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Konark Synthetics Ltd.

BSE: 514128 | NSE: | Series: NA | ISIN: INE517D01019 | SECTOR: Textiles - Processing

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Annual Report

For Year :
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Auditor's Report

1. We have audited the attached Balance Sheet of KONARK SYNTHETIC LIMITED as at 31st March 2011, the Profit & 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 ouraudit. 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 presentation of the financial statements. 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 sub section (4A) of section 227 of the Companies Act, 1956. We enclose in the Annexure a statement on the matters specified in paragraphs4& 5 of the said order. 4. Furtherto our comments in the Annexure referred to in paragraph 3 above, we report that: - a. We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary forthe purpose of ouraudit. b. In our opinion, proper books of accounts as required by law have been kept by the Company, so far as appears from our examination of those books. c. The Balance Sheet, the Profit & Loss Account and Cash Flow Statement dealt with by this report are in agreement with books of account. d. In our opinion, the attached Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report are in compliance with the Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956 to the extentapplicable except non provision of gratuity as referred in note no. 2 of Schedule 17. e. On the basis of written representations received from the Directors, as on March 31st, 2011 and taken on record by the Board of Directors, we report that none of the Directors are disqualified as on March 31st, 2011 from being appointing as Directors in term of Clause (g) of Sub-Section (1 )of Section 274 of the Companies Act, 1956. 5. In our opinion and to the best of our information and according to the explanation given to us, the said accounts read together with SignificantAccounting Policies and along with Note No. 2 of the Notes on Accounts regarding non provision of Gratuity as the exact amount of such provision is not ascertainable due to unavailability of information required and other notes thereon 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 case of Balance Sheet of the state of affairs of the Company as at 31st March2011; ii. in the case of Profit & Loss Account 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. ANNEXURE TO THE AUDITORS'' REPORT Statement referred to in paragraph (3) of the Auditors'' Report of even date to the Members of KONARK SYNTHETIC LIMITED on the accounts for the year ended 31st March 2011. As required by the Companies (Auditors'' Report) Order 2003, issued by the Company Law Board in terms of Section 227 (4A) of the Companies Act, 1956, and on the basis of such checks as consider appropriate and as per the information and explanations given to us during the course of the audit. 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) As per the information and explanations given to us, physical verification of fixed assets has been carried out by the Company and no material discrepancies were noticed on such verification. In our opinion, the frequency of verification is reasonable and adequate in relation to the size of the Company and nature of its business. c) In our opinion and according to the information & explanation given to us, the Company has not disposed off substantial part of fixed assets during the year and the going concern status of the Company is not affected. 2 In respect of Inventories: a) As per the information furnished, the inventories have been physically verified during the year by the management. In our opinion, having regard to the nature and location of stocks, the frequency of the physical verification is reasonable. b) In our opinion and according to the information and explanations given to us, procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and nature of its business. c) The company has maintained proper records of inventory. In our opinion, discrepancies noticed on physical verification of stocks were not material in relation to the operations of the Company and the same have been properly dealt with in the books of account. 3. a) As informed to us, during the year the Company has given interest free unsecured loans to its subsidy M/s India Denim Limited and M/s Konark Infratech Private Limited which covered in the register maintained u/s 301 of the Companies Act 1956. Details are as follows: No of Accounts Amount of Loan Given Maximum Outstanding CI. Balance 2 954.37 701.84 252.53 b) Other terms & conditions of the loans given are prima facie not prejudicial to the interest of the company. c) In absence of any stipulated term for repayment of principal amount we are enable comments. d) There was no overdue amount of 71.00 Lac more than one year as stipulated if any. e) As per information furnished, during the year the company has taken interest free unsecured loans from companies under same management and the parties covered in the register maintained u/s 301 of The Companies Act, 1956. Details are as follows:(Amt.inLac) No. of Accounts Amountof Loan Taken Maximum Outstanding CI. Balance 2 3703.47 1692.07 1298.82 f) Other terms & conditions of the loans taken are prima facie not prejudicial to the interest of the company. g) In absence of any stipulated term for repayment of principal amount weare enable comments. h) There was no overdue amount of? 1.00 Lac more than one year as stipulated if any. 4. 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 with regard to purchase of inventory and fixed assets and for the sale of goods. During the course of our audit, we have not observed any continuing failure to correct majorweakness in internal control system. 5. In respect of transaction entered in the register maintained in pursuance of Section 301 of the CompaniesAct, 1956: i) To the best of our knowledge & belief and according to the information and explanations given to us, transactions that need to be entered in the Register have been so entered. ii) According to the information and explanations given to us, these contracts or transactions have been made at prices which are reasonable having regard to prevailing market prices at the relevant time. 6. According to the information and explanation given to us, the company has not accepted any deposits during the year from the public within the meaning of the provision of the Section 58 A and Section 58 AA of the Companies Act, 1956 and the rules framed there under. Hence clause 4(vi) of the Order is not applicable. 7. In our opinion, the company has an internal auditsystem commensurate with the size and nature of its business. 8. The Central Government has prescribed maintenance of the cost records under section 209(1) (d) of the Companies Act, 1956 in respect of textile manufacturing activity of the company. We have broadly reviewed the books of accounts and records maintained by the Company in this connection and are of the opinion, that prima facie, the prescribed accounts and records have been made and maintained. We have not, however carried out examination of the same. 9. According to the information & explanationg iventous in respect of statutory an do ther dues: i) The company has generally been regular in depositing undisputed statutory dues, including Provident Fund, Investor Education & Protection Fund, and Employee''s State Insurance, Income Tax, Sales Tax, Custom Duty, Excise Duty, Cess and any other statutory dues with the appropriate authorities during the year. ii) According to the information and explanations given to us, no undisputed amount payable in respect of the aforesaid dues were outstanding as at 31 s,March 2011 for a period of more than six months from the date they became payable. iii) According to the information and explanation given to us, that there is no disputed statutory dues outstanding as on 31.03.2011. 10. The Company does not have any accumulated losses at the end of the financial year. The Company has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year. 11. Based on our audit procedures and on the information and explanation given by the Management, we are of the opinion that the Company has not defaulted in the repayment of dues to financial institutions, banks and debenture holders during the year. 12. In our opinion and according to the explanation given to us and based on the information available, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and othersecurities. 13. In our opinion, the Company is not a chit fund or nidhi / mutual benefit fund / societies. Therefore clause 4 (xiii) of the Companies (Auditor report) order, 2003 is not applicable to the Company. 14. During the year the company has not made any dealing or trading in shares, securities, debentures and other investment. 15. According to the information and explanations given to us, the Company has given corporate guarantee for loans and Bank Guarantee taken by subsidiaries from banks orfinancial institution. 16. To the best of our knowledge and belief and according to the information and explanations given to us, company has not raised any term loan during the year. 17. According to the information and explanation given to us and on an overall examination of the Balance Sheet of the Company, we are of the opinion that there are no funds raised on short term basis that have been used for long term investment. 18. During the year the Company has not made any preferential allotment of equity shares. 19. During the year covered by our audit report, the Company has not issued any secured debentures. 20. The Company has not raised any money by public issues during the year covered by our report. 21. To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year. For, BHUWANIA&AGRAWAL ASSOCIATES Chartered Accountants (Firm Registration No.101483W) (N. K.AGRAWAL) Place: Mumbai PARTNER M.NO.34659 Date : 30th May 2011