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Mahendra Cements Ltd.

BSE: 518079 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
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Mahendra Cements Ltd. (MAHENDRACEMENTS) - Auditors Report

Company auditors report

Mahendra Cements Limited 1997-98 AUDITORS' REPORT To The Members Mahendra Cements Limited, We have audited the attached Balance Sheet of MAHENDRA CEMENTS LIMITED as at 30th September, 1998 & the Profit & Loss Account for the year ended on that date and report that: 1. As required by the Manufacturing and Other Companies (Auditors' 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 & 5 of the said order to the extent applicable to the Company. 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, proper books of accounts as required by 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 referred to in this report are in agreement with the books of accounts. d) To the best or our information and according to the explanations given to us, the accounts read with the notes thereon subject to note no.4 appearing under notes to the accounts in schedule 15. i) Non-provision of compound interest of Term Lending Financial Institutions Rs.5.21 lacs (Previous year 5.21 lacs) (Note No.4) Subject to above, in our opinion and to the best of our information and according to the explanations given to us, the said accounts 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 Sept, 1998, 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 RAKESH NARENDRA KUMAR & CO., Chartered Accountants RAKESH KUMAR JAIN Proprietor Place: Indore Date : 2nd November, 1998 ANNEXURE TO THE AUDITORS' REPORT Referred to in Paragraph 1 of our Report of even date 1. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. A substantial portion of fixed assets have been physically verified by the management during the year and no serious discrepancies have been noticed on such physical verification. 2. The fixed assets of the company have not been revalued during the year. 3. The stock of finished goods, stores, spare parts, raw materials of the company in its possession have been physically verified by the management at reasonable periods. 4. The procedures for physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the company and nature of its business. 5. The discrepancies noticed on physical verification of stock as compared to book records were not material and these have been properly dealt with in the books of accounts. 6. In our opinion and on the basis of our examination, the valuation of stocks is fair and proper in accordance with the normally accepted accounting principles and is on the same basis as in the previous year except W.I.P. 7. The Company has not 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 and/or from the Companies under the same management as defined under section 370(1B) of the Companies Act, 1956. 8. The Company has not given any loans, secured or unsecured, to Companies, firms or other parties listed in the register maintained under section 301 and/or to the Companies under the same management as defined under Section 370 (1B) of the Companies Act, 1956. 9. As per information and explanations given to us there is no loans and advances in the nature of loans have been granted by the Company. 10. In our opinion and there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchases of stores, raw materials including components, plant and machinery and other assets and for the sale of goods. 11. In our opinion and according to the information and explanations given to us the transaction of purchase of goods and material and sale of goods, materials and services in pursuance of contract or arrangements entered into register maintained under section 301 of the Companies Act, 1956 and aggregating during the year of Rs.50000/- 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. 12. As explained to us, the company has regular procedure for the determination of unserviceable or damaged stores, raw materials and finished goods and necessary provisions for loss arising on the items so determined have been made in the books of accounts of the Company. 13. During the year the Company has not accepted any deposits from the public which attract the provisions of Section 58-A of the Companies Act, 1956. 14. In our opinion, reasonable records have been maintained by the Company for the sale and disposal of realisable scrap. The Company has no by- product. 15. In our opinion, internal audit system as in force during the year was commensurate with the size of the company and nature of its business. However there is a scope of increase in coverage. 16. It is explained that the company is a mini cement plant hence not maintaining the cost records prescribed by Central Government under section 309(1)(d) of the Companies Act, 1956. 17. Provident fund dues relating to period June '97 to August `98 & Employees State Insurance dues relating to the period January `97 to August `98 aggregating to Rs.563672/- & Rs. 27489/- respectively, Which had fallen due for deposit with the appropriate authorities had not been deposited as at 30th September `98. 18. According to the information and explanations given to us, there were no undisputed amounts payable in respect of Income tax, Wealth tax, Customs Duty and Excise Duty, outstanding as at September 30, 1998 for a period of more than 6 months from the date they became payable. There were however, Rs.148.42 lacs in respect of Commercial and Central Sales Tax, and Rs.5.30 lacs in respect of Entry Tax outstanding as at September 30, 1998 for a period of more than six months from the date they became payable. 19. According to the information and explanations given to us, and the records of the Company examined by us, no personal expenses have been charged to revenue account, other than those payable under contractual obligations or in accordance with generally accepted business practice. 20. The Company is sick industrial company within the meaning of clause (O) of Sub-section (1) of Section 3 of the Sick Industrial Companies (Special Provisions) Act, 1985. For RAKESH NARENDRA KUMAR & CO., Chartered Accountants RAKESH KUMAR JAIN Proprietor Place: Indore Date : 2nd November, 1998