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Hilton Rubbers Ltd.

BSE: 509613 Sector: Others
NSE: N.A. ISIN Code: N.A.
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Hilton Rubbers Ltd. (HILTONRUBBER) - Auditors Report

Company auditors report

ANNUAL REPORT 1998-99 HILTON RUBBER LIMITED AUDITORS REPORT TO THE MEMBERS OF HILTON RUBBERS LIMITED We have examined the attached Balance Sheet of HILTON RUBBERS LIMITED as at 31 st March,1999 and the annexed Profit and Loss Account for the year ended on that date, which are in agreement with the books of account. As required by Manufacturing and Other Companies (Auditors' Report) Order,1988 issued by the Central Government in terms of Section 227(4A) of the Companies Act,1956 and on the basis ot such checks of the books and records of the Company, as we considered appropriate and the information and explanations given to us during the course of our audit, we report that,in our opinion: A. 1. The Company is maintaining proper records showing full particulars including quantitative details and situation of its fixed assets. The fixed assets of the Company have been physically verified by the management at reasonable intervals and no material discrepancies between the book records and the physical inventory were noticed. 2 The Company has not revalued any of its fixed assets during the year. 3. The stock of finished goods,raw materials,stores and spare parts have been physically verified at reasonable intervals during the year by the management. 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 the physical verification of stocks as compared to book records, which in our opinion were not material, have been properly dealt with in the books of account. 6. In our opinion and on the basis of our examination the valuation of stocks is fair and proper in accordance with normally accepeted accounting principles and is on the same basis as in the preceding year. (Also refer Note No.12 of Schedule-13). 7. The rate of interest and the terms and conditions of loans taken from firms or other parties listed in the Register maintained under Section 301 and 370 (1 -C) of the Companies Act,1956 are not prima-facie prejudicial to the interest of the Company. 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 or to the Companies under the same management under sub-section (1-B) of Section 370 of the Companies Act,1956. 9. The parties to whom loans or advances in the nature of loans have been given by the Company are repaying the principal amounts as stipulated and are also regular in payment of interest, where applicable. 10. In our opinion there is an adequate internal control procedure commensurate with size of the Company and the nature of its business for the purchase/sale transfer of stores, raw materials, finished goods, components, plant and machinery, equipment and other assets. 11. In our opinion and according to the information and explanations given to us the transactions of sale/purchase of goods, materials and services in pursuance of contract or arrangements entered in the Register maintained under Section 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 price which are reasonable having regards to prevailing market price of such goods and materials. 12. As explained to us the Company has a regular procedure for determination of unserviceable or damaged stores and raw materials, which were not significant, determined by the Directors as on 31st March,1999 and have been properly dealt within the books of account. 13. The Company has complied with the provisions of Section 58-A of the Companies Act,1956 and the Companies (Acceptance of Deposits) Rules, 975 with regard to deposits accepted by the Company. However the Fixed Deposits amounting to Rs .138.59 lacs are over due for re-payments . 14. The Company is maintaining reasonable records for the sale and disposal of waste and scraps,which are not significant. There are no by-product arising out of the manufacturing process of the Company. 15. The Company has an internal audit system commensurate with the size and nature of its business. 16. The maintenance of cost records has not been prescribed by the Central Government under Section 209(1) (d) of the Companies Act, 1956 for any of the product of the Company. 17. As per the records produced before us, the Company is not depositing Provident Fund and Employees State Insurance dues in time with the appropriate authorities. 18. According to information and as per explanations given to us there were no amounts outstanding in respect of undisputed Sales Tax, Customs Duty and Excise Duty which were due for more than six months from the date they became payable except for Income Tax and interest thereon amounting to Rs.38.00 lacs pertaining to earlier years and tax deducted at source amounting toRs.0.94 lacs 19. In our opinion and according to the information 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 the generally accepted business practices. 20. The Company is 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. As explained to us, there were no damaged goods in the case of goods traded in by the, Company. In addition to the above, we report that: B. 1. 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. 2. In our opinion, proper books of account have been kept by the Company as required by law, so far as appears from our examination of those books. 3. In our opinion the Balance Sheet and the Profit & Loss Account comply with the accounting standards referred to in Sub Section (3C) of Section 211 of the Companies Act, 1956. 4. Attention is invited to undermentioned notes regarding; (i) Note No. 14 regarding management opinion that Sundry Debtors outstanding for more than 6 months amounting to Rs.430.56 lacs are considered good for recovery. (ii) Note No.16 regarding Excise Duty refundable amounting to Rs.25.29 lacs which is considered good for recovery by the management. (iii) Note No.17 regarding non-provision of interest on Intercorporate Deposits and finance under bill discounting. In the absence of any written confirmation from the depositors, we are unable to express any opinion. 5. In our opinion and to the best of our information and according to the explanation given to us the said accounts read together with the accounting policies and Notes to the accounts hereon give the information required by the Companies Act, 1956 in the manners so required and subject to; (i) Note No.4 regarding accounting treatment of MODVAT, which is not in accordance with the guidelines issued by the Institute of Chartered Accountants of India (ii) Note No.12 regarding valuation of Imported Raw materials at market price. iii) Note No. 13 regarding pending confirmations of Debtors, Creditors and loan accounts. (iv) Note No.19 regarding accounts of the financial year 1997-98 being subject to approval of members. gives a true and fair view :- a) In case of the Balance Sheet of the state of affairs of the Company as on 31 st March 1999, and b) In the case of Profit & Loss Account of the loss of the Company for the year ended on that date. For S.PRASHAD & COMPANY Chartered Accountants VINESH JAIN Partner Place: Delhi Date : 29th September,1999.