You are here » Home » Companies » Company Overview » Akar Laminators Ltd

Akar Laminators Ltd.

BSE: 500005 Sector: Industrials
NSE: AKARLAMIN ISIN Code: INE984C01013
BSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN
PREVIOUS CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr)
Buy Price
Buy Qty
Sell Price
Sell Qty
OPEN
CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr)
Buy Price
Buy Qty
Sell Price
Sell Qty

Akar Laminators Ltd. (AKARLAMIN) - Auditors Report

Company auditors report

ANNUAL REPORT 1998-99 AKAR LAMINATORS LTD AUDITORS' REPORT To, The Shareholders AKAR IAMINATORS LTD. We have examined the attached Balance Sheet of AKAR LAMINATORS LIMITED as on 30th June. 1999 together with the annexed Profit and Loss Account for the year ended on that date and report that: 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 give in the Annexure 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 I above. we report that (a) We have obtained all the information and explanation which to the best of our knowledge and belief were necessary for the audit. (b) 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 the books. (c) In our opinion, the Balance Sheet and Profit & Loss Account dealt with this report are as per the books of accounts produced for our verification. d) In our opinion. the Profit & Loss account and Balance Sheet comply with the accounting standards referred to in sub section (3C) of Section 211 of the Companies Act, 1956. c) In our opinion and to the best of our information and according to the explanations given to us, the said accounts, subject to Note No. 2 regarding third party Balance confirmations and others and read with other notes and accounting policies thereon, give the information required by the Companies Act, 1956 in the manner so required and present a true and tair view: (i) In the case of Balance Sheet. of the state of affairs of the Company as at 30th June. 1999 and (ii) In the case of Profit & Loss Account, of the Profit of the Company for the year ended on that date. For MEHTA LODHA & CO. Chartered Accountants (PRAKASH.D.SHAH) Partner Place: Mumbai Date: 3rd December, 1999 ANNEXURE REFERRED TO IN PARAGRAPH I OF OUR REPORT OF EVEN DATE ON THE ACCOUNTS FOR THE YEAR ENDED 30TH JUNE. 1999 OF AKAR LAMINATORS LTD. 1. The Company has maintained records showing full particulars including quantitative details and situation of fixed assets except in case of additions which is being updated. According to information and explanations given to us the fixed assets in the possession of the Company have been physically verified by the management in a phased periodical manner which in our opinion is reasonable having regard to the size of the Company and the nature of' the assets. As informed to us, the discrepancies noticed on such verification are not material and have been properly dealt with in the books of accounts. 2. None of the fixed assets have been revalued during the year . 3. As per explanations and information given to us. the stock of finished goods semifinished goods. stores, spares parts. raw materials have been physically verified by the management at the year end. 4. In our opinion and according to he information and explanation given to us. the procedure of physical verification of stocks followed by the management were found to be reasonable and adequate in relation to the size of the Company and the nature of its business. 5. As informed to us, the discrepancies noticed on verification between physical stocks and books records were not material in relation to the operations of the Company. 6. In our opinion, the valuation of stock is fair and proper and in accordance with the generally accepted accounting principles and is on the same basis as in the earlier year. 7. The Company has taken unsecured loan from Companies. firms or other parties listed in the register maintained under Section 301 of' the Companies Act, 1956 and from the Companies under the same management as defined under sub Scction 1B of the Section 370 of the Companies Act, 1956. The terms of repayment and interest have not been specified. 8. The Company has granted unsecured loans in the ordinary course of business to the Companies listed in the register nmintained under Section 301 of the Companies Act, 1956 and to the Companies under the same management as defined under Sub Section 1B of Section 370 of the Companies Act, 1956. The terms of repayment and interest have not been specified . 9. The Company has granted advance in the nature of loans to staff on free of interest. The same being realised as stipulated and other terms and conditions of' such loans are not prima-facie prejudicial to the interest of the company. 10) In our opinion the internal control procedure of the Company relating to purchase of stores ,raw material and components plant and machinery, equipment and other similar assets and for the sale of goods are adequate commensurate with its size and nature of business. 11).The Company has entered into the transactions of purchase and sale of goods and materials aggregating to Rs. 50,000/- or more during the year during the year in respect of each party listed in the register- maintained under Section 301 of' the Companies Act. 1956. In our opinion and according to the information and explanations given to us, prices contacted were reasonable having regard to the prevailing market prices for such goods or materials for such prices at which transactions for similar goods or materials were made with other parties, if comparable prices are available. 12. As. explained to us, the Company has regular procedure for the determination of unserviceable or damaged stores raw materials. components or finished goods. Adequate provisions has been made in the accounts for the loss arising on items determined . 13. As informed to us, the Company has not accepted any deposits from the public during the year. 14. In our opinion. reasonable records have been maintained by the Company for the sale and disposal of scrap. The Company has no by-products. 15. The Company has an internal audit system which is further required to be strengthened so as to commensurate with the size and its nature of the business of the Company. 16. As informed to us the Central Government has not prescribed rules for the maintenance of cost records by the Company under Section 209(1) (d) of the Companies Act,1956. 17. Provident Fund and Employees State Insurances dues have generally been regularly deposited with the appropriate authorities though there has been delay in few cases. 18. According to the information and explanations given to us there are no undisputed amount in respect of Wealth Tax,Custom Duty and Excise duty except Sales tax of Rs 0.65 lakhs and Income tax of Rs 9.08 lakhs outstanding for a period of more than six months as at June 30th 1999. 19. 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 payable under contractual obligations or in accordance with the generally accepted business practices. 20. The Company is not sick industrial company within the meaning of Clause(O) of the Sub-section 3 of the Sick Industrial Companies (Special Provisions) Amendment Act,1994. 21. In respect of the trading activities of the Company it has been explained to us that there were no damaged goods during the year. 22. In respect of service contracts executed the Company has a reasonable system of recording receipts,issues and consumption of material and stores commensurate with the size and nature of its business. 23. The question of allocation of material,stores and man hours (labour) consumed to relative jobs have not been considered by the Company since the service rendered are billed to customers on fixed rate basis. For MEHTA LODHA & CO Chartered Accountants (PRAKASH.D.SHAH) Partner Place: Mumbai Date : 3rd December,1999.

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard