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Barak Valley Cements Ltd.

BSE: 532916 Sector: Industrials
NSE: BVCL ISIN Code: INE139I01011
BSE LIVE 15:40 | 09 Dec 22.85 0.35
(1.56%)
OPEN

23.50

HIGH

23.95

LOW

22.20

NSE LIVE 15:31 | 09 Dec 22.85 -0.65
(-2.77%)
OPEN

24.15

HIGH

24.15

LOW

22.75

OPEN 23.50
PREVIOUS CLOSE 22.50
VOLUME 13635
52-Week high 34.40
52-Week low 13.70
P/E 87.88
Mkt Cap.(Rs cr) 50.64
Buy Price 22.95
Buy Qty 25.00
Sell Price 0.00
Sell Qty 0.00
OPEN 23.50
CLOSE 22.50
VOLUME 13635
52-Week high 34.40
52-Week low 13.70
P/E 87.88
Mkt Cap.(Rs cr) 50.64
Buy Price 22.95
Buy Qty 25.00
Sell Price 0.00
Sell Qty 0.00

Barak Valley Cements Ltd. (BVCL) - Auditors Report

Company auditors report

To the Members of Barak Valley Cements Limited

Report on the Financial Statement

We have audited the accompanying standalone financial statements of BARAK VALLEYCEMENTS LIMITED (‘the Company’) which comprise the Balance Sheet as atMarch 31 2015 the Statement of Profit and Loss and the Cash Flow Statement for the yearthen ended 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 matters stated in Section134(5) of the Companies Act2013 (‘’the Act’’) with respect to thepreparation and presentation of these standalone financial statements that give a true andfair view of the financial position financial performance and cash flows of the Companyin accordance with the Accounting principles generally accepted in India including theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the company and for preventing and detecting frauds and otherirregularities; selection and application of the of appropriate accounting policies;making judgements and estimates that are reasonable and prudent; and designimplementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraudor error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into accounts 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 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 theauditor’s judgement including the assessment of the risks of material misstatementof the financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to thecompany’s preparation of the financial statements that give a true and fair view inorder to design audit procedures that are appropriate in the circumstances but not forthe purpose of expressing an opinion on whether the Company has in place an adequateinternal financial controls system over financial reporting and the operativeeffectiveness of such controls. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made byCompany’s management as well as evaluating the overall presentation of the financialstatements.

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 usthe aforesaid standalone financial statements give the information required bythe Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India:

(i) In the case of the Balance Sheet of the state of affairs of the Company as at 31stMarch 2015;

(ii) In the case of the Statement of Profit and Loss of the Profit of the company forthe year ended on that date; and

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

Report on other Legal & Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2015 ("theOrder")as amended issued by the Central Government of India in terms of sub-section(11) of section 143 of the Act we give in the Annexure a statement on the mattersspecified in paragraphs 3 and 4 of the Order to the extent applicable.

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 purposes of our audit;

b) In our opinion proper books of account as required by law have been kept by theCompany so far as 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 aforesaid standalone financial 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 March 312015 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2015 from being appointed as a director in terms of section 164 (2) ofthe Act;

f) With respect to the other matters included in the Auditor’s report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 and to best ofour information and according to the explanation given to us.

(i) The company has disclosed the impact of pending litigations on its financialposition in its financial statement.

(ii) The Company did not have any long term contracts including derivative contractsfor which there were any material foreseeable losses.

(iii) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the company.

For Kumar Vijay Gupta & Co.
Chartered Accountants

Firm Registration No. 007814-N

Sd/-
(CA. Mahesh Goel)
Place : New Delhi Partner
Date : 30th May 2015 M. No. 088958

ANNEXURE TO THE AUDITORS’ REPORT

The Annexure referred to in Paragraph (1) under the heading of "Report on OtherLegal and Regulatory Requirements" of our report for the year ended 31st March 2015.

1. (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) The fixed assets of the company are physically verified by management according toa phased programme on a rotational basis which in our opinion is reasonable having regardto the size of the company and nature of its fixed assets. No material discrepancies werenoticed on such verification.

2. (a) The inventories have been physically verified during the year by the managementof the company. In our opinion the frequency of verification is reasonable.

(b) The procedures of physical verification of inventories followed by the managementare reasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

(c) The Company is maintaining proper records of inventory. No material discrepancieshave been noticed on physical verification of inventory as compared to book records.

3. The Company has not granted any loan secured or unsecured to companies firms orother parties covered in the register maintained under section 189 of the Companies Act2013. So the provisions of paragraph 3(iii) are not applicable.

4. In our opinion and according to the information and explanations given to us thereis an adequate internal control system commensurate with the size of the Company and thenature of its business with regard to purchase of Inventories and fixed assets and for thesale of goods and services. During the course of our audit we have not observed anycontinuous failure to correct major weaknesses in these internal controls.

5. On the basis of our examination of books and records of the company in our opinionand according to the information and explanations given to us the company has notaccepted any deposits from public during the year and therefore the directives issued bythe Reserve Bank of India and the provisions of Section 73 to 76 or other relevantprovisions of the Companies Act and the rules framed there under are not applicable to thecompany.

6. We have broadly reviewed the accounts and records maintained by the company pursuantto the rules made by the Central Government for the maintenance of cost records undersection 148(1) of the Act and are of the opinion that prima facie the prescribed accountsand records have been made and maintained. However we have not made any detailedexamination of the said records.

7. (a) The company is generally regular in depositing undisputed statutory duesincluding provident fund income-tax sales –tax wealth tax service tax duty ofcustoms duty of excise value added tax cess and other statutory dues applicable to itwith the appropriate authorities. There were no arrears of statutory dues as at 31stMarch’ 2015 except for a sum of Rs.1060140/- on account of Cess on cement for aperiod of more than six months from the date they became payable.

(b) According to the information and explanations given to us the particulars ofdisputed taxes and duties as at March 312015 which have not been deposited with theappropriate authorities are as under:

(Rs. in Lakhs)
Name of the Statute Nature of Dues Amount (Rs. in Lakhs) Period to which amount relates Forum where dispute is pending
Income – Tax Act 1961 Income-Tax demand 169.13 A. Yr. 2007-08 to 2011-12 Commissioner of I. Tax(Appeals) Kolkata.
Assam Entry Tax Act 2008 Entry-Tax demand 90.79 2005-06 to 2008-09 Commissioner of Taxes Assam.

(c) According to the information and explanations given to us there is no such amountwhich is required to be transferred to the Investor education and protection fund inaccordance with the relevant provisions of the companies Act 2013 and rules made thereunder.

8. The company has no accumulated losses at the end of the financial year under report.It has not incurred cash losses during the financial year covered by our audit and in theimmediately preceding financial year.

9. Based on our audit procedures and as per the information and explanation given bythe management the company has not defaulted in repayment of dues to financialinstitutions or banks. The company has not issued any debentures.

10. In our opinion and on the basis of information and explanations given to us theterms and conditions of guarantee given by the company for from loan taken from banks byits subsidiaries are not prima facie prejudicial to the interest of the company.

11. In our opinion and on the basis of information and the explanation given to us theterm loans were applied for the purpose for which the loans were raised.

12. According to the information and explanations given to us and based upon the auditprocedures performed during the year we report that no fraud on or by the Company hasbeen noticed or reported during the year.

For Kumar Vijay Gupta & Co.
Chartered Accountants

Firm Registration No. 007814-N

Sd/-
(CA. Mahesh Goel)
Place : New Delhi Partner
Date : 30th May 2015 M. No. 088958

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