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Cryptogen Agro Industries Ltd.

BSE: 531656 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: N.A.
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Cryptogen Agro Industries Ltd. (CRYPTOGENAGRO) - Auditors Report

Company auditors report

1997 CRYPTOGEN AGRO INDUSTRIES LIMITED AUDITORS' REPORT We have audited the attached Balance Sheet of CRYPTOGEN AGRO INDUSTRIES LIMITED, as at 31st March, 1997 and the Profit & Loss Account 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 Company Law Board in terms of Section 227 (4A) of the Company's Act, 1956, and on the basis of such cheaks as we considered appropriate, we annexure hereto a statement of the matters specified in paragraph 4 & 5 of the said order- 2. Further to our comments in the annexure referred to in paragraph (I) above, we report that:- a) We have obtained all the information and explanation which to the best of our knowledge and belief were necessary for the purpose of our audit. b) In our opinion, proper books of account as required by law, have been kept by the Company so far as appears from examination of such books. c) The Balance Sheet and Profit & Loss Account dealt with by the report are in agreement with the books of account. d) 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 & loss Account read together with the notes thereon give the information required by the Companies Act, 1956 in the manner so required and give true and fair view : i) In the case of Balance Sheet, of the state of affairs of the Company as at 31st March, 1997 and ii) In the Case of the Profit & Loss Account, of the Loss of the Company or the year ended on that date. AUDITORS REPORT ANNEXURE (Referred to in paragraph 1 of our report of even date) i. The Company has maintained proper records showing full particulars including quantitative details and situations of Fixed Assets. We are informed that all the fixed assets (including fixed assets capitalise during the year) have been physically verified by the management during the year and no material discrepancies have been noticed on such verification. ii. None of the Fixed Assets has been revalued during the year. iii. As explained to us process,stock, stores spares and consumables and Raw Materials have been physically verified by the management at the end of the year. iv. In our opinion, the procedures of physical verification of the aforesaid stocks followed by the management are reasonable and adequate in relation to the size of the company and nature of its business. v. We are informed that the discrepancies noticed on such verification between the physical stocks and book records were not material and the same have been properly dealt with in the books of account. vi. In our opinion the valuation of these stocks are fair and proper and is in accordance with the normally accepted accounting principles. vii. The Company has not taken any loans - secured or unsecured from the companies, firms or other parties listed in the register maintained under section 301 of the Act, and/or from the companies under the same management as defined under sub section (1B) of section 370 of the Companies Act, 1956. As informed an explained to us there are no companies under same management. viii. 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 Act, and/or to companies under the same management as defined under sub-section (1B) of the section 370 of the Companies Act, 1956, as informed and explained to us there are no companies under the same management. ix. The Company has not given any loan or advances in the nature of loan to any parties except interest free loan given to its employee which is regularly repaying principle amount as stipulated. x. The Company has an adequate internal control procedures commensurate with the size of the Company and nature of its business with regard to purchase of stores, raw materials including components, plant and machinery, equipment and other assets, and for the sale of goods. xi. The transaction of purchase of goods and material and the sale of goods, material and services, made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956, and aggregating during the year to Rs. 50000/- or more doe not arise as there are no companies under same management. xii. According to the information and explanations given to us there are no unservicable of damaged store and raw materials. xiii. The Company has not accepted any fixed deposits from the public. Xiv. The Company is maintaining reasonable records for sale and disposal of scraps. As informed and explained to us there are no realisable by- products. xv. In our pinion the company does not require internal audit system during the period under audit as the company has completed its project and also commenced it commercial production just before the end of the year. xvi. As informed and explained to us, the Central Govt. has not prescribed maintenance of cost records under section 209 (1)(d) of the companies act, 1956. xvii. As informed and explained to us the requirement of Provident Fund is not yet made applicable so far. We are also informed that the employees State Insurance is not applicable to the area, where the Company's factory & office are located. xviii. According to the information and explanations given to us there were no undisputed amounts payable in respect of custom duty, income tax, wealth tax, sales tax and Excise duty. As there are no such outstanding as on 31st March 1997. Hence the question of period of more than 6 months from the day become payable, does not arise. xix. During the course of our examination of books of account carried out in accordance with the generally accepted auditing practices, we have not come across any Personal expenses other than expenses under contractual obligations and/or generally accepted business Practices, which have been changed 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 Provision) Act, 1985. FOR A.L. MANJREKAR & CO. CHARTERED ACCOUNTANTS A.L. MANJREKAR PROPRIETOR PLACE : MUMBAI DATE : 21ST JUNE, 1997.

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