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Jolly Rides Ltd.

BSE: 530153 Sector: Services
NSE: N.A. ISIN Code: INE996B01019
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Jolly Rides Ltd. (JOLLYRIDES) - Auditors Report

Company auditors report

JOLLY RIDES LIMITED ANNUAL REPORT 1999-2000 AUDITORS' REPORT To The Members, JOLLY RIDES LIMITED, We have audited the annexed Balance Sheet of JOLLY RIDES LIMITED as at March 31st, 2000 and Profit & Loss Account for the year ended 31st March, 2000 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 purpose of our audit; 2. In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books; 3. (a)The Balance Sheet and Profit & Loss Account dealt with by the Report are in agreement with the books of account. (b) In our opinion, the Profit and Loss Account and the Balance sheet comply with the Accounting Standards referred to in sub-section (3C) of section 211 Of the Companies Act, 1956. 4. In our opinion, and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act 1956, in the manner so required and give a true and fair view subject to Notes to Accounts (Schedule-13). (a) In the case of the Balance Sheet, of the state of the affairs of the Company as at March 31, 2000. (b) In the case of Profit & Loss Account of the Loss for the year ended on that date. 5. As required by the Manufacturing and other Companies(Auditor's Report) Order, 1988 issued by the Company Law Board in terms section 227 (4-A) of the Companies Act, 1956 we further report that: a) The Company has maintained fixed assets register. Physical Verification of the fixed assets has been carried out by the management and no discrepancies were noticed on such physical verification as compared to the records. b) None of the fixed assets have been revalued during the year. c) The stocks of stores and spares have been physically verified by the management during the year. We are informed that discrepancies between the physical and book stock, were not significant and these have been properly dealt with in the books of account d) In our opinion, 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. e) We are informed that the there were no stocks of stores and spares at the year end. f) The company has not taken any loans (secured or unsecured), during the year from companies, firms or other parties in which Directors are interested. g) The company has not granted any loans / advances in the nature of loans to any Directors or their relatives. h) The Company has not given any loans / advances in the nature of loans to any parties during the year. i) In our opinion, internal control procedures are adequate and commensurate with the size of the Company and the nature of business for purchase of stores, plant & machinery, equipment and other similar assets and for sale of services. j) According to the information and explanations given to us, there were no transactions of purchase of goods and materials and sale of goods and materials and services which were required to be entered in the register maintained under section 301 of the companies Act, 1956. k) We are informed that there is a system of determining unserviceable once or damaged stores on the basis of technical evaluations. l) The company did not accept any deposits from the public to which the provisions of Section 58A of the Companies Act, 1956 are attracted. m) The Company does not have an internal audit system. n) The Central Government has not prescribed the maintenance of cost records under Section 209 (1) (d) of the Companies Act,1956. o) The dues of Provident Fund and ESI amounting to Rs. 5,06,044 and Rs. 40,825 respectively are yet to be remitted to the appropriate authorities. p) According to the information and explanations given to us, there are dues of undisputed amounts payable in respect of Income-Tax, as on March 31st, 2000 outstanding for a period of more than 6 months from the date they become payable amounting to Rs. 2.34 including interest payable thereon. q) During the year, we have not come across any personal expenses which have been charged to revenue. r) 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. s) The Company runs a Theme Park rendering services in the nature of recreational facilities and hence in our opinion, the matters specified in paragraph 4A(xiv) and (xvi) of the order are not applicable. t) The nature of services rendered is such that it does not involve consumption of materials and allocation of man hours to job (i.e. to various types of its services rendered) and it also does not involve consumption of stores except for repairs and maintenance. The overall internal control over stores is adequate and commensurate with its size and nature of business during the year. for ANANT RAO & MALLIK Chartered Accountants B.V. Mallikarjuna Partner Date : 24th Aug. 2000 Place : HYDERABAD