you are here:

Deccan Bearings Ltd.

BSE Live

Oct 22, 16:00
6.23 0.00 (0.00%)
Volume
AVERAGE VOLUME
5-Day
82
10-Day
60
30-Day
40
10
  • Prev. Close

    6.23

  • Open Price

    6.23

  • Bid Price (Qty.)

    6.23 (48)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Dec 27, 11:22
NT* 0.00 (0.00%)
Volume
No Data Available
0
  • Prev. Close

    -

  • Open Price

    -

  • Bid Price (Qty.)

    - (0)

  • Offer Price (Qty.)

    - (0)

Deccan Bearings 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 Deccan Bearings Limited (the Company), which comprise the balance sheet as at 31st March 2015, the statement of profit and loss and the cash flow statement for the year then ended, and a summary of the significant accounting policies and other-explanatory information. Management''s Responsibility for the Financial Statements The Company''s Board of Directors is responsible for the matter stated in section 134(5) of the Companies Act, 2013 (the Act) with respect to the preparation and presentation 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 principles generally accepted in India, including the Accounting Standards specified u/s. 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a hue and fair view and are free from material misstatement, whether due to fraud or error. Auditors'' Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under. We conducted our audit in accordance with the Standards on Auditing specified u/s. 143(10) of the Act. Those Standards require that we comply with the 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 the 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 the internal financial control relevant to the Company''s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating the effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, 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 on the financial statements. Opinion In our opinion and to the best of our information and according to the explanations given to us, the aforesaid 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, of the state of affairs of the Company as at 31st March 2015 and its loss and its cash flows for the year ended on that date. Report on Other Legal and Regulatory Requirements 1. As required by the Companies (Auditor''s Report) Order, 2015(the Order) issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable. 2. As required by Section 143(3) of the Act, we report that: (a) We have sought and 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 statement of profit and loss, and the cash flow statement dealt with by this Report are in agreement with the books of account; (d) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified u/s. 133 of the Act, read with the Rule 7 of the Companies (Accounts) Rules, 2014; (e) On the basis of the written representations received from the directors as on 31st March, 2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2015 from being appointed as a director in terms of section 164 (2) of the Act; and (f) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us; (i) There are no pending litigations hence no impact on financial position in its financial statements; (ii) The Company did not have any long term contracts including derivative contracts for which there were any material foreseeable losses; (iii) According to the information and explanations given to us, no amounts are required to be transfer to the Investor Education and Protection Fund. Annexure referred to in our Independent Auditor''s Report to the Members of Company on the financial statements for the year ended March 31,2015, we report that: 1] (a) The Company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets. (b) As per the information and explanations given to us, the management at reasonable intervals carries out the physical verification of the fixed assets. The discrepancies noticed on such verification, which were not material, have been appropriately dealt with in the accounts. 2] (a) As per the information and explanations given to us, the inventories have been physically verified during the year by the management. In our opinion, having regard to the nature and location of stocks, the frequency of the physical verification is reasonable. (b) In our opinion and according to the information and explanations given to us, 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) In our opinion, the Company is maintaining proper records of inventory and the discrepancies noticed on physical verification of the same were not material in relation to the operations of the Company and the same have been properly dealt with in the Books of Accounts. 3] The Company has not granted any loans, secured or unsecured to companies, firms or other parties covered under register maintained under section 189 of the Act. 4] In our opinion and according to the information and explanation given to us, there are adequate internal procedures commensurate with the size of the Company and the nature of its business with regard to purchase of inventory and fixed assets and for the sale of goods & services. During the course of our audit no major weakness has been noticed in the internal controls. 5] In our opinion and according to the information and explanation given to us the Company has complied with the Section 73 and 74 of the Act and the rules framed there under, to the extent notified. 6] In our opinion and according to the explanation given to us, the Rules made by the Cental Government for the maintenance of cost records under subsection (1) of section 148 of the Companies Act, 2013, does not apply in respect of Company''s Business. 7] (a) According to the information and explanations given to us, and on the basis of our examination of the books of account, the Company has been generally regular in depositing with appropriate authorities undisputed statutory dues including provident fund, income-tax, sales-tax, customs duty, wealth tax, service tax and excise duty and cess and other material statutory dues. (b) There were no undisputed amount payable in respect of provident fund, income-tax, sales-tax, customs duty, wealth tax, service tax and excise duty and cess, material statutory dues in arrears as on 31st march, 2015 for a period more than six months from the date they became payable. (c) According to the information and explanations given to us, there are no dues in respect of sales tax, income tax, customs duty, wealth tax, excise duty, and cess which have not been deposited with the appropriate authorities on account of any dispute. (d) According to the information and explanations given to us, no amounts are required to be transfer to the Investor Education and Protection Fund. 8] The Company''s accumulated losses at the end of financial year have not exceeded the net worth of the Company and the Company has incurred cash losses in the current financial year and has not incurred cash loss in the immediately previous financial year. 9] Based on the information and explanations given to us, the Company has not defaulted in repayment of any dues to financial institutions and banks. 10] According to the information and explanation given to us, the Company has not given any guarantees for loans taken by others from Bank or Financial Institutions. 11] In our opinion and according to the information and explanation given to us, the term loans have been applied for the purpose for which they were raised. 12] As per the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year. For D.V. VORA & Co. Chartered Accountants FRN 111624W Sd/- Date: 5th June,2015 (D.V. Vora) Place: Mumbai Partner M.No. 30013