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Bhaskar Agrochemicals Ltd.

BSE: 524534 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE972C01018
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Bhaskar Agrochemicals Ltd. (BHASKARAGROCHEM) - Auditors Report

Company auditors report

ANNUAL REPORT 1999-2000 BHASKAR AGROCHEMICALS LIMITED AUDITORS' REPORT TO THE MEMBERS OF BHASKAR AGROCHEMICALS LIMITED. We report that we have audited the Balance Sheet of Bhaskar Agrochemicals Limited as at March 31, 2000 and the relative Profit and Loss Account for the year ended on that date both of which we have signed under reference to this report and the above mentioned accounts are in agreement with the books of account. In our opinion and to the best of our information and according to the explanations given to us, the Balance Sheet and Profit and Loss Account together with the notes attached thereto and the Statement on Significant Accounting Policies give in the prescribed manner the information required by The Companies Act, 1956, and also give respectively, a true and fair view of the state of the Company's affairs as at March 31, 2000 and its loss for the year ended on that date. We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for our audit. In our opinion, proper books of account have been kept as required by law so far as appears from our examination of the books . In our opinion these accounts have been prepared in compliance with the applicable accounting standards referred to in Section 211 (3C) of the Act. As required by the Manufacturing and Other Companies (Auditor's Report) Order 1988 and on the basis of such checks as we considered appropriate and according to the information and explanations given to us, we further report that: A.1 .The Company has maintained proper records to show full particulars including quantitative details and situation of its fixed assets. As per the phased programme designed by the Company, all tangible fixed assets of the Company have been physically verified by the management at reasonable intervals and no material discrepancies between the book records and the physical inventory were noticed. 2. The fixed assets of the Company have not been revalued during the year. 3. In respect of finished goods, stores, spare parts and raw materials of the Company excluding materials in transit and Lying with third parties, physical verification has been conducted by the management at reasonable intervals during the year. Materials Lying with third parties have been verified by the management with reference to certificates obtained from them and/or other relevant documents in majority of the cases. 4. In our opinion, the procedures of physical verification of stock followed by the management are reasonable and adequate in relation to the size of the company and nature of its business. 5. The discrepancies noticed on the physical verification of stock as compared to book records, which were not material, have been properly dealt with in the books of account. 6. In our opinion, the valuation of stocks is fair and proper in accordance with normally accepted accounting principles in India and is on the same basis as in the receding 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. In terms of sub-section (6) of Section 370 of the Companies Act, 1956, provisions of the Section 370 are not applicable to a company. 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. In terms of sub- section (6) of Section 370 of the Companies Act, 1956, provisions of the Section 370 are not applicable to a company. 9. The parties to whom the loans and advances in the nature of loans have been given are repaying the principal amounts as stipulated and interest regularly where applicable. 10. In our opinion in general there is, an adequate internal control procedure commensurate with the size of the Company and the nature of its business, for purchase of stores, raw materials including components, plant and machinery, equipment and similar assets and for the sale of goods . 11. In our opinion 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 and aggregating during the year Rs 50,000/- or more in value in respect of each party have been made at prices which are reasonable having regard to the prevailing market prices for such goods, materials, or services or the prices at which the transactions for similar goods or services have been made with other parties. 12. The Company has a system of determining unserviceable or damaged stores, raw materials or finished goods on the basis of technical evaluation and on such basis, in our opinion, adequate amounts have been written off such stocks in the accounts. 13. The Company has not accepted any deposits from the public. 14. In our opinion, reasonable records have been maintained by the Company for the sale and disposal of realisable by-products and scrap, where applicable and significant. 15. In our opinion, the Company's present internal audit system is generally commensurate with its size and nature of business. 16. On the basis of the records produced, we are of the opinion that, prima facie, the cost records and accounts prescribed by the Central Government of India under Section 209(1) (d) of the Act have been maintained. However, we are not required to and have not carried out any detailed examination of such accounts and records. 17. The Company has generally been regular during the year in depositing Provident Fund and Employees' State Insurance dues with the appropriate authorities in India. 18. At the last day of the financial year amounts outstanding aggregating Rs. 14,16,270 were outstanding in respect of undisputed income-tax of Rs. 1,60,719, wealth-tax, sales tax of Rs. 12,55,551, customs duty and excise duty which were due for more than six months from the date they became payable. 19. During the course of our examination of the books of account carried out in accordance with the generally accepted auditing practices in India, we have not come across any personal expenses which have been charged to Profit and Loss Account, nor have we been informed of such case by the management other than those payable under contractual obligations or normally accepted business practices. 20. The Company is not 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 of India. B. As regards the Company's trading activities, damaged goods have been determined by the company and necessary provision has been made in the accounts for the loss. For Love Lock & Lewes Chartered Accountants P. RAMA KRISHNA Partner Place : Hyderabad Date : 31-05-2000

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