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Modern Insulators Ltd.

BSE: 515008 | NSE: MODINSULAT | Series: NA | ISIN: | SECTOR: Electric Equipment

BSE Live

Sep 27, 09:26
62.00 -0.20 (-0.32%)
Volume
AVERAGE VOLUME
5-Day
21,192
10-Day
44,035
30-Day
45,736
332
  • Prev. Close

    62.20

  • Open Price

    59.15

  • Bid Price (Qty.)

    61.05 (35)

  • Offer Price (Qty.)

    62.10 (5)

NSE Live

Dec 27, 11:22
4.15 -0.35 (-7.78%)
Volume
No Data Available
19,578
  • Prev. Close

    4.50

  • Open Price

    -

  • Bid Price (Qty.)

    - (0)

  • Offer Price (Qty.)

    - (0)

Modern Insulators is not listed on NSE

Annual Report

For Year :
2014 2013 2012 2011 2009 2008 2007 2006

Auditor's Report

We have audited the accompanying financial statements of Modem Insulators Ltd. (the Company), which comprise the Balance Sheet as at March 31, 2014, the Statement of Profit and Loss and Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information. 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 principles generally accepted in India including Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956 (the Act) read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013. 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. Auditors'' 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 misstatements. 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, but not for the purpose of expressing an opinion on the effectiveness of the entity''s internal control. 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. Basis for Qualified Opinion (a) Provision for taxation (including interest) estimated at Rs. 885.79 lacs for current year (upto the year T 7148.07 lacs) has not been made in accounts, in view of proposed amalgamation proceedings awaiting approvals. Meanwhile Income Tax department has completed assessments for Assessment Year 2008-09, 2009-10 & 2011-12 wherein substantive orders have been passed allowing losses pertaining to proposed amalgamation and at the same time protective assessment orders have been made (presuming that no amalgamation had taken place) with demand of Rs. 2710.22 lacs which shall be effective if the amalgamation scheme is not sanctioned. The department had also completed assessment for the Assessment Year 2010-11 and had raised demand of Rs. 961.47 lacs in respect of disallowance of losses pertaining to proposed amalgamation pending approval from concerned authorities; the company has filed appeal against the said demand before CIT (Appeals). (b) Balances of Trade Payables & Trade Receivables are subject to reconciliations /confirmations. (c) The company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act 2006 and hence disclosure relating to amounts unpaid as at the year end together with interest paid/ payable under this Act have not been given. Opinion In our opinion and to the best of our information and according to the explanations given to us, except for the effect of the matters described in Basis for Qualified opinion paragraph, the aforesaid 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: (a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2014; (b) In the case of the Statement of Profit and Loss, of the profit for the year ended on that date; and (c) In the case of the Cash Flow Statement, of the cash flows for the year ended on that date. Emphasis of Matter We draw attention to Note No. 25 to the financial statements pertaining to exceptional item. Our opinion is not qualified in respect of this matter. Report on Other Legal and Regulatory Requirements 1. As required by the Companies (Auditor''s Report) Order, 2003 (the Order) issued by the Central Government of India in terms of Section 227(4A) of the Act, and on the basis of such checks of the books and records of the company as we considered appropriate and according to the information and explanations given to us, 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;