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Dina Iron & Steel Ltd.

BSE: 532003 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE649G01013
BSE 05:30 | 01 Jan Dina Iron & Steel Ltd
NSE 05:30 | 01 Jan Dina Iron & Steel Ltd

Dina Iron & Steel Ltd. (DINAIRON) - Auditors Report

Company auditors report

To The Members of M/s Dina Iron and Steels Limited REPORT ON THE FINANCIAL STATEMENTS:

We have audited the attached Balance Sheet of M/s Dina Iron & Steels Limited ("thecompany”) as at 31st March 2014 and the Statement of Profit & Lossand Cash flow statement for the year ended on that date and a summary of significantaccounting policies and other explanatory information for the period ended on that dateannexed thereto.

Management’s Responsibility for the Financial Statements:

Management is responsible for the preparation of these financial statements that give atrue and fair view of the financial position financial performance and cash flows of theCompany in accordance with the Accounting Standards referred to in sub-section (3C) ofsection 211 of the Companies Act 1956 (“the Act”) read with the GeneralCircular 15/2013 dated 13 September 2013 of Ministry of Corporate Affairs in respect ofSection 133 of the Companies Act 2013. This responsibility includes the designimplementation and maintenance of internal control relevant to the preparation and fairpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

Auditor’s 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 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 control relevant to the Company’s preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances but not for the purpose of expressing an opinion on theeffectiveness of the entity’s internal control. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by management as well as evaluating the overall presentation of thefinancial statements..

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.


In our opinion and to the best of our information and according to the explanationsgiven to us the financial statement give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

i. In the case of the Balance Sheet of the State of affairs of the Company as at 31stMarch 2014;

ii. In the case of the Statement of Profit & Loss of the Profit of the company forthe year ended on that date and

iii. In the case of the Cash Flow Statement of the Cash Flows for the year ended onthat date.

Report oil Other Legal and Regulatory Requirements:-

L As required by Companies Auditor’s Report Order 2003 as amended by theCompanies (Auditor's Report) (Amendment) Order 2004 issued by the Central Government ofIndia in terms of sub-section (4A) of section 227 of Act we enclose in the annexure astatement on the matters specified in the paragraph 4 and 5 of said order

2. As required by section 227(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 at the head office and its branch so far as appears from our examination of thosebooks.

c) The Balance Sheet Statement of Profit & Loss and Cash Flow Statement dealt withby this report are in agreement with the books of account.

d) In our opinion the Balance Sheet Statement of Profit & Loss and Cash FlowStatement dealt with by this report comply with the Accounting Standards referred to insection 211 (3C) of the Companies Act 1956 read with General Circular 15/2013 dated 13September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of theCompanies Act 2013.

e) On the basis of written representation received from the Directors of the Company ason 31st March ’2014 and taken on record by the Board of Director wereport that none of the Directors is disqualified as on 31st March ’2014from being appointed as Director in terms of section 274 (1) (g) of the Companies Act1956.

For Subodh Goel & Co.
Chartered Accountants
Place: Patna M.NO.-74835
Datel 5.05.2014 Partner
Firm Reg. No- 006103C


Further to our comments in the annexure referred to above we report that: -

(i) (a) The company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets;

(b) The fixed assets have been physically verified by the management at reasonableintervals and material discrepancies noticed on such verification have been properly dealtwith in the books of account.

(c) The company has not disposed substantial part of fixed assets during the year.During the year the fixed assets which have become obsolete were retired by themanagement. The fixed asset retired does not constitute substantial part of fixed assets.

(ii) (a) The inventory has been physically verified by the management at regularinterval during the year.

(b) Procedures adopted for the physical verification of inventory by the management arereasonable and adequate in relation to the size of the company and the nature of itsbusiness.

(c) The company is maintaining proper records of inventory and material discrepanciesnoticed on physical verification have been properly dealt with in the books of account.

(iii) (a) The Company has not granted loans to companies/firm/or other parties coveredin the register maintained under Companies Act 1956.

(b) Since no loans have been granted by the company during the year there is no rateof interest and the terms and conditions which can be prima-facie said to be prejudicialto the interest of the company.

(c) There is no such receipt of principal amount and interest during the year as thecompany has not granted any such loan.

(d) The company is not in need to take any steps for the recovery of the principal andinterest amount if overdue amount is more than Rs. 100000 as there is no such loangranted during the year.

(e) The Company has taken loan from companies / firm / other parties covered in theregister maintained under Companies Act 1956. Maximum amount of loan taken amounts toRs.76.35 Lacs and having year end balance of Rs 831.63 Lacs

(f) The rate of interest and the terms and condition on which the loans were taken fromthe companies firm or other parties listed in the register covered under Companies Act1956 is not prima-facie prejudicial to the interest of the company.

(g) The Company has been regular in making payment of principle and the interestamount.

(iv) There is an adequate internal control procedure commensurate with the size of thecompany and the nature of its business for the purchase of inventory and fixed assets andfor the sale of goods and services according to the explanation and information given tois No continuing failure to correct major weaknesses in internal control system werenoticed while conducting the audit.

or any arrangement entered into by the company referred to in section 301 requiringto be entered in the register.

(b) The company had not entered into any transaction in pursuance of the contract orarrangement as referred in section 301 thus there is no price which needs to bereasonable.

(vi) The company has not accepted any deposits from the public which is ought to becovered under the Section 5SA and 58AA and other relevant provisions of Companies Act1956 and the Companies (Acceptance of Deposits) Rules 1975.

(vii) The company has an internal audit system commensurate with its size and nature ofits business.

(viii) We have broadly reviewed the books of account relating to material labour andother items of cost maintained by the company pursuant to the Rules made by the CentralGovernment for the maintenance of cost records under section 209 (1) (d) of the CompaniesAct 1956 and are of the opinion that prima -facie the prescribed accounts and recordshave been made and maintained.

(ix) (a) The company is regular in depositing undisputed statutory dues includingProvident

Fund Investor Education and Protection Fund Employees’ State Insurance Income -Tax Sales-Tax Wealth Tax Custom Duty Excise Duty cess and any other statutory dueswith the appropriate authorities.

(b) There are no dues in respect of Sales Tax / Income Tax / Custom Duty / Wealth Tax /Excise Duty / Cess which have not been deposited on account of any dispute.

(x) The company does not have any accumulated losses. Further it has not incurred cashlosses in the last financial year and in the financial year immediately preceding the lastfinancial year.

(xi) The company has not defaulted in repayment of dues to a financial institution orbank or debenture holders.

(xii) The company has not granted any loans and advances on the basis of security byway of pledge of shares debentures and other securities.

(xiii) The company is not a chit fund or a nidhi mutual benefit fund/ society. Hencethe provisions of the clause 4(xiii) of the Companies (Auditor’s Report) Order 2003is not applicable to the company

(xiv) The company is not engaged in trading in shares securities debentures and otherinvestments. Thus the provision of the clause 4(xiv) of the Companies (Auditor’sReport) Order 2003 is not applicable to the company

(xv) The company has not given any guarantee for loans undertaken by others from bankor financial institutions.

(xvi) The term loan has been applied for the purpose for which it was obtained by thecompany.

(xvii) balance sheet and information and explanation given to us we state thatthere had been no funds raised for short term purpose been utilized for the long terminvestment.

(xviii) The company has not made any preferential allotment of shares to parties andcompanies covered in the Register maintained under section 301 of the Act.

(xix) The company has not issued any debentures.

(xx) The company has not raised any funds through public issue during the year.

(xxi) There is no fraud on or by the company that has been noticed or reported duringthe year.

For Subodh Goel & Co.
Chartered Accountants
Place: Patna M.NO.-74835
Date: 15-05-2014 Partner
Firm Reg. No- 006103C