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Anjani Portland Cement Ltd.

BSE: 518091 Sector: Industrials
NSE: APCL ISIN Code: INE071F01012
BSE LIVE 19:40 | 19 Oct 246.75 1.80
(0.73%)
OPEN

240.00

HIGH

249.50

LOW

240.00

NSE 19:31 | 19 Oct 243.85 2.05
(0.85%)
OPEN

247.90

HIGH

251.00

LOW

242.00

OPEN 240.00
PREVIOUS CLOSE 244.95
VOLUME 1058
52-Week high 294.00
52-Week low 122.50
P/E 14.47
Mkt Cap.(Rs cr) 624
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 240.00
CLOSE 244.95
VOLUME 1058
52-Week high 294.00
52-Week low 122.50
P/E 14.47
Mkt Cap.(Rs cr) 624
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Anjani Portland Cement Ltd. (APCL) - Auditors Report

Company auditors report

To

The Members of Anjani Portland Cement Limited Report on the Financial Statements

We have audited the accompanying financial statements of Anjani Portland Cement Limited("the Company") which comprise the Balance Sheet as at 31st March 2017 theStatement of Profit and Loss (including other comprehensive income) the Statement of CashFlow and statement of changes in equity for the period ended and a summary of thesignificant 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 financial statements that give a true and fair view of the financial positionfinancial performance (including other comprehensive income) cash flows and changes inequity of the Company in accordance with the accounting principles generally accepted inIndia including the Indian Accounting Standards specified under Section 133 of the Act.This responsibility also includes maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding the assets of the Company and forpreventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and effectively design implementation and maintenance of adequate internalfinancial controls 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 financial statements based on ouraudit. We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including 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 thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's management and board ofdirectors as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide 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 explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India including the Ind AS of the financial position ofthe Company as at 31st March 2017 and its financial performance (including othercomprehensive income) and its cash flows for the period ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("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 a statement on the matters specified in paragraphs 3and 4 of the Order.

2. As required by Section 143 (3) of the Act we further 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 purposes 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 the Statement of Profit and Loss the Statement of Cash Flowsand statement of changes in equity dealt with by this Report are in agreement with thebooks of account;

(d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act.

(e) On the basis of the written representations received from the directors as on 31stMarch 2017 and taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2017 from being appointed as a director in terms of Section164 (2) of the Act.

(f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in "An-nexure B"; and

(g) 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 vide Note No. 36 to the 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 tothe Investor Education and Protection Fund by the Company; and

iv) The Company has provided requisite disclosures in its financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 8 November2016 to 30 December 2016 and these are in accordance with the books of accountsmaintained by the Company. Refer Note 38(a) to the financial statements.

For Ramanatham & Rao
Chartered accountants
Firm Registration No.S-2934
C. Kameshwar Rao
Place : Chennai Partner
Date : 25th May 2017 Membership No.24363

Annexure A to the Auditors' Report

The Annexure referred to in Independent Auditors report to the members of the Companyon the financial statements for the period ended on 31st March 2017. We report that:

1.1 The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

1.2 According to the information and explanations given to us and the records of theCompany examined by us the fixed assets have been physically verified by the managementin a periodical manner which in our opinion is reasonable having regard to the size ofthe Company and the nature of its business. No material discrepancies were noticed on suchphysical verification.

1.3 According to the information and explanations given to us and on the basis of ourexamination of records of the Company the title deeds of immovable properties are held inthe name of the Company.

2.1 The inventories have been physically verified during the period by the management.In our opinion the frequency of verification is reasonable. The discrepancies noticed onverification between the physical stocks and book records were not material.

3 During the year the Company has not granted any loans secured or unsecured to partiescovered in the register maintained under section 189 of the Act. Hence paragraph 3(iii) ofthe order is not applicable to the Company.

4 In our opinion and according to the information and explanations given to us duringthe year Company has not given any loans made investments given guarantees or securityto parties covered under provisions of section 185 and 186 of the Companies Act 2013.Hence paragraph 3 of clause 4 of the order is not applicable.

5 During the year the Company has not accepted any deposits nor any depositsoutstanding as on balance sheet date where provisions of sections 73 to 76 or any otherrelevant provisions of the Act are applicable. We are informed that no order has beenpassed by the Company Law Board or National Company Law Tribunal or Reserve Bank of Indiaor any court or any other tribunal.

6 In our opinion and according to the information and explanations given to us theCompany has made and maintained accounts and records prescribed by the Central Governmentunder subsection (1) of section 148 of the Act.

7.1 According to the information and explanations given to us and the records of theCompany examined by us the Company is regular in depositing undisputed statutory duesincluding provident fund employees' state insurance income-tax sales-tax value addedtax service tax customs duty excise duty cess and any other statutory dues asapplicable with the appropriate authorities and there are no arrears of outstandingstatutory dues as at year ended concerned for a period of more than six months from thedate they became payable.

7.2 According to the information and explanations given to us and records of theCompany examined by us particulars of income tax sales tax valued added tax servicetax customs duty excise duty or cess as at 31st March 2017 which have not beendeposited on account of any dispute pending are as under:

Name of the Statute Nature of the Dues Amount (Rs. In Lakhs) Period to which the amount relates Forum where dispute is pending
Central Excise Act Excise Duty 180.32 2006 to 2010 CESTAT Bangalore
1944 remanded back to
Commissioner Hyderabad.
Customs Act 1962 Customs 89.91 July Oct & CESTAT Bangalore
Duty Nov 2012
Customs Act 1962 Customs 16.88 Nov 2013 & Commissioner of Customs
Duty Jan 2014 (Appeals) Visakhapatnam
Customs Act 1962 Customs 9.16 Mar 2012 Commissioner of Customs
Duty (Appeals) Visakhapatnam

8 According to the information and explanations given to us the Company has notdefaulted in repayment of dues to a financial institutions banks or debenture holders.

9 The Company has not raised moneys by way of initial public offer or further publicoffer (including debt instruments).

Term Loans are utilised for the purposes for which those were obtained other thanamounts temporarily invested pending utilization of the funds for the intended use.

10 To the best of our knowledge and belief and according to the information andexplanations given to us no fraud on or by the Company by its officers or employees wasnoticed or reported during the period.

11 Managerial remuneration has been paid or provided in accordance with the requisiteapprovals mandated by the provisions of section 197 read with schedule V to the CompaniesAct 2013.

12 Company is not a Nidhi Company; hence paragraph 3 clause 12 of the order is notapplicable to the Company.

13 According to the information and explanations given to us all transactions with therelated parties are in compliance with sections 177 and 188 of Companies Act 2013 whereapplicable and the details have been disclosed in the Financial Statements as required bythe applicable accounting standards.

14 During the year Company has not made any preferential allotment or private placementof shares or fully or partly convertible debentures hence paragraph 3 clause 14 of theorder is not applicable to the Company.

15 To the best of our knowledge and belief and according to the information andexplanations given to us the Company has not entered into any non-cash transactions withdirectors or persons connected with them hence paragraph 3 clause 15 of the order is notapplicable to the Company.

16 As per the information available and explanations given to us the Company is notrequired to be registered under section 45-IA of the Reserve Bank of India Act 1934.

For Ramanatham & Rao
Chartered accountants
Firm Registration No.S-2934
C. Kameshwar Rao
Place : Chennai Partner
Date : 25th May 2017 Membership No.24363

Annexure - B to the Auditors' Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of AnjaniPortland Cement Limited ("the Company") as of 31 March 2017 in conjunction withour audit of the financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India (‘ICAI'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to Company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion on the Company's internal financial controls system overfinancial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A Company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A Company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the Company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the Company are being made only in accordance with authorisations ofmanagement and directors of the Company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of theCompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31 March 2017 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For Ramanatham & Rao
Chartered accountants
Firm Registration No.S-2934
C. Kameshwar Rao
Place : Chennai Partner
Date : 25th May 2017 Membership No.24363