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Lohia Polyester Ltd.

BSE: 514203 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
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Lohia Polyester Ltd. (LOHIAPOLYESTER) - Auditors Report

Company auditors report

LOHIA POLYSTER LIMITED AUDITORS' REPORT To The Members, A. i) Proper records showing full particulars including quantitative details and situation of fixed assets have been maintained. Physical verification has been conducted by the management and no discrepancy has been noticed on such verification We have audited the attached Balance Sheet of Lohia Polyester Ltd. as at 31st March, 1999 and the Profit and Loss Account for the year ended on that date annexed thereto 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 Accounts as required by law have been kept by the Company so far as appears from our examination of the books. 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 the Profit and Loss account and Balance Sheet of the company complies with the accounting standard referred to in subsection (3C) of section 211 of the Companies Act. 1956. 5. In our opinion and to the best of our information and according to the explanations given to us the accounts read together with other notes thereon, give the information required by the Companies Act, 1956 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 31st March, 1999 and Il. In the case of the Profit & Loss Account of the Loss for the year ended on that date. 6. As required by the Manufacturing And Other Companies (Auditors' Report) Order, 1988, issued by the Company Law Board in terms of section 227 (4A) and on the basis of such checks as we considered appropriate, we further state that: ii) None of the fixed assets have been revalued during the year. iii) The stocks of finished goods, stores, spare parts and raw materials have been physically verified by the management at reasonable intervals during the year. iv) In our opinion and according to the information and explanation given to us. The procedure, of physical verification of stock followed by the management are reasonable and adequate in relation to the size of the company. v) No material discrepancies have been noticed on physical verification of stocks as compared to book records. vi) In our opinion and on the basis of our examination of the valuation of stocks, such valuation is fair and proper in accordance with the normally accepted accounting principles and is on the same basis as in the preceding year. vii) The Company has not taken any loan from companies,firms and 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 within the meaning of section 370 (1-B) of the Companies Act, 1956. viii) The Company has not given loans to Companies, firms and 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 within the meaning of section 370(1-B) of the Companies Act, 1956. ix) The company has not given any loans or advance in the nature of loans. x) 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, plant and machinery, equipment and other assets and with regards to the sale of goods. xi) In our opinion and according to the explanations given to us, the transaction of purchases of goods and materials and sale of goods, materials and services made In pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 (1 of 1956) as aggregating during the year to Rs.50 000/- or more in respect of each party have been made at prices which are reasonable having regard to prevailing market price for such goods, materials or services or the prices at which transaction for similar goods or services have been made with other parties. xii) In our opinion, the company has regular procedures for the determination of unserviceable or damaged stores, raw materials and finished goods. Adequate provision has been made in the accounts for the loss arising on the items so determined. xiii) The company has not accepted any deposit from the Public. xiv) There has been no generation of any scrap or by products except for yarn waste which is not of substantial quantity. xv) In our opinion, the company has an internal audit system commensurate with the size and nature of its business. xvi) The Central Government has not prescribed maintenance of Cost Records under section 209(1)(d) of the Companies Act, 1956 for any of the products of the Company. xvii) The company has been regular in depositing Provident Fund dues with appropriate authorities. As explained to us Employees'State Insurance Scheme is not applicable to the company. xviii) 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 31st March, 1999 for a period of more than six months from the date they become payable. xix) According to the information and explanations given to us and records of the company examined by us no personal expenses have been charged to revenue account other than those payable under contractual obligations accordance with generally accepted business practice. xx) The company is not a sick industrial Company with the meaning of the clause (O) of the sub-section (1) of th section 3 of the Sick Industrial Companies (Special Provisions) Act, 1985. B. In respect of Trading activities, we are informed that the Company does not have damaged goods Iying with it at the end of the year. Therefore, no provision for any loss is required to be made in the accounts. C. The Company has a reasonable system of recording receipts of customers material in respect of Texturising Twisting Jobs which it undertakes. We are informed that specific authorisation and allocation of material & store consumed to relative job's is not made since it forms insignificant part of its income. For MITTAL RAJEEV & ASSOCIATES CHARTERED ACCOUNTANT RAJEEV MITTAL Proprietor Place: Mumbai Date : 9th August,1999.