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Nariman Point Chemical Industries Ltd.

BSE: 524224 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
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Nariman Point Chemical Industries Ltd. (NARIMANPTCHEM) - Auditors Report

Company auditors report

Nariman Point Chemical Industries Limited AUDITORS' REPORT To the Members of NARIMAN POINT CHEMICAL INDUSTRIES LIMITED. We have audited the attached Balance Sheet of NARIMAN POINT CHEMICAL INDUSTRIES LIMITED as at 31st March, 1998 and also 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, 1988 issued by the Company Law Board in terms of Section 227 (4-A) of the Companies Act, 1956 and on the basis of such checks as we considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order. 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 account as required by law have been kept by the Company so far as appears from our examination of books; c) The Balance Sheet and Profit And Loss Account dealt with by this report are in agreement with the books of account; d) (i) In respect of Investments in quoted and unquoted shares, provision for diminution in value has not been made, as in the opinion of the Board, these investments are of long term nature and the diminutions are temporary. The impact on the result for the year and reserves is presently not ascertainable. (ii) As detailed in Note No.4 in Schedule 16 to the Accounts, investments made by the Company in other body corporates have, at the close of the year, exceeded the limits prescribed under Section 372 of the Companies Act, 1956. Subject to the foregoing, in our opinion and to the best of our information and according to the explanations given to us, the said accounts subject to and read together with 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: a) In the case of Balance Sheet, the state of affairs of the Company as at 31st March, 1998, and b) In the case of Profit and Loss Account, the Loss for the year ended on that date. For RASHMI SHAH & CO. Chartered Accountants. Place : MUMBAI RASHMI SHAH Dated : 27th November,1998 Proprietor ANNEXURE TO THE AUDITORS' REPORT 1) Fixed Assets record showing full particular including quantitative details and situation of fixed assets are being compiled by the Company. The fixed assets of the Company have been physically verified by the Management at the end of the year and no material discrepancies, were noticed on such verification. 2) None of the fixed assets of the Company have been revalued during the year. 3) As explained to us physical verification has been conducted by the management at reasonable period in respect of stocks of finished goods stores, spares and raw materials of the company in its possession (except stock of basic raw materials which are stored in large heaps and are therefore impracticable to verify physically, but which are however weighed at the time of receipts and issues) Stocks in Customs Bonded Warehouse. in transit and in custody of third parties as on 31st March, 1998, have been verified by the management with reference to the certificates or statement of accounts of third parties or subsequent receipt of the goods. In our opinion, the frequency of verification is reasonable. 4) In our opinion, 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 stocks as compared to book records were not material and have been properly dealt with in the books of account. 6) In our opinion, on the basis of our examination of stock records, the valuation of stocks is fair and proper in accordance with the normally accepted accounting principles and is on the same basis as 7) According to the inFormation and explanations given to us, the Company has not taken during the year any loan, from companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956, where the rate of interest and/or other terms and conditions of such loans are prima facie prejudicial to the interest of the Company. We are informed that there are no companies under the same management within the meaning of section 370 (1-B) of the Companies Act, 1956. 8) According to the information and explanations given to us, the Company has not given 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, where the rate of interest and/or other terms and conditions of such loans are prima facie prejudicial to the interest of the Company. We are informed that there are no companies under the same management within the meaning of section 370 (1-B) of the Companies Act,1956. 9) In respect of loans or advances in nature of loans where repayments are stipulated, the parties are repaying the principal amounts as stipulated and are also regular in payment of interest wherever applicable except for specific observations given below - Receipts of interest on the Inter Corporate Deposits are significantly delayed. In some cases Deposits have been renewed without payment of interest thereon. 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 its stores, raw materials, plant and machinery, equipments and other assets and for the sale of goods. 11) The transaction of purchase of goods and materials and sale of goods, materials and services made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act,1956 and aggregating Rs.50,000 or more during the year in respect of each party have been made at prices which are reasonable having regard to the prevailing market prices for such goods, materials or services, where such prices are available with the company or the prices at which transaction for similar goods or services have been made with other parties, except in the respect of transactions for certain items of special nature and for which no comparative prices are available. 12) As explained to us, the Company has reviewed its stock of raw materials, stores and finished goods at the time of physical verification for the purpose of determination of unserviceable and or damaged items and on this basis no provision is considered necessary by the management as no loss is anticipated . 13) The Company has not accepted any deposit from public. In respect of loans from other parties which are within the limits prescribed under section 58A of the Companies Act, 1956 and rules as f,framed thereunder, the Company has complied with directives issued by the Reserve Bank of India. 14) In our opinion, reasonable records have been maintained by the Company for sale and disposal of realisable by-products. 15) The Company has appointed a firm of Chartered Accountants as internal auditors. In our opinion, the internal audit system is commensurate with the size of the Company and the nature of its business. 16) We are informed that the Central Government has not prescribed maintenance of cost records under Section 209(1) (d) of Companies Act, 1956 with regard to Company's operations. 17) According to the records of the Company, the Company has generally been regular in depositing Provident Fund dues and Employees' State Insurance dues with appropriate authorities. 18) No undisputed amounts payable in respect of Income Tax, Custom Duty and Excise Duty were outstanding as at 31 st March,1998 for a period of more than six months from the date they become payable except Central and State Sales Tax amounting to Rs.196,639.38 still remains unpaid. 19) According to the information and explanations given to 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 not a Sick Industrial Company within the meaning of clause (o) Sub-Section (1) of Section 3 of the Sick Industrial Companies (Special Provisions) Act, 1985. 21) In respect of Company's trading activity, we are informed that there are no damaged stocks. For RASHMI SHAH & CO. Chartered Accountants. PLACE : MUMBAI RASHMI SHAH DATED : 27th November, 1998 Proprietor