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Auroma Coke Ltd.

BSE: 531336 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE662I01012
BSE LIVE 14:57 | 14 Sep Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 7.80
PREVIOUS CLOSE 7.80
VOLUME 10
52-Week high 7.89
52-Week low 4.94
P/E
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 7.80
Sell Qty 1.00
OPEN 7.80
CLOSE 7.80
VOLUME 10
52-Week high 7.89
52-Week low 4.94
P/E
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 7.80
Sell Qty 1.00

Auroma Coke Ltd. (AUROMACOKE) - Auditors Report

Company auditors report

To the Members of

Auroma Coke Limited

Report on the Financial Statements

We have audited the accompanying fi nancial statements of Auroma Coke Limited("the Company") which comprise the Balance Sheet as at March 31 2017 theStatement of Profi t and Loss and the Cash Flow Statement for the year then ended and asummary of signifi cant accoun ng policies and other explanatory informa on.

Management's Responsibility for the Financial Statements

The company's Board of Directors is responsible for the ma ers stated in sec on 134(5)of the Companies Act 2013 ("the Act") with respect to the prepara on andpresenta on of these fi nancial statements that give a true and fair view of the financial posi on fi nancial performance and cash fl ows of the Company in accordance withthe accoun ng principles generally accepted in India including the Accoun ng Standardsspecifi ed under Sec on 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accoun ng recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preven ng and detec ng frauds and other irregulari es; selec on and applica on ofappropriate accoun ng policies; making judgments and es mates that are reasonable andprudent; and design implementa on and maintenance of adequate internal fi nancialcontrols that were opera ng e ec vely for ensuring the accuracy and completeness of theaccoun ng records relevant to the prepara on and presenta on of the fi nancial statementsthat give a true and fair view and are free from material misstatement whether due tofraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these fi nancial statements based on ouraudit. We have taken into account the provisions of the Act the accoun ng and audi ngstandards and ma ers 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 accordancewith the Standards on Audi ng specifi ed under Sec on 143(10) of the Act and otherapplicable authorita ve pronouncements issued by the Ins tute of Chartered Accountants ofIndia. Those Standards require that we comply with ethical requirements and plan andperform the audit to obtain reasonable assurance about whether the fi nancial statementsare free from material misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the fi nancial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefi nancial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal fi nancial control relevant to the Company's prepara on ofthe fi nancial statements that give a true and fair view in order to design auditprocedures that are appropriate in the circumstances. An audit also includes evalua ng theappropriateness of accoun ng policies used and the reasonableness of the accoun ng esmates made by the Company's Directors as well as evalua ng the overall presenta on of thefi nancial statements.

We believe that the audit evidence we have obtained is su cient and appropriate toprovide a basis for our audit opinion on the fi nancial statements.

Opinion

In our opinion and to the best of our informa on and according to the explana ons givento us the aforesaid fi nancial statements give the informa on required by the Act in themanner so required and give a true and fair view in conformity with the accoun ngprinciples generally accepted in India of the state of a airs of the Company as at 31March 2017 and its loss and its cash fl ows for the year ended on that date.

Emphasis of Matters

We draw a en on to the following ma ers in the Notes to the fi nancial statements:

Note No. 1.12 of the fi nancial statements which describes the uncertainty related tothe outcome of the case fi led against the company by CBI and suspension of supply of rawmaterial under FSA by main supplier BCCL and its consequences.

Our opinion is not modifi ed in respect of these ma ers.

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-sec on (11) of sec on 143 of theAct and on the basis of such checks of the books and records of the Company as weconsidered appropriate and according to the informa on and explana ons given to us wegive in the ‘Annexure A' a statement on the ma ers specifi ed in paragraphs 3 and 4of the Order to the extent applicable.

2. As required by Sec on 143(3) of the Act we report that: a. We have sought andobtained all the informa on and explana on which to the best of our knowledge and beliefwere necessary for the purpose of our audit. b. In our opinion proper books of account asrequired by law have been kept by the Company so far as appears from our examina on ofthose books. c. The Balance Sheet the Statement of Profi t and Loss and the Cash FlowStatement dealt with by this Report are in agreement with the books of account. d. In ouropinion the aforesaid fi nancial statements comply with the Accoun ng Standards specified under sec on 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014;e. On the basis of the wri en representa ons received from the directors as on March 312017 taken on record by the Board of Directors none of the directors is disqualifi ed ason March 31 2017 from being appointed as a director in terms of Sec on 164(2) of theAct. f. With respect to the adequacy of the internal fi nancial controls over fi nancialreporting of the

Company and the opera ng e ec veness of such controls refer to our separate Report in‘Annexure B'. g. With respect to the other ma ers to be included in the Auditor'sReport in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 inour opinion and to the best of our informa on and according to the explana ons given tous: i. The Company has disclosed the impact of pending li ga ons on its fi nancial posi onin its fi nancial statements – Refer Note 1.12 to the fi nancial statements; ii. TheCompany did not have any long-term contracts including deriva ve contracts for which therewere any material foreseeable losses; iii. There were no amounts which were required to betransferred to the Investor Educa on and Protec on Fund by the Company.

For AGARWAL KHEMKA & ASSOCIATES

Chartered Accountants

(Registra on Number: 314133E)
(A. K. Agarwal)
Place : Kolkata

Proprietor

Dated : 30th day of May 2017 Membership Number: 052791

Annexure A to the Independent Auditors' Report i. (a) We have been informed thatthe Company is in the process of preparing fi xed assets register.

(b) Physical verifi ca on of assets has been conducted on selec ve basis every yearby which all fi xed assets are verifi ed in a phased manner over a period. Pursuant to theprogram certain fi xed assets were physically verifi ed by the management during the yearand no material discrepancies were no ced on such verifi ca on. (c) The tle deed ofimmovable proper es are held in the name of the company except for the following which arenot held in the name of the company:

fi xed assets were physically verifi ed by the
Total No. of Cases

Leasehold/Free

Gross Block as at

Net Block as at

Remarks

Hold

31.03.2017

31.03.2017

Free Hold

Rs.1968950/-

Rs.1968950/-

The Title Deeds of these Lands are in the name of erstwhile partnership fi rm Auroma Coke Manufacturers

ii. We have been informed that the management has conducted physical verifi ca on ofinventories at the year end except for goods-in-transit and stock lying with third pares and no material discrepancies have been no ced on such verifi ca on as compared tobook records. iii. The company has not granted any loans to fi rms Limited LiabilityPartnerships or other par es covered in the register maintained under sec on 189 of theCompanies Act 2013 ("the Act") except gran ng of unsecured loans to the bodiescorporate covered in the register maintained under sec on 189 of the Act. On the basis ofinforma on and explana on given to us we report that: (a) The terms and condi ons of suchloans are not prejudicial to the company's interest.

(b) There is no s pula on regarding repayment of principal and interest and they arerepayable on demand and the company is receiving the principal and interest as and whendemanded. Accordingly paragraph 3(iii)(b) of the Order is not applicable to the company.

(c) There are no overdue amounts for more than ninety days in respect of the loansgranted to the bodies corporate listed in the register maintained under sec on 189 of theAct. iv. In our opinion and according to the informa on and explana ons given to us inrespect of loans investments guarantees and security the provisions of sec on 185 and186 of the Companies Act 2013 have been complied with. v. We have been informed that theCompany has not accepted any deposits from the public during the year in terms of Sec ons73 to 76 or any other relevant provisions of the Act and the rules framed there under.Accordingly paragraph 3(v) of the Order is not applicable to the company. vi. Accordingto the informa on and explana ons given to us the maintenance of cost records as specified by the Central Government under sec on 148(1) of the Companies Act 2013 is notapplicable for the year. Accordingly paragraph 3(vi) of the Order is not applicable tothe company. vii. (a) We have been informed that the company is generally regular indeposi ng undisputed statutory dues including provident fund employee's state insuranceincome tax sales tax service tax duty of customs duty of excise value added tax cessand any other statutory dues to the appropriate authori es wherever applicable thoughthere has been a slight delay in a few cases and non-payment in three cases as men onedsubsequently. There are no arrears of outstanding liabili es as at the end of the year fora period of more than six months from the date they became payable except in case ofSales Tax Rs. 1.00 lacs Electricity Duty Rs. 0.55 lacs and Income tax Rs. 0.64 lacs.However Income tax

demand has been adjusted by the authori es out of refunds.

(b) There are demands in respect of sales tax dues which are disputed by the companybut the said demands have been adjusted by the department from the input credit availablewith them. The company is yet to fi le revision pe on / appeals in respect of demandsadjusted from input credit or claim for input credit not admi ed amoun ng to Rs. 23.56lacs with the appropriate authori es for the year 2006-07 to 2010-11.

(c) According to the informa on and explana ons given to us the following dues ofsales tax / VAT has not been deposited by the company on account of disputes:

Name of the Nature of the Amount Period to forum where dispute
Statute dues involved which relate is pending
(Rs. in lacs)
JVAT Act2005 Tax & Penalty 43.76 2007-08 Appellate Authori es
JVAT Act2005 Tax & Penalty 2.40 2008-09 Appellate Authori es
JVAT Act2005 Tax & Penalty 54.45 2011-12 Appellate Authori es
JVAT Act2005 Tax & Penalty 2.94 2014-15 Appellate Authori es
JVAT Act2005 Tax & Penalty 17.55 2012-13 Appellate Authori es

viii. According to the informa on and explana ons given to us and based on the recordsof the company the company has defaulted in the repayment of installments of loans orborrowings from State Bank of India since February'2017 amoun ng to Rs. 22.68 lacs (ReferNote No. 1.5(c) of Note No. 1 a ached to the accounts). The company has not taken any loanfrom fi nancial ins tu ons or government nor has raised any amount by way of debentures.ix. The company did not raise money by way of ini al public o er or further public o er(including debt instruments) during the year. According to the informa on and explana onsgiven to us no term loans were raised during the year. Accordingly paragraph 3(ix) ofthe Order is not applicable to the company. x. Based upon the audit procedures performedand informa on and explana ons given to us and to the best of our knowledge we reportthat no fraud by the company and any fraud on the company by its o cers or employees hasbeen no ced or reported during the year nor we have been informed of such case by themanagement. xi. According to the informa on and explana ons given to us managerialremunera on has been paid or provided in accordance with the requisite approvals mandatedby the provisions of sec on 197 and Schedule V of the Companies Act 2013. xii. Accordingto the informa on and explana ons given to us the company is not a Nidhi company.Accordingly paragraph 3(xii) of the Order is not applicable to the company.

xiii. According to the informa on and explana ons given to us all transac ons with therelated par es are in compliance with sec on 177 and 188 of the Companies Act 2013 andwhere applicable the details have been disclosed in the Financial Statements as requiredby the applicable accoun ng standards. xiv. According to the informa on and explana onsgiven to us and based on our examina on of the records the company has not made anypreferen al allotment or private placement of shares or fully or partly conver bledebentures during the year under review. Accordingly paragraph 3(xiv) of the Order is notapplicable to the company. xv. According to the informa on and explana ons given to us andbased on our examina on of the records of the company the company has not entered intoany non-cash transac ons with directors or persons connected with them. xvi. According tothe informa on and explana ons given to us the company is not required to be registeredunder sec on 45-IA of the Reserve Bank of India Act 1934. Accordingly paragraph 3(xvi)of the Order is not applicable to the company.

For AGARWAL KHEMKA & ASSOCIATES

Chartered Accountants

(Registra on Number: 314133E)
(A. K. Agarwal)
Place : Kolkata

Proprietor

Dated : 30th day of May 2017 Membership Number: 052791

Annexure B to the Independent Auditors' Report

Report on the Internal Financial Controls Over Financial

Reporting under Clause (i) of Sub-sec on 3 of Sec on 143 of the Companies Act 2013(‘the Act')

We have audited the internal fi nancial controls over fi nancial reporting of AuromaCoke Limited (‘the Company') as at 31st March 2017 in conjunc on with our audit ofthe fi nancial 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 internal financial controls based on the internal control over fi nancial reporting criteriaestablished by the Company considering the essen al components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Ins tute of Chartered Accountants of India. These responsibili es includethe design implementa on and maintenance of adequate internal fi nancial controls thatwere opera ng e ec vely for ensuring the orderly and e cient conduct of its businessincluding adherence to Company's policies the safeguarding of its assets the preven onand detec on of frauds and errors the accuracy and completeness of the accoun ng recordsand the mely prepara on of reliable fi nancial informa on as required under the Act.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal fi nancialcontrols over fi nancial reporting based on our audit.

We conducted our audit in accordance with the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting (the ‘Guidance Note') and the Standardson Audi ng issued by ICAI and deemed to be prescribed under Sec on 143(10) of the Act tothe extent applicable to an audit of internal fi nancial controls both applicable to anaudit of audit of internal fi nancial controls and both issued by the ICAI. ThoseStandards and the Guidance Note require that we comply with the ethical requirements andplan and perform the audit to obtain reasonable assurance about whether adequate internalfi nancial controls over fi nancial reporting was established and maintained and if suchcontrols operated e ec vely in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal fi nancial controls system over fi nancial reporting and their opera ng e ecveness. Our audit of internal fi nancial controls over fi nancial reporting includedobtaining an understanding of internal fi nancial controls over fi nancial reportingassessing the risk that a material weakness exists and tes ng and evalua ng the designand opera ng e ec veness of internal control based on the assessed risk. The proceduresselected depend on the auditors' judgment including the assessment of the risks ofmaterial misstatement of the fi nancial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is su cient and appropriate toprovide a basis for our audit opinion on the Company's internal fi nancial controls systemover fi nancial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal fi nancial control over fi nancial reporting is a process designedto provide reasonable assurance regarding the reliability of fi nancial reporting and theprepara on of fi nancial statements for external purposes in accordance with generallyaccepted accoun ng principles. A company's internal fi nancial control over fi nancialreporting includes those policies and procedures that:

(1) pertain to the maintenance of records that in reasonable detail accurately andfairly refl ect the transac ons and disposi ons of the assets of the company;

(2) provide reasonable assurance that transac ons are recorded as necessary to permitprepara on of fi nancial statements in accordance with generally accepted accoun ngprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisa ons of management and directors of the company; and

(3) provide reasonable assurance regarding preven on or mely detec on of unauthorizedacquisi on use or disposi on of the company's assets that could have a material e ect onthe fi nancial statements.

Inherent Limita ons of Internal Financial Controls Over Financial Reporting

Because of the inherent limita ons of internal fi nancial controls over fi nancialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projec ons of any evalua on of the internal fi nancial controls over fi nancialreporting to future periods are subject to the risk that the internal fi nancial controlsover fi nancial reporting may become inadequate because of changes in condi ons or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion to the best of our informa on and according to the explana ons given tous the Company has in all material respects an adequate internal fi nancial controlssystem over fi nancial reporting and such internal fi nancial controls over fi nancialreporting were opera ng e ec vely as at March 31 2017 based on the internal control overfi nancial reporting criteria established by the Company considering the essen alcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Ins tute of Chartered Accountants ofIndia.

For AGARWAL KHEMKA & ASSOCIATES

Chartered Accountants

(Registra on Number: 314133E)
(A. K. Agarwal)
Place : Kolkata

Proprietor

Dated : 30th day of May 2017 Membership Number: 052791