TO THE MEMBERS OF COCHIN MINERALS AND RUTILE LIMITED
Report on the Financial Statements
1. We have audited the accompanying financial statements of "COCHIN MINERALS ANDRU-TILE LIMITED" ("the Company") which comprise the Balance Sheet as at31st March 2015 the Statement of Profit and Loss the Cash Flow Statement for the yearthen ended and a sum-mary of the significant accounting policies and other explanatoryinformation.
Managements Responsibility for the Financial Statements
2. The Companys Board of Directors is responsible for the matters stated inSection 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of these financial state-ments 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 under section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities selection andapplication of appropriate accounting policies making judgements and estimates that arereasonable and prudent and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.
3. Our responsibility is to express an opinion on these financial statements based onour audit. We have taken into account the provisions of the Act the accounting andauditing standards and matters which are required to be included in the audit report underthe provisions of the Act and the Rules made there under. We conducted our audit inaccordance with the Standards on Auditing specified under Section 143 (10) of the Act.Those Standards require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether the financial statements are free frommaterial misstatement.
4. An audit involves performing procedures to obtain audit evidence about the amountsand the disclosures in the financial statements. The procedures selected depend on theauditors judg-ment 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 theCompanys 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 for the purpose of expressing an opinion on whether the Company has in placean ad-equate internal financial control systems over financial reporting and the operatingeffectiveness of such controls. An audit also includes evaluating the appropriateness ofthe accounting policies used and the reasonableness of the accounting estimates made byCompanys Directors as well as evaluating the overall presentation of the financialstatements. 5. We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the financial statements.
6. 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 ac-cepted in India of the state of affairs of the Company as at 31stMarch 2015 and its profit and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
7. As required by the Companies (Auditors Report) Order 2015(the order)issued by the Central Government of India in terms of sub section (11) of section 143 ofthe Act we give in the An-nexure a statement on the matters specified in paragraphs 3 and4 of the Order.
8. 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 it appears from our examination of those books.
(c) The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with 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)
(e) On the basis of the written representations received from the directors as on 31stMarch 2015 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2015 from being appointed as a director in terms of section164(2) of the Act.
(f) With respect to the other matters to be included in the Auditors Report
in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in ouropiion and 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 its financialposition in its financial statements-Refer Note 37 to the financial statements.
(ii) The Company did not have any long term contracts including derivative contractsfor which there were any material foreseeable losses-Refer Note 39 to the financialstate-ments.
(iii)There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.
|Aluva ||Sd/- |
|Membership No.211340 ||K.A.SAGHESH KUMAR B.Com.F.C.A |
|23.05.2015. ||CHARTERED ACCOUNTANT |
Annexure to Auditors Report
Referred to in Paragraph 7 Our Report of even date to the members of COCHINMINERALS AND RUTILE LIMITED on the accounts of the company for the year ended 31stMarch 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:(i) (a)Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets; (b) As explained to us fixed assetshave been physically verified by the management at regular intervals as informed to us nomaterial discrepancies were noticed on such verifica-tion.
(ii) (a) As explained to us inventories have been physically verified by themanagement at regular intervals during the year. In our opinion the frequency of suchverification is reasonable.
(b) In our opinion the procedure of physical verification of inventory followed bythe management is reasonable and adequate in relation to the size of the company and thenature of its business.
(c)company has maintained proper records of Inventories . As explained to us therewere no material discrepancies noticed on physical verification of inventory as comparedto book records.
(iii)company has not granted loans secured or unsecured to companies firms or Otherparties covered in the register maintained under section 189 of the Act 2013. (iv) In ouropinion and according to the information and explanations given to us there is adequateinternal control system commensurate with the size of the Company and the nature of itsbusiness for the purchase of inventory and fixed assets and also for the sale of goodsand services. During the course of our audit no major weakness has been observed in theinternal control system.
(v)Company has not accepted any deposits from the public.
(vi) As informed to us the Central Government has not prescribed maintenance of costrecords under sub-section (1) of Section 148 of the Act (vii) (a) According to theinformation and explanations given to us and based on the records of the company examinedby us the company is regular in depositing the undisputed statutory dues includingProvident Fund Employees State Insurance Income- tax Sales-tax Wealth Tax ServiceTax Customs Duty Excise Duty Value added tax cess and other material statutory duesas applicable with the appropriate authorities in india; (b) According to the informationand explanations given to us and based on the records of the company examined by us thereare no dues of Income tax Wealth Tax Service Tax Sales tax Customs Duty Excise DutyValue added tax and cess which have not been deposited on account of any dispute otherthan the following ;
|Name of the Statue ||Name of Dues ||Amount (in Rs. lakhs) ||Financial year to which the amount relates ||Forum where the dispute is pending |
|Income Tax Act 1961 ||Income Tax ||58.08 ||2008-09 ||Commissioner of |
| || || || ||Income Tax (Ap- |
| || || || ||peals) Cochin |
|Central Sales Tax Act ||Central Sales Tax ||11.51 ||2008-09 ||Deputy Commis- sioner (Appeals) Commercial Taxes Ernakulam |
(c) According to the information and explaination given to us the amount which wererequired to be transferred to the Investor Education and Protection Fund in accordancewith the relevant provisions of the Companies Act 1956 (1 of 1956) and rules madethereunder has been transferred to such fund within the time.
(viii)Company has no accumulated losses at the end of this financial year. However ithas-incurred cash losses in the current financial year and preceeding financial year. (ix)According to the information and explanations given to us the company has not defaultedin repayment of dues to financial institution or banks .
(x) In our opinion and according to the information and explanations given to us theCompany has not given any guarantee for loan taken by others from a bank or financialinstitution .
(xi) In our opinion and according to the information and explanation given to us theterm loans were used for the purposes for which these loans were raised.
(xii) According to information and explaination given to us no fraud on or by thecompany has been noticed or reported during the year that causes the financial statementsto be materially misstated.
| ||Sd/- |
| ||K.A.SAGHESH KUMAR B.Com.F.C.A |
|Aluva ||CHARTERED ACCOUNTANT |
|23.05.2015. ||Membership No.211340 |