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Scan Steels Ltd.

BSE: 511672 | NSE: | Series: NA | ISIN: INE099G01011 | SECTOR: Steel - Sponge Iron

BSE Live

Oct 28, 16:00
45.00 0.20 (0.45%)
Volume
AVERAGE VOLUME
5-Day
35,876
10-Day
66,460
30-Day
106,459
31,061
  • Prev. Close

    44.80

  • Open Price

    44.85

  • Bid Price (Qty.)

    44.10 (20)

  • Offer Price (Qty.)

    44.90 (500)

NSE Live

Dec 27, 11:22
NT* 0.00 (0.00%)
Volume
No Data Available
0
  • Prev. Close

    -

  • Open Price

    -

  • Bid Price (Qty.)

    - (0)

  • Offer Price (Qty.)

    - (0)

Scan Steels is not listed on NSE

Annual Report

For Year :
2018 2016 2015 2014 2013 2012 2011 2010 2009

Auditor's Report

We have audited the attached Balance Sheet of M/s. Mittal Securities Finance Limited as at 31st March, 2006 and also the Profit & Loss Account and cash flow statement of the company for the year ended on that date annexed thereto. These financial statements are the responsibility of the companys management. Our responsibility is to express an opinion on these financial statements bused on our audit. 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 amount and disclosures in the financial statements. An audit also includes accessing the accounting principals used and significant estimate made by management, as well as evaluating the over all financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. As required by the Companies (Auditors Report) order, 2003, issued by the Government of India, in terms of Section 227(4A) of the Companies Act, 1956 and on the basis of such checks of books and records of the Company as we considered appropriate and according to the information and explanations given to us during the course of audit, we further state on the matters specified in paragraphs 4 and 5 of the said Order that; 1. We have obtained all the in information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit. 2. In our opinion, the Company has kept proper books of accounts as required by law, so far as appears from our examination of the books of accounts. 3. The Balance Sheet and Profit and Loss Account dealt with this report are in agreement with the books of accounts. 4. In our opinion the Profit & Loss Account and Balance Sheet have complied with the Accounting Standards referred to in Sub Section 3 C of Section 211 of the Companies Act, 1956. 5. In our opinion and on the basis of the information & explanations given to us and on the basis of the written representation received from the directors and taken on record, none of the directors of the company is disqualified as on 3 1*1 March, 2006 from being appointed as a director in terms of clause (g) of sub section (1) of Section 274 of the Companies Act, 1956. 6. The company has not registered as NBFC nor complied with NBFC prudential norms (Reserve Bank) Directions, 1998 and other relevant notifications issue by the Reserve Bank of India in the following cases: a) The company has given unsecured interest free loans/advances of Rs. 148.94 lakhs to various parties for which the confirmations have not yet been obtained. b) No provision has been made for the dues as referred in note of Schedule 9 for dues of Rs. 148.94 lakhs which even though a Non performing Assets as per the Non-Banking Financial Companies Prudential norms (reserve Bank) Directions 1998, is considered to be recoverable by the management in their view. c) The capital adequacy ratio as on 31/03/2006 is not calculated as the company has not registered as NBFC. d) The company has not framed the policy for granting demand / call Loans. 7. The financial Statement have been prepared on going concern basis.. 8. Subject to above, in our opinion and to the best of our information and according to the explanations given to us, the said accounts reed together with the notes-thereon, give the information required by the Companies Act, 1956 in the manner so required and give a true end fair view; i) In the case of the Balance Sheet of the state of affairs of the Company as at 31st March, 2006; and ii) In the case of the Profit & Loss Account of the loss of the Company for the year ended on the date; iii) In the case of the Cash Flow Statement, of the Cash Flows for the year ended on the date. ANNEXURE TO THE AUDITORS REPORT i) The main activities of the company consists of dealing in shares & Securities and hence as such, clauses (iii), (iv), (v), (xii), (xvi) and (xvi) of the Companies (Auditors Report) order, 2003, issued in terms of section 227 (4A) of the Companies Act 1956, are not applicable to the company. ii) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. The fixed assets have been physically verified by the management during the year, which in our opinion is reasonable having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such verification as compared with the book records. iii) In our opinion and on the basis of our examination of valuation of the Stocks, such valuation is fair and proper in accordance with the normally accepted accounting principles and is on the same basis as in the previous year. iv) The principal amount and interest wherever applicable thereon in respect of loan, and/or advances in the nature of loans given by the Company have not been recovered regularly as stipulated. v) The company has not taken any loan, secured or unsecured from u/s 301 of the Companies Act, 1956 and companies under the same management within the meaning of section 370 (IB) of the Companies Act, 1956 where the rate of interest of the Company. vi) The Company has not granted any loan, Secured or Unsecured to Companies, firms or other parties listed in the registers maintained u/s 301 of the Companies Act, 1956 and companies under the same management within the meaning of Section 370 (IB) of the Companies Act, 1956, where the rate of interest and other terms and conditions are prima facie prejudicial to the interest of the Company. vii) In our opinion, there are adequate internal control procedures commensurate with the size of the companies and the nature of its business. viii) According to the information and explanation given to us, transactions made in pursuance of contracts or arrangement entered in the Register maintained u/s 301 of the Companies act, 1956 as aggregating during the year to Rs.5,00,0007/- or more in value in respect of each party have been made at price which are reasonable having regards to prevailing market price for such goods, material or services have been made with other parties. ix) The company has not accepted any deposits from public during the year under the provisions of Section 58A of the Companies Act, 1956 and the rules framed there under with regard to deposits accepted from the public x) In our opinion, the Company has an internal audit system commensurate with the size and nature of its business. xi) The Central Government has not prescribed the maintenance of cost accounting records section 209(1)(d) of the Companies Act, 1956 in respect of the business of the company. xii) According to the records of the Company, the Provident Fund and Employees State Insurance Scheme is not applicable to the company. xiii) According to the information ad explanations given to us and record of the Company examined by us, there were no undisputed amounts payable in respect of sales-tax, customs duty and excise duty which have remained outstanding as at 31st March, 2006 for a period of more than six month from the date they became payable, except the demands for Income-Tax A.Y 1997-98 for Rs.5, 20,231 For which company has filed appeal with Appellate Tribunal and the same is pending. xiv) The company has accumulated losses of Rs. 6,16,177.09 and has not incurred cash losses during the financial year covered by our audit and, in the immediately preceding financial year company. xv) According to the information and explanations given to us and records of the Company examined by us, personal expenses of employees of directors have not been charged to revenue account other than those payable under contractual obligations in accordance with generally accepted business practices. xvi) The Company is not a Sick Industrial Company within meaning of clause (o) of sub-section (1) of Section 3 of the Sick Industrial Companies (Special Provisions) Act, 1985. xvii) In respect of shares, securities and other investments, dealt in or traded by the company, proper records have been maintained of the transactions and contacts and timely entries have been made therein but the shares, securities and other investments have not been held by the company in its own name. xviii) According to the information and explanations given to us, the provisions of any special statute applicable to chit funds, Nidhi or mutual benefit society are not applicable to the company. xix) According to the information and explanations given to us the there are no outstanding guarantees as on the date of Balance sheet. xx) In our opinion and according to the information and explanations given to us the company has not obtained any term loan during the year. xxi) 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 investments. No long-term funds have been used to finance short-term assets. xxii) According to the information and explanation given to us, the company has not made any preferential allotment of shares to parties and companies mentioned in section 301. xxiii) According to the information and explanations given to us, the company has not issued any debentures during the year and hence creation of security for issue of debenture does not arise. xxiv) According to the information and explanations given to us, and representation made to us and to the best of our knowledge & belief no fraud on or by the company has been reported or noticed during the course of our audit.