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Essem Catalyst Ltd.

BSE: 523858 Sector: Metals & Mining
NSE: N.A. ISIN Code: N.A.
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Essem Catalyst Ltd. (ESSEMCATALYST) - Auditors Report

Company auditors report

ESSEM CATALYST LIMITED ANNUAL REPORT 1999-2000 AUDITORS ' REPORT. To, The Members of ESSEM CATALYST LIMITED. We have audited the attached Balance Sheet of ESSEM CATALYST LIMITED as at 31st March, 2000 and also the annexed Profit & Loss Account of the company for the year ended on that date 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 enclose in the annexure, a statement on the matters specified in para 4 and 5 of the said order. 2. Further to our comments in the annexure referred to in para 1, above we report that: (a) we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes 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 those books; (c) the Balance Sheet and Profit and Loss Account dealt with in the report are in agreement with the books of account of the Company; (d) in our opinion, this Profit & Loss account and the Balance Sheet comply with the Accounting Standards specified by the Institute of Chartered Accountants of India, referred to in Sub-Section (3C) of Section 211 of the Companies Act 1956. (e) reference is invited to "Notes to the Accounts" Note No.2 relating to non transfer of factory shed and related shares in the name of the Company; Note No.3(a) relating to the amount Rs.1,43,53,202/- which was recoverable from a debtor on account of sale of shares in the year 94-95, and which amount is written- off, but the proceedings before the arbitrators are pending, Note No. 3(b) relating to sum payable to Union Bank of India, and value of Stocks and Debtors, Note No.4 relating to securities not being in the name of and not being available with the Company and provision for loss on account of reduction in the value of those securities, Note No.5 for gratuity liability not ascertained, Note No.6 for appointment of Court Receiver for fixed assets and Note No.8 for non provision of recovery of debtors and appointment of Court Receiver for Book debts & stock. Subject to the above, in our opinion and to the best of our information and according to the explanations given to us, the said accounts read with the "Notes to 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 so far as it relates to the Balance Sheet, of the state of affairs of the Company as at 31st March, 2000 and (ii) in so far as it relates to the Profit and Loss Account, of the loss of the Company for the year ended on that date. AS PER OUR REPORT OF EVEN DATE (Sd/-) C.D PASAD & CO. CHARTERED ACCOUNTANTS. Place : Mumbai, Dated : 11th July, 2000. Annexure referred to in para 1 of our report of even date to the members of ESSEM CATALYST LIMITED for the year ended on 31st March, 2000. 1. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. As explained to us physical verification of the fixed assets could not be conducted by the management during the year as the fixed assets were in the possession of the Court Receiver, appointed by the High Court, Mumbai. 2. None of the fixed assets have been revalued during the year. 3. We are informed that the manufacturing activity of the Company had remained closed for the whole year. As the stock of Raw Material is pledged with the bank and lies in their custody, management has not verified the same stock of Raw Material. 4. In view again of the absence of physical verification, the question of determination of reasonableness or adequacy of the procedure of verification does not arise. 5. In view again of the absence of physical verification, the question of any material discrepancies being noticed on such verification as compared to book record does not arise. 6. At the year end Company did not hold any stock of Raw Material Finished goods or stores, spares etc., the question of their valuation does not arise. However, Stock of Raw Material lying with the bank is stated at Book value. 7. In our opinion, the rate of interest and the terms and conditions on which loans have been obtained from the companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956, are prima facie not prejudicial to the interest of the Company. As informed to us, there are no Companies under the same management as defined under section 370 (1B) of the Companies Act, 1956. 8. The Company has not granted any loan secured or unsecured to the companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956. 9. The Company has not given any loans and advances in the nature of loans except to its employees. 10. Not applicable in view of the fact that the Company's manufacturing activities has been discontinued. 11. During the year there are no purchases or sales exceeding Rs.50,000/- from any party. 12. No provisions have been made in the accounts for unserviceable or damaged stores, raw material and finished goods, as there were no such items. 13. The Company has not accepted any Public deposits violation of Section 58-A of the Companies Act, 1956. 14. There being no production during the year, the question of maintaining reasonable records for the sale or disposal of realisable by products and scrap does not arise. 15. In our opinion, the Company has no formal internal audit system commensurate with its size and nature of its business as Directors themselves exercise the control. 16. The Central Government has not prescribed maintenance of cost records under section 209 (1)(d) of the Companies Act 1956. 17. The Company has generally been regular in depositing Provident Fund dues with the appropriate authorities and a informed to us, the Employees State Insurance Scheme Act, 1948 is not applicable to the Company, except that P.F. for the period after closure of the manufacturing activity not paid to the authorities. 18. According to the information and explanations given to us there are no undisputed amounts relating to Income-Tax, Wealth-Tax, Sales-Tax, Customs Duty and Excise Duty payable as at 31st March, 2000 for a period exceeding six months from the date they became applicable. 19. According to the information and explanations given to us and on the basis of books and records of the Company examined by us, no personal expenses of directors of employees 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 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. The Company has made an application for registration with the BIFR on 27th July, 1999 and the Company was registered with BIFR on 16th August, 1999. AS PER OUR REPORT OF EVEN DATE. (Sd/-) C. D PASAD & CO. CHARTERED ACCOUNTANTS. Place : Mumbai Date : 11th July, 2000.