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Coal India Ltd.
Market Cap. (Rs.) 170796.86 Cr. P/BV 8.61 Book Value (Rs.) 31.97
52 Week High/Low (Rs.) 317/257 FV/ML 10/1 P/E(X) 24.33
Bookclosure 12/09/2018 EPS (Rs.) 11.31 Div Yield (%) 6.00
AUDITOR'S REPORT
You can view full text of the latest Auditor's Report for the company.
Year End :2017-03 

We have audited the accompanying standalone Ind AS financial statements of Coal India Limited (hereinafter referred to as ‘the Company’), which comprise the balance sheet as at 31st March 2017, the statement of profit and loss including other comprehensive income, the statement of cash flows and the statement of changes in equity for the year then ended and a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Standalone Ind AS 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 standalone Ind AS financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Act read with relevant rules issued thereunder. 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 standalone Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors’ Responsibility

Our responsibility is to express an opinion on these standalone Ind AS 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 standalone Ind AS financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the standalone Ind AS financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the standalone Ind AS 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 standalone Ind AS financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. 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 standalone Ind AS 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 standalone Ind AS financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone Ind AS 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 including the Ind AS, of the financial position of the Company as at 31st March 2017, and its financial performance including other comprehensive income, its cash flows and the changes in equity for the year ended on that date.

Emphasis of Matters

We draw attention to the following notes:-

a) Note No.3 (1-Land) refers to title deeds/lease deeds and documentary evidences of freehold land amounting Rs.11.92 Crores and for leasehold land amounting Rs.0.92 Crores have been verified by us and the same are held in the name of the Company. Title deeds/lease deeds and other evidences of title for freehold land for Rs.0.13 Crores are not available for our verification. Further as per the details made available to us, title deeds/lease deeds or other evidences of title for freehold land measuring 1072.97 hectares and leasehold land measuring 5558.23 hectares, for which no value is recorded in the books of accounts, are not available for our verification;

b) Note No.7 refers to an aggregate Investment of Rs.9688.42 Crores (PY: Rs.9433.69 Crores) in its two fully owned subsidiary companies which is for long term and strategic in nature. As these subsidiary companies are turning around, the management has not considered any provision under the changing circumstances against the erosion of Rs.3169.85 Crores (PY: Rs.3042.14 Crores) in the value of Investment.

c) Certain balances of loans, other financial assets, trade receivables, other current & non-current assets, Trade payables, other financial liabilities and other current liabilities have not been confirmed. Consequential impact on confirmation/ reconciliation/adjustment of such balances (which will not be material as per management), if any is not ascertainable;

d) Required number of Independent Director was not appointed in the Board of the Company as per the provisions of Section 149(1) of the Companies Act, 2013 during the year. However the Company meet the number of required Independent Directors as at the date of financial statements;

e) Note No.38(5) (a) Contingent Liability of the accompanying standalone Ind AS financial statements, which describes the uncertainty related to the outcome of the lawsuits filed and demands raised against the Company by various parties and Government authorities.

Our opinion is not qualified in respect of above matters.

Report on Other Legal and Regulatory Requirements

1) As required by the Companies (Auditor’s Report) Order, 2016 (“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”, a statement on the matters specified in the paragraph 3 and 4 of the said order.

2) As required under Section 143(5) of the Companies Act, 2013, we give in the “Annexure-B”, a Statement on the Directions issued by the Comptroller and Auditor General of India after complying with the suggested methodology of audit, the action taken thereon and its impact on the accounts and financial statements of the company.

3) As required by Section 143 (3) of the Act, we report that:

a) we have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit read with as reported in clause (a) and (c) of the “Emphasis of Matters” paragraph above.

b) in our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

c) the balance sheet, the statement of profit and loss, the statement of cash flows and the statement of changes in equity dealt with by this Report are in agreement with the books of account.

d) in our opinion, the aforesaid standalone Ind AS financial statements comply with the Indian Accounting Standards specified under Section 133 of the Act, read with relevant rule issued thereunder.

e) in pursuance to the Notification No. G.S.R 463(E) dated 05-06-2015 issued by the Ministry of Corporate affairs, Section 164(2) of the Companies Act, 2013 pertaining to disqualification of Directors, is not applicable to the Government Company.

f) with respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our report in “Annexure -C” and

g) with respect to the other matters to be included in the Auditors’ 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 standalone Ind AS financial statements - [Refer Note No.38(5)(a) to the standalone Ind AS financial statements];

ii. the Company did not have any long-term contracts including derivative contracts for which there were any material foreseable losses;

iii. there were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

iv. the Company has provided requisite disclosures in its standalone Ind AS financial statements as to holdings as well as dealings in Specified Bank Notes during the period from 8 November, 2016 to 30 December, 2016 and these are in accordance with the books of accounts maintained by the Company.-[Refer Note No.14 to the standalone Ind AS financial statements]

“Annexure-A” to the Independent Auditors’ Report

(Referred to in Paragraph 1 of “Other Legal and Regulatory requirements” of our Audit Report)

(i) In respect of Fixed Assets:

(a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets except for assets at Regional sales offices. Further certain details as regards to purchase orders reference, date of commissioning, location, identification and codifications etc. of some movable tangible assets needs to be updated. Location details and area of freehold and leasehold land also needs to be updated in the fixed asset register and need to be reconciled with the revenue records maintained by the local authority.

(b) The fixed assets located at Head quarter, North Eastern Coalfields, various Regional sales offices and other offices have been physically verified periodically as certified by the management. Pending for reconciliation and adjustment in the books of accounts, discrepancies noticed on such verification were not material as per the management. The process should be further improved by having well defined programme of physical verification to cover all the assets in phased manner.

(c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, title deeds, lease deeds and/or other evidences of title of freehold land amounting Rs.11.92 Crores and for leasehold land amounting Rs.0.92 Crores have been verified by us and the same are held in the name of the Company. Title deeds for freehold land for Rs.0.13 Crores are not available for our verification. Further, as per the details made available to us, title deeds/lease deeds or other evidences of title for freehold land measuring 1072.97 hectares and leasehold land measuring 5558.23 hectares, for which no value is recorded in the books of accounts, are not available for our verification.

(ii) In respect of Inventories:

(a) The physical verification of inventories at North Eastern Coalfields, the production unit of the Company has been conducted at reasonable intervals during the year by the management.

(b) The inventories have been measured on the basis of volumetric system.

(c) In our opinion, the procedures and frequency 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.

(iii) According to the information and explanation given to us, the Company has granted unsecured loan aggregating of Rs.1200.00 Crores (PY:Nil) to three bodies corporate (Fully owned subsidiary companies) covered in the register maintained under section 189 of the Companies Act, 2013 and balance outstanding in respect of these unsecured loans is Rs.1200.00 Crores as at 31st March 2017.(PY:Nil)

(a) In our opinion, the rate of interest and other terms and conditions on which the loans had been granted to the bodies corporate listed in the register maintained under Section 189 of the Act, were prima facie, not prejudicial to the interest of the Company.

(b) In the case of the loans granted to the bodies corporate listed in the register maintained under Section 189 of the Act, there is no stipulation of schedule of repayment of principal and payment of interest thereon hence unable to make specific comment on the regularity of repayment of principal & payment of interest, in such cases.

(c) According to the information and explanations given to us, in respect of the said loans, there is no demand raised during the year as such no overdue amounts as at the end of the year.

(iv) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of section 185 and 186 of the Act, with respect to the loans and investments made.

(v) The Company has not accepted any deposits from the public.

(vi) The maintenance of Cost records has been prescribed by the Central Government under section 148(1) of the Companies Act, 2013 in respect of Mining activities of the Company. We have broadly reviewed the records and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. However, we have not made any detailed examination of the records.

(vii) (a) According to the information and explanations given to us and on the basis of our examination of books of accounts, the Company is generally regular in depositing the undisputed statutory dues including provident fund, income tax, sale tax, wealth Tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues with the appropriate authorities except few cases of delays noticed in deposit of service tax, provident fund and additional MMDR Royalty State Fund. As informed to us, Employee’s state insurance is not applicable to the company.

According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, income tax, sales tax, wealth tax, duty of customs, duty of excise, service tax, value added tax, cess and other material statutory dues were in arrears as at 31st March 2017, for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us, and as per the records of the Company examined by us, there are no dues of sale tax, value added tax, duty of customs, duty of excise, cess and other statutory dues were in arrears as at 31st March 2017, which have not been deposited on account of any dispute. However, according to the information and explanations given to us, the following are the dues of income tax which of Rs.147.32 Crores have been deposited as “Demand under Protest’ and liability of Rs.161.46 Crores have been provided for in the books of accounts.

Name of the Statute

Nature of Dues

Amount (In Crores)

Period to which the amount relates (FY)

Forum where the dispute is pending

Income Tax Act

Income Tax

55.20

2010-2011

CIT(Appeals)

64.90

2011-2012

CIT(Appeals)

80.00

2007-2008

ITAT

110.15

2005-2006

ITAT

Total

310.25

(viii)The Company does not have any loans or borrowings from any financial institution, banks, Government or debenture holders during the year as such paragraph 3(viii) of the Order is not applicable.

(ix) The Company did not raise any money by way of initial public offer or further public offer (including debt instruments) and term loans during the year.

(x) According to the information and explanations given to us, no material fraud by the Company or on the company by its officers or employees has been noticed or reported during the year.

(xi) Section 197 of the Act regarding managerial remuneration is not applicable to the Company by virtue of Notification No. G.S.R 463(E) dated 05-06-2015 issued by the Ministry of Corporate affairs, Govt. of India.

(xii) In our opinion and according to the information and explanations given to us, the Company is not a Nidhi Company as such paragraph 3(xii) of the Order is not applicable.

(xiii)According to the information and explanations given to us and based on our examination of the records of the company, transactions with the related parties are in compliance with sections 177 and Section 188 of the Act where applicable and details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards.

(xiv)According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.

(xv) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with them as such paragraph 3(xv) of the Order is not applicable.

(xvi)The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act 1934.

For CHATURVEDI & CO.

Chartered Accountants

Firm Regn. No.302137E

S.C.Chaturvedi

Partner

Mem.No.012705

Place: Kolkata

Dated: May 29, 2017

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