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Company Information

Home » Market » Company Information

Ramsarup Industries Ltd.

Jun 21
1.20 +0.05 (+ 4.35 %)
 
VOLUME : 4000
Prev. Close 1.15
Open Price 1.20
TODAY'S LOW / HIGH
1.20
 
 
 
1.20
Bid PRICE (QTY.) 0.00 (0)
Offer PRICE (Qty.) 0.00 (0)
52 WK LOW / HIGH
0.34
 
 
 
1.20
Jul 19
1.30 -0.05 ( -3.70 %)
 
VOLUME : 1025
Prev. Close 1.35
Open Price 1.30
TODAY'S LOW / HIGH
1.30
 
 
 
1.30
Bid PRICE (QTY.) 0.00 (0)
Offer PRICE (Qty.) 0.00 (0)
52 WK LOW / HIGH
0.10
 
 
 
1.35
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Market Cap. ( ₹ ) 4.09 Cr. P/BV 0.00 Book Value ( ₹ ) -409.30
52 Week High/Low ( ₹ ) 1/0 FV/ML 10/1 P/E(X) 0.00
Bookclosure 30/05/2019 TTM EPS ( ₹ ) 0.00 Div Yield (%) 0.00
AUDITOR'S REPORT
You can view full text of the latest Director's Report for the company.
Year End :2015-03 We have audited the accompanying financial statements of Ramsarup Industries limited, which comprise the Balance Sheet as at March 31, 2015, and the Statement of profit and loss and Cash Flow Statement for the year then, ended and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the 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 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 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 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.

Auditor's Responsibility

our responsibility is to express an opinion on these 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.

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.

An audit involves performing procedures to obtain audit evidence about the amounts and 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 control relevant to the Company's preparation and fair presentation of the financial statements 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 accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

Basis for Qualified opinion:-

1) the Company has four manufacturing units at Kalyani, Shyamnagar, Kharagpur and Durgapur, all of which are under the suspension of work for the last few years and they are under the symbolic /physical possession of lenders due to default of payment of the outstanding loans. Detail physical verifications of fixed assets and inventories could not be conducted by the management. We have also not been able to obtain sufficient appropriate audit evidences (SAAe) in respect of existence and valuation of fixed assets and inventories lying in these factories.

2) Borrowings from banks and financial institutions have been classified as nonperforming assets by the lenders. no balance confirmation of the outstanding loan could be obtained nor any bank statement has been provided by them. In absence of the same, we are unable to confirm the accuracy of the balances appearing in the books of account. As the borrowings have been considered as npA, no interest has been charged by the banks since then. During the year the company has provided interest on these borrowings up to 1st quarter June 2014 but interest of Rs. 395.84 crore for the three quarters from 1st July to 31st March, 2015 has not been provided.

3) the net worth of the company has been fully eroded and therefore the company filed an application before the ld. BIFR which is still pending. the Company's ability to continue the business is significantly dependent upon the viability of the restructuring plan to be approved by the ld. BIFR.

Qualified Opinion:-

In our opinion and to the best of our information and according to the explanations given to us, except for the possible effects of the matter described in the basis for qualified opinion paragraph, 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 principle generally accepted in India of the state of affairs of the company as at 31st March 2015, and its loss and its Cash flows 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 paragraphs 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 sought and except for the matters described in the basis for Qualified opinion paragraph, obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

b) except for the possible effects of the matter described in the basis for Qualified opinion paragraph above, 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, Statement of profit and loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d) except for the possible effects of the matter described in the basis for Qualified opinion paragraph, in our opinion, the Balance Sheet, Statement of profit and loss, and Cash Flow Statement comply with the Accounting Standards specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;

e) the matter described in the basis for Qualified opinion paragraph above, in our opinion, may have an adverse effect on the functioning of the Company.

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

g) the Qualification relating to the maintenance of accounts and other matters connected therewith are as stated in the basis for qualified opinion paragraph above.

h) With respect to other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rule 2014,in our opinion and to the best of our information and according to the explanations given to us:

i) A number of litigations have been filed by some of the lender banks and creditors of the company against which primary liabilities stands provided in the books except for other claims and interest thereon. Apart from these various statutory / non-statutory liabilities as stated in note no 33 of financial statement have not been provided for although the financial impact thereon have been disclosed.

ii) the Company is carrying on infrastructure work at Rajasthan wherein substantial delay has happened for various reasons in execution of the contract. this may lead to cancellation of contract and losses so incurred will be ascertained at the relevant time. total outstanding work contract is estimated to the tune of Rs 40 crore against which the Bank Guarantee is covered by Rs. 1.37 crore. there are no outstanding derivative contracts in the Company.

iii) there has been some delay in transferring amounts required to be transferred to the Investor education & protection Fund by the Company. Following are the instances of delay in transferring amounts, to the Investor education & protection Fund by the Company.

Nature               Amount          Due for Transfer    Actual Transfer

Final Dividend 
for 05-06          Rs.46,455.00      Sept 2013           28.05.2014

Interim 
Dividend 
for 05-06          Rs 2,38,034.80    Sept 2013           14.06.2014

ANNEXURE TO THE AUDITOR'S REPORT

the Annexure referred to in our Independent Auditors' Report to the members of the Company on the financial statements for the year ended 31st March 2015,We report that:

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) the Company had a regular program of physical verification of fixed assets, and these were being verified in a phased manner over a period of three years, but due to suspension of work in all its manufacturing units it has not been possible for the company during the year, to have physical verification done.

c) no fixed assets have been disposed off during the year.

ii) In respect of its Inventories:

a) As explained to us the Inventories could not be physically verified by the management due to suspension of its manufacturing units. the Stock has been taken on the basis of previous period with estimated realizable value for deterioration in quality due to efflux of time.

b) the Company has been maintaining proper records of its inventories but in absence of physical verifications of inventories, actual comparison with book records have not been possible.

iii) As informed to us, the Company during the year has not granted any loan, secured or unsecured to companies, firms or other parties covered in register maintained under section 189 of the Companies Act, 2013. Accordingly, the provisions of sub clause (iii) (b) & (c) of the Companies (Auditors Report) order, 2013 (as amended) are not applicable.

iv) In our opinion and according to the information & explanations given to us, there is adequate internal control system 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 no major weakness has been noticed in the internal control system in respect of these areas.

v) According to the information and explanation given to us, the Company has not accepted any deposit from the public; therefore the provisions of clause (v) of the order are not applicable to the company.

vi) We have broadly reviewed the Books of Accounts maintained by the company in respect of generation of electricity where pursuant to the rules made by the Central Government of India, the maintenance of Cost Records have been prescribed u/s 148(1) of the Act and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examination of the records with a view to determine whether they are accurate or complete.

vii) In respect of Statutory Dues:

a) According to the information and explanations given to us and on the basis of records of the Company, amount deducted / accrued in the books of accounts in respect of undisputed statutory dues including provident Fund, Income tax, Sales tax, Wealth tax, Service tax, Duty of Customs, Value Added tax,Cess and other material statutory dues have been regularly deposited with appropriate authorities during the year except the delays as below:

Statement of arrears of Statutory Dues outstanding for more than six months up to 31.03.2015:

Sl.  Name of Statute                            Amount (Rs in lacs) 
No.

i)   excise Duty Demand for F.Y. 2010-11             307.50

ii)  eSI Contribution                                  6.49

iii) professional tax                                  1.55

Total                                                315.54

b) the disputed statutory dues that have not been deposited{net of Amount paid under protest} on account of disputed matter pending before appropriate authorities are as under:

Sl.  Name of Statute        Nature of Dues      Amount
No.                                           (Rs. in Lacs)

1    West Bengal Sales      Sales tax            59.41 
     tax Act, 1994

2    West Bengal Sales      Sales tax         3,576.58 
     tax Act, 1994

3    West BengaL VAt tax    VAt               4,015.57 
     Act, 2003

4    West Bengal VAt tax    VAt                  16.24 
     Act, 2003

5    West Bengal VAt tax    VAt                 701.99 
     Act, 2003

6    West Bengal VAt tax    VAt                 696.60 
     Act, 2003

7    West Bengal VAt tax    VAt               1,433.79 
     Act, 2003

8    West Bengal VAt tax    VAt               2,613.51 
     Act, 2003

9    West Bengal VAt tax    VAt               1,550.63
     Act, 2003

10   Central Sales tax 
                            Sales tax            51.68 
     Act,1956

11   Central Sales          Sales tax           200.63 
     tax Act, 1956
 
12   Central Sales          Sales tax           306.17 
     tax Act, 1956

13   Central Sales          Sales tax         1,033.76 
     tax Act, 1956

14   Central Sales          Sales tax           865.41 
     tax Act, 1956

15   Central Sales          Sales tax            71.23 
     tax Act, 1956

16   Central Sales          Sales tax           172.03 
     tax Act, 1956

17   Central Sales          Sales tax             5.63 
     tax Act, 1956

18   employee State         ESI                  26.03 
     Insurance

19   employee State         ESI                   6.54 
     Insurance

20   provident Fund 
     Act                    PF                   19.90

21   Service tax Act        Service tax        4422.54

Name of the statue         Period to which        Forum where
                           amount relates         dispute is pending

WestBengal sales
Tax Act, 1994              Various Years from     Appellate &
                           1994-95 to1999-00      Revisional Board

West Bengal Sales          2004-05                Appellate &
tax Act, 1994                                     Revisional Board
                 

West Bengal Sales          2005-06                Appellate & 
tax Act, 1994                                     Revisional Board

West BengaL VAT TAX        2006-07                Appellate &
Act,2003                                          Revisional Board

West Bengal VAT TAX        2007-08                Appellate &
Act, 2003                                         Revisional Board 

West Bengal VAT TAX        2008-09                Appellate &
Act, 2003                                         Revisional Board 

West Bengal VAT TAX        2009-10                Appellate &
Act, 2003                                         Revisional Board

West Bengal VAT TAX        2010-11                Appellate &
Act, 2003                                         Revisional Board

West Bengal VAT TAX        2011-12                Appellate
Act, 2003                                         Forum CD-01

Central Sales tax        various from
                         1994 -95 to 1999-00       
Act,1956
                                                  Appellate &
                                                  Revisional Board

                         various fyear from    
Central Sales            2000- 01 & 2003-04        
tax Act, 1956                                     kolkata high court

Central Sales 
                         2004-05 & 2005-06        Appellate &     
tax Act, 1956                                     Revisional Board

Central Sales            2006-07 &2007- 08        Appellate &         
tax Act, 1956                                     Revisional Board

Central Sales               2008-09               Appellate &
tax Act, 1956                                     Revisional Board

Central Sales               2009-10               Appellate
tax Act, 1956                                     Revisional Board
  

Central Sales               2010- 11              Appallate&
tax Act, 1956                                     Revisional Board

Central Sales               2012- 12              Appelate &
                                                  from CD -01
tax Act, 1956

employee state
insurance                various year  from 
                         2002-03to 2006-07          EI- court

                                                              
employee State          2001- 02tand 2002-03 
insurance                                           EI court            

provident fund act,     Various Years from          Assistant / Regional 
                        2009-10 to2013-14           p. F. Commissioner 
   

Service tax Act         Various Years from          Service tax
                        2007-08 to2011-12           Commissionerate
                                                    (Kol) (CBeC)

Sl.  Name of Statute     Nature of Dues             Amount
No.                                                (Rs. in Lacs)

22   Commissioner of       excise Duty                 467.85 
     Central excise

23   Commissioner of       excise Duty                  15.00 
     Central excise

24   Commissioner of       excise Duty                 454.28 
     Central excise

25   Commissioner of       excise Duty                 620.43 
     Central excise

26   Income tax Act,   
     1961                  Income tax                  417.67

27   Income tax Act,
     1961                  Income tax                 1141.81

28   Income tax Act, 
     1961                  Income tax                  674.30

29   Wealth tax Act, 
     1957                  Wealth tax                    1.66

Name of the statue        Period to which    Forum where
                          amount relates     dispute is pending

                           2008-09           the Customs,
Commissioner of                              excise and 
central exercersise                          Service tax Appellate 
                                             tribunal

Commissioner of 
Central excise             2009-10           the Customsexcise 
                                             and Service tax Appellate 
                                             tribunal
Commissioner of  
Central excise             2010-11           the Customs,excise and 
                                             Service tax Appellate 
                                             tribunal
Commissioner of       
Central excise             2011-12           the Customs,excise and 
                                             Service tax Appellate 
                                             tribunal

Income tax Act,            A.Y. 2007-08      C I t (A)
1961                

Income tax Act,            A.Y. 2008-09      C I t (A)
1961               

Income tax Act,            A.Y. 2010-11      C I t (A)
1961                

Wealth tax Act,            A.Y. 2010-11      C I t (A)
1957            

c) According to the information and explanations given to us the amounts which are required to be transferred to Investor education and protection Fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made there under has been transferred to such fund within time except the followings:-

Nature             Amount Due        for Transfer     Actual Transfer

Final Dividend
for 05-06          Rs 46,455.00      Sept 2013        28.05.2014

Interim Dividend 
for 05-06         Rs2,38,034.80      Sept 2013        14.06.2014
viii) the Company has accumulated losses of Rs.1, 63,727 lacs (p.Y 1, 45,425/- lacs) at the end of the year, due to which the net Worth of the company has fully eroded. the Company has incurred Cash losses of Rs. 12,961 lacs during the financial year covered by the audit and in the immediately preceding financial year, Rs. 45,759 lacs.

ix) Based on our Audit procedure and on the basis of information and explanations given us, we are of the opinion that the company has defaulted in the entire payment of loans and Interest to the Banks & Financial Institutions etc.

x) According to the information and explanation given to us, the company has not given any guarantee for loans taken by others from bank or financial institutions.

xi) Based on information and explanation given to us by the management no term loans has been raised during the year and earlier term loans outstanding are stated in financial statement.

xii) Based upon the audit procedures performed and information and explanation given by the management, we report that no material fraud on or by the company has been noticed or reported during the course of our audit.

                                      For P. K. Lilha & Co.  

                                      Chartered Accountants 

                                      FRn: 307008e 

                                      C.A. C.S. Agrawal 

place: Kolkata                        Partner

Date:30.05.2015                       Membership no. : 059534