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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

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BSE Live

Mar 27, 16:00
132.35 -4.05 (-2.97%)
Volume
AVERAGE VOLUME
5-Day
7,615
10-Day
20,016
30-Day
10,833
4,180
  • Prev. Close

    136.40

  • Open Price

    141.00

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Mar 27, 15:50
133.45 -3.90 (-2.84%)
Volume
AVERAGE VOLUME
5-Day
84,054
10-Day
72,693
30-Day
67,744
34,223
  • Prev. Close

    137.35

  • Open Price

    142.00

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    133.45 (52)

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 standalone financial statements of EVEREST INDUSTRIES LIMITED (the Company”), which comprise the Balance Sheet as at March 31, 2017, the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the 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 accounting principles generally accepted in India, including the Accounting Standards specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 and the Companies (Accounting Standards) Amendment Rules, 2016. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of 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 the design, implementation and maintenance of adequate internal financial control 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 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, issued by the Institute of Chartered Accountants of India, as 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 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. 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 are 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 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 March 31, 2017, 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, 2016 (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 1 a statement on the matters specified in paragraphs 3 and 4 of the Order.

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 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 it appears from our examination of those books;

c. The Balance Sheet, Statement of Profit and Loss, and 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 Rule 7 of the Companies (Accounts) Rules, 2014 and the Companies (Accounting Standards) Amendment Rules, 2016;

e. On the basis of written representations received from the directors as on March 31, 2017, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2017, from being appointed as a director in terms of section 164 (2) of the Act;

f. With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in Annexure A” to this report;

g. 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. The Company has disclosed the impact of pending litigations on its financial position in its financial statements - Refer Note 2.24 to the standalone 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 no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

iv. The Company has provided requisite disclosures in Note 2.48 to these standalone financial statements as to the holding of Specified Bank Notes on November 8, 2016 and December 30, 2016 as well as dealings in Specified Bank Notes during the period from November 8, 2016 to December 30, 2016. Based on our audit procedures and relying on the management representation regarding the holding and nature of cash transactions, including Specified Bank Notes, we report that these disclosures are in accordance with the books of accounts maintained by the Company and as produced to us by the Management.

Re: EVEREST INDUSTRIES LIMITED (The Company) i. In respect of 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 verifying fixed assets once in 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.

c. According to the information and explanations given by the management, the title deeds of immovable properties included in property, plant and equipment/ fixed assets are held in the name of the company.

ii. The management has conducted physical verification of inventory at reasonable intervals during the year and no material discrepancies were noticed on such physical verification.

iii. According to the information and explanations given to us, the Company has not granted any loans, secured or unsecured to companies, firms, Limited Liability Partnerships or other parties covered in the register maintained under section 189 of the Companies Act, 2013. Accordingly, the provisions of clause 3(iii)(a), (b) and (c) of the Order are not applicable to the Company.

iv. In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Section 186 of Companies Act, 2013 in respect of making investments. However, the Company has not granted any loans or provided any guarantees and securities.

v. According to the information and explanations given to us, the Company has not accepted any deposits from the public.

vi. We have broadly reviewed the books of account maintained by the Company pursuant to the rules made by the Central Government for the maintenance of cost records under section 148(1) of the Companies Act, 2013 and are of the opinion that prima facie, the specified accounts and records have been made and maintained. We have not, however, made a detailed examination of the same.

vii. According to the information and explanations given to us :

a. The Company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, employees'' state insurance, income-tax, sales-tax, service tax, duty of custom, duty of excise, value added tax, cess and other statutory dues applicable to it.

b. There are no undisputed amounts payable in respect of provident fund, employees'' state insurance, income-tax, service tax, sales-tax, duty of custom, duty of excise, value added tax, cess and other statutory dues were outstanding, at March 31, 2017, for a period of more than six months from the date they became payable.

c. The dues of income-tax, sales-tax, service tax, duty of custom, duty of excise, value added tax and cess on account of any dispute, are as follows:

(Rs. In Lakhs)

Name of the applicable Act

Nature of dues

Forum where the dispute is pending

Period to which the amount relates

Amount

involved

Amount

Paid

Amount

unpaid

Income Tax Act, 1961

Demand on account of disallowance of certain claims

Appellate Tribunal

2003-2004, 2004-2005 and 2006-2007

342.36

256.20

86.16

Commissioner of Income Tax Appeals

2005-2006, 2006-2007, 2009-2010, 2010-2011, 2011-2012, 2012-2013 and 2013-2014

1658.88

1658.88

Total

2001.24

1915.08

86.16

The Central Excise Act, 1944

Demand on account of wrong availment of cenvat credit

Assistant

Commissioner

2005 to 2014, 2015-2016

6.30

-

6.30

Commissioner

2007-08 to 2014-15

464.93

-

464.93

Commissioner (Appeals)

2006-07 to 2011-12

242.64

0.35

242.29

Deputy Commissioner

2009-10 and 2012-13

0.56

-

0.56

Joint Commissioner

2009-10

14.29

-

14.29

Additional

Commissioner

2010-11, 2011-12 and 2015-16

52.16

-

52.16

Appellate Tribunal

2008-09 and 2009-10

33.26

4.38

28.88

Demand of duty under Section 11D of the Central Excise Act,1944

Appellate Tribunal

1992 to 1996

2,462.40

2,462.40

Total

3,276.54

4.73

3,271.81

Name of the applicable Act

Nature of dues

Forum where the dispute is pending

Period to which the amount relates

Amount

involved

Amount

Paid

Amount

unpaid

Sales Tax Laws

Demand on account of non-collection of statutory forms etc.

Appellate Tribunal

1997 to 1999, 20002001, 2007-08, 2010-12

21.05

-

21.05

Assistant Commissioner

1994-95

0.47

-

0.47

Joint Commissioner

1999-2001, 2007-08 to 2014-15

119.68

36.36

83.32

Commissioner (Appeal)

1997-1998, 2000-2003 and 2006-07

26.07

1.59

24.48

Joint Commissioner (Appeals)

2009-10, 2010-11 and 2011-12

158.62

63.42

95.20

Additional

Commissioner

2012-13, 2013-14 and 2014-15

390.15

40.57

349.58

Demand on account of purchase tax on fly ash

Assessing Officer

1996-1997 and 1999-2000

14.77

14.77

-

Madras High Court

1990-1991, 1992-1993 and 1995-1996

13.18

12.89

0.29

Demand on account of reversal of input tax credit

Addl. Joint Commissioner

2009-10

2.33

2.33

-

Demand on account of reversal of input tax credit

Joint Commissioner

2013-14

10.76

3.79

6.97

Demand on account of stock transfers considered

Central Sales Tax Appellate Authority

1994-1995 and 1995-1996

676.34

0.95

675.39

as inter-state sales

Madras High Court

1998-1999

420.75

-

420.75

Demand on account of understatement of sales/ purchase

Appellate Tribunal

2011-12 and 2012-13

154.99

-

154.99

Joint Commissioner (Appeals)

2013-14

0.13

0.02

0.11

Penalty for late payment of Entry Tax

High Court, Orissa

2012-13

4.39

4.39

-

Total

2,013.69

181.08

1,832.61

viii. In our opinion and according to the information and explanations given by the management, the Company has not defaulted in repayment of loans or borrowing to banks. The company has not taken any loans or borrowings from a financial institution and government nor has it issued any debenture.

ix. In our opinion and according to information and explanations given by the management, the term loans have been applied for the purpose for which they were raised. The company has not raised moneys by way of initial public offer or further public offer (including debt instruments).

x. Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and according to the information and explanations given by the management, we report that no fraud by the company or no fraud / material fraud on the company by the officers and employees of the Company has been noticed or reported during the year.

xi. According to the information and explanations given by the management, the managerial remuneration has been paid / provided in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act, 2013.

xii. The Company is not a nidhi company. Therefore, the provisions of clause 3(xii) of the order are not applicable to the Company.

xiii. According to the information and explanations given by the management, transactions with the related parties are in compliance with section 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the notes to the financial statements, as required by the applicable accounting standards.

xiv. During the year, the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures and hence, reporting requirements under clause 3(xiv) are not applicable to the company.

xv. In our opinion and according to the information and explanations given by the management, the Company has not entered into any noncash transactions with directors or persons connected with him as referred to in section 192 of Companies Act, 2013.

xvi. The Company is not required to be registered under section 45-IA of The Reserve Bank of India Act, 1934

For S.R. Batliboi & Co. LLP

Chartered Accountants

ICAI Firm Registration Number : 301003E/E300005

Sanjay Vij

Partner

Membership Number : 095169

Place : Mumbai

Date : 3rd May, 2017