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Micro Energy (India) Ltd.

BSE: 517483 Sector: Engineering
NSE: N.A. ISIN Code: N.A.
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Micro Energy (India) Ltd. (MICROENERGYI) - Auditors Report

Company auditors report

ANNUAL REPORT 1998-99 MICRO ENERGY(INDIA) LIMITED AUDITORS' REPORT To The Members of Micro Energy ( India ) Limited. Bangalore We have audited the attached Balance Sheet of M/s Micro Energy India Limited, Bangalore, as at 31st March 1999 and also the Profit & Loss Account for the period ended on that date 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 paragraph 4 & 5 of the said order. 2. Further to our comments in the Annexure referred to in paragraph 1 above, we state 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 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 & Profit & Loss Account dealt with by this Report are in agreement with the books of accounts. d) We further Report that: i. As certain records of the Reserve Bank of India were not made available to us, we are unable to comment if the requirements of Reserve Bank of India with regard to the allotment of shares to Non Resident Indians have been satisfied. ii. We are unable to comment on the liability towards Share Refund, as necessary documents, reconciliation and clarifications were not made available. iii. There has been no confirmation of the plant & machinery advance amounting to Rs 17.05 Lakhs and we are unable to comment on the same. e) Subject to above, in our opinion and to the best of our information and according to the explanations given to us, the said Balance Sheet and the Profit & Loss Account read with and subject to the notes thereon give the information required by the Companies Act,1956, in the manner so required and give true and fair view i) insofar as it relates to the Balance Sheet, of the state of affairs of the Company, as at 31st March,1999 ii) insofar as it relates to the Profit & Loss Account, of the Loss for the period ended on that date. for Vasan & Sampath, Chartered Accountants Place: Bangalore (H P Sampath) Date : 23rd August 1999. Partner ANNEXURE TO THE AUDITORS REPORT,REFERRED TO IN PARAGRAPH ONE OF OUR REPORT OF EVEN DATE. 1. The Company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets. All these fixed assets have been physically verified by the management during the year. No serious discrepancies were noticed on such verification. 2. None of the fixed assets have been revalued during the year. 3. The stock of finished goods, spare parts and raw materials have been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable. 4. The procedure of 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 verification between the physical stocks and the book records were not material and the same have been properly dealt with in the books of account. 6. In our opinion the valuation of these stocks is fair and proper in accordance with the normally accepted accounting principles. The basis of valuation of stocks is the same as in the previous year. 7. The terms of loans( unsecured) taken by the Company from companies, firms or other parties listed in the Register maintained under Section 301 of the Companies Act, 1956 or from companies under the same management within the meaning of Section 370 (1B) of the Companies Act, 1956 are not prima facie prejudicial to the interest of the company. 8. The Company has not granted, during the year, any loans to the companies, firms or other parties listed in the Register maintained under Section 301 of the Companies Act, 1956 or from companies under the same management within the meaning of Section 370 (1B) of the Companies Act, 1956. 9. Interest free loans have been given only to the staff members who are repaying the principal amount as stipulated. 10. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of raw materials including components, plant and machinery, equipment and other assets and for sale of goods. 11. According to information and explanations given to us, there were no purchase of goods and materials and sale of goods, materials and services during the year in pursuance of contracts or agreements entered in the register maintained under section 301 of the Companies Act, 1956 which aggregated during the year to Rs 50,000 or more in respect of each party. 12. The Company has reported that it did not have any damaged or unserviceable components. 13. The Company has not accepted any deposits from the public. 14. The Company is maintaining reasonable records for the sale of scrap. The company did not generate any by- products. 15. The company does not have a formal internal audit system. 16. The Central Government has not prescribed for the Company the maintenance of cost records under section209(1)(d) of the Companies Act,1956. 17. As per information and explanation given to us, the provisions of the Employees Provident Fund Act,1952 was applicable to the Company from September 1997. The company has not been regular in depositing the Provident Fund dues. An amount of Rs 8.97 Lakhs is payable to the Provident Fund Authorities. Subject to a few instances of delay, the company has been regular in depositing the Employees State Insurance dues with the appropriate authorities. 18. According the information and explanations given to us, no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales 1ax, Customs duty and Excise duty were outstanding as at 31st March,1999 for a period of more than six months from the date they became payable. Tax deducted at source amounting to Rs 5.83 lakhs has not been remitted by the company. 19. 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. 20. The Company is a Sick Industrial Company within the meaning of clause (O) of the sub section 1 of section 3 of the Sick Industrial Companies ( Special Provisions) Act,1985.The company is in the process of making a reference to the Board of Industrial & Financial Reconstruction under Section 15(1) of that Act. for Vasan & Sampath, Chartered Accountants Place: Bangalore (H P Sampath) Date : 23rd August 1999. Partner