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East Coast Steel
BSE: 520081|NSE: ESTCSTSTEL|ISIN: INE315F01013|SECTOR: Steel - Medium / Small
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« Mar 12
Auditor's Report (East Coast Steel) Year End : Mar '13
Report on the Financial Statements
 
 We have audited the accompanying financial statements of Eastcoast
 Steel Limited (the Company),which comprise the Balance Sheet as at
 March 31,2013, and 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 211
 of the Companies Act, 1956 (the Act). 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. 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 March
 
 31,2013; (ii) in the case of the Statement of Profit and Loss, of the
 loss for the year ended on that date; and
 
 (Mi) 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
 referred to in sub-section (3C) of section 211 of the Act; and
 
 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 March 31, 2013, from being appointed as
 a director in terms of clause (g) of sub-section (1) of section 274 of
 the Act.
 
 REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS OF OUR REPORT OF EVEN
 DATE
 
 Re : Eastcoast Steel Limited(the Company)
 
 1.  In respect Of Fixed Assets:
 
 (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 by the management during
 the year. No material discrepancies were noticed during such
 verification.
 
 (c) The Company has not disposed off significant amount of fixed assets
 during the year and therefore do not affect the going concern status of
 the Company.
 
 2.  In respect of 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
 company to/from Companies, firms or other parties covered in the
 register maintained under section 301 of the Companies Act, 1956:
 
 (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 requirement of clause
 (iii) (b) (c) and clause (iii) (d) of the paragraph ,4 of the Order are
 not applicable.
 
 (b) The Company has taken unsecured loan from a Company 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. 2,55,41,393/- and the year-end balance is Rs.
 2,25,41,393/-.
 
 (c) In our opinion and according to information and explanation given
 to us, the rate of interest and other 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, where the interest is payable annually at the discretion of the
 company, However company has able to obtain waiver of interest for
 current and previous financial year.
 
 4.  The Company has not carried on any activities during the year.
 Hence in our opinion clause (iv) and (v) of the paragraph 4 of the
 Order are not applicable to the Company.
 
 5.  In our opinion and according to 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 Companies Act, 1956 does not arise.
 
 8.  In case of Statutory dues:
 
 (a) According to the records of the Company, the Company is regular in
 depositing with appropriate authorities undisputed statutory dues
 including provident fund, employees'' state insurance, income-tax, sales
 tax, customs duty, and other statutory dues applicable to it. 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 o* more than six months from the date they
 became payable.
 
 (p) According to the information and explanations given to us, there
 are no statutory dues outstanding on account of disputes.
 
 9. The accumulated loss of the Company at close of the year is more
 than fifty percent of its net worth. The Company has incurred cash
 losses during the financial year covered by our audit and in the
 immediately preceding financial year.
 
 1Q). The Company has not borrowed any money by way of loan from
 financial Institutions, bonks and debenture holders; hence there is no
 question of repayments of dues or default ort this account.  The
 Company has not granted loans and advances on the basis of security by
 way of pledge of shares, debentures and other securities.
 
 t2„ 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.
 
 T3. 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 infoonation 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) ot
 paragraph 4 of the Order are not applicable to the Company.
 
 15.  The Company has not taken any term loans during the year
 Therefore, the provision of clause (xvi) of paragraph 4 of the order
 are not applicable to the Company.
 
 16.  According to the information and explanation given to us and on an
 overall examination of the Balance Sheet of the Company, the funds
 raised on short-term basis have not been used for long-term investment.
 
 17.  The Company has not made any preferential allotment of shares to
 any party listed in the register maintained under Section 301 of the
 Companies Act, 1956.
 
 1 8. The Company has not issued any secured debentures during the year
 covered by our audit.
 
 19.  The Company has not raised any money by way of public issue during
 the year.
 
 20.  According to information and explanation given to us, no fraud on
 or by the Company has been noticed or reported during the year.
  
                                  For Chaturvedi and Shah
 
                                  Firm Registration No. 101720W
 
                                  Chartered Accountants
   
                                  Sd/-
 
                                  Amit Chaturvedi
 
 Place: Mumbal                    Partner
 
 Date: 8thAugust2013              Membership No.103141
Source : Dion Global Solutions Limited
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