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Alexcon Roamcast Ltd.

BSE: 507933 Sector: Engineering
NSE: N.A. ISIN Code: INE225A01015
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Alexcon Roamcast Ltd. (ALEXCONROAMCAST) - Auditors Report

Company auditors report

ALEXCON FOAMCAST LIMITED ANNUAL REPORT 1999-2000 AUDITOR'S REPORT To the members of ALEXCON FOAMCAST LIMITED. We have audited the attached Balance Street of ALEXCON FOAMCAST LIMITED as at 31st March 2000 and tire Annexed Profit and Loss Account for the period ended on 31st March 2000, duly Audited by us 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 and on the basis of such checks of the books and the records of the Company as we considered appropriate and on the basis of the information and explanations given to us, we enclose in the annexure a statement on the matters specified in the Paragraphs 4 and 5 of the said order. 2. Further to our comments in the Annexure referred to in Paragraph 1 above, we state that : 2.1 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. 2.2 In our opinion, proper books of account as required by law have been kept by the Company, so far as it appears from our examination of the books. 2.3 The Balance Sheet and Profit and Loss Account referred to in this reports are in agreement with the books of account. 2.4 In our opinion, the Profit and Loss Account and Balance Sheet are in compliance with the accounting standards as referred to in section 211 (3c) of the Companies Act, 1956. 2.5 In our opinion and to the best of our information and according to the explanations given to us, the accounts read together with Schedules A to U give the information required by the Companies Act, 1956 in the manner so required, subject to Note No.13 in schedule J regarding non confirmation of some of the balances and give a true and fair view. a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March 2000, and b) in the case of the Profit and Loss Account of the Loss of the Company, for the 18 months period ended on that date. For MITTAL & MITTAL For R. N. BHANSALI & COMPANY Chartered Accountants Chartered Accountants S. K. JAIN M. R. BHANSALI Partner Partner Place : Mumbai Place : Mumbai Date : 23rd June, 2000 Date : 23rd June, 2000 Annexure Referred To In Paragraph 1 of the Auditor's Report of Even Date Re : Alexcon Foamcast limited 1. The Company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets of the Company. The Management has certified that the fixed assets have been physically verified at reasonable intervals during the period and no material discrepancies were noticed on such verification. 2. None of fixed assets have been revalued during the period. 3. Physical verification has been conducted by the management in respect of finished goods, stores spare parts and raw materials at reasonable intervals. Stocks in the possession and custody of third parties at the period end' have been verified by management with reference to confirmations or statement of accounts or correspondence of third parties or subsequent receipt of goods. 4. The procedures of physical verification of stocks followed by the management are reasonable in relation to the size of the company and the nature of its business. 5. No material discrepancies were noticed on physical verification of stocks of finished goods, raw materials and work-in-process as compared to book records. 6. Based on our examination of stock, the valuation of the stocks, is fair and proper and in accordance with the normally accepted accounting principles. The basis of valuation is the same as in the preceding year. 7. The Company has not taken any loans, secured or unsecured, from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956 or from the Companies under the same management within the meaning of Section 370(1-B) of the Companies Act, 1956 except for interest-free unsecured loans amounting to Rs.17138377/- taken from Directors and Rs. 55930500/- takers from Companies in which tie directors are interested which are not prima facie, prejudicial to the interests of the Company. 8. The Company has not granted any loans, secured or unsecured to any other companies, firms or other parties listed in the register maintained under Section 301 or to the Companies under the same management within the meaning of Section 370(1-B) of the Companies Act, 1956. 9. There are no loans, or advances in the nature of loans given by the Company except for interest-free loans given to employees of the Company who are repaying the principal amount of the loans as stipulated. 10. In our opinion, the internal control procedure for purchase of Stores, Components, Plant and Machinery equipment and other assets are commensurate with the size of the company and the nature of its business. 11. During the period the Company has neither purchased nor sold any goods or materials nor rendered any services in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956, aggregating to Rs.50000/- or more in respect of each party thereof. 12. During the period the unserviceable or damaged stores, raw materials or finished goods have been given proper treatment in the books hence no additional provision for the loss thereof in the accounts in required. 13. The Company has not accepted deposits from the public during the period. 14. The Company has no realisable by-products nor any significant realisable scrap. 15. The Internal Audit has been carried on in-house by the Company. In our opinion however the scope of Internal Audit and the nature of reporting needs to be increased to make it commensurate with the size of the Company. 16. The Central Government has not prescribed the maintenance of cost records u/s. 209 (1) (d) of the Companies Act, 1956 for the products manufactured by the company. 17. The Company has not deposited provident fund and Employees' State Insurance dues with the appropriate authorities to the extent of Rs.3181798/- and Rs.111982/- respectively. 18. There were no undisputed amount payable in respect of income-tax, sales-tax, customs duty and excise duty outstanding as at 31st March, 2000 for a period of more than six months from the date they become payable except TDS on rent Rs.1468800/-. TDS on Contractors Rs.511851/-, TDS on Interest on unsecured loans Rs.2533736/-, TDS on Professional Consultancy Rs.318423/-, TDS on Advertisement Rs.26811-, Maharashtra Sales Tax Rs.554865/-, Central Sales Tax Rs.433958/-, Profession Tax Rs.313498/-, TDS on Salaries Rs.399333/- and TDS on Others Rs.111019/- 19. No personal expenses have been charged to Profit and Loss account other than those payable under contractual obligations or in accordance with generally accepted business practice. 20. The Company is a sick industrial Company within the meaning of Clause (o) of Sub-section (1) of Section 3 of the Sick Industrial Companies (Special Provisions) Act 1985 (1 of 1986). Reference has not been made so far to the Board for Industrial & Financial Reconstruction under section 15 of the Act. For MITTAL & MITTAL For R. N. BHANSALI & COMPANY Chartered Accountants Chartered Accountants S. K. JAIN M. R. BHANSALI Partner Partner Place : Mumbai Place : Mumbai Date : 23rd June, 2000 Date : 23rd June, 2000

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