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Scan Steels Ltd.

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

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Annual Report

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

Auditor's Report

We have audited the accompanying financial statements of M/s SCAN STEELS LIMITED (the Company), which comprises the Balance Sheet as at 31st March , 2014, and the Statement of Profit and Loss for the year ended, and a summary of the 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 flows of the Company in accordance with the Accounting Standards notified under the companies Act, 1956 (the Act). Read with the general circular 15/203 dated 13th September,2013 of the ministry of corporate affairs in respect of section 133 of the companies Act 2013 and with accordance with the accounting principles generally accepted in india. 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. AUDITORS'' 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 the 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 Auditors 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 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. a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31st 2014;and b) in the case of the Statement of Profit and Loss Accounts, of the Loss for the year ended on that date; Meanwhile, it is to bring in notice that Clarus Infrastructure Realties Ltd, had a reverse merger with Scan Steels Ltd, whereby Scan Steels Ltd. was merged into Clarus Infrastructure Realties Ltd. And the name of the emerging Company is Scan Steels Ltd, as per the order of Hon. High Court of Orissa: Cuttack vide case No. COPET NO. 25 of 2011 (connected with COPET NO. 7 of 2011) Hon. Court given the order dated 25th February, 2014 and accordingly carrying operations under the name of Scan Steels Ltd. Meanwhile, we, have Audited books and accounts only of Clarus Infrastructure Realties Ltd. and verified the Consolidation of Accounts of the Scan Steels Ltd. and Clarus Infrastructure Realties Ltd. as on 31st March 2014. REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS 1. As required by the Companies (Auditor''s Report) Order, 2003 (''the Order) issued by the Central Government of India in terms of Section 227(4A) 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 purposes 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 Statement of Profit and Loss, 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, comply with the Accounting Standards notified under the Act read with the General Circular 15/2013 dated 13th September,2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013. (e) On the basis of the written representations received from the directors as on March 31st, 2014 and taken on record by the Board of Directors, none of the directors is disqualified as on March 31st, 2014 from being appointed as a director in terms of section 274 (1) (g) of the Act. ANNEXURE TO INDEPENDENT AUDITORS REPORT CONSOLIDATED ANNEXURE TO THE AUDITORS'' REPORT OF INDEPENDENT AUDITOR OF SCAN STEELS LIMITED (Formerly known as CLARUS INFRASTRUCTURE REALTIES LIMITED) post merger of Scan Steels Limited with Clarus Infrastructure Realties Limited (Note: Standalone audit of Scan Steels Limited carried on by M/S SRB & Associates, Chartered Accountants, and we have consolidated and reviewed the report of auditors of Scan Steels Limited.) (Referred to in paragraph 1 under Report on other Legal and Regulatory Requirements Section of our report of even date) 1. In respect of its Fixed Assets : The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of information available. a) As explained to us, the fixed assets have been physically verified by the Management in phased periodic manner, which in our opinion is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies have been noticed on such verification. b) Fixed assets disposed off during the year were not substantial, and therefore, don''t affect the going concern assumption. 2. In respect of its Inventories: (a) As explained to us, Stocks have been physically verified by the management at regular interval during the year. The frequency of verification is reasonable. (b) In our opinion and according to the information and explanation given to us, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business. (c) The company has maintained proper records of inventories. As explained to us, there wa s n o m ateri al discrepancies noticed on physical verification of inventories as compared to 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 granted interest free unsecured loan to company & related parties covered in the register maintained under section 301 of the companies Act, 1956. The maximum amount involved during the year aggregate to Rs.20,00,000/- and the year end balance in respect of this loan was NIL. However the company has taken loan from related parties during the year where outstanding as on 31.03.2014 is Rs. 3,89,15,728/- and maximum amount outstanding during the year was Rs.6,54,21,699/-. (b) In our opinion and according to the information and explanation given to us, the rate of interest, wherever applicable and other terms and conditions are not prima facie prejudicial to the interest of the company. (c) In respect of loans taken the principal amount along with interest is repayable on demand and hence the question of overdue amount does not arise. 4. In our opinion and explanation given to us. There are adequate internal control systems commensurate with the size of the Company and the nature of its business with regard to purchases of inventory, fixed assets and with regard to the sale of goods. We have not observed any major weaknesses in internal control system of the Company. 5. (a) In our opinion and according to the information given to us, the particulars of contracts or arrangement referred to in section 301 of the Act have been entered in the register required to be maintained under that section. (b) In our opinion and according to the information given to us, the transactions made in pursuance of contracts or arrangements referred to in (5) (a) above and exceeding the value of 5 Lakhs with any party during the year have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time. 6. The Company has accepted deposits from the public and in our opinion and according to the information and explanation given to us, the directives issued by Reserve Bank of India and the provisions of section 58A and 58AA and relevant provisions of companies Act, 1956 and rules framed there under, where applicable, have been complied with. We are informed that no order has been passed by the company law board or national company law tribunal or Reserve Bank of India or any court or any other tribunal, in this context. 7. In our opinion, the Company has an internal audit system commensurate with the size and nature of its business. 8. According to information and explanations given to us, the company is maintaining cost records as prescribed by central government under section209 (1) (d) of companies Act, 1956 for the products of the company. 9. (a) According to information and explanations given to us and on the basis of the standalone auditors report of the Scan Steel Limited as per the records of the Company, amounts deducted/ accrued in the books of account in respect of undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Income- Tax, Sales-tax, Wealth tax, Service Tax and other material statutory dues have been regularly deposited during the year by the Company with the appropriate authorities. According to information and explanations given to us, no undisputed amounts payable in respect of Provident Fund, Investor Education and Protection Fund, Income-Tax, Sales-tax, Wealth tax, Service Tax and other material statutory dues were in arrears as at 31 March 2014 for a period of more than six months from the date they became payable (b) According to information and explanations given to us, the following dues of Orissa Sales Tax, Entry tax, And Central Sales Tax have not been deposited by the Company on account of disputes. STATEMENT OF DISPUTED DUES Sl. Nature of No. Name of the Statute dues Amount (rs) 1 Orissa Sales Tax Act. OST 1,37,958 2 Entry Tax Act Entry Tax 24,482 3 Orissa Sales Tax Act OST 22,96,983 4 Entry Tax Act Entry Tax 7,21,265 5 Entry Tax Act Entry Tax 7,97,111 6 Orissa Sales Tax Act OST 21,30,340 7 Orissa Sales Tax Act OST 17,15''871 8 Entry Tax Act Entry Tax 9,95,460 9 Orissa Sales Tax Act OVAT 1,07,26,881 10 Entry Tax Act Entry Tax 18,50,937 11 Central Sales Tax Act CST 5,30,992 12 Orissa Sales Tax Act OVAT 1,07,38,853 13 Central Sales Tax Act CST 1,61,83,731 14 Entry Tax Act Entry Tax 33,51,331 15 Entry Tax Act Entry Tax 1,36,613 16 Central Sales Tax Act CST 1,82,853 17 OVAT Act OVAT 2,25,331 18 Central Sales Tax Act CST 51,22,509 19 Central Sales Tax Act CST 3,17,563 20 Entry Tax Act Entry Tax 4,54,748 21 OVAT Act OVAT 1,98,363 TOTAL 5,88,40,175 Name of the Statute period to Forum where dispute is pending which the amt relates Orissa Sales Tax Act. 2001-02 Sales Tax Tribunal, CTC Entry Tax Act 2001-02 Sales Tax Tribunal, CTC Orissa Sales Tax Act 2002-03 Asst. Commissioner of Commercial Tax, RKL Entry Tax Act 2002-03 Sales Tax Tribunal, CTC Entry Tax Act 2003-04 Asst. Commissioner of Commercial Tax, RKL Orissa Sales Tax Act 2003-04 Asst. Commissioner of Commercial Tax, RKL Orissa Sales Tax Act 2004-05 Asst. Commissioner of Commercial Tax, RKL Entry Tax Act 2004-05 OST Tribunal, Cuttack Orissa Sales Tax Act 2005-06 High Court of Orissa,Cuttack Entry Tax Act 2005-06 High Court of Orissa,Cuttack Central Sales Tax Act 2005-06 High Court of Orissa,Cuttack Orissa Sales Tax Act 2006-07 High Court of Orissa,Cuttack Central Sales Tax Act 2006-07 High Court of Orissa,Cuttack_ Entry Tax Act 2006-07 High Court of Orissa,Cuttack_ Entry Tax Act 2007-08 AddI. CCT, Sambulpur & 2008-09 Central Sales Tax Act 2007-08 AddI. CCT, Sambulpur & 2008-09 OVAT Act 2007-08 AddI. CCT, Sambulpur & 2008-09 Central Sales Tax Act 2009-10 AddI. CCT, Cuttack Central Sales Tax Act 2008-09 Joint commissioner of & 2010-11 Commercial taxes Entry Tax Act 2009-10 Dy. commissioner of & 2010-11 Commercial taxes Roulkela II circle, Panposh OVAT Act 2009-10 Dy. commissioner of & 2010-11 Commercial taxes Roulkela II circle, Panposh 10. The company has no accumulated losses at the end of the financial year and in immediately preceding financial year. 11. According to information and explanations given to us, the Company did not have any default in repayment of installments to banks, financial institutions, or debenture holders which continued up the end of the financial year. 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. The Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore the provisions of paragraph 4 (xiii) of the order are not applicable to the Company. 14. The company has maintained proper records of the transaction and contracts in respect of dealing & trading in shares , securities, debentures, and other investment and timely entries have been made therein. All shares , securities , debentures and other investments have been held by the company in its name. 15. The Company has given guarantee for loans taken by associate concerns from banks. 16. The Company has raised term loan of Rs.55,60,424/- during the year and the same has been applied for the purpose for which they were raised. 17. The Company did not raise any funds on short term basis which have been used for long term purpose and vice versa. 18. The Company has not made 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. 21. According to the information given to us, no material fraud on or by the Company has been noticed or reported during the course of our audit. For Motilal & Associates Chartered Accountants FRN: 106584W CA Motilal Jain Place: Mumbai Partner Date: 18th November, 2014 Membership No.: 036811