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Associated Ceramics Ltd.

BSE: 531168 Sector: Engineering
NSE: N.A. ISIN Code: INE771E01010
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Associated Ceramics Ltd. (ASSOCIATEDCERA) - Auditors Report

Company auditors report

ASSOCIATED CERAMICS LIMITED ANNUAL REPORT 2010-2011 AUDITORS' REPORT To The Members of ASSOCIATED CERAMICS LIMITED 1. We have audited the attached Balance Sheet of ASSOCIATED CERAMICS LIMITED, as at 31st March 2011 Profit & Loss Account and also the Cash Flow Statement of the Company for the year ended on that date annexed thereto which we have signed under reference to this report. These Financial Statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We have conducted our audit in accordance with 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 a 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 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 (Auditor's Report) Order 2003 as amended by the Companies (Auditor's 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 and records of the Company as we consider appropriate and according to the information and explanations given to us we further report that:- I. 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 have been physically verified by the management during the year and no material discrepancies between the book records and the physical inventory have been noticed. In our opinion the frequency of verification is reasonable. c) In our opinion and according to information and explanation given to us substantial part of fixed assets has not been disposed of by the Company during the year. II. a) The inventory has been physically verified by the management during the year. In our opinion, the frequency of verification is reasonable. b) In our opinion the procedure of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business. c) On the basis of our examination of the inventory records, in our opinion the Company is maintaining proper records of inventory. The discrepancies noticed on physical verification of inventory as compared to book records were not material and the same has been properly dealt with in the books of accounts. III. a) The Company has taken unsecured loans from 6 Companies covered in the Register maintained under Sec 301 of the Companies Act 1956. As per arrangement with those Companies the amount has been drawn as per requirement. The maximum amount drawn during the year was Rs.85.30 lacs and the year end balance was Rs 85.30 Lacs. The Company has not granted any loans secured or unsecured, to companies, firms or other parties covered in the Register maintained under Sec 301 of the Act. b) In our opinion and according to the information and explanation given to us the rate of interest and other terms and conditions on which said loans have been taken are prima facie not prejudicial to the interest of the Company. c) The Company has repaid the Principal amount as stipulated and has been regular in the payment of interest for the loan taken by it. In case of loan granted by the Company neither principal amount nor interest is due as per terms of the loan. d) There are no overdue amounts of principal and interest in respect of the said loans. IV. In our opinion there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of inventory, fixed assets and for the sale of goods. Further on the basis of our examination of the books and records of the Company and according to the information and explanations given to us we have neither come across nor have we been informed of any major weaknesses in the aforesaid internal control procedures. V. a) In our opinion and according to the information and explanations given to us the transactions that need to be entered into the Register in pursuance to Sec 301 of Act have been so entered. b) In our opinion and according to the information and explanations given to us these transactions are made at prices which are reasonable having regard to the prevailing market prices at the relevant time. VI. The Company has not accepted any deposits from the public within the meaning of Sections 58A and 58AA of the Act and the rules framed there under. VII. In our opinion, the company has an internal audit system commensurate with its size and nature of its business. VIII. The Central Government of India has not prescribed the maintenance of cost records under clause (d) of sub-section (1) of Section 209 of the Act for any of the products of the Company. IX. a) According to the information and explanations given to us and the records of the Company examined by us, in our opinion the company is generally regular and depositing the undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, Wealth Tax, Custom Duty, Cess and other material statutory dues as applicable with the appropriate authorities and no undisputed amount payable in respect of the aforesaid dues were outstanding as at 31st March, 2011 for a period of more than six month. b) According to the information and explanations given to us and the records of the Company examined by us, there are no dues of Sales Tax, Income Tax, Custom Duty, Wealth Tax, Service Tax, Excise duty and Cess which have not been deposited on account of any dispute (without considering cases wherein the disputed dues have been paid under protest and net off demands raised which have been adjusted by the appropriate authorities against the refund of some other year(s) due to the company). X. The Company has no accumulated losses as at March 31st, 2011 and it has not incurred any cash losses in the financial year ended on that date or in the immediately preceding financial year. XI. According to the records of the Company examined by us and the information and explanations given to us, the company has not defaulted in repayment of dues to any financial institutions as at the Balance Sheet date. XII. The company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities XIII. The Provisions of any special statutes applicable to chit fund/ nidhi/mutual benefit fund/societies are not applicable to the Company. XIV. In our opinion the Company is not a dealer in shares, securities, debentures and other instruments. XV. In our opinion and 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 during the year. XVI. The Company has not taken any term loan during the year. Accordingly clause 4(xvi) of the Order is not applicable. XVII. On the basis of an overall examination of the balance sheet of the Company, in our opinion and according to the information and explanations given to us, there are no funds raised on a short term basis which have been used for a long term and vice versa. Accordingly clause 4(xvii) of the Order is not applicable. XVIII. The Company has not made any preferential allotment to any company covered in the register maintained under section 301 of the Act during the year. XIX. The Company has not issued any debentures during the year. Accordingly, clause 4(xix) of the order is not applicable. XX. The Company has not raised any money by public issues during the year. Accordingly, clause 4(xx) of the order is not applicable. XXI. Based on our checks and information and explanation given by the management, we report that no fraud on or by the company has been noticed or reported by the management during the year under audit. Further to our comments in Paragraph 3 above, we report that: 1. We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit; 2. In our opinion, proper books of accounts as required by law have been kept by the Company, so far as appears from our examination of those books; 3. The Balance Sheet, Profit & Loss Account and cash flow statements dealt with by this report are in agreement with the books of account; 4. In our opinion, the Balance Sheet, Profit & Loss and cash flow statement dealt with by this report comply with the accounting standards referred to in sub Section (3C) of Section 211 of the Act; 5. On the basis of written representations received from the Directors, as on March 31st, 2011, and taken on record by the Board of Directors, none of the Directors is disqualified as on March 31st, 2011 from being appointed as Director in terms of clause (g) of sub section (1) of section 274 of the Act; 6. In our opinion and to the best of our information and according to the explanations given to us, the said financial statements together with the Notes thereon and attached thereto give in the prescribed manner the information required by the Act and give a true and fair view in conformity with the accounting principles generally accepted in India:- 1) In the case of Balance Sheet, of the state of affairs of the company as at March 31st, 2011; 2) In the case of the Profit & Loss Account, of the PROFIT for the Year ended on that date. 3) In the case of Cash Flow statement of the Cash Flows for the year ended on that date. For A. PANDEY & ASSOCIATES (CHARTERED ACCOUNTANTS) (FIRM REG NO: 316161E) C.A. A. PANDEY (PROPRIETOR) (ICAI M.NO: 052873) Place: Kolkata Date : 12.08.2011.

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