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Cavalet India Ltd.

BSE: 526351 Sector: Others
NSE: N.A. ISIN Code: N.A.
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Cavalet India Ltd. (CAVALETINDIA) - Auditors Report

Company auditors report

CAVALET INDIA LIMITED B.N.GOVINDA PRASAD # 22/2,1\1.J. Chambers, 3rd Floor, Chartered Accountants Tasker Town, Bangalore-560 051 AUDITORS REPORT TO THE MEMBERS OF CAVALET INDIA LIMITED We have audited the attached Balance Sheet of CAVALET INDIA LIMITED as at 31st March 1997 and the Profit and Loss account of the Company for the year ended on that date and report that: 1. As required by the Manufacturing and other Companies (Auditors Report) Order, 1988, issued by the Central Government in exercise of powers conferred by Section 227 (4A) of the Companies Act, 1956, and on the basis of such checks of the books and records as we consider appropriate and according to the information and explanations given to us during the course of our audit, we enclose in Annexure, a statement on the matters specified in para 4 and 5 of the said Order. 2. Further to our comments in the Annexure referred to in paragraph 1 above and subject to - a) non-reconciliation of allotment monies receivable of individual shareholder's folios as stated in paragraph 2 of Schedule-Q; b) non reconciliation and confirmation of advances on capital account as stated in paragraph 7 of Schedule Q; c) non reconciliation and confirmation of individual balances of Sundry Creditors as stated in paragraph 9 of Schedule Q; d) Non quantification and consequently not providing for company's liability towards Provident Fund, Gratuity and Superannuatuion benefits as stated in paragraph 12 of Schedule Q; e) Shot-provision of depreciation amounting to Rs. 5,039,596.98 as stated in paragraph 13 of Schedule Q; f) Non-provisions of interest on Bridge Loan from Vysya Bank Limited, amounting to Rs. 34,93,306.00 as stated in paragraph 14 of Schedule Q; g) Non-provision of interest/hire-purchase charges, if any, on overdue payments of hire purchase loan for acquiring Dies and Tools from Weizmann Industries Limited, amounting to Rs. 19,97,453.00 as stated in paragraph 15 of Schedule Q; h) Short-provision of interest amounting to Rs. 14,52,770 on Term Loan from M/s. K.S.I.I.D.C. Limited and amounting to Rs. 11,94,259.00 on Term Loan from M/s. K.S.F.C. Limited as stated in paragraph 16 of Schedule Q; i) non compliance with the provisions of Section 383A of the Companies Act, 1 956, regarding appointment of a whole time Company Secretary as stated in paragraph 19 of Schedule Q; we have obtained al the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit. 3. In our opinion, proper Books of Account as required by law have been kept by the Company so far as appears from out examination of those books. 4. The Balance Sheet and the Profit and Loss Account dealt with by this report are in agreement with the Books of Account. 5. 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 with the notes thereon and subject to what has been stated in para 2 above, 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 1997; and ii) In the case of the Profit and Loss account, of the Loss for the year ended on that date. For B.N. Govinda Prasad Chartered Accountants B. N. GOVINDA PRASAD Partner Bangalore Dated: 15/11/1997 ANNEXURE REFERRED TO IN PARAGRAPH 1 OF THE REPORT OF EVEN DATE OF THE AUDITORS TO THE MEMBERS OF CAVALET INDIA LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED ON 31ST MARCH 1997 In our opinion, based on the information and explanations furnished to us and such checks we consider appropriate in the normal course of our audit and to the best of our knowledge and belief, we further report that: 1. The Company has maintained proper records to show full particulars including quantitative details and situations of fixed assets. The fixed assets of the Company have been physically verified by the management at reasonable intervals and no materials discrepancies have been noticed on such verification. 2. None of the fixed assets were revalued by the Company during the year. 3. The physical verification of stores, spare parts and raw materials have been conducted by the namagement at reasonable intervals and no materials discrepancies have been noticed on such physical verification. As per information and explanations obtained, the procedures of physical verifications of stocks followed by the management are generally reasonable and adequate in relation to the size of the Company and the nature of it's business. 4. In our opinion, the valuation of inventories is fair and proper in accordance with the normally accepted accounting principles and is on the same basis as in the previous year. 5. The Company has taken loans from directors & firms in which the directors are interested as directors and/or partners during the year under review. These loans are unsecured and non-interest bearing and the terms and conditions of the loans, in our opinion, are not prima facie prejudicial to the interest of the Company. No register is maintained under Section 370 (1B) of the Companies Act, 1956, since there are no companies under the same management to whom loans have been made. 6. 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, and also to the Companies under the same management as defined under section (1B) of Section 370 of the Companies Act, 1956. 7. 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 for the purchase of stores, raw materials including components, plant and machinery, equipment and other assets and for the sale of goods. 8. According to the information and explanations given to us, there were no purchase of goods and materials exceeding or equal to Rs. 50,000/- in aggregate during the year in pursuance of contracts or arrangements entered in the register maintained u/s 301 of the Companies Act, 1956. During the year under review, there have been sale of goods to a firm in which directors are interested and according to the information and explanations given to us, the terms of such sale are reasonable. 9. The Company has not accepted any deposits from the public within the meaning of the provisions of Section 58A of the Companies Act, 1956. 10. The activities of the Company did not result in generation of any significant scrap or by-product. 11. The Company did not have any formal Internal Audit System during the year under review. However, the Company has explained that it's internal control procedures involve reasonable internal checking of it's financial records which is considered adequate under the circumstances. 12. As informed to us, the Central Government has not prescribed maintenance of cost records Under Section 209 (1) (d) of the Companies Act, 1956 in respect of the activities of the Company. 13. We are given to understand that consequent to M/s. K.S.I.I.D.C. Limited taking possession of the factory premises, most of the labour force have left. Hence, the Company has not taken necessary steps for registration under the Provident Fund law. The Company has been generally regular in depositing Employees' State Insurance dues with the appropriate authorities. 14. According to the information and explanations given to us, there were no undisputed amounts payable in respect of Wealth tax, Sales tax, Customs Duty and Excise Duty outstanding as at 31st March 1997 for a period of more than six months from the date they became payable Rs. 1,82,330 levied as Income Tax for the Assessment Year 1993-94 has neither been paid nor appealed against by the Company. 15. According to the information and explanations given to us and the records examined by us, no personal expenses of employees or directors have been charged to Profit and Loss account, other than those payable under contractual obligation or in accordance with the generally accepted business practices. 16. The Company is not a sick industrial company within the meaning of clause (o) of sub-section (1) of Section 3 of Sick Industrial Companies (Special Provisions) Act, 1985. For B.N. Govinda Prasad Chartered Accountants B.N. GOVINDA PRASAD Partner Bangalore Dated: 15/11/1997

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