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Adhunik Metaliks Ltd.

BSE: 532727 | NSE: ADHUNIK | Series: BZ | ISIN: INE400H01019 | SECTOR: Steel - Sponge Iron

BSE Live

Nov 29, 16:00
0.49 -0.02 (-3.92%)
Volume
AVERAGE VOLUME
5-Day
3,426
10-Day
5,067
30-Day
4,257
11,261
  • Prev. Close

    0.51

  • Open Price

    0.51

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Nov 29, 15:32
0.50 0.00 (0.00%)
Volume
AVERAGE VOLUME
5-Day
26,194
10-Day
19,802
30-Day
13,803
33,015
  • Prev. Close

    0.50

  • Open Price

    0.50

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
2016 2015 2014 2013 2012 2011 2010 2009 2008

Auditor's Report

We have audited the attached Balance Sheet of ADHUNIK METALIKS LIMITED as at 31st March, 2006 and also the Profit & Loss Account and the Cash Flow Statement for the year ended on that date, annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit. 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 test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and 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. As required by the Companies (Auditor's Report) Order, 2003 (as amended), issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 & 5 of the said Order. Further to our comments in the Annexure referred to above, we report that :- (i) we have obtained all the information and explanations which to the best of our knowledge and belief, were necessary for the purpose of our audit; (ii) 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 such books; (iii) the Balance Sheet, Profit & Loss Account and Cash Flow Statement referred to in this report are in agreement with the books of account as submitted to us; (iv) In our opinion, the Balance Sheet, Profit & Loss Account and Cash Flow Statement have been drawn up in accordance with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956. (v) On the basis of written representations received from the directors as on 31st March, 2006, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31 st March, 2006 from being appointed as director in terms of Clause (g) of sub-section(1) of Section 274 of the Companies Act, 1956. In our opinion and to the best of our information and according to the explanations given to us, the said Statements of Account and read together with the Notes appearing on Schedule 24, 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: a) in the case of Balance Sheet, of the state of affairs of the Company as at 31st March, 2006; b) in the case of Profit & Loss Account, of the profit of the Company for the year ended on that date; and c) in the case of Cash Flow statement, of the cash flows for the year ended on that date. S. R. Batliboi & Company Chartered Accountants 22, Camac Street Block `C' 3rd Floor Per R. K. Agrawal Kolkata - 700016 Partner Date: 29 May, 2006 Membership No. 16667 ANNEXURE TO THE AUDITORS' REPORT (REFERRED TO IN OUR REPORT OF EVEN DATE TO THE MEMBERS OF ADHUNIK METALIKS LIMITED AS AT AND FOR THE YEAR ENDED 31ST MARCH, 2006) (i) (a) The Company has engaged an external firm of chartered accountants to update the fixed assets records showing full particulars, including quantitative details and situation of fixed assets, which is under progress. (b) All fixed assets have not been physically verified by the management during the year but there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. Pending updating of records as noted above, discrepancies if any could not be determined. (c) There was no substantial disposal of fixed assets during the year. (ii) (a) The management has conducted physical verification of inventory at reasonable interval during the year. As regards material lying with outside parties, confirmation certificates have been obtained in most of the cases. (b) The procedures of physical verification of inventory followed by the management were reasonable and adequate in relation to the size of the Company and the nature of its business. (c) The Company maintains proper records of inventory and no material discrepancies were noticed on such physical verification. (iii) As informed to us, the Company has not given any loan, secured or unsecured, to companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. Therefore, the provisions of clauses (iii) (a) to (d) of the Companies (Auditor's Report) Order, 2003 (as amended) are not applicable. However, the Company has made payments to parties covered in the register maintained under Section 301 of the Companies Act, 1956 on behalf and as per direction of a non related party. As informed to us, the Company has not taken any loan, secured or unsecured, from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. Therefore, the provisions of Clauses (iii) (e) to (g) of the Companies (Auditor's Report) Order, 2003 (as amended) are not applicable. However, the Company has received payments from parties covered in the register maintained under Section 301 of the Companies Act, 1956 on behalf and as per direction of a non related party. (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 the nature of its business, for the sale of goods/services. However, the internal control system for purchases of inventory needs to be further strengthened by formalising documentation and system related to procurement and indenting. (v) (a) According to the information and explanations provided by the management, we are of the opinion that the particulars of contracts or arrangements referred to in Section 301 of the Act that need to be entered into the register maintained under Section 301 have been so entered. (b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements exceeding value of Rupees five lacs have been entered into during the year at prices which are reasonable having regard to the prevailing market prices at the relevant time. (c) There are two contracts of supply of Raw Materials pertaining to two directors against which there have been transactions amounting to Rs 1,31,307 during the year which has not been entered into the 301 register. The aforesaid transactions with the directors have been verified and the prices at which such transactions have been made are reasonable having regard to the prevailing market prices at the relevant time. (vi) As informed, no deposits have been accepted by the management during the year. (vii) In our opinion, the Company has an internal audit system which is 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 and are of the opinion that prima facie the prescribed accounts and records have been made and maintained. (ix) (a) Undisputed statutory dues including provident fund, investor education and protection fund, or employees' state insurance, income-tax, sales-tax, wealth-tax, service tax custom duty, excise duty, cess have been deposited with the appropriate authorities thought in general there have been delays other than payment of customs and excise duties. (b) According to the information and explanations given to us, no undisputed amounts dues in respect of provident fund, investor education and protection fund, employees' state insurance, income-tax, wealth-tax, service tax, sales-tax, customs duty, excise duty, cess and other statutory dues were outstanding, at the Balance Sheet date, for a period of more than six months from the date they became payable. (c) According to the records of the Company, the dues outstanding of income-tax, sales-tax, wealth-tax, service tax, custom duty, excise duty and cess on account of any dispute, are as follows: Name of Nature of dues Amount (Rs) the statute Orissa Entry Tax Act Entry tax on machinery & 611,700 spares @ 2% taken as scrap materials @1%. The Central Excise Disputed Cenvat Credit 36,929 Act, 1944 Central Sales Tax (Orissa) Demand against transfer 23,039,187 Rules 57 of stock to branches and consignment agents. Central Sales Tax (Orissa) Rules 57 Demand against CST purchase 1,903,761 Period to which Forum where the amount relates dispute is pending 2002-03 Asst. Commissioner of commercial taxes 2003-04 Joint Commissioner 2003-04 Asst. Commissioner of commercial taxes 2003-04 Asst. Commissioner of commercial taxes (x) The Company has been registered for a period of less than five years and hence we are not required to comment on whether or not the accumulated losses at the end of the financial year is fifty per cent or more of its net worth and whether it has incurred cash losses in such financial year and in the immediately preceding financial year. (xi) Based on our audit procedures and as per the information and explanations given by the management, the Company has not defaulted in repayment of dues to banks. (xii) 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. (xiii) In our opinion, the Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of Clause 4(xiii) of the Companies (Auditor's Report) Order, 2003 (as amended) are not applicable to the Company. (xiv) In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of Clause 4(xiv) of the Companies (Auditor's Report) Order, 2003 (as amended) are not applicable to the Company. (xv) According to the information and explanations given to us, the Company has given guarantee for loans taken by others from a bank, the terms and conditions whereof in our opinion are not prima-facie prejudicial to the interest of the Company. (xvi) Based on information and explanations given to us by the management, term loans were applied for the purpose for which the loans were obtained. (xvii) According to the information and explanations given to us, we report that the Company has raised short term funds in the nature of unsecured loans amounting to Rs 354,761,317 from banks which has been utilised for long term investment (purchase of fixed assets). (xviii) The Company has made preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Act. In our opinion the price at which shares have been issued to such parties is not prejudicial to the interest of the Company. (xix) The Company did not have any outstanding debentures during the year. (xx) We have verified that the end use of money raised by public issues is as disclosed in the notes to the financial statements. (xxi) 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 fraud on or by the Company has been noticed or reported during the course of our audit. S. R. Batliboi & Company Chartered Accountants 22, Camac Street Block `C' 3rd Floor Per R. K. Agrawal Kolkata - 700 016 Partner Date: 29 May, 2006 Membership No. 16667