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Leena Textiles Ltd.

BSE: 521198 Sector: Industrials
NSE: LEENATEX ISIN Code: N.A.
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Leena Textiles Ltd. (LEENATEX) - Auditors Report

Company auditors report

LEENA TEXTILES LIMITED ANNUAL REPORT 1998-99 AUDITOR'S REPORT To The Members, M/s. LEENA TEXTILES LIMITED, We have audited the attached Balance Sheet of M/s. LEENA TEXTILES LIMITED as at 30th September, 1999 and also the Profit and Loss Account of the Company for the year ended on that date annexed thereto and report that: 1. 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 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 the paragraph (I) above; we report that: (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, proper books of accounts as required by the law have been kept by the company so far as appears from our examination of the books. (c) The Balance Sheet and profit and loss account dealt by 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 explanations given to us, the Balance Sheet and Profit and Loss Account comply with the accounting standards referred to in Section 211 (3C) of the Companies Act, 1956. (e) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with 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 the Balance Sheet, of the state of affairs of the Company as at 30th September, 1999. and (ii) In the case of the Profit and Loss Account, of the Loss of the Company for the year ended on that date. for MOGILI SRIDHAR & CO., Chartered Accountants Place: Hyderabad P. MURALI MOHANA RAO Date : 29-10- 1999. Partner ANNEXURE TO THE AUDITORS' REPORT 1. The Company has maintained Fixed Assets Register. However, The Fixed Assets Register needs to be updated. We are informed that some of the Fixed Assets have been physically verified by the management during the year. However 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. To the best of our knowledge, no serious material discrepancies in respect of the assets verified were noticed on such verification. ii. None of the Fixed Assets have been revalued during the year. iii. The Stock of Finished and Semi-finished goods, Stores and Spares and Raw Materials have been physically verified during the year by the Management. In our opinion, the frequency of verification is reasonable. iv. 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. v. The discrepancies noticed on verification of Inventories as compared to the book. records were not material and have been properly dealt with in the Books of Accounts. vi. In our opinion, on the basis of our examination of the stock records, the valuation of stocks is fair and proper in accordance with the normally accepted accounting principles. vii. The Company has not taken any loans, secured or unsecured from companies, firms or other parties listed in the register maintained U/S 301 of the Companies Act, 1956 viii The Company has not granted any loans, secured or unsecured to companies, firms or other parties listed in the register maintained U/S 301 of the Companies Act, 1956 ix. Loans and Advances in the nature of loans have not been given by the Company to any party. x. In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with size of the Company and the nature of its business for the purchase of Stores, Raw Materials including components, Plant and Machinery, Equipment and Other Assets, and for the sale of goods. xi. In our opinion and according to the information and explanation given to us, the transactions of purchase of materials made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 and aggregating during the current year to Rs.50,000 or more in respect of each party have not been made by the Company. xii. On the basis of evaluation by persons responsible for physical verification of stocks, there were no unserviceable or damaged stocks. xiii. The Company has not accepted any deposits from the Public to which the provision of Section 58-A of the Companies Act, 1956 and Rules framed thereunder applicable. xiv. In our opinion, the Company is maintaining reasonable records for the sale and disposal of Realisable waste. we are informed that the Company has no By Products. xv. The Company does not have a separate Internal Audit System. However, in our opinion, the existing internal control procedures are sufficient considering the size and nature of in business. xvi. The cost records have not been maintained by the Company as prescribed by the Central Government U/s 209 (1) (d) of the Companies Act,1956. However we have suggested to the management for maintenance of the cost records by the Company. xvii. The Company does not have arrears of provident fund. xviii. As the last day of the financial year there were no outstanding undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Customs Duty and Excise Duty for a period of more than six months from the date they became payable. xix. 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. xx. As per the definition of the Section 3 (o) of the Sick Industrial Companies (Special Provisions) Act, 1985 the Company has become a sick industrial company. A reference has already been made to the Board for Industrial and Financial Reconstruction for the same. for MOGILI SRIDHAR & CO., Chartered Accountants Place : Hyderabad P. MURALI MOHANA RAO Date : 29-10-1999. Partner