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Dyna Lamps & Glass Works Ltd.

BSE: 523542 Sector: Others
NSE: N.A. ISIN Code: N.A.
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Dyna Lamps & Glass Works Ltd. (DYNALAMPS) - Auditors Report

Company auditors report

ANNUAL REPORT 1998-99 DYNA LAMPS AND GLASS WORKS LIMITED AUDITORS' REPORT To the Members of Dyna Lamps and Glass Works Limited We have audited the attached Balance Sheet of Dyna Lamps ad Glass Works Limited as on 31st March 1999 and the Profit and Loss Account of the Company for the year ended on that date annexed thereto and report that: 1. As required by the Manufacturing and other Companies (Auditors Report) Order 1988 issued by the Company law Board in terms of Section 227 (4A) of the Companies Act 1956, we annex hereto a statement on the matters specified in paragraph 4 and 5 of the said order. 2. Further to our comments in the annexure referred to in paragraph 1 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 accounts as required by law have been kept by the Company so far as appears from our examination of the books. c) The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the books of accounts. d) Subject to non-provision of depreciation as per Accounting standard - 6 issue(l by ICAI, the Balance Sheet and Profit & Loss Account referred to in this report are drawn up in accordance with sub-section (3C) of section 211 of the Companies Act, 1956. e) Confirmation of Debtors of Rs.1,30,19,148 included in schedule VII and under Creditors of Rs.3,,68,95,574 included in schedule Xll are not obtained and hence taken as correct as per Books of Accounts. f) SubJect to the above, in our opinion and to the best of our information and according to the explanations given to us, the accounts give the information required by the Companies Act, 196 in the manner so required and give a true and fair view. i) In the case of Balance Sheet, of the;state of affairs of the Company as on 31st March 1999 and ii) In the case of Profit and Loss Account, Or the loss of the Company for the year ended on that date. For KARRA & CO Chartered Accountants Chennai K.PREM KUMAR Date: 29.11.99 Partner Annexure referred to in Paragraph l of the Auditors' Report to the members of Dyna Lamps and Glass Works Limited on the Accounts for the year ended 31st March 1999. 1. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. The fixed assets have been physically verified by the Management during the year. We are of the opinion that the frequency of verification is reasonable having regard to the size of the Company and the nature of its fixed assets. The discrepancies noticed on verification were not material. 2. None of the fixed assets have been revalued during the year. 3. The stock of raw materials, packing materials and finished goods have been physically verified by the Management at reasonable intervals during the year. 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 the nature of its business. The discrepancies noticed on physical verification of stocks as compared to the book records were not material and the same have been properly dealt with in the books of accounts. 4. on the basis of our examination of stock records, we are of the opinion that 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. 5. The Company has taken unsecured loans from Companies, firms and other parties listed in the register maintained under Section 301 of the Companies Act, ] 956 and these are not prejudicial to the interest of the company. 6. The Company has not ranted any loans secured-or unsecured to Companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. 7. In respect of loans and advances in the nature of loans given by the Company including staff advances, the parties are repaying the amount as stipulated. 8. In our opinion and according to the information and explanations given to us, the transactions of purchase of goods and materials and sale of goods, materials and services made in pursuance of contracts; or arrangement entered in the register maintained under Section 301 of the Companies Act, 1956 and aggregating during the year Rs.50,000/- or more in respect of each party were responsible and are in accordance with the rates prevailing in the market. 9. 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 purchase of raw materials, packing materials, plant and machinery, equipment and other assets and for the sale of goods. 10. As explained to us, the Company has regular procedure for the determination of unserviceable or damaged raw materials, stores and finished goods. 11. In-our opinion- reasonable record have been maintained by the Cornpany for the sale and disposal of realisable scrap. As explained to us, the Company's operations do not generate any realisable by-product:. 12. The Internal audit system needs to be strengthened. 13. The Central Government has prescribed under Section 209(1) (d) of the Companies Act 1956, maintenance of cost records and whilst we have not made a detailed examination of these records, prima facie it appears that the prescribed accounts and records have generally been maintained. 14. The Company has not accepted any deposits .rom the public attracting the provisions of Section 5A of the Companies Act, 1956 and the Companies (Acceptance of Deposit) Rules 1975. 15. The provisions of the Provident Fund Act applied to the Company., According to the records of the Company there are arrears of contribution under the Provident Fund Act and ESI Act. 16. According to the information and explanations given to us, no undisputed amounts payable in respect of Income 'Tax, Wealth Tax, Sales Tax, Customs Duty and Excise Duty were outstanding as on 31 st March 1999 for a period of more than six months from the date they became payable. 17. According to the information and explanations given to us and the records of the Company examined by US, no personal expenses have been charge to Revenue account other than those payable under contractual obligations or in accordance with generally accepted business practice. 18. The Company is a Sick Industrial Company as defined under section 3(i)(o) of the Sick Industrial Companies special Provisions) Act, 1985. For KARRA & CO Chartered Accountants Chennai K. PREM KUMAR Date: 29-11-99 Partner