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Katwa Udyog Ltd.

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Nov 26, 16:00
47.70 0.75 (1.60%)
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1,566
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1,655
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1,890
2,418
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    46.95

  • Open Price

    49.00

  • Bid Price (Qty.)

    45.35 (25)

  • Offer Price (Qty.)

    45.95 (100)

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Dec 27, 11:22
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Katwa Udyog is not listed on NSE

Annual Report

For Year :
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Auditor's Report

ANNUAL REPORT 2005-2006 AUDITORS' REPORT The members of KATWA UDYOG LIMITED BELGAUM. 1. We have audited the attached Balance Sheet of KATWA UDYOG LIMITED. BELGAUM, as at 31st March 2006, Profit and Loss Account and also the Cash Flow Statement 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 the 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 by the Companies (Auditor's Report)(Amendment) Order, 2004(the' Order'), issued by Central Government of India .in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we annex hereto 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 in paragraph (3) 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 purpose 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 the books; iii) The Balance sheet, Profit and Loss Account and cash flow statements dealt with by this report are in agreement with the books of account; iv) In our opinion, the Balance sheet, Profit and Loss Account and Cash Flow 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; save the compliance with accounting standards 28 on impairment of assets. v) On the basis of the written representation received from the directors, as on 31st March 2006 and taken, on record by the Board of Directors, we report that none of the directors of the company are disqualified as on 31st March 2006 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956; vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with significant accounting policies and other notes thereon subject to notes No. e, i, j, u, x, on accounts 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: a) in the case of Balance Sheet of the state of affairs of the Company as at 31st March 2006; b) in the case of the Profit and Loss Account, of the Profit for the year ended on that date; and c) In the case of cash flow statement, of cash flows for the year ended on that date. Place: Belgaum Prabhakar K. Latkan Dated: 12/06/2006 Chartered Accountant M. No. 200/21730 1083, Ananthashayan galli, BELGAUM-590 002. STATEMENT OF THE COMPANIES (AUDITOR'S REPORT) ORDER 2003 ANNEXURE TO THE AUDITORS' REPORT KATWA UDYOG LIMITED BELGAUM. Referred to in paragraph 3 of our report of even date: In respect of Fixed Assets: i. a. The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets subject to the qualification/disclaimer at sub-para (d) below b. The Company has physically verified all the assets during the year in accordance with Programme of verification, which in our opinion provides for physical verification of the Fixed Assets, at reasonable intervals. According to the information and explanations given to us no material discrepancies were noticed on such verification. c. In our opinion and according to the information and explanations given to us, the Company has not made any substantial disposal of assets during the year and therefore the going concern concept is not affected. d. In our opinion and according the information arid explanation given to us, the company has purchased additional machinery spares amounting to Rs.45,46,058/- and deducted modvat credit of Rs.5,78,462/-. Net amount of Rs. 39,67,596/- is shown under schedule .Fixed Assets. In respect of Inventories: ii. a. As explained to us the management during the year physically verified the inventories. In our opinion, the frequency of verification is reasonable. b. In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management were .reasonable and adequate in relation to the size of the company and in the nature of its business. c. In our opinion and according to the information and explanations given to us, the company has maintained proper records of its inventories and no material discrepancies were noticed on physical verification. iii a. The company has not granted loans, secured and unsecured to Companies, Firms or Other parties, covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, sub-clause (b)(c) and (d) are not applicable. b. The company has taken unsecured loans from one of their group company in the previous year and the repayment with interest is regular the year end balance is Rs. 1,48,260/-. c. The Stipulation at to the rate of interest or other terms and conditions on which these unsecured loans were accepted were available during the course of our audit. Therefore taking an over all view these borrowing appears to be prima facie not prejudicial to the interest of the company. d. There is no over due amount of such loans/deposits taken from aforesaid parties. e. The Company has not given loan and advances in the nature of loans to employees. 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 regards to purchase of inventory, fixed assets and with regard to the sale of goods and services During the course of out audit, we have not observed any continuing failure to correct major weaknesses in internal control system. v. In our opinion and according to the information and explanations given to us, the company has not entered into any transactions requiring entry in the register of contracts under section 301 of the Companies Act, 1956, expect the acceptance of hire purchase loan referred to in para (iii)(b) above and entry in respect thereof is made. vi. The company has excepted deposit from public, however the company has not filed a statement in lieu of advertisement and return of deposit with. Registrar of Companies. The management states that this documents submitted belatedly but could-not be filed due to change in physical company forms to E-Forms Steps are being taken to file these documents. vii. In our opinion, the company has an internal audit system commensurate with the size and nature of its business, but it needs to be strengthened. viii. Company has not maintained cost records as required u.s. 209(1)(d) of the Companies Act, 1956. In our opinion, Company is cement manufacturing company and has to maintain cost records as prescribed by the Central Government u.s. 209(1)(d) of the Companies Act, 1956. In this connection management reports that, the cement manufacturing unit is a mini cement plant and maintenance of cost records by mini cement plants is not specifically covered u.s. 209(1)(d) of the Companies Act, 1956. ix. According to the records of the company, Provident Fund, Investors Education and Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom duty, Excise duty, Cess land other material statutory dues applicable to it, have been generally regularly deposited during the year with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of above were in arrears, as at March 31, 2006 for a period of more than six months form the date on which they became payable. x. According to the information and explanations given to us, there are no dues of Income Tax, Service Tax, Wealth Tax, Sales Tax, Custom Duty, Excise Tax, and Cess which have not been deposited on account of any dispute. xi. The company does not have accumulated losses at the end of the financial year and had not incurred cash losses during the financial year covered by our audit and the immediately preceding financial year. xii. In our opinion and according to the information and explanations ,given to us, the company has not defaulted in repayment of dues to a financial institution, bank or debenture holders xiii. Based on our examination of the records and the information and explanation 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. xiv. In our opinion, the company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the order are not applicable to the Company. xv. In our opinion, as per the information and explanations given to us the company has not Given any guarantee for the loans taken by others. xvi. In our opinion, the terms loans have been applied for the purpose which they were raised. xvii. According to the cash flow statement and other records examined by us and the information arid explanations given to us, on an over all basis, funds raised on short term basis have prima facie, not been used during the year for a long term investment (fixed assets etc.) other than temporary deployment pending application. xviii. According to the information. and explanations given to us, the company has not/made any preferential allotments of shares to parties and companies covered in the register maintained under section 301 of the Act. xix. According to the information and explanations given to us, during the period covered by our audit report the company has not issued any debentures. xx. The Company has not raised any money by public issue during the year: xxi. According to the information and explanation given to us, no fraud on or by the company has been noticed during the course of our audit. Place: Belgaum Prabhakar K. Latkan Dated: 12/06/2006 Chartered Accountant M No. 200/21730 1083, Ananthashayan Galli, BELGAUM-590 002.