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Bilati (Orissa) Ltd.

BSE: 531906 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: N.A.
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Bilati (Orissa) Ltd. (BILATIORISSA) - Auditors Report

Company auditors report

BILATI (ORISSA) LIMITED ANNUAL REPORT 2005-2006 AUDITORS' REPORT The Members of Bilati (Orissa) Limited, 1. We have audited the attached Balance Sheet of BILATI (ORISSA) LIMITED as at 31st March, 2006, 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 have conducted our audit in accordance with the 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 the 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 subsection (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. 4. 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 dealt with by this report comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956 to the extent applicable. (v) On the basis of written representations received from the Directors of the Company and read with the Department of Company Affair's classification No. 2/95/2001 CLB, General Circular No. 8/2002 dated 22.03.2002 taken on record by the Board of Directors and we report that none of the Directors are disqualified as on 31st March, 2006 from being appointed as a Director in terms of Section 274(1)(g) 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 : i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2006; ii) in the case of the Profit and Loss Account, of the loss for the year ended on that date; and iii) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date. For L. N. MORE & CO. Chartered Accountants L. N. MORE Partner Membership No. 011485 Cuttack Dated : 20th October, 2006 ANNEXURE TO THE AUDITORS' REPORT With reference to the Annexure referred to in paragraph 3 of the Auditors' Report to the Members of Bilati (Orissa) Limited ('the Company') on the financial statements for the year ended 31st March, 2006, we report that : i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed 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 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 of its fixed assets and maintained going concern status. ii) (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 inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business. (c) On the basis of our examination of the records of inventory, we are of the opinion that the Company is maintaining proper records of inventory. The discrepancies noted on physical verification between the physical stocks and the book records were not material. iii) (a) The Company has not taken loan during the year from body corporates and other parties listed in the register maintained under Section 301 of the Companies Act, 1956 on such terms which are prejudicial to the interest of the Company. (b) The Company has not granted any loan, secured or unsecured to any companies, firms or other parties listed in the Register maintained under Section 301 of the Companies Act, 1956 during the year. There are no companies under the same management within the meaning of Section 370(1-B) of the Companies Act, 1956. iv) 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 control. v) There are no transactions for purchase of goods and materials and sale of goods, materials and services made by the Company in pursuance of contracts or arrangements entered in the Registers maintained under Section 301 of the Companies Act, 1956 and aggregating during the year to Rs. 5,00,000 or more during the year in respect of each party. vi) The Company has not accepted deposits from the public under Section 58A and 58AA of the Companies Act, 1956. vii) In our opinion, the Company has an internal audit system commensurate with the size and nature of its business. viii) The Central Government has not prescribed the maintenance of cost records under Section 209(1) of the Companies Act, 1956. ix) The Company is generally regular in depositing undisputed statutory dues including Provident Fund, Investor Education & Protection Fund, ESI, Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and any other statutory dues applicable to it with the appropriate authorities. The statutory dues which were outstanding for more than six months from the date they became payable are P.F. sums Rs. 1,45,811, Pension Fund Rs. 44,157 & TDS Rs. 18,39,996. x) In our opinion, the accumulated losses of the Company are more than of its net worth. The Company has incurred cash losses during the financial year covered by our audit and the immediately preceding financial year. The Company is a Sick Industrial Company within the meaning of Section 3(1)(0) of the Sick Industrial Companies (Special Provisions) Act, 1985. xi) In our opinion and according to the information and explanations given to us, the Company has defaulted in repayment of dues to Banks. The default positions are as follows : (Amount Rs. in Lacs) Name of Previous year position Current year position the Bank (2004-2005) (2005-2006) A B C A B C Bank of India 393.56 - 393.56 75 - 75 Orissa State 456.15 541.03 997.18 456.15 541.03 997.18 Cooperative Bank Keonjhar Central 49.00 32.87 81.87 49.00 29.87 78.87 Cooperative Bank A = Principal B = Interest C = Total xii) The provisions of clause xii, xiii, xiv, xv, xvi, xvii, xviii, xix and xx of paragraphs 4 and 5 of the Companies (Auditor's Report) Order, 2003 are not applicable for the current year. xiii) 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 L. N. MORE & CO. Chartered Accountants L. N. MORE Partner Membership No. 011485 Cuttack Dated : 20th October, 2006

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