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Essjay Synthetics Ltd.

BSE: 514466 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
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Essjay Synthetics Ltd. (ESSJAYSYNTHETIC) - Auditors Report

Company auditors report

ESSJAY SYNTHETICS LIMITED ANNUAL REPORT 2000-2001 AUDITORS' REPORT To, The Members of ESSJAY SYNTHETICS LIMITED We have audited the attached Balance Sheet of ESSJAY SYNTHETICS LIMITED, as on 31st March, 2001 annexed hereto and report that: 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 enclose in the Annexure a statement on the matters specified in paragraphs 4 & 5 of the said order. 2. Further to our comments in the Annexure referred to in paragraph 1 above, we state that: (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 account as required by the law have been kept by the Company, so far as appears from our examination of such books. (c) The Balance Sheet & Profit & Loss Account referred to in this report are in agreement with the books of account. (d) In our opinion and based on the information given to us, the said Balance Sheet & Profit & Loss Account are in compliance with the Accounting Standard u/s 211 (3c) of the Companies Act 1956. (e) On the basis of the confirmation received from the companies or written representation received from the directors, and taken on record by the Board of Directors, we report that none of the directors are disqualified as on 31st March 2001 from being as a director in terms of Clause (g) of Subsection (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 subject to following qualifications. 1) No independent confirmation of balance of sundry debtors, sundry creditors, loans and advances, loans from banks, Government authorities and other parties have been produced to us and consequential impact of the same, could not be ascertained. 2) The Secured Loan appearing in the Balance Sheet is the Working Capital Term Loan facility provided to the Company by Central Bank of India. The Loan balance appearing in the books of the Company as at 31-03-2001 is Rs.1,35,19,156/-. However the lending bank has filed an Application under Section 19 of the Recovery of Debts due to Banks and Financial Institutions Act (1993) with the Debt Recovery Tribunal, Mumbai for the recovery of Rs.1.67,01,071.54 inclusive of interest up to 21-02-2001. The difference of Rs.31,81,915.54 in the balance shown in the books of the Company and that claimed by the bank as recoverable due to non-provision of interest accrued on the loan in the books of the company. Consequent to this non provision the losses of the company is understated to the extent of Rs.31,18,915.54 and the Secured Loans have been under stated by same amount. The said accounts read together with the noted thereon 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 at 31st March, 2001. ii) in the case of Profit & loss account of the loss for the year ended on that date. PLACE : MUMBAI FOR P. U. JAIN & ASSOCIATES DATE : 10-08-2001 CHARTERED ACCOUNTANTS Sd/- S. K. SETHI PARTNER ANNEXURE TO AUDITOR'S REPORT (REFERRED TO IN PARAGRAPH I OF OUR REPORT OF EVEN DATE) 1. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. The management during the year has physically verified major portions of fixed assets. In our opinion, the frequency of verification of fixed assets by the management is reasonable having regard to the size of the company and the nature of it's assets. No material discrepancies were observed during the physical verification. 2. None of the fixed assets have been revalued during the year. 3. There are no, stock of finished goods, Raw materials and stores and spares and hence para (iii), (iv), (v), (vi), (xii) & (xiv) are not applicable. 4. The Company has taken unsecured loans from parties listed in the register maintained u\s 301 of the Companies Act 1956. However, in our opinion the terms of the loans and advances are not prejudicial to the interests of the company. 5. The Company has not granted loans and secured or unsecured to Companies, firms or other parties listed in the register maintained under Section 301 and / or to the Companies under the same management as defined under section 370 (1B) of the Companies Act, 1956. Hence para (ix) of the Order is not applicable. 6. Paragraph (x) & (xi) of the Order is not applicable to the company as there were no purchases or sales transactions during the period under audit. 7. The Company has not accepted any deposits from public hence provisions of Section 58A of the Companies Act, 1956 and para 4(A) (xiii) of the order are not applicable. 8. The Company does not have an Internal Audit System commensurate with the size of the Company and nature of its business. 9. The maintenance of cost records has not been prescribed by Central Government under Section 209 (1) (d) of the Companies Act, 1956. 10. As per information and explanation given to us by the management, Provident Fund Act, and E.S.I.S are not applicable to the company. 11. According to the information and explanation given to us, no undisputed in respect of income tax and excise duty were outstanding as at 31st March 2001 for a period more than six months from the date they became payable. 12. According to the explanation given to us and on the basis of the records of the company examined by us, no personal expenses have been charged to the revenue account, other than those payable under contractual obligation or in accordance with the generally accepted business practice. 13. The Company is not a sick industrial company within the meaning of clause (o) of subsection (1) of section 3 of Sick Industrial Companies (Special Provision) Act, 1956. PLACE : MUMBAI FOR P. U. JAIN & ASSOCIATES DATE : 10-08-2001 CHARTERED ACCOUNTANTS Sd/- S. K. SETHI PARTNER