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Dewan Rubber Industries Ltd.

BSE: 523051 Sector: Industrials
NSE: DEWANRUB ISIN Code: N.A.
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Dewan Rubber Industries Ltd. (DEWANRUB) - Auditors Report

Company auditors report

DEWAN RUBBER INDUSTRIES LIMITED ANNUAL REPORT 2001-2002 AUDITORS' REPORT To, The Members of DEWAN RUBBER INDUSTRIES LTD. MEERUT 1. We have audited the attached Balance Sheet of DEWAN RUBBER INDUSTRIES LTD., as at 31st March, 2002 and also the Profit and Loss Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. 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, as well as evaluating the overall financial statement presentation We believe that our audit provides a reasonable basis for our opinion. 3. As required by the Manufacturing and Other Companies (Auditor's Report) order, 1988 issued by the Central Government of India in terms of sub- section (4A) of section 227 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. 4. Further to our comments in the Annexure referred to in paragraph (3) above: (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 account as required by law have been kept by the Company so far as appears from our examination of those books; (c) The Balance Sheet and the Profit and Loss Account dealt with by this report are in agreement with the books of account; (d) In our opinion, the Balance Sheet and Profit and Loss Account dealt with by this report comply with the accounting standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956; (e) None of1the Directors of the Company have produced written representations as to whether they have not defaulted in terms of Section 274(1)g of the Companies Act, 1956 In the absence a of these representations, we are Unable to comment whether any of these directors is disqualified from being appointed as a Director under clause(g) of sub- section (1) of Section 274 of the Companies Act, 1956, and (f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read in conjunction with the Schedules annexed therewith and; subject to the remarks as contained in Note No. 3 of schedule "P" regarding Provision for obsolescence in the value of raw materials, Note No 5 of schedule "P" regarding Non-Provision of interest on NCDs' and others, Note No. 8, 9 & 10 regarding Non- Provisions of doubtful recovery of loans & advances and doubtful debts, give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: (i) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2002; and (ii) In the case of the Profit and Loss Account of the Loss of the Company for the year ended on that date. For Gupta Pramod & Co., Chartered Accountants, PLACE : MEERUT (P.K. GUPTA) DATED : 30.10.2002 PARTNER ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR AUDITORS' REPORT OF EVEN DATE ON THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH, 2002 OF DEWAN RUBBER INDUSTRIES LTD. 1 The Company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets. The Foxed Assets of the Company have been physically verified by the management during the year and no material discrepancies between the book records and physical inventory have been noticed. 2. None of the Fixed Assets of the Company have been revalued during the year 3. The stocks of finished goods, semi finished goods, stores, spare parts and raw materials of the Company have been physically verified by the management during the year/at the end of accounting period. In our opinion, the frequency of. verification is reasonable. 4. In our opinion, the procedures of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business. 5. The discrepancies noticed on physical verification of stocks as compared to book records, which in our opinion, were not material, have been property dealt with in the books of accounts. 6. In our opinion and on the basis of our examination of the valuation of stocks, such valuation is fair and proper in accordance with the normally accepted accounting principles and is on the same basis as in the preceding 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, or from the Companies under the same management as defined under sub-section (1B) of Section 370 of the Companies Act, 1956. 8. According to the information and explanation given to us, the company has granted unsecured loans to a group companies under the same Management, and other parties as listed in the register maintained under section 301 & 370 (1B) of the Companies Act, 1956. The Company has not provided interest on the same. 9. We are unable to comment on the repayment of principal amount or interest if any by the companies to whom the unsecured loans have been granted. 10. The company has given Loans and Advances in the nature of loans have been given to employees, who are repaying the amount as stipulated and such loans are not subject to any interest. 11. In our opinion, there is an adequate internal control procedure which commensurate with the size of the Company and the nature of its business for the purchase of stores, raw materials including component, plant and machinery, equipment and other assets and for the sale of goods. 12. The company has not purchased goods and materials and sold goods, materials and services aggregating Rs.50,000/- or more in value from / to any of the parties listed in the register maintained under Section 301 of the Companies Act, 1956. 13. As explained to us, the Company has a regular procedure for the determination of unservicable or damaged stores, raw materials and finished goods and in our opinion adequate provisions has been made in the accounts for the loss arising on the items so determined. 14. The Company has not adequately complied with the provisions of Section 58-A of the Company Act, 1956 and Companies (acceptance of deposits) Rules, 1975 with regard to the repayment of principal and interest on deposit accepted from the public. 15. In our opinion, reasonable records have been maintained by the Company for the sale and disposal of realisable scrap. The Company has no by- products 16. In our opinion, the Company has an internal audit system which commensurate with its size and the nature of its business. 17. The Company is required to maintain cost records under Section 209 (1)(d) of the Companies Act, 1956 and as explained to us such records have been maintained by the Company. We have, however, not made a detailed examination of the records. 18. The company has not deposited Provident Fund & Employees State Insurance dues with the appropriate authorities regularly. Provident Fund & Employees State Insurance relating to the period from March, 2000 to March, 2002 aggregating to Rs.41.93 lakhs had not been deposited with the appropriate authorities till 31.03.2002. 19. In our opinion and according to information and explanation given to us, there are no undisputed amount payable in respect of income tax, wealth tax, sales tax, customs duty and excise duty as at 31st March, 2002 which are outstanding for a period of more than six months from the date these became payable. 20. During the course of our examination of the books of account carried out in accordance with the generally accepted auditing practices, we have not come across of any personal expenses, other than expenses under contractual obligations and/or generally accepted business practices which have been charged to Profit and Loss Account nor we have been informed of such case by the management. 21. The Company is a Sick Industrial Company within the meaning of clause (0) of Sub Section (1) of Section 3 of the Sick Industrial Companies (Special Provisions) Act, 1985, and reference under section 15(1) of the Act has been made by the company to the Board for Industrial and Financial Reconstruction. For GUPTA PRAMOD & CO., Chartered Accountants, PLACE : MEERUT (P.K. GUPTA) DATED : 30.10.2002 PARTNER