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Adhunik Metaliks Ltd.

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

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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)

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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

1. We have audited the attached Balance Sheet of Adhunik Metaliks Limited (the Company) as at March 31, 2009 and also the Profit and Loss account and the Cash Flow statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys 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 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 management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. As required by the Companies (Auditors 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 and 5 of the said Order. 4. 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 purposes 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 dealt with by this report are in agreement with the books of account as submitted to us; iv) In our opinion, the Balance Sheet, Profit and Loss account and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956; v) On the basis of the written representations received from the directors, as on March 31, 2009, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31, 2009 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956; vi) Without qualifying our opinion, we observe as under : a) Utilisation of Securities Premium Account towards meeting the net deferred tax liability arising during the year, pursuant to the order of the Honble High Court of Kolkata vide its Dictated Order dated May 7, 2007 (Refer Note 7(b) on Schedule 25). b) Attention is drawn to Note 23 on Schedule 25 relating to certain payments made / received to / from a related party, at the behest of an unrelated party for which the Company holds a lega opinion to the effect that such payments are not covered under Section 295 of the Companies Act, 1956. c) Reference is drawn to Note 24 on Schedule 25 regarding non- obtainment of prior approval as required from Centra Government of India under Section 297 of the Companies Act, 1956 for entering into transactions of purchase of goods with Private Limited Companies in which directors of the Company are interested 5. In our opinion and to the best of our information and according to the explanations given to us, the said accounts 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 the Balance Sheet, of the state of affairs of the Company as at March 31, 2009; b) in the case of the Profit and 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. ^~* ANNEXURE TO AUDITORS REPORT (Referred to in our report of even date to the members of ADHUNIK METALIKS LIMITED as at and for the year ended March 31, 2009) i) a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. b) All the 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. As informed, no material discrepancies were noticed on such verification during the year. c) There was no substantial disposal of fixed assets during the year. ii) a) The management has conducted physical verification of inventory at reasonable intervals 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 are reasonable and adequate in relation to the size of the Company and the nature of its business. c) The Company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification. iii) 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 (Auditors Report) Order, 2003 (as amended) are not applicable. 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 (Auditors Report) Order, 2003 (as amended) are not applicable. 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 purchase of inventory and fixed assets and for the sale of goods. During the course of our audit, no major weakness has been noticed in the internal control system in respect of these areas. The Company does not provide any service hence reporting under this clause is not applicable to the extent of service. 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 except contracts related to the purchase of goods aggregating to Rs.1614.67 lakhs from Private Limited Companies (Refer Note 24 on Schedule 25) in which the directors of the Company are interested. 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 lakhs have been entered into during the financial year at prices which are reasonable having regard to the prevailing market prices at the relevant time. vi) The Company has not accepted any deposits from the public. vii) The Companys internal audit is conducted by an external firm of Chartered Accountants. The coverage of the Internal Audit is commensurate with the size and nature of the Companys 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, employees state insurance, income-tax, sales-tax, wealth-tax, service tax, customs duty, excise duty, cess have been deposited with the appropriate authorities though in general there have been delays. As explained, there is no amount due for deposit to Investor Education & Protection Fund. b) According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, employees state insurance, income-tax, wealth-tax, service tax, sales-tax, customs duty, excise duty, cess and other undisputed statutory dues were outstanding, at the year end, for a period of more than six months from the date they became payable except withholding tax amounting to Rs. 4.04 lakhs u/s 195 of the Income Tax Act, 1961 which is remaining unpaid since August 2008. As explained, there is no amount due for deposit to Investor Education & Protection Fund c) According to the records of the Company, there are no dues outstanding of income-tax, sales-tax, wealth-tax, service tax, customs duty, excise duty and cess on account of any dispute except as mentioned below : Name of the statute Nature of dues Amount Period to which (Rs. in lakhs) the amount dispute is relates pending Orissa Entry Tax Act Entry tax on machinery & 5.46 2002-04 spares & Capital Goods Central Sales Tax Demand against transfer of stock to 123.40 2003-04 (Orissa) Rules 57 branches and consignment agents. Central Sales Tax Disallowance of sale against Form-H 68.39 2004-07 Orissa Value Added Tax Dispute on account of disallowance 137.56 2005-07 of Input Tax credit Orissa Sales Tax Dispute on gross turnover 12.22 2003-04 vis-a-vis taxable turnover Central Excise Act Dispute on account of classification, excise 36.35 2003-05 duty on job work, transaction value for stock transfer, short production booking Income Tax Act Interest Charged under Section 234B and 234C 55.57 2005-06 of the Act because of demand raised due to retrospective amendment in MAT provisions Name of the statute Forum where dispute is pending Orissa Entry Tax Act Orissa Sales Tax Tribunal, Cuttack Central Sales Tax (Orissa) Rules 57 Orissa Sales Tax Tribunal, Cuttack Central Sales Tax Orissa Sales Tax Tribunal, Cuttack, Orissa Value Added T Deputy Commissioner of Sales Tax, Rourkela Orissa Sales Tax Orissa Sales Tax Tribunal & High Court, Central Excise Act Orissa, Cuttack Income Tax Act Orissa Sales Tax Tribunal, Cuttack, Deputy Commissioner of Sales Tax, Rourkela CESTAT (Kolkata), Additional Commissioner (Adjudication) Bhubaneswar, Commissioner (Appeal), Bhubaneswar Commissioner of Income Tax (Appeals) Kolkata x) The Company has no accumulated losses at the end of the financial year and it has not incurred cash losses in the current and 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 and debenture holders other than the devolvement of a Letter of Credit amounting to Rs. 4746 lakhs and period of default for the same was 64 days. There are no dues to the financial institutions. 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 (Auditors 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 (Auditors Report) Order, 2003 (as amended) 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 bank or financial institutions. 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 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) The Company has not made preferential allotment of shares during the year to parties and companies covered in the register maintained under section 301 of the Act xix) The Company has 81,54,000 non-transferable fully convertible unsecured debentures of Rs. 10 each issued in the year 2007-08 at a premium of Rs. 112.64 each outstanding during the year on which no security or charge is required to be created xx) The Company has not raised any money through a public issue during the year. 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. For S. R. Batliboi & Co. Chartered Accountants 22 Camac Street Block C, 3rd Floor Per Rahul Roy Kolkata-700 016. a Partner Date : June 29, 2009 Membership No. 53956