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India Cements Capital Ltd.

BSE: 511355 Sector: Financials
NSE: N.A. ISIN Code: INE429D01017
BSE LIVE 15:15 | 14 Dec 5.45 -0.02
(-0.37%)
OPEN

5.65

HIGH

5.72

LOW

5.45

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 5.65
PREVIOUS CLOSE 5.47
VOLUME 8436
52-Week high 6.34
52-Week low 2.74
P/E 18.17
Mkt Cap.(Rs cr) 12
Buy Price 5.50
Buy Qty 5.00
Sell Price 5.72
Sell Qty 125.00
OPEN 5.65
CLOSE 5.47
VOLUME 8436
52-Week high 6.34
52-Week low 2.74
P/E 18.17
Mkt Cap.(Rs cr) 12
Buy Price 5.50
Buy Qty 5.00
Sell Price 5.72
Sell Qty 125.00

India Cements Capital Ltd. (INDIACEMCAP) - Auditors Report

Company auditors report

TO

THE MEMBERS OF

INDIA CEMENTS CAPITAL LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying Standalone Financial Statements of INDIA CEMENTSCAPITAL LIMITED ("the Company") which comprises the Balance Sheet as at 31March 2016 the Statement of Profit and Loss and the Cash Flow Statement for the yearthen ended and a summary of significant accounting policies and other explanatoryinformation.

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 preparationand presentation of these Standalone financial statements that give a true and fair viewof the financial position financial performance and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material 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 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 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. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof 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.

a) In the case of the Balance Sheet of the state of affairs of the Company as at March312016;

b) In the case of Statement of Profit and Loss of the PROFIT for the year ended onthat date; and

c) In the case of Cash Flow Statement of the cash flows for the year ended on thatdate.

Report on Other Legal and Regulatory Requirements

1. 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 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 written representations received from the directors as on 31 March2016 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2016 from being appointed as a director in terms of Section 164

(2) of the Act;

(f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure A";

(g) 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 does not have pending litigations which has impact 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. The Company has transferred the amount required to be transferred to the InvestorEducation and Protection Fund.

2. As required by the Companies (Auditor's Report) Order 2016 ("the Order")as amended issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the " Annexure B" a statement on the mattersspecified in the paragraphs 3 and 4 of the Order to the extent applicable.

For M/s. S. VISWANATHAN LLP
Chartered Accountants
New No.17 (Old 8-A) Bishop Wallers Avenue (West) Regn.No. 004770S/S200025
C.l.T. Colony Mylapore Chennai - 600 004. CHELLA K SRINIVASAN
Partner
Date: 26thMay2016 Membership No. 023305

"ANNEXURE A"TOTHE INDEPENDENT AUDITORS' REPORT OF EVEN DATE ON THE STANDALONEFINANCIAL STATEMENTS OF INDIA CEMENTS CAPITAL LTD.

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of INDIACEMENTS CAPITAL LTD ("the Company") as of March 312016 in conjunction with ouraudit of the Standalone financial statements of the Company for the year ended on thatdate.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on "the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants of India (ICAI)". Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timelypreparation of reliablefinancialinformation as required underthe Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk.The proceduresselected depend on the Auditor's judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that:

(1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and Directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 312016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls over Financial Reporting issued by the Institute of CharteredAccountants of India.

For M/s. S. VISWANATHAN LLP
Chartered Accountants
New No.17 (Old 8-A) Bishop Wallers Avenue (West) Regn.No. 004770S/S200025
C.l.T. Colony Mylapore Chennai - 600 004. CHELLA K SRINIVASAN
Partner
Date: 26thMay2016 Membership No. 023305

"ANNEXURE B"TOTHE INDEPENDENT AUDITORS' REPORT OF EVEN DATE ON THE STANDALONEFINANCIAL STATEMENTS OF INDIA CEMENTS CAPITAL LTD.

Referred to in paragraph 1 under the heading ‘Report on Other Legal &Regulatory Requirements' of our report of even date:

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

(b) The Company has a regular program of physical verification of its fixed assets bywhich fixed assets are verified in a phased manner at the reasonable intervals by themanagement. According to the information and explanations given to us no materialdiscrepancies were observed bythe management on such verification.

(c) The Company does not have any immovable property hence Clause (i) (c) is notapplicable.

(ii) The Company is a service company. Thus Clause (ii) of the order is notapplicable.

(iii) According to the information and explanations given to us and on the basis of ourexamination of the books of accounts the company has granted loans unsecured to a bodycorporate covered in the register maintained under Section 189 of the Companies Act 2013.

a. The terms and conditions of grant of such loans are not prejudicial to the company'sinterest.

b. In case of the loans granted to the body corporate listed in the register maintainedunder Section 189 of the Act. The terms of arrangement do not stipulate any payment ofinterest and the loans are repayable on demand and hence there is no repayment schedule.Accordingly Clause (iii) (b) of the order is not applicable to the company in respect ofrepayment of the principal.

c. There are no overdue amounts of more than Rs.1 Lakh in respect of the loans grantedto the Body corporate listed in the register under Sec 189 of the Act.

(iv) In our opinion and according to the information and explanations given to us thecompany has not provided any loans investments guarantees and security under section 185and 186 of the Companies Act 2013.

(v) The Company has not accepted any deposits from the public and hence the directivesissued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any otherrelevant provisions of the Act and the Companies (Acceptance of Deposit) Rules 2015 withregard to the deposits accepted from the public are not applicable.

(vi) According to information and explanations given to us the maintenance of CostRecords has not been specified by the Central Government under sub-section (1) of Section148 of the Act in respect of the activities carried on by the company.

(vii) (a) According to information and explanations given to us and on the basis of ourexamination of the books of account and records the Company has been generally regularin depositing undisputed statutory dues including Provident Fund Employees StateInsurance Income-Tax Service Tax Cess and any other statutory dues with the appropriateauthorities. According to the information and explanations given to us no undisputedamounts payable in respect of the above were in arrears as at March 312016 for a periodof more than six months from the date on when they become payable.

(b) According to the information and explanation given to us the following dues ofincome tax service tax have not been deposited by the company on account of dispute.

Name of Statute Nature of the dues Forum where disputes are pending Period to which the dispute relates Amount Rs.in lakhs
Finance Act 1994 Service tax Commissioner of Customs Excise and Service tax (Appellate Tribunal) Chennai 2003-2004 to 2007-2008 3.47
Income TaxAct 1961 Incometax Commissioner of Income tax (Appeals) AY 2004-05 23.94

(viii) In our opinion and according to the information and explanations given to usthe Company did not have any outstanding dues to Financial Institutions Banks orDebenture holders. The Company has not taken any loan either from financial institutionsor from the government and has not issued any debentures.

(ix) According to the information and explanations given to us the company has notraised moneys by way of initial public offer or further public offer including debtinstruments and term Loans. Accordingly clause (ix) of the Order is not applicable to theCompany.

(x) In our opinion and according to the information and explanations given to us thecompany has not noticed any fraud by the company or any fraud on the company by itsOfficers or employees are reported during the year.

(xi) According to the information and explanations given to us no managerialremuneration has been paid during the year and hence Clause (xi) is not applicable to thecompany.

(xii) The Company is not a Nidhi Company. ThereforeClause (xii) of the Order are notapplicable to the Company.

(xiii) In our opinion all transactions with the related parties are in compliance withsection 177 and 188 of Companies Act 2013 and the details have been disclosed in theFinancial Statements as required by the applicable accounting standards.

(xiv) According to the information and explanations given to us the company has notmade any preferential allotment or private placement of shares or fully or partlyconvertible debentures during the year under review. Accordingly Clause (xiv) of theOrder are not applicable to the Company.

(xv) According to the information and explanations given to us the company has notentered into any non-cash transactions with directors or persons connected with him.Accordingly clause (xv) of the Order are not applicable to the Company.

(xvi) In our opinion the company is required to be registered under section 45 IA ofthe Reserve Bank of India Act 1934 and the registration has been obtained.

For M/s. S. VISWANATHAN LLP
Chartered Accountants
New No.17 (Old 8-A) Bishop Wallers Avenue (West) Regn.No. 004770S/S200025
C.l.T. Colony Mylapore Chennai - 600 004. CHELLA K SRINIVASAN
Partner
Date: 26thMay2016 Membership No. 023305