You are here » Home » Companies » Company Overview » Dynavox Industries Ltd

Dynavox Industries Ltd.

BSE: 517508 Sector: Others
NSE: N.A. ISIN Code: N.A.
BSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN
PREVIOUS CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 0
Buy Price
Buy Qty
Sell Price
Sell Qty
OPEN
CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 0
Buy Price
Buy Qty
Sell Price
Sell Qty

Dynavox Industries Ltd. (DYNAVOXINDS) - Auditors Report

Company auditors report

DYNAVOX INDUSTRIES LTD AUDITORS' REPORT To the Members of Dynavox Industries Ltd. We have audited the attached Balance Sheet of Dynavox Industries Ltd, as at 31st March 1998, together with the Profit and Loss Account of the Company for the year ended on that date annexed thereto: 1. 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 the Companies Act, 1956 we annex hereto a statement on the matters specified in paragraphs 4 and 5 of the said Order. 2. Further to our comments referred to in paragraph (1) above, we report that: (a) We have obtained all the information and expansion 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 the books; (c) The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the books of account: (d) In our opinion and to the best of our information and according to the explanations given to us, the accounts, subject to: Notes No.1 (iv) regarding non-provision of gratuity and leave encashment liabilities, amount unascertained, Note No.2 regarding non-provision of doubtful debts amounting t Rs.2,02,55,942/-, Note No.3. Non Provision of doubtful Loans and Advances of Rs 91,64,034/-, Note No.5 regarding balances in sundry debtors, advances, deposits, creditors and some of the bank accounts are subject to confirmation, and reconciliation, Note No.1 7. Non provision of interest of Rs. 35,16,564/- on Income Tax liabilities for the Assessment Year 1996-1997 and 1997-1998, Note No. 20. Non Provision of Interest on Unsecured Loans of Rs.178.99 Lacs and read with other notes given in Schedule "N" 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 Balance Sheet of the state of affairs of the Company as on 31st March,1998. ii) In the case of the Profit & Loss Account of the 'If)' for the year ended on that date. For SHANKARLAL JAIN AND ASSOCIATES Chartered Accountants Place: Mumbai. S. L AGRAWAL Dated: 7th December 1998. PARTNER ANNEXURE TO AUDITOR'S REPORT 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 the Companies Act, 1956 on the basis of such checks as we considered appropriate, we report that: 1. The Company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets. We are informed that Fixed Assets were verified by the Management at the end of the year and discrepancy noted have been adjusted. 2. None of the Fixed Assets has been revalued during the year. 3. The stocks of finished goods and spare parts have been physically verified during the year by the Management. In our opinion, the frequency of verification is reasonable. 4. The procedure 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 verification between the physical stocks and the book records were not material. 6. On the basis of our examination of stock records, we are of the opinion that the valuation of stock for the year is fair and proper and in accordance with the normally accepted accounting principles and is on the same basis as in the preceding year. 7. In our opinion the rate of interest and other terms and conditions on which loans have been taken from a Party and a company listed in the register maintained under Section 301. are not prime facie prejudicial to the interest of the Company. 8. The Company has not granted any loans. secured or unsecured to firms and other parties listed in the register maintained under Section 301 of the Companies Act, 1956. There is no company under the same Management. 9. In respect of interest free loans given by the Company to its employees. the principal amount barring some cases. wherever applicable have been recovered as stipulated. 10. In our opinion and according to the information and explanations given to us. there are adequate internal control procedures in general commensurate with the size of the Company and the nature of its business with regard to purchase of stores, materials including components. plant and machinery, equipment and other assets and with regard to the sale of goods. 11. In our opinion and according to the information and explanations given to us, transactions of purchase of goods. materials and sale of goods and materials made in pursuance of contract or arrangements entered in the registers maintained under Section 301 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. material have been made with other parties. 12. As explained to us. the Company has a regular procedure for the determination of unserviceable or damaged stores and finished goods at most of the places. Adequate provision has been made in the accounts for the Loss arising on the item wherever determined. 13. The Company has complied with the provisions of Section 58A of the Companies Act,1956 and the Companie (Acceptance of deposits) rules 1975, in respect of deposits solicited and accepted by it. However unsolicited deposits accepted by the company are subject to complying of above provisions. . 14. In our opinion the Company has no by-products or realisable scrap. 15. The Company has the system of internal audit but in our opinion it still needs to be further strengthened 16. The Central Government has not prescribed maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956. 17. According to the records of the Company Employees State Insurance and Provident Fund dues have beer deposited regularly during the year except for some delay in few cases. 18. According to the information and explanations given to us. no undisputed amount payable in respect o Wealth Tax, Customs duty and Excise duty were outstanding as at 31st March 1998 for a period of more than six months from the date they became payable except Income Tax payable of Rs. 74.68.286/- an sales tax of Rs. 1.34.125/- 19. According to the information and explanations given to us. no personal expenses of employees or Director have been charged to revenue accounts. other than those payable under contractual obligations or i accordance with generally accepted business practice. 20. The Company is not a sick industrial company within the meaning of clause (o) of Sub Section (1,, of 3 the Sick Industrial Companies (Special Provisions) Act. 1985. 21. The Company has a reasonable system of recording receipts, issues and consumption of materials and store and allocating materials consumed to the relative jobs commensurate with its size and nature of its business. 22. The Company does not have a system of allocating man-hours utilised to the relative jobs. 23. The Company has a reasonable system of authorisation at proper levels and an adequate systems of internal control commensurate with its size and the nature of its business on issue of stores and allocation of store and labour to jobs. 24. In respect of the Company's trading activities, damaged goods have been determined and provision for loss has been made in the accounts. For SHANKARLAL JAIN AND ASSOCIATES Chartered Accountants Place: Mumbai. S. L. AGRAWAL Dated: 7th December, 1998. PARTNER