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Hydroflex Equipments Ltd.

BSE: 531818 Sector: Engineering
NSE: N.A. ISIN Code: N.A.
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Hydroflex Equipments Ltd. (HYDROFLEXEQUIP) - Auditors Report

Company auditors report

1997 HYDROFLEX EQUIPMENTS LIMITED AUDITORS REPORT We have audited the attached Balance Sheet of Hydroflex Equipments Limited as at 31st March 1997 and the Profit and Loss Account for the year ended 31st March 1997 annexed thereto and report that: 1. As required by the Manufacturing and other Companies (Auditors' Report) Order 1988 issued by the Central Government in terms Of Section 227(4-A) of the Companies Act, 1956 we enclose in the Annexure statement of the said matter specified in paragraph and the said Order. 2. Further to our Comments in the Annexure referred to in paragraph 1 above (a) We have obtained all the information and explanation 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 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 referred to in this report are in agreement with the books of account. (d) 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 and subject to the notes thereon give the information required by the Companies Act, 1956, in he manner so required and subject to the following observations. I) As per note no. 10, in Schedule "18" quantity details in respect of the purchases, Sales and Stock of raw material and finished goods were not available. II) Finished goods is exclusive of excise duty, as explained in item No.2, of Schedule 18, which however does not have any effect on the profit of the Company. Give a true and fair view: I) In so far as it relates to Balance Sheet of the state of affairs of the Company as at 31st March, 1997. AND II) In so far it relates to profit and loss account of the Profit of the Company for the year ended on that date. ANNEXURE Referred to in paragraph 1 of our report of Even date for the year ended 31st March 1997. 1. The Company has maintained proper record showing full particulars including quantitative details and situation of fixed assets which need to be updated for the transaction during the year under review. We have been informed that the assets have been physically verified by the management during the year and there is a regular programme of verification which in our opinion is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on verification. 2. None of the fixed assets have been revalued during the year. 3. The stocks of finished goods, spare parts and raw materials have been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable. 4. The procedure 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 of stocks followed by the management are reasonable and adequate in relation to the sic of the Company and the nature of its business. 6. On the basis of our examination of stock records subject to note no. 10 in Schedule "18", 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 terms and conditions on which loans have been taken from a firm or other parties listed in the registers maintained under Section 301 are not prima-facie, prejudicial to the interest of the Company. 8. In respect of loans to the tune of Rs 7.32 crore granted to subsidiary Companies, to a firm Rs. 0.04 crore, listed in the register maintained under Section 301 and Rs 0.01 crore to a Company, we are unable to express an opinion on the same as same are interest free and without any terms & conditions. 9. In respect of loans and advances in the nature of interest free loans, to the employees are regular regular in the repayment of Principal amount. 10. In our opinion and according to the information and explanations given for us and subject to our observations in main report there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of stores, raw materials including components. plant and machinery, equipment and other assets and with regard to the sale of goods, materials. 11. In our opinion and according to the information and explanations given to us, there are no transactions of purchases of goods and materials and sale of goods, materials and services made in pursuance of contract or agreement entered in the registered under Section 301 of the Companies Act, 1956 aggregating during he year to Rs 50,000/- or more in respect of each party. 12. As explained to us, the Company has a regular procedure for the determination of unserviceable, or damaged stores, raw materials and finished goods. Adequate provision has been made in the accounts for the loss arising on the items so determined. 13. The Provisions of Section 58 (A) are not applicable to the Company during the year under review. 14. In our opinion and according to the information and explanation given to us the Company has reasonable records for the sale and disposal of realisable scrap. The Company's product does not generate any by-product. 15. The company did not have an internal audit system commensurate with the size and nature of its business as in the opinion of management the existing internal control procedures are adequate. 16. As far as we are aware, the Central Government has not prescribed for maintenance of cost records under Section 209 d) of the Companies Act, 1956. 17. According to the records of the Company Employees' State Insurance and Provident Fund dues have been generally regularly deposited during the year with the appropriate authorities. 18. According to the information and explanation given to us, no undisputed amounts payable in respect of Income Tax, Wealth Tax, Custom Duty, Excise Duty except Sales Tax to the tune of Rs 0.23 Lacs was outstanding, as at 31-03-97, 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 of employees or directors have been charged to revenue account, other than those payable under contractual obligations or in accordance with generally accepted business practice. 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. For H.K. APARANJI CHARTERED ACCOUNTANTS MOHAN B. PYATI PARTNER Place : Margao, Goa. Dated : 30th August, 1997.