APEX INTERTECH LIMITED
ANNUAL REPORT 2002-2003
Apex lntertech Limited,
We have audited the attached balance sheet of Apex lntertech Limited as at
31st March, 2003 and also the profit & loss account and Cash flow statement
for the year ended on that date annexed thereto. These financial statements
are the responsibility of the company's management. Our responsibility is
to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with 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 the management as well as evaluating the
overall presentation of financial statements. We believe that our audit
provides a reasonable basis for our opinion.
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 enclose in the Annexure a statement on the
matters specified in paragraphs 4(A) & (C) of the said order.
Further to our comments in the Annexure referred to in paragraph 3 above we
(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
(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) The company's balance sheet and profit & loss account dealt with by
this report are in agreement with the books of account.
(d) In our opinion, subject to Note 5 on going concern the profit & loss
account and balance sheet of the company comply with accounting standards
referred to in subsection (3C) of section 211 of the Companies Act, 1956.
(e) Based on the representations made by all the Directors and the
information and duly certified explanations given to us by the company none
of the Directors of the company have prima facie any disqualifications as
referred to in clause (g) of subsection (1) of section 274 of the Companies
(f) 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 and the
statement of Significant Accounting Policies give the information required
by The Companies Act, 1956, in the manner so required and give a true and
(i) In the case of the balance sheet of the state of affairs of the company
as at 31st March, 2003; and
(ii) In the case of the profit & loss account of the company of the loss
for the year ending on that date.
(iii) In the case of the cash flow statement, of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
(Referred to in Paragraph (3) of Our Report of Even Date)
1. Since all the fixed assets have been disposed off by the company during
the year clauses (i) and (ii) are inapplicable and have not been commented
2. There were no stocks at the end of the year and therefore clauses (iii)
to (vi) are inapplicable and have not been commented upon.
3. According to the information and explanations given to us, the company
has taken loans from companies, firms or other parties listed in the
register maintained under section 301 of The Companies Act, 1956, and/or
from companies under the same management as defined under sub-section (1B)
of section 370 of the Companies Act, 1956. The rate of interest and other
terms and conditions on which loans have been obtained are not prejudicial
to the interest of the company.
4. According to the information and explanations given to its, 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 or to companies under the same management, within the
meaning of section 370 (1B) of the Companies Act, 1956.
5. In respect of loans and advances in the nature of loans given by the
company from time to time the repayment of principal and interest is in
accordance with stipulated terms.
6.In our opinion and according to the information and explanations given to
its during the course of the audit there are adequate internal control
procedures commensurate with the size of the company and nature of its
business for the purchase of stocks.
7. There were no purchase and sale of goods, materials and services, made
in pursuance of contracts or arrangements required to be entered in the
register maintained under section 301 of The Companies Act, 1956 and
aggregating during the year to Rs. 50,000 or snore in value in respect of
8. As explained to its the company has a reasonable system for the
determination of unserviceable or damaged stores, raw materials and
finished goods. There was no closing stock at the end of the year.
9. No deposits accepted from the public were outstanding at the end of the
10. There were no scrap or by-products since there were no manufacturing
activities during the year.
11. The company conducts an internal review of its accounts which is
commensurate with its size-and nature of its business.
12. The maintenance of cost records under section. 209 (1) (d) of The
Companies Act, 1956, has not been prescribed by the Central Government for
any product of the company.
13. According to the records of the company, Provident Fund and Employees'
State Insurance dues have been regularly deposited during the period with
the appropriate authorities.
14. According to the information and explanations given to its, no
undisputed amounts payable in respect of income tax, wealth tax, custom
duty and excise duty were outstanding for a period of more than six months
as at March 31, 2003 from the date they became payable.
15. According to the information & explanations given to us no personal
expenses of employees or Directors have been charged to the revenue
16. Since the company does not own any industrial undertaking, the Sick
Industrial Companies (Special Provisions) Act, 1985 is not applicable to
17.There was no trade conducted during the year in the sale and purchases
For V Sahai & Co.
Place : New Delhi (Mahesh Sahai)
Dated : 18.08.2003 Partner