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Ankit Metal & Power Ltd.

BSE: 532870 Sector: Metals & Mining
NSE: ANKITMETAL ISIN Code: INE106I01010
BSE LIVE 11:28 | 08 Dec 1.89 0.01
(0.53%)
OPEN

1.94

HIGH

1.94

LOW

1.83

NSE LIVE 10:19 | 08 Dec 1.85 -0.05
(-2.63%)
OPEN

1.90

HIGH

1.90

LOW

1.85

OPEN 1.94
PREVIOUS CLOSE 1.88
VOLUME 11790
52-Week high 3.29
52-Week low 1.45
P/E
Mkt Cap.(Rs cr) 26.67
Buy Price 1.85
Buy Qty 1100.00
Sell Price 1.89
Sell Qty 2900.00
OPEN 1.94
CLOSE 1.88
VOLUME 11790
52-Week high 3.29
52-Week low 1.45
P/E
Mkt Cap.(Rs cr) 26.67
Buy Price 1.85
Buy Qty 1100.00
Sell Price 1.89
Sell Qty 2900.00

Ankit Metal & Power Ltd. (ANKITMETAL) - Auditors Report

Company auditors report

TO

THE MEMBERS

ANKIT METAL & POWER LIMITED

Report on the Financial Statements

Report on the Standalone Financial Statements

We have audited the accompanying Standalone Financial Statements of ANKIT METAL &POWER LIMITED ("the Company") which comprise the Balance Sheet as at 31stMarch 2015 the Statement of Profit and Loss and the Cash Flow Statement for the yearended on that date and a summary of significant accounting policies and other explanatoryinformation.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matter stated in Section 134(5)of the Companies Act 2013 (" the Act") with respect to the preparation of theseStandalone Financial Statements that give a true and fair view of the financial positionfinancial performance of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provision of the Act for safeguarding the assets of the Company and for preventing anddetecting frauds and other irregularities; select! on and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accounting recordsrelevant to the preparation and presentation of the Financial Statements that give a trueand fair view and are free from material misstatement 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 accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under.

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 anddisclosures in the Financial Statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the FinancialStatements whether due to fraud or error. In making those risk assessments; the auditorconsiders internal control relevant to the Company's preparation and fair presentation ofthe Financial Statements in order to design audit procedures that are appropriate in thecircumstances but not for the purpose of expressing an opinion on the effectiveness ofthe Company's internal control. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made bymanagement 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 Standalone Financial Statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the said accounts give the information required by the Act in the manner sorequired and give a true and fair view in conformity with the accounting principlesgenerally accepted in India:

(a) In the case of Balance Sheet of the state of affairs of the Company as at March31 2015;

(b) In the case of Statement of Profit and Loss of the Loss of the Company for theyear ended on that date; and

(c) In the case of Cash Flow statement of the Cash Flows of the Company for the yearended on that date.

Emphasis of Matter

Without qualifying we draw your attention to Note No. 28 of the Standalone FinancialStatements relating to CDR Package. The CDR Package of the Company has been sanctionedvide LOA dated 17th September 2014. Pursuant to the said LOA implementation of the CDRpolicy is completed and the effect has been given in these accounts w.r.t the CDR schemeas per the said LOA. The said accounts are subject to confirmation and reconciliation withthe lenders. The reported financials would have consequential impact once thereconciliation is completed the quantum where of remains unascertained

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) Order 2015 ('the order') issued bythe Central Government of India in terms of subsection (11) of the section 143 of the Actwe give in the Annexure a statement on the matters specified in the paragraphs 3 and 4 ofthe order to the extent applicable.

2. As required by section 143(3) of the Act we report to the extent applicable that:

a. We have obtained all the information and explanations which to the best of ourknowledge 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 our opinion the Standalone Financial Statements comply with the Account! ngStandards specified under section 133 of the Companies Act 2013; read with Rule 7 of theCompanies (Accounts) Rules 2014.

e. On the basis of written representations received from the directors as on March 312015 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2014 from being appointed as a director in terms of section 164(2) of theAct.

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 the financialposition in the Financial Statements - Refer Note No. 29 (c) to (g) to its FinancialStatements.

ii. The Company has no material foreseeable losses for which the provision under theapplicable law or accounting standards needs to be made.

iii. During the year Company has transferred to Investor Education and Protection Fund' 0.24 Lacs pertaining to share application money for the year 2007.

For R. Kothari & Company

Chartered Accountants

FRN : 307069E

Manoj Kumar Sethia

Partner

Membership No. 064308

Kolkata 30th May 2015

ANNEXURE TO INDEPENDENT AUDITORS' REPORT

Annexure referred to in paragraph 1 under the heading of "Report on Other Legaland Regulatory Requirements" of even date to the members of Ankit Metal & PowerLimited on the accounts of the Company for the year ended 31st March 2015. On the basisof such checks as we considered appropriate and accordingly to the information andexplanations given to us during the course of our audit we report that:

(i) (a) The Company is maintaining proper records showing full particulars includingquantitative details and situation

of fixed assets.

(b) The Fixed Assets of the Company have been physically verified by the managementduring the year and in our opinion the frequency of such verification is reasonable. Nomaterial discrepancies were noticed on such verification.

(ii) (a) The inventory except goods-in-transit has been physically verified by themanagement during the year. In respect of inventory lying with the third parties thesehave substantially been confirmed by them. In our opinion the frequency of suchverification is reasonable.

(b) In our opinion and according to the information and explanations given to us theprocedures of physical verification of stocks followed by the management are reasonableand adequate in relation to the size of the Company and the nature of its business.

(c) In our opinion and according to the information and explanations given to us theCompany is maintaining proper records of inventory. The discrepancies noticed onverification between the physical stocks and the book records were not material havingregard to the size of the operations of the Company and the same have been properly dealtwith in the books of account

(iii) The Company has not granted any loan secured or unsecured to companies firmsor other parties listed in the register maintained under Section 189 of the Companies Act2013. Therefore the provisions of the clause iii (a) & (b) of the said order are notapplicable to the Company.

(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 fixed assets purchase of inventories andfor the sale of goods and services. Further on the basis of our examination of the booksand records of the Company and according to the information and explanations given to uswe have neither come across nor have been informed of any continuing failure to correctmajor weaknesses in the aforesaid internal control system.

(v) The Company has not accepted any deposits from the public and consequently thedirectives issued by Reserve Bank of India and provisions of Section 73 to Section 76 ofthe Companies Act 2013 and the rules framed there under are not applicable.

(vi) We have broadly reviewed the books of account maintained by the Company in respectof manufacture of Iron & Steel product & Power generation unit pursuant to theRules made by the Central Government for the maintenance of cost records under Section148(1) of the Companies Act 2013 and we are of the opinion that prima facie the recordshave been maintained. We have however not made a detailed examination for the records witha view to determining whether they are accurate and complete.

(vii) (a) According to the information and explanations given to us and on the basis ofour examination of the books of account the Company has generally been regular indepositing undisputed statutory dues including Provident Fund Income tax sales taxWealth Tax Service Tax duty of customs value added tax cess and other statutory duesduring the year with appropriate authorities except service tax.

According to the information's and explanations given to us no undisputed amountpayable in respect of Provident fund Income tax sales tax Wealth Tax duty of customsvalue added tax cess and other statutory dues were in arrears as at 31st March 2015 fora period of 6 months from the date they became payable except Service Tax & Income taxdeducted at source ' 58.91 lacs & ' 16.80 Lacs respectively.

(b) According to the information and explanations given to us there are no dues ofIncome tax Wealth tax Sales tax Value added tax Service tax Customs duty Excise dutyand Cess which have not been deposited with the appropriate authorities on account of anydispute except the following cases which are as follows:

Name of the Statute Nature of Dues Amount Period to which the amount relates Forum where the dispute is pending
(Rs in Lacs)
Income Tax Act 1961 Income Tax 21.11 (Already paid under protest ' 16.11) A.Y. 2006-2007 Commissioner of Income Tax (Appeals)-I Kolkata.
217.90 25.28 (Petition filed u/s 154) A.Y. 2008-09 A.Y. 2009-2010 High Court Deputy Commissioner/Additional Commissioner of Income Tax- Circle-3 Kolkata.
6692.78 A.Y. 2012-13 Deputy Commissioner/Additional Commissioner of Income Tax- Circle 3 Kolkata
W.B.VAT Act 2003 Sales Tax 222.89 F.Y. 2005-2006 Sr. Joint Commissioner of Commercial Taxes Dharmtala Circle.
917.91 F.Y. 2006-2007 Sr. Joint Commissioner of Commercial Taxes Dharmtala Circle.
358.16 F.Y. 2007-2008 Sr. Joint Commissioner of Commercial Taxes Dharmtala Circle.
92.94 F.Y. 2008-2009 Sr.J oint Commissioner of Commercial Taxes Dharmtala Circle.
87.95 F.Y. 2008-2009 Joint Commissioner of Commercial Taxes Durgapur Circle
W.B.VAT Act 2003 Sales Tax 1946.82 F.Y. 2008-09 Sr. Joint Commissioner of Commercial Taxes Dharmtala Circle.
37.28 F.Y 2009-2010 Sr. Joint Commissioner of Commercial Taxes Dharmtala Circle.
446.29 F.Y 2011-2012 Sr. Joint Commissioner of Commercial Taxes Dharmtala Circle.
The finance Act 1944 Service Tax 5.00 A.Y. 2007-08 Commissioner Appeal IV
The Central Excise Act 1944 Excise Duty 36.66 September' 2007- January' 2008 Joint Commissioner Central Excise Bolpur Commissionerate
14.95 (15.00 paid as duty under protest) A.Y. 2012-13 Directorate General of Central Excise Intelligence Kolkata
5.15 (5.00 paid as duty under protest) 2011 - 2012 Commissioner of Central Excise- Bolpur
4.32 July' 2007- October' 2007 Additional Commissioner of Central Excise & Service Tax Durgapur
37.46 (30.00 paid as duty under protest) 2006 - 2007 Joint Commissioner Central Excise
2007 - 2008 Bolpur Commissionerate
2008 - 2009
75.51 2008 - 2009 Joint Commissioner Central Excise Bolpur Commissionerate
2009 - 2010
132.60 2008 - 2009 Joint Commissioner Central Excise Bolpur Commissionerate
2009 - 2010
73.05 Aug'2009 to Joint Commissioner Central Excise Bolpur Commissionerate
Feb'2011

(c) During the year Company has transferred to Investor Education and Protection Fund '0.24 Lacs pertaining to share application money for the year 2007.

(viii) The Company does not have accumulated losses at the end of the financial yearbut has incurred cash losses amounting to ' 11962.29 Lacs during the financial year ended31.03.2015 and ' 4684.58 Lacs in the immediately preceding financial year.

(ix) Based on our audit procedures and on the information and explanations given by themanagement we are of the opinion that the Company has not defaulted in repayment of duesto the financial institutions or banks.

(x) The Company has not given any guarantee for loans taken by others from banks orfinancial institutions during the year.

(xi) In our opinion and according to the information and explanations given to us theterm loan have been applied for the purpose they were obtained.

(xii) According to the information and explanations given to us no fraud on or by theCompany has been noticed or reported during the year.

For R. Kothari & Company

Chartered Accountants

FRN : 307069E

Manoj Kumar Sethia

Partner

Membership No. 064308

Place: Kolkata

Date : 31.05.2015

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