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East Coast Steel
BSE: 520081|NSE: ESTCSTSTEL|ISIN: INE315F01013|SECTOR: Steel - Medium & Small
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« Mar 13
Auditor's Report (East Coast Steel) Year End : Mar '14
We have audited the accompanying financial statements of Eastcoast
 Steel Limited (the Company), which comprise the Balance Sheet as at
 March 31, 2014, 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 notified under the Companies Act, 1956 (the
 Act) read with the General Circular 15/2013 dated 13th September 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 fair presentation of the financial statements that give
 a true and fair view and are free from material misstatement, whether
 due to fraud or error.
 
 Auditor''s responsibility
 
 Our responsibility is to express an opinion on these financial
 statements based on our audit. We conducted our audit in accordance
 with the Standards on Auditing issued by the Institute of Chartered
 Accountants of India. Those standards require that we comply with
 ethical requirements and plan and perform the audit to obtain
 reasonable assurance about whether the financial statements are free
 from material misstatement.
 
 An audit involves performing procedures to obtain audit evidence about
 the amounts and disclosures in the financial statements. The procedures
 selected depend on the auditor''s judgement, including the assessment of
 the risks of material misstatement of the financial statements, whether
 due to fraud or error. In making those risk assessments, the auditor
 considers internal control relevant to the Company''s preparation and
 fair presentation of the financial statements in order to design audit
 procedures that are appropriate in the circumstances, but not for the
 purpose of 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 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 :
 
 (i) in the case of the Balance Sheet, of the state of affairs of the
 Company as at 31st March, 2014;
 
 (ii) in the case of the Statement of Profit and Loss, of the loss for
 the year ended on that date; and
 
 (iii) 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 sub-section (3) of section 227 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 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 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 Balance Sheet, the Statement of Profit and Loss
 and the Cash Flow Statement comply with the Accounting Standards
 notified under the Companies Act, 1956 read with the General Circular
 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs
 in respect of Section 133 of the Companies Act, 2013;
 
 e.  On the basis of the written representations received from the
 directors and taken on record by the Board of Directors, none of the
 directors is disqualified as on 31st March, 2014, from being appointed
 as a director in terms of clause (g) of sub-section (1) of section 274
 of the Act.
 
 Annexure referred to in paragraph 1 under the heading of Report on
 other legal and regulatory requirements of our Report of even date Re:
 Eastcoast Steel Limited (the Company)
 
 1.  In respect of its Fixed Assets:
 
 (a) The Company has maintained proper records showing full particulars,
 including quantitative details and situation of f ixed assets.
 
 (b) Fixed assets have been physically verified by the management in a
 phased periodical manner as per regular programme of verification,
 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 physical verification.
 
 (c) There are no substantial disposals of fixed assets during the year.
 
 2.  In respect of its Inventory:
 
 The Company does not hold any physical inventories. Thus, provision of
 clause(ii) of paragraph 4 of the Order is not applicable to the
 Company.
 
 3.  In respect of the loans. secured or unsecured, granted or taken by
 the Company to / from companies , f irms or other parties covered in
 the register maintained under section 301 of the Act:
 
 (a) The Company has not given any loan during the year to companies,
 firms or other parties covered in the Register maintained under Section
 301 of the Companies Act, 1956. Consequently, the requirements of
 Clauses (iii) (a) to (iii) (e) of paragraph 4 of the Order are not
 applicable
 
 (b) The Company has taken interest free unsecured loans from two
 companies covered in the Register maintained under section 301 of the
 Companies Act, 1956. In respect of the said loan, the maximum amount
 outstanding at any time during the year is Rs. 29,816,393/- and the
 year-end balance is Rs. 25,541,393/-.
 
 (c) In our opinion and according to the information and explanation
 given to us, terms and conditions of the loan taken by the Company are
 not prima facie prejudicial to the interest of the Company.
 
 (d) The principal amounts are payable over the period of three to five
 years. In respect of the said loans, there are no overdue amounts.
 
 4.  The Company has not carried on any activity during the year. Hence,
 in our opinion clause (iv) and (v) of the paragraph 4 of the Order is
 not applicable to the Company.
 
 5.  In our opinion and according to the information and explanation
 given to us the Company has not accepted any deposits from the public
 within the meaning of Section 58A & 58AA of the Companies Act, 1956 and
 the Companies (Acceptance of Deposit) Rules, 1975.
 
 6.  The Company does not have a formal internal audit system,
 Management does not think necessary, establishing an internal audit
 system in view of suspension of production. However, according to
 information and explanation given to us, its internal control systems
 provide reasonable internal checking of its financial transactions.
 
 7.  The Company has not carried on any manufacturing operation during
 the year.  Hence the question of cost record required to be maintained
 under section 209 (1)
 
 (d) of the Companies Act, 1956 does not arise.
 
 8.  In respect of statutory dues:
 
 (a) According to the information and explanations given and records
 produced and examined by us, the Company is regular in depositing with
 appropriate authorities undisputed statutory dues including provident
 fund, investor education and protection fund, employees'' state
 insurance, income-tax, professional tax, sales-tax, wealth-tax, service
 tax, customs duty, cess and other statutory dues applicable to it.
 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, professional
 tax, income-tax, wealth-tax, service tax, sales-tax, customs duty, cess
 and other undisputed statutory dues were outstanding, as at 31st March,
 2014 for a period of more than six months from the date they become
 payable.
 
 (b) According to the information and explanation given to us, there are
 no dues of sales tax, income tax, wealth tax, service tax, custom duty,
 excise duty and Cess which have not been deposited on account of any
 dispute.
 
 9.  The Company''s accumulated losses at the end of the financial year
 are more than fifty percent of its net worth. The Company has incurred
 cash losses in the current and immediately preceding financial year.
 
 10.  The Company has not borrowed any money by way of loan from
 Financial Institutions, Banks, Debenture holders; hence there is no
 question of repayments of dues or default on this account.
 
 11.  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.
 
 12.  In our opinion, the Company is not a chit fund or a nidhi/ mutual
 benefit fund/ society. Therefore, the provisions of clause (xiii) of
 paragraph 4 of the Order are not applicable to the Company.
 
 13.  The Company is not dealing or trading in shares, securities,
 debentures and other investments. Therefore, the provisions of clause
 (xiv) of paragraph 4 of the Order are not applicable to the Company.
 
 14.  According to information and explanation given to us the Company
 has not given any guarantee for loans taken by others from bank or
 financial institutions. Therefore, the provisions of Clause (xv) of
 paragraph 4 of the Order are not applicable to the Company.
 
 15. The Company has not taken any term loan during the year. Therefore,
 the provisions of clause (xvi) of paragraph 4 of the Order are not
 applicable to the Company.
 
 16.  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.
 
 17.  The Company has not made any preferential allotment of shares to
 parties and companies covered under Register maintained under section
 301 of the Act.
 
 18.  The Company did not have any outstanding debenture during the
 year.
 
 19.  The Company has not raised any monies by way of public issue
 during the year.
 
 20.  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 material fraud on or by the Company has been noticed or
 reported during the year.
 
                                                 For Chaturvedi & Shah
                                         Firm Registration No. 101720W
                                                 Chartered Accountants
 
                                                              Sd/-
                                                       Amit Chaturvedi
 Place : Mumbai                                                Partner
 Date : 12th May, 2014                          Membership No.: 103141
Source : Dion Global Solutions Limited
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