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Mukund Syntex Ltd.

BSE: 514364 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
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Mukund Syntex Ltd. (MUKUNDSYNTEX) - Auditors Report

Company auditors report

M/S MUKUND SYNTEX LTD AUDITORS REPORT The Share Holders, M/s. Mukund Syntex Ltd. We have audited the attached Balance Sheet of MUKUND SYNTEX LIMITED as at 31st March 1998 and 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 Company Law Board in terms of section 227 (4A) of the Companies Act, 1956, We endorse, in 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 para 1 above, we report that : a) We have owned 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 Company so far as appears from our examination of the books of accounts. c) The Balance Sheet and Profit & Loss Account dealt with by this report are in agreement with the books of accounts. d) In our opinion and to the best of our information and according to the explanations given to us, the accounts read together with the notes on Schedule P regarding significant accounting policies and other notes thereon give the information required by the Companies Act,1956 In the manner so required and give a true and fair view. 1. In the case of Balance Sheet of the state of affairs of the Company as at 31st March, 1998 and 2. In the case of Profit & Loss Account, of the Loss of the Company for the year ended on that date. For BHUWANIA & AGRAWAL ASSOCIATES (CHARTERED ACCOUNTANTS) N.K.AGARWAL (PARTNER) Place: Mumbai Date : 28th August, 1998 ANNEXURE TO 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 the fixed assets However it was not available to us for verification. As explained to us, the fixed assets have been physically verified by the management during the year and no discrepancy was noticed on such verification. 2. None of the fixed assets have been revalued during the year. 3. The stock of Finished goods, Stores & spare parts and Raw material have been physically verified by the management during the year ln our opinion the frequency of verification is reasonable . 4. The procedures 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 physical verification of stock are not material as compared to the book records and have been properlY dealt with in the books of accounts. 6. In our opinion the valuation of stocks is fair and proper and in accordance with the normally accepted accounting policies and is on the same basis as in the previous year. 7. In our opinion the rate of interest and other terms and conditions on which loans have been obtained from the Companies, Firms or other parties listed in 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 are not prima facie prejudicial to the interest of the Company However the repayment period thereon has not been stipulated . 8. The Company has granted unsecured loans 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 Subsection (1B) of section 370 of the Companies Act. In our opinion interest and other terms and conditions of such loans are not prima facie prejudicial to the interest of the Company . We have been informed that the same are on demand. 9. In respect of loan and advances in the nature of loans given by the Companies, the parties are repaying the principal amounts and interest thereon, wherever applicable as stipulated 10. In our opinion and according to the information and explanations given to us there are adequate internal control procedure commensurate with the size of the company and nature of its business with regard to the purchase of stores, Raw materials including components, Plant & machinery, equipments and other assets and for the sale of goods. 11. In our opinion and according to the information and explanations given to us the prices paid for purchase of goods, material and sale of goods, material and services made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and y aggregating during the year to Rs. 50,0001 or more in respect of each party. However the reasonableness is of the same could not be ascertained in the absence of similar transaction with of other parties. 12. As explained to us, the Company has the regular procedure for the determination of unserviceable or damaged stores, Raw material and finished goods and adjustment in respect of loss arising from such items has been made. 13. In our opinion and according to the information and explanations given to us, the Company has not taken any deposits from the public as per provision of section 58A of the Companies Act, 1956 14. In our opinion reasonable records have been maintained by the Company for sale and disposal of realisable scrap. The Company has no by products 15. Company has no formal internal audit system but has internal control system commensurate with the size and nature of its business. 16. We are informed by the Company that maintenance of cost records has not been prescribed by the Central Government under section 209 (1 ) (d) of the Companies Act, 1958. 17. The company has deducted and deposited provident fund during the year with the appropriate authorities. Balance payable as on -31.03.98 was Rs 10,149/ESIC has not been deducted or deposited during the year as informed ESIC is not applicable. 18. According to information and explanations given to us, there are no undisputed amounts payable in respect of Sales tax, Customs duty, Excise duty and Income tax which are outstanding as on 31st March 1998 for a period of more than than six months from the date they became payable. 19. During the course of our examination of the books of accounts carried out in accordance with the generally accepted auditing practices, we have not come across with any personal expenses other that those payable,under contractual obligations charged to revenue accounts. 20. The company is not a sick industrial Company within the meaning of clause (0) of subsection 1 of section 3 of the Sick industrial Companies (Special Provisions), Act, 1985. For BHUWANIA & AGRAWAL ASSOCIATES (Chartered Accountants) N.K. AGRAWAL (Partner) Place: Mumbai Date : 28th August,1998