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Bhagwati Cottons Ltd.

BSE: 532197 Sector: Others
NSE: N.A. ISIN Code: N.A.
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Bhagwati Cottons Ltd. (BHAGWATICOTTONS) - Auditors Report

Company auditors report

BHAGWATI COTTONS LIMITED AUDITORS' REPORT To, The Members of BHAGWATI COTTONS LIMITED. We have audited the attached Balance Sheet of BHAGWATI COTTONS LIMITED as at 31st March, 1999 and also the annexed Profit and Loss Account of the company for the year ended on that date annexed thereto 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, we annex hereto a statement on the matters specified in paragraph 4 and 5 of the said Order. 2) Further to our comments in the Annexure referred to in paragraph 1 above we report that :- a) 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; b) 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 of the Company; c) the Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the Books of Account of the Company; d) the company has not provided for gratuity and encashment of leave salary in accordance with the requirements of Accounting Standard 15 on "Accounting for retirement benefits". In absence of information, the impact of the same on the profit and loss account cannot be determined and to that extent the loss is understated. e) subject to our comments in paragraph (d) above, in our opinion the Balance Sheet and the Profit and Loss Account complies with the Accounting Standards referred, in Section 211(3C) of the Companies Act, 1956. f) In our opinion and to the best of our information and according to the explanations given to us, the accounts read 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, 1999 and ii) in the case of the Profit and Loss account, of the loss of the Company for the year ended on that date. FOR V. M. KHANDWALA & CO. Chartered Accountants Place: MUMBAI B.P.GANDHI DATED: 27th August, 1999 PROPRIETOR Annexure to Auditors Report Annexure referred to in paragraph 1 of the report of even date of the auditor's to the members of BHAGWATI COTTONS LIMITED on the accounts for the year ended 31st March 1999. I. The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. As explained to us, the fixed assets were physically verified by the management during the year at reasonable intervals. No material discrepancies were noticed on such physical verification . II. None of the fixed assets has been revalued during the year. III. In respect of Stock of Finished Goods, Stores, Spare Parts and raw materials, physical verification has been conducted by the management at reasonable intervals. IV. As explained to us and according to explanation & information given to us, the procedures of physical verification of stocks followed by the management are, reasonable and adequate in relation to the size of the Company and the nature of its business. V. According to records produced before us, there were no material discrepancies noticed on physical verification of stocks as compared to book records. VI. In our opinion, on the basis of our examination of the stock records, the valuation of stocks is fair and proper in accordance with the normally accepted accounting principles and is on the same basis as in preceding year. VII. The Company has taken Unsecured Loans from parties listed in the register maintained under Sec. 301 of the Companies Act,1956. The rate of interest on such loans is prima facie not prejudicial to the interest of the Company. As informed to us by the Company, there are no terms and conditions for current account transactions and/or for such loans. VIII. The Company has granted Unsecured Loans and advances to parties listed in the register maintained under Sec. 301 and/or to the companies under the same management as defined under sub-section (1-B) of section 370 of the Companies Act,1956. The rate of interest on such loans and advances except on current account transactions is prima facie not prejudicial to the interest of the Company. As informed to us, there are no terms and conditions for such loans and advances. IX. The Parties including employees to whom loans or advances in the nature of loans have been given by the company are generally repaying principal amounts as stipulated, and interest, if any. 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 nature of its business with regard to purchase of stores, raw materials, including components, plant and machinery, equipment and other assets and sale of goods. XI. According to the information and explanations given to us, there were no transactions of purchase of goods and materials and sale of goods, materials and services made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956. XII. According to the information and explanations given to us, damaged finished goods were determined and the loss has been provided for in the profit & loss account. There were no unserviceable or damaged stores, raw materials. XIII. The Company has not accepted any deposit during the year within the meaning of section 58A of the Companies Act, 1956. XIV. The Company is maintaining reasonable records for the sale and disposal of realisable bye-products and scrap. XV. The Company does not have a formal Internal Audit system but its control procedures ensure reasonable internal check of its financial and other records. XVI. As explained to us, Maintenance of cost records has not been prescribed by the Central Government u/s 209(1)(d) of the Companies Act, 1956. XVII. The Company has been generally regular in depositing Provident Fund and Employee's State Insurance dues with appropriate authorities. XVIII. According to the information and explanations given to us, there were no undisputed amounts payable in respect of Income-tax, Wealth-tax, Customs-duty and Excise-duty as at 31st March 1999 outstanding for more than six months except a liability in respect of Sales Tax of Rs 24616/- outstanding for a period of more than six months as at 31st March, 1999. XIX. The Company has a policy of authorising expenditure based on reasonable checks and controls. This policy is intended to ensure that expenses are authorized on the basis of contractual obligations or accepted business practices having regard to the Company's business needs and exigencies. In terms of these observations, we have not come across any expenses charged to revenue account which, in our opinion and judgment, and to the best of our knowledge and belief, could be regarded as personal expenses. XX. The Company is not a Sick Company within the meaning of clause (o) of Section 3(1) of the Sick Industrial Companies (Special Provisions) Act, 1985. FOR V. M. KHANDWALA & CO. Chartered Accountants Place: MUMBAI B.P.GANDHI DATED: 27th August, 1999 PROPRIETOR

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