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Ahmedabad Stellcr Ltd.

BSE Live

Oct 22, 16:00
16.20 0.10 (0.62%)
Volume
AVERAGE VOLUME
5-Day
1,343
10-Day
1,089
30-Day
931
1,823
  • Prev. Close

    16.10

  • Open Price

    16.90

  • Bid Price (Qty.)

    15.35 (503)

  • Offer Price (Qty.)

    16.10 (25)

NSE Live

Dec 27, 11:22
NT* 0.00 (0.00%)
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  • Prev. Close

    -

  • Open Price

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  • Bid Price (Qty.)

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  • Offer Price (Qty.)

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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

We have audited the accompanying financial statements of Ahmedabad Steelcraft Limited (CIN : L2709GJ1972PLC011500), which comprise the Balance Sheet as at March 31, 2014, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information. Management''s responsibility for the Financial Statements 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 sub-section (3C) of section 211 of the Companies Act, 1956 (which, for the time being, are deemed to be the Accounting Standards prescribed under Section 133 of the Companies Act, 2013 in terms of General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs). 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. Auditor''s 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 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 entity''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by 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 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 March 31, 2014; b) in the case of the Statement of Profit and Loss, of the Profit 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. Report on Other Legal and Regulatory Requirements As required by the Companies (Auditor''s Report) Order, 2003 (the Order) issued by the Central Government of India in terms of sub- section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order. 1. 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 purpose of our audit; b) 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 c) the Balance Sheet, Statement of Profit and Loss and 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 Statements comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956 (which for the time being, are deemed to be the Accounting Standards prescribed under Section 133 of the Companies Act, 2013 in terms of General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs); e) on the basis of written representations received from the directors as on March 31, 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956. f) Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company. i) In respect of its Fixed Assets: (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) As per our information and explanation given to us on our enquiries, there is no substantial disposal of assets during the year so as to have an impact on the operations of the company, or affect its going concern. ii) In respect of its inventories: (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 by the management. iii) In respect of loans, secured or unsecured, granted or taken by the Company to / from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956: (a) The company has granted unsecured loan to one company covered in the register maintained u/s.301 of the Act and maximum amount involved in the transactions is Rs. 1,98,54,037/- and the year-end balance of loans granted to such party was Rs. 1,98,54,037/-. (b) As per the information and records made available, the rate of interest and other terms and conditions on which loans have been granted to parties covered in the register maintained under section 301 of the Companies Act, 1956 are not, prima facie, prejudicial to the interest of the company except to the extent that there is no covenant with regard to the repayment of loan. (c) As there is no stipulation with regard to repayment of the aforesaid loans granted, it cannot be commented upon, whether the amount (principal as well as interest) has been repaid regularly or not. (d) As per information given to us and on the basis of record made available to us, as there is no stipulation with regard to repayment of the aforesaid loans granted, it cannot be commented upon, whether there is any overdue amount in respect of principal or interest. (e) The company has not taken any loan, secured or unsecured from any Companies, Firms or other parties covered in the register maintained u/s. 301 of the Companies Act, 1956. Accordingly, clause (f) & (g) are not applicable. iv) 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. v). In respect of the contracts or arrangements referred to in section 301 of the Companies Act, 1956 : (a) Based on the audit procedures applied by us and according to the information and explanations given to us the company has not carried out any contract or arrangement referred to in Section 301 of the Companies Act, 1956. Hence, Clause 4(v) of the Order is not applicable to the company. vi) 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. vii) 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. viii) We are informed that the Central Government has not prescribed maintenance of cost records under section 209(1 )(d) of the Companies Act, 1956 for any products of the company. ix) In respect of Statutory dues: (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, Income-tax, Sales-tax, Wealth Tax, Custom Duty, Excise Duty, Service tax, Cess and other material statutory dues applicable to it with the appropriate authorities. (b) According to the information and explanation given to us, there are no outstanding disputed dues of Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty and Cess other than the following:- Name of Statute Asst. Year Amt Rs. Forum where dispute is pending Income Tax Act, 1961 2004-05 5,01,640 CIT(Appeal) x) In our opinion, the company has no accumulated losses. During the financial year covered by our audit, company has not incurred cash losses. In the immediately preceding financial year also, there were no cash losses. xi) 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. xii) In our opinion and according to the information and explanations given to us, no loans or advances have been granted by the company 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 funds/society. Therefore, clause 4(xiii) of the Companies (Auditor''s Report) Order 2003 is not applicable to the Company. xiv) 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 (Auditor''s Report) Order 2003 is 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 its subsidiaries and associates from bank or financial institutions. xvi) The company did not have any term loan outstanding during the current financial year or in the immediately preceding financial year. 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) 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. xix) The Company did not have any outstanding debentures during the year. xx) The Company has not raised any money through a public issue during the year. xxi) 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 our audit that causes the financial statements to be materially misstated. FOR, DHIREN SHAH & CO., CHARTERED ACCOUNTANTS, Firm Reg. No. 114633W (DHIREN SHAH) PARTNER Memb. No. 035824 Place : Ahmedabad Dated : 27-05-2014