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H P M Industries Ltd.

BSE: 531575 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: N.A.
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H P M Industries Ltd. (HPMINDS) - Auditors Report

Company auditors report

HPM INDUSTRIES LIMITED ANNUAL REPORT 1999-2000 AUDITORS REPORT AUDITORS REPORT TO THE MEMBERS We have audited the attached Balance Sheet of HPM Industries Limited as on 31st March, 2000 and the Profit & Loss Account for the year ended on that date, both annexed hereto and report that: 1. As required by the Manufacturing and Other Companies (Auditors Report) Order, 1988 issued by the Company Law Board in terms of Section 22 4A) of the Companies Act, 1956, we enclose in the Annexure, a statement on the matters specified in paragraphs 4 5 of the said Order. 2. Further to our comments in the Annexure referred to in paragraph 1 above, we draw attention to : a. Non provision of interest payable to financial institutions aggregating to Rs. 1,85,99,527.00 (refer Note No. 8). b. Non provision of doubtful debts (refer Note No. 7 & 9). c. Current year losses & liabilities have been increased by Rs. 132009.00 on account of change in accounting policy for provision of unutilised leave encashment. (refer accounting policy 1 [g]). 3. Further to our comments in the Annexure referred to in paragraph 1 & 2 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 account as required by the Companies Act, 1956 (as amended) have been kept by the Company so far as appears from our examination of these books. c. The Balance Sheet and Profit & Loss Account referred to in this report are in agreement with the books of account. d. In our opinion, Balance Sheet and the Profit & Loss Account are in compliance with the accounting standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956. e. In our opinion and to the best of our information and according to the explanations given to us, the said Accounts, read with paragraph 2 above & Note No. 4 - regarding non-confirmation/reconciliation of balances with parties and other notes thereon, given in the Schedule 'M' forming part of the account, 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 o Balance Sheet, of the state of affairs of the Company as at 31st March, 2000; and ii) in the case of Profit and Loss Account, of the Loss of the Company for the year ended on that date. For S.K. Jain Associates Chartered Accountants U. A. Khairi Partner Place: New Delhi Dated: 31st August, 2000 ANNEXURE TO THE AUDITORS REPORT OF EVEN DATE ON THE ACCOUNTS OF HPM INDUSTRIES LIMITED FOR THE YEAR ENDED 31ST MARCH, 2000. (Referred to in paragraph (1) of the above report) 1. The Company has maintained proper records to show full particulars including quantitative details and situation of Fixed Assets The Fixed Assets have been physically verified during the year by the Management. No discrepancies have been noticed on such verification. 2. The Company has not revalued any of its Fixed Assets during the year. 3. The stocks of Finished Goods, Stores, Spare Parts and Raw materials have been physically verified during the year by the Managemnet. In our opinion, the frequency of 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 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 stocks is fair and proper in accordance with the normally accepted accounting principles. 7. In our opinion the rate of interest and other terms & conditions on which the loans have been taken from parties listed in the register maintained under Section 301 of the Companies Act, 1956 are no prima facie prejudicial to the interest of the Company. 8. The Company has not given any loans, secured or unsecured to Companies firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. 9. The parties/employees to whom the Loans or advances in the nature of loans have been given by the Company are generally repaying the principal amount with interest where applicable a stipulated. 10. On the basis of checks carried out during the course of audit and as per explanations given to us, 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 sale of goods. 11. In our opinion and according to information and explanations given to us, the prices paid & received for the purchase of goods materials & components and sale of goods. materials and components and stores excess of Rs.50,000/- in value of each type from firms or companies in which Directors are interested as listed in the register maintained under Section 301 of the Companies Act, 1956 are reasonable as compared to price of similar items supplied by other parties or a available with the Company. 12. According to the explanations given to us there is no stock of unserviceable or damaged stores raw materials or finished goods as on Balance Sheet date and as such no provision for losses therefore is necessary in these accounts. 13. In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Section 58A of the Companies Act 1956 and the Companies (Acceptance of Deposits) Rules 1975 with regard to the deposits accepted from the public. 14. According to explanations given to us there are no by-product & significant scrap. 15. The Company has an internal audit system commensurate with the size and nature of its business. 16. The Company has maintained cost records as prescribed by Central Government under Section 209 (1) (d) of the Companies Act, 1956 or the products manufactured by the Company. 17. According to the records of the Company Provident Fund and Employees State Insurance dues have been deposited with appropriate authorities during the year. 18. According to the information and explanations given to us and the books records examined by us no undisputed amount payable in respect o Income Tax Wealth Tax, Sales Tax, Custom Duty and Excise Duty was outstanding as at the last day o financial year concerned or a period of more than six months from the date they became payable. 19. During the course of our examination of the books of account carried out in accordance with generally accepted auditing practices, we have not come across any personal expenses which have been charged to Profit & Loss Account except those payable as part of remuneration. 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 trading activities we have been explained that there was no damaged goods lying with the Company. For S.K. Jain Associates Chartered Accountants U. A. Khairi Partner Place: New Delhi Dated: 31st August, 2000