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Consortex Karl Doelitzch (India) Ltd.

BSE: 531852 Sector: Engineering
NSE: APOWERTOOL ISIN Code: INE870A01018
BSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
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Consortex Karl Doelitzch (India) Ltd. (APOWERTOOL) - Auditors Report

Company auditors report

CONSORTEX KARL DOELITZSCH (INDIA) LIMITED ANNUAL REPORT 2005-2006 AUDITORS' REPORT To The Members Consortex Karl Doelitzsch (India) Ltd. We have audited the attached Balance Sheet of Consortex Karl Doelitzch (India) Ltd., as 31st March, 2006 and the Profit and Loss account of the Company for the Period ended on that dated annexed thereto. I. As required by the manufacturing and other companies (Auditors Report) order 1988 issued by the Company law board in terms of the information and explanations given to us and on the basis of such checks as we considered appropriate we annex hereto the statement on the matters specified in paragraphs 4 & 5 of the said order. II. Further to our comments in the annexure referred to in paragraph I above we report 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 appears from our examination of the books. c) i) The Company has not compiled quantity particulars for production, consumption of raw materials. ii) The Sock of Demo Tools are compiled based on the information available from the records and physical availability of the tools is subject to confirmation. iii) Balance in Sundry Debtors, Sundry Creditors and advances are not confirmed. Subject to the foregoing and in our opinion and to the best of our information and according to the explanation given to us, these said accounts read together with the accounting policies and notes thereon, give the information required by the Company's 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, 2006 ii) In the case of Profit & Loss account of the Loss for the Period ended on the date. For Nataraja Iyer & Co. Chartered Accountants Sd/- Place (Camp): Hindupur E.S. Ranganath Date : 03.08.2006 PARTNER ANNEXURE TO AUDITORS REPORT 1. The Company has compiled the fixed assets register. However fixed assets register need to be updated to incorporate additions made during the year. We are informed that the assets have not been physically verified by the management. Therefore comparison of physical and book balance does not arise. 2. None of the fixed assets have been revalued during the year. 3. The Stock Of finished goods and raw materials have been physically verified by the management as at the end of the year except of demo tools. 4. In our opinion the procedures of physical verification of stocks followed by the management are reasonable and adequate in relation to size of the company and nature of its business. 5. Subject to paragraph d(ii) of the report no material discrepancies have been noticed on physical verification of stocks as compared to book balances in so far as appears from our examination of books. 6. In our opinion the valuation of stocks is fair and proper in accordance with the normally accepted accounting principles and is on the same basis as in the earlier year. 7. The Company has not borrowed loans from companies. Firms and other parties where Directors are interested or from a company under the same management. 8. The company has not granted any loans to Directors, Companies, Firms or other persons where Directors are interest including companies under same management 9. The company has not given loans or advances in the nature of loans to any person except the advances given in the normal course of business. 10. In our opinion and according to the information given to us there are adequate internal control procedures to commensurate with the size of the Company and nature of its business for purchase of raw material components plant and machinery equipment other assets and sales of goods. 11. In our opinion and according to the information and explanations given to us there are not transactions of purchase of goods or materials sales of goods or materials and services made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 aggregating during the year to Rs.50,000/- or more in respect of each party. 12. The Company is yet to establish a system for determination of unserviceable and damaged raw material and stores. We are informed that there are no unserviceable or damaged raw materials as at the end of the Period. However during the Period the value of the Demo Tools has been written down and an amount of Rs.17,42,774/- has been written off. 13. The Company has not accepted any deposits from Public. 14. As informed to us not scarp accrued as the company carried only assembling activity. Hence maintenance of records for sales and disposal of scrap does not arise. The Company has no by-product. 15. The company is yet to establish internal audit system. However all the transactions of the company are done with the approval of Directors. 16. The Central Government has not prescribed maintenance of cost records under Section 209(i)(d) of the Companies Act, 1956 for the product of the company. 17. The Company has not established any Provident Fund Scheme to its employees as the provisions of the Provident Fund act do not as yet apply to this company. The provisions of employees state Insurance Act Does not apply to the this company. 18 In our opinion and according to the information and the explanations given to us, there are no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Customs Duty and Excise Duty as at the last day of the accounting period outstanding for a period of more than six months fogy the date they became payable. 19. According to information and explanations given to us and the records of the Company examined by us, no personal expenses have been charged to revenue account other than those payable under contractual obligations are in accordance with generally accepted business practice. 20. The Company to the information and explanations given to us there were no damaged goods in the case of goods purchased for resale. 21. According to the information and explanations given to us there were no damaged goods in the case of goods purchased for resale. For Nataraja Iyer & Co. Chartered Accountants Sd/- Place (Camp): Hindupur E.S. Ranganath Date : 03.08.2006 PARTNER

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