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Nirman Cements Ltd.

BSE: 531954 Sector: Industrials
NSE: N.A. ISIN Code: INE162E01012
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Nirman Cements Ltd. (NIRMANCEMENTS) - Auditors Report

Company auditors report

NIRMAN CEMENTS LIMITED ANNUAL REPORT 2010-2011 AUDITORS' REPORT To The Members Nirman Cements Limited We have audited the attached Balance Sheet of NIRMAN CEMENTS LIMITED as at 31st March, 2011 and also the Profit & Loss Account for the year ended on that date annexed thereto and the Cash flow Statement for the year ended on that date. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based on our audit. 1. We conducted our audit in accordance with Auditing standards generally accepted in India. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and the significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 2. As required by the Manufacturing & Other companies (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of section 227(4A) of 'The Companies Act, 1956, we enclose in the Annexure hereto a statement on the matters specified in paragraphs 4 and 5 of the said Order. 3. Further to our comments in the Annexure referred to in paragraph 17 & 18 above, we report that: a) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit. b) In our opinion, proper books of accounts, as required by law have been kept by the company so far as appears from our examination of such books. c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account. d) In our opinion the Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report comply with the mandatory Accounting Standards referred to in Sub- Section (3C) of Section 211 of the Companies Act, 1956. e) In our opinion, and based on information and explanation given to us, none of the directors are disqualified as on 31st March 2011 from being appointed as a directors in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956. f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India; i) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March 2011 and ii) In the case of the Profit & Loss Account, of the Loss for the year ended on that date. iii) In so far as it relates to the cash flow statement, of the cash for the year ended on that date. For ALOK JAIN & CO. Chartered Accountants Sd Place: Patna (A.K. JAIN) Date : 04.06.2011 Partner ANNEXURE TO THE AUDITOR'S REPORT 1. In respect of its fixed assets: a. The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information. b. As explained to us, the fixed assets have been physically verified by the management during the year in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification. c. In our opinion, the Company has not disposed of substantial part of fixed assets during the year and the going concern status of the Company is not affected. 2. In respect of its inventories: a. As explained to us, inventories have been physically verified by the management at regular intervals during the year. b. In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business. 3. In respect of loan, secured or unsecured, granted or taken by the company to/from companies, firm or other parties covered in the register maintained under Section 301 of the Companies Act, 1956: a. The Company has not taken any loans aggregating during the year from a party covered in the register maintained u/s 301 if the Companies Act. b. In our opinion and according to the information and explanations given to us, the rate of interest and other terms and conditions are not prima facie prejudicial to the interest of the Company. c. In respect of loans taken by the Company, the loan is interest free and principal amount is repayable on demand. d. In respect of loan taken by the Company the question of overdue amount does not arise as these are repayable on demand. 4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of inventory, fixed assets and also for the sale of goods. During the course of our audit, we have not observed any major weakness in internal controls. 5. In respect of transactions covered under Section 301 of the Companies Act, 1956: a. In our opinion and according to the information and explanation given to us, the transaction made in pursuance of contracts or arrangements, that needed to be entered into in the register maintained under Section 301 of the Companies Act, 1956 have been so entered. b. In our opinion and according to the information and explanation given to us, there are no transactions in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956. 6. The Company has not accepted any deposits from the public. 7. In our opinion, the internal audit system of the Company is commensurate with its size and nature of its business. 8. The Company is maintaining Costs Records as prescribed by the Central Government under Section 209 (1) (d) of the Companies Act, 1956 and we are of opinion that prima facie, the prescribed records have been made and maintained. We have not, however, made a detailed examination of the same. 9. In respect of statutory dues: a. According to the records of the Company, undisputed statutory dues including Provident fund, Investor Education and Protection Fund, Employees State Insurance, Income- Tax, Sales-tax, Wealth-tax, Custom Duty, Excise Duty, Cess and other statutory dues have generally been regularly deposited with the appropriate authorities. According to the information and explanation given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31st March, 2011 for a period of more than six months from the date of becoming payable. b. As per the information provided by the company, the disputed statutory dues aggregating to Rs.164.22 Lacs that have not been deposited on account of mater pending before appropriate authorities are as under: * Rs.12.31 Lac against Electricity Board vide high court case no. 420/02 for AMG. * Rs.40.30 Lac against Electricity Board vide high court case no. 4084/2000 for AMG. * Rs.29.98 Lac against Electricity Board vide high court case no. 7453/01 for AMG. * Rs.36.93 Lac against Electricity Board vide high court case no. 11673/02 for Meter dispute. * Rs.3.75 Lac demand by PF Authorities relating to years 2002 to 2007. * Rs.40.95 Lac for Assessment year's 1989-90 to 1999-2000 for Income Tax penalty. 10. The Company has accumulated losses of Rs.47.12 Lacs and has earned a profit of Rs. 32.80 Lacs during the financial year covered by our audit as compared to Rs.20.68 Lacs in the immediately preceding financial year. 11. Based on our audit procedures and according to the information and explanations given to us, we are of the opinion that the Company has not defaulted in repayment of dues to financial institution or bank. 12. In our opinion and according to the information and explanation given to us, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities. 13. In our opinion, the company is not a chit fund or a nidhi / mutual benefit fund/ society. Therefore, clause 4(xiii) of the Companies (Auditor's Report) order 2003 is not applicable to the Company. 14. The company has maintained proper records of transaction and contracts in respect of trading in securities, debentures and other investments and timely entries have been made therein. All shares and other investment have been held by the Company in its own name. 15. The Company has not given guarantees for loans taken by others from bank or financial institutions. 16. The Company has not obtained any term loans during the year. 17. According to the information and explanation given to us and on an overall examination of the Balance Sheet of the company, it has not obtained any short term fund during the year and no short term fund is used in repayment of long term fund. 18. During the year, Company has not made any allotment of shares. 19. The Company has not raised any money by way of public issue during the year. 20. The Company has not issued any debentures during the year. 21. In our opinion and according to the information and explanation given to us, no fraud on or by the Company has been noticed or reported during the year, that causes the financial statements to be materially misstated. 22. The Company could not appoint any Company Secretary as required u/s 383A of Companies Act, 1956 due to no response from only co. secretary as explained by the management. However as explained a company secretary had worked for some months during the year. For ALOK JAIN & CO. Chartered Accountants Sd Place: Patna (A.K. JAIN) Date : 04.06.2011 Partner