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Gilt Pack Ltd.

BSE: 507711 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
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Gilt Pack Ltd. (GILTPACK) - Auditors Report

Company auditors report

GILT PACK LIMITED ANNUAL REPORT 2002-2003 AUDITORS' REPORT TO, THE MEMBERS OF M/S GILT PACK LTD. We have audited the attached Balance Sheet of Gilt Pack Ltd as at 31st March 2003 and also the Profit and Loss Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining,on a test basis,evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management,as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. As required by the Manufacturing and Other Companies(Auditor's Report) Order,1998 issued by the Central Government of India in terms of sub- section(4A) of section 227 of the Companies Act,1956,we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order. Further to the comments in the Annexure referred to above,we report that: (i) 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; (ii) In our opinion,proper books of account as required by law have been kept by the company so far as appears from our examinations of those books. (iii)The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the books of account. (iv) In our opinion,the Balance Sheet and Profit and Loss Account dealt with by this report comply with the accounting standards referred to in sub-section(3C) of section 211 of the Companies Act,1956. (v) On the basis of representations received from the directors,as on 31st March 2003 and taken on record by the Board of Directors,we report that none of the directors is disqualified as on 31st March 2003 from being appointed as a director in terms of clause (g) of sub-section(1) of section 274 of the Companies Act,1956. (vi) In our opinion and to the best of our information and according to the explanations given to us,the said accounts subject to the note no. A (iii) & H,other notes thereon give the information required by the Companies Act,1956,in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: a) In the case of the Balance Sheet of the state of affairs of the Company as at 31st March 2003,and b) In the case of the Profit and Loss Account of the loss for the year ended on that date. c) In the case of cash flow,statement of cashflow for the year ended on that date. Annexure to the Auditor's Report: 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 and no material discrepancies between the book records and the physical inventory have been noticed on such verification. 2) None of the Fixed Assets have been revalued during the year. 3) In our opinion and according to the information and explanations given to us the physical verification of the finished goods,stores,spare parts and Raw Materials was conducted by the management at reasonable intervals during the year. 4) In our opinion and according to the information and explanations given to us the procedure of physical verification of stocks followed by the management were found reasonable and adequate in relation to the size of the Company and the nature of its business. 5) The discrepancies noticed on such verifications as compared to book records,which were not significant have been properly dealt with in the books of account. 6) In our opinion,the valuation of stocks is fair and proper in accordance with the normally accepted accounting principles and is on the same basis as in the previous year. 7) During the year,no loans have been taken from Companies,firms or other parties listed in the Register maintained u/s 301 of the Companies Act,1956. 8) In our opinion and according to the information given to us the company has not granted any loans secured or unsecured to companies,firms or other parties listed in the Companies Act, 1956 or to Companies under the same management with the the meaning of section 370(1B) of the Companies Act,1956. 9) In respect of loans and advance in the nature of loans given by the Company are being recovered as stipulated and have also been regular in payment of interest. 10.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 nature of its business with regard to purchase of stores,raw materials including the components,plant and machinery,equipment and other assets and for the sale of goods. 11. According to the information and explanations given to us ,transactions of purchase of goods and materials and sale of goods,materials and services ,made in pursuance of contract or arrangement falling under Section 301 of the Companies Act,1956 and aggregating to Rs 50,000/- or more during the year in respect of each party have been made at prices which are reasonable having regards to the prevailing market prices for such goods,materials or services at the prices of which transactions for similar goods or materials or services have been made with other parties. 12. As informed to us the Company has regular procedure for the determination of unserviceable or damaged stores and raw materials. Adequate provisions have been made in the accounts for the loans arising on the items so determined. 13) The Company has not accepted any deposits from the public during the year. 14) In our opinion and as per explanations given to us,reasonable records have been maintained by the company for the sale and disposals of waste/crops. 15) In our opinion,the company has an adequate Internal Audit System commensurate with the size and nature of its business. 16) We are informed that the Central Government has not prescribed maintenance of cost records under section 209(1)(d) of the Companies Act,1956 for product of the Company. 17) The Company is regular in depositing Provident Fund and Employees State Insurance dues with the appropriate authorities. 18) According to the information and explanations given to us there were no any undisputed amounts payable in respect of Income tax, Sales Tax,Customs Duty and Excise Duty were outstanding as at the last date of the financial year concerned for a period of more than six months from the date they became payable. 19) According to the information and explanations given to us and 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. 20) The Company is a Sick Industrial Company within the meaning of clause(0) of Sub-section(1) of Section 3 of the Sick Industrial Companies(Special Provisions) Act,1985. 21) In respect of goods traded,the company has a system of determination of damaged goods and providing for losses on the same. For ADESHWAR C.JAIN & CO. Chartered Accountants Place : Indore A.C.JAIN Dated : 19th August,2003 Proprietor