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Ahmedabad Stellcr Ltd.

BSE Live

Oct 18, 16:00
17.40 0.40 (2.35%)
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AVERAGE VOLUME
5-Day
1,195
10-Day
1,347
30-Day
863
3,083
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    17.00

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    17.00

  • Bid Price (Qty.)

    16.75 (20)

  • Offer Price (Qty.)

    17.40 (49)

NSE Live

Dec 27, 11:22
NT* 0.00 (0.00%)
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Ahmedabad Stellcr is not listed on NSE

Annual Report

For Year :
2015 2014 2013 2012 2011 2010 2009 2008 2007

Auditor's Report

1. We have audited the attached Balance Sheet of AHMEDABAD STEELCRAFT LIMITED as at March 31, 2007 and also the Profit and Loss account and the cash flow statement for the year ended on that date annexed there to. 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 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 Anncxure 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, subject to Note No. 5 regarding depreciation on rolling mill rolls due to which the loss for the year is under staled by an amount of Rs. 15,26,717/-, 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 those books. iii) The Balance Sheet, Profit and Loss account and Cash flow statement dealt with by this report are in agreement with the books of account. (iv) In our opinion, the Profit and Loss account and Balance Sheet comply with the Accounting Standards referred to in Subsection (3C) of Section 211 of the Companies Act, 1956 except valuation of current investments. Had the Accounting Standard 13 been followed in respect of current investments the value of investments would have been lower by an amount of Rs. 10,39,310/- and the loss would have been higher by the same amount. (v) On the basis of the written representations received from the directors as on March 31,2007 and taken on record by the Board of Directors, we report that none of the directors are disqualified as on March 31, 2007 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956. (vi) In our opinion the said accounts to the best of our information and according to the explanations given to us, give the information required by the Companies Act, 1956, in the manner so required and give a tme 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 , 2007. b) In the case of the Profit and Loss account, of the loss for the year ended on that date. ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE Ref: Ahmedabad Steelcraft Limited 1) a. The Company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets. b. All the assets have been physically verified by the management during the year as per the regular programme of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification. c. There was no substantial disposal of fixed assets during the year so as to affect its going concern status. 2) a. The management has conducted physical verification of inventory at reasonable intervals. 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. 3) The Company has not granted any loans, secured or unsecured to companies, firms or other perties covered in the register maintained u/s. 301 of the Act during the year. Accordingly, clauses (iii) (b) to (iii) (d) of paragraph 4 of the Order are not applicable to the Company for the current year. The Company has not taken any loans, secured or unsercured from companies, firms or other parties covered in the register maintained u/s. 301 of the Companies Act, 1956 during the year. Accordingly, clasues (iii) (f) and (iii)(g) of paragraph 4 of the Order are not applicable to the company for the current year. 4) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business, with regard to purchases of inventory, fixed assets and with regard to sale of goods and services. During the course of our audit, no major weakness has been noticed in internal control system. 5) Based on the audit procedures applied by us and according to information and explanation provided by the management, we are of the opinion that there are no contracts or arrangements that need to be entered into the register maintained under section 301 of the Companies Act, 1956. Accordingly, clause (v) (b) of Paragraph 4 of the Order are not applicable to the Company for the current year. 6) Subject to Note No. 8 of Schedule T, the Company has not accepted any deposit during the year in contravention of provisions of section 58A of the Companies Act, 1956 and Companies (Acceptance of Deposit) Rule 1975. 7) The internal audit functions carried out during the year by a firm of Chartered Accountants appointed by the management have been commensurate with the size of the Company and nature of its business. 8) We are informed that the Central Government has not prescribed maintenance of cost records under section 209(l)(d) of the Companies Act, 1956 for any products of the Company. 9) (a) According to the records of the Company, the Company is regular in depositing undisputed statutory dues including Provident fund, Investor Education and Protection Fund, Employees State Insurance, Incometax, Sales-tax, Wealth Tax, Custom Duty, Excise Duty, Service tax, Cess and other material statutory dues applicable to it with the appropriate authorities except in depositing Income tax deducted at Source in respect of payment to Contractors and payment of interest and commission. (b) According to the information and explanations given to us, no undisputed amounts payable in respect of Income-tax, Wealth tax, Sales tax, Service tax, Customs duty and Excise Duty, Cess were outstanding as at 31st March, 2007 for a period of more than six months from the date they became payable. The following disputed amounts are outstanding :- Name of the statute Nature of dues Amount Forum where dispute is pending The Income-tax Income - tax (Rs.) 9,10,162 Commissioner of Act, 1961 A.Y. 2004-05 Income-tax (Appeals) 10) In our opinion, the Company has accumulated losses and the Company has incurred cash losses during the financial year covered by the audit. In the immediately preceding financial year also, there were cash losses. 11) Based on our audit procedures and according to the information and explanation given to us, we are of the opinion that the Company has not defaulted in repayment of dues to financial institutions, banks, or debenture holders. 12) In our opinion and according to the information and explanations given to us, no loans or ad varices have been granted by the company on the basis of security by way of pledge of shares, debentures and other securities. 13) In our opinion the Company is not a chit fund or a nidhi/mutual benefit funds/society. Therefore, clause 4 (xiii) of the Companies (Auditors Report) Order 2003 is not applicable to the Company. 14) In our opinion, the Company is not dealing in shares securities, debentures and other investments. Accordingly, the provision of clause 4(xiv) of the Companies (Auditors Report) Order 2003 is not applicable to the Company. 15) According to the information and explanations given to us, the Company has not given any gurantee for loans taken by its subsidiaries and associates from bank of financial institutions. 16) The Company did not have any terms loan outstanding during the current financial year or in the immediately preceding financial year. 17) According the 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. No long term funds have used to finance short term assets except for working capital. 18) During the year, the Company has not made any preferential allotment of shares to parties or Companies covered in the register maintained under section 301 of the Companies Act, 1956. 19) The Company did not have any outstanding debentures during the year. 20) The Company has not raised any money through a public issue during the year. 21) Based upon the audit procedures performed and 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 out audit that causes the financial statements to be materially misstated. For DHIREN SHAH & Co., Chartered Accountants, PLACE : Ahmedabad (DHIREN SHAH) DATED : 18-06-2007 PROPRIETOR Membership No. 35822