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Emmsons International Ltd.

BSE Live

Jul 10, 16:00
1.21 -0.06 (-4.72%)
Volume
AVERAGE VOLUME
5-Day
532
10-Day
338
30-Day
390
1,209
  • Prev. Close

    1.27

  • Open Price

    1.27

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    1.21 (191)

NSE Live

Dec 27, 11:22
NT* 0.00 (0.00%)
Volume
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0
  • Prev. Close

    -

  • Open Price

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Emmsons International is not listed on NSE

Annual Report

For Year :
2015 2014 2013 2012 2011 2009 2008 2007

Auditor's Report

We have audited the accompanying financial statements of Emmsons International Limited (''the Company'') which comprise the balance sheet as at 31st March 2013, the statement of profit and loss and the cash flow statement for the year then ended and a summary of significant accounting policies and other explanatory information. 1. Management''s Responsibility for the Financial Statements Management is responsible for 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 Standards referred to in sub-section (3C) of section 211 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 view and are free from material misstatement, whether due to fraud or error. 2. 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 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. 3. 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: (i) in the case of the balance sheet, of the state of affairs of the Company as at 31st March 2013; (ii) in the case of the statement of profit and loss, of the profit for the year ended on that date; and (iii) in the case of the cash flow statement, of the cash flows for the year ended on that date. 4. Report on Other Legal and Regulatory Requirements 1. As required by the Companies (Auditor''s Report) Order, 2003 (the Order), as amended, issued by the Central Government of India in terms of sub-section (4A) 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 those books; c. the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement 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 Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956; and e. on the basis of written representations received from the directors as on 31st March 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 2013, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956. ANNEXURE TO AUDITOR''S REPORT Referred to Paragraph 4 of our report of even date attached (i) a) The company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets. b) Some of the fixed assets of the company have been physically verified during the year by the management in accordance with program of verification, which in our opinion provide for physical verification of all the fixed assets at reasonable intervals. According to information and explanation given to us, no material discrepancies have been noticed on such verification. c) No fixed assets have been disposed off during the year which may affect the going concern concept. (ii) a) As explained to us, the inventory has been physically verified by the management at reasonable intervals during the year. In our opinion, the frequency of such verification is reasonable considering size and nature of the business. b) In our opinion and according to information and explanation given to us, the procedures of physical verification of inventory, followed by the management, are reasonable and adequate in relation to the size and nature of its business. c) In our opinion and according to information and explanation given to us, the company is maintaining proper records of inventory and no serious discrepancies have been noticed on physical verification. (iii) We are informed that the Company has not granted or taken any secured or unsecured loans from to companies / firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Therefore, the provisions of paragraph 4(iii)(b)(c)(d)(e)(f) & (g) of the above said order are not applicable to the company. (iv) In our opinion and according to information and explanation given to us, there are adequate internal control procedures commensurate with the size and nature of the company for purchase of inventory and fixed assets and sale of goods and services. There is no continuing failure to correct major weakness in internal control system. (v) In our opinion and according to information and explanations given to us, company has not entered into any transactions particulars of which are required to be recorded in register maintained u/s 301 of the Companies Act, 1956. Therefore, the provisions of paragraph 4(v)(b) of the above said order are not applicable. (vi) In our opinion and explanation given to us, the company has not accepted any public deposit and therefore, the directives issued by the RBI and the provisions of sections 58A and 58AA of the Act and rules framed there under are not applicable to the company. (vii) In our opinion, the company has an internal audit system commensurate with its size and nature of its business. (viii) To the best of our knowledge and as explained, the maintenance of the cost records have not been prescribed by the Central Government under section 209(1)(d) of Companies Act, 1956 for any of the products of the Company. (ix) a) According to books of accounts examined by us and explanation given to us company is generally regular in depositing undisputed statutory dues and there are no undisputed statutory dues payable in respect of P F, ESI, Income Tax, Sales Tax, Wealth Tax Custom Duty, Excise Duty, Cess and other statutory dues which are outstanding as at 31st March, 2013 for the period of more than 6 months from the date they became payable. b). There are no disputed liabilities in respect of P F, ESI, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess and other statutory dues which are outstanding as at 31st March, 2013 except following liabilities: S. No. Period of demand Amount Involved Particulars of demand Appeal Pending Before 1 AY 2004-05 Rs. 1.67 lacs Demand under Income Tax Act ITAT Delhi Bench 2 AY 2004-05 Rs. 6.92 lacs Demand under Income Tax Act ITAT Delhi Bench 3 AY 2008-09 Rs. 10.11 lacs Demand under Income Tax Act Rectification filed before assessing officer. (x) There are no accumulated losses of the company as at 31.03.2013. The company has also not incurred any cash losses during the financial year and nor in immediately preceding financial year. (xi) As per explanation and information provided to us company has not defaulted in repayment of dues to a financial institution or banks. (xii) The company has not granted loan and advances on basis of security by way of pledged of shares, debentures, other securities. (xiii) In our opinion and according to the information and explanations given to us, the company is not a chit fund/nidhi/ mutual benefit fund/ society. (xiv) According to the information and explanations given to us, Company is dealing in shares and proper records have been maintained for all transactions. We report the company is making timely entries of the transactions and all shares have been held by the company in its own name. (xv) In our opinion and according to the informations and explanations given to us, the Company has given guarantee for loans taken by others from banks or financial institutions and terms and conditions whereof are not prejudicial to the interest of company. (xvi) To the best of our knowledge & belief and according to information given to us term loan availed by company are prima facie applied by company during the year for the purpose for which they are obtained. (xvii) As per information & explanation given to us and overall examination of balance sheet of the company we report that funds raised on short-term basis have prima facie not been used for long-term investment and vice versa. (xviii) As per information and explanation given to us the company has not made preferential allotment of shares to parties and companies covered in register maintained under section 301 of the Companies Act. (xix) As per information and explanation given to us the company has not issued any debentures and no security has been created against the debenture. (xx) During the year, company has not raised money by way public issue of equity shares. (xxi) As per information and explanation given to us no fraud has been noticed or reported during the year. For SURESH & ASSOCIATES FRN: 003316N Chartered Accountants Sd/- (CA SURESH K. GUPTA) Partner M. No. 080050 Date : 30.05.2013 Place : New Delhi