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Lakshmi Trade Credits Ltd.

BSE: 512537 Sector: Financials
NSE: N.A. ISIN Code: N.A.
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Lakshmi Trade Credits Ltd. (LAKTRADECRED) - Auditors Report

Company auditors report

LAKSHMI TRADE CREDITS LIMITED AUDITORS' REPORT TO The Shareholders of LAKSHMI TRADE CREDITS LIMITED, CHENNAI We have examined the balance Sheet of M/s LAKSHMI TRADE CREDITS LTD Chennai, as at 31st March, 1998 and the annexed Profit and Loss Account for the year ended on that date with the books of the Company and report that: 1.As required by the Manufacturing and Other Companies (Auditor's Report) Order, 1988 issued by the Central Government in terms of Section 227 (4A) of the Companies Act, 1956, we enclose in the annexure a statement on the matters specified in paragraphs 4 and 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 our audit. (b) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with the notes thereon give the information required by the Companies Act, 1956 in the manner so required and subject to: (i) Note No. 2 : On the account regarding certificates of registration of vehicles. (ii) Note No. 3 : On the accounts regarding confirmation of balances. (iii)Note No. 6 : Regarding maintenance of liquid assets. (c) In our opinion, proper books of account, required by law, have been kept by the Company so far as appears from our examination of those books. (d) The Company's Balance Sheet and the Profit and Loss Account dealt with by this report are in agreement with the books of account. (e) In our opinion, the Balance Sheet gives a true and fair view of the state of Company's affairs as at 31st March,1998 and the Profit and Loss Account gives a true and fair view of the Losses of the Company for the year ended 31 st March 1998. For K.G. PURUSHOTHAMAN & CO. Chartered Accountants Place: Chennai K.G.PURUSHOTHAMAN Date : 20th,August,1998 Proprietor ANNEXURE TO THE AUDITORS' REPORT REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE 1. The Company has maintained proper records showing all particulars including quantitative details and situation of fixed assets. The equipment on lease have been physically verified by the management in accordance with a regular programme which in our opinion is reasonable. All other assets have been physically verified by the management during the year. No discrepancies were noticed on such physical verification. 2. None of the fixed assets have been revalued during the year. 3. The Company being primarily a Finance Company, the Company does not hold any finished goods, stores, spare parts or raw materials hence the sub- clauses (iii), (iv), (v), (xii) (xiv) of paragaraph 4(A) of the Manufacturing and Other Companies (Auditors Report) Order, 1988 are not applicable. 4. The Company has not taken loans, secured or unsecured from Companies, firms or other parties listed in the Register maintained under Section 301 of the Companies Act, 1956, and or from Companies under the same management, as defined under Sub-Section (1-B) of Section 370 of the Companies Act, 1956. 5. The Company has granted loans to Companies/parties listed in the Register maintained under Section 301 of the Companies Act,1956. On the basis of explanations furnished by the management the rate of interest and other terms and conditions of such loans are not prima facie prejudicial to the interest of the Company. 6. a) Loans and Advances in the nature of loans have been given to employees and other parties who are repaying the principal amounts as stipulated and are regular in payment of interest wherever applicable, except in some loans where there is delay in repayment of principal and interest as stipulated for which the company has taken reasonable steps for the recovery of the same. b) In respect of amounts overdue under financing operations entered into by the company, in the ordinary course of business, we are of the opinion that reasonable steps have been taken by the Company for the recovery of the same. 7. In our opinion and in accordance with the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and nature of its business, for purchase of assets. 8. There were no purchase of goods and materials in pursuance of contract or arrangements entered in the Register maintained under Sec.301 of the Companies Act,1956. There were sale of services for values aggregating to Rs.50,000/- or more during the year in respect of companies or other parties in pursuance of contracts or arrangements which are required to be entered in the Register maintained under Section 301 of the Companies Act, 1956, and in our opinion, the prices paid for such services are reasonable having regard to the prevailing market prices of such services and as compared to the prices similar services supplied to other parties. 9. The provisions of Section 58A except Section 58A (2)(b) d the Companies Act, 1956, are not applicable to the Company. However, the Company has accepted deposits from the public in respect of which the directives issued by the Reserve Bank of India in terms of the Non-Banking Financial Companies, acceptance of public deposits (Reserve Bank) Directions, 1998 have not been complied within so far as: Maintenance of Liquid Assets. 10. The Company has no separate internal audit systems. However, in our opinion, the existing internal control procedures are sufficient considering the size and nature of the business of the Company. 11. The Central Government has not prescribed the maintenance of cost records under Sec.209 (1) (d) of the Companies Act, 1956. 12. The Company is regular in depositing the Provident Fund and the Employee's State Insurance dues with the appropriate authorities. 13. There are no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales tax, Customs duty and Excise duty as on 31st March,1998 for a period of more than six months from the date they became payable. 14. To the best of our knowledge and according to the information and explanations given to us, there are no expenses of personal nature charged to the revenue account. 15. Being a Finance Company, the provisions of section 3(1) (o) of the Sick Industrial Companies (special Provisions) Act, 1985 are not applicable to the Company. 16. The Company has maintained necessary documents and records for loans and advances granted on the basis of security by way of pledge and securities. 17. According to the information and explanations given to us, the provisions of special status applicable to Chit Fund, Nidhi or Mutual Benefit Society are not applicable to the Company. For K.G.PURUSHOTHAMAN & CO. Chartered Accountants Place : Chennai K.G.PURUSHOTHAMAN Date : 20th August, 1998. Proprietor