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Munis Forge Ltd.

BSE: 532079 Sector: Engineering
NSE: N.A. ISIN Code: N.A.
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Munis Forge Ltd. (MUNISFORGE) - Auditors Report

Company auditors report

MUNIS FORGE LIMITED AUDITORS' REPORT TO SHAREHOLDERS To The Members of, MUNIS FORGE LIMITED We have audited the attached Balance Sheet of MUNIS FORGE LIMITED as at 30th June, 1998 and the Profit and Loss Account of the Company for the year ended on that date annexed thereto and report that: 1. As required by the Manufacturing and Other Companies Auditor's Report) Order, 1998 issued by the Company Law Board in terms of section 227 (4Al of the Companies Act, 1956, we annex hereto a statement on the matters specified in paragraphs 4 and 5 of the said order. 2. Further to our comments in the Annexule referred to in paragraph 1 above, we report that: a) We have obtained all the information and explanation which to the best of our knowledge and belief, were necessary for the purpose of our audit; b) In our opinion, proper books of account 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 the Profit & Loss Account dealt with by this report are in agreement with the books of account: d) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with notes thereon, including Note No. 6 of Schedule 15 relating to no provision for Income Tax, give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view: a) In case of the Balance Sheet, of the state of affairs of the Company as at 30th June, 1998; and b) In case of the Profit & Loss Account, of the profit for the year ended on the date. For BANG GUPTA & Co. Chartered Accountants Place : Nagpur RAJESH GUPTA Dated : 27th November, 1998 Partner 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 situation of fixed assets. According to the information and explanation given to us a major portion o assets has been physically verified by the Management in accordance with a phased program of verification and no material discrepancies were noticed on such verification, as compared to the available records In our opinion, the frequency of such verification is reasonable, having regard to the size of the Company and the nature of its assets. 2. None of the fixed assets have been revalued during the year. 3. As explained to us, the stock of stores, spares parts, raw materials and finished goods have been physically verified by the management at reasonable intervals during the year. In our opinion, the frequency such verification is reasonable having regard to the size of the company and the nature of its business. 4. In our opinion and according to the information and explanation given to us, the procedures of physically verification of stock followed by the management are reasonable and adequate in relation to the size the company and the nature of its business. 5. As explained to us there were no material discrepancies noticed on physical verification of the stock of materials, stores and spares and finished goods having regard to the size of the operation of the Company and the same have been properly dealt with in the books of account. In case of stores and spares consumed, the value of physical stock verified at the end of the year is taken to be the correct stock value the consumption has been taken accordingly as per the financial accounts. 6. In our opinion and on the basis of our examination of stock records the valuation of stock is fair and proper accordance with the normally accepted accounting principles and is on the same basis as in the preceding year. 7. The Company has taken unsecured loans from parties listed in the register maintained under Section, of the Companies Act,1956, and from the companies under the same management as defined under sub-section (1B) of Section 370 of the Companies Act,1956 in our opinion, the rate of interest and o terms and conditions of such loans are not prima facie prejudicial to the interest of the company. 8. The Company has not granted any loans secured or unsecured to companies, firms or other parties listed in the register maintained under Section301 of the Companies Act, 1956, and/or to the companies under the same management as defined under sub- section (1B) of Section 370 of the Companies Act, 1956. 9. In respect of loans and advances in the nature of loan given by the company to parties and employees, are generally repaying the principal amounts as stipulated and are also regular in the payment of interest wherever applicable. 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 nature of its business, for purchase of stores, raw materials including components, plant and machinery, equipments and o assets and for sale of goods. 11. In our opinion and according to the information and explanations given to us, the transaction for purchase of goods and materials and sale of goods, materials and services made in pursuance of contracts or arrangements entered in the registers maintained under Section 301 of the Companies Act, 1956 and aggregating during the year to Rs. 50,000/- or more in respect of each party, have been made at prices which are reasonable having regards to the prevailing market prices for such goods, materials or services. 12. According to the information and explanations given to us,the company has a regular procedure for determination of unserviceable or damaged stores, raw material and finished goods Adequate provision has been made in the accounts for the loss arising on the Items so determined. 13. According to the information and explanations given to us, the company has accepted deposits from public & the provision of Section 58A of the Companies Act, 1956 & rules framed thereunder, and directives issued by Reserve Bank of India are duly complied. 14. According to the information and explanations given to us, the scrap produced is not roused There IS r,e by product. Reasonable records have been maintained in respect of sale and disposal of scrap. 15. The company has an internal audit system. As informed to us, measures are continuing to strengthen the system and to make it more exhaustive so as to be commensurate with the growing size and nature of business of the Company. 16. The Central Government has not prescribed maintenance of cost records under Section 209(1)(d) of the Companies Act,1956 in respect of products manufactured by the Company. 17. According to records of the Company, Provident Fund and Employees State Insurance dues has been regularly deposited with the appropriate authorities. 18. According to the information and explanations given to us, no undisputed amounts payable in respect of income- tax, wealth-tax, sales- tax, customs duty and excise duty were outstanding as on 30th June, 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 on the basis of the records examined by us, no personal expenses have been charged to revenue account, other than those payable under contractual obligation or in accordance with generally accepted business practice. 20. The Company is not a 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. 21. In respect of Trading activity there was no stock of damaged goods at the end of the year. For BANG GUPTA & Co. Chartered Accountants Place : Nagpur RAJESH GUPTA Dated : 27th November, 1998 Partner