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Condequip Engineers (India) Ltd.

BSE: 531891 Sector: Engineering
NSE: N.A. ISIN Code: N.A.
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Condequip Engineers (India) Ltd. (CONDEQUIPENGS) - Auditors Report

Company auditors report

CONDEQUIP ENGINEERS (INDIA) LIMITED ANNUAL REPORT 1998-99 Charterd Accountants 3/910-L, Navjivan Society Lamington Road, Mumbai 400008 Phone (O) 3073538, 8360916 Fax: 3072760 AUDITORS REPORT TO THE MEMBER OF CONDEQUIP ENGINEERS (INDIA) LTD We have audited the attached Balance Sheet of the CONDEQUIP ENGINEERS (INDIA) LTD as at 31st March 1999 and the Profit and loss account for the year ended on that date annexed there to and report that: 1. Though the Company has incured losses far in excess of Paid Up Capital and Reserves, the accounts have been prepared on going concern basis as the Company is making an application for registration with the Board for industrial and Financial Reconstruction (BIFR). 2. As required by manufacturing and other Companies (Auditor's Report) order 1988, issued by the Central Government in the terms of section 227(4A) of the paragraph 4 and 5 of the said order is as per annexure. 3. Further to our comments the annexure referred to in paragraph I 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 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 examinations of such books. c. The Balance Sheet and Profit and Loss account dealt with by this report are in accordance with the books of account maintained by the Company. d. Liability for gratuity has been actuarially determined, nor any provision has been made in accordance with Accounting Standard 15 issued by the Institute of Chartered Accountants Of India. e. No independent confirmation of balance of sundry debtors, sundry creditors, loand and advance loan from Financial Institutions and other parties has been produced before us and consequental impact, if any, could not ascertained. f. In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with notes thereon, given 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 Balance Sheet of the state of affairs of the Company as at 31st March 1999 and ii. In the case of Profit and Loss account of the Loss of the Company for the year ended on that date. For SHYAM C.AGRAWAL & CO. Chartered Accountants. Place: Mumbai Dated: 27.05.99 S.C. AGRAWAL Proprietor ANNEXURE TO THE AUDITORS REPORT Referred to in paragraph I of our report on the accounts for the year ended 31st March 1999 of Condequip ENGINEERS (INDIA) LTD. 1. The Company has maintained proper records showing full particulars including quantitative details a situation of Fixed Assets. Fixed Assets were physically verified by the management during the year. We were informed that no material discrepancies were noticed by management on such verification. 2. None of the fixed assets has been revalued during the year. 3. The stock of finished goods, stores spare parts and raw materials have been physically verified by the management during the year. 4. In our opinion, the procedure of physical verification of stock followed by the management are adequate in relation to the size of the Company and the nature of its business. 5. No material discrepancies have been noticed on physical verification of such stocks as compared to book record. 6. On the basis of our examination of stock record, we are of the opinion that the valuation of stores, spare parts and raw materials is fair and proper in accordance with the normally accepted accounting principles. 7. The Company has not taken loans from firm or other parties listed in the register maintained under section 301 and 370(1B) of the Companies Act, 1956. 8. The Company has granted loans to companies. firm or other parties listed on the register maintained under section 301 and 370(1B) of the Companies Act 1956. Loans granted by the Company are interest free. 9. In respect of Loans and advances in the nature of Loans, given by the Company the principal amount is generally being repaid as stipulated and payment of the interest wherever stipulated is also regular. 10. The company has adequate system of internal control with regards to purchase of stores, raw materials including components, plant and machinery, equipment and other assets and for the sale of goods commensurate with size of the Company. 11. In our opinion and according to the information and explanations given to us, the transactions of purchase of goods and materials and sale of goods, made in pursuance of contracts entered in the register maintained under section 301 of Companies Act, 1956 and aggregating during the financial year of Rs. 50000/- or more in respect of each party have been made at price that are reasonable having regard to prevailing market prices for such goods, material or services have been made with other parties or as available with the Company. 12. According to the information and explanations given to us Company has a procedure for determination of unserviceable or damaged stores and raw materials. 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 during the year within the meaning of section 58A of the companies Act, 1956 and the Companies (acceptance of Deposits) Rule 1975. 14. The Company did not generate any realisable scrap during the period. 15. In our opinion the Company has not an adequate internal audit system commensurate with the size and nature of its business. 16. The maintenance of cost record have not been prescribed by the Central Government under section 209(1)(d) of the Companies Act, 1956 for the financial year under review. 17. According to the information and explanations given to us and according to the record of the Company the Provident Fund have been deposited during the year. 18. According to the information and explanations given to us, no undisputed amounts payable in respect of Income tax, Wealth tax, Sales tax, Custom duty and Excise duty were outstanding at last date of financial year for a period of more than six months from the date they become payable. (Ref. Note No. 6&7 ) 19. According to the information and explanations given to us, no personal expenses have been charged to the revenue account there than those payable under contractual obligations or in accordance with generally accepted business practice. 20. The Company is a Sick Industrial Company within the meaning of clause (O) of sub section (I) of section 3 of the Sick Industrial Companies (Special Provision) Act, 1985 and reference would be made to The Board for Industrial And Financial Reconstruction ( BIFR ). 21. In respect of service activities. i. The company has a reasonable system of recording receipts, issues and consumption of material and stores and allocating, material consumed to the relative job, commensurate with its size and nature of its business. ii. There is reasonable system of authorisation at proper levels and adequate system of internal control on issue of stores an allocation of stores and labour to jobs, commensurate with the size of the company and the nature of its business. 22. In respect of the Companies trading activity, we are inform that there are no damaged stock. For SHYAM C. AGRAWAL & CO. Chartered Accountants. Place : Mumbai Dated : 27.05.99 S.C. AGRAWAL Proprietor

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