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Unicorn Organics Ltd.

BSE: 524087 Sector: Others
NSE: N.A. ISIN Code: N.A.
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Unicorn Organics Ltd. (UNICORNORGANICS) - Auditors Report

Company auditors report

UNICORN ORGANICS LIMITED ANNUAL REPORT 2004-2005 AUDITORS' REPORT To The Members of UNICORN ORGANICS LIMITED We have audited the attached Balance Sheet of UNICORN ORGANICS LIMITED as at 31st March, 2005 and the Profit and Loss Account of the Company 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 statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in India. These Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of 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 management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 1. As required by the Companies (Auditors Report) Order, 2003 issued by the Government of India in terms of Section 227(4A) of the Companies Act, 1956 and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us during the course of audit, we enclose in the annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order. 2. As stated in Note No. 1 of Schedule 12 the accounts for the year have been prepared on going concern basis. We are unable to express our opinion in this regard. 3. As stated in Note No.4 of Schedule 12, no provision has been made for interest on unpaid interest and penal interest on unpaid principal of borrowings from financial institutions the amount not having been determined. 4. As stated in Note No.5 of Schedule 12, no provision is made for fall in value of closing inventories of stores and spares and packing material. 5. Further to our comments in the annexure referred to in para 1 above and remarks in para 2 above we report that i) 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; 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 the 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 the Profit and Loss Account dealt with by this report comply with the Accounting Standards referred to in Sub-section 3(c) of Section 211 of the Companies Act, 1956. v) On the basis of written representations received from the Directors and taken on 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 and 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 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, of the Loss of the Company for the year ended on that date. iii) in the case of the Cash Flow Statement, of the Cash Flows for the year ended on that date. FOR NATARAJ IYER & CO., Chartered Accountants Place : Hyderabad (G. PRASAD) Date : 01.09.2005 Partner M.No. 19617 ANNEXURE TO THE AUDITORS' REPORT Referred to in paragraph 1 of our Report of even date: i) The Company has maintained records showing particulars including quantitative details and location of fixed assets. As the court receiver has taken possession of the manufacturing unit of the Company, no physical verification of fixed assets has been conducted during the year. Hence the question of ascertainment of discrepancies between book records and physical existence does not arise. Substantial part of the fixed assets have not been disposed oil during the year. ii) Since the manufacturing unit of the Company has been in the possession of court receiver, the inventories have not been physically verified by the management during the year. In view of the above the question of procedures for physical verification and discrepancies between book records' and physical existence does not arise. iii) The Company has not granted or taken loans, secured or unsecured to / from Companies, firms or other parties covered in the register maintained U/s 301 of the Act. iv) Since the Company is not in operation, the question of internal controls for purchase of inventory, fixed assets and sale of goods does not arise. v) There are no transactions that need to be entered in the Register maintained U/s 301 of the Act. vi) The Company has not accepted any deposits from the public. vii) The Company did not have an internal audit system as there were no operations. viii) The Central Government has not prescribed maintenance of Cost records U/s 209(1)(d) for the products of the Company. ix) According to the information and explanations given to us, the Company is generally regular in depositing undisputed statutory dues including provident fund, inventor education and protection fund, employees state insurance, income tax, sales tax, wealth tax, custom duty, excise duty, cess and other statutory dues as applicable with the appropriate authorities. According to the information and explanation given to us there are no undisputed sales tax, income tax, customs tax, wealth tax, excise duty, cess which have not been deposited. x) The accumulated losses of the Company as at the year end is more than fifty percent of its net worth and the Company incurred cash losses for the year and in the immediately preceding year. xi) The Company has defaulted in repayment of dues to debenture holders. The debentures were repayable in 20 quarterly instalments commencing from 5.05.1997 and hence entirely overdue. The principal amount and interest (excluding penal interest) unpaid is Rs.1000.78 lacs. xii) 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) The Company is not a Chit fund or a nidhi / mutual benefit fund/ society. xiv) The Company is not dealing in or trading in shares, securities, debentures and other investments. xv) The Company has not given any guarantees for loans Taken by other; from banks or financial institutions. xvi) The Company has not raised any term loans during the year. xvii) The Company has not raised any funds on long term or short term basis during the year. xviii) The Company has not made any preferential allotment of shares to any parties during the year. xix) The Company has not issued any debentures during the year. xx) The Company has not raised any money by public issue during the year. xxi) According to the information and explanations given to us, during the year, no fraud on or by the Company has been noticed or reported. For NATARAJ IYER & CO., Chartered Accountants Place : Hyderabad (G. PRASAD) Date : 01.09.2005 Partner M.No. 19617