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BPL Display Devices Ltd.

BSE: 517143 Sector: Engineering
NSE: N.A. ISIN Code: N.A.
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BPL Display Devices Ltd. (BPLDISPLAYDEV) - Auditors Report

Company auditors report

BPL DISPLAY DEVICES LIMITED ANNUAL REPORT 2006-2007 AUDITORS' REPORT TO THE MEMBERS BPL DISPLAY DEVICES LIMITED, SAHIBABAD We have audited the attached Balance Sheet of M/s BPL DISPLAY DEVICES LIMITED as at March 31, 2007, the Profit and Loss Account and Cash Flow Statement of the Company for the year ending on that date annexed thereto. These financial statements are the responsibility of the management of the Company. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. As required by the Companies (Auditor's Report) order, 2003 (as amended) issued by the Central government of India in terms of section 227(4A) of the Companies Act, 1956, we enclose in the Annexure hereto a statement on the matters specified in paragraphs 4 and 5 of the said Order. Further, to our comments in the Annexure referred to 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 purpose of our audit. b) In our opinion, proper books of accounts, as required by law, have been kept by the company so far as it appears from our examination of its accounting system and various other books of accounts produced before us during the course of audit. c) The Balance Sheet, Profit and Loss account and the Cash Flow Statement dealt with by this report, read along with the Notes to the Accounts, are in agreement with the accounting system reviewed by us and the books of accounts that were produced before us during the course of the audit. d) In our opinion, the Balance Sheet, Profit & Loss Account and the Cash Flow Statement dealt with by this report comply with all applicable accounting standards, referred to in sub section (3C) of Section 211 of the Companies Act, 1956. e) On the basis of written representations received from the directors of the company and taken on record by its Board, we report that none of the directors is disqualified as on 31st March 2007 from being appointed as a director in terms of section 274(1)(g) 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 said accounts read along with the Notes to Accounts, give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: I. In the case of the Balance Sheet, of the state of affairs of the Company as at March 31st, 2007 II. In the case of the Profit and Loss Account, of the loss of the Company for the accounting year ended on that date and III. In the case of Cash Flow Statement, of the cash flows for the accounting year ended on that date. for Jassal Ranganathan & Associates Chartered Accountants Rakesh Chand Partner M. No. 92666 Place : New Delhi Date : 22nd August, 2007 ANNEXURE REFERRED TO IN THE AUDITOR'S REPORT TO THE MEMBERS OF M/S BPL DISPLAY DEVICES LTD ON THE ACCOUNTS FOR THE YEAR ENDED MARCH 31ST 2007. i. (a) The Company is maintaining proper records showing full particulars including quantitative details and situation of its fixed assets. (b) The management during the year has physically verified the fixed assets. No major discrepancies were noticed on such verification, In our opinion the frequency of the verification is reasonable having regard to the size of the company and the nature of its fixed assets. (c) During the year, the company has not disposed off any substantial part of fixed assets. ii. (a) The inventory has been physically verified during the year by the management. In our opinion the frequency of verification is reasonable. (b) The procedures for physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business. (c) The company is maintaining proper records of inventory. No material discrepancies were noticed on physical verification. iii. The company has neither taken nor granted any loans, secured or unsecured, from / to companies, firms or other parties to the extent it is required to be listed in the register maintained under section 301 of the companies Act, 1956. iv. In our opinion and according to the information and explanations given to us there are adequate internal control system commensurate with the size of the company and nature of its business for the purchase of inventory, including components, plant and machinery, equipment and other assets, and for the sale of goods and services. v. (a) According to the information and explanation given to us, we are of the opinion that the particulars of transactions or arrangements referred to in section 301 of Companies Act' 1956, have been entered in the register to that extent required to be maintained under that section. (b) As per the information and explanations given to us, the transactions or arrangements entered into register maintained under section 301 of the Companies Act, 1956 are reasonable having regard to the prevailing market prices / conditions at that relevant time. vi. No deposits have been accepted by the company from public or otherwise and hence provisions of Section 58A and 58 AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975, framed there under are not applicable to the company for the audit period. vii In our opinion, the company has an Internal Audit system commensurate with its size and nature of its business. viii. We have reviewed the books of account maintained by the company in respect of manufacture of colour picture tubes pursuant to the order made by the Central Government for the maintenance of Cost Records prescribed under section 209 (1) (d) of the Companies Act, 1956, and are of the opinion that, prima facie, the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examination of the records with a view to determine whether they are accurate and complete. ix (a) The company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, employees' state insurance, sales tax, wealth tax, service tax, custom duty, excise duty, cess and other statutory dues applicable to it. (b) Following are the dues of Sales Tax and Excise duty which have not been deposited on account of dispute: Name of the Nature of the dues A B Statute Excise Duty 19.64 1997-98 Sales Tax Central Sales Tax 12.67 1997-98 Sales Tax Central Sales Tax 32.44 1998-99 Sales Tax Central Sales Tax 73.95 1999-00 Sales Tax Central Sales tax 189.77 2002-03 Excise Duty Penalty 0.40 2006-07 Name of the Nature of the dues C Statute Excise Duty Addl Commissioner of Excise, Ghaziabad Sales Tax Central Sales Tax High Court, Allahabad Sales Tax Central Sales Tax High Court, Allahabad Sales Tax Central Sales Tax High Court, Allahabad Sales Tax Central Sales tax Jt.Commissioner (Appeals) Trade Tax, Range-I, Ghaziabad. Excise Duty Penalty Addl Commissioner of Excise, Noida A = Amount (Rs.in Lacs) B = Period to which amounts relates C = Forum where dispute is pending x. The net worth of the company is in negative. Further, the Company has incurred cash losses during the year under audit as well as in the financial year immediately preceding the year under audit. xi. As per the directive of BIFR vide its order dated 12.3.2004, the company has preferred a revised scheme for rescheduling / restructuring of debts, as the original BIFR order of 1996 has been declared as failed. We have been given to understand that the revised scheme is still under consideration by the Monitoring agency. Pending approval of the same, as in past, during this year also the company has maintained status quo of the accounts. Under these circumstances, we are neither able to comment on the overdue payments to bank and FI's nor quantify the same. xii. The Company has not granted any loans and advances on the basis of securities by way of pledge of shares, debentures and other securities. xiii. The company is not a chit fund or a nidhi / mutual benefit fund / society. xiv. The Company is not dealing in or trading in shares, securities, debentures and other investments. xv. As per the information and explanations given to us, the company has not given any guarantee for loans taken by others from banks or financial institutions during the period under audit. xvi. As per information and explanations given to us and on overall examination of Balance Sheet of the company, we believe that the term loans taken during the period under audit have been applied for the purpose they were obtained. xvii. As per information and explanations given to us and on overall examination of Balance Sheet of the company, we believe that no funds raised on short-term basis have been used for long term investments. xviii. The company has not made any preferential allotment of shares to parties and companies covered under section 301 of Companies Act, 1956 during the period under audit. xix. The company has not issued any debenture during the period covered under audit. xx. The company has not raised any money by public issues during the period covered under audit. xxi. As per the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit. for Jassal Ranganathan & Associates Chartered Accountants Rakesh Chand Partner M. No. 92666 Place : New Delhi Date : 22nd August, 2007

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