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JSW Ispat Special Products Ltd.

BSE: 513446 | NSE: JSWISPL |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE743C01021 | SECTOR: Steel - Sponge Iron

BSE Live

Oct 22, 16:00
31.10 0.00 (0.00%)
Volume
AVERAGE VOLUME
5-Day
382,073
10-Day
364,896
30-Day
376,763
219,481
  • Prev. Close

    31.10

  • Open Price

    31.45

  • Bid Price (Qty.)

    31.10 (7)

  • Offer Price (Qty.)

    31.10 (250)

NSE Live

Oct 22, 15:57
31.10 -0.05 (-0.16%)
Volume
AVERAGE VOLUME
5-Day
2,811,542
10-Day
2,406,399
30-Day
2,031,943
1,610,904
  • Prev. Close

    31.15

  • Open Price

    31.30

  • Bid Price (Qty.)

    31.10 (461)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
2019 2016 2015 2014 2013 2012 2011 2010 2009

Auditor's Report

We have audited the accompanying financial statements of MONNET ISPAT AND ENERGY LIMITED (the Company), which comprise the Balance Sheet as at March 31, 2015, 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, which we have signed under reference to this report. 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 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. 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 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. Auditors'' 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 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. 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. Emphasis of Matter We draw attention to the following matters in the Notes to the financial statements: (a) Note no. 47 (a) and (b) regarding cancellation of coal blocks and impact thereof in the financial statements. Our opinion is not modified in respect of these matters. Opinion In our opinion, and to the best of our information and according to the explanations given to us, the accompanying 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: (a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2015; (b) in the case of the Statement of Profit and Loss, of the Loss for the year ended on that date; and (c) in the case of the Cash Flow Statement, of the cash fows 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'', issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act (hereinafter referred to as the Order), and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure 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 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 Rule 7 of the Companies (Accounts) Rules, 2014. (e) On the basis of the written representations received from the directors as on 31st March, 2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2015 from being appointed as a director in terms of Section 164 (2) of the Act. (f) 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 27 to the financial statements. ii. In our opinion and as per the information and explanations provided to us, the Company has made appropriate provision regarding long-term contracts including derivative contracts, requiring provision under applicable laws or accounting standards, for material foreseeable losses during the year. iii. The Company has deposited the amounts, required to be transferred, to the Investor Education and Protection Fund. However there was some delay in transferring the amounts to the fund. ANNEXURE REFERRED TO IN PARAGRAPH 1 OF THE AUDITORS'' REPORT ON ACCOUNTS FOR THE YEAR ENDED 31st MARCH, 2015 1. a) In our opinion, the company is maintaining proper records showing full particulars, including quantitative details and situation of fxed assets. b) As explained to us, major fixed assets have been physically verified by the management in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. We have been informed that the discrepancies noticed on such verification as compared to book record were not material and have been properly dealt with in the books of account. 2. (a) Physical verification has been conducted by the management at reasonable intervals in respect of finished goods, stores, spare parts and raw materials except ores & coal. We were informed that physical verification of the same was difficult due to its volume and loose nature. We were informed that physical verification of ores and coal was made on the basis of volume and density. (b) In our opinion and according to the information and explanations given to us, the procedure of physical verification of these stocks followed by the management is reasonable and adequate in relation to the size of the Company and the nature of its business. (c) In our opinion the Company is maintaining proper records of inventories. The discrepancies noticed on such verification between the physical stocks and book records were not significant and the same have been properly dealt with in the books of account. 3. The company has granted unsecured loans to companies covered in the register maintained under section 189 of the Companies Act. In our opinion and as informed to us, receipt of the principal amount and interest are regular and there are no overdue amounts as at the end of the year. 4. In our opinion 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 audit, we have not observed any continuing failure to correct major weaknesses in internal control system. 5. According to the information and explanations given to us the company has not accepted any deposits, in terms of the directives issued by the Reserve Bank of India and the provisions of sections 73 to 76 or any other relevant provisions of the Companies Act 2013 and the rules framed there under. 6. The central government has prescribed the maintenance of cost records under sub-section (l) of section 148 of the Companies Act 2013, read with Rules framed thereunder in respect of the manufacturing activities of the Company. We have broadly reviewed the accounts and records of the Company in this connection and are of the opinion, that prima facie, the prescribed accounts and records have been made and maintained. We have not, however, carried out a detailed examination of the same. 7. a) As per information and explanations given to us, the company is regular in depositing undisputed statutory dues including provident fund, employees'' state insurance, income-tax, sales-tax, wealth tax, service tax, duty of customs, duty of excise, value added tax, cess and other statutory dues with the appropriate authorities, except for some delays. There are no outstanding statutory dues as at the last day of the financial year under audit for a period of more than six months from the date they became payable. b) We have been informed that following disputed demands in respect of Income Tax, Excise Duty, Sales Tax and Entry Tax have not been deposited on account of pending appeals as per details given below: S. No.Nature of Unpaid Forum where Demand Amount* appeal is (In Lacs) pending 1.Sales Tax 135.69 Deputy Commissioner of Sales Tax (Appeals) 2.Entry Tax 102.94 Deputy Commissioner of Sales Tax (Appeals) 3.Central 428.09 Commissioner Excise/ Appeals Service (Central Excise) Tax 4.Central 2820.35 CESTAT Excise 5.Income 7583.28 Commissioner Tax Income Tax (Appeals) * Basic amount, excluding interest, if any. c) In our opinion, and according to the information and explanations given to us, amounts required to be transferred to investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made thereunder have been transferred to such fund. However there was some delay in transferring the amounts to the fund. 8. There are no accumulated losses of the company as at the end of the year. The company has incurred cash losses during the financial year covered by our audit but has not incurred cash losses in the immediately preceding financial year. 9. Based on our audit procedures and on the basis of information and explanations given to us by the management, there is a default in repayment of dues to the bank/financial institutions as at the year end, as per detail below : Particulars Amount Period of default Repayment of Principal 133.20 Crores Less than 90 days Payment of Interest 59.45 Crores Less than 90 days 10. According to information and explanations given to us the Company has given guarantees for loan taken by others from banks or financial institutions. However, in our opinion, the terms and conditions thereof are not prima facie prejudicial to the interest of the company. 11. According to the information and explanations given to us, the term loans taken by the Company have been applied for the purposes for which the loans were obtained. 12. According to the information and explanations given to us and as represented by the Management and based on our examination of the books and records of the Company and in accordance with generally accepted auditing practices in India, we have been informed that no case of frauds has been committed on or by the Company during the year. For O. P. BAGLA & CO. CHARTERED ACCOUNTANTS Firm Regn No. 000018N PLACE : NEW DELHI DATED : 29.05.2015 (ATUL BAGLA) PARTNER M No. 091885