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Kabsons Industries Ltd.

BSE: 524675 | NSE: | Series: NA | ISIN: INE645C01010 | SECTOR: Miscellaneous

BSE Live

May 28, 16:00
3.20 0.13 (4.23%)
Volume
AVERAGE VOLUME
5-Day
294
10-Day
539
30-Day
621
297
  • Prev. Close

    3.07

  • Open Price

    3.07

  • Bid Price (Qty.)

    2.92 (3)

  • Offer Price (Qty.)

    3.20 (2500)

NSE Live

Dec 27, 11:22
NT* 0.00 (0.00%)
Volume
No Data Available
0
  • Prev. Close

    -

  • Open Price

    -

  • Bid Price (Qty.)

    - (0)

  • Offer Price (Qty.)

    - (0)

Kabsons Industries is not listed on NSE

Annual Report

For Year :
2014 2013 2012 2011 2010 2009 2008 2007 2006

Auditor's Report

1) We have audited the attached Balance Sheet of KABSONS INDUSTRIES LIMITED, HYDERABAD (A.P) as at 31st March, 2011 and also the Profit and Loss Account for the year ended on that date annexed thereto and the cash flow statement for the period ended on that date. 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 frrdia. 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 (Auditors'' Report) order, 2003, issued by the Central Government of India in terms of Section 227 (4A) of the Compafiiss Act 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order. 4) Further to our comments in the Annexure referred to 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 purposes 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, Profit & Loss account and Cashflow statement dealt with by this report are in agreement with the books of account. iv) In our opinion, the Balance Sheet, Profit & Loss account and Cashflow statement dealt with by this report comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956, excepting AS-15 Employee Benefits. v) On the basis of the 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 Director in terms of Clause (g) of sub-section (1) of section 274 of the Companies Act. 1958 5 a) Interest for the year and for earlier years Rs.6,46,801/- and Rs.58J7.233/- respectively against Trade Deposits received from Dealers/Distributors are not provided resulting in understanding the loss for the year by Rs.6.46,801/- and understating the current liabilities by Rs.65,24,034/- (Refer Note No.6 of Notes on Accounts). b) We draw attention to note no.2 of Notes on accounts in the financial statements. The company''s current liabilities exceeded its current assets by Rs.544.85 Lakhs as on 31.03.2011. This factor along with the other matters as setforth in the note referred to, raise substantial doubt that whether the company will be able to continue as a Going Concern. c) The Company has not complied with the requirements of AS-15 ''Employee Benefits'' in respect of gratuity. In view of this, the liability of the Company in this regard could not be ascertained. Consequently, we are unable to comment about the impact of this on the profit for the year. d) There are no confirmation of balances in respect of sundry debtors, loans and advances and sundry creditors other than due from/to related parties. 6. In our opinion and to the best of our information and according to the explanations given to us, the said accounts, subject to our comments in para 5 above, given the information as 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, 2011; ii) In the case of the Profit & Loss account, of the Loss of the company for the year ended on that date; and iii) In the case of Cashflow Statement of the cash flows for the year ended on the date. ANNEXURE Statement on the Companies (Auditor''s Report) Order 2003 Re : KABSONSINDUSTIRES LIMITED i) a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. b) All the assets have not been physically verified by the management during the year but there is a regular program of verification 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) During the year, the company had not disposed off fixed assets. ii) a) The inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable. b) 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 is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records have been properly dealt with in the books of account. iii) 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 Act. b) The Company had taken interest free loan from two companies and from a party covered in the register maintained under section 301 of the companies Act, 1956. The maximum amount involved during the year was Rs.72.00 Lakhs and the year - end balance of loans taken from such parties was Rs.72.00 Lakhs. c) In our opinion, the terms and conditions on which loans have been taken from companies, and parties 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) According to the explanations given to us, the lenders have not specified repayment terms. In view of this we cannot comment upon whether the payment of principal in regular. iv) In our opinion and according to the information and explanations given to us, there are adequate internal control systems commensurate with the size of the company and the nature of its business with regard to purchases of inventory, fixed assets and with regard to the sale of goods and gas. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control systems. v) a) According to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintaining under that section and b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the companies Act, 1956 have been made at prices which are reasonable having regard to prevailing market prices at the relevant time. vi) The company has not accepted the deposits from the public within the meaning of section 58A and 58AA of the Companies Act, 1956 and the Rules framed thereunder. vii) The company has no internal audit system. viii) Central Government has not prescribed maintenance of cost records underslause (d) of sub-section (1) of the section 209(1) (d) of the companies Act, 1956 for the products / items dealt with fayjhe Company. ix) a) The company is not regular in depositing with appropriate authorities undisputed statutory dues _including investor education protection fund, employee''s state insurance, sales tax._ The extent of the arrears of outstanding statutory dues as at the last day of the financial year for a period of more than six months from the date they become payable and the payments made during the year are as given below._ Name of Nature of the dues Amount Period to which Due Date of statue Due date Rs. the amount relates date payment 1. Companies Act Investor Education 22,550 1994-95 19.10.2001) and Protection Fund 2. Karnataka Sales Tax Act Sales Tax 3,467 1999-00 15.05.1999} Unpaid 3. Karnataka Sales Tax Act Sales Tax 1,209 2004-05 15.03.2005} 4. Maharashtra Sales Tax Act Sales Tax 190 2000-01 15.05.2000} 5. Jharkand Sales Tax Act Sales Tax 3,271 2001-02 15.03.2002} 6. AP Sales Tax Act Sales Tax 7,525 2000-01 15.04.2001} 7. Maharashtra Sales Tax Act Sales Tax 5,817 2005-06 15.05.2005} 8. Maharashtra Sales Tax Act Sales Tax 9,538 2004-05 15.04.2005} 9. Maharashtra Sales Tax Act Sales Tax 800 2003-04 15.01.2004} 10.Maharashtra Sales Tax Act Sales Tax 5,535 2004-05 05.11.2004} 11.West Bengal Sales Tax Act Sales Tax 547 2004-05 15.01.2005} 12.West Bengal Sales Tax Act Sales Tax 23 2005-06 15.09.2005} 13.Gujarat Sales Tax Act Sales Tax 669 2005-06 15.10.2005} Unpaid 14.BSTAct Sales Tax & Penalty 73,735 1997-98 1.5.08.2004} 15. BSTAct Sales Tax & Penalty 1,34,780 1998-99 15.08.2004} 16. CSTAct Sales Tax & Penalty 1,31,000 1997-98 15.08.2004} 17. CSTAct Sales Tax & Penalty 5,17,000 1998-99 15.08.2004} 18. CSTAct Sales Tax & Penalty 2,040 1998-99 21.02.2002} 19. ESI Act Employees State Insurance 104 2006-07 21.06.2006} 20. ESI Act Employees State Insurance 14 2006-07 21.11.2006} 21.ESIAct Employees State Insurance 265 1999-00 21.04.2000} b) According to the information and explanations given to us, there are no dues of sales tax, income tax, customs duty, wealth tax, excise duty, service tax and cess which have not been deposited on account of any dispute. x) In our opinion, the accumulated losses of the company are more than fifty percent of its networth. The Company has not incurred cash losses during the financial year covered by our audit and as well as in the immediately preceeding financial year. xi) During the financial year covered by pur audit the Company had not borrowed from financial institutions. Hence, clause (xi) of the above referred order is not applicable. xii) 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 neither a chit fund nor a nidhi mutual benefit fund /society. Therefore, the provisions of clause 4 (xiii) of the above referred Order are not applicable to the company. xiv) The company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of ciause 4(xjy) of the above referred order are not applicable to the company. xv) The company has not given any guarantee for loans taken by others from banks or financial institutions. xvi) During the year the company has not availed any term loans from banks or financial institutions. Accordingly, the provisions of clause 4(xvi) of the above referred Order are not applicable to the company. xvii) According to the information and expianations given to us and on 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. xviii) The Company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act during the year. xix) The Company has not issued any debentures. Accordingly, the provisions of Clause 4(xix) of the above referred Order are not applicable to the company. xx) During the year the company has not raised money by public issue. Accordingly, the provisions of clause 4(xx) of the above referred Order are not applicable to the company. xxi) According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit. For BRAHMAYYA & CO., Chartered Accountants Firm''s Regn.No.000513S Sd/- Place : Hyderabad (D.SEETHARAMAIAH) Date : 30-05-2011 Partner, Membership No.002907