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Sanghvi Asbestos Cements Ltd.

BSE: 530203 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
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Sanghvi Asbestos Cements Ltd. (SANGHVIASBESTOS) - Auditors Report

Company auditors report

SANGHVI ASBESTOS CEMENTS LIMITED ANNUAL REPORT 2004-2005 AUDITORS' REPORT To, The Members SANGHVI ASBESTOS CEMENTS LIMITED INDORE. 1. We have audited the attached Balance Sheet of SANGHVI ASBESTOS CEMENTS LIMITED M-88 CHOUTHA SANSAR, PU-3 Sch.No.54 A.B.Road, INDORE as at 31st March 2005 & also the Profit & Loss Account of the Company for the year ended on that date annexed thereto. These Financial Statement or the responsibility of the Company's management. Our responsibility is to express an opinion on these Financial Statement based on our audit. 2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards required that we plan & perform the audit to obtain reasonable assurance about whether the Financial Statement 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 reasonable basis for our opinion. 3. As required by manufacturing and Other Companies (Auditors Report) Order, 1988 issued by the Company Law board in terms of Section 227 (4A) of the Companies Act. 1956, we annex hereto a statement on the matters specified in paragraph 4 and 5 of the said order. 4. Further to our comments in the annexure, referred to above we 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 our audit. (b) In our opinion proper books of accounts as required by Law have been kept by the Company so far as appears from our examination of such books. (c) The Balance Sheet and Profit & Loss Account dealt with by this report are in agreement with the books of accounts. (d) In our opinion the Balance Sheet and Profit & Loss Account dealt with by this report comply with the accounting standards reffered to in Sub Section (3C) of section 211 of the Company's Act, 1956, except company has taken adopted accounting policy for Retirement Benefit and Gratuity Liability on cash basis which is contrary to AS-1 and AS-15 of ICAI and AS- 13 as stated in notes to the accounts point 9A. (e) In our opinion and to the best of our information and according to the explanation given to us, the said accounts read 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 confirmity with the accounting principals generally accepted in India. (i) In the case of the Balance Sheet of State of Affairs of the Company as at 31st March, 2005. AND (ii) In the case of Profit and Loss Account of the Loss of the Company for the year ended on that date. 5. On the basis of written representation received from the Directors as on 31 March 2005 and taken on record by the boards of Directors, we report that none of the Director is disqualified as on 31 March 2005 Prima facie disqualified from being appointed as Director in terms of Clause (g) of Sub Section (1) of Section 274 of the Company Act, 1956. For PRAKASH S.JAIN & COMPANY CHARTERED ACCOUNTANTS PLACE : INDORE PRAKASH S.JAIN DATED : 6.9.2005 PARTNER Annexure to Auditor's Report on the accounts of SANGHVI ASBESTOS CEMENTS LIMITED for the year ended on 31.03.2005 as referred in paragraph 1 of our report of even date. i) In respect of Fixed Assets : a) The Company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets on the basis of available information. b) We are informed that major portion of the fixed assets have been physically verified by the management at regular intervals during the year, 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) The company did not dispose off a substantial part of fixed assets during the year. ii) In respect of Inventories a) We are informed that physical verification of inventory has been conducted at reasonable intervals during the year by the management. In our opinion the frequency of such verification is reasonable. b) In our opinion and according to the information given to us, the procedures of physical verification of inventory followed by the management is 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 of inventory as compared to the book records. iii) The company has taken loan from persons falling under section 301 the terms of the same are not prejudicial to the interest of the company. iv) 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, for purpose of inventory and fixed assets and for the sale of goods. Further during the course of audit we have not observed any major weakness in the internal control. v) In respect of transactions covered under section 301 of the companies Act,1956: a) Based on the audit procedures applied by us and according to the information and explanation provided by the management, we are of the opinion that all the transactions that need to be entered into a register in pursuance of section 301 of the companies Act have been so entered. b) These transaction have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time. vi) In our opinion and according to the information and explanations given to us, the company has not accepted any deposits from the public within the meaning of section 58A & 58AA of the companies Act,1956 and the rules framed thereunder. vii) In our opinion the internal audit systems of the company is commensurate with its size and nature of its business. viii) To the best of our knowledge and according to the information given to us, maintenance of cost records under section 209 (1) (d) of the companies Act, 1956, has not been prescribed in respect to activities carried out by the company. ix) In respect of statutory dues a) According to the records examined by us the company is generally regular in depositing undisputed statutory dues including Provident Fund,Employees State Insurance, Income Tax, Sales Tax, Wealth tax, Custom Duty, Excise Duty and any other statutory dues with the appropriate authorities. According to the information and explanation given to us no undisputed amount payable in respect of aforesaid dues were outstanding as at 31st March 2005 for a period of more than six months from the date of becoming payable. b) According to the information and explanation given to us,disputed statutory dues aggregating to Rs.20.36 Lacs that have not been deposited on account of matters pending before appropriate authorities are as under: NAME OF THE NATURE OF PERIOD FOR AMOUNT FORUM WHERE STATUTE THE DUES WHICH IN Rs. DISPUTE IS THE AMT PENDING RELATES 1 Sales Tax Act Sales Tax 1997-98 13217 The Dy.comm. 2001-02 620096 of Commercial Tax Indore 2000-01 664713 -do- 2 Sales Tax Act Entry Tax 1997-98 44954 -do- 1998-99 76713 -do- 2001-02 80404 -do- 3 Sales Tax Act Central S.Tax 1999-00 9355 -do- 2000-01 101586 -do- 2001-02 314028 -do- 4 Central Excise C.Excise 1997-98 110732 The Asstt.Comm., Central Excise Pithampur, Indore 2035798 x) There is no accumulated losses of the company. The company has not incurred cash loss for the year ended on 31st March 2005 in respect of book loss of Rs.1229943/-. xi) In our opinion based on our audit procedures & according to the information and explanation given to us, the company has not defaulted in repayment of dues to financial institutions/banks. xii) In our opinion and according to the information and explanation given to us no loans and advances have been granted by the company 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 provision of claus 4(xiii) of the companies (Auditors Report) order 2003 are not acceptable to the company. xiv) In our opinion the company is not dealing in or trading in shares, securities, Debentures and other investments. Accordingly the provision of clause 4 (xiv) of the companies (Auditors Reports) Order 2003 are not applicable to the company. xv) According to the information and explanation given to us Company has not given any guarantee for loans taken by others from bank or financial institutions. xvi) In our opinion & according to the information & explanation given to us on an overall basis, the term loans have been applied for the purpose for which they are raised. xvii) According to the information and explanation given to us on an overall examination of the Balance Sheet of the company. We are of the opinion that the company has not utilised fund raise from short term sources towards repayment of long term borrowings and acquisition of fixed assets. xviii) During the year the company have not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the companies Act. 1956. For PRAKASH S.JAIN & COMPANY CHARTERED ACCOUNTANTS PLACE : INDORE PRAKASH S.JAIN DATED : 6.9.2005 PARTNER