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Odisha Cement Ltd.

BSE: 533309 | NSE: DALMIABHA | Series: NA | ISIN: INE439L01019 | SECTOR: Cement - Major

BSE Live

Nov 28, 16:00
2438.05 0.00 (0.00%)
Volume
No Data Available
0
  • Prev. Close

    2438.05

  • Open Price

    2396.05

  • Bid Price (Qty.)

    2480.05 (10)

  • Offer Price (Qty.)

    2550.00 (50)

Odisha Cement Limited is not traded on BSE in the last 30 days

NSE Live

Nov 28, 15:59
2372.90 0.00 (0.00%)
Volume
No Data Available
397,340
  • Prev. Close

    2372.90

  • Open Price

    2400.00

  • Bid Price (Qty.)

    2372.90 (18929)

  • Offer Price (Qty.)

    0.00 (0)

Odisha Cement Limited is not traded on NSE in the last 30 days

Annual Report

For Year :
2017 2016 2015 2014 2013 2012 2011

Auditor's Report

1. We have audited the attached Balance Sheet of Dalmia Bharat Enterprises Limited (''the Company'') as at March 31,2011 and also the Profit and Loss Account and the Cash Flow Statement 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. 2. 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 forouropinion. 3. As required by the Companies (Auditor''s Report) Order, 2003 (as amended) (the Order) issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956 and on the basis of such checks as we considered appropriate and according to information and explanations given to us, we enclose in the Annexure a statement on the matters specified in paragraphs 4and 5 of the said Order. 4. Further toourcomments in the Annexure referred toabove, we report that: i. 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; ii. 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; iii. In our opinion, the Balance Sheet, Profit and Loss account and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 ofthe Companies Act, 1956; iv. The Balance Sheet, Profit and Loss account and Cash Flow statement dealt with by this report are in agreement with the booksof account; v. On the basis of the written representations received from the directors, as on March 31,2011 ,and taken on record by the Board of Directors, we report that none ofthe directors is disqualified as on March 31,2011 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 ofthe Companies Act, 1956; vi. In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with the Accounting Policies and Notes thereon, give the information required by the Companies Act, 1956,in the mannerso required and give a true and fair view in conformity with the accounting principles generally accepted in India: a) in the case of Balance Sheet, of the state of affairs of the Company asatMarch31,2011; b) in the case of Profit and Loss account, of the profit for the yearendedon that date; and c) in the case of Cash Flow statement, of the cash flows for the yearendedon that date. Annexure referred to in paragraph 3 of our report of even date Re: Dalmia Bharat Enterprises Limited (''the Company'') (i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (b) All fixed assets have not been physically verified by the management during the year but there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification as compared to book records. (c) There was no disposal of a substantial part of fixed assets during the year. Referring to note no. B-15 of Schedule-20, the assets and liabilities of certain business undertakings transferred from DBSIL have been transferred to and vested in DCB Land DPVLas per Scheme of Arrangement. (ii) (a) The management has conducted physical verification of inventory at reasonable intervals during the year, except stocks lying with third parties and in transit which have been verified with reference to correspondence of third parties orsubsequent receipt of goods. In ouropinion, the frequency of such verification is reasonable. (b) 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 natureof its business. (c) The Company is maintaining proper records of inventory. The discrepancies noticed on physical verification of inventory as compared to book records were not material and have been properly dealt with in the books of account. (iii) (a) According to the information and explanations given to us, the Company has not taken any loans, 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) (a) to (d) of the Order are not applicable to the Companyand hence not commented upon. (b) The company has granted unsecured loan to a company which was not covered under the register maintained under section 301 of the Companies Act, 1956 at the time when loan was granted but got subsequently covered under register maintained under section 301 of the Companies Act, 1956. Apart from this loan, the company has not granted any other loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956.the yearend balanceof such loan is Rs250.00 million. (c) In our opinion, the rate of interest and other terms & conditions of such loan are, prima facie, not prejudicial to the interest of the company. (d) In respect of the aforesaid loans, the Company was regular in payment of interest. We are explained that this loan is repayable on demand and, therefore, there are no overdueamountsatthe yearend. (iv) In our opinion and according to the information and explanations given to us, 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 our audit carried out in accordance with the generally accepted auditing practices in India, we have not observed any major weakness or continuing failure to correct any major weakness in the internal control system of the company in respect of these areas. (v) (a) According to the information and explanations provided by the management, we are of the opinion that the particulars of contracts or arrangements referred to in section 301 of the Companies Act, 1956 that need to be entered into the register maintained under section 301 have been so entered. (b In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements exceeding value of Rupees five lakhs in respect of each party have been entered into during the financial year at prices which are reasonable having regard to the prevailing market pricesatthe relevanttime. (vi) The company has not accepted any fixed deposits from public to which the provisions of Section 58A and Section 58AA or any other relevant provisions of the Companies Act 1956 including the Rulesframed there underapply (vii) In our opinion, the Company has an internal audit system commensurate with the size and nature of its business. (viii) The Central Government has not prescribed Rules for the maintenance of cost records under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956 for any of the company''s activities. (ix) (a) Undisputed statutory dues including provident fund, investor education and protection fund, employees''state insurance, income-tax, sales-tax, wealth-tax, service tax, customs duty, excise duty, cess have generally been regularly deposited during the year with the appropriate authorities. Further, since the Central Government has till date not prescribed the amount of cess payable under section 441 A of the Companies Act, 1956, we are not in a position to comment upon the regularity or otherwise of the company in depositing the same. (b) According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, investor education and protection fund, employees'' state insurance, income-tax, wealth-tax, service tax, sales-tax, customs duty, excise duty, cess and other such undisputed statutory dues were outstanding, at the year end, for a period of more than six months from the date they became payable. (c) According to the information and explanations given to us and as per the books and records examined by us,there are nodues in respect of lncomeTax,Custom Duty,Wealth Tax, Excise Duty, Sales Tax, Service Tax and Cess which have not been deposited on account of any dispute. (x) The Company has no accumulated losses as at the end of the financial year and has not incurred cash losses in the current year and in the immediately preceding financial year. (xi) Based on our audit procedures and as per the information and explanations given by the management, we are of the opinion that the Company has not defaulted in repayment of dues to financial institutions, banks or debenture holders. (xii) According to the information and explanations given to us and based on the documents and records produced to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. (xiii) In our opinion, the Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provisions of clause4(xiii) of the Order are not applicable to the Company. (xiv) In respect of dealing/trading in shares, securities, debentures and other investments, in our opinion and according to the information and explanations given to us, proper records have been maintained of the transactions and contracts and timely entries have been made therein. The shares, securities, debentures and other investments have been held by the Company in its own name. (xv) The Company has not given any guarantees against loans taken by others from banks &financial institutions. (xvi) In our opinion and on the basis of information and explanations given to us, the company has not raised any term loan during the financial year, hence the related reporting requirement of the Order are not applicable. (xvii)According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, we report that no funds raised on short-term basis have been used for long-term investment. (xviii)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. (xix) The Company has not issued any debentures during the year nor are there any debentures outstanding at the end of the year. (xx) During the period covered by our audit report, the company has not raised any money by way of public issue. (xxi) Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and as per the information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the year. For S.S. Kothari Mehta & Co. Firm Registration No.: 000756N Chartered Accountants per Arun K.Tulsian Partner Membership No.:89907 Place: New Delhi Date: May 26,2011