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Andhra Pradesh Tanneries Ltd.

BSE: 509367 Sector: Others
NSE: N.A. ISIN Code: N.A.
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Andhra Pradesh Tanneries Ltd. (APTANNERIES) - Auditors Report

Company auditors report

ANDHRA PRADESH TANNERIES LIMITED ANNUAL REPORT 2004-2005 AUDITORS' REPORT To The Members, M/s. ANDHRA PRADESH TANNERIES LIMITED IDA NELLIMARLA VIZIANAGARAM DISTRICT. We report that we have audited the Balance Sheet of M/s. ANDHRA PRADESH TANNERIES LIMITED, VIZIANAGARAM., as at 31st March 2005 and the Profit and Loss Accounts for the year ended on that date and 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. 1. We conducted our audit in accordance with auditing standards generally accepted in India. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. 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 the management as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 2. 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. 3. In our opinion the Company has kept proper books of Accounts as required by Law so far, as it appears from our examination of the books. 4. The Balance Sheet and Profit and Loss Account Dealt with by this Report are in agreement with the books of Accounts. 5. In our opinion the Balance Sheet and the Profit and Loss account dealt with by this report is in compliance with the Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956. 6. On the basis of the confirmations received from the Directors and taken on record by the Board of Directors, none of the above Directors is disqualified as on 31.03.2005 from being appointed as Directors of the Company under Section 274(1)(g) of the Act. Reference is invited to the following notes on accounts under notes on accounts: a) Notes un accounts No. 5 Regarding non-confirmation of Sundry Debtors, Loans and Advances, Sundry Creditors and Other Liabilities and the consequent extent of realizability. b) Non-Provision of gratuity as per item No. 17 for current year Rs. 3707404. c) The inventory valuation in respect of Work in Process and Finished goods are taken as per the valuation of 31.03.2004. Since the same stocks are continuing during the year as per item no. 7 on notes on accounts. d) Ex-ordinary item of Rs. 2366508 included expenditure as per Note No. 19. e) The company has not collected TCS on Sale of Scrap of Rs. 462. f) During the year the company has not provided interest due to Ambadi Enterprises Ltd., since the company is negotiating with the party for waiver of interest. Hence interest is not provided. We are unable to express our opinion on the impact on financial statements and loss for the year in respect of matters stated in Para a, b and c. 7. In our opinion and to the best of our Information and according to the explanations given to us, the annexed Accounts together with notes given the information required by the Companies Act, 1956 (as amended) in the manner so required and gives a true and fair view: a) In the case of Balance Sheet, of the State of Affairs of the Company as at 31st March 2005; and b) In the case of Profit and Loss Account, of the loss for the year ended on that date. 8. As required by the revised Companies (Auditor's Report) order 2004 issued by the Central Government of India in terms of sub-section(4A) of section 227 of the Companies Act, 1956 and on the basis of such checks we consider appropriate, We further state that: i. In respect of Fixed Assets: a) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information. But the registers are not yet updated. b) As explained to us, the fixed Asset have been physical verified by the management at the end of year, which in our opinion is reasonable, having regard to the size of the company and nature of the its Assets. No Material discrepancies were noticed on such verification. c) In our opinion the Company has not disposed substantial part of fixed asset during the year and going concern status of company has not effected. ii. In Respect of its Inventory: a) As explained to us Inventories have been physically verified by management at regular interval during the year. b) In our opinion and according to information explanation given to us, the procedure of the physical verification of inventory followed by management are reasonable and adequate in relation to size of company and nature of its business. c) The Company has maintained Proper records of inventory. As explained to us they were no material discrepancies noticed on physical verification of inventory as compare to books of accounts. iii) In respect of Loans Secured/Unsecured grant or taken by Company to/from Company, firms or other parties covered in Register maintained U/s. 301 of Companies Act 1956. a) The Company has not granted but has taken Unsecured loan during the year from Bamboli Holdings (P) Limited, Mumbai of Rs.212,521 balance outstanding as on 31.03.2005. b) In our opinion and according to the information and explanations given to us, the rate of interest wherever applicable and terms & conditions are not prejudicial to the interest of the company. c) During the year no loans are granted by Company to any party or taken any loan from any parties covered under register maintained under 301 of Companies Act. d) There are no loans granted, during the year. Hence the clause is not applicable. e) During the year, the company has not taken any loans, secured and unsecured from the company, firms other parties covered by in the register maintained under section 301 of the Act. f) In our opinion and according to the information and explanations given to us, the rate of interest wherever applicable and terms & conditions are not prejudicial to the interest of the Company. g) The Company has not taken any loan by way of Secured / Unsecured. However, the clause is not applicable. iv. In our opinion and according to information and explanation given to us, there are adequate internal control procedures commensurate with size of company and its nature of business, for the purchase of inventory, fixed assets and also sale of goods. During the course of audit, we have not observed any major weaknesses in internal controls. v. In respect of transactions covered u/s. 301 of Companies Act 1956: a. In our opinion and according to information and explanations given to us, there are no transactions made in the pursuance of contracts that need to be entered in the register maintained u/s. 301 of company's Act, 1956. b. In our opinion and according to information and explanations given to us there are no transaction in the pursuance of contract or agreement that need to be entered in register maintained u/s 301 of Companies Act, 1956 given during the year for Rs.5.00 Lakhs (Five lakhs) or more in respect any party. vi. Based on Scrutiny of the Company's records and according to the information and explanations provided by the management, in our opinion, the company has not accepted any Public Deposits so far up to 31.03.2005. vii. The Company has no Internal Audit System and the Company has not appointed any Internal Auditors for the Company. viii. The Central Government has not prescribed maintenance of Cost Records U/s. 209(1)(d) of Companies Act, 1956. The clause is not applicable. ix. In respect of Statutory dues: a. According to records of the Company, undisputed Statutory due including P.F, I.E.P Fund, ESI, Income Tax, Sales Tax, Wealth Tax, Customs Duty, Cess and other Statutory Dues have generally/regularly deposited with appropriate authorities. According to the information and explanations given to us there are no undisputed amounts payable in respect of statutory dues which have remained outstanding as on 31.03.2005 for a period of more than six months from the date they became payable except in the following. N.A.L.A Rs. 34356 Bonus Rs.1217800 b. The disputed statutory dues aggregating that have not deposited on account of matters pending before appropriate authorities as under: Sr. Name of Statute Nature of the Forum where Amount No. dues dispute is (Rs.) pending 1. CST ACT CST Sales Tax 11,88,000 Appellate However the Tribunal, company has paid Hyderabad Rs.800000 in the month of March 2004. x. The company has accumulated losses and has incurred cash losses during the financial year and immediately preceding such financial year exceeding 50% of net worth of the company. xi. In respect of defaults in repayment of loans to Bank/Financial Institutions. During the year the company has not taken any Term Loans. xii. In our opinion and according to the information and explanations given to us. No Loans and Advances have been granted by the Company, on. basis of security by way of pledge of Shares, Debentures and other securities. xiii. In our opinion the company is not a chit fund or a nidhi/mutual benefit fund/society/therefore clause 4(xiii) of the Companies (Auditor's Report) Order 2003 is not applicable to the company. xiv. As per the records of the Company and information and explanations given to us by the management, company is not dealing or trading in shares securities and debentures and other Investments. xv. The company has not given any guarantee for loan taken by others from bank or financial institutions. xvi. The company has not raised new term loan during the year. There are no Term Loans outstanding at the beginning of the year. xvii. During the year, the Company has not raised any funds for Short Term Loan. xviii. During the year, the Company has made preferential allotment of equity and preference shares to Bambolli Holding (P) Ltd., Mumbai, that need to be entered in register maintained U/s. 301 of Companies Act 1956 and approval from SEBI is awaiting. Nature of Shares No. of Shares Rate Amount Equity 8,44,000 10/- 84,40,000 Preference 20,00,000 10/- 2,00,00,000 xix. The company has not taken any debenture during the year. Hence the provision is not applicable xx) The Company has not raised any money by way of Public Issue during the year. xxi. In our opinion and according to the information and explanations given to us no Fraud on or by the company has been noticed or reported during the year that causes the financial statements to be materially misstated. For ROWE AND PAL, Chartered Accountants Place: Vizianagaram (Y. Anil Kumar) Date : 29.06.2005 Partner

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