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विकाश मेटल एंड पावर

बीएसई: 532677  |  NSE: VIKASHMET  |  ISIN: INE158H01013  |  Steel - Sponge Iron

खोजें विकाश मेटल एंड पावर कनेक्शन Jun 12
लेखा परीक्षकों की रिपोर्ट वर्षांत : Mar '13
Report on the Financial Statements
 
 1.  We have audited the accompanying financial statements of Vikash
 Metal & Power Limited, (the Company), which comprise the Balance
 Sheet as at March 31, 2013, and the Statement of Profit and Loss and
 Cash Flow Statement for the period from July 01, 2013 to March 31,
 2013, and a summary of significant accounting policies and other
 explanatory information.
 
 Management''s Responsibility for the Financial Statements
 
 2.  Management is responsible for 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 referred to in sub-section (3C) of Section 211 of
 the Companies Act, 1956 (the Act). This responsibility includes the
 design, implementation and maintenance of internal control 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
 
 3.  Our responsibility is to express an opinion on these financial
 statements based on our audit. We conducted our audit in accordance
 with the Standards on Auditing issued by the Institute of Chartered
 Accountants of India. 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.
 
 4.  An audit involves performing procedures to obtain audit evidence
 about the amounts and disclosures in the financial statements. The
 procedures selected depend on the auditors'' 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 control relevant to the
 Company''s preparation and fair presentation of the financial statements
 in order to design audit procedures that are appropriate in the
 circumstances.  An audit also includes evaluating the appropriateness
 of accounting policies used and the reasonableness of the accounting
 estimates made by management, as well as evaluating the overall
 presentation of the financial statements.
 
 5. We believe that the audit evidence we have obtained is sufficient
 and appropriate to provide a basis for our qualified audit opinion.
 
 Basis for Qualified Opinion
 
 All the operations of the Company are suspended since October'' 2011 and
 there were no commercial production or transactions carried out during
 the period under audit. The Company could not put the robbery affected
 plant and machineries for repair or replacement. Numerous important
 documents relating to the operations of the Company went missing during
 robbery on April 12, 2012, and it was stated to us that the Company is
 still under process to recreate the missing documents.
 
 At the end of the current period and losses the Company''s capital and
 the net worth stands negative to the tune of Rs.  5,360.62 lacs. There
 are significant liabilities of the Company towards its bankers,
 statutory dues outstanding for more than one year to be paid to
 Government and trade creditors.  The management has not provided for
 provisions on interest and penalty on the said statutory dues. The
 Company has been referred to Board for Industrial and Financial
 Reconstruction (BIFR reference no 59/2012 dated 26.10.2012) and the
 Company is expecting support from BIFR authorities in terms of relief
 from payment of interest and penalty on statutory dues as referred
 above. These circumstances and along with other matters as set forth in
 above paragraphs, putting question on the Company''s going concern.
 
 The management is yet to ascertain the impairment loss, required to be
 provided for in accordance with the requirement of mandatory Accounting
 standard-28 Impairment of Assets issued by The Institute of Chartered
 Accountants of India. In view of it involving judgment of the
 management, we are unable, to quantify the same.
 
 Actuarial valuation for gratuity has not been done by the Company as no
 employees is likely to continue for long period as the operation is
 suspended and will take time to regularize the operation.
 
 We are unable to form any opinion on factory accounts as we were not in
 a position to examine the books kept at factory due to non availability
 of the same. However there was no commercial transaction happened
 during the audit period.
 
 Qualified Opinion
 
 6.  In our opinion and to the best of our information and according to
 the explanations given to us, except for the effects of the matters
 described in the Basis for Qualified Opinion paragraph, the 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:
 
 i) in the case of the Balance Sheet, of the state of affairs of the
 Company as at March 31, 2013;
 
 ii) in the case of Statement of Profit and Loss, of the loss for the
 period from July 01, 2013 to March 31, 2013; and
 
 iii) in the case of the Cash Flow Statement, of the cash flows for the
 period from July 01, 2013 to March 31, 2013.
 
 Report on Other Legal and Regulatory Requirements
 
 7.  As required by the Companies (Auditor''s Report) Order, 2003 (the
 Order) issued by the Central Government of India in terms of
 sub-section (4A) of Section 227 of the Act, we give in the Annexure a
 statement on the matters specified in paragraphs 4 and 5 of the Order.
 
 8.  As required by Section 227(3) of the Act, we report that: a.  we
 have obtained all the information and explanations which to the best of
 our knowledge and belief were necessary for the purpose of our audit;
 
 b.  Except for the effects of the matter described in the Basis for
 qualified opinion, 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 Sheet, Statement of Profit and Loss and Cash Flow
 Statement dealt with by this Report are in agreement with the books of
 account.
 
 d.  Except for the effects of the matters described in the Basis of
 Qualified Opinion paragraph, in our opinion, the financial statements
 comply with the Accounting Standards referred to in sub-section (3C) of
 Section 211 of the Act; and
 
 e.  on the basis of written representations received from the
 directors, as on March 31, 2013 and taken on record by the Board of
 Directors, none of the directors is disqualified as on March 31,2013
 from being appointed as a director in terms of clause (g) of
 sub-section (1) of Section 274 of the Act.
 
 f.  Since the Central Government has not issued any notification as to
 the rate at which the cess is to be paid under section 441A of the
 Companies Act, 1956 nor has it issued any Rules under the said section,
 prescribing the manner in which such cess is to be paid, no cess is due
 and payable by the Company.
 
 Annexure to the Independent Auditors Report of even date to the members
 of Vikash Metal & Power Limited. on the accounts of the company for the
 period ended 31st March, 2013.
 
 On the basis of such checks as we considered appropriate and according
 to the information and explanation given to us during the course of our
 audit, we report that:
 
 i. (a) As explained by management, the Company use to maintained proper
 records to show full particulars, including quantitative details and
 situation of its fixed assets. However, this register has been
 maintained at factory which was missing after the reported incident of
 robbery and could not recreate. Hence we could not verify.
 
 (b) No fixed assets verification was done by the management during the
 audit period.
 
 (c) There was no addition, disposal or sale of fixed assets during the
 audit period. However, substantial part of the fixed assets has been
 lost due to robbery on 12th April, 2012 amounting to Rs. 6,401.23 Lacs.
 
 ii. (a) During the audit period there was no movement in inventories
 and inventories stands at nil value.
 
 (b) There was no physical verification of inventories during the period
 as there was no inventory.
 
 (c) As on balance sheet date inventories figure stood Nil.
 
 iii. (a) According to the information and explanation given to us, the
 company has not granted any loans, secured or unsecured, to companies,
 firms and other parties cover in the register maintained under Section
 301 of the Companies Act, 1956.Accordingly, paragraph 4(iii)(b),(c) and
 (d) of the order are not applicable.
 
 (e) The Company has taken interest free unsecured loans from parties
 covered in the register maintained under Section 301 of the Companies
 Act, 1956. The maximum amount involved during the period and the
 year-end balance of such loans are Rs. 29,652.94 Lacs (previous year
 Rs. 30,464.96 Lacs) and Rs. 29,652.94 Lacs (previous year Rs. 29,590.56
 Lacs) respectively.
 
 (f) The terms and conditions of loans taken as aforesaid are prima
 facie not prejudicial to the interest of the Company.
 
 (g) In respect of aforesaid loans taken by the Company, there are no
 stipulations as to repayment thereof.
 
 iv. As the operation is suspended from October, 2011 onwards, company
 has not given much attention towards internal control.
 
 v. (a) To the best of our knowledge and belief and according to the
 information and explanations given to us, we are of the opinion that
 the particulars of the contracts or arrangements that need to be
 entered in the register maintained under Section 301 of the Companies
 Act, 1956, have been so entered.
 
 (b) In our opinion, the transactions made in pursuance of such
 contracts or arrangements and exceeding the value of five lakh rupees
 in respect of any party during the period have been made at prices
 which are reasonable having regard to prevailing market prices at the
 relevant time.
 
 vi. According to the information and explanation given to us, the
 Company has not accepted any deposit during the period from the public
 within the meaning of the provisions of the Sections 58A and 58AA of
 the Companies Act, 1956 and the rules framed there under.
 
 vii. During the period of our audit, the Company has no internal audit
 system.
 
 viii. We could not review the books of account and records maintained
 by the Company pursuant to the Order made by the Central Government for
 maintenance of cost records under Section 209(1) (d) of Companies Act,
 1956 as due to destruction of records as explained to us by the
 management.
 
 ix. (a) According to the books and records examined by us, the Company
 could not pay undisputed statutory dues Service Tax, Custom Duty, Sales
 Tax, Provident Fund, Professional Tax, Excise Duty and Cess.
 
 (b) The Interest & Penalty on Statutory Dues is not accounted by the
 company and booked in the financial statements on the grounds that the
 company has referred the company in BIFR and they will ask concession
 and relief for the waiver of interest and penalty from the statutory
 departments and hence not booked in the financial statement and thus
 Interest and penalty on Statutory Dues can be created at
 Unascertainable Contingent Liabilities of the company. There are
 undisputed outstanding statutory dues as at 31th March, 2013 for a
 period of more than one year from the date they became payable are as:
 VAT  Rs. 2,73,28,607, Excise Duty- Rs. 7,31,34,041, Income Tax- Rs.
 3,42,65,477, Professional Tax  Rs.  3.430, Tax Deducted at source  Rs
 11,19,485, Provident Fund- Rs 4,37,816.
 
 (c) According to the records of the company and the information and
 explanations given to us and upon our enquiries in this regard, details
 of statutory dues which have not been deposited on account of any
 dispute are stated in Notes 28 to the accounts.
 
 x. The Company has accumulated losses of Rs. 12,479.83 Lacs (Previous
 year Rs. 7,888.92 lacs) at the end of the audit period ended after
 adjusting with all the free reserves which the company has at the start
 of the financial year. It incurred cash losses of Rs. 205.79 Lacs
 (Previous year Rs.10,499.98 Lacs) during the audit period under report.
 The company falls under the sick unit category and accordingly it has
 applied for BIFR, the same was admitted under the reference no. 59/2012
 dated 26- 10-2012).
 
 xi. Based on our audit procedures and as per the information and
 explanations given to us, the Company has failed to repay of its loans
 and interest thereon to the banks and to the financial institutions
 from October, 2011. The entire Loan amount is been called by the
 financial institution and become payable.
 
 xii. As explained to us, the Company has not granted any loans and
 advances on the basis of security by way of pledge of shares,
 debentures or other securities.
 
 xiii. Clause (xiii) of the Order is not applicable, as the Company is
 not a Chit Fund company or Nidhi/Mutual benefit Fund / Society.
 
 xiv. There was no investment made by the company during the audit
 period.
 
 xv. 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.
 
 xvi. The Company has not raised any new term loan during the period.
 There was term loans outstanding at the beginning of the year were
 applied for the purpose for which they were taken.
 
 xvii. In our opinion and according to the information and explanations
 given to us, the funds raised on short-term basis have not been used
 for long-term investment.
 
 xviii. The Company has not made fresh allotment of shares during the
 period to parties and Companies covered in the Register maintained
 under Section 301 of the Companies Act, 1956.
 
 xix. No debentures have been issued by the Company and hence the
 question of creating security or charge in respect thereof does not
 arise.
 
 xx. The company has not raised any money during the audit period.
 
 xxi. According to the information and explanations given to us, no
 fraud on or by the Company has been noticed or reported during the
 period.
 
 
 
                                                  For V R SAARP & Co
 
                                               Chartered Accountants
  
                                      Firm Registration No.: 327260E
 
 
 
 
 
 
 
 
 
 
 Place: Kolkata                                          Rakesh Singh
 
 Date: 27th August, 2013                                      Partner
 
                                               Membership No.: 067493
स्रोत: रेलीगरे टेचनोवा

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