Mar 31, 2015
We have audited the accompanying financial statements of SOUTHERN LATEX
LIMITED ("the Company"), which comprise the Balance Sheet as at
31/03/2015, the Statement of Profit and Loss, the cash flow statement
for the year then ended, and a summary of the significant accounting
policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these financial statements that give a true and
fair view of the financial position, financial performance and cash
flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
there under.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances. An audit also includes evaluating
the appropriateness of the accounting policies used and the
reasonableness of the accounting estimates made by the Company's
Directors, as well as evaluating the overall presentation of the
financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as
at 31/03/2015, and its Profit and it's cash flows for the year ended on
that date.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditors' Report) Order,2015("the Order")
issued by the Central Government of India in terms of sub section (11)
of section 143 of the Companies Act, 2013. We give in the Annexure A
statements on the matters specified in paragraphs 3 and 4 of the order,
to the extent applicable.
As required by Section 143 (3) of the Act, we report that:
(a) We have sought and 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 account as required by law have
been kept by the Company so far as it appears from our examination of
those books.
(c) The Balance Sheet, the Statement of Profit and Loss and the cash
flow statement dealt with by this Report are in agreement with the
books of account.
(d) In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
(e) On the basis of the written representations received from the
directors as on 31/03/2015 taken on record by the Board of Directors,
none of the directors is disqualified as 31/03/2015 from being
appointed as a director in terms of Section 164 (2) of the Act.
(f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
1. The Company has disclosed the impact of pending litigations on its
financial position in its financial statements.
2. The Company has made provision, as required under the applicable
law or accounting standards, for material foreseeable losses, if any,
on long-term contracts including derivative contracts.
3. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
Annexure to the Independent Auditors' Report
(Referred to in paragraph 1 under 'Report on Other Legal and Regulatory
Requirements' section of our report of even date)
(1) In Respect of Fixed Assets
(a) The company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
(b) Fixed assets have been physically verified by the management at
reasonable intervals; No material discrepancies were noticed on such
verification. Though company have sold the substantial part of fixed
assets, its does not affect the normal course of business operation.
(2) In Respect of Inventory
(a) Physical verification of inventory has been conducted at reasonable
intervals by the management.
(b) The procedures of physical verification of inventory 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. No material
discrepancies were noticed on physical verification.
(3) Loans and advances to parties covered under section 189
The Company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the registered maintained
under Section 189 of the Companies Act 2013.
(4) Internal Control in reference to Purchase of Inventory and Fixed
Assets and whether there is continue failure of Internal control
In our opinion and according to the information and explanations given
to us there are adequate internal control system commensurate with the
size of the company and the nature of its business for the purchase of
inventory and fixed assets and for the sale of goods and services.
During the course of audit We have not observed continuing failure to
correct major weaknesses in internal control system.
(5) Rules followed while accepting Deposits
No deposits within the meaning of Sections 73 to 76 or any other
relevant provision of the Act and rules framed there under have been
accepted by the Company.
(6) Maintenance of cost records
The Company is not required to maintain cost records pursuant to the
Rules made by the Central Government for the maintenance of cost
records under sub-section (l) of section 148 of the Companies Act.
(7) According to the information and explanations given to us in
respect of statutory dues
(a) The company is regular in depositing with appropriate authorities
undisputed statutory dues including Provident fund, Investor education
protection fund, Employees' state insurance, Sales tax, Wealth tax,
Service tax, Custom duty, Excise duty, Cess and other material
statutory dues applicable to it and to regularise the payment of TDS.
According to the records of the Company, there were interest free sales
tax loans outstanding as on 31st March 2015 for the period of more than
six months from the date they became payable.
(b) According to the information and explanation given to us, no
undisputed amounts payable Income tax, as at 31st March, 2015 for a
period of more than six months from the date they became payable except
in the case of Sale Tax dispute for Rs.113 Lacs
(c) The company is not required to be transferred to Investor education
and protection fund during the year. Since, there is no unclaimed and
unpaid dividends, deposits and debentures etc.,
(8) Company which has been registered for a period less than five years
and accumulated losses are more than 50% of Net worth, Reporting of
cash Losses
The company's accumulated losses at the end of the financial year are
less than fifty percent of its net worth and it has not incurred cash
losses in the current and immediately preceding financial year.
(9) Default in Repayment of Loans taken from Bank or Financial
Institutions
The company has not defaulted in repayment of dues to financial
institution or bank.
(10) Terms for Loans and Advances from Banks or Financial Institutions
prejudicial to the interest of the company
According to the information and explanations given to us, the company
has not given any guarantee for loans taken by others from bank or
financial institutions.
(11) Application versus purpose for which Loan Granted
The company did not have any term loans outstanding during the year.
(12) Reporting of Fraud During the Year- Nature and Amount
According to the information and explanation given to us, no fraud on
or by the company has been noticed or reported during the year.
FOR KANNAN AND ALAMELU
(Chartered Accountants)
Place : CHENNAI Reg No. :009087S
Date : 30/05/2015 A.K.ALAMELU
(Partner)
Membership No : 206906
Mar 31, 2014
Report on the Financial Statements
We have audited the accompanying financial statements of SOUTHERN LATEX
LIMITED,("the company") which comprise the Balance Sheet as at
31/03/2014, and the Statement of Profit and Loss cash flow statement
for the year then ended, and a summary of significant accounting
policies and other explanatory information.
Management Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of financial position,
financial performance and cash flow of the company in accordance with
the accounting standards referred to in sub -section (3C) of section
211 of the Companies Act 1956 ("the Act") read with the General
Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate
Affairs in respect of section 133 of the Companies Act, 2013. The
responsibility includes the design, implementation and maintenance of
internal control relevant to the preparation and presentation of
financial statements that give a true and fair view and are free from
material misstatements, whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the standards on auditing issued by the Institute of Chartered
Accountants of India. Those standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from misstatements.
An audit involves performing procedure to obtain audit evidence about
the amounts and disclosure in the financial statements. The procedure
selected depend upon auditor''s judgement, including the assessment of
the risk of material misstatements of the financial statements, whether
due to fraud or error. In making those risk assessment, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedure that are appropriate in the circumstances ,but not for the
purpose of expressing an opinion on the effectiveness of the entity''s
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of accounting
estimates made by management, as well as evaluating the overall
presentation of financial statements.
We believe that audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit Opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) in case of the Balance Sheet, of the state of affairs of the
Company as at 31/03/2014;
(b) in case Statement of Profit and Loss Account, of the Profit for the
year ended on that date;
(c) in case of the Cash Flow Statements, of the cash flows for the year
ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order,2003("the
order") issued by Central Government of India in terms of sub-section
(4 A) of section 227 of the Act, We give in the Annexure a statements
on the matters specified in paragraphs 4 and 5 of the order.
2. As required by section 227(3) of the Act, we report that:
a. We have obtained all information and explanations 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 appears from our examinations of those
books;
c. the Balance Sheet, Statement of Profit and Loss, and cash flow
statements dealt with by this Report are in agreement with the books of
account;
d. In our opinion, the Balance Sheet, Statement of Profit and Loss,
and cash flow statements comply with the Accounting Standards referred
to in sub-section(3C) of section 211 of the Companies Act, 1956 , read
with the General Circular 15/2013 dated 13th September 2013 of the
Ministry of Corporate Affairs in respect of section 133 of the
Companies Act, 2013;
e. On the basis of written representations received from the directors
as on 31/03/2014 and taken on record by the Board of Directors, none of
the director is disqualified as on 31/03/2014, from being appointed as
a director in terms of clause (g) of sub-section (1) of section 274 of
the Companies
ANNEXURE TO THE AUDITORS'' REPORT
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.
(b) Fixed assets have been physically verified by the management at
reasonable intervals; No material discrepancies were noticed on such
verification.
(c) Though substantial part of fixed assets have been disposed off
during the year, it has not affected the going concern.
2. In respect of its inventories:
(a) Physical verification of inventory has been conducted at reasonable
intervals by the management.
(b) The procedures of physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
(c) Company is maintaining proper records of inventory. No material
discrepancies were noticed on physical verification.
3. In respect of loans granted and taken to / from parties covered in
the register maintained u/s 301 of the Companies Act, 1956.
(a) The company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
u/s 301 of the companies Act-1956.
(b) The company has not taken any loans, secured or unsecured from
companies, firms or other parties covered in the register maintained
u/s 301 of the companies Act-1956.
4. In respect of internal control
In our opinion and according to the information and explanations given
to us there are adequate internal control system commensurate with the
size of the company and the nature of its business, for the purchase of
inventory and fixed assets and for the sale of goods and services.
During the course of audit, We have not observed continuing failure to
correct major weaknesses in internal control system.
5. In respect of contracts or arrangements need to be entered into a
register maintained u/s 301 of the Companies Act, 1956
According to the information and explanations given to us, there are no
contracts or arrangements with parties referred to in Section 301 of
the Act Accordingly, clause (b) of paragraph 5 of the Order are not
applicable to the company for the current year
6. In respect of deposits from public
No deposits within the meaning of Sections 58A and 58AA or any other
relevant provision of the Act and rules farmed thereunder have been
accepted by the Company.
7. In respect of internal audit system
In our opinion, the Company has an internal audit system commensurate
with its size and nature of business.
8. In respect of maintenance of cost records
The Company is not required to maintain cost records pursuant to the
Rules made by the Central Government for the maintenance of cost
records under Section 209 (1 )(d) of the Act.
9. In respect of statutory dues
(a) The company is regular in depositing with appropriate authorities
undisputed statutory dues including income tax, and other material
statutory dues applicable to it.
(b) According to the information and explanations given to us, no
undisputed amounts payable income tax, as at 31st March, 2014 for a
period of more than six months from the date they became payable except
in the case of Sale Tax dispute for Rs 113 lacs.
10. In respect of accumulated losses and cash losses
The company''s accumulated losses at the end of the financial year are
less than its net worth and it has not incurred cash losses in the
current and immediately preceding financial year.
11. In respect of dues to financial institution / banks / debentures
In our opinion and according to information and explanation given to
us, the company has not taken any loan from Bank or Financial
Institutions
12. In respect of loans and advances granted on the basis of security
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 respect of provisions applicable to Chit fund
The Company is not a chit fund or a nidhi or mutual benefit
fund/society. Therefore the provisions of clause 4(xiii) of the Order
are not applicable to the company.
14. In respect of dealing or trading in shares, securities, debentures
and other investment
In our opinion, the Company is not dealing in or trading in shares,
securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Order are not applicable to the
company.
15. In respect of guarantee given for loans taken by others
On the basis of records examined by us and information provided by the
management, we are of the opinion that the company has not given
guarantees for loans taken by other from banks or financial
institutions.
16. In respect of application of term loans
Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year
17. In respect of fund used
According to the information and explanation given to us and on an
overall examination of the balance sheet of the company as at 31st
March 2014, we report that no funds raised on short term basis which
have been used for long term investments and vice versa
18. In respect of preferential allotment of shares
During the year, the company has not made any preferential allotment of
shares to parties and companies covered and recorded in the register
maintained under section 301 of the Act.
19. In respect of securities created for debentures No Debentures
Issued during the Year
20. In respect of end use of money raised by public issues
The company has not raised any money from the public during the year
under audit.
21. In respect of fraud
According to the information and explanation given to us, no fraud on
or by the company has been noticed or reported during the year.
Place: CHENNAI FOR KANNAN AND ALAMELU
(Chartered Accountants)
Date : 16/05/2014 Reg No. :009087S
Sd-
A.K.ALAMELU
(Partner)
Membership No : 206906
Mar 31, 2013
We have audited the accompanying financial statements of SOUTHERN LATEX
LIMITED ("the Company") which comprise the Balance Sheet as at March
31, 2013, and the. Statement of Profit and Loss and Cash Flow Statement
for the year then ended, and a summary of significant accounting
policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsiblefor the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the company in accordance with
the accounting principles generally accepted in india including
Accounting Standards referred to in section 211(3C) of the Companies
Act, 1956 ("the Act"). This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair viewand are free from material misstatements, whether due
to fraud or error.
Auditor''s Responsibility
Our Responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with auditing Standards on Auditing issued by the Institute of
Chartered Accountants of India. Those Standards require that we comply
with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control " relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a 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 March 31, 2013;
b) in the case of the Profit and Loss Account, of the loss for the year
ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As, required by the Companies (Auditor''s Report) Order, 2003
("theOrdef") issued by the Central Government of India.in. terms of
sub-section (4 A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4. and 5 of the Order.
2. As,required by Section 227(3) of the Act, we report that:
a) 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;
b) 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 the
books;
c) The Balance Sheet, the Profit & Loss Account and the Cash Flow
Statement dealt; with by this report are in agreement with the books of
account;
.
dj In our opinion; Balance Sheet, the Profit & Loss Account and the
Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in subsection (3C) of section 211 of
the Companies Act, 1956;
e) On the basis of written representations received from the Directors,
as on 31" March 2013, and taken on record by the Board of Directors, we
report that none of,the. Directors is disqualified as on 31s'' March
2013 from being appointed as a Director in terms of clause (g) of
subsection (1) of section 274 of the Companies Act, 1956;
Apexure to Independent Auditor''s report CfcrrpH to in paragraph 1 under
the heading Report on other Legaland Regulatory requirements of our
report of even date.
(a) The company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets;
(b) As explained to us, the fixed assets of the company have been
physically verified by the management at reasonable interval and no
material discrepancies were noticed on such verification.
(c) In-our opinion the company has not disposed off any substantial
part of its fixed assets so as to affect its going concern status.
II. (a) The management has conducted physical verification of
inventory at reasonable intervals during the year.
(b) The Procedures of physical verification of stock followed by the
management are reasonable. and adequate in relation to the size of the
company and the nature of its business.
(c) The discrepancies noticed on Physical verification of stocks as
compared to the books records were not material and have been properly
dealt with in the books of accounts.
III. (a) The Company has not granted any loan, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956.Consequently,''the
provisions of clause iii(b),iii(c) and iii(d) of the order are not
applicable to the company.
(e) The Company has not taken any loans, secured or unsecured from
companies, firms or other parties covered in the register maintained
under section 301 of the of the Companies Act, 1956.Thus sub clauses
(f) & (g) are not applicable to the company.
IV. In our opinion and according to the information and explanation
given to us there is generally an adequate internal control procedures
commensurate with the size of the company and nature of its business,
for the purchase of Inventories and Fixed Assets and for the Sale of
Goods. We have neither come across nor have we been informed of any
major weaknesses m internal control procedures.
V, ''On the basis of representation received from the management, the
company has not entered into any contract and arrangement with the
parties that need to be entered in the register maintained under
section 301 of the companies Act, 1956.
VI. The company has not accepted any deposits from the public covered
under section 58A and 58 AA of the Companies Act, 1956.
VII. In our opinion, the company has an internal audit system
commensurate with the size and nature of it''s business.
VIII. (a) In our opinion, the company is maintaining reasonable records
for the sale and disposable of the scraps .We are informed that the
company has* no by-product.
(b) The Central Government has not .prescribed the maintenance of cost
records Under Section 209 (1) (d) of the Companies Act, 1956.
Di. (a) According to the information and explanations given to us, the
company is making efforts tp enroll with the P.F. authorities.
(b) According the records of the company,there was interest free sales
tax loan outstanding as on 31st of March, 2013 for a period of more
than six months from the date they became payable.
(c) There were no undisputed amounts payable in respect of Income Tax,
Wealth Tax, Custom Duty and Excise Duty outstanding for a period of
more than six months from the date they became payable as at the date
of this report.
X, The Company has accumulated loss of Rs.3,42,59,916.40 as at the end
of financial year, ended 31.03.2013 as compared to previous year
accumulated loss of Rs..3,59,73,724.
XL In our opinion and according to the information and explanations
given to us, the company has not taken any loan from Bank or Financial
Institutions.
Xll. According to records of the Company and on the basis of
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.
Xffl. In our opinion, the Company is not a chit fund or a Nidhi /
Mutual benefit fund / Society. Therefore, the provisions of the
Companies (Auditor''s Report) Order, 2003 (as amended) are not
applicable to the Company.
XIV. In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of the Companies (Auditor''s Report) Order, 2003 (as amended)
is not applicable to the Company.
XV. According to the information and explanations given to us, during
the year the company has not given any guarantee for loans taken by
others from banks or financial institutions.
XVI. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
XVIL According to the information and explanations given to us and on
an overall examination of the balance sheet of the company as at 3 T
March, 2013, We report that no funds raised on short term basis which
have been used for long term investments and vice versa.
XVIII. The 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.
XDC. The company has no outstanding debentures during the period under
audit.
XX. The company has not raised any money by way of public issues
during the year.
XXI. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For and Behalf of the Board For SOUTHERN LATEX LIMITED
Govindan Manivannan N Pillai Neelakanda
Director Director
Gummidipoondi, the 16th
day of August, 2013
Registered Office
B-11/W SiPCOT Industrial Complex,
Gummidipoondi - 601201
Mar 31, 2012
1. We have audited the attached Balance Sheet of SOUTHERN LATEX
LIMITED as at 31st March 2012 and also the Profit &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 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 (as
amended) issued by the Central Government of India in terms of
subsection (4A) of section 227 of the Companies Act, 1956, we enclose
in the Annexure, a statement on the matter specified in paragraphs 4 &
5 of the said Order.
4. Further to our Comments in the Annexure referred to above, we
report that:
a) 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;
b) 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 the
books;
c) The Balance Sheet, the Profit & Loss Account and the Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
d) In our opinion, Balance Sheet, the Profit & Loss Account and the
Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in subsection (3C) of section 211 of
the Companies Act, 1956;
e) On the basis of written representations received from the Directors,
as on 31st March 2012, and taken on record by the Board of Directors,
we report that none of the Directors is disqualified as on 31st March
2012 from being appointed as a Director in terms of clause (g) of
subsection (1) of section 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 accounts give the information
required by the companies Act, 1956 in the manner so required and give
a true & 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 2012,
II. In the case of Profit & Loss of the loss of the Company for the
year ended on that date and
III. In the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
Annexure referred to in paragraph 3 of the report of even date of the
auditors to the members of Southern Latex Limited on the accounts for
the year ended 31st March. 2012
I. (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets;
(b) As explained to us, the fixed assets of the company have been
physically verified by the management at reasonable interval and no
material discrepancies were noticed on such verification.
(c) None of the fixed assets have been revalued during the year. During
the period the company has not disposed off any substantial part of its
fixed assets so as to affect its going concern status.
II. (a) The management has conducted physical verification of
inventory at reasonable intervals , during the year in respect of raw
materials,(except firewood) spares, stores and finished goods.
(b) The Procedures of physical verification of stock followed by the
management are reasonable in relation to the size of the company and
the nature of its business.
(c) The discrepancies noticed on Physical verification of stocks as
compared to the books records were not material and have been properly
dealt with in the books of accounts.
(d) On the basis of our examination, we are satisfied that the
valuation of stock is Fair and proper in accordance with the normally
accepted accounting principles and is on the same basis as in the
preceding year.
III. (a) The Company has not granted any loan, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 301 of the Act.
(b) The Company has not taken any loans, secured or unsecured from
companies, firms or other parties covered in the register maintained
under section 301 of the Act.
IV. 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 nature of its business, for the
purchase of Inventories and Fixed Assets and for the Sale of Goods. We
have neither come across nor have we been informed of any major
weaknesses in internal control procedures.
V. On the basis of representation received from the management, the
transactions for purchase of goods and materials and sale of goods,
materials and rendering services aggregating Rs.50,000 in respect of
each party in pursuance of contract and arrangement entered in the
register maintained under section 301 of the companies Act,1956 have
been made with other parties and nature of services rendered.
VI. In our opinion and according to the information and explanations
given to us, the company has not accepted deposits from the public and
hence compliance of the provisions of section 58A and 58 AA of the
Companies Act, 1956 and the Rules framed there under are not
applicable..
VII. In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
VIII. (a) In our opinion, the company is maintain reasonable records
for the sale and disposable of the scraps .We are informed that the
company gas no by-product.
(b) The Central Government has not prescribed the maintenance of cost
records Under Section 209 (1) (d) of the Companies Act, 1956. and
therefore paragraph 4 (viii) of the Order is not applicable.
IX. (a) According to the information and explanations given to us, the
company is making efforts to enroll with the P.F. authorities.
(b) There were no undisputed amounts payable in respect of Income Tax,
Wealth Tax, Custom Duty and Excise Duty outstanding for a period of
more than six months from the date they became payable as at the date
of this report.
X. According to records of the Company and on the basis of 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.
XI. In our opinion, the Company is not a chit fund or a Nidhi / Mutual
benefit fund / Society. Therefore, the provisions of the Companies
(Auditor''s Report) Order, 2003 (as amended) are not applicable to the
Company.
XII. In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of the Companies (Auditor''s Report) Order, 2003 (as
amended) are not applicable to the Company.
XIII. According to the information and explanations given to us,
during the year the company has not given any guarantee for loans taken
by others from banks or financial institutions and therefore the
provisions of the Companies (Auditor''s Report) Order, 2003 (as
amended) are not applicable to the Company.
XIV. The company has not taken any term loan, So, comment on theses
pares not required.
XV. According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, in our
opinion, there are no funds raised on short term basis which have been
used for long term investments and vice versa.
XVI The company has not made any preferential allotment of shares
during the year and therefore the provisions of the Companies
(Auditor''s Report) Order, 2003 (as amended) are not applicable to the
Company..
XVII. The company has not issued any debentures during the year and the
provisions of the Companies (Auditor''s Report) Order, 2003 (as
amended) are not applicable to the Company.
XVIII The company has not raised any money by way of public issues
during the year and therefore '' the provisions of the Companies
(Auditor''s Report) Order, 2003 (as amended) are not applicable to the
Company.
XIX. Based upon the audit procedures performed and as per the
information and explanations given to us by the management, we report
that no fraud on or by the company has been noticed during the year.
XX. In respect of trade items, there were no damaged goods.
For O.S.HARIHARAN & CO
Chartered Accountants
Sd/-
O.S.HARIHARAN
Proprietor
Place: Chennai
Date :01.09.2012
Mar 31, 2010
We have examined the attached Balance Sheet of M/s.Southern Latex
Limited as at 31st March 2010 and the annexed Profit and Loss Account
for the year ended on that and report that.
1. As required by the Manufacturing and other Companies (Auditors
Report) Order 1988 issued by the Company Law Board in terms of Section
227 (4A) of Companies Act, 1956, we enclosed in the annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
order.
2. Further to the comments in the annexure referred to in paragraph 1
above
a) 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.
b) In our opinion, proper books of accounts as required by law have
been kept by the company.
c) The Balance Sheet and Profit & Loss account dealt with by the report
are in agreement with the books of account.
3. In our opinion and to the best of our information and according to
the explanations furnished to us, the accounts read with the notes
thereon give the information required by the Companies Act, 1956, in
the manner so required and give a true and fair view.
i) In the case of Balance Sheet of the state of affairs of the company
as at 31st March 2010 and
ii) In the case the Profit & Loss Account, of the Loss for the year
ended on that date.
4. Based on information furnished and explanations made available to
us none of the directors are disqualified as on 31.03.2010, from being
appointed as Director in terms of clause (g) of Sub section (I) of
section 274 of the Companies Act 1956.
*ANNEXURE TO THE AUDITORS REPORT REFERRED TO IN PARAGRAPH OF OUR
REPORT OF EVEN DATE.
1. The Company has maintained proper records showing full particulars
including quantitative details and the situation of its fixed assets.
The Fixed Assets were physically verified and is reasonable.
2. None of the fixed assets have been revalued during the year.
3. Physical verification has been conducted by the management at
reasonable periods during the year in respect of raw materials, (except
firewood) spares, stores and finished goods.
4. The Procedures of physical verification of stock followed by the
management are reasonable in relation to the size of the company and
the nature of its business.
5. The discrepancies noticed on Physical verification of stocks as
compared to the books records were not material and have been properly
dealt with in the books of accounts.
6. On the basis of our examination, we are satisfied that the
valuation of stock is, fair and proper in accordance with the normally
accepted accounting principles and is on the same basis as in the
preceding year.
7. The company has not granted secured and unsecured loans to
Companies listed in the register maintained under section 301 of the
Companies Act, 1956. There are no companies under the same management
as defined under Sub-Section (IB) of Section 370 of the Companies Act,
1956.
8. The company has given advances in the nature of loans to the
employees which are interest free and are being recovered as stipulated
except in the case of employees who have left the service of the
company for which adequate provision has been made in the books
9. 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 its
business for purchase of raw materials, including components, stores,
plant and machinery, equipment and other assets and for the sale of
goods.
10. The transactions for purchase of goods and materials and sale of
goods, materials and rendering services aggregating Rs.50,000 in
respect of each party in pursuance of contact and arrangement entered
in the register maintained Under Section 301 of the Companies Act, 1956
have been made with other parties and the nature of service rendered.
11. Unserviceable and damaged stores, raw-materials and finished goods
have been determined and provision for the loss has been made in the
books.
12. The Company has no deposits and hence the provision of Section 58A
of the Companies Act, 1956 and the rules framed there under are not
applicable.
13. In our opinion, the Company is maintaining reasonable records for
the sale and disposable of the scraps. We are informed that the Company
has no by-product.
14. The Company has an internal Audit System commensurate with the
size and the nature of its business.
15. The Central Government has not prescribed the maintenance of cost
records Under Section 209 (1) (d) of the Companies Act, 1956.
16. According to the information and explanations given to us, the
company is making efforts to enroll with the P.F. authorities.
17. There were no undisputed amounts payable in respect of Income Tax,
Wealth Tax, Custom Duty and Excise Duty outstanding for a period of
more than six months from the date they became payable as at the date
of this report.
18. According to the information and explanations given to us, no
personal expenses of employees or Directors have been changed to
revenue accounts, other than those payable under contractual
obligations or in accordance with generally accepted business practice.
19. The Company is a Sick Industrial Company within the meaning of
Clause (0) of Sub-Section(l) of the Section 3 of the Sick Industrial
Companies (Special Provisions) Act, 1985.
20. In respect of trade items, there were no damaged goods.
For O.S.Hariharan & Company
Chartered Accountants
O.S.Hariharan
Proprietor
Place : Gummidipoondi
Date : 30.09.2010
Mar 31, 2009
We have examined the attached Balance Sheet of M/s.Southern Latex
Limited as at 31st March 2009 and the annexed Profit and Loss Account
for the year ended on that and report that.
1. As required by the Manufacturing and other Companies (Auditors
Report) Order 1988 issued by the Company Law Board in terms of Section
227 (4A) of Companies Act, 1956, we enclosed in the annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
order.
2. Further to the comments in the annexure referred to in paragraph 1
above
a) 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.
b) In our opinion, proper books of accounts as required by law have
been kept by the company.
c) The Balance Sheet and Profit & Loss account dealt with by the report
are in agreement with the books of account.
3. In our opinion and to the best of our information and according to
the explanations furnished to us, the accounts read with the notes
thereon give the information required by the Companies Act, 1956, in
the manner so required and give a true and fair view.
i) In the case of Balance Sheet of the state of affairs of the company
as at 31st March 2009 and
ii) In the case the Profit & Loss Account, of the Loss for the year
ended on that date.
4. Based on information furnished and explanations made available to
us none of the directors are disqualified as on 31.03.2009, from being
appointed as Director in terms of clause (g) of Sub section (I) of
section 274 of the Companies Act 1956.
ANNEXURE TO THE AUDITORS REPORT REFERRED TO IN PARAGRAPH 1 OF OUR
REPORT OF EVEN DATE.
1. The Company has maintained proper records showing full particulars
including quantitative details and the situation of its fixed assets.
The Fixed Assets were physically verified and is reasonable.
2. None of the fixed assets have been revalued during the year.
3. Physical verification has been conducted by the management at
reasonable periods during the year in respect of raw materials, (except
firewood) spares, stores and finished goods.
4. The Procedures of physical verification of stock followed by the
management are reasonable in relation to the size of the company and
the nature of its business.
5. The discrepancies noticed on Physical verification of stocks as
compared to the books records were not material and have been properly
dealt with in the books of accounts.
6. On the basis of our examination, we are satisfied that the
valuation of stock is fair and proper in accordance with the normally
accepted accounting principles and is on the same basis as in the
preceding year.
7. The company has not granted secured and unsecured loans to
Companies listed in the register maintained under section 301 of the
Companies Act, 1956. There are no companies under the same management
as defined under Sub-Section (IB) of Section 370 of the Companies Act,
1956.
8. The company has given advances in the nature of loans to the
employees which are interest free and are being recovered as stipulated
except in the case of employees who have left the service of the
company for which adequate provision has been made in the books
9. 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 its
business for purchase of raw materials, including components, stores,
plant and machinery, equipment and other assets and for the sale of
goods.
10. The transactions for purchase of goods and materials and sale of
goods, materials and rendering services aggregating Rs.50,000 in
respect of each party in pursuance of contact and arrangement entered
in the register maintained Under Section 301 of the Companies Act, 1956
have been made with other parties and the nature of service rendered.
11. Unserviceable and damaged stores, raw-materials and finished goods
have been determined and provision for the loss has been made in the
books.
12. The Company has no deposits and hence the provision of Section 58A
of the Companies Act, 1956 and the rules framed there under are not
applicable.
13. In our opinion, the Company is maintaining reasonable records for
the sale and disposable of the scraps. We are informed that the Company
has no by-product.
14. The Company has an internal Audit System commensurate with the
size and the nature of its business.
15. The Central Government has not prescribed the maintenance of cost
records Under Section 209 (1) (d) of the Companies Act, 1956.
16. According to the information and explanations given to us, the
company is making efforts to enroll with the P.F. authorities.
17. There were no undisputed amounts payable in respect of Income Tax,
Wealth Tax, Custom Duty and Excise Duty outstanding for a period of
more than six months from the date they became payable as at the date
of this report.
18. According to the information and explanations given to us, no
personal expenses of employees or Directors have been changed to
revenue accounts, other than those payable under contractual
obligations or in accordance with generally accepted business practice.
19. The Company is a Sick Industrial Company within the meaning of
Clause (0) of Sub-Section(l) of the Section 3 of the Sick Industrial
Companies (Special Provisions) Act, 1985.
20. In respect of trade items, there were no damaged goods.
For O.S.Hariharan & Company
Chartered Accountants
O.S.Hariharan
Proprietor
Place : Gummidipoondi
Date : 30.09.2009
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