7. In our opinion, the Company has an internal audit system
commensurate with its size and the nature of its business.
8. We have broadly reviewed the cost records maintained by the Company
pursuant to the Companies (Cost Accounting Records) Rules, 2011
prescribed by the Central Government under Section 209(l)(d) of the
Companies Act, 1956 and are of the opinion that prima facie the
prescribed cost records have been maintained. We have, however, not
made a detailed examination of the cost records with a view to
determine whether they are accurate or complete.
9. In respect of statutory dues:
(a) According to the records of Company, undisputed statutory dues
including Provident Fund, Investor Education and Protection
Fund, Employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax,
Service Tax, Custom Duty, cess and other statutory dues have been
generally regularly deposited with the appropriate authorities.
According to the information and explanations given to us, no
undisputed amounts payable in respect of the aforesaid dues were
outstanding as at 31st March, 2013 for a period of more than six months
from the date of becoming payable.
10. The Company does not have accumulated losses at the end of the
financial year. The Company has not incurred cash losses during the
financial year covered by the audit and in the preceding financial
year.
11. Based on our audit procedures and according to the information and
explanations given to us, we are of the opinion that the Company has
not defaulted in repayment of dues to financial institutions, banks and
debenture holders.
12. In our opinion and according to the explanations given to us and
based on the information available, no loans and advances have been
granted by the Company on the basis of security by way of pledge of
shares, debentures and other securities.
13. In our opinion, the Company is not a chitfund/nidhi/mutual benefit
fund/society. Therefore, the provisions of clause (xiii) of the
paragraph 4 of the Order are not applicable to the Company.
14. 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.
15. In our opinion and according to the information and explanations
given to us, the Company has not given any guarantees for loan taken by
others from a bank or financial institutions.
16. To the best of our knowledge and belief and according to the
information and explanations given to us, in our opinion the term loans
were used for the purpose for which they were raised.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we are of
the opinion that there are no funds raised on short-term basis that
have been used for long-term investment.
18. The Company has not made any preferential allotment of shares to
parties and Companies covered in the Register maintained under section
301 of the Companies Act, 1956.
19. The Company has not issued any debentures.
20. The Company has not raised any money by public issue during the
year.
21. In our opinion and according to the information and explanations
given to us, no material fraud on or by the Company has been noticed or
reported during the year.
For AGARWAL MAHESHWARI & CO.
FRNNO.314030E
Chartered Accountants
D.R.Agarwal
Place : Kolkata Partner
Dated :The 30th day
of May,2013 Membership No. 051484
Mar 31, 2012
1. We have audited the attached Balance Sheet of KIC Metaliks Limited
as at 31st March, 2012 and also the Statement of Profit & Loss Account
and the Cash Flow Statement of the Company for the year ended on that
date, both annexed thereto. These financial statements are the
responsibility of the Company's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on test basis evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003 (CARO),
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 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 such
books;
iii. The Balance Sheet, Statement of Profit & Loss and Cash Flow
Statement dealt with by in this report are in agreement with the books
of account;
iv. In our opinion, the Balance Sheet, Statement of Profit and Loss
and the Cash Flow Statement dealt with by this report are in compliance
with the Accounting Standards referred to in sub-section (3C) of
Section 211 of the Companies Act, 1956.
v. On the basis of the 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 of the Company are
disqualified as on 31st March, 2012 from being appointed as a director
in terms of Section 274(1)(g) of the Companies Act, 1956.
vi. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
significant Accounting Policies and notes thereon and subject to note
33 for non provision of depreciation on Coke Oven plant for Rs.
3,571,388/- (cumulative un-provided amount since 01.04.2005 being Rs.
22,451,556/-) and had it been provided on regular basis the profit for
the year would have been lower by the equivalent amount of Rs.
3,571,388/- and the reserve of the company would have been lower by Rs.
22,451,556/-; give the information required by the Companies Act, 1956,
in the manner so required and present 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 31st March, 2012.
ii. In the case of the Statement of Profit & Loss, of the Profit of
the Company for the year ended on that date.
iii. In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Annexure to the Auditors' Report
1. a) The Company has maintained proper records showing full
particulars including quantitative details and situation of the Fixed
Assets.
b) There is a regular program of physical verification, which in our
opinion is reasonable, having regard to the size of the Company and the
nature of fixed assets. No material discrepancies have been noticed in
respect of the assets physically verified during the year.
c) Fixed assets disposed off during the year were not substantial.
According to the information and explanations given to us, we are of
the opinion that the disposal of fixed assets has not affected the
going concern status of the Company.
2. According to information supplied to us and to the best of our
knowledge and belief and on the basis of examination of such records as
made available to us :
a) Inventories have been physically verified during the year by the
management. In our opinion, the frequency of verification is
reasonable.
b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the Company and the nature of its business.
c) The Company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
book records were not material and have been properly dealt with in the
books of account.
3. The Company has not accepted/granted any loans during the year
from/to the parties covered in the register maintained under Section
301 of the Companies Act, 1956.
4. 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 inventory and fixed assets and for the sale of goods.
During the course of our audit, no major weakness was noticed in the
internal control system.
5. (a) In our opinion and according to the information and
explanations given to us the transactions that need to be entered in
the register maintained under Section 301 of the Companies Act, 1956
have been so entered.
(b) According to the information and explanations given to us, the
transactions made in pursuance of contracts or arrangements entered in
the register maintained under Section 301 of the Companies Act, 1956
and exceeding the value of rupees five lakhs in respect of any party
during the year have been made at prices which are reasonable having
regard to prevailing market prices at the relevant time in the opinion
of the management.
6. The Company has not accepted any deposits from the public to which
the provisions of Sections 58A, 58AA, or any other relevant provisions
of the Companies Act, 1956 and the Companies (Acceptance of Deposit)
Rules 1975 apply.
7. The Company has internal audit system commensurate with the size
and nature of the business of the Company.
8. The Central Government has prescribed maintenance of cost records
under Section 209(1)(d) of the Companies Act, 1956 for the Company's
Steel and Cement Units. We have broadly reviewed such accounts and
records and are of the opinion that prima facie the prescribed accounts
and records have been maintained but no detailed examination of such
records and accounts has been carried out by us.
9. a. According to the information and explanations given to us and
the records examined by us, the Company is generally regular in
depositing undisputed statutory dues including Provident Fund, Investor
Education and Protection Fund, Employees' State insurance, Income Tax,
Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, cess and
other statutory dues with the appropriate authorities.
b. On the basis of our examination of the documents and records, the
disputed dues, which have neither been provided in the books nor
deposited with appropriate authorities are as under:
Name of the statute Nature of dues Amount Period to
which Forum where the
(Rs.) the
amount
relates dispute is
pending
Central Excise Cenvat used 9,27,007 2005 Joint
Commissioner
CentralExciseAct,1944 Excise Duty 1,17,81,251 2006 CESTA Tribunal
10. The Company has no accumulated losses as at 31st March, 2012. The
Company has not incurred any cash losses in the financial year under
report.
11. Based on the information and explanations given to us, the Company
has not defaulted during the year in repayment of dues to any financial
institutions or banks.
12. Based on our examination of the records and the information and
explanations given to us, the Company has not granted any loans and
advances on the basis of security by way of pledge of shares,
debentures and other securities.
13. As the Company is not a chit fund, nidhi, mutual benefit fund or
society the provisions of clause 4(xiii) of the Companies (Auditor's
Report) Order, 2003 are not applicable to the Company.
14. As the Company is not dealing or trading in shares, securities,
debentures and other investments, the provisions of clause 4(xiv) of
the Companies (Auditor's Report) Order, 2003 are not applicable to the
Company.
15. According to the information and explanations received, the
Company has not given any guarantees for loans taken by others from
banks or financial institutions.
16. According to the information and explanations received, the term
loans were applied for the purpose for which the loans were obtained.
17. Based on our examination of the records and according to the
information and explanations received, the Company has not applied
short term borrowings for long term use.
18. During the year, the company has not made any preferential
allotment of shares to parties and companies covered in register
maintained under Section 301 of the Companies Act, 1956.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money by way of public issue during
the year.
21. As per the information and explanations given to us, no fraud on
or by the Company has been noticed during the year.
For AGARWAL MAHESWARI & CO.
Chartered Accountants
Firm No. 314030E
D. R. Agarwal
Place : Kolkata Partner
Dated : The 30th day of May, 2012 Membership No. 51484
Mar 31, 2011
1. We have audited the attached Balance Sheet of K I C MetallicÃs
Limited as at 31st March, 2011 and the related Profit and Loss Account
and the Cash Flow Statement of the Company for the year ended on that
date, both annexed thereto. These financial statements are the
responsibility of the Company's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on test basis evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003 (CARO),
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 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 such
books;
iii. The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by in this report are in agreement with the books of
account;
iv. In our opinion, the Balance Sheet, the Profit and Loss Account and
the Cash Flow Statement dealt with by this report are in compliance
with the Accounting Standards referred to in sub-section (3C) of
Section 211 of the Companies Act, 1956.
v. On the basis of the written representations received from the
Directors as on 31st March, 2011 and taken on record by the Board of
Directors, we report that none of the Directors of the Company are
disqualified as on 31st March, 2011 from being appointed as a director
in terms of Section 274(1 )(g) of the Companies Act, 1956.
vi. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
significant Accounting Policies and notes thereon and subject to note
18B(9) for non provision of depreciation on Coke Oven plant for
3,571,388 (cumulative un- provided amount since 01.04.2005 beings Rs.
1,8281,718) and had it been provided on regular basis the profit for
the year would have been lower by the equivalent amount oft 3,571,388
and the reserve of the Company would have been lower by I 18,880,168,
give the information required by the Companies Act, 1956, in the manner
so required and present 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 31st March, 2011.
ii. In the case of the Profit and Loss Account, of the Profit of the
Company for the year ended on that date.
iii. In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Annexure to the Auditorsà Report
ANNEXURE TO THE AUDITORS' REPORT
1. a) The Company has maintained proper records
showing full particulars including quantitative details and situation
of the Fixed Assets.
b) There is a regular program of physical verification, which in our
opinion is reasonable, having regard to the size of the Company and the
nature of fixed assets. No material discrepancies have been noticed in
respect of the assets physically verified during the year.
c) Fixed assets disposed off during the year were not substantial.
According to the information and explanations given to us, we are of
the opinion that the disposal of fixed assets has not affected the
going concern status of the Company.
2. According to information supplied to us and to the best of our
knowledge and belief and on the basis of examination of such records as
made available to us,
a) Inventories have been physically verified during the year by the
management. In our opinion, the frequency of verification is
reasonable.
b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the Company and the nature of its business.
c) The Company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
book records were not material and have been properly dealt with in the
books of account.
3. The Company has not accepted/granted any loans during the year
from/to the parties covered in the register maintained under Section
301 of the Companies Act, 1956.
4. 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 inventory and fixed assets and for the sale of goods.
During the course of our audit, no major weakness was noticed in the
internal control system.
5. (a) In our opinion and according to the information and
explanations given to us, the transactions that need to be entered in
the register maintained under Section 301 of the Companies Act, 1956
have been so entered.
(b) According to the information and explanations given to us, the
transactions made in pursuance of contracts or arrangements entered in
the register maintained under Section 301 of the Companies Act, 1956
and exceeding the value of rupees five lacs in respect of any party
during the year have been made at prices which are reasonable having
regard to prevailing market prices at the relevant time in the opinion
of the management.
6. The Company has not accepted any deposits from the public to which
the provisions of Sections 58A, 58AA, or any other relevant provisions
of the Companies Act, 1956 and the Companies (Acceptance of Deposit)
Rules 1975 apply.
7. In our opinion, the Company has an internal audit system which
needs to be further strengthened in order to make it commensurate with
the size and nature of its business.
8. We have broadly reviewed the books of accounts maintained by the
Company relating to the manufacture of cement pursuant to notification
of central government for maintenance of cost records under Section
209(1 )(d) of the Companies Act, 1956 and on the basis of information
received, we are of the opinion that prima facie the prescribed
accounts and records have been maintained. We have not, however made a
detailed examination of the records with a view to determining whether
they are accurate or complete. To the best of our knowledge and
according to the information given to us, the central government has
not prescribed the maintenance of cost records under Section 209(1 )(d)
of the Companies Act, 1956 for any other products of the Company.
9. a. According to the information and explanations
given to us and the records examined by us, the Company is generally
regular in depositing undisputed statutory dues including Provident
Fund, Investor Education and Protection Fund, Employees' State
Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty,
Excise Duty, cuss and other statutory dues with the appropriate
authorities.
b. On the basis of our examination of the documents and records, the
disputed dues, which have neither been provided in the books not
deposited with appropriate authorities are as under
Name of the
statute Nature of dues Amount Period to which Forum where
the
(Rs.) the amount
relates dispute is
pending
Central Excise
Act, 1944 Service tax on 5,06,897 2006 Joint
Commissioner
Transportation
(GTA)
Central Excise CENVAT used 9,27,007 2005 Joint
Commissioner
Central Excise
Act, 1944 Excise Duty 1,17,81,251 2006 CESTA
Tribunal
10. The Company has no accumulated losses as at 31st March, 2011. The
Company has not incurred any cash losses in the financial year under
report.
11. Based on the information and explanations given to us, the Company
has not defaulted during the year in repayment of dues to any financial
institutions or banks.
12. Based on our examination of the records and the information and
explanations given to us, the Company has not granted any loans and
advances on the basis of security by way of pledge of shares,
debentures and other securities.
13. As the Company is not a chit fund, nidhi, mutual benefit fund or
society the provisions of clause 4(xiii) of the Companies (Auditor's
Report) Order, 2003 are not applicable to the Company.
14. As the Company is not dealing or trading in shares, securities,
debentures and other investments, the provisions of clause 4(xiv) of
the Companies (Auditor's Report) Order, 2003 are not applicable to the
Company.
15. According to the information and explanations received, the
Company has not given any guarantees for loans taken by others from
bank or financial institutions.
16. According to the information and explanations received, the term
loans were applied for the purpose for which the loans were obtained.
17. Based on our examination of the records and according to the
information and explanations received, the Company has not applied
short term borrowings for long term use.
18. During the year, the Company has allotted 7,50,000 (Seven Lac
Fifty Thousand Only) equity shares of Rs. 10 each at a premium of Rs. 33 on
preferential basis to the companies covered in the Register maintained
under Section 301 of the Companies Act, 1956. The price at which, these
equity shares have been issued has been determined as per the
Securities and Exchange Board of India (Issue of Capital and Disclosure
requirements) Regulations, 2009 (ICDR Regulations), which in our
opinion, is not prejudicial to the interest of the Company.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money by way of public issue during
the year.
21. As per the information and explanations given to us, no fraud on
or by the Company has been noticed during the year.
For AGARWAL MAHESWARI & CO.
Firm Registration No. 314030E
Chartered Accountants
D. R.Agarwal
Place : Kolkata Partner
Dated : The 28th day of May, 2011 Membership No.51484
Mar 31, 2010
1. We have audited the attached Balance Sheet of KIC Metaliks Limited
as at 31st March, 2010 and the related Profit & Loss Account and the
Cash Flow Statement of the Company for the year ended on that date,
both annexed thereto. These financial statements are the responsibility
of the Companys management. Our responsibility is to express an
opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on test basis evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditors Report) Order, 2003 (CARO),
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 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 such
books;
iii. The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by in this report are in agreement with the books of
account;
iv. In our opinion, the Balance Sheet, the Profit and Loss Account and
the Cash Flow Statement dealt with by this report are in compliance
with the Accounting Standards referred to in sub-section (3C) of
Section 211 of the Companies Act, 1956.
v. On the basis of the 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 of the Company are
disqualified as on 31st March 2010 from being appointed as a director
in terms of Section 274(1)(g) of the Companies Act, 1956.
vi. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
significant Accounting Policies and notes thereon and subject to notes
mentioned in Schedules 20B(9) for non provision of depreciation on coke
oven plant, give the information required by the Companies Act, 1956,
in the manner so required and present 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 31st March, 2010.
(ii) In the case of the Profit & Loss Account, of the Profit of the
Company for the year ended on that date.
(iii) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
1. a) The Company has maintained proper records showing full
particulars including quantitative details and situation of the Fixed
Assets.
b) There is a regular program of physical verification, which in our
opinion is reasonable, having regard to the size of the Company and the
nature of fixed assets. No material discrepancies have been noticed in
respect of the assets physically verified during the year.
c) Fixed Assets disposed off during the year were not substantial.
According to the information and explanations given to us, we are of
the opinion that the disposal of fixed assets has not affected the
going concern status of the Company.
2. According to information supplied to us and to the best of our
knowledge and belief and on the basis of examination of such records as
made available to us.
a) Inventories have been physically verified during the year by the
management. In our opinion, the frequency of verification is
reasonable.
b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the Company and the nature of its business.
c) The Company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
book records were not material and have been properly dealt with in the
books of account.
3. The Company has not accepted/granted any loans during the year
from/to the parties covered in the register maintained under Section
301 of the Companies Act, 1956.
4. 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 inventory and fixed assets and for the sale of goods.
During the course of our audit, no major weakness was noticed in the
internal control system.
5. (a) In our opinion and according to the information and
explanations given to us the transactions that need to be entered in
the register maintained under section 301 of the companies Act, 1956
have been so entered.
(b) According to the information and explanations given to us, the
transactions made in pursuance of contracts or arrangements entered in
the register maintained under Section 301 of the Companies Act, 1956
and exceeding the value of rupees five lakhs in respect of any party
during the year have been made at prices which are reasonable having
regard to prevailing market prices at the relevant time in the opinion
of the management.
6. The Company has not accepted any deposits from the public to which
the provisions of sections 58A, 58AA, or any other relevant provisions
of the Companies Act, 1956 and the Companies (Acceptance of Deposit)
Rules 1975 apply.
7. In our opinion, the Company has an internal audit system and needs
to be further strengthened to make it, commensurate with the size and
nature of its business.
8. We have broadly reviewed the books of accounts maintained by the
company relating to the manufacture of cement pursuant to notification
of central government for maintenance of cost records under Section
209(1 )(d) of the Companies Act, 1956 and on the basis of information
received, we are of the opinion that prima facie the prescribed
accounts and records have been maintained. We have not, however made a
detailed examination of the records with a view to determining whether
they are accurate or complete. To the best of our knowledge and
according to the information given to us, the central government has
not prescribed the maintenance of cost records under Section 209(1)(d)
of the Companies Act, 1956, for any other products of the company.
9. a. According to the information and explanations given to us and
the records examined by us, the Company is generally regular
in depositing undisputed statutory dues including Provident Fund,
Investor Education and Protection Fund, Employees State insurance,
Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise
Duty, cess and other statutory dues with the appropriate authorities.
b. On the basis of our examination of the documents and records, the
disputed dues, which have neither been provided in the books not
deposited with appropriate authorities are as under:
(Amount in Rs.)
Name of the
statute Nature of dues Amount Period to
which Forum where
the
the amount
relates dispute
is pending
Central Excise
Act1944 Service tax on
Transportation
(GTA) 5,06,897 2006 Joint
Commissiner
Central Excise
Act, 1944 Cenvat used 9,27,007 2005 Joint
Commissioner
Central Excise
Act, 1944 Excise Duty 1,17,81,251 2006 CESTA Tribunal
10. The Company has accumulated losses of Rs. 281.67 Lakhs as at 31st
March, 2010. The Company has not incurred any cash losses in the
financial year under reportd incurred cash loss of Rs. 2852.57
Lacs in the immediately preceding financial year.
11. Based on the information and explanations given to us, the Company
has not defaulted during the year in repayment of dues to any financial
institutions or banks.
12. Based on our examination of the records and the information and
explanations given to us, the Company has not granted any loans and
advances on the basis of security by way of pledge of shares,
debentures and other securities.
13. As the Company is not a chit fund, nidhi, mutual benefit fund or
society the provisions of clause 4(xiii) of the Companies (Auditors
Report) Order, 2003 are not applicable to the Company.
14. As the Company is not dealing or trading in shares, securities,
debentures and other investments, the provisions of clause 4(xiv) of
the Companies (Auditors Report) Order, 2003 are not applicable to the
Company.
15. According to the information and explanations received, the
Company has not given any guarantees for loans taken by others from
bank or financial institutions.
16. According to the information and explanations received, the term
loans were applied for the purpose for which the loans were obtained.
17. Based on our examination of the records and according to the
information and explanations received, the Company has applied short
term borrowings for long term use for capital work-in-progress.
18. During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the registered
maintained under Section 301 of the Companies Act, 1956.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money by way of public issue during
the year.
21. As per the information and explanations given to us, no fraud on
or by the Company has been noticed during the year.
For AGARWAL MAHESWARI & CO.
Chartered Accountants
Firm Registration No. 31403E
D. R.Agarwal
Place : Kolkata Partner
Dated : The 22nd day of May, 2010 Membership No. 051484