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Sri Skandan Industries Ltd.

BSE: 531604 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: N.A.
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Sri Skandan Industries Ltd. (SRISKANDANINDS) - Auditors Report

Company auditors report

SRI SKANDAN INDUSTRIES LIMITED ANNUAL REPORT 2004-2005 AUDITORS' REPORT To The Shareholders We have audited the attached Balance Sheet of SRI SKANDAN INDUSTRIES LIMITED as at 31st March 2005 and the Profit and Loss Account for the year ended on that date annexed thereto. These Financial Statements are the responsibility of the Management. Our responsibility is to express an opinion on these financial statements based on our audit. 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 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. I. As required by the Companies (Auditors' Report) Order, 2003, issued by the Central Government in terms of Section 227 (4A) of the-Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 & 5 of the said order. II. Further to our comments in the Annexure referred to in paragraph (I) above, 1. We have obtained all the information and explanation, which to the best of our knowledge and belief were necessary for the purpose of our audit, save as otherwise stated herein; A. No confirmation of balances from Debtors and Creditors were obtained. B. No proper record of fixed assets and lease-hold lands are maintained. 2. In our opinion proper books of accounts has been kept by the concern so far as it appears from our examination of the books, save as stated in para (1) supra. 3. The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the books of account. 4. In our opinion the Profit and Loss account Balance Sheet dealt with by this report have been prepared in compliance with the accounting standards referred to in sub-section (3C) of section 211 except Accounting Standards 16, 17, 22, 25, 28, 30 5. According to the information and explanation given to us, no Director is disqualified from being appointed as Director under clause (g) of sub- section (1) of section 274. In our opinion and to the best of our information and according to the explanations given to us, the said Balance Sheet and Profit and Loss Account read together with the Schedules and Notes thereon and subject to notes 11. 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 i. In the case of the Balance Sheet of the State of Affairs of the company as at 31st March 2005 and ii. In the case of the Profit and Loss Account, loss of the company for the year ended on that date. for PRAKASH & PRASAD CHARTERED ACCOUNTANTS PLACE : Chennai V RAMPRAKASH DATE : 5-9-2005 (Proprietor) ANNEXURE TO AUDITOR REPORT 1. (a) The company has not maintained proper records showing full particulars including quantitative details and situation of fixed assets. (b) Some of the assets have not been physically verified by the management during the year. (c) None of the fixed asset of the company has been disposed off during the year. 2. (a) The inventory has been physically verified during the year by the management. 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. The discrepancies noticed on verification between the physical stocks and the book records were not material. 3. The company has not taken or granted any loan from companies, firms and other parties covered in the register maintained under section 301 of the companies act, 1956. 4. 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 business with regard to the sale of goods. During the course of audit we have not observed any continuing failure to correct major weakness in internal controls. 5. According to the information and explanations given to us, we are of the opinion that no Transactions have been made in pursuance of any contracts or arrangements which are Required to be entered into the register maintained under section 301 of the companies act, 1956. 6. In our opinion and according to the information and explanations given to us, the company has not accepted or renewed any deposits under the provision of the companies (acceptance of Deposits) Rules, 1975 from public. 7. In our opinion, the company has no internal audit system commensurate with the size and nature of its business. 8. The Central Government has not prescribed for the maintenance of cost records under section 209 (1) (d) of the companies act, 1956, by the company. 9. (a) The company is not regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education protection fund, employees state insurance, and other dues payable to Pollution Control Board. (b) According to the information and explanations given to us, no undisputed amounts. payable in respect of income tax, wealth tax, sales tax, customs duty, excise duty and cess were in arrears, as at 31/3/05 for a period of more than six months from the date they become payable. (c) According to the information and explanation given to us, there are no dues of sales tax, income tax, customs duty, wealth tax, excise duty and cess which have not been deposited on account of any dispute. 10. In our opinion, the accumulated losses of the company are more than fifty percent of its net worth. The company has not incurred cash losses during financial year covered by our audit as in the earlier year. 11. In our opinion, and according to the information and explanations given to us, the company has not defaulted in repayment of dues to a financial institution, bank or debenture holders. 12. The company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. 13. 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 companies (Auditor's Report) order, 2003 are not applicable to the company. 14. In our opinion, the company in not dealing in or trading in shares, securities, debentures and other investments, Accordingly, the provisions of clause 4(xiv) of the companies (Auditor's Report) order 2003 are not applicable to the company. 15. In our opinion, the company has not given guarantees for loans taken by others from banks or financial institutions. 16. In our opinion, the term loans have been applied for the purpose for which they were raised. 17. According to the information and explanation 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. No long term funds have been used to finance short term assets except permanent working capital. 18. According to the information and explanations given to us, the company has not made any preferential allotment of shares during the year under audit to parties and companies covered in the register maintained under section 301 of the act. 19. The company has not issued any debenture at any time. 20. The company has not raised any money by public issues during the year under audit. 21. According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit. for PRAKASH & PRASAD CHARTERED ACCOUNTANTS PLACE : Chennai V RAMPRAKASH DATE : 5-9-2005 (Proprietor)