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ઇંડિયન એલ્યુમિનિયમ કંપની

બીએસઈ: 500445  |  ઍનઍસઈ : INDAL  |  ISIN: INE249A01023  |  Aluminium

શોધો ઇંડિયન એલ્યુમિનિયમ કંપની કનેક્શન
ઓડિટર રિપોર્ટ વર્ષાન્ત : Mar '07
1 We have audited the attached Balance Sheet of Indian Aluminium
 Company, Limited as at 31 st March, 2007 and the related Profit and
 Loss Account and Cash Flow Statement for the year ended on that date
 annexed thereto which we have signed under reference to this report.
 These financial statements are the responsibility of the Companys
 management. Our responsibility is to express an opinion on these
 financial statements based on our audit.
 
 2 We conducted our audit in accordance with 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 (Auditors Report) Order, 2003, as
 amended by the Companies (Auditors Report) (Amendment) Order, 2004
 (together the Order) issued by the Central Government of India in
 terms of sub-section (4A) of Section 227 of the Companies Act, 1956 of
 India (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 report that:
 
 i) (a) The Company has maintained proper records to show full
 particulars including quantitative details and situation of its fixed
 assets.
 
 (b) The fixed assets of the Company are physically verified by the
 management according to a phased programme designed to cover all the
 items over a period of three years which, in our opinion, is reasonable
 having regard to the size of the Company and the nature of its assets.
 Pursuant to such programme, a portion of the fixed assets has been
 physically verified by the management during the year and no material
 discrepancies between the book records and the physical inventory have
 been noticed.
 
 (c) In our opinion and according to the information and explanations
 given to us, a substantial part of fixed assets have not been disposed
 of by the Company during the year.
 
 ii) (a) The inventory has been physically verified by the management
 during the year. In our opinion the frequency of verification is
 reasonable.
 
 (b) In our opinion, the procedures of physical verification of
 inventory followed by the management are reasonable and adequate in
 relation to the size of the Company and the nature of its business.
 
 (c) On the basis of our examination of inventory records, in our
 opinion, the Company has maintained proper records of inventory. The
 discrepancies noticed on physical verification of inventory as compared
 to book records were not material.
 
 iii) (a) The Company has not granted any loans, secured or unsecured,
 to companies, firms or other parties covered in the Register maintained
 under Section 301 of the Act. Accordingly, the clauses (iii)(b),
 (iii)(c) and (iii)(d) of the paragraph 4 of the Order are not
 applicable.  
 
 (b) The Company has not taken any loans, secured or unsecured, from
 companies, firms or other parties covered in the Register maintained
 under Section 301 of the Act. Accordingly, the clauses (iii)(f) and
 (iii)(g) of the paragraph 4, of the Order are not applicable.
 
 iv) In our opinion and according to the information and explanat ions
 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 for the sale of goods. The
 Company has not sold any service during the year.  Further, on the
 basis of out examination of the books and records of the Company and
 according to the information and explanations given to us, we have
 neither come across nor have been info need of any instance of
 continuing failure to correct major weaknesses in the aforesaid
 internal control system.
 
 v) According to the information and explanations given to us, there
 have been no contracts or arrangements during the year referred to in
 Section 301 of the Act, the particulars of which are required to be
 entered in the Register maintained under that Section. Further, there
 have been no transactions made in pursuance of such contracts and
 exceeding the value of rupees five lakhs in respect of any party during
 the year.
 
 vi) The Company has not accepted any deposits from the public within
 the meaning of Sections 58A and 58AA of the Act and the rules framed
 thereunder.
 
 vii) In our opinion, the Company has an internal audit system
 commensurate with its size and nature of its business.
 
 viii) We have broadly reviewed the books of account maintained by the
 Company in respect of products where, pursuant to the Rules made by the
 Central Government of India, the maintenance of cost records has been
 prescribed under clause (d) of sub-section (1) of Section 209 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 determining whether
 they arc accurate or complete.
 
 ix) (a) According to the information and explanations given to us and
 records of the Company examined by us, in our opinion, the Company has
 been regular in depositing during the year undisputed statutory dues
 including provident fund, investor education protection fund,
 employees state insurance, income-tax, sales tax, wealth tax, service
 tax, customs duty, excise duty, cess and other material statutory dues,
 as applicable, with the appropriate authorities.
 
 (b) According to the information and explanations given to us and
 records of the Company examined by us, there are no disputed dues as at
 31st March 2007 in respect of wealth tax, service tax, custom duty,
 excise duty and cess other than certain income tax and sales tax
 demands aggregating Rs. 504,192 thousand, disputed at various forums as
 indicated in Note (d) on Schedule 19 to the Accounts.
 
 x) The accumulated losses of the Company as at 31st March 2007 do not
 exceed fifty percent of its year end net worth.
 
 Further it has not incurred any cash losses during the financial year
 ended on that date and in the immediately preceding financial year.
 
 xi) According to the records of the Company examined by us, it has not
 defaulted in repayment of its dues to any bank during the year. The
 Company has neither any outstanding dues to any financial institutions
 or debenture holders at the beginning of the year nor it has obtained
 any loans from such parties during the year.  
 
 xii) The Company has not granted any loans and advances on the basis of
 security by way of pledge of shares, debentures and other securities.  
 
 xiii) The provisions of any special statute applicable to chit fund /
 nidhi / mutual benefit fund / societies are not applicable to the
 Company.
 
 xiv) In our opinion, the Company is not a dealer or trader in shares,
 securities, debentures and other investments.
 
 xv) According to the information and explanations given to us, the
 Company has not given any guarantee for loans taken by others from
 banks or financial institutions during the year.
 
 xvi) The Company has not obtained any term loans.
 
 xvii) On the basis of an overall examination of the Balance Sheet of
 the Company, in our opinion and according to the information and
 explanations given to us, there are no funds raised on short term basis
 which have been used for long term investment.
 
 xviii) The Company has not made any preferential allotment of shares to
 parties and companies covered in the Register maintained under Section
 301 of the Act during the year.
 
 xix) The Company does not have any outstanding debentures, at the year
 end.
 
 xx) The Company has not raised any money by public issue during the
 year.
 
 xxi) 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 instance of
 fraud on or by the Company, noticed or reported during the year, nor
 have we been informed of such case by the management.
 
 4.  Further to our comments in paragraph 3 above, we report that:
 
 (i) 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;
 
 (ii) 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;
 
 (iii) The Balance Sheet, the Profit and Loss Account and the Cash Flow
 Statement dealt with by this report are in agreement with the books of
 account;
 
 (iv) In our opinion, the Balance Sheet, the Profit and Loss Account and
 the Cash Flow Statement dealt with by this report comply with the
 applicable accounting standards referred to in sub- section (3C) of
 Section 211 of the Act;
 
 (v) On the basis of written representations received from the
 directors, and taken on record by the Board of Directors, none of the
 directors is disqualified as on 31st March, 2007 from being appointed
 as a director in terms of clause (g) of sub-section (1) of Section 274
 of the Act;
 
 (vi) In our opinion and to the best of our information and according to
 the explanations given to us, the said financial statements together
 with the notes thereon and attached thereto and the Statement on
 Significant Accounting Policies give in the prescribed manner the
 information required by the Act and also 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, 2007;
 
 (b) in the case of the Profit and Loss Account, of the loss for the
 year ended on that date; and
 
 (c) in the case of the Cash Flow Statement, of the cash flows for the
 year ended on that date.
 
                                                              (P. Law)
                                                  Membership No. 51790
                                                               Partner
                                                  For and on behalf of
 Mumbai                                               PRICE WATERHOUSE
 5 May, 2007                                     Chartered Accountants
સ્તોત્ર: રેલીગેર ટેકનોવા


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