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Agri Marine Exports Ltd.

BSE: 519536 Sector: Others
NSE: N.A. ISIN Code: N.A.
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Agri Marine Exports Ltd. (AGRIMARINEEXP) - Auditors Report

Company auditors report

AGRI MARINE EXPORTS LIMITED ANNUAL REPORT 2004-2005 AUDITORS' REPORT TO THE MEMBERS We have audited the attached balance sheet of Agri marine Exports Limited as at March 31, 2005 and also the profit and loss account and cash flow statement for the year ended on the 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. We conduced 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 the disclosures in the financial statements. An audit also includes assessing the accounting principals 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. As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of sub section (4A) of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraph 4 and 5 of the said Order. 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 and loss account and cash flow statement dealt with by this report are in agreement with the books of account; (iv) In our opinion, the balance sheet, profit and loss account and cash flow statement (read in conjunction with the Notes and Schedule attached thereto) dealt with by this report comply with the accounting standards referred to in subsection (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 read with the notes thereon subject to: Note No. 6 regarding accounting policy for foreign currency transactions Note No. 4&5 regarding non-provision for bad and doubtful debts & confirmation of balances Note No. 7 regarding non-provision of Interest on loans from banks Note No 8 regarding capitalization of interest pertaining to Term Loan from financial institution. 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 the 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 the cash flow statement, of the cash flows for the year ended on that date. For Vivekanandan Associates Chartered Accountants 24th August 2005 S. DEHALEESAN Chennai Partner Mem. No. 27312 ANNEXURE TO THE AUDITORS' REPORT ANNEXURE REFERRED TO IN PARAGRAPH 3 OF THE AUDITORS' REPORT TO THE MEMBERS ON THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH, 2005. 1. (a) The Fixed Assets register maintained by the company has to be updated to show full particulars including quantitative details and situation of fixed assets. (b) We were informed that the management at reasonable intervals has physically verified the Fixed Assets and discrepancies noticed on such verification have been given effect in accounts. (c) In our opinion, the company has not disposed off a substantial part of fixed assets during the year and therefore paragraph 4(i) (c) of the companies (Auditor's Report) Order, 2003 (hereinafter referred to as the Order) is not applicable. 2. (a) The Company handled no raw materials or finished goods during the year. Hence the compliance regarding physical verification of inventories, its frequency of verification is not commented upon. (b) No physical verification of inventories was conducted since the Company did not carry any raw materials, finished goods during the year. Hence commenting on the on reasonableness and adequacy in relation to the size of the company and the nature of its business does not arise. (c) As said earlier, the Company handled no raw materials, finished goods during the year. However, the company is maintaining proper, records of inventory of consumables used for processing and no material discrepancies have been noticed on physical verification of inventories as compared to the book records. 3. The company has not taken any loans secured or unsecured, to/from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. However, the Company has granted unsecured loans of Rs. 11,80,751/- to firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956 being a company under the same management as per section 370 (1B) of the Companies Act, 1956 and the terms and conditions are not prima facie prejudicial to the interest of the company. 4. In our opinion and according to the information and explanation given to us the internal control procedures are not commensurate with the size of the company and nature of its business for purchase of raw material including components. plant and machinery equipment and other assets and for the sale of goods and services. 5. (a) According to the information and explanations given to us, we are of the opinion that the transactions that need to be entered in 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 that exceed 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, as the company has not accepted deposits from the public paragraph 4(i) of the Order is not applicable. 7. Although the company,has no formal internal audit system as such, its internal control procedures ensure reasonable internal checking for financial and other records and this needs to be strengthened. 8. The Central Government has not prescribed maintenance of cost records under Section 209 (1)(d) of the Companies Act, 1956. 9. (a) According to the records, information and explanations given to us, the Company is not regular in depositing with appropriate authorities undisputed amount of provident, fund, employees' state insurance. However, there were no arrears of dues to provident fund or employees' state insurance remaining unpaid on the date of this report. There are no undisputed amounts of sales-tax, excise duty and other statutory dues applicable to it that were outstanding as on 31st March, 2005 for a period of more than six months from the date they become payable except for Rs.1.26,587/- towards Wealth Tax for the Assessment years 1996-97 to 2001-02 and Income tax Rs. 10,71,361/- (including Rs.9,09,241 towards interest) for the Assessment year 1996-97. (b) According to the information and explanation given to us the following are the details of disputed Sales Tax, Excise Duty and Employees State Insurance dues that have not been deposited with the concerned authorities. Name of the Forum where Unpaid Amount Statutory dues the dispute is in Rs. pending SALES TAX Sales Tax Tribunal 3,89.067 INCOME TAX Income Tax Appellate Tribunal 7,25.465 Commissioner of Income Tax (Appeals) 39,34,957 10. The Company's accumulated losses as on 31st March 2005 were Rs.11,56,20,880/- as against the Networth of Rs. 6,08,82,135/-. The Company has not incurred cash losses in the current financial year but has incurred cash loses during 2002-03, the immediately preceding financial year. The Company has been declared as sick industrial undertaking under the Sick Industrial Companies (Special Provisions) Act, 1985. 11. In our opinion and according to the information and explanations given to us, the company has defaulted in repayment of dues to banks and financial institutions as listed below. Bank / Financial Period of Institution default Amount (Rs.) Indian Bank Since March 1997 7,37,21,809 Gujarat Industrial Investment Corporation Since April 1997 1,35,38,531 The above sums are as shown in the Books of accounts and do not include interest payable to the Financial. Institutions shown elsewhere as deferred liability (Rs. 1,35,77,143) and unrecorded interest of Rs. 7,06,28,705/- (as reported in Note 7). The Company has arrived at `One Time Settlement' with Industrial Development Bank of India and has remitted the contracted sum. Therefore, the default in respect of such loan is not mentioned here. 12. The company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures and other securities and, therefore paragraph 4(xii) of the Order is not applicable. 13. The provisions of any special statute applicable to chit fund and nidhi/mutual, benefit fund/society are not applicable to the company and therefore paragraph 4 (xiii) of the Order is not applicable. 14. The company is not dealing or trading in shares, securities, debentures and other investments and therefore paragraph 4 (xiv) of the Order is not applicable. 15. According to the information and explanation given to us, the Company has not given any guarantee for loans taken by other from banks or financial institutions and therefore paragraph 4 (xv) of the Order is not applicable. 16. The company has not availed term loans during the year. 17. According to the information and explanations given to us and on an overall examination of the balance sheet of the company, in our opinion, short term funds of Rs.15,341/- has been used for fixed assets (long term investments) no long term-funds were raised for short term investments. 18. The company has not made any preferential allotment of shares during the year and therefore paragraph 4 (xviii) of the Order is not applicable. 19. The company has not issued any debentures during the year and therefore paragraph 4 (xix) of the Order is not applicable. 20. The company has not raised arty money by way of public issues during the year and therefore paragraph 4 (xx) of the Order is not applicable. 21. Based upon the audit procedures performed and as per the information and explanations given to us by the management, we report that no fraud on or by the company has been reported or noticed during the year. For Vivekanandan Associates Chartered Accountants 24th August 2005 S. DEHALEESAN Chennai Partner Mem. No. 27312

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