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Delta Polysters Ltd.

BSE: 530311 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
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Delta Polysters Ltd. (DELTAPOLYSTERS) - Auditors Report

Company auditors report

DELTA POLYSTERS LIMITED ANNUAL REPORT 2000-2001 AUDITORS' REPORT The Members DELTA POLYSTERS LIMITED We have audited the attached Balance Sheet of DELTA POLYSTERS LIMITED as at 31st March 2001 and Profit & Loss Account for the year ended on that date annexed thereto, and report that: 1. As required by the Manufacturing and other Companies (Auditor's Report) order, 1988, issued by the Company Law Board in terms of Section 227(4A) of Companies Act, 1956, we annex hereto a statement on the matters specified in paragraph 4 & 5 of the said order. 2. Further to our comments in the annexure referred to in paragraph (1) above, we report that : a) We have obtained all 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 account as required by law have been kept by the Company so for as appears from our examination of the books of the Company. c) The Balance Sheet and Profit & Loss Account referred to in this report are in agreement with the books of account of the Company. d) In our opinion the Balance Sheet and Profit & Loss Account comply with the accounting standards referred to in Sub Section 3C of Section 211 of the Companies Act, 1956, to the extent applicable. e) On the basis of written representations received from the directors and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31, 2001 from being appointed as director in terms of clause (g) of sub Section (1) of Section 274 of the Companies Act, 1956. f) In our opinion and to the best of our information and according to the explanations given to us, the accounts read together with notes thereon give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view: (i) In so far as it relates to the Balance Sheet, of the state of affairs of the Company as at 31st March 2001, and (ii) In so far as it relates to the Profit & Loss Account, of the Loss of the Company for the year ended on that date. For DAGDULAL K. JAIN & CO. Chartered Accountants Place: MUMBAI D. K. JAIN Date : 24th August 2001 Proprietor ANNEXURE TO THE AUDITORS' REPORT (Referred to in paragraph '1' of our report of even date) 1. The Company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets. The fixed assets have been physically verified at reasonable intervals by the management during the year. We are informed that no material discrepancies have been noticed by the management on such verifications. 2. None of the fixed assets have been revalued during the year. 3. The stock of stores, share parts and raw materials have been physically verified during the year by the Management. In our opinion the frequency of sum verification is reasonable. 4. In our opinion the procedure of physical verification of the stocks followed by the management are reasonable and adequate considering the size of the Company and the nature of its business. 5. No material discrepancies have been noticed on physical verification of stocks as compared to hook records in so far as appears from our examination of the books. 6. In our opinion the valuation of stock is fair and proper in accordance with the normally accepted accounting principles and is on the same basis as in preceding year. 7. The Company has not taken Secured/Unsecured Loans from the Companies, firms or other parties listed in the register maintained u/s 301 of the Companies Act, 1956. 8. The Company has not granted any loans to companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956, arid the companies under the same Management as defined under sub section (1B) of section 370 of the Companies Act, 1956. 9. In respect of loans and advances in the nature of loans given by the Company, parties are repaying the Principal amounts as stipulated and ham been regular in payment of interest, wherever applicable. 10. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of stores, raw materials including plant & machinery, equipments and other Assets and for the sale of goods. 11. The transactions of purchases and sales of goods and material aggregating to Rs.50,000 or more in pursuance of contracts or agreements entered in the register maintained u/s 301 of the Companies Act, 1956, have been done at the prevailing market rates. 12. As explained to us the Company has a regular procedure for the determination of unserviceable or damaged stores and raw material. 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. 14. In our opinion the Company has maintained reasonable records for the sale of scraps. The nature of the business of the Company is such that no by-products arise. 15. The internal audit system needs to be strengthened considering the size and nature of the business of the Company. 16. On the basis of records, we are of the opinion that prima facie the cost records and accounts prescribed by the Central Government of India under Section 209 (1) (d) of the Companies Act, 1956, have been maintained. However, we are not required to and have not carried out any detailed examination of such accounts and records. 17. The Company is not regular in making payment of Provident Fund contribution. 18. In our opinion and ae cording to the information and explanations given to us the Company does not have any undisputed amount payable in respect of Income-tax, Sales Tax and Excise duty which have remained outstanding as at 31st March 2001 for a period of more than six months from the date they became payable, except for a sum of Rs.71955/= payable for Income Tax Assessment year 1998-1999. 19. In our opinion and according to the information and explanations given to us and as per the records examined by us no personal expenses have been charged to revenue accounts, other than those payable under contractual obligations or in accordance with the generally accepted business practices. 20. The Company is not a sick industrial company within the meaning of clause (O) of sub section (1) of Section of the Sick Industrial Companies (Special Provisions) Act, 1985. For DAGDULAL K. JAIN & CO. Chartered Accountants Place: MUMBAI D. K. JAIN Date : 24th August 2001 Proprietor