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सिद्धार्थ सुपर स्पिनिंग मिल्स

बीएसई: 503857  |  NSE: N.A  |  ISIN:  |  Textiles - Spinning - Synthetic Blended

खोजें सिद्धार्थ सुपर स्पिनिंग मिल्स कनेक्शन
लेखा परीक्षकों की रिपोर्ट वर्षांत : Mar '06
 Auditors Report
 
 1. We have audited the attached Balance Sheet of M/s. Siddhartha Super
 Spinning Mills Limited, as at March 31, 2006, and also the Profit and
 Loss Account and Cash Flow Statement for the period ended on that date
 both annexed thereto. 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 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 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 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 and Profit and Loss Account and Cash Flow
 Statement dealt with by this report are in agreement with the books of
 account,
 
 (iv) In our opinion, except Accounting standard 15 on accounting for
 retirement benefit in the financial statement of employer, the Balance
 Sheet and the 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.
 
 (v) On the basis of our information and written representation received
 from the directors as on March 31, 2006 and taken on record by the
 Board of directors we report that directors are disqualified in
 pursuance sub clause (B) of clause (g) of subsection (1) of section 274
 of the company Act 1956 as at March 31, 2006. Attention is invited to :-
 
 (vi)a. Note no.2, regarding, no provision have been made for
 
 i. Leave encashment, the amount has not been ascertained and
 disclosed.
 
 ii. Interest and penalty on non-payment of PF & ESI. The Company has
 made arrangements with the PF Dept. vide letter dated C-ll/8(1)/2004/HP
 dated 19th February, 2004 to pay 36 monthly installments @ RS. 4.70
 lacs per month. Similarly, the monthly installments of ESI is being
 paid @ Rs. 2 lacs per month.
 
 b. Note No.5(a), regarding non provision of Interest on loan from
 Financial Institutions and Banks up-to March 31, 2006, amounting to
 Rs.3162.83 lakhs and Rs.1721.15 lakhs respectively, interest on
 Financial institutions and Bank Rs.655.70 lakhs and Rs.367.31 lakhs
 respectively has not been provided for the period ending March 31,
 2006, interest on Public deposits Rs.27.33 lakhs upto March 31, 2006,
 including for the period ending Rs.3.97 lakhs has not been provided. 
 
 c. Note No. 5(b) that the accounts are on the assumption of going
 concern. However the negative net worth, negative working Capital and
 continued losses, raises doubts to continue as a going concern. 
 
 d. The Loss of the period and the total loss are understated and
 adjusted, to the above extents.
 
 (vii) In our opinion and to the best of our information and according
 to the explanations given to us, the said accounts subject to the
 above, give the information required by the Companies Act, 1956, in the
 manner so required and give a true and fair view in conformity with the
 accounting principles generally accepted in India.
 
 i) In the case of the Balance Sheet, of the State of Affairs of the
 Company as at March 31st, 2006;
 
 i) In the case of the Profit & Loss Account, of the Loss for the period
 ended on that date; and
 
 i) In the case of Cash Flow Statement, of the Cash Flows for the period
 ended on that date.
 
                                                 For K.G.SOMANI & CO. 
                                                 Chartered Accountants 
 Dated: 24-05-2006                               (K.G. SOMANI) 
                                                 Partner 
 Place: New Delhi                                Membership No. 6238
 
 Annexure to the Auditors 
 (Report(Referred to paragraph 3 of our report of even date)
 
 i. The Company has maintained records showing particulars, including
 quantitative details and situation of fixed assets. As explained to us,
 physical verification of fixed assets have been conducted by the
 management and no material discrepancies have been noticed by them. In
 our opinion, the frequency of verification is reasonable. No
 substantial part of fixed assets have been disposed of during the
 period.
 
 ii. (a) According to the information and explanations given to us,
 physical verification of inventory has been conducted by the management
 at regular intervals.
 
 (b) In our opinion, the procedure of physical verification of
 inventories followed by the management, is commensurate with the size
 of the company and nature of its business.
 
 (c) In our opinion, company is maintaining proper records of inventory.
 No material discrepancies have been noticed on physical verification of
 inventories as compared to books of accounts and minor discrepancies
 found, have been properly dealt with in the books of accounts.
 
 iii. According to the information and explanations given to us, the
 company has not granted/taken loans, secured or unsecured, to/from
 companies, firms, or other parties listed in the register maintained
 under Section 301 of the Companies Act, 1956. Accordingly, the clause
 no. 4 (iii) (b), (c), (d), (f) and (g) is not applicable to the
 Company.
 
 iv. In our opinion and according to information and explanations given
 to us, there are adequate internal control procedures commensurate with
 the size of the company. However, the overall internal control needs
 considerable strengthening.
 
 v. In our opinion and according to information and explanations given
 to us, during the period, there is no transactions that need to be
 entered is the register maintained U/S 301 of Companies Act, 1956.
 
 vi. According to the information and explanations given to us, deposits
 outstanding are In excess of limits imposed U/S 58A, due to losses.
 Necessary returns have not been file. Rs.2648000/- is pending for
 repayment as at March 31, 2006. The interest has not been provided on
 such deposits.
 
 vii. The Company has no internal audit system however, which is
 commensurate with the size and nature of its business.
 
 viii. We have broadly reviewed the books of account maintained by the
 company pursuant to the Order made by the Central Government for the
 maintenance of cost records U/S 209 (1) (d) of the Companies Act, 1956
 and are of the opinion that prima facie, the prescribed account and
 records have been made and maintained.
 
 ix. (a) According to the information and explanations given to us, the
 company is regular in depositing various undisputed statutory dues
 including provident fund, employees state insurance, income tax, wealth
 tax, sales tax, excise duty. However, the company has not deposited
 undisputed Provident fund and employee state insurance of earlier years
 amounting to Rs. 62.28 lacs as at March 31st, 2006.
 
 (b) According to the information and explanations given to us,
 undisputed amounts payable in respect of provident fund and employee
 state insurance amounting to Rs. 62.28 lacs were outstanding as at
 March 31,2006 for a period of more than six months from the date these
 became payable.
 
 x. The Company has been registered for a period more than five years
 and have accumulated losses of Rs.3122.01 Lakhs at the end of the
 period as on March 31, 2006. The company has filed the reference, as a
 Sick Company under S.I.C.A., and the same is pending before A.A.I.F.R.
 
 xi. According to information and explanations given to us and from the
 records of the company, Me company has defaulted in repayment of
 principal dues of Financial Institutions and Banks amounting to
 Rs.19.30 Crores are overdue as against principal. The interest has not
 been provided as reported in notes to account point no. 5 (a). The
 default is since financial year 1998-99.
 
 xii. According to information and explanations given to us and from the
 records of the company no loan and advances have been granted on the
 Basis of security by way of pledge of shares, debentures and other
 securities,
 
 xiii. The company is not a chit fund company /Mutual benefit
 fund/societies Accordingly, the clause 4(xiii) is not applicable to the
 company,
 
 xiv. According to information and explanations given to us, no dealing
 or trading in shares, securities, debentures have been done during the
 period. In our opinion, reasonable records have been maintained for the
 long-term investments.
 
 xv. As explained to us, the company has not given any guarantees for
 loans taken by others from banks or financial institutions.
 
 xvi. According to information and explanations given to us and from the
 records of the company, perused by us during the course of audit, no
 fresh term loans have been raised during the year. 
 
 xvii.  According to information and explanations given to us and from
 the records of the company, no short term funds have been raised during
 the period.
 
 xviii. According to information and explanations given to us, the
 company has not made any preferential allotment of shares to parties
 and companies covered in the register maintained U/S 301 of the
 Companies Act, 1956.
 
 xix. As per the information and explanation given to us, the Company
 has not been issued any debenture during the period.
 
 xx. According to information and explanations given to us, the company
 has not raised any money by public issue during the period.
 
 xxi. To the best of our knowledge and belief and according to
 information and explanations given to us, no fraud on or by the company
 has been noticed or reported during the course of our audit.
 
                                       For K.G.SOMANI & CO. 
                                       Chartered Accountants
                                       (K.G.SOMANI)
 Date  : 24-05-2006                    Partner 
 Place : New Delhi                     Membership No. 6238
स्रोत: रेलीगरे टेचनोवा

न्यूज़ फ़्लैश

  • MARKET CUES : FIIs ने कैश में `637 Cr की खरीदारी की
  • MARKET CUES : DIIs ने कैश में `468 Cr की बिकवाली की
  • MARKET CUES : FIIs ने F&O में `2005 Cr की खरीदारी की
  • MARKET CUES : इंडेक्स फ्यूचर्स में `494 Cr की खरीदारी
  • MARKET CUES : इंडेक्स ऑप्शंस में `2119 Cr की खरीदारी
  • MARKET CUES : स्टॉक फ्यूचर्स में `596 Cr की बिकवाली
  • MARKET CUES : स्टॉक ऑप्शंस में `12 Cr की बिकवाली
  • CITI ON DLF : Sell रेटिंग, लक्ष्य `144/Sh
  • MS ON DLF : Overweight रेटिंग, लक्ष्य `211/Sh
  • CLSA ON DLF : Buy रेटिंग बरकरार, लक्ष्य `190/Sh

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