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

Apr 03, 16:00
130.00 -1.35 (-1.03%)
Volume
AVERAGE VOLUME
5-Day
2,644
10-Day
11,168
30-Day
10,566
3,279
  • Prev. Close

    131.35

  • Open Price

    129.00

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Apr 03, 15:54
130.30 -0.80 (-0.61%)
Volume
AVERAGE VOLUME
5-Day
27,212
10-Day
58,600
30-Day
64,094
21,832
  • Prev. Close

    131.10

  • Open Price

    130.00

  • Bid Price (Qty.)

    130.30 (24)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

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

Auditor's Report

We have audited the accompanying standalone financial statements of Everest Industries Limited (the Company), which comprise the Balance sheet as at 31 March, 2015, the statement of profit and Loss, 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 standalone Financial statements The company''s Board of Directors is responsible for the matters stated in section 134(5) of the companies Act, 2013 (the Act) with respect to the preparation of these standalone 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 under section133 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 true and fair view and are free from material misstatement, whether due to fraud or error. Auditor''s Responsibility Our responsibility is to express an opinion on these standalone financialstatements 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 thereunder. We conducted our audit in accordance with the standards on Auditing specified under section 143(10) of the Act. 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 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 effectiveness of such controls. An audit also includes evaluating the appropriateness of the 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 standalone financial statements. Opinion In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone 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 31 March, 2015, and its profit 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 in terms of section 143(11) 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 fort he 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 standalone financial statements comply with the Accounting standards specified under section 133 of the act, read with Ruie 7 of the companies(Accounts) rules, 2014. (e) On the basis of the written representations received from the directors as on 31 March, 2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31 march, 2015 from being appointed as a director in terms of section164 (2)of the act. (f) with respect tot he 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. the company has disclosed the impact of pending litigations on its financial position in its financial statements- refer Note 2.25 to the financial statements. ii. the company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses. iii. there has been node lay in transferring amounts, required to be transferred, to the Investor Education and protection Fund by the company. 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. 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 program 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 program, 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. ii. In respect of its inventories: 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. iii. the company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the Register maintained under section 189 of the companies act, 2013. 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 for the purchase of inventory and fixed assets and for 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. according to the information and explanations given to us, the company has not accepted any deposit during the year. vi. we have broadly reviewed the cost records maintained by the company pursuant to the companies (cost records and audit) rules, 2014, as amended and prescribed by the central Government under section 148 (1) of the companies act, 2013, 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. vii. 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, Employees'' state Insurance, Income-tax, sales tax, wealth tax, service tax, customs duty, Excise duty, value added tax, cess and any other material statutory dues applicable to it with the appropriate authorities. b. there were no undisputed amounts payable in respect of provident Fund, Employees'' state Insurance, Income-tax, sales tax, wealth tax, service tax, customs duty, Excise duty, value added tax, cess and any other material statutory dues in arrears as at 31 march, 2015 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, 2015 on account of disputes are given below: Name of Nature of Forum where Period to Amount statute dues dispute is which the involved pending amount (Rs./Lakhs) relates Income tax Act, 1961 demand on commissioner of 2006 506.24 account of to 2008 disallowances of certain claims Income tax appeals appellate tribunal 2003-04 99.16 and 2006-07 deputy commissioner 2007 to 2009 and 1,123.22 2011-12 Income tax 2012 to Officer 2014 103.79 1,832.41 sales tax Demand on commissioner 1997-98, 305.74 Laws account of appeals 2000-2003, non- collection of statutory forms etc. 2006-07and 2010-11 appellate Tribunal 1997 to 1999, 49.58 2000-01, 2004-05, 2007-08, 2009 to 2012 Joint 1999 to 2001 15.08 commissioner and 2009 to 2011 Assistant 1994-95 0.47 commissioner Joint 2009 to 2012 103.72 commissioner (appeal) additional 2011 to 2013 62.08 commissioner demand on account of stock madras High transfers court 1990-91, being 1998-99 and 422.68 considered as 2013-14 local sales demand on account of stock appellate tribunal 1997-98 241.82 transfers being considered as central inter-state sales 1994 to1996 676.08 sales tax appellate authority demand on account of Appellate Tribunal 2011-12 159.83 understatement of sales/ purchase 2,037.08 the central Excise demand on act, 1944 account of wrong deputy availment of commissioner 2009 to2010 cenvat credit and 2011 8.12 to 2014 Joint commissioner 2006 to2010 14.29 assistant 2006 to2012 11.54 commissioner additional 2007 to2012 34.55 commissioner commissioner 2004 to 2006 and 513.79 2007-2015 commissioner appeals 2006 to2013 37.69 demand of duty under section appellate tribunal 1992 to 1996 2,462.40 11D of the central Excise act, 1944 demand on account of wrong appellate tribunal 2008-09 24.83 availment of cenvat credit 3,107.21 there are no dues in respect of wealth tax, customs duty, value added tax and cess which have not been deposited as on 31 march, 2015 on account of disputes. d. the company has been generally regular in transferring amounts to the Investor Education and protection Fund in accordance with the relevant provisions of the companies act, 1956 (1 of 1956) and Rules made thereunder within time. viii. The Company does not have accumulated losses at the end of the financial year and the Company has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year. ix. 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. x. According to the information and explanations given to us, the company has not given guarantees for loans taken by others from banks and financial institutions. accordingly, the provisions of clause 3(x) of the Order are not applicable to the company. xi. 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, other than temporary deployment pending application. xii. 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 (Membership No. 93474) Mumbai, 22 april, 2015