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AEC (India) Ltd.

BSE: 523080 Sector: Infrastructure
NSE: AEC ISIN Code: N.A.
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NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
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AEC (India) Ltd. (AEC) - Auditors Report

Company auditors report

AEC (INDIA) LIMITED AUDITORS' REPORT TO THE MEMBERS OF AEC (INDIA) LIMITED. We have audited the attached Balance Sheet of AEC (India) Limited as at 30th September, 1998 and also the Profit & Loss Account of the Company for the Period ended 30th September, 1998 annexed thereto. We report as follows: 1. As required by the Manufacturing and Other Companies (Auditors' Report) Order, 1988 issued by the Company Law Board in terms of Section 227(4A) of the Companies Act, 1956, we annex hereto a statement on the matters specified in Paragraphs 4 & 5 of the said Order. Further to our comments in the Annexure referred to in Paragraph (1) above. (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 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 are the books of accounts. (d) In our opinion Profit & Loss Account and Balance Sheet compiled with the Accounting Standards referred to in Sub-section 3C of Section 211 of the Companies Act, 1956. (e) In our opinion and to the best of our information and according to the explanations given to us, the said Balance Sheet and Profit & Loss Account subject to and read together with Note No.25 in respect of Deferred Revenue Expenditure and other notes in Schedule No. 20, gives the information required by the Companies Act, 1956, in the manner so required and give a true and fair view: (i) In so far as it relates to the Balance Sheet, of the state of affairs of the company as at September 30th, 1998. (ii) In so far as it relates to the Profit & Loss Account, of the Loss of the company for the Period ended on that date. FOR V.V. KALE & CO. Chartered Accountants (VIJAY V. KALE) Partner PLACE: NEW DELHI DATED: 28.11.199 ANNEXURE TO THE AUDITORS' REPORT (Referred to in Paragraph (1) of our Report of even date) I) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. We have been informed that these have been physically verified by the Management at reasonable intervals and no material discrepancies were noticed on such verification. II) None of the fixed assets have been revalued during the period. III) The physical verification of the finished goods, stores, spare parts and raw materials was conducted by the Management during the period. In our opinion the frequency of such verification is reasonable. IV) In our opinion and according to the information and explanation given to us the procedures of physical verification of stocks followed by the management were found reasonable and adequate in relation to the size of the company and nature of its business. V) We were informed that no material discrepancies were noticed on physical verification of stocks as compared to the books and records. The discrepancies noticed have been properly dealt with in the books of accounts. VI) In our opinion, the valuation of stocks is fair and proper in accordance with normally accepted accounting principles and as explained to us is on the same basis as in the preceding year . VII) The company has not taken any loans, secured or unsecured, from company and other parties listed in the register maintained under Section 301 of the Companies Act, 1956, and/or from the company under the same Management as defined under sub-section (lB) of Section 370 of the Companies Act, 1956. VIII) The Company has not granted any loans, secured or unsecured to Companies, firms or other parties listed in the register maintained under Section 301 and/or to the Companies under the same Management as defined under sub section (lB) of section 370 of the Companies Act,1956. IX) The Company has not given any loans or advances in the nature of loans during the period except loans and interest free advances in the nature of loans to employees, and loans in the form of Inter-Corporate Deposit have been given by the Company. The instalments on above are generally being repaid as stipulated, as explained to us. Other terms and conditions of such loans are prime facie not prejudicial to the interest of the Company. X) 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 nature of its business with regard to purchase of stores, raw materials including components, plant & machinery, equipment, other assets and for the sale of goods. XI) According to the information and explanations given to us, the transactions of purchase of goods and materials and sale of goods, materials and services made in pursuance of contracts or arrangements falling under Section 301 of the Companies Act, 1956, and aggregating during the period to Rs.50,000/- or more in respect of each party, have been made at prices which are reasonable having regard to prevailing market prices of such goods, materials or services or the prices at which transactions for similar goods or materials or services have been made with other parties. XII) As explained to us, the company has a regular procedure for the determination of unserviceable or damaged stores and raw materials. XIII) According to the information and explanation given to us, the Company has not accepted any deposits under section 58 (A) of the Companies Act, 1956 during the period. XIV) In our opinion, reasonable records have been maintained by the company for the sale and disposal of scraps. XV) In our opinion, the company has an adequate internal audit system commensurate with the size and nature of its business. XVI) As explained to us, the maintenance of cost records has not been prescribed by the Central Government under Section 209(1)(d) of the Companies Act, 1956. XVII) According to the records of the company, in general, Provident Fund and Employees State Insurance Scheme dues have been regularly deposited during the period with the appropriate authorities. XVIII) According to the information and explanations given to us, there were no undisputed amounts payable in respect of income tax, wealth tax, sales tax, customs duty and excise duty, which have remained outstanding as at 30th September, 1998 for a period of more than 6 months from the date, they became payable. XIX) According to the information and explanations given to us and the records of the company examined by us, no personal expenses have been charged to revenue account other than those payable under contractual obligations or in accordance with the generally accepted business practices. XX) The company is not a sick industrial company within the meaning of clause (O) of the sub-section (1) of Section 3 of Sick Industrial Companies (Special Provisions) Act, 1985. XXI) In respect of service activities of the company: a) The company has a reasonable system of recording receipts, issues and consumption of materials & stores and allocation of materials consumed to relative jobs, commensurate with its size and nature of its business. b) The company has a reasonable system of allocating man hours utilised to the relative jobs, commensurate with its size and nature of its business. c) The company has a reasonable system of authorisation at proper levels, and an adequate system of internal control commensurate with- its size and nature of its business, on issue of stores and allocation of stores and labour to jobs. XXII) In respect of trading activities of the company, as per the information given to us there were no damaged goods during the period. FOR V.V.KALE & CO. Chartered Accountants PLACE : NEW DELHI (VIJAY V. KALE) DATED : 28.11.1998 Partner

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