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NRB Bearings
BSE: 530367|NSE: NRBBEARING|ISIN: INE349A01021|SECTOR: Bearings
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Auditor's Report (NRB Bearings) Year End : Mar '13
Report on the Financial Statements
 
 We have audited the accompanying financial statements of NRB BEARINGS
 LIMITED (the Company), which comprise the Balance Sheet as at 31st
 March, 2013, the Statement of Profit and Loss and the Cash Flow
 Statement for the year then ended, and a summary of the significant
 accounting policies and other explanatory information.
 
 Management''s Responsibility for the Financial Statements
 
 The Company''s 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 Section 211(3C)
 of the Companies Act, 1956 (the Act) and in accordance with the
 accounting principles generally accepted in India. This responsibility
 includes the design, implementation and maintenance of internal control
 relevant to the preparation and presentation of the financial
 statements that give a true and fair view and are free from material
 misstatement, whether due to fraud or error.
 
 Auditors'' 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 the 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 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 Company''s internal control. An audit also includes
 evaluating the appropriateness of the accounting policies used and the
 reasonableness of the accounting estimates made by the 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:
 
 (a) in the case of the Balance Sheet, of the state of affairs of the
 Company as at 31st March, 2013;
 
 (b) in the case of the Statement of Profit and Loss, of the profit of
 the Company for the year ended on that date; and
 
 (c) in the case of the Cash Flow Statement, of the cash flows of the
 Company 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 in terms of Section 227(4A) 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 Section 227(3) 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 it 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 Section 211(3C) of the Act.
 
 (e) On the basis of the written representations received from the
 directors as on 31st March, 2013 taken on record by the Board of
 Directors, none of the directors is disqualified as on 31st March, 2013
 from being appointed as a director in terms of Section 274(1)(g) of the
 Act.
 
 ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT TO THE MEMBERS OF NRB
 BEARINGS LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH, 2013
 (Referred to in paragraph 1 under ''Report on Other Legal and Regulatory
 Requirements'' section of our report of even date)
 
 (i) Having regard to the nature of the Company''s
 business/activities/result, clauses (vi), (x), (xii), (xiii), (xiv),
 (xviii), (xix) and (xx) are not applicable.
 
 (ii) In respect of its fixed assets:
 
 (a) The Company has maintained proper records showing full particulars,
 including quantitative details and situationof fixed assets.
 
 b) The Company has a program of verification of fixed assets to cover
 all the items once in every three years which, in our opinion, is
 reasonable having regard to the size of the Company and the nature of
 its assets.  Pursuant to the program, all fixed assets were physically
 verified by the Management during the year ended 31st March 2012.
 According to the information and explanations given to us no material
 discrepancies were noticed on such verification.
 
 c) The fixed assets disposed off during the year, in our opinion, do
 not constitute a substantial part of the fixed assets of the Company
 and such disposal has, in our opinion, not affected the going concern
 status of the Company.
 
 (iii) In respect of its inventories:
 
 (a) As explained to us, the inventories were physically verified during
 the year by the Management at reasonable intervals other than the
 inventories which are lying at third party location and goods in
 transit for which confirmation has been obtained by the management.
 
 (b) In our opinion and according to the information and explanations
 given to us, the procedures of physical verification of inventories
 followed by the Management were 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
 inventories and no material discrepancies were noticed on physical
 verification.
 
 (iv) In respect of loans, secured or unsecured, granted by the Company
 to companies, firms or other parties covered in the Register maintained
 under Section 301 of the Companies Act 1956, according to the
 information and explanations given to us:
 
 (a) The Company has granted loans aggregating Rs. 50 Lakhs to 1 party
 during the year. At the year-end, the outstanding balances of such
 loans granted aggregated Rs. Nil (number of parties Nil) and the
 maximum amount involved during the year was Rs. 50 Lakhs (number of
 party 1).
 
 (b) The rate of interest and other terms and conditions of such loans
 are, in our opinion, prima facie not prejudicial to the interest of the
 Company.
 
 (c) The receipts of principal amounts and interest have been regular as
 per stipulations.
 
 (v) In respect of loans, secured or unsecured, taken by the Company
 from companies, firms or other parties covered in the Register
 maintained under Section 301 of the Companies Act, 1956, according to
 the information and explanations given to us:
 
 (a) The Company has taken loans aggregating Rs. 1,000 Lakhs from 1
 party during the year. At the year-end, the outstanding balances of
 such loans taken aggregated Rs. Nil (number of parties Nil) and the
 maximum amount involved during the year was Rs. 1,000 Lakhs (number of
 party 1).
 
 (b) The rate of interest and other terms and conditions of such loans
 are, in our opinion, prima facie not prejudicial to the interest of the
 Company.
 
 (c) The payment of principal amounts and interest in respect of such
 loans was regular as per stipulations.
 
 (vi) In our opinion and according to the information and explanations
 given to us, having regard to the explanations that some of the items
 purchased are of special nature and suitable alternative sources are
 not readily available for obtaining comparable quotations, 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 during the course of our
 audit we have not observed any continuing failure to correct major
 weaknesses in such internal control system
 
 (vii) In respect of contracts or arrangements entered in the Register
 maintained in pursuance of Section 301 of the Companies Act, 1956, to
 the best of our knowledge and belief and according to the information
 and explanations given to us:
 
 (a) The particulars of contracts or arrangements referred to in Section
 301 that needed to be entered in the Register maintained under the said
 Section have been so entered.
 
 (b) Where each of such transaction is in excess of Rs. 5 lakhs in
 respect of any party, the transactions have been made at prices which
 are prima facie reasonable having regard to the prevailing market
 prices at the relevant time, other than certain purchases which are of
 a special nature for which comparable quotations are not available and
 in respect of which we are therefore, unable to comment.
 
 (viii) In our opinion, the internal audit functions carried out during
 the year by firm of Chartered Accountants appointed by the Management
 have been commensurate with the size of the Company and the nature of
 its business.
 
 (ix) We have broadly reviewed the cost records maintained by the
 Company pursuant to the Companies (Cost Accounting Records) Rules, 2011
 prescribed by the Central Government under Section 209(1)(d) of the
 Companies Act, 1956 and are of the opinion that, prima facie, the
 prescribed cost records have been maintained.  We have, however, not
 made a detailed examination of the cost records with a view to
 determine whether they are accurate or complete
 
 (x) According to the information and explanations given to us, in
 respect of statutory dues:
 
 (a) The Company has generally been 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, Customs Duty, Excise Duty, Cess and other
 material statutory dues applicable to it with the appropriate
 authorities.
 
 (b) There were no undisputed amounts payable in respect of Provident
 Fund, Investor Education and Protection Fund, Employees'' State
 Insurance, Income-tax, Sales Tax, Wealth Tax, Service Tax, Customs
 Duty, Excise Duty, Cess and other material statutory dues in arrears as
 at 31st March, 2013 for a period of more than six months from the date
 they became payable.
 
 (c) Details of dues of Income-tax, Sales Tax, Wealth Tax, Service Tax,
 Customs Duty, Excise Duty and Cess which have not been deposited as on
 31st March, 2013 on account of disputes are given below:
 
                                 Nature of     Forum where 
 Name of Statute                 Dues          Dispute is Pending
 
 The Income Tax Act, 1961        Income Tax    Commissioner of
                                               Income Tax (Appeals)
 
 The Income Tax Act, 1961        Income Tax    Commissioner of
                                               Income Tax (Appeals)
 
 The Income Tax Act, 1961        Income Tax    Income Tax Appellate
                                               Tribunal
 
 The Income Tax Act, 1961        Income Tax    Income Tax Appellate
                                               Tribunal
 
 The Bombay Sales Tax Act, 1959  Sales Tax     Deputy Commissioner
                                              (Appeals)
 
 The Central Sales Tax Act, 1956 Sales Tax     Deputy Commissioner
                                              (Appeals)
 
 The Customs Act, 1962           Custom        Supreme Court
                                 Duty, Penalty
                                 and Fine
 
 Name of Statute                  Period to                   Amount
                                  which the                   Involved
                                  Amount  Relates            (Rs. Lacs)
 
 The Income Tax Act, 1961         A.Y. 2010-2011               304.23
 
 The Income Tax Act, 1961         A.Y. 2009-2010               212.50
 
 The Income Tax Act, 1961         A.Y. 2008-2009               222.20
 
 The Income Tax Act, 1961         A.Y. 2007-2008               157.46
 
 The Bombay Sales Tax Act 1959    F.Y. 1996-1997                21.83
                                  and 1998-1999
 
 The Central Sales Tax Act 1956   F.Y. 1996-1997                24.18 
                                  and 1998-1999
 
 The Customs Act 1962             F.Y. 1993-1994               138.87
 
 (xi) In our opinion and according to the information and explanations
 given to us, the Company has not defaulted in the repayment of dues to
 financial institutions, banks and debenture holders.
 
 (xii) In our opinion and according to the information and explanations
 given to us, the terms and conditions of the guarantees given by the
 Company for loans taken by others from banks and financial institutions
 are not, prima facie, prejudicial to the interests of the Company.
 
 (xiii) In our opinion and according to the information and explanations
 given to us, the term loans have been applied by the Company during the
 year for the purposes for which they were obtained, other than
 temporary deployment pending application.
 
 (xiv) In our opinion and according to the information and explanations
 given to us, and on an overall examination of the Balance Sheet of the
 Company, we report that funds raised on short-term basis have, prima
 facie, not been used during the year for long-term investment.
 
 (xv) To the best of our knowledge and according to the information and
 explanations given to us, no fraud by the Company and no material fraud
 on the Company has been noticed or reported during the year.
 
                                        For Deloitte Haskins & Sells
 
                                               Chartered Accountants 
 
                                           (Registration No. 117365W)
 
                                                        A. C. Khanna
 
                                                             Partner
 
 Mumbai : May 29, 2013                          (Membership No.17814)
Source : Dion Global Solutions Limited
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