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Yashraj Containeurs Ltd.

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Feb 25, 16:00
3.30 -0.16 (-4.62%)
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81
10-Day
98
30-Day
176
50
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    3.46

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Annual Report

For Year :
2015 2014 2013 2012 2011 2010 2009 2008 2007

Auditor's Report

We have audited the financial statements of YASHRAJ CONTAINEURS 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 the 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 stated in Section 134(5) of the Companies Act, 2013 (the Act) with respect to 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 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 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 adequate 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 error. AUDITORS'' 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 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 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, 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 exercise of power conferred by sub section (11) of the companies Act 2013, We give in the Annexure a statement on the matters specified in paragraph 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 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 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. 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 explanation given to us : i. In our opinion, the Company has disclosed the impact for all pending litigations on its financial position in its financial statements. ii. In our opinion, the Company has made all provisions, as required by law or accounting standards, for foreseeable losses on long term contracts including derivative contracts. iii. There were no amounts which were required to be transferred to the investors Education And Protection Fund by the company. THE ANNEXURE REFERRED TO IN PARAGRAPH 1 OF THE OUR REPORT OF EVEN DATE TO THE MEMBERS OF YASHRAJ CONTAINEURS LIMITED ON THE ACCOUNTS OF THE COMPANY FOR THE YEAR ENDED 31ST MARCH, 2015 1. (a) The Company has maintained Proper Records showing Full Particulars including Quantitative Details and situation of Fixed Assets. (b) All the assets have been physically verified by the Management during the year and there is a Regular Program of Verification which, in our opinion, is Reasonable having regard to the size of the Company and the nature of its Fixed Assets. No material discrepancies were noticed on such verification. 2. (a) The Inventory has been physically verified during the year by the Management. In our opinion, the frequency of verification is Reasonable. (b) 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) The Company is maintaining Proper Records of Inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material. 3. The Company has granted Unsecured loans to parties covered in the register maintained under section 189 of the Companies Act, 2013. There are no covenants, so we are not able to comment about repayment, the rate of interest and other terms and conditions of loans given by the company. 4. In our opinion and according to the information and explanations given to us, there are adequate Internal Control Procedures Commensurate with the Size of the Company and the nature of its Business with regard to the Purchases of Inventory, Fixed Assets and Sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in Internal Controls. 5. The Company has not accepted any Deposits from the Public. 6. Maintenance of Cost Records has not been specified by the central government under sub section (1) of section 148 of the Companies Act, 2013. 7. (a) In our opinion, the Company is Regular in depositing with Appropriate Authorities Undisputed Statutory Dues except for few delays including Provident Fund, Investor Education Protection Fund, Employees state Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess and other Material Statutory Dues applicable to it. According to the information & explanations given to us there were outstanding statutory dues as on 31st March, 2015 for a period of more than six months from the date they became payable. Sr. Name of Nature Period Amount Remarks No. the Statue (Rs.) 1 Sales Tax CST April''14 to Sept''14 35,19,598/- 2 Sales Tax VAT April''14 to Sept''14 8,50,525/- (b) According to the information and explanations given to us, the amounts payable in respect of service tax, and excise duty which have not been deposited on account of any dispute. Name of Amount Period Forum Amount Date Statutory for Where The Agreed of dues Which it Dispute is Payment Related Pending Excise Duty 31,60,831 2012-13 Addl. Comm, Vapi Nil Nil (c) There is no amount required to be transferred to investor education and protection fund. 8. The accumulated losses at the end of the financial year are more than 100% (Hundred Percent) of its net worth however has incurred cash losses during the financial year covered by our audit & the immediately preceding financial year. 9. Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that, the Company has not defaulted in repayment of dues to a financial institution, bank or debenture holders except those details as stated below. Sr. Name of the Principal Interest Total No. financial Institution (Rs.) (Rs.) (Rs.) 1 Term Loan IDBI 103,450,000 102,533,691 205,983,691 2 Non Conv Deb. 27,500,000 29,176,545 56,676,545 The company had in Principle received an approval from IDBI for One Time Settlement of all its dues at Rs 13.10 Crores wherein the company was liable to pay Rs. 26.26 Crores as per the schedule provided above, the company has till date has made a payment of Rs. 8.64 Crores and accordingly has reversed the difference of OTS and the actual payment on a pro rata basis which till date amounts to Rs 5.65cr. Further it is observed the Company has not been following the OTS scheme as the repayment is not according to the OTS Scheme, in view of which the OTC may get void. The company has started providing interest on the balance loan however interest provision which has been reversed on the basis of OTS and Interest from the date of OTS till 2014 is yet to be provided and accordingly the profits of the company are overstated. 10. The Company has not given any guarantee for loans taken by others from bank or financial institutions. 11. In our opinion, the Term Loans have been applied for the Purpose for which they were obtained. 12. According to the information and explanation given to us, No Fraud on or by the Company has been Noticed or Reported during the course of our Audit. For KAKARIA & ASSOCIATES Chartered Accountants Firm Regn. No.: 104558W (Kakaria Ujwal K.) Place : Mumbai Partner Date : 08/08/2015 Membership No.: 35416