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सॉलिड कंटेनर्स

बीएसई: 502460  |  NSE: N.A  |  ISIN: INE134U01017  |  Paper

खोजें सॉलिड कंटेनर्स कनेक्शन Mar 13
लेखा परीक्षकों की रिपोर्ट वर्षांत : Mar '14
1. We have audited the accompanying financial statements of Solid
 Containers Limited (the Company) which comprise the Balance Sheet as
 at 31 March 2014, the Statement of Profit and Loss and the 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
 
 2. Management is responsible for 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 Standards referred to in sub-section (3C) of Section 211
 of the Companies Act, 1956 (the Act) read with the General Circular
 15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs in
 respect of Section 133 of the Companies Act, 2013 and other accounting
 principles generally accepted in India. This responsibility includes
 the design, implementation and maintenance of internal control 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
 
 3. Our responsibility is to express an opinion on these financial
 statements based on our audit. We conducted our audit in accordance
 with the Standards on Auditing issued by the Institute of Chartered
 Accountants of India. 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.
 
 4. 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 the
 effectiveness of the Company''s internal control. 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.
 
 5. We believe that the audit evidence we have obtained is sufficient
 and appropriate to provide a basis for our qualified audit opinion.
 
 BASIS FOR QUALIFIED OPINION
 
 6. Attention is drawn to Note 18 regarding substantial operating losses
 due to closure of commercial operations of the Company and in the
 absence of any rehabilitation measures, the Company is no longer a
 going concern. The Company has not made any adjustment to the financial
 statements relating to recoverability of recorded asset amounts and in
 respect of liabilities as might be necessary for compilation, where the
 Company is no longer a going concern. The effect on the Loss for the
 year and Net Worth of the Company is unascertained. Our audit opinion
 on the financial statements for the year ended 31 March 2013 was also
 qualified in respect of the above matter.
 
 QUALIFIED OPINION
 
 7. 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
 matters described in the Basis for Qualified Opinion paragraph, the
 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:
 
 (a) In the case of the Balance Sheet, of the state of affairs of the
 Company as at 31 March 2014;
 
 (b) In the case of the Statement of Profit and Loss, of the Loss of the
 Company for the year ended on that date; and
 
 (c) In the case of the Cash Flow Statement, of the cash flows of the
 Company for the year ended on that date.
 
 REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
 
 8. As required by the Companies (Auditor''s Report) Order, 2003 (the
 Order) issued by the Central Government of India in terms of
 sub-section (4A) of Section 227 of the Act, we give in the Annexure a
 statement on the matters specified in paragraphs 4 and 5 of the Order.
 
 9. As required by Section 227(3) of the Act, 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 purpose of our
 audit;
 
 (b) 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) In our opinion, the Balance Sheet, the Statement of Profit and Loss
 and the Cash Flow Statement dealt with by this report comply with the
 Accounting Standards referred to in sub-section (3C) of Section 211 of
 the Act read with the General Circular 15/2013 dated 13 September 2013
 of the Ministry of Corporate Affairs in respect of Section 133 of the
 Companies Act, 2013 and other accounting principles generally accepted
 in India; and
 
 (e) On the basis of written representation received from the directors
 and taken on record by the Board of Directors, none of the directors is
 disqualified as on 31 March 2014, from being appointed as a director in
 terms of Section 274(1) (g) of the Act.
 
 ANNEXURE REFERRED TO IN PARAGRAPH 8 UNDER THE HEADING REPORT ON OTHER
 LEGAL AND REGULATORY REQUIREMENTS OF OUR REPORT OF EVEN DATE
 
 (i) (a) As explained to us, the company has maintained proper records
 showing full particulars including quantitative details and situation
 of fixed assets but the same have not been produced for verification as
 reported to be untraceable.
 
 (b) The fixed assets are not physically verified during the year.
 
 (c) The Company has not disposed off substantial part of fixed assets
 during the year.
 
 (ii) Due to the closure of the commercial operations, the company is
 not having inventory during the year and hence, clauses (ii) (a), (ii)
 (b), (ii) (c) of the Order regarding inventories are not applicable to
 the Company.
 
 (iii) (a) The Company has not granted any loan, secured or unsecured,
 to companies, firms or other parties covered in the register maintained
 under Section 301 of the Act.
 
 (b) The Company has not taken any loan, secured or unsecured, from
 companies, firms or other parties covered in the register maintained
 under Section 301 of the Act.
 
 (iv) In our opinion and according to the information and explanations
 given to us, there is an adequate internal control system commensurate
 with the size of the Company and the nature of its business with regard
 to purchase of inventory, fixed assets and sale of goods and services.
 However there are no purchase of inventory and sale of goods and
 services. During the course of our audit, we have not observed any
 continuing failure to correct major weaknesses in the internal control
 system in respect of the aforesaid areas.
 
 (v) According to the information and explanations given to us, there
 are no contracts or arrangements the particulars of which are required
 to be entered into the register maintained in pursuance to Section 301
 of the Act.
 
 (vi) The Company has not accepted any deposits from the public during
 the year.
 
 (vii) As informed to us, the company did not have an internal audit
 system during the year.
 
 (viii) In view of closure of manufacturing activities, the report on
 the maintenance of cost records as prescribed by the Central Government
 under section 209(1)(d) of the Act is not required.
 
 (ix) According to the records of the Company examined by us and
 information and explanations given to us:
 
 (a) Undisputed Statutory dues including provident fund, investor
 education and protection fund, income tax, sales tax, wealth tax,
 service tax, custom duty, excise duty, cess and others as applicable
 have generally been regularly deposited with the appropriate
 authorities except delay in few cases. There are no undisputed amounts
 payable in respect of the aforesaid dues outstanding as at 31 March,
 2014 for a period of more than six months from the date they became
 payable.
 
 (b) According to the records of the Company, the dues of excise duty
 and income tax which are not deposited on account of any dispute are as
 under:
 
 Name of      Nature of  Amount in  Period to      Forum where dispute
 the Statute  the Dues   Rupees     which the      is pending
                                    amount relates
 
 Central      Excise
 Excise       Duty       354,616    FY 1983-84 to  Commissioner of
 Act, 1944                          FY 1985-86     Central Excise
                                                   (Appeals), Mumbai
 
                         7,276,028  FY 1994-95 to  Commissioner of
                                    FY 1997-98     Central Excise
                                                   (Appeals), Thane
 
                         237,741    FY 1994-95 to  Assistant
                                    FY 1995-96     Commissioner of
                                                   Central Excise,
                                                   Kalyan
 
                         55,046     FY 1994-95     Superintendent of
                                                   Central Excise,
                                                   Kalyan
 
                         58,549     FY 1994-95     Assistant
                                                   Commissioner of
                                                   Central Excise,
                                                   Dadar
 
 (x) According to the records of the company and in our opinion, the
 Company''s accumulated losses at the end of the financial year are more
 than fifty percent of its net worth. Further, the Company has incurred
 cash losses during the financial year ended 31 March 2014 and in the
 immediately preceding financial year.
 
 (xi) The Company has not taken any loans from banks/financial
 institutions or issued debentures during the year.
 
 (xii) The Company has not granted any loans or advances on the basis of
 security by way of pledge of shares, debentures and other securities.
 
 (xiii) The Company is not a chit fund or a nidhi/mutual benefit
 fund/society.
 
 (xiv) The Company is not dealing in or trading in shares, securities,
 debentures and other investments.
 
 (xv) According to the information and explanations given to us, the
 Company has not given any guarantees for loan taken by others from
 banks or financial institutions.
 
 (xvi) The Company has not raised any term loans during the year.
 
 (xvii) According to the information and explanations given to us, and
 on an overall examination of the Balance Sheet of the Company and
 related information as made available to us, we are of the opinion that
 funds raised on short-term basis aggregating to Rs. 2,120,000/- have
 been used for long term purposes for purchase of fixed assets.
 
 (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.
 
 (xix) The Company has not issued any secured debentures during the
 year.
 
 (xx) The Company has not raised any money by public issue during the
 year.
 
 (xxi) Based on the audit procedures performed and according to the
 information and explanations given to us, we report that no fraud on or
 by the Company has been noticed or reported during the year.
 
 For MGB & Co
 Chartered Accountants
 Firm Registration Number 101169W
 
 Sanjay Kothari
 Partner
 Membership Number 048215
 
 Mumbai, 30 May 2014
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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