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Shamrock Industrial Co Ltd.

BSE: 531240 Sector: Others
NSE: N.A. ISIN Code: INE022F01015
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Shamrock Industrial Co Ltd. (SHAMROCKINDL) - Auditors Report

Company auditors report

SHAMROCK INDUSTRIAL COMPANY LIMITED ANNUAL REPORT 2007-2008 AUDITORS' REPORT TO THE MEMBERS OF SHAMROCK INDUSTRIAL COMPANY LIMITED 1. We have audited the attached Balance Sheet of SHAMROCK INDUSTRIAL COMPANY LIMITED as at 31st MARCH 2008. the profit and Loss Account for the year ended on that date annexed there to. These financial statements are the responsibility of the Company's management. Our responsibility is to express ail opinion oil these financial statements based on our audit. 2. We have 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 free of material misstatement. An audit also includes examining, on it test basis, evidence supporting the amount, and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by 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 tile Companies (Auditors Report) Order 2003 issued by the Central Government of India in terms of sub section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure it 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 the report that: (a) 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. (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 the books. (c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with this Report are in agreement with the books of accounts of the Company. (d) The accounts of the company have been prepared on the basis of the going, concern. However in view of long suspension of the Bulk Drug Project of the Company and huge liabilities of the Financial Institutions and bank, we are unable to express our opinion on its liability to continue as going concern. In event of the same not being held to be going concern and various assets and liabilities required to re-adjusted with respect to their realizable value. The impact whereof has not been ascertained and thereof cannot be commented upon by us. (e) In our opinion the Balance Sheet Profit & Loss Account and cash flow statement except as mentioned in the notes in the schedule 12. note no. 5 regarding non provision of interest payable on loan taken from the banks comply with the mandatory accounting standards to the extent applicable referred to in sub-section (3c) of the section 211 of the Companies Act, 1956. (f) On the basis of written representations received from the directors, and taken on record by the Board of Director, we report that, none of the directors are disqualified as on 31st March, 2008 from being appointed as directors in terms of clause (g) of subjection (I) of section 274 of the Companies Act, 1956. (g) Subject to our comments in para 4(d) above, in our opinion and to the best of our information and according to the explanations given to us, the said accounts read with 'NOTES' on accounts give the information required by the Companies Act, 1956 in the manner so required and give true and fair view in conformity with the accounting principle generally accepted in India: i. In the case of Balance Sheet of the state of affairs of (he company as at 31st MARCH, 2008. ii. In the case of the Profit & Loss Account of the 'PROFIT' of the company for the year ended on that date. iii. In the case Cash Flow statement of the cash Flow for the year ended on that date. FOR DHARMESH M. KANSARA & ASSOCIATES CHARTERED ACCOUNTANTS sd/- Dharmesh M. Kansara Proprietor Place : MUMBAI M.No. 120856 Date : 30/06/2008 ANNEXURE TO THE REPORT OF THE AUDITORS TO THE MEMBERS SHAMROCK INDUSTRIAL COMPANY LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH, 2008: 1. (a) The Company has maintained proper records to show full particulars including quantitative details and situation of fixed assets. (b) All the fixed assets of the company have been physically verified by the Management at the end of the year and in our opinion the frequency of verification is reasonable having regard to the size of the company and nature of its assets. We are informed that no material discrepancies were noticed by the management on such verification. (c) The company has not disposed off any part of fixed assets during the year. 2. (a) The company has not granted any loans to the companies firms or other parties covered in the register, maintained u/s 301 of the companies Act, 1956. (b) The rate of interest and other terms and conditions on which loans have been taken by the company are not prima facie prejudicial to the interest of the company. (c) In respect of such loans taken by the company, where stipulations have been made. They have generally repaid the principal amount as stipulated and have been regular in payment of interest. 3. 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 business with regard to purchase 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 weakness in internal controls. 4. (a) In our opinion and according to the information and explanations given to us, transactions that need to be entered into the register in pursuance of section 301 of the Companies Act, 1956 have been so entered. (b) According to the information and explanation given to us, there is no transactions that have been made in pursuance of contracts or arrangements entered in the register maintained u/s 301 of the Companies Act, 1956. 5. The company has not accepted any deposit from the public and as such the provision of section 58A and 58 AB the Companies Act, 1956 and the rules framed there under have no application to the company. 6. In our opinion the company has internal audit system commensurate with the size and nature of the business. 7. The maintenance of cost records has not been prescribed in the case of the Company for the period under section 209(1) (d) of the Companies Act, 1956. 8. (a) According to the records of the company, provident fund and Employees' State Insurance have been deposited for the year with the appropriate authorities as on the dale of this report. Further, MST of Rs.8,775/- was not paid and MVAT for the year amounting to Rs.59.285/- has not been deposited till the date of this report. As regards to Income-tax on Income, wealth tax, custom duty and excise duty, according to the information and explanations given to us, no undisputed amounts payable were outstanding, at the year end for the period of more than six months from the dale they became payable. Further the Company has not paid Fringe Benefit Tax from the A.Y. 2006-2007. (b) According to the records of the company and the information and explanation given to us upon our inquiries in this regards disputed dues in respect of Income Tax unpaid as at the last date of the financial year is as follows: Statutes Forums before whom pending Amount a. Block Assessment Tribunal 1,57,59,845/- b. A.Y. 1998-99 Tribunal 8,12,215/- c. A.Y. 2001-02 CIT(A) 31,45,337/- d. A.Y. 2002-03 CIT(A) 8,60,588/- e. A.Y. 1997-98 Tribunal 1,47,000/- (Approx.) 9. The Company has accumulated losses of Rs.6,76,74,739/- (Rupees Six Crores Seventy Six Lacs Seventy Four Thousand Seven Hundred Thirty Nine Only) at the end of the financial year and has made a cash profit in the current financial year and there was Loss in the immediately preceding financial year. 10. On the basis of records examined by us and the information and explanation given to us, the company has defaulted in repayment of dues to the Dena Bank Rs.6,07,12,450/- and Rs. 2,61,44,596/- to Bombay Mercantile Co-Op Bank since 31st March, 2001. 11. Based on our examinations of records and 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. 12. According to the information and explanations given to us, the company has not given any guarantee for loans taken by others from banks and financial Institutions. 13. According to the information and explanations given to us and an overall examination of the Balance sheet of the Company, we report that no funds raised on short terms have been used for long term investments. No long term funds have been used to finance short term assets. 14. 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. 15. Looking to the nature of activities being carried on by the company also considering the nature of matters referred to in various clauses of the Companies (Auditors Report) Order, 2003 clauses (2), (13), (14), (16), (18), (19) and (20) of paragraph of aforesaid order are in our opinion, not applicable to the company. FOR DHARMESH M. KANSARA & ASSOCIATES CHARTERED ACCOUNTANTS sd/- [DHARMESH M. KANSARA] Proprietor Place : MUMBAI Date : 30/06/2008