Natco Polyplast Ltd.
Annual Report 1999-2000
To The Members of
Natco Polyplast Ltd.
We have audited the attached Balance Sheet of NATCO POLYPLAST LIMITED as at
March 31, 2000 and the annexed Profit and Loss Account for the year ended
on that date and report that:
1. 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:
2. 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 books;
3. The Balance Sheet and Profit and Loss Account under report are in
agreement with the books of accounts of the Company.
4. In our opinion, the said Profit & Loss Account and the Balance Sheet
comply with the accounting standards referred to in Section 211(3C) of the
Companies Act, 1956. subject to note 9 and 10 of the note forming part of
5 In our opinion and to the best of our information and according to the
explanations given to us, the said accounts read with the schedules and
notes thereon, give the information required by the Companies Act, 1956, in
the manner so required and give true and fair view:
(A) In the case of the Balance Sheet, of the state affairs of the Company
as at March 31, 2000 and
(2) In the case of the Profit and Loss Account, of the Loss for the year
ended on that date.
As required by the manufacturing and other companies (Auditor's report)
order 1998 issued by company law Board, in terms of section 227 (4A) of the
companies Act, 1956, we further report that:
1. The company has maintained proper record showing full particulars
including quantitative details and situation of its fixed assets. We are
informed that the assets have been physically verified at the period end
and no materials discrepancies have been noticed on such verification.
2. None of the fixed assets have been revalued during the year
3. The physical verification has been conducted by the management of the
stock of raw materials. finished goods at the end of the period. In our
opinion, frequency of verification is reasonable.
4. In our opinion, the procedure of physical verification of stocks
followed by the management is reasonable and adequate considering the size
of the company and nature of its business.
5. No material discrepancies have been noticed on physical verification of
stocks as compared to book records in so far as appears from our
examination of the books.
6. In our opinion, the valuation of stock is fair and proper in accordance
with the normally accepted accounting principles and is on same basis as in
7. The company has not taken loans from companies, firms or other parties
listed in the registers maintained under section 301 of the Companies Act.
1956 or from the companies under the same management as defined under
section 370 (lB) of the companies Act, 1956.
8. The company has not granted loans, secured or unsecured to companies
firms or other Parties listed in the registers maintained under section 301
or to the companies under the same management as defined under 370 (1 B) of
the companies Act,1956.
9. There were not parties to whom loans or advances in the nature of loans
have been given by the company.
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 it's business for the purchase of
stores, raw materials including components, plants and machinery, equipment
and other assets and for the sale of goods.
11. In our opinion and according to the information and explanation given
to us, the prices paid for the purchase of goods and material, services
made in pusuance of contracts of arrangements entered in the register
maintained under section 301 of the Companies Act.1956 and aggregating
during the year Rs.50,000/- or more in respect of each party are reasonable
having regard to the prevailing market price for such goods, materials or
services the price at which transaction for similar goods or services have
been made with other parties or as available with the company.
12. As explained to us, the company has a regular procedure for
determination of unserviceable or damaged stores, raw materials or finished
goods. The company is not having such goods as at the year end.
13. During the year under review, the company has not accepted deposit from
14. We are informed that the company has no significant scrap or by
products during the year under review.
15. In opinion the company has an adequate internal audit systems
commensurate with the size and nature of its business.
16. The maintenace of cost records have not been prescribed by the Central
Government under Section 209 (1) (d) of the Companies Act.1956 for any of
17. According to the records of the company, provident fund dues have been
regularly deposited with the appropriate authorities during the year under
review. ESI is not applicable to the company during the year under review.
18. According to the information and explanation given to us, there are no
undisputed and out standing amounts payable in respect of Income Tax,
Wealth Tax, Sales Tax, Customs duty, Excise duty and provident fund as at
31st March, 2000 for a period of more than six months from the date they
19. In our opinion and according to the information and explanation given
to us, no personal expenses have been charge to revenue.
20. In our opinion, the company is not covered within the definition of the
sick industrial company as contained in section 3(1) (O) of the sick
Industrial Companies (Special Provision) Act,1985
21. During the year under review, the company does not have any damaged
goods and hence no provision have been made for the same.
For, R. R. Tibrewala & Co.
Place: Ahmedabad (Sunil M. Khemani)
Date : 04-09-2000 Partner