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Artson Engineering Ltd.

BSE Live

Apr 07, 16:00
22.15 1.05 (4.98%)
Volume
AVERAGE VOLUME
5-Day
4,958
10-Day
5,105
30-Day
6,482
11,753
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Annual Report

For Year :
2019 2016 2015 2014 2013 2012 2011 2010 2009

Auditor's Report

We have audited the attached Balance Sheet of Artson Engineering Limited (the Company) as at 31st March 2010, the Profit and Loss Account and the Cash Flow Statement of the Company for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys 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 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 statements 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 Central Government of India 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 and 5 of the said Order. 2. (i) 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 2010 from being appointed as a director in terms of Clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956. (ii) In our opinion, proper books of account as required by law have been kept by the Company, in so far as appears from our examinations of the books. (iii) The Balance Sheet, Profit and Loss Account and the Cash Flow Statement dealt with by this report are in agreement with the Books of Account. (iv) 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. (v) In our opinion, the Profit and Loss Account, the Balance Sheet & the Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956. 3. As per information and explanations given to us, the Central Government has, till date, not prescribed any cess payable under Section 441A of the Companies Act, 1956. 4. In our opinion, and to the best of our information and according to the explanations given to us. the said accounts read together with Significant accounting policies and Notes to accounts in Schedule 12 and specially Note No. 20 thereof regarding the pending approval of Central Government in respect of excess payment of Rs. 492,000/- made to one of the key managerial personnel than allowable under the Companies Act, 1956, 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 2010; ii. in the case of Profit and Loss Account, of the profit for the year ended 31st March 2010; and iii. in the case of Cash Flow Statement, of the cash flows for the year ended as on that date. ANNEXURE TO AUDITORS REPORT REFERRED TO IN PARAGRAPH T OF AUDITORS REPORT OF EVEN DATE TO THE MEMBERS OF ARTSON ENGINEERING LIMITED (THE COMPANY) 1. (a) The Company is maintaining records to show particulars of Fixed Assets including their quantitative details and location of all the assets. (b) According to the information and explanations given to us, physical verification of the fixed assets was carried out by the management in a phased periodical manner during the year under report, which in our opinion is reasonable, having regard to the size of the Company and the nature of its assets, no material discrepancies were noticed on such verification. (c) The Company has not disposed off substantial part of fixed assets during the year under report. However, the Company has discarded some Plant & Machinery, Computer, Furniture & Fixtures and Office Equipment/Air Conditioner by writing off which has not affected the going concern status. 2. (a) According to the information and explanations given to us, physical verification has been conducted by the management as at the year end in respect of the finished goods in process, stores, spare parts and raw materials. (b) In our opinion and according to the information and explanations given by the management, the procedure of physical verification of inventory followed by the management is reasonable and adequate in relation to the size of the Company and the nature of its business. (c) No material discrepancies have been noticed on verification of inventory between the physical stock and the book records. The discrepancies noticed have been properly dealt with in the books of account. 3. (a) The Company has not granted any Loans, Secured or Unsecured to companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956; hence Clauses iii(a) to iii(d) of Paragraph 4 of the Order are not applicable. (b) In terms of BIFR order, the Company has taken a secured loan as listed below from a Company listed in the register maintained under Section 301 of the Companies Act, 1956. The terms and conditions on which the said loan has been taken are not prima facie prejudicial to the interest of the Company. The payment of principal in this regard is not yet due and interest due has been paid thereon. Maximum outstanding balance during the year was Rs. 2,294.68 Lakh (Rs.Lakh) Name Balance Loan raised during the Closing Balance as on as on Year 2009-10 31st March 2010 1st April 2009 Tata Projects Limited 2,065.68 229.00 2,294.68 4. In our opinion and according to the information and explanations given to us, there are reasonable internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of inventory, fixed assets and for the sale of goods and services. Further on the basis of our examination of the books and records of the Company and according to the information and explanations given to us, we have neither come across nor have been informed of any instances of major weakness in the aforesaid internal control procedures. However, in our opinion having regard to the size and nature of business and construction sites being spread over different areas, the internal control needs to be strengthened. 5. Based on the audit procedures applied by us and according to the information and explanations provided by the management, the transactions that need to be entered in the register maintained u/s 301 of the Companies Act, 1956 have been entered. 6. (a) In our opinion and according to the information and explanations given by the management, the Company has not accepted any deposits during the Year. Accordingly, in our opinion the provisions of Sections 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 are not applicable. (b) There have been no proceedings before the Company Law Board, National Company Law Tribunal or Reserve Bank of India or any court or any other tribunal. 7. In our opinion, the internal audit function carried out during the year by a firm of Chartered Accountants appointed by the Management have been commensurate with the Companys size and nature of its business. 8. In our opinion and according to the information and explanations given by the management, the Central Government has not prescribed for maintenance of cost records under Section 209(l)(d) of the Companies Act, 1956 for any of the products of the Company. 9. (a) According to the information & explanations given to us and the records of the Company examined by us, in our opinion, the Company is generally regular in depositing Undisputed Statutory dues including Provident fund, Employees State Insurance, Income Tax, Wealth Tax, Service Tax, Custom Duty, Excise duty, Education Cess and other material Statutory dues as applicable with the appropriate authorities. The amount of outstanding statutory dues exceeding six months from the date they became payable as at 31stMarch 2010 are NIL. (b) According to the information and explanations given to us, the particulars of sales tax dues as at 31st March 2010 which have not been deposited on account of a dispute pending are as under: Name of the Nature of the Amount Statute disputed dues (Rs.) Commercial Tax Works Contract differences in 12,20,606 Officer (Andhra value of property passing and Pradesh) sale in transit Commercial Tax Works Contract value 2,07,981 (West Bengal) Commercial Tax Works Contract value 32,79,788 Officer (Haryana Sales Tax) Name of the Period to which Forum where Statute the amount dispute is relates pending Commercial Tax 1998-1999 Commissioner Officer (Andhra Appeal Pradesh) Commercial Tax 1998-1999 Commissioner 1999-2000 Appeal 2000-2001 Commercial Tax 1997-1998 Commissioner Officer (Haryana Appeal Sales Tax) 10. The accumulated losses of the Company is more than its paid up capital and free reserves. The Company has not incurred a cash loss during the year though it incurred cash losses in the preceding financial years and accounts are continued to be prepared on a going concern basis. 11. In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to financial institutions, banks and debenture holders. 12. The Company has not granted any Loans and Advances on the basis of security by way of pledge of shares, debenture and other securities. Therefore Clause 4(xii) of the said Order is not applicable to the Company. 13. The Company is not a Chit Fund or a Nidhi Mutual Benefit/Society. Therefore, the provisions of Clause 4(xiii) of the said Order is not applicable to the Company. 14. The Company has not entered into any trading in shares, securities, debentures and other investments during the year. Therefore Clause 4(xiv) of the said Order is not applicable to the Company. 15. According to the information and explanations given to us, and the representations made by the management, the Company has not given any guarantee for loans taken by others from any bank or financial Institutions. 16. In our opinion and according to the information and explanations given to us, the term loans were applied for the purposes for which the loans were obtained. 17. Based on the information and explanations given to us, the Company has not raised any funds for short term basis. 18. The Company has not made any preferential allotment of shares to any parties and companies covered in the register maintained under Section 301 of the Companies Act, 1956. 19. The Company has not issued any secured debentures. 20. The Company has not raised any money through a public issue during the Year. 21. During the course of our examination of the books and records of the Company, carried out 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 instances of material fraud on or by the Company, noticed or reported during the year, nor have we been informed of such case by the management. For CHOKSHI & CHOKSHI Firm Registration No. 101872W Chartered Accountants K. S. CHOKSHI Partner Membership No. 17085 Place : Mumbai Date : 7th May 2010