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Global Syntex (Bhilwara) Ltd.

BSE: 531872 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
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Global Syntex (Bhilwara) Ltd. (GLOBALSYNTEX) - Auditors Report

Company auditors report

GLOBAL SYNTEX (BHILWARA) LTD. ANNUAL REPORT 1999-2000 AUDITORS' REPORT AUDITORS' REPORT TO THE MEMBERS To the Shareholders, We have audited the attached Balance Sheet of GLOBAL SYNTEX (BHILWARA) LIMITED as at 31st March, 2000 and Profit & Loss Account of the company for the year ended on that date, both annexed hereto and report that :- 1. As required by the manufacturing and other company's (Auditors' Report) Order, 1988 issued by the Company Law Board in terms of section 227 (4A) of the Companies Act, 1956 we enclose in Annexure a statement on the matters specified in paragraph 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 informations and explanation which to the best of our knowledge and belief were necessary for the purpose of our audit. (b) In our opinion, proper books of accounts as required by the law have been kept by the company so far as appears from our examination of these books. (c) The Balance Sheet and Profit & Loss account are in agreement with the books of accounts. (d) In our opinion, the Profit and Loss account and Balance sheet comply with the requirments of the accounting standards referred to in sub-section (3c) of section 211 of the Companies Act, 1956 (e) i) The company has capitalised under Fixed Assets, the interest for the entire period of loans, during the year 1985-86 in the books resulting in the gross block of fixed assets being higher by Rs. 70,27,450/-. Further the Company has provided depreciation during the year under review amounting to Rs.2694341/- includes Rs. 53138/- on capitalised interest (Refer note 4 & 6 of schedule 16). The method of accounting of interest adopted by the company is based on the legal opinion in the matter how ever which is not in accordance with the method recommended by the institute of chartered Accountants of India. ii) The Company has not followed accounting policy No.1 (G) of schedule 16 relating to accounting of retirement benefits on cash basis which is not in accordance with Accounting Standared 15 issued by the Institute of Chartered Accountants of India. iii) The provision for income tax is based on the computation made by the company's tax advisors which is shorter by Rs. 61384/- as per provisions of minimum alternate tax as such the profit after tax is higher to that extent. iv) Subject to the foregoing, in our opinion and to the best of our informations and according to explanations given to us, the account read together with notes thereon give information required by the Companies Act,1956 in the manner so required and give a true and fair view. a) In case of Balance Sheet of the State of affairs of the company as at 31st March, 2000. b) In case of the Profit & Loss Account, Profit of the company for the year ended on that date. FOR P. MEHTA & ASSOCIATES CHARTERED ACCOUNTANTS Place: Bhilwara PRAVEEN MEHTA Date: 12.08.2000 PROPRIETOR ANNEXUE TO AUDITORS' REPORT REFERRED TO IN PARAGRAPH 1 OF THE AUDITOR'S REPORT OF EVEN DATE ON THE ACCOUNT OF GLOBAL SYNTEX (BHILWARA) 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. The updation of the fixed assets register for the year under completion. The fixed assets has been physically verified by the management during the year under review and as informed to us no serious discrepancies were noticed. 2. The fixed assets of the company have not been revalued during the year. 3. As explained to us, the stocks of finished goods have been physically verified by the management at the end of the financial year. The stock of stores, spare parts and raw materials have also been physically verified by the management during the financial year. In our opinion, the frequency of such verification is reasonable 4. The procedures of physical 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 noticed on physical verification of stocks as compared to book records which in our opinion, were not material and these have been properly dealt with in the books of accounts. 6. In our opinion and on the basis of our examination, the valuation of stock is fair and proper in accordance with the normally accepted accounting principles and is on the same basis as in the earlier year. 7. In our opinion, the rates of interest and other terms and conditions on which loans have been obtained from parties listed in the registers maintained under section 301 are not prima facie prejudicial to the interest of the company. The provision of section 370 of companies Act,1956 has been omitted w.e.f. 31.10.1998. 8. The company has not granted any loans, secured or unsecured to companies, firms or other parties listed in the register maintained under section 301 of the companies Act, 1956. The provision of section 370 of companies Act,1956 has been omitted w.e.f. 31.10.1998. 9. In respect of loans and advances in the nature of loans given to employees, bodies corporate and others recovery of Principal amount and interest, wherever applicable, have been as stipulated. 10. In our opinion and according to the information and explantion given to us during the course of Audit, there is an adequate internal control procedure commensurate with the size of the company and the nature of its business for the purchase of stores, raw materials including components, plant and machinery, equipments and other assets and for the sale of goods. 11. In our opinion and according to the explanations given to us, the prices of goods and materials purchased and of sales of goods, materials and services made pursuant to contracts entered in register maintained under section 301 of the Companies Act, 1956 aggregating to Rs.50,000/- or more in respect of each party, are reasonable having regard to prevailing market prices for such goods, materials or services of the parties at which the transaction for similar goods or services have been made with other parties. 12. Unserviceable or damaged stores, raw materials or finished goods are determined and provision for the loss wherever necessary has been made in the account. 13. The company has not accepted any deposit from the public attracting the provisions of section 58 A of the Companies Act,1956 and the rules framed thereunder. 14. In our opinion, the company has maintained reasonable records for sale and disposal of the realisable scraps. 15. In our opinion, the company has an internal audit system commensurate with its size and nature of its business. However the scope of the same needs to be further enlarged. 16. The Cost accounts and records as prescribed by the central Government under Section 209(1) (d) of the companies Act, 1956 are under compilation. 17. The company is regularly depositing the employee state insurance & provident fund except a sum of Rs. 325989/- with the appropriate authorities. 18. There are no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax and Excise duty as at 31st March,2000 which were outstanding for a period of more than six months from the date they become payable. 19. In our opinion and according to the informations and explanations given to us personal expenses have not been charged to revenue account other than those payable under contractual obligations or in accordance with generally accepted business practice. 20. The company is not 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 the trading activities, there is a procedure for the determination of damaged goods and provision for the loss wherever necessary, is made in the accounts. For P. MEHTA 8 ASSOCIATES CHARTERED ACCOUNTANTS Place: Bhilwara (PRAVEEN MEHTA) Date: 12.08.2000 PROPRIETOR