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D R Softech and Industries Ltd.

BSE: 521125 Sector: IT
NSE: DRIND ISIN Code: INE394A01019
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D R Softech and Industries Ltd. (DRIND) - Auditors Report

Company auditors report

D. R. SOFTECH & INDUSTRIES LIMITED ANNUAL REPORT 2000-2001 AUDITOR'S REPORT To, The Members of D. R. SOFTECH AND INDUSTRIES LIMITED We have Audited the attached Balance-Sheet of D.R. SOFTECH AND INDUSTRIES as on 30th June, 2000 and also the Profit & Loss Account for the period ended on that date annexed thereto and report that: (1) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of the audit. (2) In our opinion proper Books of Account as required by Law have been kept by the Company so far as appears from our examination with the Books. (3) The said Balance Sheet and Profit & Loss Account are in agreement with the Books of Accounts of the Company. (4) In our opinion and to the best of our information and according to the explanation given to us, the said Accounts, read with the notes thereon 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 the Balance-Sheet of the affairs of the Company as at 30th June, 2000. (b) In the case of Profit & Loss Account of the Loss for the year ended on that date. (5) As required by the Manufacturing and other Companies (Auditor's Report) order-1988 issued by the Company Law Board in terms of Section227(4A) of the Companies Act, 1956. We enclose in the ANNEXURE a statement on the matters specified in paragraph-4 and 5 of the said order. (6) In our opinion and to the best of our information and according to explanations given us, the said Profit & Loss Account and Balance Sheet read together with the notes thereon, comply with the Accounting Standards referred to in Sub-Section 3 (C) of Section 211 of the Companies Act, 1956 For D. M. Parekh & Co. Chartered Accountants Place: Surat (D. M. Parekh) Date : 05.12.2000 Proprietor Annexure to the Auditor's Report (Referred to in paragraph-5 of our Report of Even date) (1) Company has maintained proper records showing full particulars, including quantitative details and situations of Fixed Assets. We have verified the same. We are informed that, these fixed assets have been physically verified by management at reasonable interval and no material discrepancies were observed by the Management. (2) None of the fixed Assets have been revalued during the year. (3) As informed to us physical verification has been conducted by the Management at reasonable period in respect of Inventories. (4) During the year under audit, the company was engaged only in Job-work activity and hence the question of keeping inventories records does not arise. (5) Proper stock records are not maintained by Company in case of oil, chemicals, consumables etc. and hence it is not possible for us to comment as to how the discrepancies noticed on physical verification of stock as compared to book record are dealt with in the Books of Accounts. (6) As informed to us, the company was having no Inventories at the end and hence, question of making any comment on the method of valuation of the stock does not arise. (7) The company has taken unsecured loans from companies, firms or other parties listed in the register maintained under Section-301 of the companies Act, 1956. (1 of 1956). As informed, there are no companies under the same management within the meaning of Section-370(1) (B) of the Companies Act, 1956. The rate of interest and other terms and conditions of such loans are not prima facie prejudicial to the interest of the company. (8) According to the informations and explanations given to us the parties to whom loans or advances in the nature of loans have been given are non interest bearing and without any specific stipulations. (9) In our opinion and as per 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 of stores, oil and other consumables. (10) Company has not given any Loans and Advances to any other parties, other than trade advances which are given in the course of affairs of the business. Most of these advances are old ones, however in opinion of management. They are good and recoverable. (11) Company has not entered into the transactions for the purchase and Sale of goods and materials in pursuance of contract or arrangements entered in to the register maintained under Section-301 of the companies Act 1956 aggregating during the year to Rs.50,000/- or more. (12) As informed to us the company has regular procedure for determination of unservicable or damaged stores. However during the year under review, there were no unservicable or damaged stores. (13) The Company has not have any by-product nor there was any scrap product during the year. (15) In our opinion the company does not have adequate internal audit system commensurate with the nature and size of the business. (16) The Central Government has not prescribed under Section-209(1)(d) of the Companies Act, 1956 the maintenance of cost records for the Company. (17) During the year under review, the company was not regular in depositing employees provident funds and E.S.I. dues. (18) According to the information and explanation given to us, there were no undisputed statutory liability payable for a period of more than six months from the date they become payable. (19) As per the information and explanation given to us, no personal expenses have been charged to the revenue account of the Company. (20) As on the balance sheet date, companies accumulated losses have exceeded its Share Capital and free reserve. As informed to us the company has approached the competent authority to declare it as sick industrial company. (21) After the Balance Sheet date the competent authority had appointed Chartered Accountants firm for the above inquiry. The report of the said firm, is awaited by the management. (22) In the month of September, 2000 the company has served with penalty orders U/S 271(1)(b), 271D and 271 E for the Asset. Year 1997-98. The penalty imposed for all the above orders is Rs. 45.75 lacs. The company has filed appeal against the said orders. So no provision is made in Books of Account for the purpose during the year under report. The company has contingent liability of Rs. 45.75 lacs in respect of the above. For D. M. Parekh & Co. Chartered Accountants Place: Surat (D. M. Parekh) Date : 05.12.2000 Proprietor

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