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Cords Cable Industries Ltd.

BSE: 532941 Sector: Engineering
NSE: CORDSCABLE ISIN Code: INE792I01017
BSE LIVE 15:40 | 09 Dec 58.50 1.25
(2.18%)
OPEN

58.00

HIGH

62.50

LOW

57.80

NSE LIVE 15:47 | 09 Dec 57.90 1.10
(1.94%)
OPEN

57.00

HIGH

62.40

LOW

57.00

OPEN 58.00
PREVIOUS CLOSE 57.25
VOLUME 15183
52-Week high 74.40
52-Week low 35.35
P/E 19.24
Mkt Cap.(Rs cr) 75.64
Buy Price 58.50
Buy Qty 410.00
Sell Price 0.00
Sell Qty 0.00
OPEN 58.00
CLOSE 57.25
VOLUME 15183
52-Week high 74.40
52-Week low 35.35
P/E 19.24
Mkt Cap.(Rs cr) 75.64
Buy Price 58.50
Buy Qty 410.00
Sell Price 0.00
Sell Qty 0.00

Cords Cable Industries Ltd. (CORDSCABLE) - Auditors Report

Company auditors report

To the Members of CORDS CABLE INDUSTRIES LTD.

1. Report on the Financial Statements

We have audited the accompanying financial statements of CORDS CABLE INDUSTRIES LTD.("the Company") which comprise the Balance Sheet as at March 31 2015 and theStatement of Profit & Loss and the Cash Flow Statement for the year ended and asummary of significant accounting policies and other explanatory information.

2. 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 Act 2013 ("the Act") with respect to the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also maintenance of adequate accounting records in accordance with theprovisions of the Act for safeguarding the assets of the Company and for preventing anddetecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation 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 fraud orerror.

3. Auditor’s 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 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 judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.

An audit also includes evaluating the appropriateness of accounting policies used andthe reasonableness of the accounting estimates made by Company’s Directors as wellas 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 statements.

4. 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 of the state of affairs of the Company as at 31stMarch 2015 and its Statement of Profit & Loss and its Cash Flows for the year endedon that date.

5. Report on Other legal and Regulatory Requirements

i) As required by the Companies (Auditor’s Report) Order 2015 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the Annexure a statement on the matters specified inparagraphs 3 and 4 of the order to the extent applicable.

ii) 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 appears from our examination of those books;

c) the Balance Sheet the Statement of Profit & 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 under Section 133 of the Act read the Rule 7 of the Companies (Accounts) Rule2014;

e) on the basis of written representations received from the directors as on March 312015 taken on record by the Board of Directors none of the directors is disqualified ason March 31 2015 from being appointed as a director in terms of Section 164 (2) of theAct.

f) With respect to the other matters to be included in the Auditor’s Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. The Company has pending litigations of Rs. 10.78 crore with revenue authoritieshowever it would not impact its financial position;

ii. The Company did not have any long-term contracts including derivative contracts forwhich 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 as on 31st March 2015.

For Sharma Goel & Co. LLP
Chartered accountants
FRN: - 000643N
Sd/-
Amar Mittal
Place : New Delhi Partner
Date : 30.05.2015 M. No. 017755

Annexure to the Auditors’ Report of even date to the members of CORDS CABLEINDUSTRIES LTD. on the financial statements for the year ended March 31 2015 [Refer toin para 5(i)] our report of even date)

Based on the Audit Procedures performed for the purpose of reporting a true and fairview on the financials statements of the company and taking into the consideration theinformation and explanation given to us and the books of account and other recordsexamined by us in the normal course of audit we report that:

i) In respect of fixed assets of the Company and in our opinion:

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

b) The Company has a programme of physical verification of its fixed assets. Inaccordance with this programme fixed assets were verified during the year and nodiscrepancies were noticed on such verification. In our opinion the frequency of physicalverification is reasonable having regards to the size of the company and nature of fixedassets.

ii) In respect of inventories of the Company in our opinion:

a) Inventories have been physically verified by the management during the year and thefrequency of verification is reasonable.

b) The procedure for physical verification of inventory followed by management arereasonable and adequate in relation to the size of the company and nature of its business.

c) The Company is maintaining proper records of inventory. No material discrepancieswere noticed on physical verification of inventory.

iii) The company has not granted any loan to companies firms or other parties coveredin the register maintained under Section 189 of the Companies Act 2013 hence sub clause(a) and (b) of clause (iii) of the Order is Not Applicable.

iv) In our opinion there is an adequate internal control system commensurate with thesize of the Company and nature of its business with regard to purchase of inventory fixedassets and sale of goods & services. We have not observed any continuing failure tocorrect major weaknesses in the internal control system during the course of the audit.

v) In our opinion the Company has not accepted any deposits with the directive issuedby Reserve Bank of India and the provisions of Sections 73 to 76 or any other provisionsof the Companies Act 2013 and the rules framed there under. No order has been passed bythe Company Law Board or National Company Law Tribunal or Reserve Bank of India or anyCourt or any other Tribunal.

vi) We are of the opinion that prima facie the cost records and accounts prescribed byCentral Government under section 148(1) of the Companies Act 2013 have been made andmaintained.

We have not however carried out a detailed examination of the records with a view todetermining whether they are accurate or complete.

vii) In respect of disputed and undisputed Statutory Dues of the Company and accordingto information and explanations given to us and on the basis of our examination of therecords of the Company.

a. Amounts deducted / accrued in the books of accounts in respect of Provident FundEmployees’ State Insurance Income tax Sales Tax Wealth Tax Service Tax CustomsDuty Excise Duty Value Added Tax cess and any other material Statutory Dues havegenerally been regularly deposited during the year by the Company with the appropriateauthorities to the extent applicable. According to the information and explanations givento us no undisputed amounts payable in respect of aforesaid dues were in arrears as atMarch 31 2015 for a period of more than six months from the date they became payable. b.According to the information and explanations given to us detail of dues of Service Taxand Excise duty which have not been deposited on account of a disputes are given below:

Name of the Statute Nature of dues Amount (Rs) Period to which the amount relates Forum where dispute is pending
Central Excise Excise Duties 359716/- 2005-06 Commissioner (Appeals)
Act1944 Penalty Less: 75000/- Central Excise & Custom Jaipur
Pre-Deposited 100000/-
Central Excise Excise Duties 162054/- 2005-06 CESTAT New Delhi
Act1944 Penalty 162054/-
Central Excise Excise Duties 176867/- 2005-06 Commissioner of Central Excise
Act1944 Penalty 50000/- & Custom Jaipur
Central Excise Excise Duties 161169/- 2006-07 Commissioner (Appeal) Central
Act1944 Penalty 161169/- Excise & Customs Jaipur
Central Excise Excise Duties 3159709/- 2006-07 Commissioner (Appeals) Central
Act 1944 Excise & Custom Jaipur
Central Excise Excise Duties 5783018/- 2006-07 CESTAT New Delhi
Act 1944
Central Excise Excise Duties 260222/- 2006-07 Commissioner (Appeals) Central
Act 1944 Penalty 50000/- Excise & Custom Jaipur
Central Excise Excise Duties 6024771/- 2007-08 CESTAT New Delhi
Act 1944
Central Excise Excise Duties 612151/- 2007-08 Commissioner Central Excise &
Act 1944 Custom Jaipur
Central Excise Excise Duties 2281042/- 2007-08 Commissioner (Appeals) Central
Act 1944 Excise & Custom Jaipur
Central Excise Excise Duties 5437100/- 2008-09 CESTAT New Delhi
Act 1944
Central Excise Excise Duties 1309877/- 2008-09 Joint Commissioner
Act 1944 Central Excise Jaipur
Central Excise Excise Duties 15271114/- 2009-10 CESTAT New Delhi
Act 1944
Central Excise Excise Duties 15337611/- 2009-10 CESTAT New Delhi
Act 1944
Central Excise Excise Duties 1105939/- 2009-10 Joint Commissioner
Act 1944 Recovered by 1616762/- Central Excise Jaipur
Central Excise
along with
interest & penalty
Central Excise Excise Duties 406601/- 2010-11 CESTAT New Delhi
Act 1944
Central Excise Excise Duties 18237626/- 2010-11 Commissioner Central Excise
Act 1944 Jaipur-I
Central Excise Interest on 1003041/- 2009-10 CESTAT New Delhi
Act 1944 Service Tax
Penalty 2000/-
Less
Recovered by the 1160037/-
the central Excise
along with
interest & penalty
Central Excise Excise Duties 276589/- 2011-12 Asstt. Commissioner Central
Act 1944 Excise Bhiwadi.
Central Excise Excise Duties 236874/- 2008-09 Joint Commissioner Central
Act 1944 Penalty 236874/- to Excise Bhiwadi.
Less:- 2011-12
Recovered by 120976/-
the Central 194700/-
Excise &
balance to be
recovered along
with interest
Central Excise Excise Duties 15568226/- 2011-12 Commissioner of Central
Act 1944 Excise Jaipur-I
Central Excise Service Tax 601175/- 2008-09 Commissioner (Appeals)
Act 1944 Penalty 2000/- Central Excise Jaipur
Central Excise Service Tax 23730/- 2013-14 Assistant Commissioner
Act 1944 Central Excise Bhiwadi
Central Excise Excise (Penalty) 13545628/- 2011-2012 CESTAT New Delhi
Act 1944 Less:
Pre-deposit 1015922/-
@7.5%
Central Excise Service Tax 27880/- 2014-15 Superintendent
Act 1944 Central Excise Bhiwadi

c. According to the information and explanations given to us company has no amountwhich required to be transferred to investor education and protection fund as on 31stMarch 2015 in accordance with the relevant provisions of the Companies Act 1956 and rulesmade there under.

viii) The Company does not have accumulated losses at the end of the financial year andit has not incurred cash losses in the current financial year and in the immediatelypreceding financial year.

ix) Based on our audit procedures and as per the information and explanations given bythe management the company has not defaulted in repayment of dues to financialinstitutions and banks.

x) In our opinion the Company has not given any guarantee for loan taken by othersfrom Bank or Financial Institutions in terms of clause (x) of the Order.

xi) In our opinion and to the best of our knowledge and belief proceeds of term loanstaken were prima facie applied for the purpose it was obtained.

xii) In our opinion and to the best of our knowledge and belief there are no fraudnoticed by us on or by the company during the year.

For Sharma Goel & Co. LLP
Chartered accountants
FRN: - 000643N
Sd/-
Amar Mittal
Place : New Delhi Partner
Date : 30.05.2015 M. No. 017755

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