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Jindal Stainless Ltd.

BSE: 532508 | NSE: JSL |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE220G01021 | SECTOR: Steel - Medium & Small

BSE Live

Jan 20, 16:00
216.70 6.15 (2.92%)
Volume
AVERAGE VOLUME
5-Day
213,211
10-Day
155,804
30-Day
155,853
236,612
  • Prev. Close

    210.55

  • Open Price

    212.90

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Jan 20, 16:04
216.45 6.05 (2.88%)
Volume
AVERAGE VOLUME
5-Day
3,057,110
10-Day
2,007,966
30-Day
1,718,993
2,294,440
  • Prev. Close

    210.40

  • Open Price

    211.85

  • Bid Price (Qty.)

    216.45 (1409)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

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

Auditor's Report

We have audited the attached Balance Sheet of JSL Stainless Limited, as at 31st March 2011 and the Profit & Loss Account and also the Cash Flow Statement of the Company for the year ended on that date, annexed thereto. 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. We 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 misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures 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. 1) As required by the Companies (Auditor''s Report) Order, 2003 (as amended) (herein after called The Order) issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act, 1956, and on the basis of such checks of the books and records of the company as we considered appropriate, we enclose in the Annexure a statement on the matters specified in the paragraphs 4 and 5 of the said Order. 2) Further to our comments in the Annexure referred to in Paragraph 1 above, 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 appears from our examination of those books and proper returns adequate for the purpose of our audit have been received from the branches not visited by us; c) The reports on the accounts of the branch audited by other Auditors have been forwarded to us and have been appropriately dealt with by us in preparing our report; d) The Balance Sheet, Profit & Loss Account and Cash Flow Statement referred to in this report are in agreement with the books of account and with the audited accounts from the branch; e) In our opinion, the Balance Sheet, Profit & Loss Account and Cash Flow Statement referred to in this report comply with the Accounting Standards referred to in sub section (3C) of Section 211 of the Companies Act, 1956; f) On the basis of written representations received from the Directors and taken on record by the Board of Directors, we report that none of the directors of the Company is disqualified as on 31st March, 2011 from being appointed as a Director of the company in terms of clause (g) of sub section (1) of section 274 of the Companies Act, 1956; g) Without qualifying attention is drawn to; (i) Note no. 28 (C) (i) (a) of schedule 20 regarding pending necessary approvals for managerial remuneration as explained in the said note. (ii) Note no. 7 (b) of schedule 20 regarding pending confirmations of balances of certain secured loans as stated in the said note. (iii) Note no. 13 (c ) of schedule 20 regarding investment and loan & advances to certain subsidiary companies, for the reason stated in said note, no provision for diminution in value is necessary in the opinion of management. h) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with Significant Accounting Policies and Notes thereon, give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: (i) In the case of Balance Sheet, of the state of affairs of the Company as at 31st March, 2011; (ii) In the case of Profit & Loss Account, of the profit of the Company for the year ended on that date; and (iii) In the case of Cash Flow Statement, of the cash flows of the Company for the year ended on that date. ANNEXURE TO AUDITORS'' REPORT (Referred to in Paragraph 1 of our report of even date to the Members of JSL Stainless Limited on the Financial Statements for the year ended 31st March, 2011) 1. (a) The company has maintained proper records in respect of its fixed assets showing full particulars, including quantitative details and situation of fixed assets. (b) We have been informed that certain fixed assets of the company have been physically verified by the management according to a phased programme of periodic verification which, in our opinion, is reasonable having regard to the size of the company and nature of fixed assets. As informed, no material discrepancies between book records and physical inventory have been noticed in respect of the fixed assets physically verified during the year. (c) As per records and information and explanations given to us, no substantial part of fixed assets has been disposed off during the year. 2. (a) As informed, the inventory of the company at all its locations, except stocks lying with third parties, in transit and part of the stores and spares, have been physically verified by the management either at the end of the year or after the year end, and in respect of stores and spares, there is perpetual inventory system and a substantial portion of the stocks have been verified during the year. In our opinion, the frequency of verification is reasonable. (b) According to the information and explanations given to us, the procedures of physical verification of inventory followed by the management are 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 is maintaining proper records of inventory; in respect of process stock, the records are updated as and when physical verification has been carried out. The discrepancies noticed on such physical verification of inventory as compared to book records were not material. 3. (a) As informed to us, the company has not given any loan, secured or unsecured to companies, firms, or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, the provisions of clause 4 (iii) (b) to (d) of The Order are not applicable. (e) As informed to us, the company has not taken any loan, secured or unsecured, from companies, firms, or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, the provisions of clause 4 (iii) (f) & (g) of The Order are not applicable. 4. In our opinion and according to the information and explanations given to us, having regard to the explanations that certain items purchased/sold are of special nature for which, as explained, suitable alternatives sources, do not exist for obtaining comparative quotations, taking into consideration the quality, usage and such other factors, there are adequate internal control systems commensurate with the size of the company and nature of its business with regard to purchase of inventory, fixed assets and for the sale of goods and services. Further, on the basis of 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, we have neither come across nor have we been informed of any instance of major weaknesses in aforesaid internal control systems. 5. (a) To the best of our knowledge and belief and according to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangements that need to be entered in the register maintained under section 301 of the Companies Act, 1956 have been so entered. (b) In our opinion and having regard to our comments in paragraphs 4 above, and according to the information and explanations given to us, transactions made in pursuance of contracts or arrangements entered into the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of rupees five lacs in respect of each party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time where such market prices are available. 6. In our opinion and according to the information and explanations given to us, the company has complied with the directives issued by the Reserve Bank of India and the provisions of Section 58A, 58AA or any other relevant provisions of the Companies Act, 1956 and the Rules framed there under with regard to deposits accepted from public. We have been informed that no order has been passed by Company Law Board or National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal in this regard. 7. In our opinion, the company has an internal audit system commensurate with the size of the company 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 in respect of the Company''s products and are of the opinion that, prime facie, the prescribed records have been made and maintained. We are, however, not required to make a detailed examination of such books and records. 9. (a) In our opinion and according to the information and explanations given to us, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material statutory dues have generally been regularly deposited during the year with appropriate authorities. No undisputed amount payable in respect of the aforesaid statutory dues were outstanding as at last day of the financial year for a period of more than six months from the date they became payable. (b) In our opinion and according to the information and explanations given to us, there are no dues in respect of Wealth Tax that have not been deposited with appropriate authorities on account of disputes and the dues in respect of Income Tax, Excise duty, Service Tax, Sales Tax, Custom Duty and Cess that have not been deposited with appropriate authorities on account of dispute and the forum where the dispute is pending are as given below: Name of Nature of Amount Period to which the Forum where dispute is pending the statute the Dues (Rs. in Lacs) amount relates Central Excise 1.69 1995-96 Hon''ble High Court, New Delhi Excise Act Duty 658.08 1999-04 Hon''ble High Court of Punjab & Haryana. 27.19 2004-06 CESTAT, Delhi. 7.57 2000-01 CESTAT, Delhi. 113.07 2005-08 CESTAT, Delhi. 180.10 2008-10 CESTAT, Delhi. 57.14 1994-96 Commissioner of Central Excise,Rohtak 7.63 1994-95 Add. Commissioner of Central Excise,Rohtak 0.39 1996-97 Commissioner (Appeals), Gurgaon 0.98 2008-09 Commissioner (Appeals), Gurgaon 23.73 2009-10 Commissioner (Appeals), Gurgaon 18.02 1995-97 Joint Commissioner of Central Excise, Rohtak 6.53 2005-07 CESTAT, Bangalore 3,309.88 2005-10 Commissioner of Central Excise, Bhubaneshwar 70.50 2009-11 Commissioner of Central Excise, Bhubaneshwar The Custom Custom 10.00 2008-09 Hon''ble High Court, Delhi Act, 1962 Duty 60.00 2008-09 CESTAT, Delhi Finance Act Service Tax 745.67 2003-06 CESTAT, Delhi 7.64 2008-10 CESTAT, Delhi Sales Tax Act Sales Tax 3.00 1993-94 Hon''ble High Court of Punjab & Haryana 65.06 2002-05 Commissioner of Sales Tax Odisha, Cuttack O VAT 179.57 2005-06, Stay petition before Additional Commissioner 2006-07 & of Sales Tax and Writ Petition before High 2007-08 Court, Cuttack Entry Tax Entry Tax 22.71 2004-05 Commissioner of Sales Tax Odisha, Cuttack Act, 1999 351.65 2007-08 Hon''ble Supreme Court 79.56 2008-09 Hon''ble Supreme Court 15.76 2009-10 Hon''ble Supreme Court 4,129.01 2010-11 Hon''ble Supreme Court Income Tax Income Tax 6,103.86 2004-05, Commissioner of Income Tax (Appeals), Delhi Act 2005-06, 2006-07 & 2008-09 517.52 2002-03 & Hon''ble High Court, Delhi 2003-04 10. The company has no accumulated losses at the end of the financial year and it has not incurred cash loss during the year and also in the immediately preceding financial year. 11. In our opinion, on the basis of audit procedures and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to financial institution/banks/ debenture holders, in view of the debt restructuring approved under CDR mechanism as stated in note no.7 of schedule 20 and read together with notes no. 1 and 2 of schedule 4. 12. In our opinion and according to information and explanations given to us, no loans and advances have been granted by the company on the basis of pledge of shares, debentures and other securities. 13. The Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provisions of Clause 4 (xiii) of The Order are not applicable to the Company. 14. In our opinion, and according to the information and explanations given to us, the company is not dealing or trading in shares, securities, debentures and other investments. Therefore, the provisions of Clause 4 (xiv) of The Order are not applicable to the Company. 15. In our opinion and 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. (Read with Note no. 20 of schedule 20) 16. In our opinion and on the basis of information and explanations given to us, the term loans raised during the year by the Company were applied for the purposes for which the loans were obtained where such end use has been stipulated by the lender, however pending utilization during the course of the year the loan fund has been temporarily deployed in mutual funds/bonds/deposited with banks. 17. On the basis of information and explanations given to us, and on the basis of an overall examination of the balance sheet of the Company, no funds raised on short-term basis have been used for long-term investments. 18. The Company has not made any preferential allotment of shares to parties or companies covered in the register maintained under section 301 of the Companies Act, 1956. 19. On the basis of the records made available to us, the Company has created necessary security and charge in respect of debentures outstanding at the year end. 20. The company has not raised any money through pubic issue during the year. 21. 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, we have neither come across any instance of material fraud on or by the company, noticed or reported during the year nor we have been informed of such case by the management. For Lodha & Co. For S.S. Kothari Mehta & Co. Chartered Accountants Chartered Accountants FRN: 301051E FRN: 000756N (N.K. Lodha) (Arun K. Tulsian) Place:New Delhi Partner Partner Date :27th May, 2011 M. No. 85155 M. No. 89907