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Starlog Enterprises Ltd.

BSE: 520155 | NSE: ABGHEAVY | Series: NA | ISIN: INE580C01019 | SECTOR: Transport & Logistics

BSE Live

Sep 21, 11:50
9.80 -0.10 (-1.01%)
Volume
AVERAGE VOLUME
5-Day
16,758
10-Day
11,798
30-Day
9,677
2,519
  • Prev. Close

    9.90

  • Open Price

    10.44

  • Bid Price (Qty.)

    9.82 (226)

  • Offer Price (Qty.)

    10.14 (74)

NSE Live

Dec 27, 11:22
11.50 -1.50 (-11.54%)
Volume
No Data Available
7,325
  • Prev. Close

    13.00

  • Open Price

    -

  • Bid Price (Qty.)

    - (0)

  • Offer Price (Qty.)

    - (0)

Starlog Enterprises 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 ABG Infralogistics Limited (the Company) as at 31st March, 2011, 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 Company''s 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 misstatements. 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 principle 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 (Auditor''s 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 in paragraph 3 above, we report as follows: (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 bylaw have been kept by the Company, so far as it appears from our examination of those books; (c) The Balance Sheet, the Profit and Loss Account 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 Profit and 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 and taken on record by the Board of Directors, we report that none of the directors is disqualified as at 31s'' March, 2011 from being appointed as a director in terms of Section 274(l)(g) 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 read with Significant Accounting Policies and 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 31s1 March, 2011; (ii) in the case of the Profit and Loss Account, of the profit of the Company for the year ended on that date; and (iii) in the case of the Cash Flow Statement, of the cash flows of the Company for the year ended on that date. ANNEXURE TO AUDITORS'' REPORT (The Annexure referred to in paragraph 3 of the Auditors'' Report of even date to the members of ABG Infralogistics Limited on the accounts for the year ended 31st March, 2011) 1. In respect of its fixed assets: a. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. b. According to the information and explanations given to us, a major portion of the fixed assets has been physically verified by the management during the year, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. According to the information given to us, no material discrepancy has been noticed on such verification as compared to records. c. In our opinion, the Company has not disposed off any substantial part of its fixed assets during the year so as to affect its going concern status. 2. According to the information and explanations given to us, the Company''s nature of operations does not require it to hold inventories and accordingly, clause 4(ii) of the Companies (Auditor''s Report) Order, 2003 is not applicable. 3. In respect of loans, secured or unsecured, granted or taken by the Company to/from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956: a. According to the information and explanations given to us, the Company has not given any new loan to any of the aforesaid parties. Aggregate loans outstanding from two subsidiary companies at the end of the year amount to Rs. 393.81 lacs which is also the maximum amount outstanding at any time during the year from the said companies. b. In our opinion and according to the information and explanations given to us, the rates of interest and other terms and conditions are not prima facie prejudicial to the interest of the Company. c. According to the information and explanations given to us, the aforesaid loans are repayable on demand. d. As the aforesaid loans given by the Company are repayable on demand, the question of overdue amount does not arise. e. According to the information and explanations given to us, the Company had taken advance against sale of assets from a subsidiary company during preceding year. Amount of advance outstanding to the said subsidiary company at the end of the year amounts to Rs. 494.37 lacs and the maximum amount outstanding payable to the said company at any time during the year is Rs. 1,112.19 lacs. f. In our opinion and according to the information and explanations given to us, the rates of interest and other terms and conditions are not prima facie prejudicial to the interest of the Company. g. As the aforesaid advance taken by the Company is repayable on demand, the question of overdue amount does not arise. 4. In our opinion, and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business for purchases of fixed assets and sale of services. The activities of the Company do not involve purchase of inventory and the sale of goods. We have not noted any continuing failure to correct major weakness in the internal control system during the course of the audit. 5. In respect of the contracts or arrangements referred to in Section 301 of the Companies Act, 1956: a. In our opinion and according to the information and representations given to us, the transactions made in pursuance of contracts or arrangements that needed to be entered in the register maintained under 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 to contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 exceeding the value of rupees five lacs in respect of each party during the year have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time. 6. According to the information and explanations given to us, the Company has not accepted any deposits from the public. 7. The Company does not have a formal internal audit system. However, according to the information and explanations given to us, operating control systems are commensurate with the size of the Company and nature of its business. 8. According to the information and explanations given to us, the Central Government has not prescribed the maintenances of cost records under clause (d) of sub-section (1) of Section 209 of the Companies Act, 1956 in respect of services carried out by the Company. 9. a. According to the information and explanations given to us, and on the basis of our examination of the books of account, the Company has generally been regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess wherever applicable and any other material statutory dues applicable to it with the appropriate authorities except in a few cases where there have been delays. According to the information given to us, no undisputed amounts in respect of aforesaid dues were outstanding as at 31st March, 2011 for a period of more than six months from the date they became payable. b. According to the information and explanations given to us, the disputed statutory dues have not been deposited on account of matters pending before appropriate authorities as under: - Nature of Amount Period to Form where dispute dues (Rs.) which the is pending Sales Tax 17,99,088/- 1996-97 Chennai 51,33,109/- 1997-98 High Court 54,58,212/- 1998-99 1,53,71,120/- 1999-2000 1,71,17,882/- 2000-01 73,01,689/- 2001-02 93,02,847/- 2002-03 TOTAL 6,14,83,947/- 10. The Company has no accumulated losses and has not incurred cash losses during the financial year covered by our audit or in the immediately preceding financial year, 11. According to the information and explanations given to us, the Company has not defaulted in repayment of dues to financial institutions or banks. 12. According to the information and explanations given to us, the Company has not granted loans and advance on the basis of security by way of pledge of shares, debentures and other securities. 13. The Company is not a chit fund, nidhi, mutual benefit fund or a society. Accordingly, clause 4(xiii) of the Companies (Auditor''s Report) Order, 2003 is not applicable. 14. According to the information and explanations given to us, the Company is not dealing or trading in shares, securities, debentures and other investments. Accordingly, clause 4(xiv) of the Companies (Auditor''s Report) Order, 2003 is not applicable. 15. According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions. 16. According to the information and explanations given to us, the term loans availed by the Company have been applied during the year for the purposes for which they were raised. 17. According to the information and explanations given to us, and on an overall examination of the Balance Sheet of the Company, funds raised on short term basis have, prima facie, not been used during the year for long term investments. 18. The Company has not made any preferential allotment of share to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956. 19. The Company has not issued any debentures during the year. 20. The Company has not raised any money by public issue during the year. 21. According to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year. For M. M. Chaturvedi & Co. Chartered Accountants (Registration No. 112941W) M. M. Chaturvedi Partner Membership No.: 31118 Place: Mumbai, Dated: 30th May, 2011