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Senbo Industries | Auditor's Report > Pharmaceuticals > Auditor's Report from Senbo Industries - BSE: 532021, NSE: N.A
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Senbo Industries

BSE: 532021|ISIN: INE792C01010|SECTOR: Pharmaceuticals
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VOLUME 31
Senbo Industries is not listed on NSE
Mar 13
Auditor's Report (Senbo Industries) Year End : Mar '14
We have audited the accompanying financial statements of Senbo
 Industries Limited (the Company), which comprise the Balance Sheet as
 at March 31,2014, the Statement of Profit & 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 flow 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 (Act). This responsibility includes the design,
 implementation and maintenance of internal control relevant to the
 preparation and presentation of 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 evolves performing procedures to obtain audit evidence about
 the amounts and disclosures in the financial statements. The procedures
 selected depend on auditors'' 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 .An audit also
 includes evaluating the appropriateness of accounting policies used and
 the reasonableness of accounting estimates made by the 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 of our audit opinion.  
 
 Opinion
 
 In our opinion and to the best of our information and according to the
 explanation given to us, the aforesaid financial statements read
 together with the Significant accounting Policies and subject to:
 
 Note 1.1 regarding Non-provision of Bonus, Gratuity, the amount of
 which has not been determined;
 
 Note 3 regarding non-provision of interest on Inter-Corporate
 Borrowings from an Associate Company, which has in turn provided
 substantial loans to the Company.
 
 Note 23 on Party confirmations on Sundry Debtors, Sundry Creditors and
 Loans and Advances; Read together with other notes therein 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 31st March 2014;
 
 (b) In the case of the Statement of Profit & Loss, of the loss for the
 year ended on that date; and
 
 (c) In case of the Cash Flow Statement, of the cash flows for the year
 ended on that date.
 
 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, we give in the Annexure a Statement on the matters
 specified in Paragraphs 4 & 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;
 
 b.  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.
 
 c.  The Balance Sheet, the Statement of Profit & Loss, and the Cash
 Flow Statement dealt with by this Report are in agreement with the
 books of account.
 
 d.  In our opinion, the Balance Sheet, the Statement of Profit & Loss,
 and the Cash Flow Statement comply with the Accounting Standards
 referred to in section 211(3C) of the Act;
 
 e.  On the basis of the written representations received from the
 Directors as on March 31,2014, taken on record by the Board of
 Directors, none of the Directors is disqualified as on March 31,2014,
 from being appointed as a director in terms Section 274(1)(g) of the
 Act.
 
 ANNEXURE TO AUDITORS'' REPORT
 
 (Referred to in Paragraph 1 under the heading of ''Report on Other Legal
 & Regulatory Requirements'' of our Report)
 
 1.  In respect of its Fixed Assets :
 
 a.  The Company is in the process of updating its Fixed Assets Register
 to show full particulars including quantitative details and situation
 of Fixed Assets left after sale of substantial Part of Plant &
 Machinery during earlier year.  However, in our opinion and as per
 explanation received this has not affected the Going Concern Status of
 the Company, though operations are presently suspended.
 
 b.  According to the information and explanations given to us, the
 Fixed Assets were physically verified by the management at the year end
 and no material discrepancy was found.
 
 2.  In respect of inventories :
 
 a. As explained to us, the stocks of spare parts have been physically
 verified by the management at the year end. No material discrepancy has
 been detected. Valueless items were written off.
 
 3.  In respect of loans:
 
 a) The Company, during the year also, has taken unsecured loans from
 Companies listed in the Register maintained under section 301 of the
 Companies Act, 1956, which is at call and on which interest has not
 been provided.
 
 b) In respect of loans and advances in the nature of loans given by the
 Company to any parties/ staff where stipulations have been made;
 parties/ staffs have generally repaid the amounts as stipulated other
 than those written off during the year.
 
 4.  The Company has not transacted any business during the year and the
 factory was under closure. Hence there was no purchase of stores, raw
 materials including components, plant & machinery, equipment and other
 assets and sale of goods and services. Opinion on Internal control in
 these respects therefore is not necessary for the year under audit.
 
 5 In our opinion and according to the information and explanations
 given to us, no transaction was made for purchase of goods and
 materials and sale of goods, materials and services in pursuance of
 contracts or arrangements entered in the register maintained under
 Section 301 of the Companies Act, 1956 and aggregating during the year
 to Rs. 5,00,000 or more in respect of each Party.
 
 6 On the basis of documents examined & information received, we state
 that the Company has not accepted any deposits from the public in
 pursuance of sections 58A, 58AA or any other relevant provisions of the
 Act.
 
 7 As the operation of the Company is suspended, no internal audit has
 been conducted during the year.
 
 8.  According to information and explanations given to us, the Central
 Government has not prescribed maintenance of cost records u/s 209 (1)
 (d) of the Companies Act, 1956, for any product of the Company.
 
 9.  In respect of Statutory dues :
 
 a) According to the records of the Company, no outstanding dues over 6
 months in respect of West Bengal VAT & Municipal Tax remained unpaid as
 on 31st March, 2014.
 
 b) According to the information and explanations given to us, there
 were no disputed amounts payable in respect of income tax, sales tax,
 customs duty, excise duty or dues payable to any other Statutory and/or
 Local Authority as at 31st March, 2014 for a period of more than six
 months from the date they became payable.
 
 10.  The accumulated losses of the Company at the end of the financial
 year are in excess of its net worth. It has incurred cash losses during
 the year and also in the previous financial year.
 
 11 As per records produced before us, the Company has not defaulted in
 payment of dues to any financial institution or bank or not defaulted
 in payment of dues to any financial institution or bank or debentures
 holders .
 
 12 In our opinion and according to the information and explanation
 given to us, no loans and advances have been granted by the Company on
 the basis of security by way of pledge of shares, debentures and other
 securities.
 
 13 In our opinion, the Company is not a chit fund or a nidhi/ mutual
 fund/ society. Therefore, clause 4 (xiii) of the Companies (Auditor''s
 Report) Order 2003 and as amended upto-date, is not applicable to the
 Company.
 
 14 In our opinion, the Company has not dealt or traded in shares,
 securities, debentures and investments. Therefore, clause 4 (xiv) of
 the Companies (Auditor''s Report) Order 2003 as amended upto-date, is
 not applicable to the Company.
 
 15 The Company has mortgaged its immovable properties including land &
 building with a Bank and has also provided Corporate Guarantee to it,
 to secure repayment of the credit facilities of Rs. 47.68 crores
 extended by the Bank to a Group Company from which SIL has taken
 substantial amount of unsecured loans.
 
 16 As per records produced before us, the Company has not raised any
 new term loans during the year. The Term Loans outstanding at the
 beginning of the year was nil.
 
 17 According to the information and explanations given to us and on an
 overall examination of the Balance Sheet of the Company, we are of the
 opinion that no short term loans have been used for long term
 investments.
 
 18 As per records produced before us, during the year, the Company has
 not made any preferential allotment of shares to parties and companies
 covered in the register maintained u/s. 301 of the Companies Act, 1956.
 
 19 As per records produced before us, the Company has not issued any
 debentures during the year.
 
 20 As per records produced before us, the Company has not raised any
 money by way of public issue during the year.
 
 21. In our opinion and according to the information and explanation
 given to us, no material fraud on or by the company has been noticed or
 reported during the year that causes the financial statements to be
 materially misstated.
 
                                      For RAJESH CHATURVEDI & ASSOCIATES
                                                   Chartered Accountants
                                               (Firm''s Regn. No 316131E)
 
                                                            R.Chaturvedi
 Place : Kolkata                                              Proprietor
 Dated : 28th May, 2014                              Membership No.52809
Source : Dion Global Solutions Limited
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