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A J Brothers Ltd.

BSE: 511662 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE939C01017
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A J Brothers Ltd. (AJBROTHERS) - Auditors Report

Company auditors report

A.J. BROTHERS LIMITED ANNUAL REPORT 2004-2005 AUDITORS' REPORT TO THE MEMBERS OF THE COMPANY 1. We have audited the attached Balance Sheet of M/s. A.J. Brothers Limited as at 31st March, 2005, the Profit and Loss Account and also the cash flow statement 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 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 a statement on the matters specked in paragraphs 4 and 5 of the said Order. 4. As stated in note No.2 in schedule 14, the accounts have been prepared on going concern basis. Because of no operation during the year and continuing operating losses, we are unable to form an opinion as to whether the going concern basis is appropriate basis for the presentation of the accounts of company. 5. As stated in Note No. 7 in Schedule 14, the company has not accounted for interest payable on Cash Credit from Bank of Baroda. The Management is under One Time Settlement with the Bank and Management is in opinion that the liability of the Company toward Bank will not be more than what was stated in the Book of Accounts. 6. Further to our comments in the Annexure referred to 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 purpose 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, Profit & Loss Account and cash flow statement dealt with by thus report are in agreement with the books of account; (iv) 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; (v) On the basis of written representations received from the Directors, as on 31st March, 2005 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March. 2005 from being appointed as a Director in terms of Clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956. (vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts 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: (a) in the case of Balance Sheet, of the state of affairs of the Company as at 31st March, 2005; (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 cash flow statement, of the cash flows for the year ended on that date. For KANOONGO & MAHESWARI Chartered Accountants C.P. MAHESHWARI Proprietor MUMBAI DATED : 16/08/2005 ANNEXURE REFERRED TO IN PARAGRAPH 3 OF THE REPORT OF EVEN DATE OF THE AUDITORS TO THE MEMBERS OF M/S. A.J. BROTHERS LIMITED ON THE ACCOUNTS FOR THE THE ENDED 31ST MARCH 2005. 1. (a) The Company is maintaining proper records showing full particulars, including quantitative details and situation of Filed Assets. (b) All the Assets have not been physically verified by the management during the year but there is a regular programme of verification which, in our opinion, is reasonable to having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification. (c) During the year, the company has not disposed off any part of the Fixed Assets. 2. (a) The Inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable. (b) 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) The company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material. 3. (a) The company had taken loan from one shareholders covered in the register maintained under Section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 770000/- and the year-end balance of loans taken from such parties was Rs. 770000/-. The company has not granted loan to the company covered in the register maintained under section 301 of the Companies Act, 1955. (b) In our opinion, rate of Interest and other terms and conditions on which loans taken from companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956 are not prima facie, prejudicial to the interest of the company. (c) The company is regular in repaying the principal amounts as stipulated and has been regular in the payment of interest. (d) There is no overdue amount of loans taken from companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956. 4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchases of inventory, fixed assets and with regard to the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls. 5. (a) According to the information and explanations given to us, we arc of the opinion that the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered. (b) In our opinion and according to the information and explanations given to us, there are no transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the companies Act, 1956 and exceeding the value of rupees five lakhs in respect of any party during the year. 6. In our opinion and according to the information and explanations given to us, the company has not accepted deposit from the public. Therefore, the provisions of clause 4(vi) of the Companies (Auditor's Report) Order, 2003 are not applicable to the company. 7. The company has no formal internal audit system as such but its control procedure ensures reasonable internal checking of its financial and other records. 8. In our opinion and according to the information and explanations given to us, the company is not covered by the rules made by the Central Government for the maintenance of cost records under section 209(1)(d) of the Companies Act, 1956. Therefore, the provisions of clause 4(viii) of the Companies (Auditor's Report) Order, 2003 are not applicable to the company. 9. (a) The company is regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, employees' State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, cess and other statutory dues applicable to it. (b) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, wealth tax, sales tax, customs duty, excise duty and cess were in arrears, as at 31st March, 2005 for a period of more than six months from the date they became payable. (c) According to the information and explanations given to us, there are no dues of sale tax, income tax, customs duty, wealth tax, excise duty and cess which have not been deposited on account of any dispute. 10. The company has the accumulated losses at the end of the financial year exceeding its net work but the company has earned profit during the financial year and in the financial year immediately proceeding the current financial year. 11. The company has defaulted In repayment of dues to a financial Institution and bank. Total amount of default is Rs.2,75,13,950.84 excluding interest unprovided in the books of accounts which were not ascertained. 12. The company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Therefore, the provisions of clause 4(xii) of the Companies (Auditor's Report) Order, 2003 are not applicable to the company. 13. In our opinion, the company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor's Report) Order, 2003 are not applicable to the company. 14. The company has maintained the proper records of the transactions of investment in shares, securities, debentures and other investment and timely entries have been made also the shares and securities have been held by the Companies in its own name. 15. In our opinion and according to the information and explanation given to us, the company has not given guarantees for loans taken by others. Therefore, the provisions of clause 4(xv) of the Companies (Auditor's Report) Order, 2003 are not applicable to the company. 16. In our opinion and according to the information and explanation given to us the company has not taken terms loans. Therefore, the provisions of clause 4(xvi) of the Companies (Auditor's Report) Order, 2003 are not applicable to the company. 17. The company has not raised any funds short term or long term during the year. Therefore, the provisions of clause 4(xv) of the Companies (Auditor's Report) Order, 2003 are not applicable to the company. 18. According to the information and explanations given to us, the company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 to the Act. Therefore, the provisions of clause 4(xviii) of the Companies (Auditor's Report) Order, 2003 are not applicable to the company. 19. According to the information and explanations given to us, during the year period covered by our audit report the company had not issued debentures. Therefore, the provisions of clause 4(xix) of the Companies (Auditor's Report) Order, 2003 are not applicable to the company. 20. During the year the company has riot raised money by way of public issue. Therefore, the provisions of clause 4(xx) of the Companies (Auditor's Report) Order, 2003 are not applicable to the company. 21. According to the 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 KANOONGO & MAHESHWARI Chartered Accountants C.P. MAHESHWARI Proprietor MUMBAI DATED : 16/08/2005

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