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Tata Steel Long Products Ltd.

BSE: 513010 | NSE: TATASTLLP |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE674A01014 | SECTOR: Steel - Sponge Iron

BSE Live

Nov 29, 10:10
749.70 -21.95 (-2.84%)
Volume
AVERAGE VOLUME
5-Day
6,468
10-Day
6,563
30-Day
6,457
4,240
  • Prev. Close

    771.65

  • Open Price

    733.15

  • Bid Price (Qty.)

    747.35 (1)

  • Offer Price (Qty.)

    749.00 (1)

NSE Live

Nov 29, 10:10
748.40 -21.30 (-2.77%)
Volume
AVERAGE VOLUME
5-Day
41,955
10-Day
44,809
30-Day
46,922
11,552
  • Prev. Close

    769.70

  • Open Price

    765.00

  • Bid Price (Qty.)

    748.05 (5)

  • Offer Price (Qty.)

    749.30 (6)

Annual Report

For Year :
2019 2018 2017 2016 2015 2014 2013 2012 2011

Auditor's Report

1. We have audited the attached balance sheet of Tata Sponge Iron Limited as at 31st March, 2009, the profit and loss account of the company for the year ended on that date and the cash flow statement for the year ended on that date, both 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. 2. We conducted our audit in accordance with the auditingstandards 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 the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. As required by the Companfes (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 paragraphs 4 and 5 of the said Order, to the extent applicable. 4. Further to our comments in the Annexure referred to in paragraph 3 above, we report that: (i) 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; (ii) 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; (iii) the balance sheet, profit and loss account and cash flow statement dealt with by this report are in agreement with the books of account; (iv) in our opinion, the balance sheet, profit and loss account and cash flow statement dealt with by this report are in compliance with the accounting standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956; (v) in our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956 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 31st March, 2009; (b) in the case of the profit and loss account, of the profit of the company for the year ended on that date; (c) in the case of the cash flow statement, of the cash flows for the year ended on that date. 5. On the basis of written representations received from the directors as on 31st March, 2009 and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2009 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956. ANNEXURE TO THE AUDITORS REPORT (Referred to in paragraph 3 of our report of even date) The nature of the Companys business/activities during the year ended 31st March, 2009 was such that the paragraphs 4(vi), (xii), (xiii), (xiv), (xv) and (xix) of the Companies (Auditors Report) Order, 2003 are not applicable. (i) In respect of its fixed assets: (a) The company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (b) The fixed assets were physically verified during the year by the management in accordance with a program of verification, which, in our opinion, provides for physical verification of all the fixed assets at regular intervals. According to the information and explanations given to us, no material discrepancies were noticed on such verification. (c) The fixed assets disposed off during the year, in our opinion, do not constitute a substantial part of the fixed assets of the company and such disposal has, in our opinion, not affected the going concern status of the company. (ii) In respect of its inventories: (a) As explained to us, inventories were physically verified during the year by the management at reasonable intervals. (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 size of the company and the 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 its inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material. (iii) (a) The company has not granted any loans, secured or unsecured, to companies, firms or other parties listed in the Register maintained under section 301 of the Companies Act, 1956. As the company has not granted any loans, secured or unsecured, to parties listed in register maintained under section 301 of the Companies Act, 1956, paragraphs (iii)(b), (c) and (d) of the Order, are not applicable. (b) The company has not taken any loans, secured or unsecured, from companies, firms or other parties listed in the Register maintained under section 301 of the Companies Act, 1956. As the company has not taken any loans, secured or unsecured, from parties listed in the Register maintained under section 301 of the Companies Act, 1956, paragraphs (iii)(f) and (g) of the Order, are not applicable. (iv) In our opinion and according to the information and explanations given to us, having regard to the explanation that some of the items purchased are of special nature and suitable alternative sources do not exist for obtaining comparable quotations, there are adequate internal control systems commensurate with the size of the company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and we have not observed any continuing failure to correct major weaknesses in the internal control system. (v) In respect of contracts or arrangements entered in the register maintained in pursuance of section 301 of the Companies Act, 1956, to the best of our knowledge and belief and according to the information and explanations given to us: (a) The particulars of contracts or arrangements referred to in section 301 that need to be entered into the register maintained under the said section have been so entered. (b) In our opinion, having regard to the explanation that some of the items purchased are of special nature and suitable alternate sources do not exist for obtaining comparable quotations, the transactions exceeding the value of rupees five lakhs in respect of any party during the year have been made at prices which are prima facie reasonable, having regard to the prevailing market prices at the relevant time where such market prices are available. (vi) In our opinion, the company has an internal audit system commensurate with the size and the nature of its business. (vii) To the best of our knowledge and according to the information given to us, the Central Government has not prescribed the maintenance of cost records under clause (d) of sub section (1) of section 209 of the Companies Act, 1956 for any product of the company. (viii) In respect of statutory dues: (a) According to the information and explanations given to us, the company has been regular in depositing with the appropriate authorities undisputed statutory dues, including provident fund, investor education and protection fund, income tax, sales-tax, wealth tax, service tax, custom duty, excise duty, cess and any other statutory dues applicable to it except for sales tax as referred in note 5(b) of Schedule M. We are informed that the provisions of the Employees State Insurance Act, 1948 are not applicable to the company. (b) According to the 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, custom duty, excise duty and cess were in arrears as at 31st March, 2009 for a period of more than six months from the date they became payable except for sales tax of Rs. 82.40 lacs which is outstanding for more than six months. (c) According to the information and explanations given to us, details of dues of income tax, sales tax, service tax, customs duty, wealth tax, excise duty and cess which have not been deposited as at 31st March, 2009 on account of any dispute are given below: Name of Statute Nature of dues Central Sales Tax Central Sales Tax Act 1956 Orissa Sales Tax Act Sales Tax Orissa Entry Tax Act Entry Tax Orissa Value Added Value Added Tax Tax Act, 2004 Income tax Act, 1961 Income tax Amount Period to which the Forum where dispute (Rs. Lacs) amount relates is pending 6.74 1987-88,1992-93, Orissa Sales Tax 1993-94,1994-95, Tribunal 1997-98 66.71 2005-06 Joint Commissioner of Sales Tax 4.85 1987-88,1992-93, Orissa Sales Tax Tribunal 2000-01 5.60 1989-90,1990-91 Commercial Tax Officer 102.62 2005-06 Assistant Commissioner of Commercial Taxes 7.13 2005-06 Commissioner of Commercial Taxes 347.68 2005-06 Commissioner of Income tax (Appeals) (ix) The company does not have accumulated losses as at 31st March, 2009 and has not incurred cash losses during the financial year covered by our audit or the immediately preceding financial year. (x) In our opinion and according to the information and explanations given to us, the company has not defaulted in the repayment of dues to banks. (xi) To the best of our knowledge and belief and according to the information and explanations given to us, in our opinion, term loans availed by the company were prima facie applied by the company during the year for the purposes for which the loans were obtained other than temporary deployment pending application. (xii) According to the information and explanations given to us and on an overall examination of the balance sheet of the company, in our opinion, funds raised on short term basis have not been used for long term investment. (xiii) According to the information and explanations given to us, 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. (xiv) The company has not raised any money by public issue. (xv) According to the information and explanations given to us, no fraud on or by the company was noticed or reported during the year. For Deloitte Haskins & Sells Chartered Accountants Abhijit Bandyopadhyay Partner Membership No.: 54785 22nd April, 2009 Kolkata