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Bhoruka Aluminium Ltd.

BSE Live

Mar 09, 16:00
0.27 0.00 (0.00%)
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1,119
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    0.27

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    0.27 (374)

Bhoruka Aluminium is not traded on BSE in the last 30 days

NSE Live

Dec 27, 11:22
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0
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Bhoruka Aluminium is not listed on NSE

Annual Report

For Year :
2014 2013 2012 2011 2010 2009 2008 2007 2006

Auditor's Report

1. We have audited the attached Balance sheet of M/s. BHORUKA ALUMINIUM LIMITED as at March 31, 2011and also the Profit and Loss Account and 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. 2. We conducted our audit in accordance with the 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 statement. 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 annex hereto 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 in paragraph (3) above, 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 appears from our examination of those books and proper returns adequate for the purpose of our audit have been received from branches of the Company, not visited by us; (c) the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account; (d) in our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report, comply with applicable Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956; (e) on the basis of written representations received from the directors, as on March 31, 2011, and taken on record by the Board of Directors, we report that none of the directors of the Company is disqualified as on March 31, 2011 from being appointed as a director, in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956; (f) 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 subject to non-consolidation of Subsidiary Company Bhoruka Aluminium (FZE) UAE in view of no transactions as per Notes to Accounts No.19 under Item No.13 in terms of Section 212 (2) (c ) of the Companies Act, 1956 and give a true and fair view in conformity with the accounting principles generally accepted in India: (i) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2011; (ii) in the case of the Profit and Loss Account, of the profit for the year ended on that date; and (iii) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date. ANNEXURE TO AUDITORS'' REPORT TO THE MEMBERS (Referred to the paragraph 3 of our report of even date) 1. (a) The company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets. (b) As explained to us, the fixed assets have been physically verified by the management at reasonable intervals and no material discrepancies were noticed on such physical verification. (c) There was no disposal of substantial part of its fixed assets during the year. 2. (a) Physical verification of inventory has been conducted by the management at reasonable intervals. (b) The procedure for Physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business. (c) The Company has maintained proper records of inventory and no major discrepancies were noticed on physical verification. 3. In our opinion and according to the information and explanations given to us, (a) the Company has unsecured loan at the beginning of the year from Bhoruka Agro Greens Limited amounting to Rs 12,03,45,327/= covered in the register maintained under Section 301 of the Companies Act, 1956.Consequent to the amalgamation of the said Company with the Company, the Outstanding amount is NIL. (b) The rate of interest and other terms and conditions of loan taken by the company are primafacie not prejudicial to the interest of the Company. (c) The Company is regular in payment of principal amount and interest. (d) The Company has not taken or granted any loans, secured or unsecured from companies, firms and other parties, in the register maintained under section 301 of the Companies Act,1956. 4. In our opinion and according to the information and explanations given to us, there are adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of inventory, fixed assets and for the sale of goods and services. Further, we have not come across any major weakness in the internal control system nor we have been informed of any such instance. 5. In respect of transactions covered under Section 301 of the Companies Act, 1956: (a) In our opinion and according to the information and explanations given to us, the transactions 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 with parties exceeding the value of Rupees five lakhs each entered into during the financial year, are at prices which are reasonable having regard to the prevailing market prices at the relevant time. 6. In our opinion and according to information and explanations given to us, the Company has not accepted any fixed deposits from the public, under Section 58A, 58AA or any other relevant provisions of the Companies Act, 1956. 7. In our opinion, the Company has an internal audit system commensurate with the size and nature of its business. 8. We have broadly reviewed the books of accounts and records 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 records have been made and maintained. We have not, however, made a detailed examination of the same. 9. According to the records of the Company, it has generally been regular in depositing undisputed statutory dues including Provident Fund and Employees'' State Insurance, Income-tax, Sales tax, Custom Duty, Excise Duty, Service-tax, Cess and other statutory dues during the year with the appropriate authorities, and there are no arrears of outstanding statutory dues as on that date, for a period of more than six months except Rs 65,000 on account of service tax which is pending with Central Excise Tribunal, from the date they became payable. 10. The Company has no accumulated losses at the end of the financial year and it has not incurred cash losses in the current year and also in the immediately preceding financial year. 11. Based on our audit procedures and as per the information and explanations given by the management, we are of the opinion that the Company has not defaulted in repayment of dues to bank. 12. According to the information and explanations given to us, the Company has not granted any loans and advances on the basis of securities by way of pledge of shares, debentures and other securities. 13. The nature of Company''s activities during the year is such that clauses (xiii) and (xiv) of paragraph 4 of Companies (Auditors'' Report) Order, 2003 are not applicable to the Company for the year. 14. The Company has given guarantee for loans taken by one of its Associate Company Bhoruka Fabcons Private Limited from banks or financial institutions. 15. Based on our audit procedures and information and explanation given by the management, during the financial year the Company has not obtained any term loan. 16. On the basis of information and explanations given to us and on an overall examination of the Balance Sheet and the Cash Flow Statement of the Company, funds raised on short-term basis have, prima facie, not been used during the year for long-term investment. 17. The Company has made preferential allotment of 1,27,44,838 equity shares during the financial year to promoters and others includes conversion of Global Depository Receipts (GDRs) and Warrants into Equity Shares. Further, the Company has allotted 59,03,333 Equity shares to the shareholders of erstwhile Bhoruka Agro Greens Limited consequent to amalgamation with the Company as per the scheme sanctioned by the Honourable High Court of Karnataka vide its Order dated 15th December, 2010. 18. The Company has not issued any debentures during the year. 19. The Company has not raised any money by way of Public Issue except through Preferential allotment for which the Company has disclosed the end use of money and the same has been verified. 20. Based upon the audit procedures performed 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 R.S. Agarwala & Co., Chartered Accountants M. Gandhi Partner Membership No. 22958 Firm Reg No-00049S Place: Mysore Date: 5th May, 2011