You are here » Home » Companies » Company Overview » BIL Industries Ltd

BIL Industries Ltd.

BSE: 522193 Sector: Others
NSE: BHUPENIND ISIN Code: N.A.
BSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN
PREVIOUS CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr)
Buy Price
Buy Qty
Sell Price
Sell Qty
OPEN
CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr)
Buy Price
Buy Qty
Sell Price
Sell Qty

BIL Industries Ltd. (BHUPENIND) - Auditors Report

Company auditors report

ANNUAL REPORT 1998-99 BIL INDUSTRIES LIMITED AUDITORS' REPORT To, The Members of BIL INDUSTRIES LIMITED We have audited the attached Balance Sheet of BIL INDUSTRIES LIMITED as at 31st March, 1999 and the 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 nd 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 paragraphs 4 and 5 of the said order. 2. Further to our comments in the Annexure referred to in paragraph (1) above, we state that : 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) 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 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 and to the best of our information and according to the explanations given to us, the said accounts subject to note no. 5 of schedule 17 regarding items accounted on cash basis, note no. 9 of schedule 17 regarding lease accounting and subject to the following notes appearing in Schedule 18. 1. Note 10 regarding non-renewal of insurance cover on fixed and current assets ; 2. Note 19 regarding non provision of interest of Rs. 63.80 Lacs on some ICDs ; 3. Note 21 regarding non-provision of diminution in the market value of the investments held by the subsidiary of Rs. 371.14 Lacs ; and read together with the other 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 Atul Nigotya & Associates Chartered Accountants Place : Mumbai Atul Jain Date : May 3, 1999 Proprietor ANNEXURES REFERRED TO IN PARAGRAPH 1 OF REPORT OF EVEN DATE 1. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets except in respect of furniture and fixtures. As explained to us, all the assets have been physically verified by the management at the year end and no material discrepancies were noticed on such verification as compared to available records. In our opinion, the frequency of such verification is reasonable having regard to the size of the Company and nature of its assets. 2. None of the fixed assets have been revalued during the year. 3. As explained to us, the stock of finished goods, stores, spares and raw materials except stock with third party (which have been confirmed) and in transit have been physically verified by the management at reasonable intervals during the year. In our opinion, the frequency of such verification is reasonable having regard to the size of the Company and the nature of its business. 4. In our opinion and according to the information and explanations 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 nature of its business. 5. As explained to us, there were no material discrepancies noticed on physical verification of the stocks of raw materials, stores, spares and finished goods having regard to the size of the operations of the Company and the same have been properly dealt with in the books of account. 6. In our opinion, considering the method adopted for accounting for excise duty referred to in Note No. 8 of Schedule 17 to the Accounts, the valuation of stocks is fair and proper in accordance with the normally accepted accounting principles and is on the same basis as in the preceding year. 7. According to information and explanations given to us, the Company has not taken or granted any secured or unsecured loans from/to the companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956 which are prima facie prejudicial to the interest of the Company. As informed to us, there is no Company under the same management as defined under Section 370 (1B) of the Companies Act, 1956. 8. The Principal amounts and interest thereon, wherever applicable, in respect of loans and advances in the nature of loans given by the Company have been generally recovered regularly, wherever stipulated. 9. In our opinion and according to the information and explanations given to us, the Company has internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of raw materials, plant and machinery, equipment and other assets and for sale of goods. 10. In our opinion and according to the information and explanations given to us, the transactions of purchase of goods, materials and sale of goods, materials and services made in pursuance of contracts or arrangements with parties listed in the register maintained under Section 301 of Companies Act, 1956 and aggregating during the year to Rs. 50,000/- or more in respect of each party have been made at price which are reasonable having regard to the prevailing market price for said goods, materials or services. 11. As explained to us, the Company has a regular procedure for the determination of unserviceable or damaged raw materials and finished goods. THe discrepancies being insignificant have been properly dealt with in the books of account. 12. In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Section 58A of the Companies Act, 1956 and rules framed thereunder except maintenance of adequate liquid assets and some defaults in repayments. 13. As explained to us, Company has maintained reasonable records for sale and disposal of realisable scrap wherever significant. The Company has no by-products. 14. The Company has an internal audit system which, in our opinion, is required to be strengthened. 15. As informed to us, the Central Government has not prescribed maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956 for any of the product of the Company. 16. According to the information and explanations given to us by the Company is generally regular in depositing Provident Fund dues with appropriate authority. The provision of Employee's State Insurance Act, are not applicable to the Company. 17. According to the information and explanations given to us, no undisputed amounts payable in respect of Income tax, Sales tax, Wealth tax, Excise duty and Customs duty were outstanding as on 31st March, 1999 for a period of more than six months from the date they become payable except Income tax liabilities of Rs. 411.21 Lacs. 18. According to the information and explanations given to us and records of the Company examined by us no personal expenses have been charged to revenue account other than those payable under contractual obligations or in accordance with generally accepted business practice. 19. The Company is a sick industrial company within the meaning of clause (O) sub section (1) of Section 3 of the Sick Industrial Companies (Special Provisions) Act, 1985 (as amended). 20. As explained to us, there were no damaged goods in stock at the year end in respect of trading activities. For Atul Nigotya & Associates Chartered Accountants Place : Mumbai Atul Jain Date : May 3, 1999 Proprietor

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard