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Canvay Chemicals Ltd.

BSE: 531535 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
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Canvay Chemicals Ltd. (CANVAYCHEMICALS) - Auditors Report

Company auditors report

CANVAY CHEMICALS LIMITED ANNUAL REPORT 1998-99 AUDITORS REPORT TO THE MEMBER OF CANVAY CHEMICALS LIMITED We have audited the attached Balance sheet of the Profit and Loss Account 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 enclose in the Annexure a statement on the matters specified in the paragraph 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 (b) In our opinion, proper books of account as required by the law, have been kept by the Company so far as it appears from our examination of the books. (c) The Balance Sheet and Profit and Loss account referred to in this report are in agreement with the books of account. (d) In our opinion, the Profit & Loss account and Balance Sheet comply with the accounting standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956. (e) Further to our comments above, your attention is invited to: (i) Point 11 of the Director's Report regarding the steps taken by the Company to be Y2K compliant. It is the management's responsibility to ensure that the Company is prepared for the year 2000 date change and accordingly our audit is not intended, designed nor performed to identify or detect the problems that may result from computer hardware, software or other automated process' inability to properly process date which includes issues, internal and/ or external, related to the year 2000. In the opinion of the management, the year 2000 issues will not vitiate the assumption of going concern. (f) Subject to para (e) above, in our opinion and to the best of our information and according to the explanations given to us, the said Balance Sheet and the Profit and Loss Account 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 so far as it relates to the Balance sheet, of the state of affairs of the Company as at 31st March, 1999. (ii) in so far as it relates to the Profit and Loss Account of the Loss for the year ended on that date. FOR, KAKARIA & ASSOCIATES CHARTERED ACCOUNTANTS. (KAKARIA UJWAL K.) DATE: 29/07/1999 PROPRIETOR. PLACE: VAPI. ANNEXURE TO THE AUDITOR'S REPORT. (Referred to in the paragraph (1) of our Report of even date) 1. The company has maintained proper records showing full particulars, including quantitative details and situation of all its fixed assets. The management has carried out a physical verification of the major items of fixed assets and as explained to us, no serious discrepancies have been noticed on such verification. In our opinion, the frequency of verification is reasonable. 2. The fixed assets have not been revalued during the year. 3. The stocks of finished goods, stores, spare parts and raw materials and major items of stores have been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable. 4. 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. The discrepancies noticed on verification between physical stocks and book records were not material in relation to the operations the company. 6. On the basis of our examination of the stock records, and on the basis of valuation adopted, we are of the opinion that the valuation of stocks is fair and proper. 7. The Company has not taken unsecured loans during the year from companies, firms listed in the register maintained under Section 301 of the Companies Act,1956. We are also informed that there were no companies under the same management as defined under sub-section (1B) is not applicable. 8. The Company has not taken unsecured loans during the year from companies, firms listed in the register maintained under section 301 of the Companies Act, 1956. We are also informed that there are no companies under the same management as defined under sub-section (1B' of Section 370 of the Companies Act, 1956 during the period from April 1st, 1998 to October 30, 1998. With effect from October 31,1998 Section 370 (1 B) is not applicable. 9. In respect of loans and advances in the nature of loans given by the company, parties have been repaying and/or adjusting the principal amounts and interest, wherever applicable, as stipulated. 10. 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 stores, raw materials including components, plant and machinery, equipment and other assets and with regard to the sale of goods. 11. In our opinion and according to the information and explanations given to us, the transactions of purchase of goods and materials, and sales of goods, materials and services, made in pursuance of contracts or arrangements entered in the Registers maintained under Section 301 and aggregating during the year to Rs.50,000/- or more in respect of each party, have been made at prices which are reasonable, having regard to the prevailing market prices of such goods, materials or services, or the prices at which transactions for similar goods or service have been made with other parties. In respect of intermediate goods and/or other products for which comparable data are not available, we are unable to express our opinion. 12. As explained to us, the company has a regular procedure for the determination of unserviceable or damaged stores, raw materials and finished goods. Adequate provision has been made in the accounts for the loss arising on the items so determined. 13. The Company has not accepted any deposits from the Public within the meaning of Section 58A of the Companies Act, 1956 and the rules framed thereunder. 14. In our opinion, reasonable records have been maintained by the Company for the sale and disposal of scrap and by-products. 15. In our opinion the company has an adequate internal audit system commensurate with the size and the nature of its business. 16. We have been informed that the Central Government has not prescribed the maintenance of cost records under Section 209 (1)(d) of the Companies Act, 1956, for any of the products of the Company. 17. The Company has not paid Provident fund and the employees contribution to P.F. amounting to Rs. 95295/- & E.S.I.C. amounting to Rs. 14628.68. We have been informed that the Company did not pay the amount as the P.F. Registration No. was not alloted to it despite repeated inquiries at P.F. office. 18. According to the information and explanation given to us, no undisputed amounts payable in respect of Income Tax, Sales Tax, Customs Duty and Excise Duty were outstanding as at 31 st March, 1999, for a period of more than six months from the date they become payable. 19. On the basis of the examination of the books of account carried out by us in accordance with generally accepted auditing practices and according to the information and explanations given to us, no personal expenses of employees or directors have been charged to the Profit and Loss Account, other than those payable under contractual obligation or in accordance with generally accepted business practice. 20. The company is not a sick industrial company within the meaning of Section 3(1) of the Sick Industrial Companies (Special Provisions) Act, 1985. 21. The company is not a service company within the meaning of clause 4(b) of the order. 22. In respect of the Company's trading activities, we have been informed by the management that there were no damaged goods during the year under review. FOR, KAKARIA & ASSOCIATES CHARTERED ACCOUNTANTS. (KAKARIA UJWAL K.) DATE : 29/07/1999. PROPRIETOR. PLACE : VAPI.

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