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Noel Agritech Ltd.

BSE: 526789 Sector: Others
NSE: N.A. ISIN Code: INE154C01013
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Noel Agritech Ltd. (NOELAGRITECH) - Auditors Report

Company auditors report

NOEL AGRITECH LIMITED ANNUAL REPORT 2004-2005 AUDITORS' REPORT To The Members of NOEL AGRITECH LIMITED We have audited the attached Balance Sheet of NOEL AGRITECH LIMITED as at 31st March, 2005 and the annexed Profit and Loss Account of the Company for the year ended on 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 These Standard require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from any 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 presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion. We report as under: - 1. As required by the Companies (Auditor's Report) Order, 2003, as amended by the Companies' Auditor's Report) (Amendment) Order. 2004, (together `the Order') issued by the Central Government in terms of sub-section (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, to the extent applicable to the Company. 2. Further to our comments the Annexure referred to in paragraph 1 above, report that: a) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of the audit. b) 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 such books. e) The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the books of account. d) In our opinion, the Balance Sheet and Profit and Loss Account dealt with by this report comply with the Accounting Standards referred to in sub- section (3C) of Section 211 of the Companies Act. 1956. e) On the basis of our reviews of the confirmations received from the Company in which the Directors of the Company are Directors and the information and explanations given to us, two Directors of the Company Mr. J.M. Bangera & Mr. Reginold M. Bangera are prima facie as at 31st March, 2003 are disqualified under clause (g) of sub-section (1) of Section 274 of the Companies Act, 1936 from being re-appointed as directors of the company. f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the notes thereon, in particular, Note No. 1 regarding management's perception of the company's 'going concern' status, owe 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 cast of Balance Sheet of the state of affairs of the Company as at 31st March 2005. ii) In case of the Profit and Loss Account of the loss for the year ended on that date. iii) In the case of Cash Flow Statement, of the cash flow for the year ended on that date. For R.D. SHENVI & CO. Chartered Accountants R.D. Shenvi Proprietor Membership No.: 35818 Place : Mumbai Date : September 05, 2005 ANNEXURE TO THE AUDITORS REPORT (Referred to in paragraph 1 of our report of even date) With reference to the Annexure referred to in paragraph 1 of the report of the Auditors to the Members of NOEL AGRITECH LIMITED on the financial statements for the year ended 31st March 2005, we report that : (i) (a) The Company is in the process of updating its record of fixed assets. (b) These Fixed Assets have been physically verified by the management at reasonable intervals. No material discrepancies were noticed on such verification. (c) A substantial part of fixed assets has not been disposed off during the year. (ii) According to the information and explanations given to us the operations of the Company have been temporary suspended and the Company has not held any inventory throughout the period covered by our audit. Therefore, reporting under clause 4 (ii) (a) (b) & (C) of the Order is not applicable. (iii) (a) The Company has not granted any loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. (b) Since the Company has not granted any loans. Clause 4 (iii) (b) of the Order is not applicable. (c) Since the Compare has not granted any loans, Clause 4 (iii) (c) of the Order is not applicable. (d) Since the Company has not granted any loans, Clause 4 (iii) (d) of the Order is not applicable. (e) The Company has taken unsecured loans from companies, firms or other parties listed in the Register maintained u/s 301 of the Companies Act. 1956. The number of parties and the amounts involved in the transactions are as under. No. of Parties Amounts inclusive of Opening Balances (Rs.) 4 33,73,412 (f) The aforesaid loans are interest free and the terms and conditions of loans taken by the Company are prima facie not prejudicial to the interests of the Company. (g) As per the information and explanations given to us, the loans have been taken without any stipulation regarding payment of principal. (iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business. (v) According to the information and explanations given to us, the Company has not entered into any transactions, exceeding the value of Five Lakh rupees in respect of one party in the current financial year, which need to be entered into a register maintained in pursuance of Section 301 of the Companies Act, 1956. (vi) No deposits within the meaning of Section 58A of the Companies Act, 1956 and Rules framed thereunder have been accepted by the Company. (vii) The Company does not have an Internal Audit system. The management is of the opinion that a formal internal audit system is not required as the operations of the Company are under temporary suspension. (viii) As informed to us, maintenance of cost records has not been prescribed by the Central Government under clause (d) of sub-section (1) of Section 209 of the Companies Act, 1956. (ix) (a) The Company is regular in depositing with appropriate authorities undisputed statutory dues wherever applicable including Income Tax, Cess, Service Tax Provident Fund. Employees State Insurance, and any other material statutory dues applicable to the Company. According to the information and explanations given to us, no undisputed amounts payable in respect of income Tax, Service Tax and Cess were in arrears as at 31st March. 2005, for a period of more than six months from the date they became payable. The provisions of sales Tax, custom duty, wealth tax & excise duty laws do not apply to the Company. (b) There are no cases where dues of income tax service tax and cess have not been deposited, on account of a dispute, except the following: Particulars of Dues Assessment Year Amounts involved Income Tax 2001-02 Nil [addition u/s. 143(3) contested] Particulars of Dues Forum of Dispute Income Tax Income Tax Appellate Tribunal (x) The accumulated losses of the Company at the end of the financial year are not less than fifty percent of its net worth. The Company has incurred cash losses in the current financial year and in the immediately preceding financial year. (xi) The Company has not taken any loans from banks or financial institutions nor made borrowings through the issue of debentures. (xii) In our opinion and according to the information and explanations given to us, the Company has not granted any loans and advances on the 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. the provisions of clause 4(xiii) of the Order are not applicable to the Company. (xiv) In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Order are not applicable to the Company. (xv) According to information and explanations given to us, the Company has not given any guarantee for loans taken by others from bank or financial institution. (xvi) In our opinion and according to information and explanation given to us, the Company has not taken Term Loans. Therefore, the provisions of clause 4 (xvi) of the Order arc not applicable to the Company. (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 no funds raised on short-term basis have been used for long-term investment. (xviii) According to the information and explanations given to us, 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. (xix) According to the information and explanations given to us, no debentures have been issued by the Company. (xx) According to the information and explanations given to us, the Company has not raised any money by public issues. (xxi) According to the information and explanations given to us and the records of the Company examined by us, no fraud on or by the Company has been noticed or reported during the year. For R.D. SHENVI & CO. Chartered Accountants R.D. Shenvi Proprietor (Membership No.: 35818) Place : Mumbai Date : September 05, 2005