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Autocomps India Ltd.

BSE: 522056 Sector: Auto
NSE: N.A. ISIN Code: INE337D01012
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Autocomps India Ltd. (AUTOCOMPSINDIA) - Auditors Report

Company auditors report

AUTOCOMPS INDIA LIMITED ANNUAL REPORT 1999-2000 AUDITORS' REPORT To The Members, Autocomps India Limited, Parwanoo We have audited the attached Balance Sheet of Autocomps India Limited (Formerly Sachs India Limited), Parwanoo as at 31st December, 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 (Auditors' Report) Order, 1988 issued by the Department of Company Affairs 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&5 of the said Order. 2. 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) Proper books of Accounts as required by the law have been kept by the company so far as appears from our examination of such books. (c) The Balance Sheet and Profit & Loss Account referred to in this report are in agreement with the books of account. (d) In our opinion the Balance Sheet and the Profit & Loss Account dealt with by this report are in compliance with the Accounting standards referred to in Section 211 (3C) of the Companies Act, 1956, to the extent applicable. (e) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with notes give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view. (i) In the case of Balance Sheet of the State of Affairs of the Company as at 31st December, 2000 and (ii) In the case of Profit & Loss Account, of the Loss of the company for the year ended on that date. For LOYAL SANJAY & ASSOCIATES Chartered Accountants SANJAY LOYAL Partner Place : LUDHIANA Dated : 16.01.2001 ANNEXURE TO THE AUDITORS' REPORT (Referred to in paragraph 1 of our report of even date) 1. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. The fixed assets have been physically verified by the Management during the year under review and no material discrepencies were noticed during such verification. 2. The fixed assets of the Company have not been revalued during the period. 3. The stocks of finished goods, raw materials and stores and spares have been physically verified by the management at reasonable intervals during the period. 4. In our opinion, the procedures of physical verification for finished goods, work in progress, raw materials and stores and spares followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business. 5. The discrepencies noticed on physical verification of finished goods, raw materials, work-in-progress and stores and spares as compared to book records, which were material, have been properly dealt with in the books of account. 6. In our opinion, the valuation of stocks of finished goods, work-in- progress, raw materials and stores and spares has been fair and proper in accordance with the normally accepted accounting principles, and is on the same basis 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. As informed to us, there are no Companies under the same management as defined under section 370 (1-8) 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. As informed to us, there are no Companies under the same management as defined under section 370 (1-B) of the Companies Act, 1956. 9. The parties to whom the loans, or advances in the nature of Loan have been given by the company are repaying the amounts as stipulated and adequate provision has been made in the accounts against all Loans doubtful of recovery. 10. 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 the nature of its business for the purchase of stores,raw materials including components, plant and machinery, equipment and other assets. The Company has generally adequate internal control procedures for the sale of goods. 11. The Company has not entered into any transactions of purchase 3f goods and materials, sale of goods, materials and services aggregating during the year to Rs. 50,000 or more with parties listed in the register maintained under section 301 of the Companies Act, 1956. 12. As explained to us the Company has determined unserviceable or damaged stores, raw materials and finished goods and adequate amounts have been written off from such stocks in these accounts. 13. The Company has not accepted any deposits from the public during the period. 14. The Company has maintained reasonable records for sale and disposal of scrap. As informed to us, the company's operations do not generate any by- products. 15. The internal audit system is commensurate with the size and nature of the business of the Company. 16. As informed to us, the Central Government has not prescribed the maintenance of cost records by the Company under section 209 (1) (d) of the Companies Act, 1956. 17. The Company has been regular in depositing Provident Fund dues and Employees' State Insurance dues with the appropriate authorities. 18. There were no undisputed amounts payable in respect of income tax, wealth tax, customs duty and excise duty, which were outstanding as on 31.12.2000 for more than six months from the date they became payable. 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 the revenue 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 (0) of subsection (1) of Section 3 of the Sick Industrial Companies (Special Provisions) Act, 1985. Attention is also invited to note 1 (a) of Schedule "N" forming part of the accounts. 21. As informed to us, in respect of the trading activities of the company, no damaged goods were determined by the Company during the period. For GOYAL SANJAY & ASSOCIATES, Chartered Accountants, SANJAY GOYAL Partner Place : LUDHIANA Dated : 16.01.2001

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