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Scan Steels Ltd.

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

BSE Live

Dec 08, 16:00
34.15 0.70 (2.09%)
Volume
AVERAGE VOLUME
5-Day
36,894
10-Day
42,812
30-Day
82,295
47,478
  • Prev. Close

    33.45

  • Open Price

    34.40

  • 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 accompanying standalone financial statements of Scan Steels Limited (For- merly Known as Clarus Infrastructure Realties Limited) (''the Company''), which comprise the bal- ance sheet as at 31 March 2015, the statement of profit and loss and the cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory informa- tion. Management''s Responsibility for the Standalone Financial Statements The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (the Act) with respect to the preparation and presentation of these standalone 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 principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of ad- equate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reason- able and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the account- ing records, 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 standalone financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. 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 the 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 financial control relevant to the Company''s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, 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 on the standalone financial statements. Opinion In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone 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, of the state of affairs of the company as at 31st March, 2015 and its profit and its cash flows for the year ended on that date. Report on Other Legal and Regulatory Requirements 1. As required by the Companies (Auditor''s Report) Order, 2015 (the Order) issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act 2013, we give in the Annexure a statement on the matters specified in the paragraph 3 and 4 of the Order, to the extent applicable. 2. As required by Section 143 (3) of the Act, we report that: (a) We have sought and 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 it appears from our examination of those books; (c) The balance sheet, the 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 aforesaid standalone financial statements comply with the Ac- counting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014; (e) On the basis of the written representations received from the directors as on 31 March 2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2015 from being appointed as a director in terms of Section 164 (2) of the Act; and (f) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us: i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements Refer Note 2(1) to the financial statements; ii. The Company did not have any long term contracts including derivative contracts for which there were any material foreseeable losses. iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company. Annexure to the Independent Auditors'' Report The Annexure referred to in our Independent Auditors'' Report to the members of the Company on the standalone financial statements for the year ended 31 March 2015, we report that: 1. (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (b) 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 (c) 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 was no material discrepancies noticed on physical verification of inventories as com- pared to book records. 3. (a) The Company has not granted any loan during the year to the Related parties covered in the register maintained under section 189 of the Companies Act, 2013 (''the Act''). How- ever the company has taken loan from parties where maximum outstanding as on 31.03.2015 is Rs.2,52,41,699.00 (b) In the case of the loans granted to the bodies corporate listed in the register maintained under section 189 of the Act, the borrowers have been regular in the payment of the interest as stipulated. The terms of arrangements do not stipulate any repayment schedule and the loans are repayable on demand. Accordingly, paragraph 4(iii)(c) of the Order is not applicable to the Company in respect of repayment of the principal amount. (c) There are no overdue amounts of more than rupees one lakh in respect of the loans granted to the bodies corporate listed in the register maintained under section 189 of the Act. 4. In our opinion and explanations 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 ob- served any major weaknesses in internal control system of the Company. 5. 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 with respect to relevant provisions of Companies Act,2013 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. 6. According to information and explanations given to us, the company is maintaining cost records as prescribed by Central Government under section 148(1) of the Act, for the products of company. 7. a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted/ accrued in the books of ac- count in respect of undisputed statutory dues including provident fund, income tax, sales tax, wealth tax, service tax, duty of customs, value added tax, cess and other material statutory dues have been regularly deposited during the year by the Company with the appropriate authorities. As explained to us, the Company did not have any dues on account of employees'' state insurance and duty of excise. According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, income tax, sales tax, wealth tax, service tax, duty of customs, value added tax, cess and other material statutory dues were in arrears as at 31 March 2015 for a period of more than six months from the date they became payable. (b) According to the information and explanations given to us, there are no material dues of wealth tax, duty of customs and cess which have not been deposited with the appropriate authorities on account of any dispute. However, according to information and explanations given to us, the following dues of income tax, sales tax, service tax and value added tax have not been deposited by the Company on account of disputes: STATEMENT OF DISPUTED DUES Sl.Name of the Nature No.Statute of dues Amount ( ) 1 OVAT Act. OVAT 56,67,306.00 2 OVAT Act. OVAT 69,40,305.00 3 OVAT Act. OVAT 6,53,111.00 4 OVAT Act. OVAT 4,33,82,725.00 5 OVAT Act. OVAT 3,17,563.00 6 OVAT Act. OST 18,79,165.00 7 Income Tax Income 88,93,575.00 Act. Tax TOTAL 6,77,33,750.00 Sl.Name of the Period to which the Forum where No.Statute amt relates dispute is pending 1 OVAT Act. 2007-08, 2008-09 & Additional 2009-10 Commissioner of Commercial Tax 2 OVAT Act. 2002-03, 2003-04 & Assistant 2004-05 Commissioner of Commercial Tax, RKLA 3 OVAT Act. 2009-10 & 2010-11 Deputy Commissioner of Commercial Tax, Rourkela II Circle. 4 OVAT Act. 2005-06 & 2006-07 High Court of Odisha, Cuttack. 5 OVAT Act. 2008-09 & 2010-2011 Joint Commissioner of Commercial Tax. 6 OVAT Act. 2001-02, 2003-04 & Sales Tax Tribunal, 2004-05 Cuttack. 7 OVAT Act. 2009-10 & 2011-12 The Commissioner of Income Tax * net of amounts paid under protest. (c) According to the information and explanations given to us the amounts which were required to be transferred to the investor education and protection fund in accordance with the relevant provisions of the Companies Act, 2013 and rules there under has been transferred to such fund within time. 8 The company has no accumulated losses at the end of the financial year and has incurred cash profit of 17,67,18,631.00 during the financial year covered by our audit and in the immediately preceding financial year. 9 The Company did not have any outstanding dues to financial institutions, banks or debenture holders during the year. 10 In our opinion and according to the information and explanations given to us, the Company The Company has given guarantee for loans taken by its sister concern from banks or financial institutions. 11 The Company has raised term loan Nil during the year and the same has been applied for the purpose for which they were raised. 12 According to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the course of our audit. For SRB & Associates Chartered Accountants Firm Regn. No: 310009E B. Mohanty Bhubaneswar Partner 29th May, 2015 M.N-056264