You are here » Home » Companies » Company Overview » Auroma Coke Ltd

Auroma Coke Ltd.

BSE: 531336 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE662I01012
BSE 14:14 | 04 Dec 5.14 0.24
(4.90%)
OPEN

5.04

HIGH

5.14

LOW

5.04

NSE 05:30 | 01 Jan Auroma Coke Ltd
OPEN 5.04
PREVIOUS CLOSE 4.90
VOLUME 19
52-Week high 8.40
52-Week low 4.37
P/E
Mkt Cap.(Rs cr) 3
Buy Price 5.14
Buy Qty 90.00
Sell Price 5.14
Sell Qty 10.00
OPEN 5.04
CLOSE 4.90
VOLUME 19
52-Week high 8.40
52-Week low 4.37
P/E
Mkt Cap.(Rs cr) 3
Buy Price 5.14
Buy Qty 90.00
Sell Price 5.14
Sell Qty 10.00

Auroma Coke Ltd. (AUROMACOKE) - Auditors Report

Company auditors report

To

The Members of Auroma Coke Limited

Report on the Audit of Standalone Financial Statements

Opinion

We have audited the standalone financial statements of Auroma Coke Limited ('the Company') which comprise the Balance Sheet as at 31st March 2019 the Statement of Profit and Loss for the year ended on that date the Cash Flow Statement for the year ended on that date the Statement of Changes in Equity and Notes to the Financial Statements including a summary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us the aforesaid standalone financial statements give the information required by the Companies Act 2013 in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015 as amended (Ind AS) and other accounting principles generally accepted in India of the state of affairs of the Company as at 31st March 2019 its Profit for the year ended on that date and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act 2013. Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Companies Act 2013 and the Rules thereunder and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of most significance in our audit of the financial statements of the current period. We have determined that there are no key audit matters to communicate in our report.

Information other than the Standalone Financial Statements and Auditors' Report thereon

The Company's Board of Directors is responsible for the other information. The other information comprises the information included in the Board's Report including the Annexures to the Board's Report but does not include the financial statements and our auditor's report thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements our responsibility is to read the other information identified above when it becomes available and in doing so consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If based on the work we have performed we conclude that there is a material misstatement of this other information we are required to report such fact. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act 2013 (the Act) with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position financial performance and cash flows of the Company in accordance with the Ind AS and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement whether due to fraud or error.

In preparing the financial statements the Board of Directors is responsible for assessing the Company's ability to continue as a going concern disclosing as applicable matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the Company's financial reporting process.

Auditor's Responsibility for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement whether due to fraud or error and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if individually or in the aggregate they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with SAs we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

 Identify and assess the risks of material misstatement of the financial statements whether due to fraud or error design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion forgery intentional omissions misrepresentations or the override of internal control.

 Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Companies Act 2013 we are also responsible for expressing our opinion on whether the company has adequate internal financial controls system in place and the operating effectiveness of such controls.

 Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

 Conclude on the appropriateness of management's use of the going concern basis of accounting and based on the audit evidence obtained whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists we are required to draw attention in our auditor's report to the related disclosures in the financial statements or if such disclosures are inadequate to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However future events or conditions may cause the Company to cease to continue as a going concern.

 Evaluate the overall presentation structure and content of the financial statements including the disclosures and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding among other matters the planned scope and timing of the audit and significant audit findings including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when in extremely rare circumstances we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ('the Order') issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us we give in the Annexure A a statement on the matters specified in paragraph 3 and 4 of the Order.

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 best of 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 the Company 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 Statement dealt with by this Report are in agreement with the books of accounts;

d. In our opinion the Balance Sheet the Statement of Profit and Loss and the Cash Flow Statement comply with the Ind AS specified under section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014;

e. On the basis of the written representations received from the directors as on 31st March 2019 and taken on record by the Board of Directors none of the directors are disqualified as on 31st March 2019 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 financial reporting of the Company and the operating effectiveness of such controls we attach herewith a report on the same in Annexure B

g. With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and 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 financial statements;

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

iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

For Chhaparia & Associates
Chartered Accountants
FRN : 322169E
(Subhash Kumar Baid)
Partner
Place : KolkataMembership No. 064917
Dated : The 30th day of May 2019.

ANNEXURE A TO THE INDEPENDENT AUDITORS' REPORT

(Referred to in Paragraph 1 under 'Report on Other Legal and Regulatory Requirements' section of our report of even date)

i. In respect of its fixed assets :

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

(b) As per information and explanations given to us a substantial portion of fixed assets were physically verified by the management during the year and in our opinion the frequency of verification is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) As per information and explanations given to us the title deeds of the Immovable Properties are held in the name of the company except for the following which is not held in the name of the company.

Total No. of CasesLeasehold/Free HoldGross Block as at 31.03.2019Net Block as at 31.03.2019Remarks
5Free HoldRs. 1968950/-Rs. 1968950/-The Title Deeds of these Lands are in the name of erstwhile partnership firm Auroma Coke Manufacturers

ii. In respect of its inventories :

(a) As explained to us the inventories were physically verified by the management during the year. In our opinion the frequency of verification is reasonable.

(b) In our opinion and according to information and explanations given to us the procedures of verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business.

(c) As explained to us the inventories were physically verified by the management and an independent professional firm during the year. In our opinion the frequency of verification is reasonable. The discrepancies noticed on verification between the physical stock and the book records were not material and have been properly dealt with in the accounts.

iii. The company has not granted any loans to firms Limited Liability Partnerships or other parties covered in the register maintained under section 189 of the Companies Act 2013 (the Act) except granting of unsecured loans to the bodies corporate covered in the register maintained under section 189 of the Act. On the basis of information and explanation given to us we report that:

a) The terms and conditions of such loans are not prejudicial to the company's interest.

b) There is no stipulation regarding repayment of principal and interest and they are repayable on demand and the company is receiving the principal and interest as and when demanded. Accordingly paragraph 3(iii)(b) of the Order is not applicable to the company.

c) There are no overdue amounts for more than ninety days in respect of the loans granted to the bodies corporate listed in the register maintained under section 189 of the Act.

iv. In our opinion and according to the information and explanations given to us the provisions of section 185 and section 186 of the Act are not applicable to the loans investments guarantees and securities made by the company if any. Hence clause 3(iv) is not applicable to the Company.

v. The Company has not accepted any deposits from the public within the meaning of the provisions of section 73 to 76 of the Companies Act 2013 and rules made there under. Hence clause 3(v) of the Order is not applicable to the Company.

vi. In our opinion and according to the information and explanations given to us the Central Government has not prescribed the maintenance of cost records under section 148 (1) of the Act. Hence clause 3(vi) of the said Order is not applicable to the Company.

vii. In respect of statutory dues:

(a) We have been informed that the company is generally regular in depositing undisputed statutory dues including provident fund employee's state insurance income tax sales tax service tax duty of customs duty of excise value added tax cess and any other statutory dues to the appropriate authorities wherever applicable though there has been a slight delay in a few cases and non-payment in three cases as mentioned subsequently. There are no arrears of outstanding liabilities as at the end of the year for a period of more than six months from the date they became payable except in case of Sales Tax Rs. 1.00 lacs Electricity Duty Rs. 0.55 lacs and Income tax Rs. 0.64 lacs. However Income tax demand has been adjusted by the authorities out of refunds.

(b) There are demands in respect of sales tax dues which are disputed by the company but the said demands have been adjusted by the department from the input credit available with them. The company is yet to file revision petition / appeals in respect of demands adjusted from input credit or claim for input credit not admitted amounting to Rs. 23.56 lacs with the appropriate authorities for the year 2006-07 to 2010-11.

According to the records of the Company and information and explanations given to me the following are the particulars of unpaid disputed statutory demands :

Name of the StatutesNature of the DuesAmount (')Period to which the amount relates(A.Y.)Forum where dispute is pending
JVAT Act2005Tax & Penalty43.762007-08Appellate Authorities
(c) JVAT Act2005Tax & Penalty2.402008-09Appellate Authorities
JVAT Act2005Tax & Penalty54.452011-12Appellate Authorities
JVAT Act2005Tax & Penalty2.942014-15Appellate Authorities
JVAT Act2005Tax & Penalty17.552012-13Appellate Authorities

viii. Based on our audit procedures and as per the information and explanations given by the management we are of the opinion that the company has not defaulted in repayment of dues to any bank or government. Company has no debenture holder or any fi nancial institutional borrowing during the year.

ix. The Company has not raised any money during the year by way of initial public offer or further public offer or term loans. Hence clause 3(ix) of the said Order is not applicable to the Company.

x. During the course of our examination of the books and records of the Company carried out in accordance with the generally accepted auditing practices in India and according to the information and explanations given to us we have neither come across any instances of material fraud on or by the Company noticed or reported during the year nor have been informed of such case by the management.

xi. In our opinion and according to the information and explanations given to us the managerial remuneration paid or provided by the Company during the year has been so paid or provided in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V of the Act.

xii. The company is not a Nidhi company. Hence clause 3(xii) is not applicable to the Company.

xiii. In our opinion and according to the information and explanations given to us the transactions entered into by the Company with related parties are in compliance with section 177 and 188 of the Act where applicable and the details have been disclosed in the Financial Statements as required by the Accounting Standards.

xiv. The Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review. Hence clause 3(xiv) of the said Order is not applicable to the Company.

xv. In our opinion and according to the information and explanations given to us the Company has not entered into any non-cash transactions with directors or persons connected with him/her. Hence clause 3(xv) of the said Order is not applicable to the Company.

xvi. In our opinion and according to the information and explanations given to us the Company is not required to be registered under section 45-IA of the Reserve Bank of India Act 1934. Hence clause 3(xvi) of the said Order is not applicable to the Company.

For Chhaparia & Associates
Chartered Accountants
FRN : 322169E
(Subhash Kumar Baid)
Partner
Place : KolkataMembership No. 064917
Dated : The 30th day of May 2019.

AUROMA COKE LIMITED

ANNEXURE B TO THE INDEPENDENT AUDITORS' REPORT

(Referred to in Paragraph 2(f) under 'Report on Other Legal and Regulatory Requirements' section of our report of even date)

We have audited the internal financial controls over financial reporting of Auroma Coke Limited (the Company) as of 31st March 2019 in conjunction with our audit of the financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business including adherence to company's policies the safeguarding of its assets the prevention and detection of frauds and errors the accuracy and completeness of the accounting records and the timely preparation of reliable financial information as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financial controls over financial reporting based on our audit. We have conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the Guidance Note) and the Standards on Auditing issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act 2013 to the extent applicable to an audit of internal financial controls both applicable to an audit of Internal Financial Controls and both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness.

Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting assessing the risk that a material weakness exists and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor's judgment including the assessment of the risks of material misstatement of the financial statements whether due to fraud or error.

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

Meaning of Internal Financial Controls over Financial Reporting

A Company's internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition use or disposition of the company's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

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

Opinion

In our opinion the Company has in all material respects an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31st March 2019 based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

For Chhaparia &
Associates
Chartered Accountants
FRN : 322169E
(Subhash Kumar Baid)
Partner
Place : KolkataMembership No. 064917
Dated : The 30th day of May 2019

   

.