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Digital Multiforms Ltd.

BSE: 517538 Sector: Services
NSE: N.A. ISIN Code: INE927B01014
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Digital Multiforms Ltd. (DIGITALMULTIFOR) - Auditors Report

Company auditors report

DIGITAL MULTIFORMS LIMITED ANNUAL REPORT 2001-2002 AUDITORS' REPORT The Shareholders of DIGITAL MULTIFORMS LIMITED, AHMEDABAD - 380 014. 1. We have audited the attached balance sheet of M/s Digital Multiforms Ltd. as at 31st March 2002 and also the Profit and Loss A/c for the year ended on that date annexed there to These financial statements Eire the responsibility of the Company's Management. Our responsibility is to express an opinion on Mese financial statements based on our audit. 2. We concluded our auditing in accordance with auding standards generally accepted in India. Those standards require that we plan & perform the audit to obtain reasonable assurance about whether the financial statements are free of materials mis statements. An audit includes examining on a test basis, evidence supporting the amount & disclosures in the financial statements. An audit also includes assessing the accounting principles used & significant estimates made by the management as well as evaluating the overall financial statements 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 company law board in terms of section 227(4A) of 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. we report as under. 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 accounts as required by the law have been kept by the company, so far as appears from our examination of such books. c) The Balance Sheet and Profit and Loss Account referred to in this report are in agreement with the books of accounts. d) In our opinion the Profit & Loss Account and balance sheet comply with the accounting standard referred to in sec. 211(3C) of the Companies Act, 1956. e) On the basis of the written representations received from the Directors, as on March 31, 2002 and taken on record by the Board of Directors, We report that none of the directors of the company are disqualified as on March 31, 2002 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. Note No. of schedule 16 regarding non-obtention of balance confirmations in respect of outstanding balances & in respect of accounts receivables / payables, short term loans and secured loans. The said balance sheet & 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 a true and fair view :- 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 Profit of the Company for the year ended on that date PLACE AHMEDABAD For PARIKH & MAJMUDAR DATE 31-08-2002 CHARTERED ACCOUNTANTS HITEN PARIKH PARTNER ANNEXURE TO AUDITORS' REPORT Referred to in paragraph (3) of our report of even date 1. The company has generally maintained proper records showing full particulars, including quantitative details and situation of fixed assets. According to the information and explanations given to us, Fixed assets have been physically verified by the management at the end of the year and no material discrepancies have been noticed on such verification as compared to the aforesaid records. 2. None of the fixed assets have been revalued during the year. 3. Physical verification has been conducted during the year by the management in respect of finished goods, stores & Spare parts and raw materials. In our opinion, the frequency of such verification is reasonable. 4. In our opinion and according to the information and explanations given to us, 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. As explained to us, there were no material discrepancies noticed between the physical stocks and the book records having regard to the size of the operations of the company. 6. On the basis of examination of stocks and other records and considering the method adopted for accounting, the valuation of stocks is fair and proper and is 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 secured or unsecured loans from companies, firms and other parties listed in the register maintained u/s 301 of the Companies Act, 1956 As explained to us, there are no companies under the same management within meaning of section 370 (1-B) of the Companies Act, 1956. 8. 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 Companies Act, 1956. As explained to us, there are no companies under the same management within the meaning of section 370 (1B) of the Companies Act, 1956. 9. The Company has given certain interest free loans to its employees who are repaying the principal amounts as stipulated. 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 for the purchases of stores, raw materials, plant and machinery, equipment and other assets and for the sale of goods. 11. The Company has not entered into any transaction of sale of goods in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 as aggregating during the year to Rs. 50,000/- (Rupees Fifty Thousand only) or more in respect of each party. 12. As explained to us, the Company has a regular procedure for the determination of unserviceable or damaged stores, raw materials and finished goods. As there is no loss, the question of provision for the same does not arise. 13. In our opinion and according to the information and explanation given to us, the company has not fully complied with the provisions of the section 58A of Companies Act 1956 and the companies (Acceptance of Deposits) Rules, 1975 with regard to the deposits accepted from the public. 14. The company has not been regular in depositing provident fund dues with the appropriate authorities. 15. We have been informed that the companies operation do not generate any realisable scrap and by-products. 16. The company is having an in-house internal audit system. However, the same is required to be strengthened. 17. As explained to us, maintenance of cost records under section 209 (1)(d) of the Companies Act, 1956 has not been prescribed by the Central Government for this Company. 18. According to the information and explanations given to us, no undisputed amount in respect of Wealth-tax, Sales-tax and Custom duty were outstanding as on 31.03.2002 for a period of more than six months from the date they became payable. 19. According to the information and explanations given to us, 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 practices. 20. 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 Provisions) Act, 1985. 21. In respect of trading activity, we have been informed that the company has no damaged goods. For PARIKH & MAJMUDAR CHARTERED ACCOUNTANTS PLACE AHMEDABAD HITEN PARIKH DATE 31-08-2002 PARTNER