you are here:

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
640,375
10-Day
770,937
30-Day
540,286
120,813
  • Prev. Close

    2.32

  • Open Price

    2.21

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

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

INDEPENDENT AUDITOR’S REPORT

Independent Auditor’s Report

To the Members of INDIA STEEL WORKS LIMITED

1. Report on the Financial Statements

We have audited the a accompanying financial statements of INDIA STEEL WORKS LIMITED (the Company), which comprise the Balance Sheet as at 31, March 2016 the Statement of Profit and Loss, the Cash Flow statement for the period then ended and a summary of the significant accounting policies and other explanatory information.

2. 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 and presentation of these financial statements, that give a true and fair view of the financial position, financial performance and cash flow of the Company in accordance with the 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 (as amended). This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act; safeguarding the assets of the Company; 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.

3. Auditor’s Responsibility

Our responsibility is to express an opinion on these 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 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 controls 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 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 financial statements.

4. 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, of the state of affairs of the Company as at 31st March 2016 and its profit for the year ended on that date.

5. 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 A attached here to our comments, on the matters specified in para 3 and 4 of the order,

2. As required by sub Section 3 of section 143 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, 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 financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;

e. on the basis of the written representations received from the directors as at 31 March 2016 and taken on record by the Board of Directors, none of the directors is disqualified as at 31 March 2016 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 B and;

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 the financial statement -refer Note No 32 to the financial statement;

ii. the Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses; and

iii. there were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

THE ANNEXURE A REFEREED TO IN INDEPENDENT AUDITORS’ REPORT TO THE MEMBER OF THE COMPANY ON THE FINANCIAL STATEMENT FOR THE PERIOD ENDED 31 MARCH,2016, WE REPORT THAT:

1. a. The Company has maintained proper records, showing full particulars including quantitative details and situation of fixed asset.

b. As explained to us the Company has a phased program for physical verification of the fixed asset of the company to cover all locations. In our opinion, the frequency of verification is reasonable, considering the size of the Company. No material discrepancies were noticed on such verification carried on during the year, as compared with the available records.

c. According to the information and explanation given to us and on the basis of our examination of the records of the Company the title deeds of immovable properties are held in the name of the company.

2. The inventory of finished goods, raw materials, components, stores and spare parts except those lying with third parties, and in transit, has been physically verified by the management at regular intervals, which we consider to be reasonable. No material discrepancies were noticed on physical verification of inventories as compared to book records.

3. According to the information and explanation given to us, the Company''s has not granted any loans, secured or unsecured, to companies, firms, limited liability partnership or other parties listed in the register maintained under section 189 of the companies Act 2013 and hence sub clause (a)(b)(c) are not applicable.

4. According to the information and explanation given to us, the company has complied the provisions of section 185 and 186 of the Companies Act 2013 with respect to the loans & investment made.

5. The company has not accepted any deposit from public.

6. We have broadly reviewed the books of account maintained by the company pursuant to the Rules made by the Central Government of India, maintenance of cost records has been prescribed under sub-section (1) of section 148 of the Companies Act, 2013 and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained.

7. a. According to the records of the Company and information and explanations given to us, Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Custom Duty, Cess, Excise Duty, Service Tax, Value added tax, and other material statutory dues have been deposited regularly during the period with the appropriate authorities. According to the records of the Company and information and explanations given to us there were no arrears of outstanding statutory dues as at 31st March, 2016 for a period of more than six months from the date they became payable.

b. According to the records of the Company and information and explanations given to us the followings are the particulars of disputed amount payable in respect of, Income tax, Sales tax, Custom Duty, Excise Duty and Entry tax and other statutory dues as at the last day of the period ending 31st March,2016 are as follow -

Name of Status

Nature of dues

Amount (Rs.In Lakhs)

Period to which the amount relates

Forum where the dispute is pending

Income Tax Act

Income Tax

2.37

F.Y.- 2011 / 2012

CIT (Appeals)

Sales Tax Act

Sales Tax

11.24

F.Y.- 2002 / 2003

Sales Tax Officer

Sales Tax Act

Sales Tax

148.28

F.Y.- 2008 / 2009

Dy Comm of VAT

Central Excise Act

Excise

9.46

F.Y.- 2012 / 2013

Addl Comm.of Central Excise

Central Excise Act

Excise

4.3

F.Y.- 2004 / 2005

Comm.of Central Excise

Income Tax Act

Income Tax

5.14

F.Y.- 2008 / 2009

CIT (Appeals)

Central Excise Act

Excise

40.98

F.Y.- 2003 / 2004

CEGAT

Central Excise Act

Excise

38

F.Y.- 2005 / 2006

Comm.of Central Excise

Central Excise Act

Excise

53.53

F.Y.- 2012 / 2013

DGCI

Central Excise Act

SAD

406

F.Y.- 2012 / 2013

FTWL

8. Based on our audit procedures and on the basis of information and explanations given by the management, we are of the opinion that the Company has not defaulted in the repayment of dues to financial institutions, banks, governments or debenture holders. The company did not have any outstanding dues to debenture holders during the year.

9. In our opinion and according to the information and explanation given to us, the term loan have been applied for the purpose for which they were raised. The company has not raised any money by way of initial public offer or further public offer (including debt instruments) during the year.

10. During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, its officers or employees, noticed or reported during the period, nor have been informed of such case by the management.

11. According to the information and explanation given to us and based on our examination of the books and records of the Company, we are the opinion that 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 Company Act.

12. According to the information and explanation given to us, the provisions of any Special Statute applicable to Nidhi Companies are not applicable to the Company, the provisions of this clause are not applicable to the Company.

13. According to the information and explanation given to us and based on our examination of the records, all the transactions with related parties are in compliance with section 177 and 188 of the Companies Act, 2013 and all the details have been disclosed in the financial statement as per Accounting Standard-18.

14. According to the information and explanation given to us and based on our examination of the records, the Company has not made preferential allotment or private placement of shares or fully or partly convertible debenture during the year.

15. According to the information and explanation given to us and based on our examination of the records of the Company has not entered into any non-cash transactions during the period with directors or persons connected with him.

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

For and on behalf of -

Thanawala & Company

Chartered Accountants

Firm Reg. No. 110948W

[V.K. Thanawala ]

Place : Mumbai Proprietor

Date :25/05/2016 Membership No. 15632