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Sheena Textiles Ltd.

BSE: 521026 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
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Sheena Textiles Ltd. (SHEENATEXTILES) - Auditors Report

Company auditors report

SHEENA TEXTILES LIMITED ANNUAL REPORT 2004-2005 AUDITORS' REPORT The Members of Sheena Textiles Limited Mumbai We have audited the attached Balance Sheet of Sheena Textiles Limited at 31st March, 2005 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 an opinion on these financial stets based on our audit. 1) 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 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 management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 2) As required by the Statement on Companies (Auditors' Report) Order, 2004 issued by the Central Government of India in term of Sub-Section (4A) of Section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in the Paragraphs 4 and 5 of the said Order. 3) Further to our comments in the Annexure referred to above, we report that : (i) We have obtained all the ink and explanations, which to the best of our knowledge and belief, were nary for the purpose 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 Balance Sheet and Profit and Loss account dealt with by this report are in agreement with the books of account; (iv) In our opinion, the Balance Sheet and Profit and Loss account dealt with by this report comply with the accounting standards referred to th sub-section (3C) of section 211 of the Companies Act, 1956; (v) On the basis of written representations received from the directors, as on 31st March, 2005, and taken oh record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2005 from being appointed as a director in terms of clause(g) of sub-section (1) of Section 274 of the Companies Act 1956. (vi) In our opinion arid to the best of our information and according to the explanations given to us, the said 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 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, 2005; (b) in the case of the Profit and Loss Account, of the Profit for the year ended on that date; and (c) in the case of Cash Flow Statement, of the Cash Flows for the year ended on that date. For Khurana Vineet & Associates Chartered Accountants Hemanshu Jetley Partner Dated the May 31, 2005 Mumbai ANNEXURE TO THE AUDITORS' REPORT The Annexure referred to in the Auditor's Report to the members of Sheena Textiles Limited for the year ended 31st March, 2005. We report that: f. (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. Fixed assets have been physically verified by the Management during the year under audit and no material discrepancies were noticed on such verification. In our opinion, the frequency of verification is reasonable. (b) As per information and explanation given to us, no substantial part of the fixed assets have been disposed off during the year under review, which affect the ability of the company to continue as going concern. 2. (a) The stocks of finished goods, stores and raw materials of the Company have been physically verified by the management during the year at a reasonable interval. In our opinion and according to the information and explanation given to us, the frequency of physical verification is reasonable. In our opinion, the procedures of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business. (b) In our opinion and according to the information and explanation given to us, the company is maintaining proper records of its inventories and the discrepancies noticed as such between the physical stocks and book stocks were not material and have been adequately dealt with in the books of accounts. 3. (a) The Company has taken Interest Free Unsecured Loans amounting to Rs 9,40,23,945.00 from Companies or other parties fisted th the register maintained under Section 301 of the Companies Act, 1956 and from companies under the same management as defined under Section 370(1B) of the said Act. which in our opinion is not prejudicial to the interest of the company. (b) The Company has not granted any loans from Companies or other parties listed in the register maintained under Section 301 of the Companies Act, 1956 and from companies under the same management as defined under Section 370(1B) of the said Act. 4. In our opinion, there is an adequate internal control procedure commensurate with the Company's size and nature of business for purchase of stores, raw materials including components, plant & machinery, equipment and other similar assets and for the sale of goods. 5. The Company has purchased goods and materials and sold goods, materials and services aggregating Rs. 5,00,000/- or more in value from/to any of the parties listed th the register maintained under Section 301 of the Companies Act, 1956 which in our opinion is as per the normal trading practices being followed by the company. 6. The Company has not accepted deposits from public hence the provisions of Section 58A of the Companies Act, 1956 and rules framed there under are not applicable. 7. In our Opinion, the Company has an adequate Internal Audit System commensurate with is size and nature of its business. 8. According to the information and explanations given to us, the Central Government has not prescribed the maintenance of cost records under clause (d) of sub section (1) of section 209 of the Companies Act, 1956 for any of the products of the company. 9. (a) According to the information and explanations given to us, and on the basis of our examination of the books of account, the company has been regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund Income Tax , Sales tax, any other material statutory dues applicable to it. According to the information and explanations given to us, no undisputed dues payable in respect of Income Tax Sales Tax were outstanding at 31st March, 2005 for a period of more than six months from the date they became payable. (b) According to the records and information provided to us there are no statutory dues which have not been deposited on account of any dispute. 10. The company has an Nil accumulated loss at the end of the financial year and has not incurred cash losses in the financial year and in the financial year immediately preceding such financial year. 11. Based on our audit procedures and according to the information and explanations given to us, we are of the opinion that the company has not defaulted in repayment of dues to banks. 12. The company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Accordingly clause 4(xii) of the Order is not applicable. 13. The company is not a chit fund, nidhi, mutual benefit fund or a society. Accordingly clause 4(xiii) of the Order is not applicable. 14. According to the information and explanations given to us, the company is not dealing or trading in shares, securities, debentures and the other investments. Accordingly clause 4(xiv) of the Order is not applicable. 15. According to the information and explanations given to us, the company has not given any guarantee for loans taken by others from banks or other financial institutions. Accordingly clause 4(xv) of the Order is not applicable. 16. In our opinion and according to the information and explanations given to us, and to the best of our knowledge and belief on an overall basis, company has not taken any additional Term Loan during the financial year. 17. According to the information and explanations given to us, the company has not raised any funds on short-term basis. 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 Act Accordingly clause 4(xviii) of the Order is not applicable. 19. The company has not issued any debentures. Accordingly clause 4(xix) of the Order is not applicable. 20. The company has not raised any money by public issue during the year. Accordingly clause 4(xx) of the Order is not applicable. 21. According to the information an explanations given to us, no fraud on or by the company has been noticed or reported during the year. For Khurana Vineet & Associates (Hemanshu Jetley) Partner Dated the May 31, 2005. Mumbai.