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Natural Stone Exports Ltd.

BSE: 513638 Sector: Others
NSE: N.A. ISIN Code: INE893G01017
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Natural Stone Exports Ltd. (NATURALSTONE) - Auditors Report

Company auditors report

NATURAL STONE EXPORTS LIMITED ANNUAL REPORT 2003-2004 AUDITORS' REPORT To, The Members of NATURAL STONE EXPORTS LIMITED KOLAR. We have audited the Balance Sheet of NATURAL STONE EXPORTS LIMITED as on 31st, March 2004 and also the Profit and Loss Account 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 our opinion on these financial statements based on our audit: 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 tree of material misstatements .An audit Includes examination, 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 statements presentation. We believe that our audit provides a reasonable basis for our opinion. In accordance with provision of Section 227 of the Companies Act, 1956, we report as under: 1. We have obtained all the information & explanations, which to the best of our Knowledge & belief were necessary for the purpose of our audit. 2. In our opinion, proper books of accounts as required by the law, have been kept by the company so far as it appears from our examination of the books. 3. The Balance Sheet & Profit & Loss Account dealt by this report are in agreement with the books of account. 4. Subject to the note no.11 & note no.15 of Schedule O (Accounting Policies and Notes on Accounts) The Company, contrary to the Accounting standard 19 (Accounting for effect of changes in Foreign Exchange rates), has stated export receivables amounting to Rs.1,62,42,689.45 at the historical cost Instead of recording at the exchange rate prevailing at the Balance Sheet date and to that extent has overstated its net loss In the Profit & Loss Account. In our opinion, the Balance Sheet and Prod & Loss Account comply with the accounting standards referred in sub-section 3 (C) of section 211 of the Companies Act, 1956 extent applicable. 5. On the basis of the written representation received from the Directors and taken on record by the Board of Directors, We report that none of the Directors is disqualified as on 31st March, 2004 from being appointed as a director in terms of clause (g) of sub section (1) of Section 274 of the Companies Act, 1956. 6. In our opinion and to the best of our Information and according to the explanation given to us, the said accounts together with the notes and Schedule thereon give the information required by the Companies Act, 1956 In the manner so required and give a true & fair view in conformity with the accounting principles general accepted In India. (i) In case of Balance Sheet, of the state of affairs of the Company as at 31st March, 2004. (ii) In the Case of Profit & loss accounts, of the loss for the year ended an that date. 7. As required by the Companies' (Auditor's Report) Order, 2003 and according to the Information and explanation given to us during the course of the audit and on the basis of such checks as were considered appropriate, We report that; 1. (a) The company has maintained proper records shoring full particulars including quantitative details and situations of fixed assets ; (b) We have been informed that consequent upon the possession of the Factory, taken by the Karnataka State Financial Corporation & The Income Tax department, no physical verification could be conducted by the management hence discrepancies, if any, could not be ascertained. (c) During the year, the Company has not disposed of any substantial/major part of fixed assets. 2. (a) We have been informed that the Karnataka State Financial Corporation & the Income Tax department has taken the possession of the Factory at 16(B), Tamaka Indl. Area, Kolar to recover their dues. Consequently, no stock of work in progress, finished goods, spare parts, and raw-materials have been verified by the management and therefore the question of examining, reasonableness, adequacy of procedures of physical verification of stock does not arise. However, the stock as appearing in the `Mahazar Report' dated 2.2.01 of The Karnataka State Financial Corporation has been taken in to books and accordingly considered for valuation. (b) The Company has not maintained any records of inventories. The value of the stocks is taken on the basis of information gathered by the management from different sources, the shell life of the stores and the appropriate realizable / residual values. 3. (a) As per the information furnished, the Company has not granted or taken any loans secured or unsecured to/from companies, firms or other parties covered in the Register, maintained under Section 301 of the Companies Act, 1956 ; (b) The rate of interest and other terms and conditions in respect of unsecured loans given by the Company to its employees and others, are in our opinion, prima facie not prejudicial to the interest of the Company; (c) In respect of such loans given by the Company, where stipulations have been made, they have generally repaid the principal amounts as stipulated and have been regular in payment of Interest, where applicable; (c) In respect of such loans given by the Company, there are no overdue amounts more than Rs.1,00,000. 4. In our opinion and according to the Information and explanation 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 purchase of inventories, fixed assets and for sate of goods. Though there are no such activities are carried oft during the year under report: 5. (a) Based on the procedures applied by us and according to the information and explanation provided by the management, we are of the opinion that the transactions made in pursuance of contracts or arrangements, that need to be entered in to the register maintained under Section 301 of the Companies Act, 1956 have been recorded in the register ; (b) In our opinion and according to the Information and explanations given to us, there are no transactions of purchase and sale of goods, materials and services made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 aggregating during the year to Rs.5,00,000 or more in respect of each party. 6. The Company has not accepted any deposits during the year from the public within the meaning of the provisions of Sections 58A and 58AA of the Companies Act, 1958 and the Companies (Acceptance of Deposits) Rules, 1975 Hence Clause (vi) of the order is not applicable. 7. In our opinion, the Company has an adequate internal audit system commensurate with its size and nature of its business. 8. The Company is not covered under Section 209(1)(d) of the Companies Act, 1956, hence not required to maintain cost records. 9. (a) According to the Information and explanation given to us and the records examined by us, the Company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees' State Insurance Fund, Income-tax, Sales-tax, Custom Duty, Excise Duty, Cess and other statutory dues with appropriate authorities. According to the information and explanations given to us, there are no undisputed amounts payable in respect of such statutory dues which have remained outstanding as at 31st March, 2004 for a period of more than six months from the date they become payable. (b) According to the records of the Company, disputed dues of Income Tax have been disclosed in note 21(c) under the head Contingent Liabilities, not provided for In the accounts. 10. The Company has accumulated book losses of Rs.9985245/- as on 31st March, 2003, and has incurred cash losses in the current financial year covered by our audit and in the immediately preceding financial year. 11. The Company has defaulted in repayment of its dues to Karnataka State Financial Corporation Ltd. For Rs.6814761/- since last many years. 12. Based on our examination of the records and the information and explanations given to us, the Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures or other securities. 13. The provisions of any Special Statute applicable to Chit Fund, Nidhi or Mutual Benefit Fund/Societies are not applicable to the Company. 14. The Company has maintained proper records of transactions and contracts In respect of dealing and trading in shares, securities, debentures and other investments and timely entries have generally been made therein. All shares, debentures and other securities have been held by the Company in its own name, except to the extent of the exemption granted under Section 49 of the Companies Act, 1956 and save for certain shares which are either lodged for transfer or held with valid transfer forms. 15. According to the information and explanation given to us, the Company has not given any guarantee for loans taken by others from banks and financial institutions. 16. The Company has not taken any term loan during the year. 17. On the basis of our examination of the Cash Flow statement, the fund raised on short term basis have not been used for long term investments; as they have been financed out of internal accruals. The Company has not raised long term funds during the year and hence, the use of such funds for short term investments does not arise. 18. The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Companies Act, 1956 during the year. 19. The Company has not issued any Debentures hence this clause is not applicable. 20. The Company has not raised any money by way of public issue during the year. 21. On the basis of our examination 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. For Jayesh R. Shah & Co. Chartered Accountants Sd/- (Jayesh Shah) Proprietor Place : Mumbai Date : 28th June, 2004