MIDFIELD INDUSTRIES LIMITED
ANNUAL REPORT 2011-2012
MIDFIELD INDUSTRIES LIMITED
1. We have audited the attached Balance Sheet of M/s MIDFIELD INDUSTRIES
LIMITED as at 31st March, 2012 and the Profit & 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 the 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 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 management, as
well as evaluating the overall financial statement presentation.
3. We believe that our audit provides a reasonable basis for our opinion,
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 the paragraphs 4 and 5 of the said order.
4. Further to our comments in the Annexure referred in the paragraph 1
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 & Loss Account and Cash Flow Statement dealt
with by this report are in agreement with the books of accounts.
iv) In our opinion, the Balance Sheet, Profit & 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;
to the extent applicable.
v) On the basis of the written representations received from the directors,
as on 31st March, 2012 and taken on record by the Board of Directors, we
report that none of the Director is disqualified as on 31st March, 2012
from being appointed as a Director in terms of clause (g) of sub-section
(1) of Section 274 of the Companies Act, 1956.
vi) In our opinion and to the best of our information and according to the
explanations given to us, the said accounts read with the 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;
a) In so far as relates to Balance Sheet, of the state of affairs of the
Company as on 31st March, 2012.
b) In so far as relates to Profit and Loss account of the Profit of the
Company for the year ended on that date.
c) In so far as relates to Cash Flow Statement, of the cash flows of the
company for the year ended 31st March, 2012.
For SAMPATH & RAMESH
(A. KRISHNA REDDY)
M No. 204755
Date : 22nd August, 2012
Annexure to the Auditors Report
Referred to as in Paragraph (1) of our report of even date
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 on the basis
of available information.
b) As explained to us, the fixed assets have been physically verified by
the management during the year in a phased periodical manner, which in our
opinion is responsible, having regard to the size of the company and the
nature of its assets. No material discrepancies were noticed on such
c) During the year, the company has not disposed of substantial part of the
Assets. According to the information and explanations given to us, we are
of the opinion that no transactions are effected involving disposal of
assets so as to affects going concern status company.
2. In respect of its Inventories:
a) As explained to us, inventories have been physically verified during the
year by the management at regular intervals. In our opinion, the frequency
of verification is reasonable.
b) In our opinion and according to the information and explanations given
to us, 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 had maintained proper records of inventories. In our opinion
and according to the information and explanations given to us, the
discrepancies noticed on verification between the physical stocks and the
book records were not significant, have been properly dealt with in the
books of accounts.
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) During the year the company has not taken loans from parties covered in
the register maintained under Section 301 of the Companies act, 1956. the
Company has not granted any loans to the parties covered in the register
maintained under Section 301 of the companies act, 1956.
4. 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 the purchase of
inventory, fixed assets and for the sale of goods. During the course of our
audit, based on our audit procedures applied, we have not observed any
continuing failure to correct major weakness in internal controls.
5. As explained to us, and based on our verification and examination of the
books of accounts we are of the view that there are no transactions that
need to be entered into the register in pursuance of section 301 of the
act. In view of this, in our view, no comment under clause (v) (b) in
6. In our opinion, and according to the information and explanations given
to us, the Company has not accepted any Deposits for which the provisions
of section 58A or 58AA of the Companies Act, 1956, and the Companies
(Acceptance of Deposits) Rules 1975 apply.
7. In our opinion, the internal audit function carried out during the year
by a firm of Chartered Accountant appointed by the Management have been
commensurate with the size of the Company and the nature of its business.
8. We have broadly reviewed the books of account maintained by the Company
in respect of products where, pursuant to the Rules made by the Central
Government of India, the maintenance of cost records has been prescribed
under clause (d) of sub section (1) of Section 209 of the Act and are of
the opinion that prima facie, the prescribed accounts and records have been
made maintained. We have not, however, made a detailed examination of the
records with a view to determine whether they are accurate or complete.
9. In respect of statutory dues:
a) According to the records of the company and as per the information and
explanations given to us, the company is generally regular in depositing
with appropriate authorities, undisputed Statutory dues including,
Provident fund, Employees state insurance, Custom duty, Income tax, Excise
duty, Cess and other material statutory dues applicable to it with the
b) According to the information and explanations given to us, no disputed
amounts payable in respect of Income tax, Sales tax, Custom duty, Excise
duty and Cess were outstanding, as at 31st March, 2012.
10. In our opinion, the company neither has accumulated losses at the end
of the year nor incurred cash losses during the financial year covered by
our audit in the immediately preceding financial year.
11. As per the records of the Company and according to the information and
explanations given to us, we are of the opinion the Company has not
defaulted in repayment of dues to banks and financial institutions.
12. 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 similar securities.
13. In our opinion, the company is not a chit fund or a nidhi/mutual
benefit fund/society. Accordingly the provisions of clause 4 (xiii) of the
Companies (Auditors Report) Order, 2003 are not applicable to the company.
14. In our opinion, the Company is not dealing in or trading in shares,
securities, debentures and other investments. Accordingly the provisions of
clause 4 (xiv) of the Companies (Auditors Report) Order, 2003 are not
applicable to the company.
15. In our opinion, 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.
16. In our opinion and according to the information and explanations given
to us, the term loans have been applied for the purpose for which they were
17. In our opinion, and according to the information and explanations given
to us and on an overall examination of statements and records of the
company, that the funds raised on short-term basis have, prima facie, not
been used during the year for long-term investment.
18. In our opinion, the Company has not made any preferential allotment of
shares/securities during the year 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 money by way of public issue during the
21. In our opinion and according to the information and explanations given
to us and based on audit procedures performed, no fraud on or by the
Company has been noticed or reported during the year.
For SAMPATH & RAMESH
(A. KRISHNA REDDY)
M No. 204755
Date : 22nd August, 2012
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