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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

We have audited the accompanying financial statements of Dalmia Bharat Limited (the Company) which comprise the balance sheet as at March 31, 2014, the statement of profit and loss and the cash fow statement for the year then ended, and a summary of significant accounting policies and other explanatory information. Management''s responsibility for the financial statements Management is responsible for the preparation of these 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 Standards referred to in sub- section (3C) of section 211 of the Companies Act, 1956 read with the General Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Afairs in respect of section 133 of the Companies Act, 2013. This responsibility includes the design, implementation and maintenance of internal controls 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 financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. 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 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 controls relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the efectiveness of the entity''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufcient and appropriate to provide a basis for our audit opinion. Opinion In our opinion and to the best of our information and according to the explanations given to us, the 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: i) In the case of balance sheet, of the state of afairs of the Company as at March 31, 2014; ii) In the case of statement of profit and loss, of the profit of the Company for the year ended on that date; and iii) In the case of cash fow statement, of the cash flows for the year ended on that date. Report on Other Legal and Regulatory Requirements 1) As required by the Companies (Auditors'' 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, we give in the Annexure, a statement on the matters specified in paragraphs 4 and 5 of the said Order. 2) As required by section 227(3) of the Act, 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; (c) The balance sheet, the statement of profit and loss and the cash fow statement dealt with by this report are in agreement with the books of account; (d) In our opinion, the balance sheet, statement of profit and loss and cash fow statement comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Act read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Afairs in respect of section 133 of the Companies Act, 2013; and (e) On the basis of written representations received from directors, as on March 31, 2014, and taken on record by the Board of Directors, we further report that none of the directors is disqualifed as on March 31, 2014 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act 1956. ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT (Referred to in paragraph 1 under the heading Report on Other Legal and Regulatory requirements of our report of even date.) Re: Dalmia Bharat 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 been physically verifed by the management during the year in accordance with a regular programme of verifcation, 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 verifcation as compared to book records. (c) There was no disposal of a substantial part of fixed assets during the year. (ii) (a) The management has conducted physical verifcation of inventory at reasonable intervals during the year, except stocks lying with third parties and in transit which have been verifed with reference to correspondence of third parties or subsequent receipt of goods. In our opinion, the frequency of such verifcation is reasonable. (b) The procedures of physical verifcation 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) The Company is maintaining proper records of inventory. The discrepancies noticed on physical verifcation of inventory as compared to books of account 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 Company and hence not commented upon. (e) The company has granted unsecured loan to a company which was covered under the 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 maximum balance outstanding during the year was amounting of Rs 95.50 crores. The year-end balance of such loan is Rs.50 crores. (f) In our opinion and according to the information and explanations given to us, the rate of interest and other terms and conditions for such loans are not prima facie prejudicial to the interest of the Company. (g) In respect of the aforesaid loans, the Company was regular in payment of interest. We were explained that this loan is repayable on demand and, therefore, there are no overdue amounts at the year end. (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, 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 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 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 prices at the relevant time. (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 Rules framed there under apply. (vii) In our opinion, the Company has an internal audit system commensurate with the size of the Company 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 and other material statutory dues have generally been regularly deposited during the year with the appropriate authorities though there has been a slight delay in a few cases. (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 no dues in respect of Custom Duty, Wealth Tax, Excise Duty, Sales Tax, Service Tax and Cess which have not been deposited on account of any dispute except the following dues of income tax along with the forum where the dispute is pending : Name of Year to which it Amount in Statute Nature of Dues pertains Authority Rs. in Crores Income Income Tax Assessment Year 2011-12 Commissioner of Income 53.09* Tax Act, 1961 and 2012- 13 Tax (Appeals), New Delhi *The above amount net of the protective demand of Rs. 63.96 crores and refund receivable but not adjusted by the department of Rs. 4.33 crores. (x) The Company has no accumulated losses at the end of the financial year and it has not incurred cash losses in the current and 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 a financial institution, banks or debenture holders. (xii) Based on our examination of documents and records, we are of the opinion that the Company has maintained adequate records where the Company has 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 clause 4(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 given guarantees in the form of pledging of mutual funds belonging to the company so that one of the group and subsidiary company can avail loan facility. The terms and conditions of the loan facilities are not, prima facie, prejudicial to the interest of the Company and at the end of the year there is no such amount/facility outstanding. (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 Chartered Accountants Firm Regn No. 000756N Sunil Wahal Place: New Delhi Partner Date : May 15, 2014 Membership No: 087294