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Cubex Tubings Ltd.

BSE: 526027 Sector: Metals & Mining
NSE: CUBEXTUB ISIN Code: INE144D01012
BSE LIVE 14:23 | 07 Dec 11.10 -0.40
(-3.48%)
OPEN

11.10

HIGH

11.10

LOW

11.10

NSE LIVE 15:28 | 07 Dec 10.95 -0.55
(-4.78%)
OPEN

11.50

HIGH

11.50

LOW

10.95

OPEN 11.10
PREVIOUS CLOSE 11.50
VOLUME 300
52-Week high 19.49
52-Week low 7.50
P/E 65.29
Mkt Cap.(Rs cr) 15.90
Buy Price 11.00
Buy Qty 1350.00
Sell Price 11.99
Sell Qty 50.00
OPEN 11.10
CLOSE 11.50
VOLUME 300
52-Week high 19.49
52-Week low 7.50
P/E 65.29
Mkt Cap.(Rs cr) 15.90
Buy Price 11.00
Buy Qty 1350.00
Sell Price 11.99
Sell Qty 50.00

Cubex Tubings Ltd. (CUBEXTUB) - Auditors Report

Company auditors report

To the Members of CUBEX TUBINGS LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of M/s Cubex Tubings 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 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 Companies (Accounts) Rules 2014. Thisresponsibility includes 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;design implementation and maintenance of adequate internal financial controls that areoperating 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.

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 todesign audit procedures that are appropriate in the circumstances but not for the purposeof expressing an opinion on whetherthe 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 and thereasonableness of the accounting estimates made by the 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:

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 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 ("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.

2. As required by section 143(3) of the Act we further 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 Statement of Profit and Loss 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 applicableAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

e) On the basis of written representations received from the directors as on March312015 and taken on record bythe Board ofDirectors none ofthe directors is disqualifiedas on March 31 2015 from being appointed as a director in terms of Section 164(2) oftheAct.

f) With respect to other matters to be included in the Auditor’s Report inaccordance with Rule 11 ofthe 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 does not have any pending litigations which would impact its financialposition.

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

Ni. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the company.

For P. Murali & Co.
Chartered Accountants
Firm Registration No: 007257S
A.Krishna Rao
Partner
Place: Hyderabad M.No. 020085
Date: 29-05-2015

Annexure referred to in paragraph 1 of Our Report of even date to the members of CubexTubings Ltd on the accounts of the company for the year ended 31st March 2015 Under"Report on other Legal & Regulatory Requirements"

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

(b) Fixed assets have been physically verified by the management at reasonableintervals; no material discrepancies between the book records and physical inventory havebeen noticed on such verification.

ii. (a) The inventory has been physically verified during the year by the Managementand in our opinion the frequency of verification is reasonable.

(b) In our opinion the procedures of the physical verification of inventory followedby the Management is reasonable and adequate in relation to the size of the Company andthe nature of its business.

(c) In our opinion the Company is maintaining proper records of inventory and asexplained to us no material discrepancies were noticed on physical verification of stocksas compared to book records.

iii. The company has not granted any loans secured or unsecured to companies firms orother parties covered in the register maintained under section 189 of the Companies Act2013.

iv. In our opinion and according to the information and explanations given to us thereis adequate internal control system commensurate with the size of the Company and thenature of its business for the purchase of inventory and fixed assets and for the sale ofgoods and services. Further on the basis of our examination of the books and records ofthe Company and according to the information and explanations given to us no majorweakness in the aforesaid internal control system has been noticed or reported.

v. The Company has not accepted any deposits from the public covered under Section 73to 76 of the Companies Act 2013.

vi. We have broadly verified the books of accounts and records maintained by thecompany relating to the manufacture of copper and copper alloy products pursuant to theorder made by the Central Government for maintenance of cost records under sub-section (1)of Section 148 of the Act 2013 and are of the opinion that prima facie the prescribedaccounts and records have been maintained. We have not however made a detailedexamination of the records with a view to determine whether they are accurate andcomplete.

vii. (a) In our opinion the company is regular in depositing the undisputed statutorydues including Provident Fund

Employees’ State Insurance Income-tax Sales Tax Service Tax Custom DutyExcise Duty and other material statutory dues as applicable with the appropriateauthorities in India;

There were no undisputed statutory dues in arrears as at 31st March 2015 fora period of more than 6 months from the date they became payable.

(b) According to the information and explanations given to us there are no dues ofIncome Tax Wealth Tax Service Tax Sales Tax Customs Duty and Excise Duty which havenot been deposited on account of any disputes.

(c) There are no amounts that are due to be transferred to the Investors Education andprotection Fund in accordance with the relevant provisions of the Companies Act 1956 [1of 1956] and rules made there under.

viii. The Company does not have accumulated losses at the end of the financial year andthe company has not incurred cash losses during the financial year covered by our auditand in the immediately preceding financial year.

ix. In our opinion and according to the information and explanations given to us thecompany has not defaulted in repayment of dues to financial institution/banks. The companyhas not issued any debentures.

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 bank or financialinstitutions. Accordingly the provisions of clause 3(x) of the Order are not applicableto the company.

xi. The company has not taken any term loan during the year. Accordingly theprovisions of clause 3(xi) of the Order are not applicable to the company.

xii. To the best of our knowledge and according to the information and explanationsgiven to us no material fraud on or by the company has been noticed or reported duringthe year.

For P. Murali & Co.
Chartered Accountants
Firm Registration No 007257S
A.Krishna Rao
Partner
M.No. 020085
Place: Hyderabad
Date: 29-05-2015

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