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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

Oct 22, 16:00
841.50 -27.75 (-3.19%)
Volume
AVERAGE VOLUME
5-Day
10,242
10-Day
9,709
30-Day
9,213
12,820
  • Prev. Close

    869.25

  • Open Price

    879.00

  • Bid Price (Qty.)

    837.00 (5)

  • Offer Price (Qty.)

    844.80 (15)

NSE Live

Oct 22, 15:57
840.25 -28.75 (-3.31%)
Volume
AVERAGE VOLUME
5-Day
83,239
10-Day
69,654
30-Day
72,930
63,520
  • Prev. Close

    869.00

  • Open Price

    872.00

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    840.25 (462)

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 (the Company) as at 31st March, 2010, the Profit and Loss Account and Cash Flow Statement of the Company 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 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 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 Companies (Auditors Report) Order, 2003, issued by the Central Government of India in terms of Section 227(4A) 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 ourcomments 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 Section 211 (3C) 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 31 st March 2010; (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 of the Company forthe year ended on that date. 5. On the basis of written representations received from the directors as on 31st March 2010 and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 2010 from being appointed as a director in terms of Section 274 (1) (g) of the Companies Act, 1956. ANNEXURE TO THE AUDITORS REPORT (Referred to in paragraph 3 of our report of even date) (i) Having regard to the nature of the Companys business/activities during the year ended 31 st March, 2010 paragraphs 4(vi), (x), (xii), (xiii), (xiv), (xv) and (xix) of the Companies (Auditors Report) Order, 2003 are not applicable. (ii) 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 regular 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. (iii) 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 inventories and no material discrepancies were noticed on physical verification. (iv) (a) The Company has neither granted nor taken any loans, secured or unsecured, to/from companies, firms or other parties listed intheRegistermaintainedundersection301 oftheCompaniesAct, 1956. (v) 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 are not readily available for obtaining comparable quotations, there is an adequate internal control system commensurate with the size of the Company and the nature of its business, for the purchase of inventory and fixed assets and the sale of goods and services. During the course of our audit we have not observed any major weaknesses in the internal control system. (vi) In respect of contracts or arrangements entered in the register maintained in pursuance of section 301 oftheCompaniesAct, 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) Where each of such transaction is in excess of rupees five lakhs in respect of any party, the transactions have been made at prices which are prima facie reasonable having regard to the prevailing market prices at the relevant time except in respect of certain purchases for which comparable quotations are not available and in respect of which we are unable to comment. (vii) In our opinion, the Company has an internal audit system commensurate with the size and the nature of its business. (viii) 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 Section 209(1 )(d) of the Companies Act, 1956 for any product of the Company. (ix) According to the information and explanations given to us in respect of statutory dues: (a) the Company has been regular in depositing undisputed dues, including Provident Fund, Investor Education and Protection Fund, Income tax, Sales-tax, Wealth tax, Service tax, Custom duty, Excise duty, Cess and other material statutory dues applicable to it with the appropriate authorities except for sales tax as referred in note 5(b) of Schedule N. We are informed that the provisions of the Employees State Insurance Act, 1948 are not applicable to the Company. (b) there were no undisputed amounts payable in respect of Income tax, Sales-tax, Wealth tax, Service tax, Custom duty, Excise duty and Cess and other material statutory dues in arrears as at 31 st March, 2010 for a period of more than six months from the date they became payable except for sales tax of Rs. 208.68 lakhs which is outstanding for more than six months. (c) 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 31 st March, 2010 on account of any dispute are given below: Name of Statute Nature of dues Amount (Rs. Lacs) Central Sales Tax Central Sales Tax 6.74 Act 1956 66.71 Orissa Sales Tax Act Sales Tax 4.85 5.60 Orissa Entry Tax Act Entry Tax 102.62 Orissa Value Added Value Added Tax 7.13 Tax Act, 2004 Income tax Act, 1961 Income tax 20.21 Name of the Period to which the Forum where dispute Statue amount relates is pending Central Sales Tax Act 1956 1987-88,1992-93, Orissa Sales Tax 1993-94,1994-95, Tribunal 1997-98 2005-06 Joint Commissioner of Sales Tax Orissa Sales Tax Act 1987-88,1992-93, Orissa Sales Tax 2000-01 Tribunal 1989-90,1990-91 Commercial Tax Officer Orissa Entry Tax Act 2005-06 Assistant Commissioner of Commercial Taxes Orissa Value Added Tax Act, 2004 2005-06 Commissioner of Commercial Taxes Income tax Act, 1961 2006-07 Commissioner of Income tax (Appeals) (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 at a price which is prima facie not prejudicial to the interests of the Company. (xiv) The Company has not raised any money by public issue. (xv) To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company and no fraud on the Company was noticed or reported during the year. For Deloitte Haskins & Sells Chartered Accountants Registration No.302009E Abhijit Bandyopadhyay Partner Membership No. 054785 Jamshedpur 22nd April, 2010