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Everest Industries Ltd.

BSE: 508906 | NSE: EVERESTIND |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE295A01018 | SECTOR: Cement - Products & Building Materials

BSE Live

Apr 09, 16:00
163.60 21.50 (15.13%)
Volume
AVERAGE VOLUME
5-Day
1,796
10-Day
2,864
30-Day
10,475
6,639
  • Prev. Close

    142.10

  • Open Price

    145.15

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Apr 09, 15:52
166.80 25.95 (18.42%)
Volume
AVERAGE VOLUME
5-Day
28,208
10-Day
30,829
30-Day
60,831
119,901
  • Prev. Close

    140.85

  • Open Price

    144.95

  • Bid Price (Qty.)

    166.80 (1)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
2019 2018 2017 2016 2015 2014 2013 2012 2011

Auditor's Report

1. We have audited the attached Balance Sheet of Everest Industries Limited, as at 31 March, 2007, 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 on the Companys Management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We 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 misstatements. 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 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 (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 enclose in the Annexure a statement on the matters specified in paragraphs 4 & 5 of the said order. 4. Further to our comments in the Annexure referred to 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 purpose 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; 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 the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956; e) 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 31 March, 2007; ii. in the case of the Profit and Loss Account, of the profit 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. 5. On the basis of the written representations received from the directors, as on 31 March, 2007, and taken on record by the Board of Directors, we report that none of the directors are disqualified as on 31 March, 2007, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956. iii. The Company has not granted or taken any loans, secured or unsecured, to or from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Accordingly, the provisions of clause 4(iii) of the Order are not applicable to the Company. iv. In our opinion and according to the information and explanations given to us, there is adequate internal control system commensurate with the size of the Company and the nature of its business for purchase of inventory and fixed assets and for sale of goods and services. v. Based on the examination of the books of account and related records and according to the information and explanations provided to us, there are no contracts or arrangements with companies, firms or other parties which need to be listed in the register maintained under Section 301 of the Companies Act, 1956. vi. The Company has not accepted any deposits from the public, within the meaning of Sections 58A and 58AA or any other relevant provisions of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975. vii. In our opinion the Company has an adequate internal audit system commensurate with the size of the Company and nature of its business. viii. According to the information and explanations given to us, the Central Government has not prescribed maintenance of cost records under clause (d) of sub-section (1) of Section 209 of the Companies Act, 1956 for the Company. ix. According to the information and explanations given to us and the records of the Company examined by us : a. the Company has generally deposited its statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty and Cess within the prescribed time with the appropriate authorities during the year and that there are no undisputed amounts payable in respect of these dues which have remained outstanding as at 31 March, 2007 for a period of more than six months from the date they became payable. b. Dues of Sales Tax, Income Tax Act, Central Excise Act and Service Tax have not been deposited on account of various disputes as follows: Nature of Dues Amount Period to which Forum where the dispute is pending (RsAakhs) the amount relates Sales Tax 341.77 1979-2003 Commissioner Appeals (See Note a) 16.95 1998-2002 Appellate Tribunal (See Note a) 486.30 1988-1999 High Court(See Note b) 2,830.10 1994-1999, Supreme Court (See Note b) 1979-1980 Income Tax 1,627.11 2003-04, Appellate Tribunal (See Note c) 2004-05 Central Excise 2.34 1995-97 Commissioner Appeals 2,462.40 1992-96 Appellate Tribunal (See Note d) Service Tax 15.65 2005-06 Appellate Tribunal (See Note e) Notes: a. Demand on account of non collection of statutory forms etc. b. Demand on account of stock transfers being considered as inter state sales and sales tax on sale of gunny bags used for fly ash. c. Demand on account of disallowances of certain claims. Amount paid/ adjusted Rs.1,073.66 lacs against this demand. d. Demand of duty under section 11D of the Central Excise Act, 1944. e. Demand of service tax on freight payments. x. The Company does not have any accumulated losses nor has incurred any cash losses during the current and the immediately preceding financial year. XI. Based on the examination of the books of account and related records and according to the information and explanations provided to us, the Company has not defaulted in repayment of dues to the banks. The Company has not taken any loans from financial institutions nor has it issued any debentures. 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. Accordingly, the provisions of clause 4(xii) of the Order are not applicable to the Company. XIII. In our opinion and according to the information and explanations given to us, the Company is not a chit fund or a nidhi/mutual benefit fund/society. Accordingly, provisions of clause 4(xiii) of the Order are not applicable to the Company. XIV. In our opinion and according to the information and explanations given to us, the Company is not dealing in shares, securities and debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Order are not applicable to the Company. 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. xvi. According to the information and explanations given to us and the records of the Company examined by us, the terms loans obtained by the Company have been applied during the year for the purpose for which they were obtained. xvii. According to the information and explanations given to us, and on an overall examination of the Balance Sheet of the Company, funds raised on short term basis have prima facie, not been utilized for long term investment. xviii. According to the information and explanations given to us, the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Companies Act, 1956. xix. According to the information and explanations given to us, the Company has not issued any debentures during the period covered by our report. Accordingly, the provisions of clause (xix) of the Order are not applicable to the Company. xx. The Company has not raised any money by way of public issues during the year. xxi. According to the information and explanations given to us and to the best of our knowledge and belief, no fraud on or by the Company has been noticed or reported during the year. For DELOITTE HASKINS & SELLS Chartered Accountants JITENDRA AGARWAL Mumbai Partner 23 April, 2007 (Membership No. 87104)