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Beta Corporation Ltd.

BSE: 531009 Sector: Engineering
NSE: N.A. ISIN Code: N.A.
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Beta Corporation Ltd. (BETACORPORATION) - Auditors Report

Company auditors report

ANNUAL REPORT 1999-2000 BETA CORPORATION LIMITED AUDITORS REPORT The Members, Beta Corporation Limited, Indore. We have audited the attached Balance-Sheet M/s. BETA CORPORATION LIMITED, Indore as at 31st March, 2000 and Profit and Loss Accounts for the period ended on that date annexed there to, we report as follows: 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 we enclose in the annexure a statement on the matters specified in paragraphs 4 and 5 of the said order 2. Further to our comments in the Annexure referred to in paragraph (I)above. a) We have obtained all the information and explanations which to the best of our knowledge & belief were necessary for the purpose of our 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 such books. c) The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the books of account. d) In our opinion the Balance-sheet and Profit & Loss Account dealt with by this report complies with the requirement of Accounting Standards as 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 accounts read together with the notes thereon, 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 the Balance Sheet of the state of affairs of the Company as at 31st March. 2000 and ii) In the case of the Profit and Loss Account of the loss of the Company for the period ended on that date. For V.N.R. VARMA ASSOCIATES Chartered Accountant. PLACE: INDORE V.N.R. VARMA DATE : 16th August, 2000 Proprietor ANNEXURE TO THE AUDITORS ' REPORT Referred to in Paragraph 1 of our report of even date. I. As informed and explained to us the Company is in the process of maintaining records showing full particulars including quantitative detail1s and situation of its fixed Assets. As informed and explained to us the fixed assets have been physically verified by the management Periodically and no material discrepancies were noticed on physical verification as compared to the records maintained by the company. II. None of the Fixed Assets have been revalued during the year. III. The stock of finished goods, stores, spare parts and raw materials have been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable. IV. The procedures of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the company and nature of its business. V. The discrepancies noticed on verification between the physical stocks and book records were not material and have been properly dealt with in the books of account. Vl. On the basis of our examination of stock records, we are of the opinion that the valuation of stocks is fair and proper in accordance with normally accepted accounting principles. VII. The Company has not accepted any loans, secured or unsecured from companies, firms or other parties as required in the register to be maintained under section 301. The company has not taken any loans, secured or unsecured from the companies under the same management as defined under section 370 (IB) of the Companies Act 1956. VIII. In our opinion, the terms and conditions on which loans/advances have been granted to the Companies, firms or other parties listed in register maintained under section 301 of the Companies Act, 1956 and to the Companies under the same management as defined under section 370( l B) of the Companies Act, 1956 are not prima facie prejudicial to the interest of the Company. IX. Company has not given interest free advances in the nature of loans to any party other than employees of the company wherever stipulations are made, the principal amounts are being repaid as scheduled . 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 the nature of its business with regard to purchase of goods, assets and with regard to the sale of goods and services. Xl. In our opinion and according to the information and explanation given to us the transaction of purchase of goods and material. Sale of goods, material c services, made in pursuance of contracts or agreements entered in register maintained under section 301 and aggregating during the year to Rs.50,00(.7/- or more,in respect of each party have been made at prices which are reasonable having regard to prevailing market prices for such goods. material or service. XII. According to the information and explanations given to us, the company has a regular procedures for determination of unservicable or damaged stores,raw material, finished goods. Adequate provision has been made in accounts for the loss arising on the items so determined XTII. The provisions of section 58 (A) of the Companies Act, 1956 and companies (acceptance of deposits) Rules, 1975 are not applicable in this case, since the company has not accepted any deposits from public. XTV. In our opinion, reasonable records has been maintained by the company for the sale and disposal of realisable by products and scraps. XV. In our opinion, the company has an adequate internal audit system commensurate with its size and the nature of its business XVI. The maintenance of cost records has not been prescribed by the central government under section 209(1)(d) of the companies Act, 1956 for any of the products of the company for the period under report. XVII. According to the records of the Company, the company is not regular in depositing the providend fund dues, with the appropriate authorities during the year. XVlll. According to the information and explanations given to us no undisputed amounts payable in respect of income-tax, wealth-tax, sales tax, customs duty and excise duty were outstanding as at 31st March, 2000 for a period of more than six months from the date they became payable except Income Tax of Rs. l 46.82 Lacs. XIX. According to the information and explanations given to us, no personal expenses of employees or directors have been charged to revenue account, other than those payable under contractual obligations or in accordance with generally accepted business practice. XX. The company is a sick industrial company with in the meaning of clause (o) of sub-section (l) of section (3) of the Sick Industrial Companies, (special provisions) Act, 1985 and registered with Board for Industrial and Financial Reconstruction (BlFR) vidd registration no 186/98 dated 20.07.1998. However he accounts have been prepared on the assumption that the company is a going concern. XXI. In respect of the company's trading activities we are informed that the company does not have damaged goods lying with it at the end of the year. There fore no provision for any loss is required to be made in the accounts. XXII. The Company has not granted any loans and advances on the basis of security by way of pledge of Shares Debentures and other securities. XXIII. Proper records have been maintained for the transactions relating to trading in Shares, Bonds, Debentures and other investment and entries have been made generally on a timely basis therein, the investments other than those classified as stock in trade are held in the name of the Company or is in the process of transfer to the Company's name. For V N.R. VARMA ASSOCIATES Chartered Accountants Place: INDORE V.N.R. VARMA Date : 16th August, 2000 Proprietor.

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