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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 standalone financial statements of DALMIA BHARAT LIMITED (the Company), which comprise the balance sheet as at March 31, 2016, the statement of profit and loss, the cash fow statement for the year then ended, and a summary of the significant accounting policies and other explanatory information. Management''s Responsibility for the Standalone 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 fows 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 control, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. Auditor''s 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 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 standalone financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the standalone financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the standalone 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 standalone 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 standalone 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. Opinion In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone 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 March 31, 2016, and its profit and its 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, 2016 (the ''Order''), issued by the Central Government of India in terms of section 143(11) of the Act, 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 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 fow 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 March 31, 2016 taken on record by the Board of Directors, none of the directors is disqualified as on 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 . 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 explanations given to us: i. The Company does not have any pending litigations as at March 31, 2016 which would impact its financial position in its standalone financial statements; ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses; and iii. There has been no delay in transferring amounts required to be transferred to the Investor Education and Protection Fund by the Company during the year ended March 31, 2016. Report on the matters specified in paragraph 3 of the Companies (Auditor''s Report) Order, 2016 (the Order'') issued by the Central Government of India in terms of section 143(11) of the Companies Act, 2013 (the Act) as referred to in paragraph 1 of ''Report on Other Legal and Regulatory Requirements'' section i. (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. (b) The Company has a program of physical verification of fixed assets that covers every item of fixed assets over a period of three years. In our opinion, this periodicity and manner of physical verification is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification undertaken during the year. (c) According to the information and explanations given by the management, the title deeds of immovable properties included in property, plant and equipment/ fixed assets are held in the name of the Company except for an immovable property having a gross block of Rs. 0.36 crore and net block of Rs. 0.07 crore is not yet registered in the name of the Company as at the balance sheet date. ii. The Company is in the business of rendering services, and consequently, does not hold any inventory. Therefore the provisions of clause 3(ii) of the said Order are not applicable to the Company. iii. The Company has granted unsecured loans to three companies covered in the register maintained under Section 189 of the Companies Act, 2013 and out of the above, one company has fully repaid the loan amount: (a) The terms and conditions of the grant of such loans are not prejudicial to the Company''s interest; (b) The Company has granted tenure based as well as loans re-payable on demand to parties covered in the register maintained under section 189 of the Companies Act, 2013. The repayment of loans is as per tenure only. In respect of loans which are granted as re-payable on demand, we are informed that the Company has not demanded repayment of any such loans during the year and thus there has been no default on the part of the parties to whom the money has been advanced. The payment of interest has been regular. (c) Since there is no overdue amount as on the date, the relevant reporting is not applicable. iv. As per the information and explanation given to us and on the basis of our examination of the records, the company has complied with provision of section 185 and 186 of the Act, with respect to the loans and investment made. v. As the Company has not accepted deposits, 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 and the rules framed there under, are not applicable. vi. The Central Government of India has not specified the maintenance of cost records under sub-section (1) of Section 148 of the Companies Act, 2013 for any of the products of the Company. vii. (a) According to the information and explanations given to us and the records of the Company examined by us, in our opinion, the Company is generally regular in depositing undisputed statutory dues including provident fund, employees'' state insurance, income-tax, sales-tax, service tax, duty of customs, duty of excise, value added tax, cess and other statutory dues, as applicable, with the appropriate authorities. There are no arrears of outstanding statutory dues as at the last day of the financial year concerned for a period of more than six months from the date they became payable. (b) According to the information and explanations given to us and the records of the Company examined by us, there are no dues of income tax or sales-tax or service tax or duty of customs or duty of excise and value added tax which have not been deposited on account of any dispute. viii. According to the information and explanations given to us and as per the books and records examined by us, the company has not defaulted in repayment of loans or borrowings to a financial institutions, banks, debenture holders and Government. ix. In our opinion, and according to the information and explanations given to us, the Company has not raised any money way of initial public ofer / further public ofer and with regard to total term loans raised, the Company has utilized the money for the purpose for which they were raised. x. 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 fraud on or by the Company or any fraud on the Company by its offers or employees has been noticed or reported during the year, nor have we been informed of such case by the management. xi. According to the information and explanations given by the management, 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 Companies Act, 2013. xii. The company is not a Nidhi company, hence the related reporting requirement of the Order are not applicable. xiii. According to the information and explanations given by the management, transactions with the related parties are in compliance with section 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the notes to the financial statements, as required by the applicable accounting standards. xiv. According to the information and explanations given to us and on an overall examination of the books of account, the company has made preferential allotment of shares during the year in exchange for purchase of shares of one of its subsidiary company without payment being received in cash which is in compliance with the requirement of Section 42 of the Companies Act, 2013. The Company has not issued any fully or partly convertible debentures during the year under review. xv. In our opinion, and according to the information and explanations given to us, the Company has not entered into any non-cash transactions with directors or persons connected with him. xvi. According to the information and explanations given to us, the provisions of section 45-IA of the Reserve Bank of India Act, 1934 are not applicable to the Company. For S. S. KOTHARI MEHTA & CO Chartered Accountants Firm Registration No. 000756N Sunil Wahal Place: New Delhi Partner Date: May 18, 2016 Membership No: 087294