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DCM Shriram Ltd.

BSE: 523367 | NSE: DCMSHRIRAM |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE499A01024 | SECTOR: Diversified

BSE Live

Jan 21, 16:00
1059.80 -19.20 (-1.78%)
Volume
AVERAGE VOLUME
5-Day
26,944
10-Day
15,860
30-Day
8,122
11,472
  • Prev. Close

    1079.00

  • Open Price

    1055.00

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Jan 21, 15:57
1057.15 -20.70 (-1.92%)
Volume
AVERAGE VOLUME
5-Day
392,246
10-Day
216,018
30-Day
106,816
87,192
  • Prev. Close

    1077.85

  • Open Price

    1068.00

  • Bid Price (Qty.)

    1057.15 (32)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
2018 2017 2016 2015 2014 2013 2012 2011 2010

Auditor's Report

1. We have audited the attached Balance Sheet of DCM SHRIRAM CONSOLIDATED LIMITED (the Company) as at March 31, 2011, the Profit and Loss Account and the Cash Flow Statement of the Company for the year ended on that date, both 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 misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and the disclosures in the financial statements. An audit also includes assessing the accounting principles used and the significant estimates made by the 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 (Auditor''s Report) Order, 2003 (CARO) issued by the Central Government in terms of Section 227(4A) 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 in paragraph 3 above, we report as follows: (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 it appears from our examination of those books; (c) the Balance Sheet, the Profit and Loss Account and the Cash Flow Statement dealt with by this report are in agreement with the books of account; (d) in our opinion, the Balance Sheet, the Profit and Loss Account and the Cash Flow Statement dealt with by this report are in compliance with the Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956; (e) on the basis of the written representations received from the Directors as on March 31, 2011 and taken on record by the Board of Directors, none of the Directors is disqualified as on March 31, 2011 from being appointed as a director in terms of Section 274(1)(g) of the Companies Act, 1956. (f) without qualifying our opinion, we draw attention to note 20 of schedule 12 relating to accounting for cane purchase liability for the sugar season 2007- 08 at Rs. 110 per quintal instead of State Advised Price of Rs. 125 per quintal fixed by the Uttar Pradesh State Government. Pending completion of legal proceedings in the matter, the effect thereof on these accounts can not be determined at this stage. (g) 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: (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 loss of the Company for the year ended on that date; and (iii) in the case of the Cash Flow Statement, of the cash flows of the Company for the year ended on that date. ANNEXURE TO THE AUDITORS REPORT (Referred to in paragraph 3 of our report of even date) Having regard to the nature of the Company''s business/ activities and results for the year, clauses (x), (xiii) and (xiv) of Companies (Auditor''s Report) Order, 2003 (hereinafter referred to as the Order) are not applicable. (i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of the fixed assets. (b) As explained to us, the Company has a programme of physically verifying all its fixed assets over a period of three years, which in our opinion is reasonable having regard to the size of the Company and nature of its fixed assets. In accordance with this programme, some of the fixed assets were physically verified by the management during the year. The discrepancies noticed on such verification between the physical balances and the fixed assets records were not material and have been properly dealt with in the books of account. (c) The fixed assets disposed off during the year, in our Opinion, do not constitute a substantial part of the fixed assets of the Company and such disposal has, in our opinion, not affected the going concern status of the Company. (ii) (a) As explained to us, the inventories were physically verified during the year by the Management at reasonable intervals except for inventory lying with third parties at the end of the year for which confirmations have been obtained in most of the cases. (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 were reasonable and adequate in relation to the size of the Company and the nature of its business. (c) On the basis of our examination of the records of inventories, we are of the opinion that, the Company is maintaining proper records of inventories. The discrepancies noticed on physical verification of inventories as compared to book records were not material and have been properly dealt with in the books of account. (iii) (a) According to the information and explanations given to us, the Company has, during the year, not granted any loan, secured or unsecured to companies, firms and other parties covered in the register maintained under Section 30I of the Companies Act, 1956, other than unsecured loans aggregating Rs. 7.89 crores granted during the year to five wholly owned subsidiaries covered in the register maintained under Section 301 of the Companies Act, 1956. The maximum amount due during the year of above loans was Rs. 74.47 crores and the year end balance of loans so granted was Rs. 73.96 crores. These loans includes interest free loans aggregating Rs. 62.25 crores made to two wholly owned subsidiaries, which, as explained to us, have been made for setting up new projects and making strategic investments in other subsidiaries. (b) In our opinion and according to the information and explanations given to us, after considering the purpose for which loans have been granted as indicated in paragraph 4(iii)(a) of the Companies (Auditor''s Report) Order, 2003 (hereinafter referred to as the Order), the rate of interest and other terms and conditions of the loans granted, are, primafacie, not prejudicial to the interest of the Company. (c) According to the information and explanations given to us, the parties, to whom the loans have been granted by the Company, as referred to in paragraph 4(iii)(a) above, have been regular in repayment of principal amount as stipulated and have been regular in payment of interest where charged. (d) According to the information and explanations given to us, there are no overdue amounts in respect of the loans granted as referred to in paragraph 4(iii)(a) above and interest thereon where charged. (e) According to the information and explanations given to us, unsecured loans taken by the Company from companies, firms or other parties covered in the register maintained under section 30I of the Companies Act, 1956, are by way of fixed deposits aggregating Rs. 0.11 crore (maximum amount outstanding during the year Rs 0.11 crore) from a director and his relative, which is outstanding as at the year end. (f) In our opinion, the rate of interest and other terms and conditions of unsecured loan taken by the Company are not, prima facie, prejudicial to the interest of the Company. (g) In our opinion, the Company is regular in payment of the principal amount and the interest thereon. (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 with regard to purchases of inventory and fixed assets and the sale of goods and services. During the course of our audit, we have not observed any major weakness in such internal control system. (v) In respect of contracts or arrangements entered in the Register maintained in pursuance of Section 301 of the Companies Act, 1956, to the best of our knowledge and belief and according to the information and explanations given to us: (a) The particulars of contracts or arrangements referred to Section 301 that needed to be entered in the Register maintained under the said Section have been so entered. (b) Where each of such transaction is in excess of Rs.5 lakhs in respect of any party, the transactions have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time. (vi) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of section 58A, section 58AA or any other relevant provisions of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975, with regard to the deposits accepted from the public. As per information and explanations given to us, no order under the aforesaid sections has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal on the Company. (vii) In our opinion, the internal audit functions carried out during the year by the Company and the firms of Chartered Accountants appointed by the Management have been commensurate with the size of the Company and the nature of its business. (viii) We have broadly reviewed the books of account maintained by the Company in respect of products where, pursuant to the Rules made by the Central Government, the maintenance of cost records has been prescribed 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. We have not, however, made a detailed examination of the records with a view to determining whether they are accurate or complete. (ix) (a) According to the information and explanations given to us and the records of the Company examined by us, the Company has generally been regular in depositing undisputed statutory dues including provident fund, investor education protection fund, employees'' state insurance, income-tax, sales tax, wealth tax, service tax, customs duty, excise duty, cess and other material statutory dues applicable to it. We are informed that there are no undisputed statutory dues as at the year end outstanding for a period of more than six months from the date they became payable. (b) According to the information and explanations given to us and the records of the Company examined by us, there are no disputed dues of wealth tax, customs duty and cess matters. According to the information and explanations given to us and the records of the Company examined by us, the details of disputed dues not paid of excise duty, service tax, income tax and sales tax dues as at March 31, 2011 are as follows: (xiii) In our opinion and according to the information and explanations given to us, the term loans taken during the year have been applied for the purpose for which they were obtained. (xiv) According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, we report that short term funds have not been used to finance long term investments. (xv) As the Company has not made any preferential allotment of shares during the year, paragraph 4 (xviii) of the Order is not applicable. (xvi) According to information and explanations given to us, no security has been created for debentures issued during the year since they are unsecured. (xvii) Since, the Company has not raised any money by way of public issue during the year, paragraph 4 (xx) of the Order is not applicable. (xviii) To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company and no fraud on the Company has been noticed or reported during the year. Nature of the Nature of Forum where Amount* Amount paid Period to which the statute the dues pending (Rs. in under protest amount relates Crores) (Rs. in Crores) Central Excise Law Excise duty Appellate aut hority up 17.51 0.32 1995-96, 2002- 03, 2003-04, to Commissioners'' level 2004-05, 2005- 06, 2006-07, 2007-08, 2008- 09, 2009-10 Central Excise and 4.26 0.92 1997-98, 2005- 06, 2006-07 Service Tax App ellate Tribunal 2007-08, 2008- 09, 2009-10 Finance Act, 1994 Service Tax Appellate autho rity up 0.11 - 2007-08,2008- 09, 2009-10 to Commission ers'' level 2010-11 Central Excise and 2.15 0.02 2005-06, 2006- 07, 2007-08, Service Tax Appe llate Tribunal 2008-09 Income Tax Act, 1961 Income tax Appellate autho rity up to 2.57 2.57 2006-07, 2007- 08 Commissioners level Sales Tax Laws Sales tax Appellate autho rity up to 2.58 0.83 1983-84,1994- 95, Commissioners'' level 2000-01, 2001- 02, Appellate Tribunal 0.27 0.14 2007-08, 2008- 09 * amount as per demand orders including interest and penalty wherever quantified in the Order. (x) According to the records of the Company examined by us and the information and explanations given to us, the Company, during the year, has not defaulted in repayment of dues to financial institutions, banks and debenture holders. (xi) As the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities, paragraph 4 (xii) of the Order is not applicable. (xii) As the Company has not given any guarantees during the year for loans taken by others from banks or financial institutions, paragraph 4 (xv) of the Order is not applicable. For DELOITTE HASKINS & SELLS Chartered Accountants (Registration No. 015125 N) Jaideep Bhargava Gurgaon Partner Date : May 6, 2011 Membership No.: 90295