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Great Western Industrial Ltd.

BSE: 531504 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: N.A.
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Great Western Industrial Ltd. (GREATWESTINDL) - Auditors Report

Company auditors report

GREAT WESTERN INDUSTRIES LIMITED AUDITORS REPORT TO THE MEMBERS OF GREAT WESTERN INDUSTRIES LIMITED We have audited the attached Balance Sheet of M/S GREAT WESTERN INDUSTRIES LIMITED as at Sept 30,1998 and the Profit and Loss Account of the Company for the year ended on that date and report that; 1. 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. 2. In our opinion, proper books of account as required by Law have been kept by the company so far as appears from our examination of such books. 3. The Balance Sheet and Profit & Loss Account referred to in this report are in agreement with the books of account. 4. In our opinion and to the best of our information and according to the explanation given to us,the said Balance Sheet and the Profit and Loss Account read together with the notes there on give the information required by the Companies Act,1956 in the manner so required. (i) In the case of the Balance Sheet of the state of affairs of the Company as at September 30,1998. (ii) In the case of the Profit and Loss Account of the PROFIT of the company for the year ended on that Date. 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 and according to the information and explanations furnished to us, we further state that; 1.The Company has maintained proper record showing full particulars including quantitative details and situation of Fixed Assets. The Fixed Assets of the Company have been physically verified by the management as at the end of the year and the discrepancies noticed between the book records and the physical inventory have been properly dealt within the books of account. 2. None of the Fixed Assets been revalued during the year. 3. The stock of goods, consumable and raw materials have been physically verified during the year by the management. In our opinion,the frequencies of verification is reasonable. 4. The procedure of physical verification of stock 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 verification between the physical stocks and the book records were not Material. 6. On the basis of our examination of stock records, we are of the opinion that the valuation of the 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 not taken any loans from companies, firms or other parties listed in the registers maintained u/s 301 of the companies Act,1956 and from companies under the same management as Defined u/s 370 (1 B) of the Companies Act, 1956. 8. The company has not granted any loans, secured or unsecured to Companies, firms or other parties listed in the register maintained u/s 301 of the Companies Act, 1956 and for companies under the same management as defined u/s 370(1B) of the Companies Act,1956. 9. The Company has not given any loans, or advances in the nature of loans, except to employees, on which no interest is payable, during the period, principal amount has been repaid as stipulated. 10. In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with size of the company and the nature of its business with regard to purchase of raw materials, consumables, plant and machinery, equipments and other assets and with regard to the sale of goods. 11. In our opinion and according to the information and explanations given to us, the company has neither purchased during the year any consumables, raw materials nor sold goods, materials and services from/to firms or companies or other parties in which directors are interested. 12. As explained to us, the company has a regular procedure for the determination of unserviceable or damaged raw materials and consumables. In our opinion, adequate provision has been made in the accounts for the loss arising on the items so determine. 13. The Company has not accepted any deposits to which provisions of section 58A of the Companies Act,1956 are applicable . 14. The company has no by-product or scrap. 15. The Company has an internal Audit system commensurate with the size and nature of its business. 16. As informed by the management, the maintenance of cost records has not been prescribed by the Central Government u/s 209(1)(d) of the Companies Act,1956 for the products of the Company. 17. The Company has deposited the dues to Employees State Insurance Corporation and Provident Fund but for the small delay in payment, the company is regular. 18. According to the information and explanations given to us, no undisputed amounts payable in respect of Wealth Tax, Sales Tax, Customs Duty and Excise Duty were outstanding as at September30, 1998 for a period of more than six months from the date they became payable. 19. According to the information and explanations given to us, no personal expenses have been charges to Revenue Account. 20. The Company is not a Sick Industrial Company within the meaning of Capital clause (o) of sub- section (1)of Section 3 of the Sick Industrial Companies (Special Provision) Act, 1985. for SRINAGA & GIRIDHARAN Chartered Accountants S.GIRIDHARAN Partner Place : Bangalore Date : 30th December,1998.