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Aditya Polymers Ltd.

BSE: 514338 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
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Aditya Polymers Ltd. (ADITYAPOLYMERS) - Auditors Report

Company auditors report

ADIYTA POLYMERS LIMITED ANNUAL REPORT 1999-2000 AUDITOR'S REPORT To, The Members, ADITYA POLYMERS LIMITED Ahmedabad. We have audited the attached Balance Sheet of ADITYA POLYMERS LIMITED as at 31st March, 2000 and Profit & Loss Account for the year ended on that date annexed thereto and report that:- 1. As required by the manufacturing and other Companies (Auditor's Report) Order 1988, issued by the Company Law Board in terms of Section 227 (4A) of the Companies Act, 1956, we annexed hereto a statement on the matters specified in Paragraph 4 and 5 of the said order. 2. Further to our comments in the annexure referred to in Paragraph 1 above, we report that: a) We have obtained all the formation 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 accounts, as required by Law, have been kept by the Company so far as appears from our examination of the books. c) The Balance Sheet and the Profit & Loss Account dealt with by this Report are in agreement with the books of accounts of the Company. d) In our opinion, Balance sheet and Profit & Loss Account of the company comply with the Accounting standard, referred to in Sub-section (3C) of section 211 of the Companies Act, 1956 except Accounting Standard -15 in respect of Accounting for Retirement Benefits in the Financial Statements of the Employer. 3. In our opinion and to the best of our information and explanations given to us the said accounts read together with the notes given in schedule given the information required by the Companies Act, 1956 in the manner required and give a true and fair view subject to our comments in the Annexure to this report. i) In the case of the Balance Sheet, of the state of affairs of the Company as a 31st March, 2000 and, ii) In the case of the Profit & Loss Account, of the LOSS of the Company for the year ended on 31st March, 2000. For NAIMISH K. SHAH & CO. Chartered Accountants PLACE: AHMEDABAD (NAIMISH K. SHAH) DATED:05/08/2000 PROPRIETOR ANNEXURE TO THE AUDITOR'S REPORT Referred to in Paragraph (1) of our report of even date on the accounts for the year ended on 31st March, 2000 of ADITYA POLYMERS LIMITED. As required by the Manufacturing and Other Companies (Auditor's Report) Order, 1988 issued by the Company Law Board in terms of section 227(4A) of the Companies Act, 1956 on the basis of such checks as we considered appropriate we report that:- 1. The Company is maintaining proper records, showing full particulars, including quantitative details and situation of fixed assets. We were informed that during the year the same were physically verified, by the management at reasonable intervals and no material discrepancies were noticed on such verification. 2. None of the fixed assets have been revalued during the year. 3. We were informed that, during the year physical verification of stock of Raw material, Stores, Spare Parts and Finished goods was conducted by the management at reasonable intervals. 4. In our opinion, the procedures of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the company and the nature of the business. 5. We were informed by the management that no major discrepancy has been noticed on physical verification of stocks as compared to book records. 6. In our opinion, on the basis of our examination of stock records, the valuation of stocks as made by the management is fair and proper in accordance with the normally accepted accounting principles and is on the same basis as in the preceeding year. 7. During the year the company has not taken loans, secured or unsecured, from companies, firms or other parties listed in the register maintained under section 301 of the companies Act, 1956. There is no company under the same Management as defined U/s 370 (1B) of the Companies Act, 1956. 8. The company has not granted any loans, secured or unsecured to companies firms or other parties listed in the register maintained under section 301 of the companies Act, 1956. There is no company under the same Managed as defined u/s 370(1B) of the companies Act, 1956. 9. In respect of loans and advances in the nature of loans given by the company, parties are repaying the principal amounts as stipulated and are also regular in payment of interest wherever applicable. 10. In our opinion and according to information and explanation given to us, there are adequate internal control procedure commensurate with the size of the company and the nature of its business, with regard to purchase of stores, raw materials including components, plant and machinery, equipment and other assets, and for the sale of goods. 11. In our opinion and according to the information and explanation given to us, there are no transaction of purchases of goods and materials and sale of goods, material and services made in pursuance of contracts or arrangement entered in the register maintained under section 301 of the companies Act, 1956 and aggregating during the year to Rs. 50,000/- (Rupees Fifty Thousand only) or more in respect of each party. 12. According to the information and explanations given to us, the company has no procedure for the determination of unserviceable or damaged stores, raw materials or finished goods. Adequate provision for the loss if any, on such items has not been made. 13. The company has not accepted any deposits from the public to which the provision of section 58A of the Companies Act, 1956 apply. 14. The Company's operations do not generate any by-product. In our opinion, reasonable records have been maintained by the Company for the sale and disposal of realisable scrap. 15. The company has no formal system of internal audit but only has certain control procedures, to ensure internal checking of its financial and other records. Due to increase in the size of the operations, the company needs to introduce a proper system of internal audit commensurate with the size and nature of its operations. 16. As explained to us the Central Government has not prescribed maintenance of cost records under Section 209(1)(d) of the Companies Act, 1956 for the product of the Company. 17. According to the records of the company, the dues of Provident Fund, and Employees State Insurance have generally been deposited regularly with appropriate authorities. 18. According to the information and explanations given to us no undisputed amounts payable in respect of Income Tax, Wealth Tax, Customs Duty and Excise Duty were outstanding, as at 31st March, 2000 for a period of more than six months from the date they become 19. According to the information and explanation given to us no personal expenses of employees or Directors have been charged to revenue account, other than those payable under contractual obligations or in accordance with generally accepted business practice. 20. In our opinion and according to the information and explanations given to us, the company is not a sick industrial company within the meaning of clauses (O) of sub-section (1) Section 3 of the Sick Industrial Companies (Special Provisions) Act, 1985. For NAIMISH K. SHAH & CO. Chartered Accountants PLACE: AHMEDABAD (NAIMISH K.SHAH) DATED: 08/05/2000 Proprietor

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