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Modern Steels Ltd. Auditor Report
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You can view full text of the latest Auditor's Report for the company.
Market Cap. (Rs.) 27.91 Cr. P/BV -27.65 Book Value (Rs.) -0.70
52 Week High/Low (Rs.) 37/12 FV/ML 10/1 P/E(X) 2.02
Bookclosure 27/09/2023 EPS (Rs.) 9.61 Div Yield (%) 0.00
Year End :2015-03 
1. We have audited the accompanying financial statements of Modern Steels Limited, which comprise the Balance Sheet as at 31st March, 2015, the Statement of Profit and Loss and Cash Flow Statement for the year ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

2. The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 with respect to the preparation and presentation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash fows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding 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.

Auditors' Responsibility

3. Our responsibility is to express an opinion on these standalone financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

4. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

5. An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. 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. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors, as well as evaluating the overall presentation of the financial statements.

6. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.

Opinion

7. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2015;

(b) In the case of the Statement of Profit and Loss, of the Profit/loss of the Company for the year ended on that date; and

(c) In the case of the Cash Flow Statement, of the cash flows of the Company 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 ("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure a statement on the matters specified in the paragraph 3 and 4 of the Order, to the extent applicable.

2. As required by Section 143(3) of the Act, 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 account as required by law have been kept by the Company so far as 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 account.

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

e. On the basis of the written representations received from the directors as on 31st March, 2015, taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2015, from being appointed as a director in terms of Section 164(2) of the Act

f. 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 has disclosed the impact of pending litigations on its financial position in its financial statements

ii. the Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

ANNEXURE TO THE AUDITORS' REPORT

The Annexure referred to in our report to the members of the Company for the year ended 31st March, 2015. To the best of our knowledge and belief and information & explanation given to us, we further report that:- 1. a) Company has maintained proper records to show full particulars including quantitative details & situation of its fixed assets. b) As explained to us, the fixed assets have been physically verified by the management at reasonable intervals which in our opinion is appropriate having regards to size of the Company and nature of its assets. No material discrepancies have been noticed during the year. 2. a) The inventory of the Company has been physically verified by the management at reasonable intervals during the year. b) In our opinion and according to the information and explanation 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 nature of its business. c) The Company has maintained proper records of its inventories and no material discrepancies were noticed on physical verification.

3. The Company has granted loans, secured or unsecured to Companies, Firms or other parties covered in the register maintained under Section 189 of the Companies Act, 2013. The same is mentioned herein as per the information and explanation given to us by the management.

a) The Company has granted unsecured loan to Modern Automotives Limited during the year. The maximum amount involved during the year is A 1.86 crores & yearend outstanding is A1.86 crores.

b) The rate of interest and other term & conditions of the above loan is, in our opinion, not prima facie prejudicial to the interest of the Company.

c) The receipts of principal amounts and interest have been regular as per stipulations.

d) There was no overdue amount.

4. In our opinion the Company's present internal audit system is commensurate with its size and nature of business, for purchase of inventory and fixed assets and for the sale of goods and services. The Company has regularly identified any weakness & corrective steps have been taken.

5. The Company has accepted deposits from Directors amounting to A 2.68 crores (including unpaid interest A 0.56 crores) as well as from corporate bodies amounting to A 3.94 crores (including unpaid interest A 0.16 crores). As per CDR report the amount of A 3.50 crores need to be infused & A 2.38 crores needed to be retained separately in form of unsecured loans by the Company. The Company has complied with the directives issued by the Reserve Bank of India & with the provisions of Section 73 to 76 of the Companies Act, 2013 and the rules framed there under with regard to the deposits accepted from the public. No order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other Tribunal.

6. On the basis of records produced to us, we are of the opinion that prima facie the cost records prescribed by the Central Government of India under Section 148(1) of the Companies Act, 2013 have been made & maintained & also cost audit will be conducted. We have not carried out any detailed examination of such account & records.

7. (a) According to the books and records as produced

and examined by us in accordance with generally accepted auditing practices in India and also based on management representations, undisputed statutory dues in respect of Provident Fund, Employee's State Insurance dues, Investor Education and Protection Fund, Income Tax, Wealth Tax, Service Tax, Cess and other material statutory dues have generally been regularly deposited by the Company during the year with the appropriate authorities in India and there were no arrear outstanding in respect of above for a period of more than six months as on 31st March, 2015. (b) According to the records of the Company examined by us and the information and explanations given to us, there are no dues of Sales Tax, Income Tax, Customs Duty, Wealth Tax, Service Tax, Excise Duty and Cess which have not been deposited on account of any dispute other than the following amounting to A 1.93 crores. The details are as under:-

NATURE OF          FORUM WHERE           YEAR          DISPUTED
DUES/NAME OF       DISPUTE IS PENDING                  AMOUNT
STATUTES                                                 (RS.)
EXCISE DUTY

CENTRAL            PUNJAB AND HARYANA    1989-90        6,47,885
EXCISE ACT 1944    HIGH COURT

CENTRAL            COMMISSIONER          2007-08        2,56,533
EXCISE ACT 1944    (APPEALS),
                   CHANDIGARH 

CENTRAL            COMMISSIONER          2007-08 to     2,59,085
EXCISE ACT 1944    (APPEALS),            2008-09
                   CHANDIGARH 

CENTRAL            COMMISSIONER          2004-05 to    89,56,212
EXCISE ACT 1944    (APPEALS),            2006-07
                   CHANDIGARH         

CENTRAL            CESTAT, NEW DELHI     2004-05          78,579
EXCISE ACT 1944

CENTRAL            CESTAT, NEW DELHI     2002-03 to    15,87,580
EXCISE ACT 1944                          2004-05

CENTRAL            CESTAT, NEW DELHI     2005-06 to    11,30,998
EXCISE ACT 1944                          2006-07

CENTRAL            COMMISSIONER          2007-08        2,64,934
EXCISE ACT 1944    (APPEALS),
                   CHANDIGARH 

CENTRAL            COMMISSIONER          2007-08 to     3,11,332
EXCISE ACT 1944    (APPEALS),            2008-09
                   CHANDIGARH 

CENTRAL            CESTAT, NEW DELHI     2004-05 to     3,55,235 
EXCISE ACT 1944                          2005-06

CENTRAL            CESTAE, NEW DELHI     2008-09        1,10,550
EXCISE ACT 1944

CENTRAL            CESTAT, NEW DELHI     2003-04 to    20,78,246
EXCISE ACT 1944                          2007-08

CENTRAL            COMMISSIONER          2004-05        5,16,272
EXCISE ACT 1944    (APPEALS),
                   CHANDIGARH
CUSTOMS DUTY

CUSTOMS ACT        CESTAT, AHMEDABAD     2004-05       25,35,450
1962
INCOME TAX

INCOME TAX ACT     INCOME TAX A/Y        2005-06        1,64,482
1961               APPELLATE TRIBUNAL,   & 2006-07
                   CHANDIGARH
8. The Company has accumulated losses as at 31st March, 2015 which are more than 50% of the net worth as on that date. It has suffered cash loss during the financial year ended on that date and also in the immediately preceding financial year.

6. There are no dues payable to financial institutions or debenture-holders. During the year ended 31st March 2015, the company has defaulted on timely payment of principal and payment of interest on term loans and cash credits. The delay with respect to interest and principal on term loans, up to 30 days amounting to A 8,68,820 and A 25,49,000 respectively and delay between 31-90 days amounted to A 3,34,51,204 and A 47,77,571 respectively. The delay with respect to interest on cash credit up to 30 days amounted to A 40,52,000 and delay between 31-90 days amounted to A 2,00,87,889

Apart from above as at the year end, the interest and principal outstanding on term loans amounting to A 1,68,59,586 and A 47,77,571 on cash credit interest amounted to A 75,61,309 has not been paid toll 31st March, 2015. As at the balance sheet date the periods of delay in these cases were up to 60 days

7. The Company has not given any guarantee for loans taken by others from bank or financial institutions.

8. In our opinion & according to information & explanation given to us the term loans raised during the year have been applied for the purpose for which they were raised during the year.

9. As per the information and explanation given to us and on the basis of examination of records, no material fraud on or by the Company was noticed or reported during the course of our audit.

                                              For Aaryaa & Associates

                                                Chartered Accountants

                                        Firm Registration No. 015935N

                                                        Krishan Joshi

Place: Chandigarh                                             Partner

Dated: 28th May, 2015                                    M. No.094478

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