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Baroda Extrusion Ltd.

BSE: 513502 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE927K01023
BSE LIVE 15:15 | 05 Dec 0.27 0.01
(3.85%)
OPEN

0.27

HIGH

0.27

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0.27

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 0.27
PREVIOUS CLOSE 0.26
VOLUME 10000
52-Week high 0.63
52-Week low 0.20
P/E
Mkt Cap.(Rs cr) 4.02
Buy Price 0.27
Buy Qty 3311.00
Sell Price 0.00
Sell Qty 0.00
OPEN 0.27
CLOSE 0.26
VOLUME 10000
52-Week high 0.63
52-Week low 0.20
P/E
Mkt Cap.(Rs cr) 4.02
Buy Price 0.27
Buy Qty 3311.00
Sell Price 0.00
Sell Qty 0.00

Baroda Extrusion Ltd. (BARODAEXTRUSION) - Auditors Report

Company auditors report

To the Members of Baroda Extrusions Limited

Report on the Financial Statements

We have audited the accompanying financial statements of Baroda Extrusions Limited ("theCompany") which comprise the Balance Sheet as at March 31 2015 the Profit and LossStatement the Cash Flow Statement for the year then ended and summary of significantaccounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The management and Board of Directors of the Company are responsible for the mattersstated in the section 134(5) of the Companies Act 2013 (‘the Act') with respect topreparation of these financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent and design implementation and maintenance of adequate internal financialcontrols that are operating effectively for ensuring the accuracy and completeness of theaccounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditors' 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 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 misstatements.

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 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 control. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by the Company's management and Board of Directors aswell 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 statement.

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:

(a) In the case of the Balance Sheet of the state of affairs of the Company as atMarch 31 2015;

(b) In the case of the Statement of Profit and Loss of the Loss for the year ended onthat date;

(c) In the case of Cash Flow Statement of the cash flows for the year ended on thatdate.

Emphasis of Matter

We draw your attention to the following

The accounts of the Company are drawn up on "Going Concern" basis even thoughthe accumulated losses of the Company exceed its paid up capital and reserve. The Companyis "Sick Industrial Company" under the provisions of Sick Industrial CompaniesAct 1985.

Issue of Takeover Notice by SICOM LIMITED under section 29 of State FinancialCorporation Act1951 to the company for recovery of its dues The "Going Concern"status of the Company is not affected as physical possession of the assets have not beentaken. (Refer Note No 25).

Filing of winding up petition by SICOM LIMITED in The High Court of Gujarat on28.07.2014 u/s 433 and 434 under The Companies Act 1956 (Refer Note No. 25)

Balances of Secured Loans as at 31.03.2015 are subject to their confirmation andreconciliation.

Non-provision of doubtful debts amounting to Rs. 222425661/- and to that extent theloss for the year is understated.

Balances of sundry debtors and advances as at 31.03.2015 are subject to theirconfirmation and reconciliation.

Non-compliance of AS-15 with regard to Accounting of Retirement Benefits exceptProvident Fund. The exact amount in respect of these benefits is not provided in theaccounts as no actuarial valuation in respect of these benefits is made by the Company.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor’s Report) Order 2015 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection143 of the Act we give in the Annexure A a statement on the matters specified inparagraphs 3 and 4 of the Order.

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 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 the Profit and Loss Statement and the Cash Flow Statement dealtwith by this Report are in agreement with the books of account.

d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

e) On the basis of the written representations received from the directors as on March31 2015 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) of theAct.

f) In our opinion and to the best of our information and according to the explanationsgiven to us we report as under with respect to other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules2014:

i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements as referred to in Note No. 24 & 25.

ii. The Company did not have any long-term contracts including derivative contracts; assuch the question of commenting on any material foreseeable losses thereon does not arise.

iii. There has not been an occasion in case of the Company during the year under reportto transfer any sums to the Investor Education and Protection Fund. The question of delayin transferring such sums does not arise.

Place: Vadodara For Parikh Shah Chotalia& Associates
Chartered Accountants
SD/-
CA Vijay Parikh
(Partner)
Membership No: 031773
Date: 30th May 2015 F.R.N: 118493W

Annexure referred to in our Report of even date to the members of Baroda ExtrusionsLimited on the Financial Statement of the Company for the year ended 31st March 2015.

On the basis of such checks as we considered appropriate and according to theinformation and explanations given to us during the course of our audit we report that:

1. In respect of Fixed Assets:

(a) The Company has generally maintained records showing broadly particulars of fixedassets. The fixed assets register is not updated.

(b) The management during the year have not physically verified the fixed assets. Underthe circumstances material discrepancies if any in the fixed assets have not beenascertained.

2. In respect of its' inventories:

(a) As explained to us inventories have been physically verified by the management atthe year end. In our opinion the frequency of such verification needs to be improved.

(b) In our opinion and according to the information and explanations given to us theprocedures of physical verification of inventories followed by the management areinadequate 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 has generally maintained records of Inventories. As explained to us there was nomaterial discrepancy noticed on physical verification of Inventory as compared to the bookrecords.

3. According to information and explanations given to us the Company has not grantedUnsecured Loans to parties covered in the register maintained under section 189 of theCompanies Act 2013 during the year.

4. In our opinion and according to the information and explanations given to us theexisting internal control procedures are inadequate commensurate with the size of theCompany and the nature of its business with regard to purchases of inventory and withregard to the sale of the goods and services. In view of this we are unable to expressour opinion with regard to existence of any major weakness in the internal controlprocedures.

5. As informed to us Company has not accepted any deposits from public during the year.So far as we are informed no order has been passed by Company Law Board or NationalCompany Law Tribunal or Reserve Bank of India or any court or any other tribunal.

6. The company has appointed cost auditors u/s 148 of The Companies Act 2013.

7. According to the records of the Company undisputed Statutory dues includingProvident Fund Employees' State Insurance Income Tax Sales Tax Wealth Tax ServiceTax Duty of Customs Duty of Excise Value added tax Cess and other statutory dues havebeen generally deposited with the appropriate authorities.

8. According to the information and explanations given to us no undisputed amountspayable in respect of the aforesaid dues were outstanding as at March 31 2015 for aperiod of more than six months from the date of becoming payable.

9. According to the best of our knowledge all the relevant provisions of the companiesAct 2013 and rules made there under with respect to the Investor Education and ProtectionFund there has not been an occasion in case the Company during the year under report totransfer any sums to the Investor Education and Protection Fund. The question of delay intransferring such sums does not arise and hence have been complied by the company.

10. The Company has incurred Cash losses for the year ended March 31 2015 and hasincurred cash loss in the immediately preceding financial year. The accumulated loss atthe end of the financial year was more than fifty percent of the net worth of the companyas at March 31 2015.

11. The company has defaulted in repayment of its dues to SICOM LTD as at Balance Sheetdate to the extent of 45 87 05234/-(exclusive of non provision of interest for the year2013-14 and 2014-15) against factoring of receivable and purchase bills discountingsanctioned to the company by SICOM LTD. The company has defaulted in repayment of its duesto SICOM LTD since last three years.

12. According to the information and explanation given to us there are no guaranteesgiven by the company for loans taken by others either from Banks or FinancialInstitutions.

13. The Company has not obtained any term loans from any bank or financial institutionsduring the year under review.

14. As per the books examined by us and based on the explanations given to us no fraudon or by the Company has been noticed or reported for the year ended March 31 2015.

Place: Vadodara For Parikh Shah Chotalia& Associates
Chartered Accountants
SD/-
CA Vijay Parikh
(Partner)
Membership No: 031773
Date: 30th May 2015 F.R.N: 118493W

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