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Neycer India Ltd.

BSE: 502255 Sector: Consumer
NSE: N.A. ISIN Code: INE275N01013
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Neycer India Ltd. (NEYCERINDIA) - Auditors Report

Company auditors report

NEYCER INDIA LIMITED ANNUAL REPORT 2011-2012 AUDITORS' REPORTG TO THE MEMBERS OF NEYCER INDIA LIMITED We have audited the attached Balance Sheet of Neycer India Limited as at 31st March 2012, the Statement of Profit & Loss for the year ended on that date, annexed thereto and the Cash Flow Statement for the year ended that date. 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 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. As required by the Companies (Auditors' Report) order, 2003, as amended by Companies (Auditors' Report) (Amendment) order, 2004 issued by the Central Government 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 paragraph 4 and 5 of the said Order. Further to the comments 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 purposes 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 company's Balance Sheet and Statement of Profit & Loss dealt with by this report are in agreement with the books of account. (iv) In our opinion, the Balance Sheet and Statement of Profit and Loss dealt with by this report comply with the Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956. (v) On the basis of written representations received from the Directors, as on 31st March, 2012 and taken on record by Board of Directors, we report that none of the Directors are disqualified as on 31st March, 2012 from being appointed as 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, subject to non provision of interest on the Term Loan and Funded Interest Term Loan from bank amounting to Rs.7.27 Crores and interest of Rs. 1.89 Crores on Loan from Body Corporate referred to in Note No.29 of Notes to Financial Statements the said accounts, read together with the notes thereon, 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, 2012; b) In the case of the Statement of Profit and Loss, of the Profit 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. Place: Chennai For Suri & Co Date : 27-08-2012 Chartered Accountants Firm Regn. No. 004283S Sd/- R. Mahesh Partner Membership. No. 024775 ANNEXURE TO AUDITORS' REPORT: I) a) The Company has maintained proper records showing full particulars, including quantitative details and situation of Fixed Assets. b) Physical verification of major items of these assets has been conducted by the management during the financial year and as explained to us, no material discrepancies were noticed on such verification. c) The Company has not disposed of substantial part of fixed assets. II) a) Physical verification of Inventory has been conducted by the management at reasonable intervals. 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) The company is maintaining proper records of inventory. No material discrepancies were noticed on physical verification as compared to the book records. III) a) The Company has not granted any loans, secured or unsecured to companies, firms or other parties, covered in the Register maintained under Section 301 of the Companies Act, 1956. b) The Company has not taken any loans, secured or unsecured from companies, firms or other parties, covered in the Register maintained under Section 301 of the Companies Act, 1956. IV) The Company has adequate internal control system commensurate with the size of the company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services. V) a) The transactions that need to be entered in the register maintained under section 301 of the Act have been so entered. b) According to the information and explanations furnished to us these transactions have been made at, prices which are reasonable having regard to the prevailing market prices at the relevant time. VI) The Company has not accepted any deposits from the public within the meaning of Section 58A, 58AA or any other relevant provisions of the Act and the Rules framed there under. VII) The Company has an internal audit system commensurate with the size and the nature of its business. VIII) The Central Government has not prescribed the maintenance of cost records under section 209(1)(d) of the Companies Act, 1956. IX) a) The Company is depositing undisputed statutory dues including Provident Fund, Employees' State Insurance, Investors' Education and Protection Fund, Income Tax, Sales Tax, Wealth Tax, Service Tax, Excise Duty, Customs Duty, Cess and other statutory dues with the appropriate authorities belatedly and there are outstanding statutory dues as at the last day of the financial year concerned for a period of more than six months from the date they became payable. The extent of the outstanding are as under: Nature of the dues Amount Due (Rs.) Sales Tax 1,39,65,185 Excise Duty 22,05,103 Provident Fund 14,88,318 Tax Collected at Source 2,375 b) There are disputed dues of tax which have not been deposited and the amount involved and the forum where disputes are pending are as under: Name of the Nature of Amount Amount paid Forum where dispute Statute Dues Disputed (Rs.) is pending (Rs.) Sales Tax Sales Tax 1,04,10,808 Nil Assessing Act authorities and Appellate Authorities X) The Company has accumulated losses exceeding fifty per cent of its net worth and has not incurred cash loss in the current financial year or in the immediately preceding financial year. XI) In our opinion and according to the information and explanations given to us, the company has defaulted repayment of dues to banks. The default in respect of principal amount of loan was Rs. 10,22,116 and that of interest was Rs. 1,01,33,499 as detailed in Note No.4 of the Notes to financial statements. XII) The Company has not granted loans and advances on the basis of security byway of pledge of shares, debentures and other securities. XIII) The Company is not engaged in the business of nidhi/mutual benefit fund/society and hence the question regarding application of special statute does not arise. XIV) The Company is not dealing or trading in shares, securities, debentures and other investments. XV) The Company has not given any guarantee for loans taken by others from banks or financial institutions. XVI) The Company has applied the term loan for the purpose for which the same was obtained. XVII) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the company, we report that the company has not used funds raised on short-term basis for long term investment. XVIII) The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act during the year. XIX) The Company has not issued any debentures. XX) The Company has not raised any money by public issues during the year. XXI) According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the year. Place: Chennai For Suri & Co Date : 27-08-2012 Chartered Accountants Firm Regn No: 004283S Sd/- R. Mahesh Partner Membership No. 024775