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Enjayes Natural Flavours Ltd.

BSE: 531964 Sector: Consumer
NSE: N.A. ISIN Code: N.A.
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Enjayes Natural Flavours Ltd. (ENJAYESNATURAL) - Auditors Report

Company auditors report

ENJAYES NATURAL FLAVOURS LIMITED ANNUAL REPORT 2000-2001 AUDITORS' REPORT THE SHAREHOLDERS, M/S. ENJAYES NATURAL FLAVOURS LIMITED Cochin. We have audited the attached Balance sheet of M/s. Enjayes Natural Flavours Limited, as at March, 31st, 2001 and also 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 paragraphs 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 arid belief were necessary for the purposes of our audit; b. in our opinion, proper books of account, as required by law, have been kept 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, the Profit and Loss Account and Balance Sheet comply with the applicable accounting standards referred to in sub-section (3C) of Section 211 of the companies Act, 1956. e. As per information and explanations given to us, none of the directors of the Company is prima facie disqualified as on 31st March, 2001 from being appointed as a Director under 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, the accounts 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 Sate of the company's affairs as at March 31, 2001; 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 M/S. KRISHNAMOORTHY & CO. Chartered Accountants Sd/- Place: Pathanamthitta R. Anantha Sankaran Date : 30.08.2001 Partner ANNEXURE, REFERRED TO IN PARAGRAPH 1 OF THE AUDITORS' REPORT TO MEMBERS OF M/s. ENJAYES NATURAL FLAVOURS LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED MARCH 31, 2001. 1. (a) The Company has maintained proper records to show full particulars including quantitative details and situation of its fixed assets. However the fixed assets, register is being updated. (b) According to information and explanations given to us the Company has conducted physical verification of fixed assets during the year under audit. The discrepancies noticed on such verification were not material and have been properly dealt with in the books of account. 2. The fixed assets of the Company have not been revalued during the year. 3. The stocks in hand of finished goods, stores, spare parts and raw materials have been physically verified by the management during the year. 4. In our opinion, and according to the information and explanations given to us, the procedures of 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. 5. The discrepancies between the physical stocks and book stocks, which have been properly dealt with in the books of account, were not material in relation to the size of the Company's operation. 6. On the basis of our examination of stock records we are of the opinion that the valuation of stocks of finished goods, stores, spare parts and raw materials has been fair and proper in accordance with the, normally accepted accounting principles and is on the same basis as in previous year. 7. The company has taken loan from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. The terms and conditions of such loan are not prejudicial to the interest of the Company. In terms of sub-section (6) of Section 370 of the Act, provisions of section 370 are not applicable to a company on or after 31st October, 1998. 8. The company has not granted any loans to companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. In terms of sub-section (6) of section 370 of the Act, provisions of section 370 are not applicable to a company on or after 31st October, 1998. 9. The company has not given any loans or advances in the nature of loans where repayments have been stipulated. Hence regularity of repayment of principal and interest does not apply. 10. In our opinion, internal control procedures are commensurate with the size and the nature of the business of the Company relating to purchase of stores, raw materials including components, plant and machinery, equipment and other similar assets and for the sale of good. 11. In our opinion, and according to the information and explanations given to us, there are transaction of sales 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 Rs.50,000/- or more in value in respect of one party. We are given to understand by the Company that these sales have been made at prices which are reasonable having regard to prevailing market prices for such goods, materials, or services. However, as there were no transactions for similar goods or services with other parties, we are unable to comment on the same. Further, there are no transaction of purchases of goods and materials made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956. 12. As explained to us, the Company has a reasonable procedure for the determination and accounting of unserviceable or damaged stores, raw materials and finished goods. 13. The Company has not accepted any deposit from public within the provisions of Section 58A of the Companies Act, 1956. 14. It is informed to us that the Company has no realisable by-products and scraps. 15. There is no separate internal audit system in the Company. 16. As explained to us, maintenance of cost records have not been prescribed for the company by the Central Government under Section 209 (1) (d) of the Companies Act, 1956. 17. The company has not been regular in depositing the Employee Provident fend dues with the appropriate authorities. However the employees dues upto March, 2001 has been subsequently deposited with the appropriate authorities. The Company is not registered under the Employees' State Insurance Act. 18. According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, wealth tax, Sales Tax, Custom duty and excise duty were outstanding as at March 31, 2001 for a period of more than six months from the date they become payable. 19. 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 any personal expenses which have been charged to Profit and Loss Account nor have we been informed of any such case by the management. 20. The company is not a sick Industrial Company with in the meaning of clause (O) of section 3 (1) of the Sick Industrial Companies (Special Provisions) Act, 1995. FOR M/S. KRISHNAMOORTHY & CO. Chartered Accountants Sd/- Place: Pathanamthitta R. Anantha Sankaran Date : 30.08.2001 Partner