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Natco Polyplast Ltd.

BSE: 526743 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
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Natco Polyplast Ltd. (NATCOPOLYPLAST) - Auditors Report

Company auditors report

Natco Polyplast Ltd. Annual Report 1999-2000 AUDITOR'S REPORT 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 the accounts. 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 precedding year. 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 the public. 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 its products. 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 became payable. 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. Chartered Accountant Place: Ahmedabad (Sunil M. Khemani) Date : 04-09-2000 Partner