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Stone India Ltd.

BSE: 522085 | NSE: | Series: NA | ISIN: INE290C01015 | SECTOR: Electric Equipment

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Sep 10, 15:40
9.85 0.00 (0.00%)
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Stone India is not traded on BSE in the last 30 days

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Dec 27, 11:22
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Stone India is not listed on NSE

Annual Report

For Year :
2016 2015 2014 2013 2012 2011 2010 2009 2008

Auditor's Report

We have audited the attached Balance Sheet of Stone India Limited (the Campany) as at 31st March, 2009 and also the Profit &. Loss Account of the Company for the year ended on that date, annexed thereto and the cash flow statement for the year ended on that date. 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. 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 any material misstatement. An audit includes examining, on test basis, evidence supporting the amounts and the 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 of our opinion. 1. As required by the Companies (Auditors Report) Order, 2003 (the order) as amended by the Companies (Auditors Report) (Amendment) Order, 2004 issued by the Central Government in terms of Section 227 (4A) of the Companies Act, 1956 (the Act) and according to the information and explanations given to us and on the basis of such checks as we considered appropriate, we state that: i) a) The Company has maintained proper records to show full particulars including quantitative details and situation of its fixed assets. b) As explained to us, the fixed assets of the Company are physically verified by the management over a phased manner, which we consider reasonable considering the size of the Company and nature of its assets. As explained to us such verification has been carried outby the management and the necessary reconciliation with the book records was under progress at the year end. (c) In our opinion, during the year, the company has not disposed off substantial part of its fixed assets. ii) a} The inventory has been physically verified by the management during the year. In our opinion and according to the information and explanations given to us, the frequency of verification, wherever carried out, is reasonable. b) In our opinion, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature Of its business. c) Maintenance of records and related details and reconciliation thereof with inventory at the end of the year is required to be strengthened. On the basis of our examination of the inventory records, in our opinion, the Company is maintaining proper records of inventory. The discrepancies noticed on physical verification of inventory as compared to book records, which in certain cases were material have been adjusted. iii) Except for the advances recoverable in respect of expenses for a wholly owned subsidiary as per the records of the company, it has not taken/granted any loans, secured or unsecured , to any companies, firms or other parries covered in the Register maintained under Section 301 of the Act. Advances recoverable as explained are against share capital, iv) Having regard to the fact that comparative quotations are not available in respect of certain items of special nature purchased during the year, 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 with regard to purchases of inventory, fixed assets and with regard to sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls. v) To the best of our knowledge and belief and according to the information and explanations given to us and records of the company, we are of the opinion that there is no transaction that needs to be entered in to the register maintained under section 301 of the Act. vi) The Company has not received or accepted any deposits during the year. vii) The Company has an internal audit system which covers certain specific areas of operations/processes and therefore the scope thereof needs to be enlarged and the system followed needs to be further strengthened. viii) We are informed that Central Government has not prescribed the maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956. ix) a) According to the information and explanations given to us and as per the records of the Company, the Company is regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Professional Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess and other material statutory dues applicable to it except for ESI including as mentioned in Note No.B 9 of schedule 19, Tax Deducted at Source, excise duty and sales tax where there mere delaysindepositingtheduestoappropriateauthorities.However, according to the information and explanations given to us, there is no undisputed amounts payable in respect of these which were in arrears, as at 31st March 2009 for a period of more than six months from the date they became payable. b) According to information and explanations given to us, there are no dues of Sales Tax, Income Tax, Customs Duty, Wealth Tax, Excise Duty and Cess which have not been deposited on account of any dispute except as given below: Statute Nature of Tax West Bengal Sales Tax Sales Tax, 1995 Central Sales Sales Tax Tax, 1954^ Forum where Period to Amount dispute is pending which in Lacs related DOT Appeal 2034-05 15.02 DOT Appeal 2003-04,2004-05 4472 and 2005-06 x) The Company does not have any accumulated losses at the end of the financial year. The Company has incurred cash losses in the current financial year but had not incurred cash losses in the immediately preceding financial year. xi) According to the information and explanation given to us, Company has defaulted in repayment ojdues to a financial institution. Details of amount outstanding in this respect as on 31st March,2009 are as follows: Type Period Amount (Rs. in lakhs) Financial Institution January to 49.80 Term Loan March 2009 xii) 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) In our opinion, the company is not a chit fund or a nidhi mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the said order are not applicable to the company. xiv) The Company is not dealing / trading in securities. xv) According to information and explanations given to us, the company has not given any guarantee for loans taken by others from banks or financial institutions. xvi) As per the information and explanations given to us, no fresh term loan has been taken during the year. xvii) According to the information and explanations given to us and on overall examination of the Balance Sheet of the company, we report that funds amounting to Rs.571.68 lacs raised on short-term basis have been used for long-term investments, i.e. for funding losses of the company. xviii)The Company has not made any preferential allotment of shares to parties and companies required to be covered in the register maintained under section 301 of the Act. xix) The Company does not have any outstanding debentures during the year. xx) The Company has not raised any money through a public issue during the year. xxi) During the course of our examination of books of accounts carried out in accordance with generally accepted auditing practices in India, we have neither come across any incidence of fraud on or by the company nor have we been informed of any such case by the management. 2. Attention is invited to the following Notes as given in Schedule 19 regarding: (a) Rental demands on the Company amounting to Rs.228.97 lakhs, pending decision of the Court exact status of liability is presently not ascertainable. (Note B 8) (b) Non-confirmation/ reconciliation of certain debit and credit balances adjustments whereof and resultant impacts thereof are presently not ascertainable. (Note B 4) (c) Payment of managerial remuneration amounting to Rs. 110.94 lakhs (including Rs. $4.60 lakhs for the year) which is subject to approval of the Central Government. (Note B7) 3. We further report that overall impact with respect to the Notes given in paragraph (2) above cannot be ascertained and commented upon by us. 4. Further to the above, we report that: (a) We except as given In Note B 18 of Schedule 19 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) The Balance Sheet, the Profit & Loss Account and Cash Flow Statement dealt with by this Report are in agreement with the books of account; (c) In our opinion, proper books of account, as required bv law have been kept by the Company so far as it appears from our examination of the books; (d) In our opinion, the Profit & Loss Account, Balance Sheet and Cash How Statement prepared by the Company comply with the various Accounting Standards referred to in Sub-section 3(c) of Section 211 of the Act; (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 of the Company is disqualified as on 31st March 2009 from being appointed as a director under Section 274 (1) (g) of the Act; (f) In our opinion and to the best of our information and according to the explanations given to us, subject to our remarks as given in para 2 above whereby as given in para 3 above, we are unable to ascertain and indicate the impact thereof on these accounts and Note B 18 of Schedule 19 regarding non availability of details relating to Micro, Small and Medium Enterprise Development Act, 2006 and read together with the other notes thereon, these accounts give the infoimation 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 Balance Sheet, of the State of Affairs of the Company as at 31st March, 2009; (b) in the case of Profit &, Loss Account, of the loss for the year ended on that date; and (c) In the case of Cash Flow Statement, of the cash flows for the year ended on that date. For Lodha & Co. Chartered Accountants 14 Government Place East, R. P. Singh Place: Kolkata Partner Date: 7th July, 2009 Membership No, 52438