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विनय सीमेंट्स लिमिटेड

बीएसई: 518051  |  NSE: N.A  |  ISIN: INE534C01016  |  Cement - Mini

खोजें विनय सीमेंट्स लिमिटेड कनेक्शन Mar 09
लेखा परीक्षकों की रिपोर्ट वर्षांत : Mar '10
1.  We have audited the attached Balance Sheet of VINAY CEMENTS LIMITED
 as at 31st March, 2010 and the Profit & Loss Account and Cash Flow
 Statement for the year ended on that date both annexed thereto, which
 we have signed under reference to this report. 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 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, as
 amended by Companies (Auditors Report) (Amendment) Order,2004,
 (together the Order), issued by the Central Government of India in
 terms of sub- section (4A) of Section 227 of The Companies Act, 1956
 of India (The Act) and on the basis of such checks of the books &
 records of the Company as we considered appropriate and according to
 the information and explanations given to us, we give in the annexure a
 statement on the matters specified in paragraphs 4 & 5 of the said
 Order.
 
 4.  Further to our comments in the annexure referred to in paragraph 3
 above, 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 except documents relating to sales tax assessment orders,
 notices, demands and other communication with Sales Tax authorities.
 
 b) In our opinion, proper books of accounts as required by the law have
 been kept by the Company so far as appears from our examination of
 those books;
 
 c) The Balance Sheet, the Profit & Loss Account and Cash flow Statement
 dealt with by this report are in agreement with the books of accounts;
 
 d) In our opinion, the Balance Sheet, the Profit & Loss Account and
 Cash Flow statement dealt with by this report comply with the
 applicable accounting standards referred to in sub-section (3C) of
 Section 211 of the Companies Act, 1956;
 
 e) On the basis of the written representations received from the
 Directors as on 31st March, 2010 and taken on record by the Board of
 Directors we report that none of the directors is disqualified as on
 31st March,2010 from being appointed as a Director in terms of Clause
 (g) of sub-section (1) of Section 274 of the Companies Act, 1956;
 
 f) We further state that:
 
 i) In view of 4(a) we are unable to comment on the adequacy of
 provisions and contingent liabilities relating to sales tax.
 
 in our opinion and to the best of our information and according to the
 explanations given to us, the said accounts read together with the
 Significant Accounting Policies and notes thereon give the information
 required by the companies Act, 1956 in the manner so required and, give
 a true and the fair view subject to the matters as stated above, 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 31st March, 2010; and ii) in the case of the Profit and
 Loss account, of the profit for the year ended on that date; and iii)
 in the case of the Cash Flow Statement, of the cash flows for the year
 ended on that date.
 
 
 Annexure to the Auditors Report
 
 
 (Referred to in paragraph 3 of our report of even date)
 
 1.) a.) The company has maintained proper records showing full
 particulars including quantitative details and situation of fixed
 assets.  b.) The fixed assets of the Company at all its locations were
 physically verified by the Management at reasonable intervals during
 the year. As informed, no material discrepancies were noticed on such
 verification.  c.) According to the information and explanations given
 to us, there were no disposals of fixed assets during the year.  2.)
 a.) As explained to us, the Management has conducted physical
 verification of inventory at reasonable intervals In our opinion, the
 frequency of physical verification is adequate.  b.) In our opinion and
 according to the information and explanations given to us, the
 procedure of physical verification of inventory followed by the
 Management is reasonable and adequate in relation to the size of the
 Company and nature of its business.  c.) In our opinion and according
 to the information and explanations given to us, the company is
 maintaining proper records of inventory and no material discrepancies
 were noticed on physical verification.  3) a) The company has granted
 unsecured loans to companies listed in the Register maintained under
 Section 301 of the Companies Act, 1956. The company has given such
 loans to one company namely SCL Cements Limited. The total amount of
 loans given to SCL Cements Limited was Rs.33,159,002 and the maximum
 amount outstanding during the year from SCL Cements Limited was Rs.
 100,041,045.
 
 b) According to the information and explanation given to us, we are of
 the opinion that the rate of interest and terms and conditions of loans
 given by the company to a company entered in the Register maintained
 under 301 as referred to in (iii)(a) above are prima facie not
 prejudicial to the interest of the company, except that no interest has
 been charged on such loans.
 
 c) We would not be able to comment whether recovery of principal and
 interest on loans referred to in paragraph 3(a) above is regular since
 the loan is not yet due and it is an interest free loan.
 
 d) Since the loan made by the company to a company listed in the
 Register maintained under section 301 referred in 3(a) above is not yet
 overdue, paragraph (iii)(d) of the Order is not applicable
 
 e) The company has taken unsecured advances in the nature of loans from
 companies listed in the Register maintained under Section 301 of the
 Companies Act, 1956. The company has taken such loans from one company
 namely RCL Cements Limited. The total amount of loans taken from RCL
 Cements Limited was Rs. 155,112,084 and the maximum amount outstanding
 during the year from RCL Cements Limited was Rs.203,832,875.
 
 f.) The company has not been charged any interest for the loans taken
 referred to in paragraph 3(e) above and there are no covenants for
 repayment of loans. We are not in a position whether the interest and
 other terms of the loans are prima facie prejudicial to the interest of
 the company.
 
 g.) We would not be able to comment whether recovery of principal and
 interest on loans referred to in paragraph 3(e) above is regular since
 the terms of repayment of such loans have not been stipulated.
 
 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 for purchase of inventory, fixed assets, and for the sale of
 goods. During the course of audit no major weakness has been noticed in
 the internal control in respect of these areas.
 
 5) In respect of the contracts and arrangements referred to in Section
 301 of the Companies Act, 1956:
 
 a.) In our opinion and according to the explanation given to us the
 transaction made in pursuance of contracts or arrangements, that needed
 to be entered in the Register maintained under section 301 of the
 Companies Act, 1956 have been so entered.
 
 b) In our opinion an according to the information given to us, the
 transactions made in pursuance of contracts or arrangements entered in
 the Register maintained under section 301 of the Companies Act, 1956
 and exceeding value of Rs.5,00,000 (Rs. Five Lakhs only) in respect of
 each party during the year have been made at prices which prima facie
 appear reasonable as per information available with the company
 
 6) According to the information and explanations given to us, the
 Company has not accepted any deposits from the public under section 58A
 and 58AA of the Companies Act, 1956. Therefore the provisions of Clause
 (vi) of the Order are not applicable to the Company.
 
 7) In our opinion the Company has an internal audit system commensurate
 with the size and nature of its business.
 
 8) The Central Government has prescribed maintenance of Cost Records
 under Section 209 (1) (d) of the Companies Act, 1956 in respect of
 manufacture of cement and clinker activities of the Company. We have
 broadly reviewed the accounts and records of the Company in this
 connection and are of the opinion that prima facie the prescribed
 accounts and reports have been made and maintained. We have, however
 not carried out detailed examinations of the same
 
 9) According to the information and explanations given to us in respect
 of statutory and other dues:
 
 a.) Undisputed Statutory dues including Provident Fund, Investor
 Education & Protection fund, Employees State Insurance, Income Tax,
 Sales tax, Wealth Tax, Custom Duty, Excise Duty, Cess whichever
 applicable to the Company has generally been regularly deposited with
 the appropriate Authorities during the year.
 
 b.) No undisputed amounts payable in respect of Provident Fund, Income
 Tax, Sales tax, Wealth Tax, Excise Duty, Cess any other material
 statutory dues applicable to it were in arrears as at 31st March 2010
 for a period of more than six months from the date they became payable.
 
 c.) The disputed statutory dues that have not been deposited on account
 of disputed matters pending before appropriate authorities are as
 under:
 
 
                Financial year 
 
 Nature of      to which the            Forums where 
                                        dispute is             Amount
 statute        matters pertains        pending
 
                2006 - 07        Information not available   42,195,165
 
 Income Tax     2003-  04        Information not available    1,850,389 
 
 Art 1961       2002-  03        Information not available      597,745
 
                2006-  07        Deputy Commissioner of       9,063,273
 
                                 Commercial Taxes (Appeals)
 
                                      DCCT (A)
 
 Central Sales  2005- 06               DCCT (A)              6,357,837
 
 Act, 1956      2004- 05               DCCT (A)             47,759,324
 
                2003- 04               DCCT (A)             38,963,335
 
                2002- 03               DCCT (A)             27,164,047
 
 Assam          2006- 07               DCCT (A)             24,185,670 
 
 Sales Tax      2005- 06               DCCT (A)             17,172,433
 
 
 
                Financial year 
 
 Nature of      to which the            Forums where 
                                        dispute is             Amount
 statute        matters pertains        pending
 
                  2004 - 05             DCCT (A)           12,587,037
 
 Assam            2003 - 04             DCCT (A)            5,278,659
 
 Sales Tax        2002 - 03             DCCT (A)            5,379,413
 
 
 
 Further to our remarks in paragraph 4(a) of our Report, would not be
 able to comment on the completeness of disputed dues disclosed in the
 above table.
 
 10) The Company does not have any accumulated losses at the end of the
 financial year and it has not incurred cash losses in the current and
 immediate preceding financial year.
 
 11) Based on our audit procedures and as per the information and
 explanations given to us by the management, we are of the opinion that
 the Company has not defaulted in repayment of dues to financial
 institution and bank.
 
 12) In our opinion and according to the information and explanations
 given to us and based on the information available, no loans and
 advances have been granted by the Company on the basis of security by
 way of pledge of shares, debentures and other securities.
 
 13) In our opinion the Company is not a chit fund or nidhi/mutual
 benefit fund/socities.Therefore, the provisions of Clause 4 (xiii) of
 the Order are not applicable to the Company.
 
 14) According to the information and explanations given to us, the
 Company is not dealing / trading in shares and securities, debentures
 and other investments. Therefore, the provisions of Clause 4 (xiv) of
 the Order are not applicable to the Company. However, the share and
 other securities kept as long term investment have been held by the
 Company in its own name.
 
 15) In our opinion and according to the information and explanation
 given to us, the terms and conditions of the guarantees given by the
 company, for loans taken by others from banks or financial
 institutions, are not prima facie prejudicial to the interests of the
 company.
 
 16) To the best of our knowledge and belief and according to the
 information and explanations given to us, term loan availed by the
 Company were prima facie, applied for the purpose for which these loans
 were obtained.
 
 17) According to the information and explanations given to us and on an
 overall examination of the Balance Sheet of the Company, fund raised on
 short term basis have, prima facie, not been used been used for long
 term investment.
 
 18) The Company has not made any preferential allotment of shares to
 parties or companies covered in the Register maintained under Section
 301 of the Companies Act, 1956 during the year and hence the question
 of the price at which shares have been issued is prejudicial to the
 interest of the Company does not arise.
 
 19) The Company has not raised any debentures during the year
 
 20) The Company has not raised any money through public issue during
 the year.
 
 21) During the course of our examination of the books and records of
 the Company, carried out in accordance with the generally accepted
 auditing practices in India and according to the information &
 explanations given to us, we have neither come across any instances of
 material fraud on or by the Company, noticed or reported during the
 year, nor have we being informed of such case by the Management.
 
 
                                              For DAS AND PRASAD
 
                                           Chartered Accountants
 
                                    FRN Registration No 0303054E
 
 4, Chowringhee Lane                                 A.K.AGARWAL
 
 Kolkata                                                 Partner
 
 Date : 16th August, 2010                   Membership No.062368
 
 
स्रोत: रेलीगरे टेचनोवा

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