You are here » Home » Companies » Company Overview » COSCO (India) Ltd

COSCO (India) Ltd.

BSE: 530545 Sector: Others
NSE: N.A. ISIN Code: INE949B01018
BSE LIVE 15:24 | 01 Dec 180.00 -5.40
(-2.91%)
OPEN

190.00

HIGH

190.00

LOW

162.25

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 190.00
PREVIOUS CLOSE 185.40
VOLUME 158
52-Week high 221.90
52-Week low 117.00
P/E 28.71
Mkt Cap.(Rs cr) 74.88
Buy Price 171.15
Buy Qty 10.00
Sell Price 180.00
Sell Qty 5.00
OPEN 190.00
CLOSE 185.40
VOLUME 158
52-Week high 221.90
52-Week low 117.00
P/E 28.71
Mkt Cap.(Rs cr) 74.88
Buy Price 171.15
Buy Qty 10.00
Sell Price 180.00
Sell Qty 5.00

COSCO (India) Ltd. (COSCOINDIA) - Auditors Report

Company auditors report

INDEPENDENT A UDITORS REPORT

THE MEMBERS

COSCO (INDIA) LTD.

Report on the Financial Statements

We have audited the accompanying standalone financial statements of Cosco (India)Limited (the Company) which comprise the balance sheet as at 31 March 2015 thestatement of profit and loss and the cash flow statement for the year then ended and asummary of significant accounting policies and other explanatory information.

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 andpresentation of these standalone financial statements that give a true and fair view ofthe financial position financial performance and cash flows of the Company in accordancewith the accounting principles generally accepted in India including the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the Company and for preventing and detecting frauds and other irregularities;selection and application of appropriate accounting policies; making judgments andestimates that are reasonable and prudent; and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

Auditors Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account 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 thereunder.

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 andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers 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 controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating 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 standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31 March 2015 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2015 (the Order) issued bythe Central Government of India in terms of sub-section (11) of section 143 of the Act wegive in the Annexure a statement on the matters specified in the paragraph 3 and 4 of theOrder 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 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 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 the written representations received from the directors as on 31March 2015 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2015 from being appointed as a director in terms of Section164 (2) of the Act; and

(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 disclosed the impact of pending litigations on its financialposition in its financial statements.

ii. the Company did not have any long term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

For Madan & Associates
Chartered Accountants
Firm s Reg. No.000185N
(C.A. M.K. Madan)
Proprietor
M.No. 082214
Place : New Delhi
Date : 30th May 2015

Annexure to the Auditors' Report

[The Annexure referred to in our Independent Auditors' Report to the members of theCompany on the standalone financial statements for the year ended 31 March 2015 we reportthat:]

(i) In respect of fixed assets:

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

(b) The Company has a regular programme of physical verification of its fixed assets bywhich fixed assets are verified in a phased manner which in our opinion is reasonablehaving regard to the size of the Company and the nature of its assets. In accordance withthis programme certain fixed assets were verified by the management during the year.According to the information and explanations given to us no material discrepancies werenoticed on such verification.

(ii) In respect of its inventories:

(a) As explained to us the inventories of finished goods semi-finished goods storesspare parts and raw materials were physically verified at the end of the year by theManagement. In case of inventories lying with third parties certificates of stocksholding have been received.

(b) In our opinion and according to the information and explanation given to us theprocedures of physical verification of inventories followed by the Management werereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

(c) In our opinion and according to the information and explanations given to us theCompany has maintained proper records of its inventories and no material discrepancieswere noticed on physical verification.

((iii) According to the information and explanations given to us The Company has notgranted any loans secured or unsecured to companies firms or other parties covered inthe register maintained under section 189 of the Companies Act 2013 (the Act).

(iv) In our opinion and according to the information and explanations given to usthere are adequate internal control procedures commensurate with the size of the companyand the nature of its business for the purchase of inventory fixed assets and for thesale of goods. We have not observed any continuing failure to correct major weaknesses ininternal control.

(v) The Company has not accepted any deposits from the public.

(vi) We have broadly reviewed the cost records maintained by the Company pursuant tothe Companies (Cost Accounting Records) Rules 2014 prescribed by the Central Governmentunder Section 148(1) of the Companies Act 2013 and are of the opinion that prima faciethe prescribed cost records have been maintained. We have however not made a detailedexamination of the records with a view to determining whether they are accurate orcomplete.

(vii) In respect of statutory dues:

(a) According to the information and explanations given to us the Company hasgenerally been regular in depositing undisputed dues including Provident Fund ESIInvestor Education and Protection Fund Income-tax Tax deducted at sources tax collectedat source Professional Tax Sales Tax Wealth Tax Service Tax Custom Duty Excise DutyCess and other material statutory dues applicable to it with the appropriate authorities.There were no undisputed amounts payable in respect of Income-tax Wealth Tax CustomDuty Excise Duty Cess and other material statutory dues in arrears as at 31 March 2015for a period of more than six months from the date they became payable.

(b) There are no material dues of Income tax Sales Tax Wealth tax Service tax Dutyof Customs Duty of excise Value Add tax and cess which have not been deposited with theappropriate authorities on account of any dispute.

(c) the amounts which were required to be transferred to the investor education andprotection fund in accordance with the relevant provisions of the Companies Act 1956 (1of 1956) and rules there under has been transferred to such fund within time.

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

(ix) In our opinion and according to the information and explanations given to us theCompany has not defaulted in the repayment of dues to banks financial institutions anddebenture holders.

(x) In our opinion and according to the information and the explanations given to usthe Company has not given any guarantee for loans taken by others from banks or financialinstitutions.

(xi) The company has not obtained any term loan during the year so this para of orderis not applicable.

(xii) According to the information and explanations given to us no material fraud onor by the Company has been noticed or reported during the course of our audit.

For Madan & Associates
Chartered Accountants
Firm s Reg. No.000185N
(C.A. M.K. Madan)
M.No. 082214
Proprietor
Place : New Delhi
Date : 30th May 2015

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard