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Mardia Extrusions Ltd.

BSE: 530113 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE276E01010
BSE 05:30 | 01 Jan Mardia Extrusions Ltd
NSE 05:30 | 01 Jan Mardia Extrusions Ltd

Mardia Extrusions Ltd. (MARDIAEXTRUSION) - Auditors Report

Company auditors report

MARDIA EXTRUSIONS LIMITED ANNUAL REPORT 2010-2011 AUDITORS' REPORT To The Shareholders of MARDIA EXTRUSIONS LIMITED 1. We have audited the attached Balance Sheet of MARDIA EXTRUSIONS LIMITED at 31st March 2011 and the Profit and Loss Account and Cash flow statement 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. 2. 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. 3. As required by the Companies (Auditor's Report) Order 2003 issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956, we give in the annexure, a statement on the matters specified in paragraph 4 and 5 of the said order. 4. Though the Company has incurred losses in excess of paid up Capital & Reserve The Accounts have been prepared on going Concern basis as the Company has made an application with the Board for Industrial and Financial Reconstruction (BIFR) Refer Note No. 4. 5. Further to our comments in the annexure referred to above, we report that: a. 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; b. In our opinion proper books of account as required by law have been kept by the Company so far as it appears from our examination of such books; c. The Balance Sheet and Profit and Loss Account and Cash Fund Flow statement dealt with by this report are in agreement with the books of accounts; d. In our opinion the Balance Sheet & Profit & Loss Account and Cash flow statement, comply with the accounting standards referred to in Sub Section (3C) of Section 211 of the Companies Act, 1956. e. On the Basis of written representations received from the Directors, as on 31st March, 2011 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2011 from being appointed as Directors in term of clause (9) of Sub Section (I) 274 of the Companies Act, 1956. f. In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with the and subject to the notes to the accounts relating to Balance Sheet and Profit and Loss account 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 principals generally accepted in India. i. In the case of Balance Sheet of the state of Affairs of the Company as at 31st March, 2011 and ii. In the case of Profit and Loss Account, of the Loss for the year ended on that date. iii. In the case of Cash Flow Statement, of the Cash Flow for the year ended on that date. For SHYAM C. AGRAWAL & CO. Chartered Accountants S. C. AGRAWAL Place: Mumbai (Proprietor) Dated: August 31, 2011 Membership No. 31774 ANNEXURE TO THE AUDITORS' REPORT: Referred to in paragraph (3) of our report of even date on the accounts of MARDIA EXTRUSIONS LIMITED the year ended 31st March, 2011. 1. In respect of its Fixed Assets: a. The company has maintained proper records showing full particulars, including quantitative details and situation of Fixed Assets. Fixed Assets were physically verified at periodic intervals In our opinion, the period of verification is reasonable, having regards to the size of the company and the nature of its assets. No materials discrepancies have been on such verification. b. According to the information and explanation given to us, the Company has not disposed off any fixed assets, during the year. 2. In respect of Inventories: a. As explained to us, inventories have been physically verified by the management at regular intervals during the year. b. In our opinion and according to information and explanation given to us, 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 has maintained proper records of inventories. As explained to us there were no material discrepancies noticed on physical verification of inventory as compared to the book records. 3. a. The Company has not taken any loan from parties listed in the register maintained under Section 301 of the Companies Act, 1956. b. The Company had not granted Unsecured loans to the parties listed in the register maintain under Section 301 of the Companies Act, 1956 of which at the year-end. c. The Company has not charged or paid any interest on the above loans, other terms & condition on which loans have been taken/granted to companies listed in the register maintained under Section 301 of the Companies Act, 1956 are not prima facie, prejudicial to the interest of the Company d. The loans Granted by the Company are at call and no stipulations have been made regarding payment of interest. 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 its business for the purchase, inventory, fixed assets and also for the sale of goods. During the course of our audit, we have not observed any weakness in internal controls. 5. a. In our opinion and according to the information and explanation given to us. the transactions made in pursuance of contracts or arrangements, that needed to be entered in the register maintained under the Section 301 of the Companies Act, 1956, have been so entered. b. In our opinion and according to the information and explanation given to us, the transaction made to in the pursuance of contract or arrangement entered in the register maintained under Section 301 of the Companies Act, 1956, exceeding the value of Five Lacs Rupees in respect of any party during the year have been made at prices which are responsible having regard to the prevailing market price at the relevant time. 6. The Company has not accepted any deposits from the public. 7 In our opinion, the internal audit system of the Company is commensurate the size & Nature of its business. 8. As informed to us, the maintenance of cost records has not been prescribed by the Central Government under Section 209 (I) (d) of the Companies Act, 1956 in respect of the activities carried on by the Company. The Company has not issued any debenture during the year. 9. a) According to the records of the Company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employee State Insurance, Income Tax, Sale Tax, Wealth Tax, Custom Duty, Excise duty. Educational Cess and the Statutory Dues have been generally regularly deposited with the appropriate authorities. b) According to the information and explanation given to us, no undisputed amount payable in respect of aforesaid dues were outstanding as at 31st March, 2011 for a period of more than six months from the date they became payable. 10. Accumulated losses of the Company as at 31st March, 2011 are more than its net worth. It has incurred cash losses during the financial year ended on that date and in the preceding financial year. 11. According to the information & explanation given to us, the company has fully paid all its secured creditors under OTS (One Time Settlement Scheme), entered with Union Bank of India and Dena Bank. The company has no secured creditors as on 31st March 2011. 12. According to the information & explanation given to us the Company has not granted loans & advances on the Basis of security by way of pledge of Share and other securities. 13. In our opinion, the Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, clause 4(xiii) of the Companies (Auditor's Report) order 2003 is not applicable to the Company. 14 In our opinion, and according to the information and explanation given to us, the company is not dealing in or trading in share, securities debenture and other investment. According, the provision of the clause 4 (xiv) of the Companies (Auditor's Report) order, 2003 are not applicable to the Company. 15. As informed to us, the Company has not given any guarantees for loans taken by others from banks or financial Institutions. 16. The Company has not raised any new term loans during the year. The term loans outstanding at the beginning of the year have been applied for purpose for which they were taken. 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 loans have been used to finance short-term assets. 18. During the year Company has not made any preferential allotment of Shares to parties and Companies covered in the register maintained under Section 301 of the Companies Act, 1956. 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 through a public issue during the year and accordingly clause 4 (XX) of the order is not applicable. 21. During the course of our examination of the books and records of the Company, carried in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor have we been informed of such case by the management. For SHYAM C. AGRAWAL & CO. Chartered Accountants S. C. AGRAWAL Place: Mumbai (Proprietor) Dated: August 31st, 2011 Membership No. 31774