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Karnavati Spinners Ltd.

BSE: 531113 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
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Karnavati Spinners Ltd. (KARNAVATISPIN) - Auditors Report

Company auditors report

KARNAUATI SPINNERS LTD. AUDITORS REPORT To, The Members of KARNAUTI SPINNERS LTD., Ahmedabad. We have audited the attached Balance Sheet of KARNAVATI SPINNERS LIMITED as at 31st March, 1998 and also the annexed Profit & Loss Account of the Company for the year ended on that date. 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 accounts as required by law have been kept by the company so far as appears from our examination of the books of account. 3. The Balance Sheet and Profit & Loss account dealt with by this report are in agreement with the books of accounts. 4. In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the notes thereon, 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 of Balance Sheet, of the state of affairs of the company as at 31st March, 1998 and ii) in the case of the 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 of section 227 (4A) of the Companies Act,1956 and on the basis of such checks of books and records of the company as we considered appropriate and according, we further state on the Matters specified in paragraphs 4 and 5 of the said order that: 1. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. The fixed assets have been physically verified by the management during the year which in our opinion is reasonable having regard to the size of the company and nature of its assets. No material discrepancies were noticed on such verification as compared to the book records. 2. None of the fixed assets have been revalued during the year. 3. The stocks of finished goods, stores, spare parts and raw materials have been physically verified by the management at reasonable intervals during the year. 4. In our opinion and according to the information and explanations given to us, 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. No material discrepancies have been noticed on physical verification of stocks as compared to the book records. 6. In our opinion and on the basis of our examination on the valuation of stocks, such vision is fair and proper in accordance with the normally accepted accounting principles and is on the same basis as in the previous year. 7. The Company has not taken any loan secured or unsecured from companies, firms or other parties listed in the register maintained under section 301 of the Companies Act,1956. 8. In respect of loans to Companies, firms and other parties listed in the register maintained under section 301 (I-C) of the Companies Act,1956, the rate of interest and terms and conditions of such loans are not prima facie prejudicial to the interest of the Company. 9. The principal amounts and interest wherever applicable thereon in respect of loans and/or advances in the nature of loans given by the company to parties have been recovered regularly as stipulated. 10. In our opinion, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to the purchase of stores, raw materials including components, plants and machinery, equipment and other assets and with regard to the sale of goods. 11. According to the information and explanation given to us, the company has not purchased goods and materials and sold goods, materials and services aggregating Rs.50,000/- or more in value from/to any of the parties listed in the register maintained under section 301 of the companies act,1956. 12. In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of section 58 A of the Companies Act, 1956 and the Companies. (Acceptance of : deposits) Rule, 1975. 13. As explained to us, The Company has a regular procedure for the determination of unserviceable or damaged stores and finished goods. Adequate provisions have been made in the accounts for the loss arising on the items so determined. 14. In our opinion, reasonable records have been maintained by the company for the sale and disposal of realizable by-products and scraps. 15. In our opinion the company has an internal audit system commensurate with the size and nature of its business. 16. We are informed that Central Government has not prescribed the maintenance of cost records under section 209 (1) (d) of the Companies Act, 1956 for any product of the company. 17. According to the records of the company, Providend Fund dues have not been regularly deposited during the Financial year with the appropriate authorities. Employees State Insurance Act is not applicable to the Company. 18. According to the information and explanations given to us and records of the company examined by us. there were no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Customs Duty and Excise Duty which have remained outstanding as at 31 st March,1998 for a period of more the Six Months from the date they became payable. 19. According to the information and explanation given to us and records of the Company examined by us, personal expenses of employees or directors have not been charged to revenue account, other than those payable under contractual obligations in accordance with generally accepted business practice. 20. The company is not a Sick Industrial Company with in the meaning of clause (o) of Sub-Section (I) of section 3 of the Sick Industrial Companies (Special Provision) Act, 1985. DATE : 31.10.98 FOR ASHOK DHARIWAL & CO. PLACE: AHMEDABAD Chartered Accountants. (ASHOK DHARIWAL) Proprietor M. No. 36452