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Bhoruka Aluminium Ltd.

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Mar 09, 16:00
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Bhoruka Aluminium is not traded on BSE in the last 30 days

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Dec 27, 11:22
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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

Report on the Financial Statements 1. We have audited the accompanying financial statements of Bhoruka Aluminium Limited (the Company), which comprise the Balance Sheet as at 31st March, 2013(six months period i.e. October, 2012 to March,2013) and the Statement of Profit and Loss and Cash Flow Statement for the period then ended, and a summary of significant accounting policies and other explanatory information, which we have signed under reference to this report. Management''s Reponsibility for the Financial Statements 2. The Company''s Management is reponsible 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 (the Act). 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 Reponsibility 3. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards of 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. 4. An audit involves performance procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgement, including the assessment of risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider 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. 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. 5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Emphasis of Matter We draw attention to Notes to Financial Statement no. 22 under item no. 4A. The amount paid/ payable to the Managing Director and Executive Director amounting to Rs. 28,16,002/- was approved by ROC on 28.04.2013 based on Shareholders'' approval at the Annual General Meeting held on 25.02.2013. However, we are having a view that the payment to Managing Director and Executive Director are to be approved by the Central Government. Our opinion is not qualified in this matter. Opinion 6. 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 subject to non-consolidation of new temporary Subsidiary Company Bhoruka Facades Private Limited, as per Notes to Accounts No.22 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 subject to - (i) Non provision of interest on secured bank loan to the extent of Rs.8,93,65,282/- for Six Months since the account is NPA from 31st December 2011 (to that extent loss is lower); (ii) Non-provision of interest on unsecured loan to the extent of Rs 2,00,555/- for 6 months (to that extent loss is lower) read together with the notes and accounting policies there on give a true and fair view generally accepted in India ; (a) in the case of Balance Sheet, of the state of affairs of the Company as at 31st March, 2013 (b) in the case of the Statement of Profit and Loss, of the Loss for the period ended October 2012 to March 2013 for 6 months; and (c) in the case of the Cash Flow Statement for the period ended on that date. Report on other Legal and Regulatory Requirements 7. As required by the Companies (Auditor''s Report) Order 2003, as amended by '' the Companies (Auditor''s Report)(Amendment) Order 2004 '' (the Order) issued by the Central Government of India in terms of Sub-Section (4A) of Section 227 of the Companies Act, and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order. 8. 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 accounts 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 purposes of our audit have been received from branches not visited by us); 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 (and with the returns received from branches not visited by us); d. in our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this report, comply with applicable Accounting Standards referred to sub- section (3C) of Section 211 of the Companies Act, 1956; and e. on the basis of written representations received from the directors as on March 31,2013, 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, 2013, from being appointed as a director in terms of clause(g) of sub-section (1) of Section 274 of the Companies Act, 1956. ANNEXURE TO INDEPENDENT AUDITORS'' REPORT TO THE MEMBERS The Annexure referred to paragraph 7 of our Report of even date to the Members of Bhoruka Aluminium Limited on the accounts of the Company for the six months period ended 31st March, 2013. On the basis of such checks as we considered appropriate and according to the information and explanation given to us during the course of our audit, we report that: 1. (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. (b) As explained to us, fixed assets have been physically verified by the management at reasonable intervals and no material discrepancies were noticed on such physical verification. (c) In our opinion and according to the information and explanations given to us, no substantial part of the fixed assets have been disposed off during the period ended. 2. (a) 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. (b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business. (c) In our opinion and on the basis of our examination of records, 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 explanation given to us, (a) the Company has granted interest free loans to three companies in the previous years, all the above companies are covered in register maintained under section 301 of the Companies Act, 1956 and during the year the Company has given a loan of Rs.50,000/- to one of the above Companies. The maximum amount involved during the year was Rs.16,00,42,040/- and the outstanding balance at the end of the financial year was Rs.16,00,42,040/-. There are no stipulation as to the dates for the repayment of the loan. (b) In our opinion, the rate of interest and other terms and conditions to the loan given to the Companies are prima facie, prejudicial to the interest of the Company. (c) the Company has not taken any loans, secured or unsecured from Companies, firms or other parties covered 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 forthe 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 lakh each entered into during the financial period, are at prices which are reasonable having regard to the prevailing market prices at the relevant time. 6. 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. 7. We have broadly reviewed the books of account relating to materials, labour and other items of cost maintained by the Company pursuant to the rules made by the Central Government for the maintenance of cost records under clause (d) of sub - section (1) of Section 209 of the Act and we are of the opinion that prima facie the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examination of the same. 8. 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.3,29,843/- on account of service tax and Rs. 3,53,44,583/- on account of without payment of duty under SEZ Act which are pending with Service Tax and Central Excise Appellate Tribunal, Bangalore from the day they became payable. 9 . The Company has not accepted any deposits from the public covered under Section 58A and 58AA of the Companies Act, 1956 and the rules framed thereunder. 10. The Company has accumulated losses at the end of the financial year of Rs.65,75,72,500/- and it has incurred cash losses in the current year of Rs.6,96,71,449/- and there is also cash losses in the immediately preceding financial year of Rs.56,02,35,375/-. The Company has become a Potentially Sick Industrial Company within the meaning of Sick Industrial Companies (Special Provisions) Act, 1985 and according to the information and explanation given to us, the Board of Directors of the Company have referred the mattertoBIFR pursuant to the provisions of Section 23(1) of SICA, 1985. 11. Based on our audit procedures and according to the information and explanation given by the management, we are of the opinion that the Company has defaulted in repayment of dues to Bank and the Bank has declared the company as Non Performing Assets (NPA) since 31 st December, 2011. 12. According to the information and explanations given 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/investments. 13. The Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the Para 4 (xiii) of the Companies (Auditor''s Report) Order, 2003 (as amended) is not applicable to the Company. 14. The Company is not dealing in or trading in Shares, securities, debentures or mutual funds and other investments. Accordingly, the provisions of Clause 4 (xiii) of the Companies (Auditor''s Report) Order, 2003 and Companies (Auditor''s Report) (Amendment) Order 2004 are not applicable to the Company. 15. The Company has given gurantee for loans taken by one of its associate company Bhoruka Fabcons Private Limited from bank or financial institution. 16. The Company has not obtained any term loan during the six months financial period under audit. 17. According to the information and explanations given to us and on an overall examination of the Balance Sheet and the Cash Flow Statement of the Company, for the six months financial period ended March 31,2013, we report that no funds raised on short-term basis have been used for long-term investment by the Company. 18. The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Act. 19. The Company has not issued any debentures during the year. 20. The Company has not raised any money by public issue during the year. 21. Based on the audit procedures performed and as per the information and explanations given to us by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit. 22. During the course of our examination of the books and records of the Company carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanation given to us, we have neither come across any instance of material fraud on or by the Company, noticed or reported during the year, nor have we been informed of such case by the management. For R.S. Agarwala & Co., Firm Reg No-00049S Chartered Accountants M. Gandhi Place: Mysore Partner Date: 25,h May, 2013 Membership No. 22958