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Electrosteel Steels Ltd.

BSE: 533264 | NSE: ELECTROSL | Series: NA | ISIN: INE481K01021 | SECTOR: Steel - Medium & Small

BSE Live

Dec 12, 15:43
31.05 0.00 (0.00%)
Volume
No Data Available
17,202
  • Prev. Close

    31.05

  • Open Price

    31.05

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    31.05 (26106)

Electrosteel Steels is not traded on BSE in the last 30 days

NSE Live

Dec 12, 15:59
31.00 0.00 (0.00%)
Volume
No Data Available
56,394
  • Prev. Close

    31.00

  • Open Price

    31.00

  • Bid Price (Qty.)

    31.00 (335)

  • Offer Price (Qty.)

    0.00 (0)

Electrosteel Steels is not traded on NSE in the last 30 days

Annual Report

For Year :
2018 2017 2016 2015 2014 2013 2012 2011

Auditor's Report

1. We have audited the attached Balance Sheet of ELECTROSTEEL STEELS LIMITED as at 31st March, 2012 and also the Profit & Loss Account and the Cash Flow Statement for the year ended on that date annexed thereto in which are incorporated the accounts of the representative office at China. 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 have conducted our audit in accordance with 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 statements. 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 bel ieve that our audit provides a reasonable basis for our opinion. 3. As required by the Companies (Auditor''s Report) Order, 2003 (as amended) issued by the Central Government of India in terms of Sub-Section (4A) of Section 227 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 above and also in the Annexure referred to above, we report that: (i) 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; (ii) 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 purposes of our audit have been received from the representative office; (iii) The Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account; (iv) In our opinion, the Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in Sub-Section (3C) of section 211 of the Companies Act, 1956. (v) On the basis of written representations received from the Directors, as on 31st March, 2012, and taken on record by the Board of Directors, we report that none of the Directors is disqualified from being appointed as a Director in terms of Clause (g) of Sub-Section (1) of Section 274 of the Companies Act, 1956; (vi) We have relied upon the management''s representation relating to the disclosures in the financial statements regarding (a) segment reporting (Note 26); (b) related party disclosures (Note 27); (c) dues to Micro, Small & Medium Enterprises (Note 32) and (d) reconciliation and confirmation of balance of trade payables and loans and advances (Note 36). (vii) In our opinion, and to the best of our information and according to the explanations given to us, the said accounts, together with the notes thereon, 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: (a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2012; (b) in the case of the Profit & Loss Account, of the loss for the year ended on that date; (c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date. ANNEXURE TO THE AUDITORS'' REPORT Referred to in paragraph 3 of our report of even date (i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (b) As explained to us, all the fixed assets have been physically verified by the management in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such verification. (c) As per the information and explanations given to us, the Company has not disposed off a substantial part of fixed assets during the period so as to affect its going concern status. (ii) (a) As informed to us, a part of the inventory has been physically verified by the management during the year. In our opinion, the frequency of such verification is reasonable. (b) As per the information given to us, the procedures of physical verification of inventories followed by the management, in our opinion, 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. As explained to us, the discrepancies noticed on verification between the physical stocks and the book records were not material and the same have been properly dealt with in the books of account. (iii) According to the information and explanations given to us, the Company has neither granted nor taken any loan secured or unsecured to/from companies, firms or parties covered in the register maintained under Section 301 of the Companies Act, 1956. Accordingly, paragraph 4(iii) of the Companies (Auditors'' Report) Order, 2003 is 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 for the purchase of inventory, fixed assets and with regard to sale of goods. During the course of our audit, we have neither observed nor have been informed of any major weaknesses in the said internal control system. (v) (a) According to the information and explanations given to us, we are of the opinion that the transactions that need to be entered in the register maintained under Section 301 of the Companies Act, 1956 have been so entered. (b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 and exceeding the value of rupees five lacs in respect of any party during the period under audit, have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time. (vi) No deposits within the meaning of Section 58A, 58AA or any other relevant provisions of the Companies Act, 1956 and the rules framed there under have been accepted by the Company. (vii) The Company has an internal audit system commensurate with the size and nature of the Company. (viii) As informed to us, the Company has made and maintained cost records as prescribed by the Central Government under Section 209(1)(d) of the Act. We have not made a detailed examination of such records. However, we have broadly reviewed the records maintained and are of the opinion, that prima facie, the prescribed accounts and records have been maintained. (ix) (a) According to the records of the Company examined by us, in our opinion, the Company is 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 with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of statutory dues as aforesaid were outstanding, as at 31 March 2012 for a period of more than six months from the date they became payable. (b) According to the information and explanations given to us, there are no dues of sales tax, income tax, customs duty, wealth tax, service tax, excise duty and cess which have not been deposited on account of any dispute, except Name of the statute Nature of Year Amount Forum where dispute dues (Rs. Lacs) is pending Central Sales Tax Sales Tax (*) 2010-11 78.39 Jharkhand Sales Tax Tribunal Act, 1956 (*) A sum of Rs 35.20 lacs has been deposited by the Company. (x) In our opinion, the accumulated losses of the Company are not more than fifty percent of its net worth. The Company has incurred cash loss during the financial year covered by our audit and also in the immediately preceding financial year. (xi) As per our audit procedures and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to financial institutions or banks as at the Balance Sheet date. (xii) 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. (xiii) The Company is not a chit fund or a nidhi/mutual benefit fund/society. (xiv) In our opinion and according to the information and explanations given to us, the Company is not a dealer or trader in shares, securities, debentures and other investments. (xv) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions during the period under audit. (xvi) According to the information and explanations given to us, in our opinion, the term loans raised were, prima facie, either utilized for the purposes for which they were obtained and repayment of such loans or pending utilization, been temporarily invested in Mutual Funds and Term Deposits with Banks. (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)The Company has not made any preferential allotment of shares during the year to parties and companies covered in the Register maintained under Section 301 of the Act. (xix) The Company has not issued any debentures during the period under audit. (xx) The Company has not raised any money by public issue during the period under audit. (xxi) According to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the year. B Chhawchharia & Co. Firm Registration No.: 305123E Chartered Accountants Vikram Dhanania Place : Kolkata Partner Date : May 8, 2012 Membership No. 060568