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Anjani Portland Cement
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« Mar 12
Auditor's Report (Anjani Portland Cement) Year End : Mar '13
Report on the Financial Statements
 
 We have audited the accompanying financial statements of Anjani
 Portland Cement Limited (the Company), which comprise the Balance
 Sheet as at March 31, 2013, the Statement of Profit and Loss and Cash
 Flow Statement for the year then ended, and a summary of significant
 accounting policies and other explanatory information.
 
 Management''s Responsibility for the Financial Statements
 
 Management is responsible for the preparation of these financial
 statements that give a true and fair view of the financial position,
 financial performance and cash flows of the Company in accordance with
 the Accounting Standards referred to in sub-section (3C) of section 21
 1 of the Companies Act, 1 956 (the Act). This responsibility includes
 the design, implementation and maintenance of internal control relevant
 to the preparation and presentation of the financial statements that
 give a true and fair view and are free from material misstatement,
 whether due to fraud or error.
 
 Auditor''s Responsibility
 
 Our responsibility is to express an opinion on these financial
 statements based on our audit. We conducted our audit in accordance
 with the Standards on Auditing issued by the Institute of Chartered
 Accountants of India. Those Standards require that we comply with
 ethical requirements and plan and perform the audit to obtain
 reasonable assurance about whether the financial statements are free
 from material misstatement.
 
 An audit involves performing procedures to obtain audit evidence about
 the amounts and disclosures in the financial statements. The procedures
 selected depend on the auditor''s judgment, including the assessment of
 the risks of material misstatement of the financial statements, whether
 due to fraud or error. In making those risk assessments, the auditor
 considers internal control relevant to the Company''s preparation and
 fair presentation of the financial statements in order to design audit
 procedures that are appropriate in the circumstances. An audit also
 includes evaluating the appropriateness of accounting policies used and
 the reasonableness of the accounting estimates made by management, as
 well as evaluating the overall presentation of the financial
 statements.
 
 We believe that the audit evidence we have obtained is sufficient and
 appropriate to provide a basis for our audit opinion.
 
 Opinion
 
 In our opinion and to the best of our information and according to the
 explanations given to us, the financial statements give the information
 required by the Act in the manner so required and give a true and fair
 view in conformity with the accounting principles generally accepted in
 India :
 
 a.  in the case of the Balance Sheet, of the state of affairs of the
 Company as at March 31, 2013;
 
 b.  in the case of the Statement of Profit and Loss, of the profit for
 the year ended on that date; and
 
 c.  in the case of the Cash Flow Statement, of the cash flows for the
 year ended on that date.
 
 Report on Other Legal and Regulatory Requirements
 
 1.  As required by the Companies (Auditor''s Report) Order, 2003 (the
 Order) issued by the Central Government of India in terms of
 sub-section (4A) of section 227 of the Act, we give in the Annexure a
 statement on the matters specified in paragraphs 4 and 5 of the Order.
 
 2.  As required by section 227(3) of the Act, we report that:
 
 a.  We have obtained all the information and explanations which to the
 best of our knowledge and belief were necessary for the purpose of our
 audit;
 
 b.  In our opinion proper books of account as required by law have been
 kept by the Company so far as appears from our examination of those
 books;
 
 c.  The Balance Sheet, Statement of Profit and Loss, and Cash Flow
 Statement dealt with by this Report are inagreement with the books of
 account;
 
 d.  In our opinion, the Balance Sheet, Statement of Profit and Loss,
 and Cash Flow Statement comply with the Accounting Standards referred
 to in sub-section (3C) of section 21 1 of the Companies Act, 1 956;
 
 e.  On the basis of written representations received from the directors
 as on March 31, 201 3, and taken on record by the Board of Directors,
 none of the director is disqualified as on March 31, 201 3, from being
 appointed as a director in terms of clause (g) of sub-section (1) of
 section 274 of the Companies Act, 1 956.
 
 Re: Anjani Portland Cement Limited
 
 Referred to in Paragraph 1 under the heading of Report on Other Legal
 and Regulatory Requirements of our report of even date.
 
 i. a. The company has maintained proper records showing full
 particulars including quantitative details and situation of fixed
 assets.
 
 b.  The fixed assets were physically verified during the year by the
 Management in accordance with a regular programme of verification
 which, in our opinion, provides for physical verification of all the
 fixed assets at reasonable intervals.  According to the information and
 explanations given to us, no material discrepancies were noticed on
 such verification.
 
 c.  The Company has not disposed off any substantial part of its fixed
 assets during the year and the going concern status of the company is
 not affected.
 
 ii. a. The inventories have been physically verified during the year by
 the management at reasonable intervals excepting for the material lying
 with third parties (which have been substantially confirmed).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 has maintained proper records of its inventories. The
 material variances were ever noticed on physical verification of stock
 has been properly dealt within the books of accounts.
 
 iii. a. The company has granted interest free unsecured loan to bodies
 corporate listed in the Register maintained under section 301 of the
 Companies Act, 1956. The maximum amount involved during the year was
 Rs.1053.60 Lakhs and the year-end balance of loan granted is Rs.453.61
 Lakhs.
 
 b.  In our opinion and according to the information and explanations
 given to us, the terms and conditions are not prima-facie prejudicial
 to the interest of the company.
 
 c.  In respect of loans granted by the Company, repayments of principal
 amount are regular.
 
 d.  There are no overdue amounts as at the year end.
 
 e.  The Company has taken unsecured loans from three parties covered in
 the register maintained under section 301 of the Companies Act, 1956.
 The maximum amount involved during the year was Rs.376.02 lakhs and
 yearend balance or loans taken is ''338.99 lakhs.
 
 f.  In our opinion and according to the information and explanations
 given to us, the terms and conditions are not prima ¦-¦ facie
 prejudicial to the interest of the company.
 
 g.  In respect of loan taken by the Company, the repayments of
 principal amount are regular.
 
 iv.  In our opinion and according to the information and explanations
 given to us, there are adequate internal control procedures
 commensurate with the size of the company and the nature of its
 business for the purchase of inventory, fixed assets and also for the
 sale of goods. Further, on the basis of our examinations and according
 to the information and explanations given to us, we have neither come
 across nor have been informed of any instance of major weaknesses in
 the aforesaid internal control systems.
 
 v. a. According to the information and explanations given to us, we are
 of the opinion that the transactions that need to be entered into 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 of rupees five lakhs in
 respect of any party during the year have been made at prices which are
 reasonable having regard to the prevailing market prices at the
 relevant time.
 
 vi.  In our opinion and according to the information end explanations
 given to us the company has complied with the directives issued by the
 Reserve Bank of India and the provisions of Section 58A & 58AA of the
 Companies Act, 1 956 and the Companies (Acceptance of Deposits) Rules,
 1975, with regard to the deposits accepted from the public. According
 to the information and explanations given to us, in this regard, no
 order under the aforesaid sections 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 of the company.
 
 vii.  In our opinion, the Company has an internal audit system
 commensurate with the size and nature of its business.
 
 viii.  We have broadly reviewed the cost records maintained by the
 Company pursuant to the Companies (Cost Accounting Records) Rules, 201
 1 prescribed by the Central Government under Section 209(1 )(d) of the
 Companies Act, 1 956 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.
 
 xi.  In respect of statutory dues :
 
 a.  According to the records of the Company, the undisputed statutory
 due including Provident Fund, Employees State Insurance, Income tax,
 service tax, excise duty, sales tax and cess 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 they become
 payable except corporate dividend tax of Rs.35.80 lakhs.
 
 b.  According to the records of the company and the information and
 explanations given to us , the following are the particulars of dues on
 account of Income tax & Excise tax matters that have not been deposited
 on account of dispute:
 
                          Amount  
                          to the   Period to 
                                   which 
 Name of the   Nature of                        Forum where
                          extent
                          not paid the amount 
 statue        Dues                             dispute is pending
                         (in Lakhs) relates
 
 Income Tax
 Act                                            Commissioner (Appeals)
             Income Tax    83.02    2008-09 
 1961                                           Hyderabad
 
 Central 
 Excise                             April 
                                    2006 to     Customs, Excise and
             Excise       180.32                Service Tax Appellate
 1944                               September 
                                    2010        Tribuno Bangore
 
 x. The company has no accumulated losses and has not incurred any cash
 losses in the financial year and in the immediately preceding financial
 year.
 
 xi. 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.
 
 xii. In our opinion and according to the information and explanations
 given to us, no loans and advances have been granted by the company on
 the basis of security by way of pledge of shares and other securities.
 
 xiii. In our opinion, the company is not a chit fund or a nidhi/ mutual
 benefit fund/ society. Therefore, clause 4(xiii) of the Companies
 (Auditor''s Report) Order, 2003 is not applicable to the company.
 
 xiv. In our opinion and according to the information and explanations
 given to us, the company is not dealing in shares, securities,
 debentures and other investments.  Accordingly the provisions of clause
 4(xiv) of the Companies (Auditor''s Report) Order, 2003 are not
 applicable to the company.
 
 xv. In our opinion ond according to the information and explanations
 given to us, the company has given guarantees for loans taken by its
 subsidiary company and associate company from bank/ financial
 institutions. According to the information and explanations given to
 us, we are of the opinion that the terms and conditions thereof are not
 prima facie prejudicial to the interest of the company
 
 xvi. In our opinion and according to the information and explanations
 given to us, the term loans have been applied for the purposes for
 which they were raised.
 
 xvii. In our opinion and according to the information and explanation
 given to us and on overall examination of balance sheet of the company,
 we are of the opinion that there are no funds raised for short term
 basis that have been used for long term investment.
 
 xvii. During the year, the Company has not made any preferential
 allotment of shares to the parties and Companies covered in the
 register maintained under Section 301 of the Companies Act, 1956.
 
 xix. The Company has not raised any money by way of issue of Debentures
 during the year, hence paragraph (xix) of the order is not applicable
 to the company.
 
 xx. According to the information and explanations given to us during
 the year the company has not raised any funds on public issue and hence
 this clause is not applicable to the company.
 
 xxi. According to the information and explanations given to us no fraud
 on or by the company has been noticed or reported during the course of
 our audit.
 
                               For M Anandam & Co.,
 
                               Chartered Accountants
 
                              (Firm Regn. No. 000125S)
 
                               S Venkateswarlu
  
                               Partner
 
                               M. No. 022790
 
 Place : Secunderabad
 
 Date  : 28th Day, 2013
Source : Dion Global Solutions Limited
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