annual report 2011-12 - Heavy Engineering Corporation Limited

More documents

Recommendations

Info

ANNUAL REPORT 2011-12 The Members of, HEAVY ENGINEERING CORPORATION LIMITED RANCHI AUDITORS REPORT Annexure-C 1. We have audited the attached balance sheet of Heavy Engineering Corporation Limited as at 31st March 2012 and also the profit and loss account for the year ended on that date annexed thereto. 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. 2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. 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 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. 3. As required by the Companies (Auditor’s Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure-1 a statement on the matters specified in paragraphs 4 and 5 of the said Order to the extent applicable. 4. Further to our comments in the Annexure referred to 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 purposes of our audit; (b) In our opinion, proper books of account as required by law have been kept by the company as far as appears from our examination of those books. (c) The balance sheet, profit and 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 and loss account and cash flow statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956. (e) In terms of Notification No. GSR 829(E) dated 21-10-2003 issued by the Department of Company Affairs, Government of India, the provisions of Section 274(1)(g) of the Companies Act, 1956 are not applicable to the Company. (f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with other Accounting Policies and Notes to Accounts give the information required by the Companies Act, 1956, in the manner so required gives 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 2012; (b) In the case of the Profit and Loss Account, of the profit for the year ended on that date. (c) In the case of Cash Flow Statement, of the cash flows for the year ended on that date. For Anjali Jain & Associates Chartered Accountants Place: Ranchi Dated: 06-09-.2012 CA Anjali Jain (Partner) Membership No. 72022 14
Annexure to the Auditors Report ANNUAL REPORT 2011-12 Annexure-I Annexure referred to in Paragraph 3 of the Auditor's Report to the members of M/s Heavy Engineering Corporation Limited on the Accounts for the year ended 31st March, 2012. 1 Fixed Assets Auditor’s Report Replies (a) (b) 2. Inventories The company has generally maintained proper records to show particulars of fixed assets including Quantitative details and situation of assets for all the fixed assets except furniture and fixture office equipments. Some of the Fixed Assets of the Company (except building) have been physically verified in all units by an outside Chartered Accountant firm during the year. However, the verification has been done on test check basis. Considering the size of the company & nature of its business the procedure of physical verification of fixed assets need to be strengthened. (a) Stock of raw material and stores and spares were physically verified by an outside Chartered Accountant Firm during the year. Considering the size of the company & nature of its business the procedure of physical verification of raw materials and stores and spares need to be strengthened. (b) In our opinion and according to the information and explanation given to us, the present system of SPL accounting i.e. accounting of items of different value having different specification in same material code needs thorough revision. (c) In our opinion and according to the information and explanations given to us, the Company has maintained proper records of its inventory. As explained to us, the discrepancies noticed during physical verification of inventory were compared to the book records and it has been adjusted at the year end. (d) There were inventories in the Company which were of no use and were lying idle blocking the capital. In our opinion, the same should be sold / utilized. 3. Loans In our opinion and according to the information and explanations given to us, the Company has not granted nor taken any loans, secured or unsecured to or from companies, firms or other parties covered in the register maintained Under Section 301 of the Companies Act 1956. Consequently, clauses (iii) (a) to (iii) (g) of paragraph 4 of CARO are not applicable. Noted Physical verification of Assets of all plants, Project, HQrs., Branch Office etc, has been done by outside Chartered Accountant firm during the year 2011-12 with reference to the records of Assets in the Assets Register and no discrepancies have been noticed. Noted for future guidance. Noted for further improvement. Noted Noted No comment 15
Page 1 and 2: Jeeef
Page 3 and 4: GLIMPSES OF SOME IMPORTANT EVENTS S
Page 5 and 6: CONTENTS ANNUAL REPORT 2011-12 1. N
Page 7 and 8: BOARD OF DIRECTORS (As on 30.11.201
Page 9 and 10: ANNUAL REPORT 2011-12 DIRECTORS' RE
Page 11 and 12: ANNUAL REPORT 2011-12 Gross Margin
Page 13 and 14: ANNUAL REPORT 2011-12 The company d
Page 15 and 16: ANNUAL REPORT 2011-12 iii) that the
Page 17 and 18: • Replacement of centralized comp
Page 19: ANNUAL REPORT 2011-12 Attendance of
Page 23 and 24: 9. Statutory Dues A. According to t
Page 25: ANNUAL REPORT 2011-12 COMMENTS OF T
Page 28 and 29: OUR PROJECTS Conveyor System at New
Page 30 and 31: OUR PRODUCTS CNC Deep Hole Boring M
Page 32 and 33: ANNUAL REPORT 2011-12 service cost,
Page 34 and 35: ANNUAL REPORT 2011-12 STATEMENT OF
Page 36 and 37: ANNUAL REPORT 2011-12 NOTES FORMING
Page 38 and 39: NOTE NO.-9 ANNUAL REPORT 2011-12 Ty
Page 50 and 51: ANNUAL REPORT 2011-12 NOTE NO. 29 N
Page 52 and 53: ANNUAL REPORT 2011-12 12.11.2010. C
Page 54 and 55: ANNUAL REPORT 2011-12 ANNEXURE - I
Page 56 and 57: ANNUAL REPORT 2011-12 ANNEXURE - II
Page 58 and 59: ANNUAL REPORT 2011-12 Heavy Machine
Page 60 and 61: ANNUAL REPORT 2011-12 D. STOCK OF F
Page 62 and 63: ANNUAL REPORT 2011-12 2011-12 2010-
Page 65 and 66: kebâheveer keâer keâeÙe&#ecelee

annual report 2011-12 - Heavy Engineering Corporation Limited

Create successful ePaper yourself

Delete template?

Save as template?