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Ram Minerals and Chemicals Ltd.

BSE Live

Jul 08, 13:14
0.62 0.00 (0.00%)
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5-Day
326,351
10-Day
211,488
30-Day
197,949
22,150
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    0.62

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  • Offer Price (Qty.)

    0.62 (3285)

NSE Live

Dec 27, 11:22
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Ram Minerals and Chemicals is not listed on NSE

Annual Report

For Year :
2016 2015 2014 2013 2012

Auditor's Report

Report on the Financial Statements We have audited the accompanying financial Statements of ICVL Chemicals Limited (the Company) which comprise the Balance Sheet as at 31 March 2013, 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. 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 Flow of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 (the Act). This responsibility includes the design, implementation and maintenance of internal control 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. Auditor''s 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 control 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. An audit also includes evaluating the appropriateness of accounting policies used and the 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 sufficient 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 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: (i) in the case of the balance sheet, of the state of affairs of the Company as at 31 March 2013 (ii) in the case of the statement of profit and loss, of the profit for the year ended on that date (iii) in the case of the Cash Flow Statement, of the Cash Flow for the year ended on that date. Report on Other Legal and Regulatory Requirements 1. As required by the Companies (Auditor s Report) Order, 2003 (the Order), as amended, issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the 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 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 appears from our examination of those books; c. the Balance Sheet, 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 Balance Sheet, Statement of Profit and Loss, and the Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956; e. on the basis of written representations received from the directors as on 31 March 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2013, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956. Referred to our Report of even date on the accounts of ICVL Chemicals Ltd. for the year ended 31st March, 2013. In terms of the information and explanation given to us and the books and records examined by us in the normal course of audit and to the best of our knowledge and belief, we state as under: 1. (a) The Company has maintained proper records showing full particulars, including details of quantity & the situation of its fixed assets. (b) The Fixed assets has been physically verified by the management during the year in accordance with a phased periodical manner, which in our opinion is reasonable having regard to the size of the company & nature of its assets. No material discrepancies were noticed on such physical verification. (c) In our opinion, the Company has not disposed off substantial part of Fixed Assets, during the year, which will affect the going concern status of the Company. 2. The Company is engaged in the business of Trading in Chemicals, Trading in shares and providing Advisory and Consultancy Services. During the year there is no purchase and sale of goods. Accordingly, it does not hold any Physical inventories. Thus paragraph 4(ii) of the order is not applicable. 3. The company has not granted/taken any loans, secured or unsecured to/from the companies ,firms and other parties listed in the register maintained under section 301 of the Companies Act, 1956. Therefore, the provisions of Clause 4(ii), (b), (c) and (d)/(f) and (g) of the said order are not applicable to the company. 4. In our opinion and according to the information and explanation given to us, there is an adequate internal control procedure commensurate with the size of the company and nature of its business with the regard to purchase of Fixed Assets and for sale of the goods and Services. We have not observed any major weakness in internal controls. 5. (a) In our opinion and according to the information and explanation given to us there are no transaction that needs to be entered in to the register in pursuance to the section 301 of the Company Act, 1956. (b) In our opinion and according to the information and explanation given to us there are no transaction in pursuance of contracts or arrangements entered in the register maintained U/s 301 of the Companies Act, aggregating during the year to Rupees Five Lakhs or more in respect of any party. '' 6. In our opinion and according to the information and explanation given to us the company has not accepted any deposits from the public which fall within the meaning of the section 58 A and 58 AA of the Company Act ,1956 and rules framed there under. 7. In our opinion the company has no internal audit system commensurate with the size and nature of it business. 8. As informed to us the maintenance of cost records has not been prescribed by the Central Government U/s 209 (1) (d) of the Companies Act, 1956. 9. According to the information and explanation given to us and on the basis of our examination of the records of the company, there are no undisputed statutory dues including Provident Fund , Investor Education and Protection Fund, Employees '' State Insurance , Income Tax , Wealth Tax , Sales Tax , Custom Duty, Excise duty and other Statutory dues applicable to it in respect of such statutory dues which have remained outstanding as at 31st March, 2013 for the period more than six months. 10. According to the information and explanation given to us the company has accumulated losses at the end of the financial Year, and has not incurred cash losses in the financial year and has incurred cash Loss in the immediately preceding financial year. 11. The Company has not defaulted in repayment of dues to a financial institution, banks debenture holders as at Balance Sheet date. 12. The Company has not granted any loans and advances on the bases of security by way of pledge of share, debentures and other securities. 13. The Company is not a chit fund, nidhi fund or mutual benefit fund / society. Therefore, the provision of clause 4 (xiii) of the Companies (Auditor''s Report) Order, 2003 are not1 applicable to the company. ( 14. In our opinion, the company has maintained proper records of transactions and contracts i relating to dealing or trading in shares, securities, debentures, and other investments during the year and timely entries have been made therein. Further such Securities have 1 been held by the Company in its own name. 15. The Company has not given any guarantee for loans taken by others from banks or| financial institutions during the year. 16. The Company has not obtained any term loan during the financial year. 17. According to the information and explanations given to us and on 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 investments and vice-versa. 18. The Company has not made any preferential allotment of shares to parties and Companies covered in the Register maintained under section 301 of the Act. 19. No Debentures has been issued by the Company during the year. 20. The Company has not raised any money by way of public 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 and according to the Information and explanation given to us, we have neither come across any instance of fraud on or by the Company noticed or reported during the year, nor have we been informed of such case by the management. For J.B.DUDHELA & CO Chartered Accountants FRN 102777W Sd/- PLACE: Mumbai (J.B.DUDHELA) DATE: 24/05/2013 Proprietor Memb. No. 035354