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Kabra Agro Industries Ltd.

BSE: 519010 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
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Kabra Agro Industries Ltd. (KABRAAGROINDS) - Auditors Report

Company auditors report

KABRA AGRO INDUSTRIES LIMITED AUDITORS' REPORT ANNEXURE REPORT TO THE SHAREHOLDERS We have audited the attached Balance Sheet of M/s KABRO AGRO INDUSTRIES LIMITED, PIPARIYA as at 31st March, 1998 and Profit and Loss Account for the year ended on that date annexed thereto and we report as follows: 1. As required by the manufacturing and other companies (Auditors Report) Order 1988 issued by the Company Law Board in terms of Section 227 (440 of the Companies Act, 1956, we enclose in the annexure a statement on the matters specified in paragraph 4 & 5 of 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 explanations which to the best of our knowledge and belief were necessary for the purpose of the audit. (b) in our opinion proper books of account as required bylaw have been kept by the company so far as appears from our examination of the books of the company. (c) The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the books of account of the company. (d) In our opinion and to the best of our information and according to explanations given to us the said accounts together with and subject to significant accounting policies and other notes thereon give the informa tion required by companies Act, 1956 in the manner so required and give a true and fair view:- i) in the case of the Balance Sheet of the State of the affairs of the Company as at 31.03.98 and ii) in the case of the Profit and Loss Account of the Profit of the year ended on that date. For R.C. BAHETI & CO., CHARTERED ACCOUNTANTS (R.C. BAHETI) PARTNER PLACE: BHOPAL DATED: 12.06.98 ANNEXURE TO THE AUDITOR REPORT Annexure referred to in paragraph (1) of the report of even date of the Auditor of the Member of M/s KABRA AGRO INDUSTRIES LIMITED, PIPARIA as on 31st March, 1998. 1. The Company has maintained records showing full particulars including quantitative details and situation of Fixed Assets. All the Fixed Assets have been physically verified by the management till the date of acquisi tion by M.P.A.V.N. 2. None of the Fixed Assets have been revalued during the year. 3. Physically verification has been conducted by the management at reasona ble interval in respect of finished goods, stores & spare and raw materi als. 4. The procedures of physical verification of stock followed by the manage ment are reasonable and adequate in relation to the size of the company and the nature of its business. 5. The discrepancies noticed during the physical verification were not material as compared to book records. 6. In our opinion, the valuation of stock is fair and proper and in accord ance with the normal accepted accounting policies and is on the same basis is as in the earlier year. 7. Except interest free loans arranged by the promoters in pursuance of the stipulation imposed by the Financial Institution in fulfillment of the obligation cast upon them, the Company has not taken any loan from compa nies, firms or other parties listed in the register maintained under sec tion 301 of the Companies Act, 1956. The terms of the said loans are not prima facie prejudicial to the interest of the company. As explained to us there is no Company under the same management as defined under sub-section (1-B) of Section 379 of the Companies Act, 1956. 8. The Company has not granted any loan secured or unsecured to companies, firms other parties listed in the register maintained under section 301 of the Companies Act, 1956. As explained to us there is no company under the same management as defined under Section 370 (1-B) of the Companies Act. 9. The Company has not advanced any loans or advances in the nature of loan during the year under review except temporary advance to staff which is not prima facie prejudicial to the interest of the Company. 10. On the basis of checks carried out during the course of Audit and as per explanation given to us there is an adequate internal control procedure commensurate with size of the company and nature of its business with regards to purchase of store, plant & machinery equipment and other assets and with regard to sale of goods. 11. In our opinion and according to the information and explanations given to us there were no transaction for purchase of goods, materials and sale of goods, materials and service made in pursuance of the contracts or arrangements entered in the register maintained u/s 301 of the Companies Act, 1956 during the year. 12. As explained to us the Company has a regular procedure for the determi nation of unserviceable or damaged stores, raw materials and finished goods. 13. The Company has not accepted any deposit from public. 14. In our opinion reasonable records have been maintained by the Company for sale and disposals of bye-products and scrap. 15. The company has an internal audit system conducted by the member of the management which in our opinion is not appropriate with the size and nature of its business. 16. As informed to us, the Central Government has prescribed for mainte nance of cost records u/s 209(1)(d) of the Companies Act. The same are not made available for our review & examination. 17. According to the records of the company provident fund dues have not been generally regularly deposited with appropriate authorities. It has been explained to us that the State Government has not provided facilities under Employee State insurance scheme at the place where factory is situat ed. 18. According to the information and explanations given to us, no undisput ed amount payable in respect of Income Tax, Custom Duty and Excise Duty were outstanding as on 31st March, 1998 for a period of more than six months from the date they become payable except sales tax and entry tax amount to Rs. 8,547 thousand (Previous Year Rs. 6,300 thousand). 19. During the course of examination of books of account carried out in accordance with the generally accepted business needs and exigencies, we have not come across any expenses regarded personal expenses charted to revenue account, other than expenses under contractual obligations with the Company's employees. 20. According to the information and explanation given to us and in our opinion the Company has become a sick Industrial company within the meaning of clause (o) of Sub-Section (1) of Section 3 of the sick industrial compa nies (special provisions) Act, 1985. 21. In respect of trading activities of the Company we are informed that there are no damaged goods. For: R.C. BAHETI & CO. CHARTERED ACCOUNTANTS Place: Bhopal (R.C. BAHETI) Dated:12.6.98 PARTNER