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Lustre Tiles Ltd.

BSE: 508857 Sector: Consumer
NSE: N.A. ISIN Code: N.A.
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Lustre Tiles Ltd. (LUSTRETILES) - Auditors Report

Company auditors report

ANNUAL REPORT 1998-99 LUSTRE TILES LIMITED AUDITORS REPORT TO The Members, LUSTRE TILES LIMITED, BHIWADI, We have audited the attached Balance Sheet of M/s Lustre Tile limited,Bhiwadi as on 31st March,1999 and the Profit & loss Account of the Company for the year ended on that date annexed thereto; 1. As required by the manufacturing and other Companies (Auditors 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 paragraph 4 and 5 of the said order. 2. Further to our comments in the Annexure referred to in Paragraph 1 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 the audit. b) In our opinion proper books of accounts as required by law have been kept by the Company so far appears from our examination of the books. c) The Balance Sheet and Profit and loss Account dealt with by this report are in agreement with the books of accounts. d) In our opinion the Profit and loss Account and the balance Sheet comply with the accounting standards referred to the Sub-Section (3C) of Section 211 of the Companies Act,1956 except those given in Sr No 1(d) &(e) in the notes to accounts. e) In our opinion and to the best of our information and according to the explanation given to us the accounts read with other notes as per schedule 17 gives the information required by the Companies Act,1956 in the manner so required give a true and fair view: i) In case of Balance Sheet of the state of affairs of the Company as at 31st March,1999. ii) In the case of the Profit & loss Account of the loss for the year ended on that date. For RAJENDRA.K.GOEL & CO Chartered Accountants V.K.ISSAR Partner Place: New Delhi Date : 2nd Dec,1999. ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE: i) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. The fixed assets of the Company have been physically verified by the Management during the year and no serious discrepancies have been noticed on such verification. ii) None of the fixed Assets have been revalued during the year. iii) The Management has confirmed that physical verification has been conducted during the year and at the end of the year in respect of finished good, store,spare parts and raw material. iv) In our opinion the frequency of verification is reasonable and is adequate in relation to the size of the Company and the nature of its business. v) The discrepancies noticed on such verifications is reasonable and is adequate in relation to the size of the Company and have been properly deal within the books of accounts. vi) In our opinion the valuation of these stocks is fair and proper in accordance with the normally accepted principles and the basis of the valuation of the stocks is same as in the previous year. vii) The Company has taken any loans secured or unsecured from companies,firms or other parties listed in the register maintained under section 301 of the Companies Act,1956. viii) The Company has not given loans to Companies, firms or other parties listed in the register maintained under section 301 and 370 (1-C) of the Companies Act,1956. ix) Loans or advances in the nature of loans have given to the employees only and they are repaying the principal amount as stipulated. These loans are interest free. x) On the basis of check carried out during the course of audit and as per explanations given to us there is adequate internal control procedure commensurate with the size of the Company and the nature of its business with regard to purchase of store,raw material including components Plant & Machinery , equipments and other assets and for sale of goods. xi) No stores spare and raw material were purchased from or other goods sold to subsidiaries, firms or companies or other parties in which the Directors are interested within the meaning of Section 301 of the Companies Act,1956. xii) As explained to us there is no unservicable or damaged stores and raw material. Therefore no provision has been made in the accounts for the loss arising as such. xiii) In our opinion and according to the information and explanations given to us no deposit has been invited and/or accepted from public which attracts the provisions of Section 58A of the Companies Act,1956. xiv) In our opinion the Company is maintaining reasonable records for sale and disposal of Scrap. The Company has no by-products. xv) The Company has an internal audit system which is commensurate with the size and nature of its business. xvi) The Central Government has not prescribed maintainence of cost records under Section 209(1)(d) of the Companies Act,1956 for the product of the Company. xvii) The Company have been regular in depositing Provident Fund and Employees State Insurance dues with appropriate authorities. xviii) As per explanations given to us by the Management there are no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax Custom Duty and Excise Duty as at 31st March, 1999 for a period of more than six months from the date they became payable. xix) In our opinion and according to the explanations given to us no personal expenses have been charged to revenue account. xx) The Company is not a Sick Industrial Company within the meaning of Clause (O) of Subsection (1) of Section 3 of the Sick Industrial Company (Special Provisions) Act,1985.However it still remain a potentially sick company as its net worth has been eroded more than 50% (Refer Note No 9 of schedule 17.) For RAJENDRA.K.GOEL & CO Chartered Accountants V.K.ISSAR Partner Place: New Delhi Date : 2nd Dec,1999.