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Dev Fastners Ltd.

BSE: 523666 Sector: Engineering
NSE: N.A. ISIN Code: INE150E01017
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Dev Fastners Ltd. (DEVFASTNERS) - Auditors Report

Company auditors report

DEV FASTENERS LIMITED ANNUAL REPORT 2001-2002 AUDITORS' REPORT 1. We have audited the attached revised Balance Sheet of DEV FASTENERS LIMITED as at 30th September 2002 and also the revised Profit and Loss Account for the year ended on that date annexed thereto. 2. Pursuant to the withdrawal of the audited accounts dated 11th Nov 2002, by the Board of Directors in the Annual General Meeting held on 31th Dec 2002, the management has made the revision in the accounts based on the special audit conducted by a firm of Chartered Accountants. 3. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on theses financial statements based on our audit. 4. We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the Financial Statements are free of material misstatement. An Audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial Statements. An audit also includes assessing the accounting principles used and significant estimates made by& management presentation. We believe that our audit provides a reasonable bases for our opinion. 5. As required by the Manufacturing and Other Companies (Auditors Report) Order, 1988 issued by the Company Law Board in terms of Section 217 (4A) of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order. 6. further to our comments in the Annexure referred to above, we report that. (i) 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: (ii) 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 such books; (iii) The Balance Sheet, Profit and Loss Account referred to in this report are in agreement with the books of accounts; (iv) In our opinion, the Balance Sheet, Profit and Loss Account comply with the accounting standards referred to in subsection (3C) of Section 211 of the Companies Act. (v) On the basis of the written representations received from the directors, as on 30th September 02, and taken on record by the Board of Directors, we report that none of the directors is disqualified from being appointed as in terms of Clause (g) of sub section (1) of section 274 of the Companies Act, 1956; (vi) 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 and loss account read together with the notes on accounts thereon give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view subject to our observations in Paragraphs 5, 10, 14, 15, 19 of the Annexure to this report (i) In so far as it relates to the Balance sheet, of the date of affairs of the company as at 30th September 2002 and (ii) In so far it relates to the Profit and Loss Account of the Company, the Loss of the company of the period ended on that date. ANNEXURE referred to in para 5 of our report of even date 1. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. All the assets have been physically verified by the management during the year. No material discrepancies were noticed on verification. 2. None of the fixed assets has been revalued during the year. 3. The Stock of raw materials, stores, spare parts and finished goods have been physically verified during the year by the Management. In Our opinion, the frequency of verification is reasonable. 4. The procedures of physical verification of stocks followed by the Management are reasonable and adequate in relation to the size of the Company and the nature of its business. 5. The discrepancies noticed on verification between the physical stock and book records were found to be material. Please refer notes to the accounts Paragraph (vii). 6. On the basis of our examination of stock records, we are of the opinion that 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 previous year. 7. The Company has not taken any loans secured or unsecured, from Companies, firms or other parties listed in the Register maintained under Section 301 of the Companies' ACT 1956. There are no Companies under the same Management as defined under sub section 1B of Section 370 of the said Act. 8. The Company has not granted any loans, secured or unsecured to Companies, firms or other parties listed in the Register maintained under section (1B) of section 370 of the said Act. 9. In respect of loans and advances in the nature of staff advances given by the company, parties have repaid the principal amounts as Stipulated and have also been regular in the payment of interest wherever applicable. 10. In Our opinion and according to the information and explanations given to us, there are not 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 components, plant and machinery, equipment and other assets and with regard to the sale of goods. This qualification is based on the special audit report 11. In our opinion and according to the information and explanations given to us, there are no transactions of purchase of goods and materials and sale of goods, materials and services, made in pursuance of contracts or arrangements entered in the Register maintained under Section 301 and aggregating during the year to Rs.50,000/- or more. 12. The Company has a regular procedure of determination of unserviceable or damaged stores, raw materials and finished goods. 13. The Company has not accepted deposits from public as defined under Section 58A of the Companies Act, 1956 and the Rules framed there under. 14. In our opinion, reasonable records have not been maintained by the Company for the sale and disposal of scrap. The Company has no by products. 15. The company had appointed a firm of Chartered Accountant still 31st March 2002, for carrying out the internal audit, the scope of whose work, according to our information, is not commensurate with the site and nature of its business. 16. The Company has not been required by the Central Government to maintain cost records under Section 209 (1)(d) of the Companies Act, 1956. 17. According to the records of the Company, Provident Fund dues have been regularly deposited during the year with the appropriate authorities. As explained to us there were no dues in respect of Employee's State insurance as the same is not applicable to the Company. 18. According to the information and explanations given to us, no undisputed amounts payable in respect of Income Tax, Sales Tax, Customs Duty and Excise Duty were outstanding as on 30th September, 2002 for a period of more than six months from the date they became payable. 19. No reasonable explanations have been given to us to confirm that no personal expenses of employees or directors have been charged to revenue account, other 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 (1) of Section 3 of the Sick Industrial Companies (Special Provisions) Act, 1985. For REVATHI & LATHA Chartered Accountants S. REVATHI Partner Reports of Auditors on cash flow statement We have examined the attached cash flow statement if Dev Fastners Limited for the year ended 30-9-2002. The statement has been prepared by the Company in accordance with the requirement of clause 32 of the listing agreement entered into by the company with the Madras stock exchange and the stock exchange mumbai and is based on and in agreement with the corresponding profit & Loss account and balance sheet of the company covered by our report of even date to the member of the Company.