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Anjani Portland Cement
BSE: 518091|ISIN: INE071F01012|SECTOR: Cement - Mini
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« Mar 14
Auditor's Report (Anjani Portland Cement) Year End : Mar '15
 We have audited the accompanying financial statements of Anjani
 Portland Cement Limited (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 the
 significant accounting policies and other explanatory information.
 
 Management''s Responsibility for the Financial Statements
 
 The Company''s Board of Directors is responsible for the matters stated
 in Section 134(5) of the Companies Act, 2013 (the Act) with respect
 to the preparation of these financial statements that give a true and
 fair view of the financial position, financial performance and cash
 flows of the Company in accordance with the accounting principles
 generally accepted in India, including the Accounting Standards
 specified under Section 133 of the Act, read with Rule 7 of the
 Companies (Accounts) Rules, 2014. This responsibility also includes
 maintenance of adequate accounting records in accordance with the
 provisions of the Act for safeguarding the assets of the Company and
 for preventing and detecting frauds and other irregularities; selection
 and application of appropriate accounting policies; making judgments
 and estimates that are reasonable and prudent; and effectively design,
 implementation and maintenance of adequate internal financial controls,
 that were operating for ensuring the accuracy and completeness of the
 accounting records, relevant to the preparation and presentation of the
 financial statements that give a true and fair view and are free from
 material misstatement, whether due to fraud or error.
 
 Auditor''s Responsibility
 
 Our responsibility is to express an opinion on these financial
 statements based on our audit. We have taken into account the
 provisions of the Act, the accounting and auditing standards and
 matters which are required to be included in the audit report under the
 provisions of the Act and the Rules made thereunder.
 
 We conducted our audit in accordance with the Standards on Auditing
 specified under Section 143(10) of the Act. Those Standards require
 that we comply with ethical requirements and plan and perform the audit
 to obtain reasonable assurance about whether the financial statements
 are free from material misstatement.
 
 An audit involves performing procedures to obtain audit evidence about
 the amounts and the disclosures in the financial statements. The
 procedures selected depend on the auditor''s judgment, including the
 assessment of the risks of material misstatement of the financial
 statements, whether due to fraud or error. In making those risk
 assessments, the auditor considers internal financial control relevant
 to the Company''s preparation of the financial statements that give a
 true and fair view in order to design audit procedures that are
 appropriate in the circumstances, but not for the purpose of expressing
 an opinion on whether the Company has in place an adequate internal
 financial controls system over financial reporting and the operating
 effectiveness of such controls. An audit also includes evaluating the
 appropriateness of the accounting policies used and the reasonableness
 of the accounting estimates made by the Company''s management and board
 of directors, as well as evaluating the overall presentation of the
 financial statements.
 
 We believe that the audit evidence we have obtained is sufficient and
 appropriate to provide a basis for our audit opinion on the financial
 statements.
 
 Opinion
 
 In our opinion and to the best of our information and according to the
 explanations given to us, the aforesaid financial statements give the
 information required by the Act in the manner so required and give a
 true and fair view in conformity with the accounting principles
 generally accepted in India, of the state of affairs of the Company as
 at 31st March, 2015, and its profit and its cash flows for the year
 ended on that date.
 
 Report on Other Legal and Regulatory Requirements
 
 1. As required by the Companies (Auditor''s Report) Order, 2015 (the
 Order) issued by the Central Government of India in terms of
 sub-section (11) of section 143 of the Act, we give in the Annexure a
 statement on the matters specified in paragraphs 3 and 4 of the Order,
 to the extent applicable.
 
 2. As required by Section 143 (3) of the Act, we further 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 and the Cash
 Flow Statement dealt with by this Report are in agreement with the
 books of account;
 
 (d) In our opinion, the aforesaid financial statements comply with the
 Accounting Standards specified under Section 133 of the Act, read with
 Rule 7 of the Companies (Accounts) Rules, 2014;
 
 (e) On the basis of the written representations received from the
 directors as on 31st March, 2015 and taken on record by the Board of
 Directors, none of the directors is disqualified as on 31st March, 2015
 from being appointed as a director in terms of Section 164 (2) of the
 Act; and
 
 (f) With respect to the other matters to be included in the Auditor''s
 Report in accordance with Rule 11 of the Companies (Audit and Auditors)
 Rules, 2014, in our opinion and to the best of our information and
 according to the explanations given to us:
 
 i) The Company has disclosed the impact of pending litigations on its
 financial position vide Note No. 31 to the financial statements;
 
 ii) The Company did not have any long-term contracts including
 derivative contracts for which there were any material foreseeable
 losses;
 
 iii) There has been no delay in transferring amounts, required to be
 transferred, to the Investor Education and Protection Fund by the
 Company.
 
 Annexure to the Auditors'' Report
 
 The Annexure referred to in our report to the members of the Company
 for the year ended on 31st March, 2015. We report that:
 
 1.1 The Company has maintained proper records showing full
 particulars, including quantitative details and situation of fixed
 assets.
 
 1.2 As explained to us, the fixed assets have been physically verified
 by the management in a periodical manner, which in our opinion is
 reasonable, having regard to the size of the Company and the nature of
 its business. No material discrepancies were noticed on such physical
 verification.
 
 2.1 The inventories have been physically verified during the year by
 the management. In our opinion, the frequency of verification is
 reasonable.
 
 2.2 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.
 
 2.3 The company has maintained proper records of its inventories. The
 discrepancies noticed on verification between the physical stocks and
 book records were not material.
 
 3.1 During the year the company has not granted any loans to parties
 covered in the register maintained under section 189 of the Act. In
 respect of loans existing at the beginning of the year the amounts have
 been fully realised during the year.
 
 4.1 In our opinion and according to the information and explanations
 given to us, there is an adequate internal control system commensurate
 with the size of the company and the nature of its business, for the
 purchase of inventory, fixed assets and for the sale of goods. During
 the course of our audit, no major weakness has been noticed in the
 internal control system in respect of these areas.
 
 5.1 In our opinion and according to the information and explanations
 given to us, the Company has complied with the directives issued by the
 Reserve Bank of India and the provisions of sections 73 to 76 or any
 other relevant provisions of the Act and the rules framed thereunder,
 in respect of the deposits accepted. We are informed that no order has
 been passed by the Company Law Board or National Company Law Tribunal
 or Reserve Bank of India or any court or any other tribunal.
 
 6.1 In our opinion and according to the information and explanations
 given to us, the Company has made and maintained accounts and records
 prescribed by the Central Government under sub-section (1) of section
 148 of the Act.
 
 7.1 According to the information and explanations given to us and the
 records of the Company examined by us, the Company is regular in
 depositing undisputed statutory dues including provident fund,
 employees'' state insurance, income-tax, sales-tax, value added tax,
 service tax, customs duty, excise duty, cess and any other statutory
 dues as applicable with the appropriate authorities and there were no
 arrears of outstanding statutory dues as at the last day of the
 financial year concerned for a period of more than six months from the
 date they became payable.
 
 7.2 According to the information and explanations given to us and
 records of the Company examined by us, particulars of income tax, sales
 tax, valued added tax, service tax, customs duty, excise duty or cess
 as at 31st March, 2015 which have not been deposited on account of any
 dispute pending, are as under:
 
 Name of the               Nature of the             Amount
 Statute                   Dues                     (Rs. In Lakhs)
 
 
 Central Excise Act,       Excise Duty               180.32
 1944
 
 
 Customs Act, 1962         Customs Duty              89.91
 
 
 Customs Act, 1962         Customs Duty              16.88
 
 
 Customs Act, 1962         Customs Duty              9.16
 
 
 Service Tax               CENVAT availed            1.01
                           on Keyman
                           Insurance
                           premium paid
 
 Service Tax               CENVAT availed            2.35
                           on Keyman
                           Insurance
                           premium paid
 
 
 
 
 Name of the             Period to which       Forum where dispute is
 Statute                 the amount            pending
                         relates
 
 Central Excise Act,     2006 to 2010          CESTAT, Bangalore
 1944                                          remanded back to
                                               Commissioner, Hyderabad.
 
 Customs Act, 1962       July, Oct & Nov       CESTAT, Bangalore
                         2012
 
 Customs Act, 1962       Nov 2013 & Jan        Commissioner of Customs
                         2014                  (Appeals), Vishakapatnam
 
 Customs Act, 1962       Mar 2012              Commissioner of Customs
                                               (Appeals), Vishakapatnam
 
 Service Tax             2012                  CESTAT, Bangalore
 
 
 
 
 Service Tax             2013 & 2014           Commissioner of Customs,
                                               Central Excise & Service
                                               Tax (Appeals), Hyderabad
 
 7.3 According to the information and explanations given to us the
 amounts which were 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 have been
 transferred to such fund within time.
 
 8.1 The Company does not have any accumulated losses at the end of the
 financial year and it has not incurred cash losses in the financial
 year. In the immediately preceding financial year the company has
 incurred a cash loss of Rs 1323.15 lakhs.
 
 9.1 The Company has not defaulted in repayment of dues to a financial
 institutions, banks or debenture holders.
 
 10.1 In respect of guarantees given by the company to banks for loans
 taken by erstwhile subsidiary company and associate company; in our
 opinion and as per the information and explanations given to us, the
 terms of such guarantee are not prejudicial to the interest of the
 company.
 
 11.1 In our opinion and according to the information and explanations
 given to us, the term loans have been applied for the purpose for which
 the loans were obtained other than amounts temporarily invested pending
 utilization of the funds for the intended use.
 
 12.1 To the best of our knowledge and belief and according to the
 information and explanations given to us, no fraud on or by the Company
 was noticed or reported during the year.
 
 
                                                  For Ramanatham & Rao
                                                 Chartered accountants
                                           Firm Registration No.S-2934
 
 
                                                      C. Kameswara Rao
                                                               Partner
                                                   Membership No.24363
 Place : Chennai
 Date : 28th May 2015
 
Source : Dion Global Solutions Limited
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