Real-time Stock quotes, portfolio, LIVE TV and more.
-0.05 (-0.35%)
0.05 (0.35%) | Auditor's Report (Dalmia Bharat Sugar and Industries) | Year End : Mar '12 |
1. We have audited the attached Balance Sheet of Dalmia Bharat Sugar
and Industries Limited (the Company'') as at March 31, 2012 and also
the Statement of Profit and Loss and the Cash Flow Statement for the
year ended on that date, annexed thereto. These Financial Statements
are the responsibility of the Company''s management. Our
responsibility is to express an opinion on these financial statements
based on our audit.
2. We 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 a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor''s Report) Order, 2003 (as
amended) (the Order) issued by the Central Government of India in terms
of sub-section (4A) of Section 227 of the Companies Act, 1956 and on
the basis of such checks as we considered appropriate and according to
the information and explanations given to us, we enclose in the
Annexure a statement on the matters specified in paragraphs 4 and 5 of
the said Order.
4. Further to our comments in the Annexure referred to above, we
report that:
i. We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
ii. In our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books;
iii. In our opinion, the Balance Sheet, Statement of Profit and Loss
and Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956;
iv. 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;
v. On the basis of the written representations received from the
directors, as on March 31, 2012, and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
March 31, 2012 from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956;
vi. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with the
Accounting Policies and Notes thereon, give the information required by
the Companies Act, 1956, in the manner so required and give a true and
fair view in conformity with the accounting principles generally
accepted in India :
a) in the case of Balance Sheet, of the state of affairs of the Company
as at March 31, 2012;
b) in the case of Statement of Profit and Loss, of the profit for the
year ended on that date; and
c) In the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
Annexure referred to in paragraph 3 of our report of even date
Re: Dalmia Bharat Sugar and Industries Limited
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) All fixed assets have not been physically verified by the
management during the year but there is a regular programme of
verification which, in our opinion, is reasonable having regard to the
size of the Company and the nature of its assets. No material
discrepancies were noticed on such verification as compared to book
records.
(c) Fixed assets disposed off during the year were not substantial.
(ii) (a) The management has conducted physical verification of
inventory at reasonable intervals during the year, except stocks lying
with third parties and in transit which have been verified with
reference to correspondence of third parties or subsequent receipt of
goods. In our opinion, the frequency of such verification is
reasonable.
(b) The procedures of physical verification of inventory 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 physical verification of inventory as compared
to book records were not material and have been properly dealt with in
the books of account.
(iii) (a) As informed, the Company has not granted any loans, secured
or unsecured to companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
Accordingly, the provisions of clause 4 (iii) (b), (c) &
(d) of the Order are not applicable to the Company.
(b) According to the information and explanations given to us, the
Company has taken unsecured loan from two companies covered in the
register maintained under section 301 of the Companies Act, 1956, loan
from the one of the companies having been squared off during the year.
The maximum amount outstanding during the year is Rs206 Crore and the
year end balance of such loan is Rs50 Crore.
(c) In our opinion and according to the information and explanations
given to us, the rate of interest and other terms and conditions for
such loans are not, prima facie, prejudicial to the interest of the
Company.
(d) In respect of loans taken, repayment of the principal amount is as
stipulated and payments of interest have been regular. There are no
overdue amounts at the year-end as the loan is repayable on demand.
(iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business, for the
purchase of inventory and fixed assets and for the sale of goods and
services. During the course of our audit carried out in accordance
with the generally accepted auditing practices in India, we have not
observed any major weakness or continuing failure to correct any major
weakness in the internal control system of the Company in respect of
these areas.
(v) (a) According to the information and explanations provided by the
management, we are of the opinion that the particulars of contracts or
arrangements referred to in section 301 of the Companies Act, 1956 that
need to be entered into the register maintained under section 301 have
been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements exceeding value of Rupees five lakh in respect of each
party have been entered into during the financial year 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 and explanations
given to us, the Company has not accepted any deposits from the public,
within the meaning of Sections 58A and 58AA or any other relevant
provisions of the Companies Act, 1956 and Companies (Acceptance of
Deposits) Rules, 1975.
(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 accounting records maintained
by the Company pursuant to the Rules made by the Central Government
under section 209(1)(d) of the Companies Act, 1956, and are of the
opinion that, prima facie, the prescribed accounts and records have
been made and maintained. However, we are not required to make a
detailed examination of such records.
(ix) (a) Undisputed statutory dues including Provident Fund, Investor
Education and Protection Fund, Employees'' State Insurance,
Income-tax, Sales-tax, Wealth-tax, Service tax, Customs Duty, Excise
Duty, Cess have generally been regularly deposited during the year with
the appropriate authorities.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of Provident Fund, Investor
Education and Protection Fund, Employees'' State Insurance,
Income-tax, Wealth-tax, Service-tax, Sales-tax, Customs Duty, Excise
Duty, Cess and other undisputed statutory dues were outstanding, at the
year end, for a period of more than six months from the date they
became payable.
(c) According to the records of the Company, the dues outstanding of
Income-tax, Sales-tax, Wealth-tax, Service-tax, Customs Duty, Excise
Duty and Cess on account of any dispute and forum where the dispute is
pending, are as follows:
Name of the
statute Nature of the Dues Amount (in Period to
which the Forum Where
dispute
Crore) amount
relates is pending
Central
Excise Act, Cenvat Credit on
Cement & 60.89 Jun 05 to
Mar 10
CESTAT, Delhi
1944 Steel
Central
Excise Act, Cenvat Credit
on Cement & 4.46 Sep 07 to
Mar 11 Commissioner
(A) LTU,
1944 Steel New Delhi
Central
Excise Act, Cenvat Credit on
Cement & 2.17 Mar 06 to
Dec 11 Dy.Commissioner
LTU,
1944 Steel New Delhi
Central
Excise Act, Demand on duty
on Bagasse 291.12 Oct 07 to
Mar 10 CESTAT, Delhi
1944 & electricity sale
Central
Excise Act, Demand on duty on
Bagasse 0.09 Mar 06 to
Mar 10 Commissioner
(A) LTU,
1944 & electricity sale New Delhi
Central
Excise Act, Demand on duty on
Bagasse 0.53 Mar 06 to
Dec 11 Dy.Commissioner
LTU,
1944 & electricity sale New Delhi
Central
Excise Act, Demand on duty on
Bagasse 0.13 Apr 10 to
Dec 11 Superintendent,
LTU
1944 & electricity sale New Delhi
Central
Excise Act, Disallowance of
Cenvat 0.69 2006-07 CESTAT, Delhi
1944 Credit
Central
Excise Act, Disallowance of
Cenvat 30.55 Apr 10 to
May 11 Commissioner
LTU,
1944 Credit New Delhi
Central
Excise Act, Disallowance of
Cenvat 4.16 2002-03
to
2010-11 Commissioner
(A) LTU,
1944 Credit New Delhi
Central
Excise Act, Disallowance of
Cenvat 1.18 2009-10
to
2011-12 Dy.Commissioner
LTU,
1944 Credit New Delhi
Central
Excise Act, Disallowance of
Cenvat 0.01 2010-11 Superintendent,
LTU
1944 Credit New Delhi
Central
Excise Act, Disallowance of
Cenvat 0.02 2004 Allahabad High
Court
1944 Credit
Finance Act,
1994 Disallowance of
Service tax 5.89 Jun 06 to
Mar 10 Ad.Commissioner
LTU,
credit New Delhi
Finance Act,
1994 Disallowance of
Service tax 9.70 2003-04 to
2011-12 Commissioner
(A) LTU,
credit New Delhi
Finance Act,
1994 Disallowance of
Service tax 4.63 2006-07
to
2011-12 Dy.Commissioner
LTU,
credit New Delhi
Finance Act,
1994 Disallowance of
Service tax 0.33 2010-11
to
2011-12 Superintendent,
LTU
credit New Delhi
UP VAT VAT on interunit
transfer 0.39 2005-06
to
2010-11 Dy Commissioner
Sitapur
Central
Sales Tax Entry Tax on sugar
& 3.81 2005-06
to
2010-11 Dy Commissioner
Molasses Sitapur
Central
Sales Tax Entry Tax on sugar 0.03 2001-02 Allahabad High
Court,
Lucknow Bench
(x) The Company has no accumulated losses as at the end of the
financial year and has not incurred cash losses in the current
financial year and in the immediately preceding financial year.
(xi) Based on our audit procedures and as per the information and
explanations given by the management, we are of the opinion that the
Company has not defaulted in repayment of dues to a financial
institution, banks or debenture holders.
(xii) According to the information and explanations given to us and
based on the documents and records produced to us, the Company has not
granted loans and advances on the basis of security by way of pledge of
shares, debentures and other securities.
(xiii) In our opinion, the Company is not a chit fund or a nidhi /
mutual benefit fund / society. Therefore, the provisions of clause
4(xiii) of the Order are not applicable to the Company.
(xiv) In respect of dealing/trading in shares, securities, debentures
and other investments, in our opinion and according to the information
and explanations given to us, proper records have been maintained of
the transactions and contracts and timely entries have been made
therein. The shares, securities, debentures and other investments have
been held by the Company in its own name.
(xv) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institutions.
(xvi) Based on the information and explanations given to us by the
management, term loans were applied for the purpose for which the loans
were obtained, where such end use has been stipulated by the lender(s).
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company, we report
that no funds raised on short-term basis have been used for long-term
investment.
(xviii)The Company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under section
301 of the Companies Act, 1956.
(xix) Based on the books and records produced to us by the management,
securities have been created in respect of debentures issued, wherever
required.
(xx) During the period covered by our audit report, the Company has not
raised any money by way of public issue.
(xxi) Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the information and explanations given by the management, we report
that no fraud on or by the Company has been noticed or reported during
the year.
For S. S. Kothari Mehta & Co.
Chartered Accountants
Firm Registration No. 000756N
Arun K. Tulsian
Place : New Delhi Partner
Date : May 11, 2012 Membership No. 89907 |
|
![]() | |
| Source : Dion Global Solutions Limited | |
![]() | |