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Scan Steels Ltd.

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

BSE Live

Oct 22, 16:00
45.30 -0.90 (-1.95%)
Volume
AVERAGE VOLUME
5-Day
97,043
10-Day
84,991
30-Day
116,142
51,593
  • Prev. Close

    46.20

  • Open Price

    45.55

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

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.)

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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. Clarus Finance & Securities Limited as at 31st March, 2008 and also the Profit and loss Account and the 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 based 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 or material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in 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 areasonable basis for our opinion. 2. As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956 we enclose in the Annexure a statement on the matters specified in paragraph 4 and 5 of the said Order. 3. Further to our comments in the Annexure referred to in paragraph 2 above, 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 and the Profit and Loss Account dealt with by this report are in agreement with the books of account; d) In our opinion the Balance Sheet and Profit and Loss Account dealt with by this report comply with the mandatory Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956; except for non provision for liability of retirement benefits in terms of AS-15. e) On the basis of written representations received from the directors, and taken on record by the Board of Directors, in our opinion none of the directors is disqualified as on 31st March, 2008 from being appointed as directors in terms of clause (g) of sub-section (1) of section 274 of the Companies Act 1956 as on that date. f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the Significant Accounting Policies and other notes thereon give the information required by the Companies Act, 1958, in the manner so required and subject to: Note No. 9 of Schedule 14 relating to change in method of valuation of closing stock of equity shares as at 31st March, 2008 from Lower of Cost or Net Realisable value to At Cost. Present a true and fair view, in conformity with the accounting principles generally accepted in India: i. in so far as it relates to Balance Sheet, of the state of affairs of the Company as at 31st March, 2008; ii. in so far as it relates to the Profit and Loss Account, of the loss of the Company for the year ended on that date; iii in case of Cash Flow Statement of the cash flows for the year ended on that date. Annexure to the Auditors Report (Referred to in Paragraph 3 of our report of even date) Based upon the information and explanations furnished to us, and the books and records examined by us in the normal course of our audit, we report that to the best of our knowledge and belief: 1. In respect of its fixed assets: a) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information. b) As explained to us, the fixed assets have been physically verified by the management at the year end, which in our opinion is reasonable, having regard to the size of the company and nature of its assets. No material discrepancies have been reported on such verification. c) In our opinion, the Company has not disposed of substantial part of fixed assets during the year and the going concern status of the Company is not affected. 2. In respect of its inventories: a) As explained to us, inventories have been physically verified by the management at regular intervals during the year. b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the nature of its business. c) The Company has maintained proper records of inventories. As explained to us, there was no material discrepancies noticed on physical verification of inventory as compared to the book records. 3. In respect of loans, secured or unsecured, granted or taken by the Company to/from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956: a) The Company had not taken any unsecured loans to any companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. The Company had granted unsecured loans to companies and other parties covered in the register maintained u/s 301 of the Companies Act, 1956. The maximum amount involved during the year aggregate to Rs. 6,50,000/- and the year-end balance in respect of these loans was Rs. Nil/-. b) In our opinion and according to the information and explanations given to us, the terms and conditions on which such loans have been taken are not, prima facie prejudicial to the interest of the Co.mpany. c) In respect of above loans given by the Company, these were repayable on demand and therefore the question of overdue amounts does not arise. 4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of inventories, fixed assets and also for the sale of inventories. During the course of our audit, we have not observed any weaknesses in internal control. 5. In our opinion, the Company has accepted deposits from the public within the meaning of section 58A and section 58AA of the Companies Act, 1956 and the rules framed there under. However, the company has not complied with provisions of Companies (Acceptance of Deposits) Rules, 1975. 6. According to the information and explanations given to us, there have been no transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956 7. There is no internal audit system prevalent in the Company. 8. The Central Government has not prescribed maintenance of Cost Records under Section 209 (1) (d) of the Companies Act, 1956 in respect of business activities of the Company. 9. In respect of statutory dues: a) According to the records of the Company, in our opinion, undisputed statutory dues including Income-Tax, Investor Education & Protection Fund and other statutory dues applicable to the company have been generally regularly deposited with the appropriate authorities. b) According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31st March, 2008 for a period of more than six months from the date of becoming payable. c) According to the records of the Company, and as per information and explanations given to us there are no disputed statutory dues outstanding during the year. 10. In our opinion, the Company has accumulated losses at the end of the financial year exceeding fifty percent of net worth and company has incurred cash losses in the current year and in the immediately preceding financial year. 11. In our opinion the Company has not defaulted in repayment of dues to banks. The company has not issued any debentures. 12. In our opinion, the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. 13. In our opinion, the Company is not a chit fund or a nidhi / mutual benefit fund /society. 14. As per information and explanation given to us and books and records produced before us, the company is dealing and trading in shares and securities and proper records have been maintained of transactions and contracts and timely entries have been made therein. Also, shares and securities have been held by the company in its own name. 15. According to the information and explanations given to us, the Company has not given any guarantees on behalf of others. 16. The Company has not obtained any term loans during the year. 17. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we are of the opinion that the Company has not utilised borrowed funds from short term sources for long term purposes. 18. According to the information and explanations given to us, during the year, the Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956. 19. According to the information and explanations given to us, the Company has not issued any debentures during the year. 20. According to the information and explanations given to us, the Company has not raised any money by way of public issue during the year covered by our audit report. 21. In our opinion and according to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year that causes the financial statements to be materially misstated. For Tushar Parekh and Associates Chartered Accountants CA Tushar Parekh Place: Mumbai Proprietor Date : 31st July 2008 Membership No: 103230