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East Coast Steel

BSE: 520081|NSE: ESTCSTSTEL|ISIN: INE315F01013|SECTOR: Steel - Medium & Small
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« Mar 14
Auditor's Report (East Coast Steel) Year End : Mar '15
We have audited the accompanying financial statements of Eastcoast
 Steel 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 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 standalone 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
 provision of the Act for safeguarding the assets of the Company and for
 preventing and detecting frauds and other irregularities; selection and
 application of the appropriate accounting policies; making judgments
 and estimates that are reasonable and prudent; and design,
 implementation and maintenance of adequate internal financial controls,
 that were operating effectively for ensuring the accuracy and
 completeness of the accounting records, 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 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 there under.
 
 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 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 accounting policies
 used and the reasonableness of the accounting estimates made by the
 Company''s 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, its loss 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 Section
 143 of the Act (18 of 2013), we give in the Annexure, a statement on
 the matters specified in paragraph 3 and 4 of the Order.
 
 2.  As required under provisions of section 143(3) of the Act, we
 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 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 written representations received from the directors
 as on 31st March, 2015 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.
 
 f) With respect to the other matters to be included in the Auditor''s
 Report in accordance with Rules 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 in its financial statements as referred to in Note
 21 (a) and (b) to the financial statements.
 
 ii) The Company did not have any long term contracts including
 derivative contracts that require provision under any law or accounting
 standards for which there were any material foreseeable losses.
 
 iii) There were no amounts which are required to be transferred to the
 Investor Education and Protection Fund by the Company during the year.
 
 Annexure referred to in paragraph 1 under the heading Report on other
 legal and regulatory requirements of our report of even date
 
 i) In respect of its Fixed Assets:
 
 a) The Company has maintained proper records showing full particulars
 including quantitative details and situation of Fixed Assets on the
 basis of available information.
 
 b) As explained to us, all the fixed assets have been physically
 verified by the management in a phased periodical manner, 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.
 
 ii) The Company does not have any inventory during the year under
 audit. Therefore, the provisions of Clause (ii) of paragraph 3 of the
 Order are not applicable to the Company.
 
 iii) The Company has not granted any loans, secured or unsecured to
 companies, firm or other parties covered in the register maintained
 under Section 189 of the Act. Consequently, the requirement of Clause
 (iii) (a) and Clause (iii) (b) of paragraph 3 of the Order not
 applicable to the Company.
 
 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 nature of its business for the
 purchases of fixed assets and for the sale of services. During the
 course of our audit, we have not observed any continuing failure to
 correct major weaknesses in such internal control system.
 
 v) According to the information and explanations given to us, the
 Company has not accepted any deposits within the meaning of provisions
 of section 73 to 76 or any other relevant provisions of the Act and
 rules framed hereunder. Therefore, provisions of Clause (v) of
 paragraph 3 of the Order are not applicable to the Company.
 
 vi) To the best of our knowledge and as explained, the Central
 Government has not prescribed the maintenance of cost records under sub
 section (1) of Section 148 of the Act in respect of activities
 undertaken by the Company.
 
 vii) In respect of Statutory dues :
 
 a) According to the records of the Company, undisputed statutory dues
 including Provident Fund, Employees'' State Insurance, Income-Tax,
 Sales- Tax, Wealth Tax, Service Tax, Duty of Customs, Duty of Excise,
 Value Added Tax, Cess and any other statutory dues have been regularly
 deposited with 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, 2015 for a
 period of more than six months from the date of becoming payable.
 
 b) According to the information and explanations given to us, there are
 no dues of Income Tax, Sales Tax, Wealth Tax, Service Tax, Duty of
 Customs, Duty of Excise, Value added tax, Cess on account of any
 dispute, which have not been deposited.
 
 c) There were no amounts which are required to be transferred to the
 Investor Education and Protection Fund by the Company during the year.
 
 viii) 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.
 
 ix) The Company has not borrowed any money by way of loan from
 Financial Institutions, Banks and Debenture holders; hence there is no
 question of repayments of dues or default on this account.
 
 x) According to information and explanation given to us the Company has
 not given guarantee for loans taken by others from Banks or Financial
 Institutions during the year. Therefore, the provisions of clause (x)
 of paragraph 3 of the Order are not applicable to the Company.
 
 xi) The Company has not taken any term loan during the year. Therefore,
 the provisions of clause (xi) of paragraph 3 of the Order are not
 applicable to the Company.
 
 xii) In our opinion and according to the information and explanations
 given to us, no fraud on or by the Company has been noticed or reported
 during the year.
 
 
 
                                         For Chaturvedi & Shah
 
                                         Chartered Accountants
 
                                         Registration No : 101720W
 
                                                     Sd/-
 
                                               Amit Chaturvedi 
 
 Place : Mumbai                                    Partner
 
 Date : 30th May, 2015                    Membership No. : 103141
Source : Dion Global Solutions Limited
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