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Modern Insulators Ltd.

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

BSE Live

Dec 07, 16:00
58.95 2.80 (4.99%)
Volume
AVERAGE VOLUME
5-Day
11,177
10-Day
8,545
30-Day
13,109
20,540
  • Prev. Close

    56.15

  • Open Price

    57.25

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

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

ANNUAL REPORT 2005-2006 AUDITORS' REPORT To the Members 1. We have audited the attached Balance Sheet of MODERN INSULATORS LIMITED as at 31st March 2006, the Profit & Loss Account and cash flow statement of the Company for the year ended on that date annexed hereto. 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 India. These Standards require that we plant 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 the, 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 Companies (Auditor's Report) Order, 2003 as amended by Companies (Auditor's Report) (Amendment) Order, 2004, issued by the Central Government of India in terms of Section 227 (4-A) of the Companies Act, 1956, we give 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 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 front our examination of those books. (iii) The Balance Sheet, Profit & Loss Account and Cash Flow 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 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. (v) (a) Balances of debtors and creditors are subject to confirmations and reconciliations if any (Note No.5 of Schedule 14). (b) In view of insufficient information front the suppliers regarding their status as SSI units, amount overdue to such undertakings could not be ascertained. (Note No. 11 of Schedule 14). (vi) The directors of the company are restricted from being appointed as directors under Clause B of Section 274 (1) (g) of the Companies Act, 1956 as company defaulted in payment of redemption of debentures and interest thereon. As per opinion obtained by the Company existing directors of the company can continue to be in office during their entire tenure and they can also be reappointed as directors on the expiry of their tenure. We have been further informed that company has trade representation to the Central Government (Department of Company Affairs) seeking appropriate exemption from the applicability of the section. (vii) 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 (v) above and read with 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: (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 Profit & Loss Account, of the profit of the Company for the year ended on that date; and (c) In the case of Cash Flow Statement, of the cash flows for the year ended on that date. For S.S. KOTHARI & CO. Chartered Accountants (B.L. VERMA) Place : Camp Mumbai Partner Date : 7th June, 2006 Membership No. 10900 ANNEUXRE Referred to in the report of even date of the Auditors to member of MODERN INSULATORS LIMITED. (i) (a) The company has maintained proper records showing full particulars including quantitative details and situation of fixed, assets except furniture & fixtures for which detailed records are not maintained. (b) As per information and explanations given to us most of the fixed assets have been physically verified during the year by management in accordance with a phased programme of verification at reasonable intervals. According to the information and explanations given to us, no material discrepancies were noticed on such verification. (c) During the year, the company has not disposed off substantial part of fixed assets and this has not affected the going concern. (ii) (a) The inventory lying at its location 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) On the basis of our examination of the records of inventory, we are of the opinion that the company is maintaining proper records of inventory. The discrepancies noticed on physical verification between the physical stocks and the book records were not material. (iii) According to the information and explanations given to its, the Company has not granted or taken any loan, secured or unsecured, to/from the Companies, Firms or other parties listed in the Register maintained under section 301 of the Companies Act, 1956 and therefore clause 4(iii) of the order is not applicable to the Company. (iv) 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 for purchases of inventory, fixed assets and for the sale of goods. During the course of our audit, we have not observed any major weakness in internal controls. (v) a) Based on audit procedures applied by us and according to the information and explanations given to us, the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintained tinder that section. b) In our opinion and according to the information and explanations given to us, there are no transactions made in pursuance of such contracts or arrangements exceeding Rupees Five lakhs in respect of any patty during the year. (vi) The Company has not accepted any deposits from the public during the year. (vii) In our opinion, the internal audit carried out during the year by a firm of Chartered Accountants appointed by the company commensurates with the size of the company and the nature of its business. (viii) The Central Government has not prescribed the maintenance of cost records u/s 209(1)(d) of the Companies Act, 1956 for the product manufactured by the Company. (ix) (a) According to the records of the company, the company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education and protection fund. employees' state insurance, income tax, service tax, sales-tax, custom duty, excise duty and other statutory dues applicable to it and no undisputed statutory dues as noted above is outstanding for a period of more than six months from the date they became payable. (b) According to the information and explanations given to us and as per the records examined by us, the disputed demand of sales tax Rs. 4.23 lacs has not been deposited as the appeal is pending before Deputy Commissioner (Appeals), Jodhpur. (x) The Company does not have accumulated losses as at the end of the year and it has not incurred any cash losses during the financial year covered by our audit and the immediately preceding financial year. (xi) Based on our audit and as per information and explanations given by the management, the company has no existing default as on 31.03.2006 towards repayments of dues to financial institutions or banks, in view of one time settlement/payment of dues during the year. (xii) Based on our examination of books of account and information and explanations given to us, the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. (xiii) The provisions of any special statutes applicable to chit fund, nidhi or mutual benefit fund/society are not applicable to the company. (xiv) The Company is hot dealing or trading in shares, securities, debentures and other investments and hence requirement of para 4(xiv) is not applicable. (xv) As per information and explanations given to us, the Company has not given any guarantee for loan's taken by others from bank or financial institutions. (xvi) To the best of our knowledge and belief and according to the information and explanations given to us, no fresh term loans were obtained by the company during the year. (xvii) According to the information and explanations given to us and on an 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) No allotment of shares has been made by the company during the year. (xix) During the period covered by our audit report, the Company has not issued debentures. (xx) During the year the company has not raised any money by way of public, issue. (xxi) Based upon the audit procedures performed and information and explanations given by the management, no fraud on or by the company has been noticed or reported during the year. For S.S. KOTHARI & CO. Chartered Accountants (B.L. VERMA) Place : Camp Mumbai Partner Date : 7th June, 2006 Membership No. 10900