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GOM Industries Ltd.

BSE: 523802 Sector: Industrials
NSE: N.A. ISIN Code: INE596D01013
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GOM Industries Ltd. (GOMINDUSTRIES) - Auditors Report

Company auditors report

GOM INDUSTRIES LIMITED ANNUAL REPORT 2001-2002 AUDITORS' REPORT TO, The Members of, GOM Industries Limited We have audited the attached Balance Sheet of GOM Industries Limited as at 31st March, 2002 and also the Profit & Loss Account of the company 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 requires 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 the management, as well as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion. 1. As required by the Manufacturing and Other Companies (Auditors' Report) Order, 1988 issued by the Company Law Board, 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. 2. Further to our comments in the Annexure referred to 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 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 such 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 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; e. on the basis of written representations received from the Directors and taken on record by the board of Directors, it appears that none of the Directors are disqualified as on 31-03-2002 from being appointed as director in terms of 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 said Accounts, Subject to the following notes as given in schedule U of Notes on Accounts - (a) note no. 8 regarding non provisioning for old doubtful debts in view of reasons stated therein, and (b) note no. 9 regarding non provisioning for decline of Rs. 6954665/- in the market value of quoted long term investments for the reasons stated therein and consequential impact on loss for the year by the same amount, and on the year end assets of the Company, and read together with other notes forming part of accounts and Accounting Policies of the company, 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, 2002 ii. In the case of Profit and Loss account, of the loss for the year ended on that date. FOR KHANDELWAL & JHAVER Chartered Accountants Place: INDORE Date : 26th August, 2002 ANIL K. KHANDELWAL Partner Annexure to Auditors' Report (Referred to in paragraph (1) of our report of even date) Statement referred to in our report of even date to the members of GOM Industries Limited on the accounts for the year ended on 31st March, 2002: 1. As per the information given to us, the Company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets. However, updation of the same is pending in respect of additions made during the past three years. As informed to us all the Fixed Assets have been physically verified by the management during the year. 2. None of the Fixed Assets have been revalued during the year, 3. As informed to us the Stocks of Finished Goods, Stores, Spare Parts and Raw Materials of the Company (except stocks with third parties and in transit) have been physically verified by the management at reasonable intervals. 4. In our opinion the procedure of physical verification of Stocks followed by the management is reasonable and adequate in relation to the size of the Company and nature of its business. 5. The discrepancies noticed on such physical verification of stocks as compared to book records were not material and the same have been dealt with in the books of account. 6. On the basis of our examination we are of the opinion that 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 preceding year. 7. The company has taken unsecured loans from Companies, Firms and other parties listed in the Register maintained under section 301 of the Companies Act, 1956 and the terms and conditions of these loans are not prima facie prejudicial to the interest of the Company. We are informed that there are no Companies under the same management as defined under Section 370 (1B) of the Companies Act, 1956. 8. In cases wherever the company has granted loans to the companies and firms which have been listed in the Register maintained under section 301 of the Companies Act, 1956 the rate of interest, in our opinion, is not prima facie prejudicial to the interest of the Company, No terms and conditions however, in respect of repayment etc. or other have been stipulated. We are informed that there are no Companies under the same management as defined under section 370 (1B) of the Companies Act, 1956. 9. The principal amounts and interest wherever applicable thereon in respect of loans and/or advances in the nature of loans given by the Company to bodies corporate, staff and others have been generally recovered regularly wherever stipulated, except pending recovery of Rs.2,92,895/- from an employee against whom legal suit has been filed by the Company and few business advances to parties about which, we are explained that the management is pursuing the matter and hope to recover the same. 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 the nature of its business with regard to purchases of Stores, Raw Materials including Components, Plant and Machinery Equipment and other Assets and with regard to sale of Goods. 11. In our opinion and according to the information and explanations given to us, the transactions of purchases of goods and materials and sale of goods, materials and services made in pursuance of contracts or agreements entered in the register maintained U/s 301 of the Companies Act, 1956 and aggregating during the year to Rs. 50,000/- or more in respect of each party have been, made at the prices which are reasonable having regard to prevailing market prices for such goods, materials or services or the prices at which transactions for similar goods, materials or services have been made with other parties. 12. As explained to us the Company has a regular procedure for determination of unserviceable or damaged stores, raw materials and finished goods. Adequate provisions have been made in the accounts for the loss arising on items so determined. 13. In our opinion and according to the information given and explanations provided to us, the Company has complied with the provisions of Section 58A of the Companies Act, 1956 and Companies (Acceptance of Deposits) Rules, 1975 with regard to deposits accepted during the year. 14. In our opinion, reasonable records have been maintained by the Company for sale and disposal of realizable scrap. There are no by-products arising out of manufacturing process adopted by the Company. 15. In our opinion, the Company has as internal audit system commensurate with the size and nature of its business. 16. We have broadly reviewed the books of accounts maintained by the Company pursuant to the rules made by the Central Government for maintenance of cost records u/s 209 (1)(d) of the Companies Act, 1956 in respect of certain products of the Company and are of the opinion that prima facie the prescribed records have been made and maintained. However we are not required to and have not carried out detailed examination of the said records. 17. The company has generally been regular in depositing Provident Fund and Employees State Insurance dues with appropriate authorities. 18. As per the information and explanations given to us, the company has no undisputed amount payable in respect of Income Tax Act, Wealth Tax, Sales Tax, Custom Duty or Excise Duty, which were outstanding as at the last day of the financial year for a period of more than six months from the date they became payable. 19. During the course of our examination of books of account carried out in accordance with the generally accepted auditing practices, we have not come across any personal expenses other than expenses under contractual obligations and/or generally accepted business practices, which have been charged to revenue account. 20. The company is not 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. 21. In respect of Company's trading activities, we are informed that there are no damaged goods. FOR KHANDELWAL & JHAVER Chartered Accountants ANIL K. KHANDIELWAL Partner Place: INDORE Date : 26th August, 2002