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SNL Bearings Ltd.

BSE Live

Nov 26, 16:00
256.60 -8.75 (-3.30%)
Volume
AVERAGE VOLUME
5-Day
2,953
10-Day
3,423
30-Day
3,450
4,102
  • Prev. Close

    265.35

  • Open Price

    260.00

  • Bid Price (Qty.)

    252.65 (100)

  • Offer Price (Qty.)

    262.00 (11)

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Dec 27, 11:22
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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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SNL Bearings is not listed on NSE

Annual Report

For Year :
2018 2017 2016 2015 2014 2013 2012 2011 2010

Auditor's Report

1. We have audited the attached balance sheet of SNL Bearings Limited, as at 31st March, 2010, and also the profit and loss account and the cash flow statement 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. 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 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. Without qualifying our opinion, we draw attention to note 3 on schedule 19. Notwithstanding the accumulated losses, the financial statements have been prepared on a going concern basis having regard to the reasons stated in the said note. 5. 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 purposes 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 and 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 and 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) 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: (a) in the case of the balance sheet, of the state of affairs of the company as at 31st March, 2010; (b) in the case of the profit and loss account, of the profit for the year ended on that date; and (c) in the case of the cash flow statement, of the cash flows for the year ended on that date. (vi) On the basis of the written representations received from the directors, as on 31st March 2010, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2010 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956. ANNEXURE TO THE AUDITORS REPORT TO THE MEMBERS OF SNL BEARINGS LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED 31 ST MARCH, 2010 (referred to in paragraph 4 of our report of even date) (i) (a) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. (b) As explained to us, the fixed assets are being physically verified by the management once in two years. Such verification due as per this programme was carried out in the previous year. In our opinion, the frequency of verification is reasonable having regard to the size of the company and the nature of its assets. (c) The fixed assets disposed off during the year, in our opinion, do not constitute a substantial part of the fixed assets of the Company and such disposal has, in our opinion, not affected the going concern status of the Company. (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) The company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material. (iii) (a) The company has not granted any loans, to companies, firms or other parties covered in register maintained under section 301 of the Companies Act, 1956. Accordingly, the provisions of clause (iii) (b), (c) and (d) of the Companies (Auditors Report) Order, 2003 (hereinafter referred to as the said Order) are not applicable to the company. (b) The company has taken loans from a company covered in the register maintained under section 301 of the Companies Act, 1956. The maximum principal amount involved during the year was Rs.450.00 lacs and the year-end balance of such loans was Rs. 300.00 lacs. (c) In our opinion, the rate of interest and other terms and conditions on which loans have been taken from the company listed in the register maintained under section 301 of the Companies Act, 1956 are, prima facie, not prejudicial to the interest of the company. (d) The payment of principal amount and interest in respect of such loans are as per stipulations. (iv) In our opinion and according to the information and explanations given to us, having regard to the explanations that some of the items purchased are of special nature and suitable alternative sources are not readily available for obtaining comparable quotations, there is an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchases of inventory and fixed assets and the sale of goods. As per the information and explanations provided to us the Company is not involved in any service activities. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal control system. (v) In respect of contracts or arrangements entered in the register maintained in pursuance of section 301 of the Companies Act 1956, to the best of our knowledge and belief and according to the information and explanations given to us: (a) The particulars of contracts or arrangements referred to in section 301 of the Companies Act, 1956 that need to be entered into the register, maintained under the said section have been so entered. (b) The transactions made in pursuance of such contracts or arrangements and exceeding the value of rupees five lacs in respect of any party are of a special nature for which there are no alternative sources available nor are there any similar transactions with other parties. In the absence of prevailing market prices of such transactions being produced to us, we are unable to form an opinion on the reasonableness of prices paid / received. (vi) The company has not accepted any deposits from the public to which the provisions of sections 58A, 58AA and any other relevant provisions of the Companies Act, 1956 and the rules framed there under would apply. Accordingly, the provisions of clause (vi) of the said Order are not applicable to the company. (vii) In our opinion, the internal audit functions carried out during the year by a firm of Chartered Accountants appointed by the management have been commensurate with the size of the Company and the nature of its business. (viii) We have broadly reviewed, without carrying out a detailed examination, the books of account maintained by the company pursuant to the Order made by the Central Government for the maintenance of cost records under section 209(1 )(d) of the Companies Act, 1956 and are of the opinion that prima facie the prescribed accounts and records have been maintained. We have, however, not made a detailed examination of the records with a view to determining whether they are accurate or complete. (ix) (a) According to the records of the company, undisputed statutory dues including provident fund, investor education and protection fund, employees state insurance, income-tax, fringe benefit tax, sales tax, value added tax, wealth-tax, service tax, customs duty, excise duty, cess and other material statutory dues applicable to it have generally been regularly deposited with the appropriate authorities. (b) According to the information and explanations given to us, there are no arrears of outstanding undisputed statutory dues as at 31st March, 2010, for a period of more than six months from the date it became payable. (c) According to the information and explanations given to us, there are no dues of income- tax, wealth-tax, service tax, sales tax, customs duty, excise duty and cess which have not been deposited on account of any dispute as at March 31, 2010 except in respect of certain disputed dues detailed as under; Name of Nature of Amount statute the dues (Rs. In lacs) Delhi Sales Tax Sales Tax dues 2.69 Central Value CENVAT dues 2.99 Added Tax Name of statue Period to which Forum where the amount relates dispute is pending Delhi Sales Tax 2001-02 Joint Commissioner 2002-03 Appeals (Delhi) Central Value 2005-06 Commissioner of Added Tax Appeals, Ranchi (x) In our opinion, the accumulated losses of the company are more than fifty percent of its net worth. The company has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year. (xi) In our opinion and according to the information and explanations given to us, the company has not defaulted in the repayment of dues to banks. The Company has not borrowed from any financial institution. Also, the Company has not issued any Debentures. (xii) According to the information and explanations given to us, the company has not granted any loans and 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 a nidhi / mutual benefit fund / society. Accordingly, the provisions of clause 4(xiii) of the said Order are not applicable to the company. (xiv) The company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the said Order are not applicable to the company. (xv) According .to the information and explanations given to us, the company has not given any guarantees for loans taken by others from banks or financial institutions. (xvi) According to the information and explanations given to us, in our opinion, the term loan has been, prima facie, applied by the Company during the year for the purpose for which the loan was obtained. (xvii) According to the information and explanations given to us and on an overall examination of the balance sheet of the company, in our opinion, no funds raised on short term basis have been used for long term investment. (xviii) The company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, the question of reporting on whether the price at which such shares have been issued is prejudicial to the interest of the company does not arise. (xix) The company has not issued any debentures. Accordingly, the question of creating a security or charge for debentures does not arise. (xx) The company has not raised any money by public issues during the year. Accordingly, the question of disclosure of end use of such monies does not arise. (xxi) According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit. For A. F. FERGUSON & CO. Chartered Accountants (Firm Reg. No. 112066W) A.C. KHANNA Partner Mumbai : May 14, 2010 Membership No. 17814