Moneycontrol
Get App
SENSEX NIFTY
you are here:

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

Mar 30, 16:00
130.00 -3.35 (-2.51%)
Volume
AVERAGE VOLUME
5-Day
3,933
10-Day
18,707
30-Day
10,842
1,983
  • Prev. Close

    133.35

  • Open Price

    130.00

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Mar 30, 15:50
130.60 -2.85 (-2.14%)
Volume
AVERAGE VOLUME
5-Day
64,859
10-Day
68,341
30-Day
66,983
18,442
  • Prev. Close

    133.45

  • Open Price

    132.80

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

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

Auditor's Report

Report on the Financial Statements We have audited the accompanying financial statements of Everest Industries Limited (the Company), which comprise the Balance Sheet as at 31 March, 2014, 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 Management is responsible 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 notified under the Companies Act, 1956 (the Act) (which continue to be applicable in respect of Section 133 of the Companies Act, 2013 in terms of General Circular 15/2013 dated 13 September, 2013 of the Ministry of Corporate Affairs) and in accordance with the accounting principles generally accepted in India. 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. Auditors'' Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on 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. 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 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, but not for the purpose of expressing an opinion on the effectiveness of the Company''s internal control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Management, 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. 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: (a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31 March, 2014; (b) in the case of the Statement of Profit and Loss, of the profit of the Company for the year ended on that date; and (c) in the case of the Cash Flow Statement, of the cash flows of the Company for the year ended on that date. Emphasis of Matter We draw attention to Note 2.31 to the financial statements wherein it is mentioned that the managerial remuneration for the year is in the excess of the limits of the Companies Act, 1956 by Rs.282 lakhs and is subject to approval of shareholders and Central government. Our opinion is not qualified in respect of this matter. Report on Other Legal and Regulatory Requirements 1. As required by the Companies (Auditor''s Report) Order, 2003 (the Order) issued by the Central Government in terms of Section 227(4A) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order. 2. 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 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 Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement comply with the Accounting Standards notified under the Act (which continue to be applicable in respect of Section 133 of the Companies Act, 2013 in terms of General Circular 15/2013 dated 13 September, 2013 of the Ministry of Corporate Affairs). (e) On the basis of the written representations received from the directors as on 31 March, 2014 taken on record by the Board of Directors, none of the directors is disqualified as on 31 March, 2014 from being appointed as a director in terms of Section 274(1 )(g) of the Act. ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT (Referred to in paragraph 1 under ''Report on Other Legal and Regulatory Requirements'' section of our report of even date) i. Having regard to the nature of the Company''s business/ activities/ results during the year, clauses (xii), (xiii), (xiv), (xviii), (xix) and (xx) of paragraph 4 of the Order are not applicable to the Company. ii. In respect of its fixed assets: a. The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. b. The Company has a programme of verification of fixed assets to cover all the items in a phased manner over a period of three years which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. Pursuant to the programme, certain fixed assets were physically verified by the Management during the year. According to the information and explanations given to us no material discrepancies were noticed on such verification. 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. iii. In respect of its inventory: a. As explained to us, the inventories were physically verified during the year by the Management at reasonable intervals. 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. In our opinion and according to the information and explanations given to us, the Company has maintained proper records of its inventories and no material discrepancies were noticed on physical verification. iv. The Company has neither granted nor taken any loans, secured or unsecured, to/from companies, firms or other parties covered in the Register maintained under Section 301 of the Companies Act, 1956. v. 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 for the 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. vi. To the best of our knowledge and belief and according to the information and explanations given to us, there are no contracts or arrangements that needed to be entered in the Register maintained in pursuance of Section 301 of the Companies Act, 1956. vii. According to the information and explanations given to us, the Company has not accepted any deposit from the public during the year. viii. In our opinion, the Company has an adequate internal audit system commensurate with the size and the nature of its business. ix. We have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost Accounting Records) Rules, 2011 prescribed by the Central Government under Section 209(1)(d) of the Companies Act, 1956 and are of the opinion that, prima facie, the prescribed cost records have been made and maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete. x. According to the information and explanations given to us in respect of statutory dues: a. The Company has generally been regular in depositing undisputed statutory dues, including Provident Fund, Investor Education and 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. b. There were no undisputed amounts payable in respect of Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and other material statutory dues in arrears as at 31 March, 2014 for a period of more than six months from the date they became payable. c. Details of dues of Income-tax, Sales Tax, Service Tax and Excise Duty which have not been deposited as on 31 March, 2014 on account of disputes are given below: Name of Nature of Forum where dispute Period to which Amount Statute dues is pending the amount Involved relates (Rs. Income Tax Act, Demand on account of Commissioner of Income 2006 to 2009 and 3,326.04 1961 disallowan -ces of certain claims Tax Appeals 2010-11 Assistant Commissioner 2006-07 13.03 Appellate Tribunal 2003-04 86.13 3,425.20 Sales Tax Laws Demand on account of non- Commissioner Appeals 1997-98 and 610.86 collection of statutory forms etc. 2000-2012 Appellate Tribunal 1997to1999, 129.64 2000 to 2002, 2004-05, 2007-08 and 2009 to 11 Joint Commissioner 1999 to 2001 and 12.25 2009-10 Assistant Commissioner 1994-95 15.97 and 2000 to 2001 Deputy Commissioner 2010-11 0.40 Demand on account of stock Madras High Court 1990-91, 1998-99 422.34 transfers being considered as local and 2013-14 sales Demand on account of stock Appellate Tribunal 1994 to 1998 915.99 transfers being considered as inter- state sales 2,107.45 The Central Excise Demand on account of wrong Deputy 2008 to 2010 and 12.50 availment of Cenvat credit Commissioner 2011 to 2013 Joint Commissioner 2006to2010 14.29 Assistant 2006 to 2012 10.84 Commissioner Additional 2007 to 2012 34.55 Commissioner Commissioner 2004 to 2006 and 304.11 2007 to 2014 Commissioner 2006 to 2013 14.04 Appeals Superintendent (Audit) 2008-2009 18.04 Adjudication officer 2008-09 11.28 Demand of duty under Section 11D Appellate Tribunal 1992 to 1996 2,462.40 of the Central Excise Act, 1944 2,882.05 There are no dues in respect of Wealth Tax, Customs Duty and Cess which have not been deposited as on 31 March, 2014 on account of disputes. xi. The Company does not have any accumulated losses at the end of the financial year. The Company has not incurred cash losses during the financial year covered by our audit and in the preceding financial year. xii. In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of dues to banks. The Company has not taken any loans from financial institutions nor has it issued any debentures. xiii. 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. xiv. In our opinion and according to the information and explanations given to us, the term loans have been applied by the Company during the year for the purposes for which they were obtained. xv. In our opinion and according to the information and explanations given to us, and on an overall examination of the Balance Sheet of the Company, we report that funds raised on short-term basis have, prima facie, not been used during the year for long-term investment. xvi. To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company and no material fraud on the Company has been noticed or reported during the year. For Deloitte Haskins & Sells Chartered Accountants (Firm''s Registration No. 015125N) Alka Chadha (Partner) MUMBAI, 30 April, 2014 (Membership No. 93474)