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Simmonds-Marshall Ltd.

BSE Live

Oct 21, 13:53
68.75 -1.35 (-1.93%)
Volume
AVERAGE VOLUME
5-Day
63,496
10-Day
54,265
30-Day
56,701
19,997
  • Prev. Close

    70.10

  • Open Price

    72.90

  • Bid Price (Qty.)

    66.70 (2789)

  • Offer Price (Qty.)

    68.60 (300)

NSE Live

Dec 27, 11:22
NT* 0.00 (0.00%)
Volume
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  • Prev. Close

    -

  • Open Price

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  • Bid Price (Qty.)

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  • Offer Price (Qty.)

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Simmonds-Marshall is not listed on NSE

Annual Report

For Year :
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Auditor's Report

1. We have audited the attached Balance Sheet of SIMMONDS MARSHALL LIMITED as at March 31, 2008 and also the Profit and Loss Account and Cash Flow Statement of the company for the year ended on that date, annexed thereto. These financial statements are the responsibility of the Companys 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. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material mis-statement. 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 statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. As required by the Companies (Auditors Report) Order, 2003, issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956, we enclose 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 above, 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 the books; (c) the Balance Sheet, Profit and 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 with by this report comply with the Accounting Standards referred to in sub section (3C) of section 211 of the Companies Act, 1956; (e) on the basis of written representations received from the directors as on March 31, 2008 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31,2008 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, the said accounts 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 March 31, 2008; (ii) in the case of the Profit and Loss Account, of the profit for the year ended on that date; and (iii) in the case of the Cash Flow Statement of the cash flows for the year ended on that date. ANNEXURE TO THE AUDITORS REPORT (ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2008 OF SIMMONDS MARSHALL LIMITED) i. (a) The Company has generally maintained proper records showing particulars, including quantitative details and situation of fixed assets; (b) As explained to us, physical verification of a major portion of fixed assets was conducted by management during the year. In our opinion, frequency of physical verification is reasonable having regard to the size of the company and nature of assets. According to information and explanations given to us, no material discrepancies have been noticed on such verification. (c) The Company has not disposed off any substantial part of its fixed assets so as to affect its going concern. ii. (a) As explained to us, inventory have been physically verified during the year by the management, except for inventory lying with outside parties, for which confirmations have been obtained from them. (b) The procedures explained to us, which are followed by the management for physical verification of inventory, are, in our opinion, 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 inventory records of the Company, we are of the opinion that, the Company is maintaining proper records of its inventory. Discrepancies which were noticed on physical verification of inventory as compared to book records, have been properly dealt with in the books of account iii. (a) According to the information and explanations given to us, the Company has not granted any secured or unsecured loan to Companies, firms and other parties covered in the register maintained u/s 301 of the Companies Act, 1956. (b) According to the information and explanation given to us, the Company has taken unsecured loans from Companies, firms and other parties covered in the register maintained u/s 301 of the Companies Act, 1956. The maximum amount involved during the year is Rs. 2,62,65,000/- and the year-end balance of such loans aggregates to Rs. 2,62,65,000/-. There are eight parties including Companies and firms covered in the register maintained u/s 301 of the Companies Act, 1956 from whom Company has taken loans. (c) In our opinion and according to the information and explanations given to us, the rate of interest and other terms and conditions on which loans have been taken from Companies, firms or other parties Iisted in the register maintained u/s 301 of the Companies Act, 1956 are not, prima facie, prejudicial to the interest of the Company. (d) There is no stipulation as to repayments of principal amount in respect of aforesaid loans. The Company is regular in payment of interest. 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 purchase of inventory, fixed assets and lor the sale of goods and services. During the course of our audit, no major weaknesses have been noticed in the internal controls. v. (a) According to the information and explanations given to us, we are of the opinion that during the year, the particulars of contracts/arrangements that need to be entered in the register maintained in pursuance of section 301 of the Companies Act, 1956 have been so entered. (b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in register maintained u/s 301 of the Companies Act, 1956 and exceeding the value of Rs. 5,00,000 have been made at prices which are reasonable having regard to prevailing market prices at the relevant time. vi. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public within the meaning of section 58A and 58 AA of the Companies Act, 1956, and the rules framed there under during the year. No order has been passed by Company Law Board or National Company Tribunal or Reserve Bank of India or any Court or any Tribunal. vii. In our opinion, the Company has an internal audit system commensurate with its size and nature of its business. viii. We have broadly reviewed the cost records pursuant to the Rules made by the Central Government for the maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956 and we are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. We have , however, not made detailed examiniation of records with a view to determine whether they are accurate. ix. (a) According to the records of the Company, the Company is generally 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, Customs Duty, Excise Duty, Cess and other statutory dues applicable to it with the appropriate authorities. According to the information and explanations given to us, there are no arrears of outstanding statutory dues as mentioned above as at March 31, 2008 for a period of more than six months from the date they became payable. (b) According to the information and explanations given to us, there are no dues of Income-tax, Sales Tax, Wealth Tax, Service Tax, Excise Duty, Customs Duty or Cess outstanding on account of any dispute. x. The Company does not have accumulated losses at the end of the financial year and it has not incurred any cash losses in the current and immediately preceding financial year. xi. According to the Information and explanations given to us and based on the documents and records produced to us, the Company has not defaulted in repayment of dues to banks. xii. According to the 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 and other securities. xiii. In our opinion and according to the information and explanations given to us, the nature of activities of the Company does not attract any special statute applicable to chit fund and nidhi/ mutual benefit fund/societies. xiv. The Company does not deal or trade in shares, securities, debentures and other investments. xv. According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions, the terms and conditions whereof are prejudicial to the interest of the Company. xvi. As informed to us, the term loans were applied for the purpose for which the loans were obtained. xvii. According to the information and explanations given to us on an overall examination of Balance Sheet and Cash Flows of the Company, we report that the Company has not utilised funds raised on short-term basis for long term investment. xviii. 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 did not issue any debentures during the year. xx. The Company has not raised any money through a public issue during the year. xxi. Based on the audit procedures performed and information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the year. For SHR & CO. Chartered Accountants (HITESH R. SHAH) PARTNER Membership No. 104795 Mumbai, July 31, 2008.