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Chain Impex Ltd.

BSE: 522203 Sector: Others
NSE: N.A. ISIN Code: N.A.
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Chain Impex Ltd. (CHAINIMPEX) - Auditors Report

Company auditors report

CHAIN IMPEX LIMITED ANNUAL REPORT 2001-2002 AUDITORS' REPORT TO THE MEMBERS OF M/S CHAIN IMPEX LIMITED 1. We have audited the attached balance sheet of M/s.Chain Impex Limited as at 31st March 2002 and the Profit & Loss Account of the Company for the year ended on the date annexed there to which we have signed under reference to this report. These financial statements are responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our Audit. 2. We have conducted out audit in accordance with auditing standards generally accepted in India. Those standards require that we plant and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement An audit includes examining on a test basis, evidence supporting the amount and disclosures in the financial statements. An Audit also includes assessing the accounting principal 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. 3. As required by the Manufacturing and other Companies (Auditor's Report) Order, 1988 issued by the Central Government in terms of Section 227($A) of the Companies Act, 1956, we enclose in Annexure "A", a statement on the matters specified in the said order. 4. Further to our comments in the Annexure referred to above, we report that : Fixed Assets relating to Coal Washery Plant having book value as on 31.03.2002 Rs. 96,10,011/- have already been dismentaled after the date of Balance Sheet vide Board Resolution dated 19.07.2002 and transferred to Scrap Account. The loss on dismental of aforesaid Fixed Assets has neither been determined nor provided for. (Refer Notes No. 7 of Schedule 16 of the Balance Sheet 5. Subject to the above : (i) 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. (ii) In our opinion, proper books of account as required by law have been kept by the Company, so far as appears from our examination of the books. (iii) The Balance Sheet and Profit & Loss Account detail with by the report are in agreement with the books of account. (iv) in our opinion, the Balance Sheet and Profit & Loss Account dealt with by this report are in compliances with the accounting standard (AS) referred to in section 211 (3C) of the Companies Act. 1956, except accounting standard 15 regarding provisions in respect of retirement benefits to employees as mentioned in Annexure "B". (v) On the basis of review of the confirmation received from the directors of the Company and the information and explanations given to us none of the directors of the Company as at 31st March, 2002 are disqualified from being appointed as the directors of the Company under clause(g) of sub-section (1) of section 274 of the Companies Act, 1956. (vi) In our opinion and to the best of our information and according to the explanations given to us, the account (together with the notes thereof)) give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view (a) In the case of Balance Sheet of the State of affairs of the Company as at 31st March, 2002. And (b) In the case of the Profit & Loss Account, of the profit for the year ended on that date. For R.K. PATNIA & CO. Chartered Accountants Place : Dhanbad (R.K. Patnia) Dated : the 22nd day of July, 2002 Partner M.No. - 71376 ANNEXURE "A" TO AUDITOR'S REPORT ON THE ACCOUNTS OF M/s CHAIN IMPEX LIMITED FOR THE YEAR ENDED 31ST MARCH, 2002 (i) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. The fixed assets of the Company have been physically verified by the management and no discrepancy was notice on such verification. (ii) None of the fixed Assets have been revalued during the year. (iii) The Stock of finished goods have been physically verified by the management during the year. In our opinion, the frequency of such verification is reasonable intervals. (iv) In our opinion the procedure of physical verification of stock followed by the management is reasonable and adequate in relation to the size of the Company and the nature of its business. (v) No material discrepancies was noticed on physical verification as compared to books of records. (vi) In our opinion, the valuation of fair and proper accordance with the normally accepted accounting principles and is on the same basis as in the preceding years. (vii) The Company has not taken any loans,secured or unsecured from the Companies firms or other parties required to be listed in the register maintained under section 301 of the Companies Act,1956.1n terms of sub section (6) of section 370 of the Indian Companies Act, 1956 provisions of the section are not applicable to a Company on or after the commencement of the Indian Companies (Amendment) Act 1999. (viii) The Company has not granted any loan secured or unsecured to the Companies firms or other parties required to be listed in the register required to be maintained under section 301 of the Companies Act, 1956. In terms of sub section (6) of section 370 of the Indian Companies, Act 1956, provisions of the section are not applicable to a Company on or after commencement of the Indian Companies (Amendment) Act 1999. (ix) No stipulation for repayment have been prescribed by the Company for interest free advances in the nature of loans/advances given to staff of the Company. However, the staff members were repaying the principal amounts as and when the same were demanded. (x) On the basis of our evaluation of the internal control procedure and according to the information and explanations given to us there is an adequate internal control procedure commensurate with the size of the Company and the nature of its business for the purchase and sale of goods. (xi) The Company has not found any unserviceable or damaged goods or materials for which provision is required to be made. (xii) The Company has not accepted any deposit from the Public as prescribed under the provisions of Sec. 58A of the Companies Act. (xiii) The Company has no by-products and/ or scraps generated out of manufacturing process carried out by the them. (xiv) The Company has an internal audit system commensurate with the size and the nature of its business. (xv) No cost record has been prescribed by the Central Government. Hence, the provisions of para 4A (xvi) are not applicable. (xvii) According to the records of the Company ESI dues have been regularly deposited with the appropriate authority. In respect of Provident Fund, as informed to us by the management the Employees provident Fund and Miscellaneous Provisions Act, 1952 is not yet applicable to the Company. (xviii) No undisputed amounts payable in respect of Income-Tax, Wealth-Tax, Sales-Tax, Customs-duty and Excise-duty were outstanding, as at the last day of the financial year concerned for a period of more than six months from the date they became payable. (xix) No personal expenses have been charged to revenue account. (xx) 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 (1 of 1986). (xxi) During the physical verification, the Company has not found any damaged goods for which provision is required to be made. ANNEXURE "B" TO AUDITOR'S REPORT ON THE ACCOUNTS OF M/s CHAIN IMPEX LIMITED FOR THE YEAR ENDED 31ST MARCH, 2002 (i) The Company has neither actuarially ascertained nor provided for in the books in respert of accrued liability of gratuity payable to employees, in terms of the Accounting Standard -15. Though the Company has taken LIC against the gratuity liability; ascertained on adhoc basis and premium has been paid up to financial year 2001-2002, which amounts to Rs. 96,827.60. For R.K. PATNIA & CO. Chartered Accountants Place Dhanbad Dated the 22nd day of July, 2002

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