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Gujarat Texspin Ltd.

BSE: 521129 Sector: Industrials
NSE: N.A. ISIN Code: INE677C01013
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Gujarat Texspin Ltd. (GUJTEXSPIN) - Auditors Report

Company auditors report

GUJARAT TEXSPIN LIMITED ANNUAL REPORT 1999-2000 AUDITORS' REPORT To, The Shareholders of M/s. GUJARAT TEXSPIN LIMITED 1. We have audited the attached Balance Sheet of M/s. GUJARAT TEXSPIN LIMITED as at 31st March, 2000 and the Profit and Loss Account for the year ended on that date both of which have been signed by us under reference to this report. 2. In our opinion and to the best of our information and according to the explanations given to us, the said Balance Sheet and Profit and Loss Account together with the schedules thereto give in the prescribed manner the information required by the Companies Act, 1956 and also give a true and fair view of the state of the Company's affairs as at 31st March, 2000 and its profit for the year ended on that date. 3. 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. 4. In our opinion, proper books of accounts have been kept as required by Law so far as appears from our examination of the books and the above maintained accounts are in agreement therewith. 5. The Profit and Loss Account and Balance Sheet comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956. 6. 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 and on the basis of such checks as we considered appropriate and according to the information and explanations given to us, we further report that;- a. The Company is maintaining proper records showing full particulars including quantitative details and situation of Fixed Assets of the Company have been physically verified by the Management and no discrepancies were noticed on such verification. b. None of the Fixed Assets have been revalued during the year. c. As explained to us the Stocks of Finished Goods, Stores, Spare Parts and Raw materials have been physically verified during the year by the management. d. The procedures as explained to us, which ar followed by the management for physical verification of the above referred stocks, are in our opinion reasonable and adequate in relation to the size of the Company and the nature of its business. e. According to the records produced to us for our verification discrepancies which were noticed on physical verification on stocks referred to in (C) above, as compared to book records, have been adjusted in the book records on the basis of a year-end scrutiny carried out by the Company. f. We have examined the stock verification records of the Company, On the basis of such examination and the assistance received from the Company's commercial staff, we are satisfied that the valuation of stocks, after considering the method of accounting adopted by the Company in relation to duties, is fair and proper in accordance with the normally accepted accounting principles and is on the same basis as in the preceding year. g. According to the information and explanations given to us, the Company has not taken any loans, secured or unsecured, from companies, firms or other parties listed in the registers maintained under section 301 of the Companies Act, 1956, in which directors are interested as contemplated under sub-section (6) of section 299 of the said Act. As explained to us, there are no companies under the same management within the meaning of section 370 (1B) of the Companies Act, 1956. h. 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 revenue account other than those payable under contractual obligation or in accordance with the generally accepted business practices. i. According to the information and explanation given to us, the Company has not given loans, secured or unsecured, to companies, firms or other parties listed in the registers maintained under section 301 of the Companies Act, 1956, in which directors are interested as contemplated under sub-section (6) of section 299 of the said Act. j. In our opinion and according to the information and explanations given to us there are generally adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchases of stores, raw material including components,m plant & machinery equipments and other assets and also off sale of goods. k. According to the information and explanations given to us, there are no transactions of purchase and sale of goods and materials made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 aggregating during the year to Rs. 50,000/- or more in respect of each party have been made at prices which are reasonable having regard to prevailing market prices available with the Company for such goods and materials or the prices at which the transactions for similar goods have been made with the other parties. l. As explained to us, the Company had a regular procedure for the determination of unserviceable of damaged stores, raw materials and finished goods. m. The Company has not accepted any deposits from the public. n. In our opinion the Company has maintained reasonable records the sale and disposal of realisable by-products and scrap. o. In our opinion the Company requires strenghthening of internal audit system to commensurate with the size and nature of business. p. According to the information and explanation given to us, the Employees Provident Fund and Employees state Insurance Act, not applicable to the Company. q. On the basis of the records of the Company and subject to method of accounting followed by it with regard to duties, undisputed amounts were payable and outstanding in respect Income Tax, Wealth Tax, Sales Tax, Customs Duty and Excise Duty as at the last day of the financial year for the period of more than six months from the date they became payable. r. On the basis of (i) the examination of the books of accounts of the Company. (ii) the vouchers examined by us on test checks basis, (iii) the explanations given to us against our queries, (iv) the checks and controls relating to authorising payments, (v) looking to the Company's needs and exigencies and, to that best of our knowledge and belief. We have not come across any expenses charged to revenue account, except for those which were either incurred under service contract obligations with the employees or which were incurred in accordance with normally accepted business practice, which in our opinion and judgement and to the best of our knowledge, could be regarded as personal expenses. s. 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. t. The other matters contained in the said order did not appeared be applicable to the Company during the year. For MAJITHIA & ASSOCIATES Chartered Accountants Place: Mumbai (B.R. Majithia) Date : 10.08.2000 Partner