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Modern Insulators Ltd.

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

BSE Live

Oct 21, 14:35
64.95 1.00 (1.56%)
Volume
AVERAGE VOLUME
5-Day
19,362
10-Day
20,273
30-Day
50,051
6,881
  • Prev. Close

    63.95

  • Open Price

    64.00

  • Bid Price (Qty.)

    64.85 (2)

  • Offer Price (Qty.)

    64.95 (60)

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

1. We have audited the attached Balance Sheet of MODERN INSULATORS LIMITED as at 31st March 2007, the Profit & Loss Account and cash flow statement of the Company for the year ended on that date annexed hereto. These financial statements arc the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements bused on our audit. 2. We conducted our audit in accordance with auditing standards generally accepted in India. These 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 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 (Auditors Report) Order, 2003 as amended by Companies (Auditors 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 from 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 2! 1 of the Companies Act. 1956. (v) (a) Balances of debtors and creditors are subject to confirmations and reconciliations, if any. (Note No. 4 of Schedule 14). (b) In view of insufficient information from the suppliers regarding their status as SSI units, amount overdue to such undertakings could not he ascertained. (Note. No. 11 of Schedule 14). (vi) Some of the existing directors of the company are not eligible from being re- appointed as directors under the proviso to Section 274(1)(g) of the Companies Act. 1956. However. the Company has obtained an opinion according to which such directors of the Company can continue to be in office during their tenure and they can also be re-appointed as directors on the expiry of their tenure. We have been further informed that the Company has made representation to the Central Government (Department of Company Affairs) seeking appropriate exemption from the applicability of the said 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 2007, (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 Hows for the year ended on that date. ANNEXURE FORMING PART OF THE AUDITORS REPORT Referred to in the report of even date of the Auditors to members of MODERN INSULATORS LIM1TRD. (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 pan of the 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) 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 us, 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 arc 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 under 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 party 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 slate insurance, income tax, service lax, 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 income tax for Asst. year 2004-05 for Rs.88.33 hies has not been deposited as the same is pending before C1T (Appeals)-11 Raj. Jaipur. (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, there has been no default in repayment of dues to any financial institution or bank or debenture holders 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 It) the company, (xiv) The Company is not 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 loans 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 : Jaipur Partner Date : 30th June, 2007 Membership No. 10900