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Dravya Industrial Chemicals Ltd.

BSE: 512058 Sector: Others
NSE: N.A. ISIN Code: N.A.
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Dravya Industrial Chemicals Ltd. (DRAVYAINDLCHEM) - Auditors Report

Company auditors report

Dravya Industrial Chemicals Limited AUDITORS' REPORT To the Members of DRAVYA INDUSTRIAL CHEMICALS LIMITED We have audited the attached Balance Sheet of DRAWA INDUSTRIAL CHEMICALS LIMITED, as at 31st March,1998 and also the Profit and Loss Account of the Company for the year 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 purpose of our 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 of such books. 3.The Balance Sheet and Profit Loss Account are in agreement with the books of accounts. 4.In our opinion and to the best of our information and according to the explanations given to us, the said accounts subject to Note No. 3 regarding non provision for diminution in the value of long term investments amounting to Rs.8,73,27,856, Note No.2 regarding confirmation of balances from debtors,creditors and others, 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 state of affairs of the Company as at 31st March, 1998 and b) in the case of the Profit and Loss Account, of the loss of the Company for the year ended on that date. 5.As required by the Manufacturing and Other Companies (Auditors' Report) Order, 1988 issued by the Central Government in terms of Section 227(4A) of the Companies Act,1956 we further report that: i) The Company has maintained proper records showing full particulars, including quantitative details and the situation of fixed assets, The fixed assets have been physically verified by the Management during the year. No serious discrepancies were noticed by the management on such verification as compared with the records of fixed assets. ii) None of the fixed assets of the company has been revalued during the year iii) The stock of finished goods, stores, spare parts of the Company have been physically verified at reasonable intervals during the year by the Management. In our opinion, the frequency of verification is reasonable and adequate in relation to the size of the Company and the nature of its business. iv) In our opinion and according to the information and explanation given to us, the procedures of physical verification is reasonable and adequate in relation to the size of the Company and the nature of its v) The discrepancies noticed on physical verification of stocks as compared to book records were not material and have been properly dealt with in books of accounts. vi) In our opinion and on the basis of our examination, the valuation of stock is fair and proper and in accordance with the normally accepted accounting principles. The valuation of stock is on the same basis as in the previous year. vii) The Company has not taken any loans, secured or unsecured, from companies, firms or other parties in the Register maintained under Section 301 and Section 370(1C) of the Companies Act,1956. viii) No loans have been granted to the companies, firms or other parties listed in the Register maintained under section 301 of the Companies, Act,1956. We are informed that there are no Companies under the same management within the meaning of Section 370 (IB) of the Companies Act,1956. ix) In respect of loans and advances in the nature of loans given by the Company, no stipulations have been made regarding interest and repayment of principal amount. x) In our opinion and according to the information and explanations given to us, there is adequate internal control procedure commensurate with the size of the Company and the nature of its business with regards to purchases of stores, raw materials including components, plant and machinery, equipment and other assets and for sale of goods . xi) According to the information and explanations given to us, the transaction 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 of the Companies Act,1956 and aggregating during the year to Rs.50,000/- or more in respect of each party have been made at prices which are reasonable having regard to the prevailing market prices of such goods, materials and services or at prices at which transaction for similar goods, materials or services have been made with other parties. xii) As explained to us the Company has a regular system for determination of unserviceable or damaged stores and material. Adequate provision has been made in the accounts for the loss arising on the items so determined. xiii) The Company has complied with the directives issued by Reserve Bank of India and the provisions of Section 58 A of the Companies Act, 1956 and the Rules framed thereunder for the deposits accepted from the Public . xiv) In our opinion, reasonable records have been maintained by the Company for the sale and disposal of realisable by-products and scraps. xv) In our opinion, the Company has an adequate internal audit system commensurate with its size and nature of its business. xvi) The Central Government has not prescribed maintenance of cost records under Section 209(1)(d)of the Companies Act, 1956 for any of its products. xvii) Except minor delays on certain occasions, the Company has been generally regular in depositing the Provident Fund and Employee State Insurance dues, with appropriate authorities. xviii) According to the information and explanation given to us, except Rs. 1,83,918 due in respect of Income tax, there were no undisputed amounts, payable in respect of Income-Tax, Wealth tax, Sales tax, Customs duty and Excise duty which were outstanding as at 31st March, 1998 for a period of more than six months from the date they became payable. xix) The Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures and other similar securities. xx) Provisions of any special statute are not applicable to the Company. xxi) In respect of the transactions of the Purchase and Sale of Shares, proper records have been maintained and timely entries have been made therein and the respective investments were held by the Company in its own name. xxii) According to the information and explanation given to us, no personal expenses of employees or directors have been charged to revenue account, other than those payable under contractual obligation or in accordance with the generally accepted business practice. xxiii) The Company is not a Sick Industrial Company within the meaning of Clause (o) of Subsection (1) of section 3 of the Sick Industrial Companies (Special Provisions) Act, 1 985. xxiv) In respect of the service activities of the Company, namely conversion of materials: a) The Company has reasonable system of recording receipts, issue and consumption of materials and stores commensurate with the size and nature of its business. Though allocation of materials and man hours consumed is not made in respect of relative jobs, in our opinion, control is excerised on the total material and labour consumed on the jobs. b) The Company has reasonable systems for authorisation at proper levels with necessary control on the issue of the stores as stated in (a) above. Though the allocation of the stores and labour to jobs is not made but in our opinion control is exercised on the total material and labour consumed on the jobs. The Company has a system of internal control commensurate with its size and nature of its business. xxv) In respect of trading activity of the Company, there were, as explained to us, no damaged goods noticed during the year. For A. C. Matalia & Co. Chartered Accountants PLACE : MUMBAI Ashwin C. Matalia DATE : 27th NOVEMBER,1998 Proprietor