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-0.2 (-0.58%) | Auditor's Report (National Aluminium Company) | Year End : Mar '12 |
1. We have audited the attached Balance Shed of NATIONAL ALUMINIUM
COMPANY LIMITED, as at 31st March. 2012. the Profit and Loss Statement
and the Cash Flow Statement of the Company for Una year ended on trial
date, both annexed hereto. These financial statements ere 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 teat basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
examining, the accounting principle used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
i. As required by the Companies (Auditor''s Report} Order. 2003 as
amended by the Companies (Auditor''s Report) (Amendment) Orders, 2004,
Issued by the Central Government in terms of Section 227 (4A) of the
Companies Act 1956, we give 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 in paragraph
(3) above, we report that:
a. We have obtained all the information and explanations which to the
best of our knowledge end 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 me Company so for as appears from our examination of those
books;
c. The Balance Sheet, Profit and Loss Statement and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
d. In our opinion, the Balance Sheet, Profit and Loss Statement end
Cash Flow Statement dealt with by this, report comply with the
Accounting Standards referred to in Section 211 (3c) of the Companies
Act, 1956;
e. In terms of Government of India, Ministry of Finance, Department of
Company Affairs, Notification No. GSR 829 (E) dated 21st October, 2003,
Government Companies are exempt from the applicability of provisions of
Section 274 (1) (g) of the Companies Act, 1956;
f. In our opinion and to best of our information and according to the
explanations given to us, the said accounts read with significant
accounting policies 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:
I. In the case of the Balance Sheet, of the state of affairs, of the
Company as at 31st March, 2012;
II. In the case of the Profit & Loss Statement of the profit of the
Company for the year ended on that date; and
III. In the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
ANNEXURE TO THE AUDITORS'' REPORT (REFERRED TO IN PARAGRAPH (3) 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) Non-movable assets have been physically verified by the Management
at an interval of three years, which in our opinion is reasonable
having regard to the see of the Company and the nature of its assets.
All the movable assets have been physically verified by a Firm of
Chartered Accountants during the year.
As informed to us, no material discrepancies between book records and
physical asset have been noticed:
(c) In our opinion and according to the information and explanations
given to us, the Company has not disposed off a substantial part of
fixed assets during the year end the going concern assumption of the
Company has not been affected.
ii) (a) In respect of its inventory, as explained to us, all
inventories except stocks relating to expansion project, stocks lying
with third parties and stocks in-transit, have been physically verified
by a Firm of Chartered Accountants at reasonable intervals during the
year.
(b) In our opinion and according to the information end explanations
given to us, the procedures of physical verification of Inventory
followed by the management ere reasonable and adequate in relation to
the size of the Company and the nature of its business;
(c) In our opinion and according to the information and explanations
given to us the Company has maintained proper records of its inventory.
The discrepancies noticed on physical verification and book records
relating to shortage have been dealt with in the books of account,
while excess have been ignored.
iii) (a) According to Information and explanations given to us, 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. Consequently, clauses (III) (b) to (d)
of paragraph 4 of the Order are not applicable;
(v) 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 end for the sale of goods and
services. During the course of our audit, we have not observed any
major weakness in the Internal control system;
v) According to Information and explanations given to us, the Company
has not entered into any contract or arrangement which requires to be
entered in register maintained under section 301 of the Companies Act,
1956;
vi) In our opinion and as per the information and explanations given to
us, the Company has not accepted deposits from the public during the
year within the meaning of sections 58A, 58AA or any other relevant
provisions of the Companies Act, 1956 and the Rules fanned thereunder;
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 books of account maintained by the
Company, pursuant to the rules made by the Central Government for the
maintenance of cost records under Section 209(1)(d) of the Companies
Act 1956 in respect of manufacturing activities end are of the opinion
that prima facie, the prescribed accounts and records have been made
and maintained. We have, however, not made a detailed examination of
the records with a view to determining whether they are accurate and
complete:
ix) (a) According to information and explanations given to us and on
the basis of our examination of the books of account, the Company is
generally regular in depositing undisputed statutory dues Including
Provident Fund, Investor Education and Protection Fund, Employees''
State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom
Duty, Excise Duty Cess and Electricity Duty with the appropriate
authorities;
According to the information and explanations given to us. no
undisputed amounts are payable in respect of Income Tax, Sales Tax,
Wealth Tax, Service Tax, Custom Duly, Excise Duty, Cess and any other
material statutory dues as at 31st March, 2012 for a period of more
than six months from the date they became payable;
(b) According to the information and explanations given to us, there
are disputed statutory dues which have not been deposited era given
below:
Statute Nature of Amount Amount Forum where
Dues disputed deposited disputes are
Rs. in Rs. in pending
Crore Crore
Sales Tax Sales Tax 44.09 4.62 Commissioner
215.02 61.75 Tribunal
210.24 33.56 High Court
469.35 99.93
Entry Tax Entry Tax 59.71 7.93 Commissioner
45.09 23.98 Tribunal
5.29 0.00 High Court
110.09 31.91
Central Excise Duty 10.8O 2.50 Commissioner
Excise 17.98 0.59 Tribunal
Act, 1944 59.26 0.00 High Court
88.04 3.09
Customs Customs Duty 0.77 0.05 Commissioner
Act, 1962 0.08 0.00 Tribunal
0.85 0.05 High Court
Income Tax Income Tax 234.91 178.77 Commissioner
Act, 1961 118.65 104.84 Tribunal
8.05 0.00 High Court
361.61 283.61
TOTAL 1029.94 418.59
x) The Company does not have accumulated losses at the end of the
financial year. The Company has no: Incurred cash losses during the
financial year and in the immediately preceding financial year;
xi) In our opinion and according to the information and explanations
given to us, the Company has not defaulted In repayment of dues to any
financial Institutions or banks or debenture holders;
xii) Based on our examination of the records and the information and
explanations given to us, the Company has not granted any loans and
advances on the basis of security by way of pledge of shares,
debentures end other securities;
xiii) In our opinion the Company is note chit fund/nidhi/mutual benefit
fund.''society. Therefore, the provisions of clause (xiii) of paragraph
4 of the Order are not applicable to the Company;
xiv) The Company is not dealing or trading in shares, securities,
debentures and other investments. Therefore the provisions of Clause
4(xiv) of the Order are not applicable to the Company;
xv) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
xvi) Based on our examination of records and the information and
explanations given to us, the Company has not raised any term loan
during the year under audit;
xvii) According to the information and explanations 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) According to the information and explanations given to us the
Company has not made any preferential allotment of shares to parties
and Companies covered in the register maintained under Section 301 of
the Companies Act, 1956.
xix) Based on our examination of the records and the information and
explanations given to us, the Company has not issued any debentures
during the year
xx) The Company has not raised any money by way of public Issues during
the year;
xxi) To the best of our knowledge and belief 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 Agasti & Associates For C.K Prusty & Associates
Chartered Accountants Chartered Accountants
FRN -313043E FRN 323220E
(CA. M. Bandyopadhyay) (CA. C.K. Prusty)
Partner (M .No.050968) Partner (M.No.05738)
Place : Maw Delhi
Dated: 21st May'' 2012 |
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