You are here » Home » Companies » Company Overview » Crimson Metal Engineering Company Ltd

Crimson Metal Engineering Company Ltd.

BSE: 526977 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE318P01016
BSE LIVE 14:56 | 23 Nov 6.80 -0.30
(-4.23%)
OPEN

7.45

HIGH

7.45

LOW

6.80

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 7.45
PREVIOUS CLOSE 7.10
VOLUME 1000
52-Week high 7.47
52-Week low 6.79
P/E 5.23
Mkt Cap.(Rs cr) 3.01
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 7.45
CLOSE 7.10
VOLUME 1000
52-Week high 7.47
52-Week low 6.79
P/E 5.23
Mkt Cap.(Rs cr) 3.01
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Crimson Metal Engineering Company Ltd. (CRIMSONMETAL) - Auditors Report

Company auditors report

TO THE MEMBERS OF CRIMSON METAL ENGINEERING COMPANY LIMITED REPORT ON THE FINANCIALSTATEMENTS

We have audited the accompanying financial statements of Crimson Metal EngineeringCompany Limited (the Company) which comprise the Balance Sheet as at March 31 2015 theStatement of Profit and Loss and 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 Management is responsible for the preparation of these financialstatements that give a true and fair view of the financial position financial performanceand cash flows of the Company in accordance with the Accounting Standards notified underthe Companies Act 1956 (the Act) read with the General Circular 15/2013 dated 13thSeptember 2013 of the Ministry of Corporate Affairs in respect of Section 133 of theCompanies Act 2013 and in accordance with the accounting principles generally accepted inIndia. This responsibility includes the design implementation and maintenance of internalcontrol relevant to the preparation and presentation of the financial statements that givea true and fair view and are free from material misstatement whether due to fraud orerror.

AUDITORS’ RESPONSIBILITY

Our responsibility is to express an opinion on these financial statements based on ouraudit. We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the 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 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 control relevant to the Company s preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in thecircumstances but not for the purpose of expressing an opinion on the effectiveness ofthe Company s internal control. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made bymanagement as well 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.

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 profit of the Company forthe year ended on that date; and

(c) In the case of the Cash Flow Statement of the cash flows of the Company for theyear 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 Section 143(3) of the Act we give in theAnnexure a statement on the matters specified in paragraphs 3 and 4 of the Order.

2. As required by Section 143(3) of the Act we report that:

a. We have obtained all the information and explanations which to the best of ourknowledge 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 and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of account.

d. In our opinion the Balance Sheet the Statement of Profit and Loss and the CashFlow Statement comply with Accounting Standards notified under the Act read withtheGeneral Circular 15/2013 dated 13th September 2013 of the Ministry of CorporateAffairs in respect of Section 133 of the Companies Act 2013

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. With respect to the other matters included in the auditor s report and to the bestof our information and according to the explanation given to us:

1) The company has disclosed the impact of pending litigation on its financial positionin its financial statement.

2) The company has made provision as required under the applicable law or AccountingStandards for material foreseeable losses if any on long term contracts includingderivative contracts.

3) There has been no delay in transferring amounts required to be transferred to theinvestor s education and protection fund by the company.

For ABHAY JAIN & Co.
Chartered Accountants
(FRN. 000008S)
Place : Chennai (A K JAIN)
Date : 30.05.2015 Partner
M No 70224

The Annexure referred to in paragraph 1 of the Our Report of even date to the membersof CRIMSON METAL ENGINEERING COMPANY LIMITED. On the accounts of the Company for the yearended 31st March 2015.

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

1. (a) The company has maintained proper records showing full particularsincluding quantitative details and situation of its fixed assets.

(b) As explained to us fixed assets have been physically verified by the management atreasonable intervals; no material discrepancies were noticed on such verification.

2. (a) As explained to us inventories have been physically verified during theyear by the management at reasonable intervals.

(b) In our opinion and according to the information and explanations given to us theprocedures of physical verification of inventories followed by the management arereasonable and adequate in relation to the size of the company and the nature of itsbusiness.

(c) In our opinion and on the basis of our examination of the records the Company isgenerally maintaining proper records of its inventories. No material discrepancy wasnoticed on physical verification of stocks by the management as compared to book records.

3. (a) According to the information and explanations given to us and on thebasis of our examination of the books of account the Company has not granted any loanssecured or unsecured to companies firms or other parties listed in the registermaintained under Section 189 of the Companies Act 2013. Therefore the provision of clause3(iii) (iiia) and (iiib) of the said order are not applicable to the Company

4. In our opinion and according to the information and explanations given to usthere is generally an adequate internal control procedure commensurate with the size ofthe company and the nature of its business for the purchase of inventories & fixedassets and payment for expenses & for sale of goods. During the course of our auditno major instance of continuing failure to correct any weaknesses in the internal controlshas been noticed.

5. The Company has not accepted any Deposits from the public within the meaningof section 73 74 75 and 76 of the Act and the rules framed there under to the extentnotified.

6. We have broadly reviewed the cost records maintained by the Company pursuantto the Rules prescribed by the Central Government under Section 148(1) of the CompaniesAct 2013 and are of the opinion that prima facie the prescribed cost records have beenmade and maintained. We have however not made a detailed examination of the cost recordswith a view to determine whether they are accurate or complete.

7. (a) According to the records of the company undisputed statutory duesincluding Provident Fund Investor Education and Protection Fund Employees StateInsurance Income-tax Sales-tax Wealth Tax Service Tax Custom Duty Excise Duty cessto the extent applicable and any other statutory dues have generally been regularlydeposited with the appropriate authorities.

(b)According to the information and explanations given to us and the records of theCompany examined by us there are no dues of income tax wealth tax service tax salestax customs duty and excise duty and cess as on 31st of March 2015 which havenot been deposited on account of a dispute are as follows:

Nature of Disputed Statutory Dues Disputed Amount(Rs.) Forums where the dispute is pending
Excise Dues
1 Adoption of incorrect Job • work value A.Y 2005-06 970674 Honourable Madras High Court
2 Wrong availment of cenvat A.Y.2006-07 15469093 Honourable Madras High Court

(c) There is no amount required to be transferred by the company to the InvestorEducation and Protection Fund Account in accordance with provision of the Companies Actand the rule made there under.

8. The Company has accumulated loss of Rs 190.62 lakhs at the end of thefinancial year ended as on 31st March 2015 and not incurred any cash loss inthe financial year ended on that date or in the immediately preceding financial year.

9. Based on our audit procedures and on the information and explanations givenby the management we are of the opinion that the Company has not defaulted in repaymentof dues to a financial institution bank or debenture holders.

10. According to the information and explanations given to us the Company has notgiven any guarantees for loan taken by others from a bank or financial institution.

11. Based on our audit procedures and on the information given by the management wereport that the company has not raised any term loans during the year hence the provisionof clause 11 of Companies (Auditor s Report) Order 2015 is not applicable to the Company.

12. During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of material fraud on or by the Company noticed or reported during the year norhave we been informed of any such case by the Management.

For ABHAY JAIN & Co.
Chartered Accountants
FRN:000008S
A K JAIN
Place: Chennai (Partner)
Date: 30.05.2015 M No. :070224

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