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India Steel Works Ltd.

BSE: 513361 | NSE: ISIBARS | Series: NA | ISIN: INE072A01029 | SECTOR: Steel - Medium & Small

BSE Live

Dec 02, 16:00
2.21 -0.11 (-4.74%)
Volume
AVERAGE VOLUME
5-Day
595,123
10-Day
640,236
30-Day
530,082
120,813
  • Prev. Close

    2.32

  • Open Price

    2.21

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    2.21 (1754488)

NSE Live

Dec 27, 11:22
2.15 -0.15 (-6.52%)
Volume
No Data Available
1,183
  • Prev. Close

    2.30

  • Open Price

    -

  • Bid Price (Qty.)

    - (0)

  • Offer Price (Qty.)

    - (0)

India Steel Works is not listed on NSE

Annual Report

For Year :
2018 2017 2016 2015 2014 2013 2012 2011 2010

Auditor's Report

1. We have audited the attached Balance Sheet of M/s INDIA STEEL WORKS LIMITED (Formerly known as ISIBARS LIMITED), as at 31st March, 2012 and also the statement of Profit & Loss Account for the year ended on that date annexed thereto and the cash flow statement for the year ended on that date. 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 misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosure 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 believe that our audit provides a reasonable basis for our opinion. 3. As required by the Companies [ Auditors Report ) Order, 2003 as amended by companies (Auditors'''' Report) (Amendment) Order 2004, (together the ''Order''), issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956 (''the Act''), and on the basis of such checks of the books and records as we considered necessary and appropriate and according to the information and explanations given to us during the course of the audit, 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 in the Annexure referred to above :- a. We have obtained all the information and explanations which are 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 appears from our examination of these books; c. The company''s Balance Sheet, Statement of Profit and Loss and Cash flow statement dealt with by this report are in agreement with the books of accounts. d. In our opinion, the Balance Sheet, Statement of Profit & Loss 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. On the basis of declarations made by the Directors as on 31st March 2012, none of the directors are, as at 31st March 2012 prima facie disqualified from being appointed as a Director under clause (g) of sub-section (I) of section 274 of the companies Act, 1956. f. In our opinion and to the best of our information and according to the explanations given to us, the said account, subject to points mentioned in above, read together significant accounting policies and other notes there on, give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view. i. In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2012; and ii. in the case of the Statement of Profit & Loss, of the LOSS for the year ended on that date. iii. in the case of the cash flow statement, of the cash flows of the company for the year ended on that date. ANNEXURE TO THE AUDITORS'' REPORT Referred to in paragraph 3 of Auditors'' Report of even date to the members of INDIA STEEL WORKS LTD on the financial statements for the year ended 31st March 2012. 1 a. The Company has maintained records of fixed assets upto 31st March 2001, however quantitative details in respect of assets added afterwards are under compilation. b. The Company has a regular programme of physical verification of its fixed assets which in our opinion is reasonable having regard to the size of the company and the nature of its assets. In accordance with this programme, certain fixed assets were physically verified by management during the year. c. During the year, in our opinion, substantial part of the fixed assets has not been disposed off by the Company. 2. a. The inventories (excluding stock with third parties and materials in transit) have been physically verified by the management during the year, at reasonable intervals; b. The procedures of physical verification of the inventories followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business. c. The Company has maintained proper records of inventories and discrepancies noticed on physical verification of inventories as compared to book records were not material and have been properly dealt with in the books of accounts. 3. a. The Company has granted unsecured loans to parties covered under section 301 of the Act. The loans have been advanced to 7 parties amounting to Rs. 91.72 Lacs. b. The Loans advanced by the Company are interest free loans and as such are prejudicial to the interest of the Company; c. There is no prescribed stipulation for repayment of principal and interest; d. The Company has taken interest free loans from 13 parties covered in the register maintained under Section 301 of the Companies Act, 1956. The total amount of such loans received and outstanding as of 31st March 2012 was Rs. 4160.57 Lacs-. e. The Company has taken interest free loans as such the terms and conditions on which these loans are taken are not prejudicial to the interest of the Company. f. There is no predetermined schedule of repayment of principal; 4. There are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of inventories, fixed assets and for the sale of goods. 5. a. On the basis of the audit procedures performed by us and according to the information and explanations given to us on our enquiries on this behalf and the records produced to us for our verification, the transactions required to be entered into the register in pursuance of 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 contracts/arrangements entered in the Register maintained under Section 301 of the Companies Act 1956 & exceeding the value of Rs 5 Lakhs in respect of some of the items purchased and Labour charges paid are of special nature and suitable alternative sources do not exist for obtaining comparable quotations. There is adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of inventories and fixed assets and for the sale of goods and services and we have not observed any continuing failure to correct major weaknesses in such internal control system. 6. The Company has not accepted any deposit from the public and consequently the provision of Section 58A and 58AA of the Companies Act, 1956 and the Companies [Acceptance of Deposits] Rules, 1975 are not applicable. 7. In our opinion the company has an internal audit system commensurate with the size and nature of its business 8. We have broadly reviewed the Books of Accounts maintained by the Company pursuant to the rules made by the Central Government for the maintenance of Cost Records under Section 209(1)(d) of the Companies Act, 1956, and are of opinion that prima facie the prescribed accounts and records have been made and maintained. We have, however, not made a detailed examination of the records with a view to determine whether they are accurate. 9 a. The Company has been generally regular in depositing undisputed dues of Provident fund, Employees State Insurance, Income Tax, Profession Tax, except Property Tax of Rs. 63.45 Lacs, Cess of Rs. 7.75 Lacs & VAT payable of Rs. 76.07 Lacs outstanding for more than six months, as at 31st March 2012. b. Details of dues of Sales Tax, Excise Duty & Service Tax which have not been deposited as on 31st March 2012 on account of disputes are given below Nature of Amount in Period for Forum where dispute Dues Rs. Lacs which dispute dispute is pending relates Sales Tax 11.24 FY 2002-03 Asstt Comm of Sales Tax Excise Duty 33.53 FY 2005-06 ESTAT Excise Duty 5.94 FY 2007-08 Comm of Central Excise Excise Duty 4.30 FY 2004-05 Comm of Central Excise Excise Duty 40.98 FY 2003-04 CEGAT Excise Duty 38.00 FY 2005-06 Comm of Central Excise Service Tax 1.91 FY 2008-09 Comm of Central Excise 10. The accumulated losses of the Company exceeded fifty percent of its net worth at the end of the financial year. The Company has not incurred cash loss during the financial year under review and in the year immediately preceding the financial year. 11. In our opinion and according to the Information and explanations given to us, the company had delayed in repayment of dues to financial institutions during the financial year, but as on 31st March 2012 there is no overdue. 12. The Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures or other securities. 13. The provisions of any Special Statute applicable to Chit Fund, Nidhi or Mutual Benefit Fund / Societies are not applicable to the Company. 14. The Company is not dealing or trading in shares, securities, debentures or other investments and hence the requirements of Para 4(xiv) are not applicable to the Company. 15. According to the information and explanations given to us. the Company has not given any guarantee for loans taken by others from banks and financial institutions. 16. In our opinion and according to the information and explanations given to us, the Company has not raised any term loan during the year. 17. According to the information and explanations given to us and on an overall examination of the Balance Sheet and cash flow statement of the company, we report that no funds raised on short-term basis have been used for long-term investment. 18. The Company has not made preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Companies Act, 1956 during the year. 19. The Company has not raised any monies by way of public issue during the year. 20. On the basis of our examination and according to the information and explanations given to us, no fraud, on or by the company, has been noticed or reported during the year. For and on behalf of - THANAWALA & COMPANY Chartered Accountants FirmREg. No 110948W ( V.K. Thanawala ) Proprietor Membership No. 1563 Place : Mumbai Dated: 29/05/2012