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Udaipur Cement Works Ltd.

BSE Live

Mar 30, 10:06
7.69 0.24 (3.22%)
Volume
AVERAGE VOLUME
5-Day
82,867
10-Day
95,673
30-Day
115,410
2,055
  • Prev. Close

    7.45

  • Open Price

    7.58

  • Bid Price (Qty.)

    7.58 (100)

  • Offer Price (Qty.)

    7.69 (73)

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Udaipur Cement Works is not listed on NSE

Annual Report

For Year :
2018 2017 2016 2015 2014 2012 2011 2010 2008

Auditor's Report

We have audited the accompanying financial statements of Udaipur Cement Works Limited (the Company), which comprise the Balance Sheet as at 31st March 2015, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information. Management''s Responsibility for the Financial Statements The Company''s Board of Directors is responsible for the matters in section 134 (5) of the Companies Act, 2013 (the Act) with respect to 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 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 the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of 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 reasonable and prudent; and design, implementation and maintenance of internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting 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 er ro r. Auditor''s Responsibility Our responsibility is to express an opinion on these 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 thereunder. 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. An audit a l so i n cl u d es eval u ati n g th e 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 financial statements. Opinion In our opinion and to the best of our information and according to the explanations given to us, the aforesaid 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 31, 2015; b) in the case of Statement of Profit and Loss, of the profit for the year ended on that date ; and c) in the case of the Cash Flow Statement, of the 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 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 paragraphs 3 and 4 of the Order. 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 appears from our examination of those books. c) The Balance Shee, the Statement of Profit and Loss and Cash Flow Statement dealt with by this Report are in agreement with the books of account. d) In our opinion, the aforesaid financial statements comply with the Accounting 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 31st March 2015, taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 2015, from being appointed as a director in terms of Section 164 (2) of the Act. However all the directors of the company except Mr. S. K. Kinra , Special Director appointed by Hon''ble BIFR & Mr. Ganpat Singh and Miss Kumud Pahuja appointed as Additional Director on March 21, 2015 are disqualified to be appointed / reappointed as directors in any other public company. 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 Auditor''s) 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 No. 30 to the financial statements. ii. The Company did not have any such long-term contracts including derivative contracts for which there were any material foreseeable losses. iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company. ANNEXURE TO THE AUDITOR''S REPORT [Referred to in Paragraph (1) under the heading Report on other Legal and Regulatory Requirements of the Auditors'' Report of even date to the members of Udaipur Cement Works Limited on the accounts of the Company for the year ended 31.03.2015] On the basis of such checks as we considered appropriate and according to the information and explanations given to us during the course of our audit, we report that : i a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. b) As explained to us, fixed assets have been physically verified by the management at regular intervals; as informed to us no material discrepancies were noticed on such verification. ii) a) Physical verification of inventories has been conducted by the management at reasonable intervals. b) The procedure of physical verification of inventory followed by the management is reasonable and adequate in relation to the size of the Company and the nature of its business. c) The Company is maintaining proper records of inventory. The discrepancies noticed on such physical verification of inventory as compared to book records were not material. (iii) The Company has not granted / taken any loans secured or unsecured to / from Companies, firms or other parties covered in the registered maintained u/s 189 of the Act. iv) In our opinion, the Company has an adequate internal control system commensurate to the size of the Company and nature of its business for the purchase of inventory and fixed assets and for sale of goods & services and no major weaknesses in internal control system has been noticed. v) The Company has not accepted any deposits from public within the meaning of the directives issued by the Reserve Bank of India and under the provisions of section 73 to 76 or any other relevant provisions of the Act and the Rules framed thereunder. As informed to us, no order has been passed by the Company Law Board or National Law Tribunal or Reserve Bank of India or any court or any other tribunal in this regard. vi) We have broadly reviewed the books of account maintained by the Company pursuant to the order made by the central government for maintenance of cost records under section 148 (1) of the Companies Act, 2013 in respect of the Company''s products to which the said rules are made applicable and are of the opinion that prima facie, the prescribed records have been made and maintained. We have not, however, made a detailed examination of the said records with a view to determine whether they are accurate. vii a) According to the records of the Company and information and explanations given to us, the Company is regular in depositing undisputed statutory dues, including Provident Fund, Employees State Insurance, Entry Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise, VAT, Cess and other material Statutory dues with the appropriate authorities to the extent applicable. There are no undisputed statutory dues payable for a period of more than six months from the date they became payable as at 31st March 2015. b) According to the records and information and explanations given to us there are following dues under various taxes which has not been deposited on account of any dispute and the amounts involved and the forum where dispute is pending are given below: - Name of the Statute Nature of the Dues Period Forum where dispute is pending Amount (In Rs.) Central Excise Act Excise Duty 1995-96 High Court 4,40,017 Excise Duty (Interest) 2000-01 Assistant Commissioner Central Excise, Udaipur 2,81,325 Service Tax Act Service Tax 1997-98 Assistant Commissioner of Excise (S.T.) 66,05,892 Sales Tax Act Sales Tax 1999-2000 Assistant Commissioner (Comm. Tax) 8,14,000 Sales Tax (Interest) 1996-97, 1997-98 & 1998-99 Assistant Commissioner (Comm. Tax) 9,11,000 Sales Tax 1996-97 Assistant Commissioner (Comm. Tax) Circle ''B'' Jammu 25,04,900 c) There has not been an occasion in case of the Company during the year under report to transfer any sums to the Investor Education and Protection Fund. The question of reporting delay in transferring such sums does not arise. viii) The Company''s accumulated losses at the end of the year are not more than fifty percent of its net worth. It hasn''t incurred cash losses in the current year and in the immediately preceding period. ix) On the basis of records made available and information and explanations given to us, the Company has not defaulted in repayment of dues, considering the sanction of BIFR scheme, to financial institutions, banks and debenture holders. x) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions. xi) On the basis of information and explanations given to us, the term loan has been applied for the purpose for which they were obtained. xii) Based on the audit procedures performed and on the basis of information and explanations provided by the management, no fraud on or by the Company has been noticed or reported during the course of our audit. For OM PRAKASH S. CHAPLOT & CO. Chartered Accountants FRN: 000127C (O.P.CHAPLOT) Place of Signature : Udaipur Partner Date : 12th May 2015 M. No. 010184