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Scan Steels Ltd.

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

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Oct 20, 16:00
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93,354
30-Day
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Dec 27, 11:22
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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

1. We have audited the attached Balance Sheet of M/s. Clarus Infrastructure Realties Limited as at 31 st March, 2011 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 Company''s 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 of 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 a reasonable 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, Profit Loss Account and Cash Row Statement dealt with by this report are in agreement with the books of account; d) In our opinion the Balance Sheet, Profit and Loss Account and Cash Flow Statements 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 Accounting Standard 15 Accounting for Employee Benefits In respect of leave encashment and Gratuity liability not provided as explained In note 7 of Scheduled; 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 director is disqualified as on 31 st March, 2011 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 sa|d accounts subject to the effects of matters discussed in para (f) above read together with the Significant Accounting Policies and other notes thereon give the information required by the Companies Act, 1956, in the manner so required, and 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 31 st March, 2011; ii. In so far as it relates to the Profit and Loss Account of the Loss 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) As explained to us, the company is in the process of maintaining proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information. As on the date of signing of this report the register was not available for verification. b) According to the information and explanations given to us, the fixed assets of the company have been physically verified at the year-end, which in our opinion is reasonable, having regard to the size of the company and nature of its assets. As per the management representation, no material discrepancies have been reported on such verification as compared to book records. c) In our opinion and according to the information and explanations given to us, 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 of shares have been physically verified by the management at regular intervals during the year. b) In pur opinion and according to the information and explanations given to us, the procedures of physical verification of inventories of shares followed by the management are reasonable and adequate in relation to the size of the company and nature of its business. c) In our opinion and according to the information and explanations given to us, the Company has maintained proper records of inventories of shares. 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 rartes covered in the register maintained under Section 301 of the companies Act,1956: a) The. Company had granted interest free unsecured loans to a company covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year aggregate to Rs. 4,10,0007- 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 had been granted are not, prima facie prejudicial to the interest of the Company; c) The principal amounts were payable on demand and there were no written stipulations as to the repayment schedule; d) In respect of said loans, these have been repaid during the year and hence the question of overdue amounts as such does not arise; e) The Company had taken interest free unsecured loans from three parties covered in the register maintained u/s. 301 of the Companies Act, 1956. The maxfmum amount involved during the year aggregate to 71,35,00,0007- and the year-end balance in respect of these loans was Rs. Nil; f) In our opinion and according to the information and explanations given to us, the terms and conditions on which such loans had been taken are not, prima facie prejudicial to the interest of the Company; g) In respect of said loans, these have been repaid during the year and hence the question of overdue amounts as such 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 inventory, fixed assets and with regard for the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls. 5. To the best of our knowledge and belief and according to the information and explanations given to us, the particulars of contracts or arrangements that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered. - - - To the best of our knowledge and according to the information and explanations given to us, there were no transactions in pursuance of contracts or arrangements entered in the register maintained undersection 301 of the Companies Act, 1956, aggregating during the year to Rs. 5,00,0007- (Rupees five lacs) or more in respect of any party. 6. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public within the meaning of section 58A and section 58AA or other relevant provisions of the of the Companies Act, 1956 and Companies (Acceptance of Deposits) Rules, 1975 with regard to acceptance of deposits from the public. 7. There is no internal audit system prevalent in the Company. 8. According to information and explanations give to us, Central Government has not prescribed maintenance of Cost Records under Section 209(1){d) of tie Companies Act, 1956 in respert of business atfvities of the Ctompany. 9. In respect of statutory dues: a) According to the records of the Company, and according to the information and explanations given to us, the company is generally regular in depositing undisputed, statutory dues including Investor Education & Protection Fund, Income-Tax, Service tax and other material statutory dues applicable to the company with the appropriate authorities during the year. b) According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31 st March, 2011 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. The accumulated losses of the Company at the end of the financial year are not less than 50% of its net worth. The Company has incurred cash loss in the current financial year and had not incurred cash loss in the immediately preceding financial year. 11. In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to banks. The company-has not issued any debentures. 12. In our opinion and according to the information and explanations given to us, 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 for loans taken by others from banks or financial institutions. 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, funds raised on short-term basis during the year have not been used for long-term invest-, ments. 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. The Company has not issued any debentures during the year. 20. The Company has not raised any money by way of public issue during the year covered by our audit report. 21. To the best of our knowledge and according to the information and explanations given to us by the management, 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 (FRN:117307W) CA Tushar Parekh Proprietor Membership No: 103230 Place: Mumbai Date : 27th July, 2011