CHAND VANASPATI LIMITED
TO THE MEMBERS OF CHAND VANASPATI LIMITED
We have audited the attached Balance Sheet of Chand Vanaspati Limited as at
June 30, 1997 and also the proM and loss account, of the Company for the
period ended on that date, annexed thereto, and report that:
a. Fixed Assets Register and Stock Registers were not produced before us
for our verification. Further, Fixed Assets and stocks were not physically
verified by management during the year as PICUP has taken over physical
possession of the factory premises consequent to defaults in repayments of
instalments of term loan.
b.Valuation of inventory has been done by the management purely on
c.Balance of Secured Term Loan from PICUP, Unsecured Loans, Sundry Debtors,
Sundry Creditors, Loans and Advances are subject to confirmation and
d.During the period under audit no commercial activity was undertaken by
the company. However, due to efflux of time depreciation on Assets is
provided for the period under review.
e.We are also not in a position to comment on the matters specified in
paragraphs 4 and 5 of the Manufacturing and Other Companies (Auditor's
Report) Order, 1988.
In view of the above, we are not in a position to comment whether the
enclosed accounts give a true and fair view of the affairs of the company
as on 30.06.1997 and of the loss for the period ended on that date.
For TAS Associates
PLACE : NEW DELHI SUBODH GUPTA
DATE : 1.11.97 (PARTNER)