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Mohota Industries Ltd.

BSE: 530047 | NSE: MOHOTAIND | Series: NA | ISIN: INE313D01013 | SECTOR: Textiles - Composite Mills

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Dec 06, 16:00
7.00 0.00 (0.00%)
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5-Day
15,964
10-Day
14,445
30-Day
13,653
39,855
  • Prev. Close

    7.00

  • Open Price

    6.81

  • Bid Price (Qty.)

    6.82 (900)

  • Offer Price (Qty.)

    7.00 (787)

NSE Live

Dec 06, 15:51
6.95 0.00 (0.00%)
Volume
AVERAGE VOLUME
5-Day
39,155
10-Day
38,696
30-Day
42,952
74,332
  • Prev. Close

    6.95

  • Open Price

    6.80

  • Bid Price (Qty.)

    6.95 (1)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
2018 2016 2015 2014 2013 2012 2011 2010 2009

Auditor's Report

We have audited the attached Balance Sheet of The Rai Saheb Rekhchand Mohota Spg. & Wvg. Mills Ltd. Mumbai as at 31st March, 2012 and also the Profit and Loss Account and the Cash Flow Statement for the year ended on that date and 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.

We have conducted our audit in accordance with 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 statements presentation. We believe that our audit provides a reasonable basis for our opinion.

1. As required by the Companies (Auditor's Report) Order, 2003 (as amended by the Amendment Order 2004) issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act, 1956, we enclose, an annexure hereto a statement on the matters referred to in para 4 and 5 of the said order.

2. Further and subject to our comments in the annexure referred to in paragraph 1 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, Profit & Loss Account and Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d) In our opinion, the Balance Sheet, Profit & Loss Account and the Cash Flow Statement dealt by this report comply with the Accounting Standards referred to in sub-section (3C) of Sec. 211 of the Companies Act, 1956 except for provision of Leave with pay (refer note No. 4 of schedule 'Q') in accordance with revised accounting standard 15 for employee benefits.

e) On the basis of written representations received from the Directors as on 31s1 March, 2012 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2012 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

f) In our opinion and to the best of our information and according to the explanations given to us, and subject to (d) above, and non-transfer of leased assets to company (refer note No. 7 of schedule 'Q') the accounts 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.

i) In the case of the Balance Sheet of the State of affairs of the Company as at 31 st March 2012,

ii) In the case of the Profit & Loss Account of the Loss forthe year ended on that date and

iii) In the case of the Cash Flow Statement, of the Cash Flow for the year ended on that date.

ANNEXURE TO THE AUDITORS' REPORT ON THE ACCOUNTS FOR THE YEAR ENDED 31 ST MARCH, 2012 OF THE RAI SAHEB REKHCHAND MOHOTA SPG.& WVG. MILLS LTD.

(Referred to in Paragraph 1 thereof.)

i) a. The Company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets.

b. The management has confirmed that wherever practicable, physical verification of all the major fixed assets has been carried out. No serious discrepancies have been noticed by the management on such verification.

c. No substantial part of fixed assets has been disposed off during the year, which has bearing on the going concern status of the company

ii) a. The inventory has been physically verified by the management at reasonable intervals.

b. In our opinion and according to the information and explanations given to us the procedures of physical verification of inventory followed by the management were found reasonable and adequate in relation to the size of the company and the nature of its business.

c. The Company is maintaining proper records of inventory. No material discrepancies were noticed on physical verification.

iii) a. The Company has not granted any loans, secured or unsecured to companies, firms or other parties listed in the Register maintained under Section 301 of the companies Act, 1956. Accordingly, clause 4(iii)(b) to (d) of the order are not applicable.

b. The Company has not taken any loans, secured or unsecured from companies, firms or other parties listed in the Register maintained under Section 301 of the companies Act, 1956. Accordingly, clause 4(iii)(f) to (g) of the order are not applicable.

iv) In our opinion and according to the information and explanations given to us, there are adequate internal control system commensurate with the size of the company and the nature of its business with regards to purchase of inventory, fixed assets and for the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control.

v) In our opinion and according to the information and explanations given to us there are no contracts and arrangements referred to in Section 301 of the Companies Act 1956, particulars of which need to be entered into a register maintained under Section 301 of the Companies Act, 1956. Accordingly, clause 4(v)(b) of the order is not applicable.

vi) The Directives issued by the Reserve Bank of India and the provisions of Section 58A and 58AA or any other relevant provisions of the Companies Act, 1956 and the rules framed thereunder have been complied with in respect of deposits accepted from the public. We have been informed that, no order has been passed by Company Law Board or National Company Law Tribunal or Reserve Bank of India or any Court or Tribunal in this regard.

vii) The Company has an Internal Audit System, which in our opinion is commensurate with the size and nature of the business.

viii) The Company has made and maintained proper cost records as prescribed by Central Government under Section 209(1 )(d) of the Companies Act, 1956 for the products of the Company, but no detailed examination of such records has been carried out by us.

ix) a. According to the information and explanations given to us and on the basis of our examination of the books of accounts, the Company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and Other statutory dues with the appropriate authorities and there are no undisputed amounts payable in respect of above statutory dues outstanding as at 31.03.2012 for a period exceeding six months from the date they became payable.

b. According to the information and explanations given to us, the dues of Sales Tax, Income Tax, Wealth Tax, Service tax, Custom Duty, Excise Duty and Cess which have not been deposited on account of any dispute and forum where the dispute is pending are as under;

Name of the Statute Nature of Dues Amount Forum where dispute (Rs.in lacs) is pending

Central Excise Act, 1944 Excise Duty on disallowance 321.13 Commissioner of Central of deemed Credit availed Excise, Nagpur

Central Excise Act, 1944 Excise Duty on disallowance 40.92 - do - of utilization of deemed credit towards payment of AED (ST)

x) The Company does not have any accumulated losses and has not incurred cash losses during the current financial year and in the immediately preceding financial year.

xi) The Company has not defaulted in repayment of dues to Financial Institutions or Banks.

xii) According to the information and explanations given to us, the Company has not granted any loans or advances on the basis of security by way of pledge of Shares, Debentures and other Securities.

xiii) The Company is not a chit fund or Nidhi/mutual benefit fund/society.

xiv) In our opinion, the Company is not dealing in or trading in shares, securities, debentures or other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor's Report) Order, 2003 (as amended) are not applicable to the Company.

xv) In our opinion and according to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from Banks and Financial Institutions.

xvi) Based on information and explanations given to us by the management, term loans were applied for the purpose for which the loans were obtained.

xvii) On the basis of examination of the Cash Flow Statement, the funds raised on short term basis have not been used for long term investment.

xviii) During the year under Audit, the Company has not made any preferential allotment of shares to parties or companies covered in the register maintained under section 301 of the Companies Act, 1956.

xix) The company has neither issued any debentures during the year nor there is any outstanding debentures as on 31.03.2012 and hence provisions of clause 4(xix) of the order are not applicable to the company.

xx) The Company has not raised any money byway of the Public Issue during the year.

xxi) Based upon the audit procedures performed and on the basis of information and explanations provided by the management, we report that no fraud, on or by the company has been noticed or reported during the year.

FOR BATLIBOI & PUROHIT

Chartered Accountants

Firm Registration Number 101048W

K. A. Mehta

Place : Hinganghat Partner

Dated: 30/05/2012 Membership No. 111749