You are here » Home » Companies » Company Overview » ACC Ltd

ACC Ltd.

BSE: 500410 Sector: Industrials
NSE: ACC ISIN Code: INE012A01025
BSE LIVE 15:49 | 07 Dec 1350.00 1.85
(0.14%)
OPEN

1348.00

HIGH

1359.30

LOW

1346.00

NSE LIVE 15:46 | 07 Dec 1350.00 -0.55
(-0.04%)
OPEN

1352.25

HIGH

1360.90

LOW

1347.45

OPEN 1348.00
PREVIOUS CLOSE 1348.15
VOLUME 7615
52-Week high 1738.00
52-Week low 1173.25
P/E 38.97
Mkt Cap.(Rs cr) 25351.65
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 1348.00
CLOSE 1348.15
VOLUME 7615
52-Week high 1738.00
52-Week low 1173.25
P/E 38.97
Mkt Cap.(Rs cr) 25351.65
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

ACC Ltd. (ACC) - Auditors Report

Company auditors report

To the Members of ACC Limited

Report on the Financial Statements

We have audited the accompanying standalone financial statements of ACC Limited(“the Company”) which comprise the Balance Sheet as at December 31 2015 theStatement of Profit and Loss and Cash Flow Statement for the year then ended and asummary 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 stated in Section134(5) of the Companies Act 2013 (“the Act”) with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance withaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and the design implementation and maintenance of adequateinternal financial control that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made thereunder. We conducted our audit inaccordance with the Standards on Auditing issued by the Institute of CharteredAccountants of India as specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the standalone financial statementsare free frommaterial misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the standalone financial statements. The procedures selected depend on theauditor's judgmentincluding the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thestandalone financial statements that give a true and fair view in order to design auditprocedures that are appropriate in the circumstances but not for the purpose of expressingan opinion on whether the Company has in place an adequate internal financial controlssystem over financial reporting and the effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by the Company's Directors as well as evaluating theoverall presentation of the standalone financial statements. We believe that the auditevidence we have obtained issufficientand appropriateto providea basisfor our auditopinion on the standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the standalone financial statements givethe information required bythe Act inthe manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as atDecember 31 2015 its profit and its cash flowsforthe 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 terms of sub-section (11) of section 143 ofthe Act we give in the Annexure a statement on the matters specified in paragraphs 3 and4 ofthe 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 bestof our knowledge and belief were necessary for the purpose of our audit;

(b) In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books;

(c) The Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of account;

(d) In ouropiniontheaforesaid standalonefinancial statements comply with theAccounting Standards specified under section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014;

(e) On the basis of written representations received from the directors as on December31 2015 and taken on record by the Board of Directors none of the directors isdisqualified as on December 31 2015 from being appointed as a director in terms ofsection 164 (2) of the Act;

(f) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand 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 financialposition in its standalone financial statements - Refer Note 36 A (a)36 A (c) 36 B and37 to the standalone financial statements;

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. There has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Company.

For S R B C & CO LLP

Chartered Accountants

ICAI Firm Registration Number: 324982E

per RAVI BANSAL

Partner

Membership Number: 49365

Place: Mumbai

Date: February 10 2016

ANNEXURE TO THE AUDITOR'S REPORT

Annexure referred to in paragraph 1 under the heading “Report on other legal andregulatory requirements” of our report of even date

Re: ACC Limited ('the Company')

(i) (a) The Company has maintained proper records showing full particulars includingquantitative detailsand situation offixed assets.

(b) All fixed assets have not been physically verified during the year by themanagement but there is a regular programme of verification which in our opinion isreasonable having regard to the size of the Company and the nature of its assets. Nomaterial discrepancies were noticed on such verification.

(ii) (a) The management has conducted physical verification of inventory at reasonableintervals during the year.

(b) The procedures of physical verification of inventory followed by the management arereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

(c) The Company is maintaining proper records of inventory and no materialdiscrepancies were noticed on physical verification.

(iii) According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to companies firms or other parties covered inthe register maintained under section 189 of the Act. Accordingly the provisions ofclause 3(iii)(a) and (b) of the Order are not applicable to the Company and hence notcommented upon.

(iv) In our opinion and according to the information and explanations given to usthere is an adequate internal control system commensurate with the size of the Company andthe nature of its business for the purchase of inventory and fixed assets and for thesale of goods and services. During the course of our audit we have not observed any majorweakness or continuing failure to correct any major weakness in the internal controlsystem of the Company in respect of these areas.

(v) The Company has not accepted any deposits from the public.

(vi) We have broadly reviewed the books of account maintained by the Company pursuantto the rules made by the Central Government for the maintenance of cost records undersection 148(1) of the Companies Act 2013 related to the manufacture of Cement and ReadyMix Concrete and are of the opinion that prima facie the specified accounts and recordshave been made and maintained. We have not however made a detailed examination of thesame.

(vii) (a) The Company is generally been regular in depositing with appropriateauthorities undisputed statutory dues including provident fund employees' stateinsurance income-tax sales-tax wealth-tax service tax customs duty excise dutyvalue added tax cess and other material statutory dues applicable to it.

(b) According to the information and explanations given to us no undisputed amountspayable in respect of provident fund employees' state insurance income-tax wealth-taxservice tax sales-tax customs duty excise duty value added tax cess and othermaterial statutory dues were outstanding at the year end for a period of more than sixmonths from the date they became payable.

(c) According to the records of the Company the dues outstanding of income-tax salestax wealth tax service tax custom duty excise duty and cess on account of any disputeare as follows:

(Rs. Crore)

Forum where dispute is pending

Name of Statute (Nature of Dues) Period to which the amount Relates Commissionarate Appellate authorities & Tribunal High Court Supreme Court Total Amount
Sales Tax (Tax/Penalty/ Interest) 1984-85 to 2013-14 24.96 131.96 126.07 - 282.99
Central Excise Act (Duty / Penalty / Interest) 1994-95 to 2013-14 3.61 22.12 0.98 2.34 29.05
Service Tax under Finance Act 1994 (Tax/Penalty/ Interest) 2005-06 to 2012-13 18.09 18.09
Customs Duty Matters (Duty /Penalty / Interest) 2012-13 - 15.03 - - 15.03
Cess Matters 2003-04 to 2012-13 - - 11.93 26.03 37.96
TOTAL 28.57 187.20 138.98 28.37 383.12

(d) According to the information and explanations given to us the amount required tobe transferred to Investor Education and Protection Fund in accordance with the relevantprovisions of the Companies Act 1956 (1 of 1956) and rules made thereunder has beentransferred to such fund within time.

viii) The Company has no accumulated losses at the end of the financial year and it hasnot incurred cash losses in the current and immediately precedingfinancialyear.

(ix) The Company did not have any outstanding dues in respect of financial institutionbank or debenture holders during the year.

(x) According to the information and explanations given to us the Company has notgiven any guarantee for loans taken byothersfrom bankorfinancial institutions.

(xi) The Company did not have any term loans outstanding during the year.

(xii) Based upon the audit procedures performed for the purpose of reporting the trueand fair view of the Standalone financial statements and as per the information andexplanations given by the management we report that no fraud by the Company and nomaterial fraud on the Company has been noticed or reported during the year.

For S R B C & CO LLP

Chartered Accountants

ICAI Firm Registration Number: 324982E

per RAVI BANSAL

Partner

Membership Number: 49365

Place: Mumbai

Date: February 10 2016

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard