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National Auto Accessories Ltd.

BSE: 520069 Sector: Auto
NSE: N.A. ISIN Code: N.A.
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National Auto Accessories Ltd. (NATLAUTOACCES) - Auditors Report

Company auditors report

Annual Reports 1998-99 NATIONAL AUTO ACCESSORIES LIMITED AUDITORS REPORT TO THE MEMBERS OF NATIONAL AUTO ACCESSORIES LIMITED 1) 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. 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 those books . 2) We have examined the attached Balance sheet of the company as at 31st March 1999 and the annexed Profit and Loss account for the year ended on that date which are in agreement with the Books of Account. 3) In our opinion the Profit and Loss account and Balance Sheet with the Accounting Standards specified in Section (3 c) of section 211 of the Company's Act 1956, and the generally accepted accounting Principles with the exception of; a) Presentation of Financial Statements on Principles applicable to growing concern despite suspension of operation and the Company having been declared a Sick Industrial Company by the Board for Industrial and Financial Reconstruction under sub-section (l) of Section 3 of the Sick Industrial Companies (special provision) Act 1985 and there have been no operations during the year. b) Non Provision for: i) Depreciation on fixed Assets of Rs.44.73,238/-. ii) Lease Rentals s 1,99,22,920i-. iii) Debts considered doubtful of recovery Rs 46,33,586/- iv) Advances considered doubtful of recovery Rs.14,52,878/- v) Slow moving/obsolate finished goods Rs.24,67,904/- vi) Accrued liability towards gratuity to employees (Amt not quantified). c) Non absorption of preliminary Share issue differed revenue expenses of Rs.2514831/-. 4) In our opinion and to the best of our information and according to the explanations given to us the said accounts together with accounting policies and notes thereon give the information required by the Company s Act 1956 in the manner so required and subject to paragraph 3) above and consequential effect on the assets Liabilities and the accumulated losses the Balance sheet gives a true and fair view of the state of Company's affairs as yet 31st March 1999 while the Profit and Loss Account shows a true and fair view of the Loss for the year ended on that date As required by the Manufacturing and other companies (Auditors report) Order 1988 and on the basis of such checks as we considered appropriate we further state: 1. The Company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets and which are being updated for the additions/deductions. The Fixed Assets have been physically verified by Management and no material discrepancies have been noticed on such verification. 2.Fixed Assets have not been revalued during the year. 3. The Management has carried out physical verifications of finished goods stores spare parts and raw materials at the factory and at certain outside points at reasonable Intervals and at the close o/ the accounting year. 4. The procedures of physical verification of stocks followed by the Management in our opinion are reasonable and adequate having regard to the size of the company and nature of business. 5. The discrepancies noticed by the Management on physical verification of stocks as compared to the book records were not material and have been properly dealt with in the books of account. 6. On he basis of our examination of stocks. we are satisfied that such valuation is fair and proper in accordance with the normally accepted accounting principles and is generally on the same basis as in the preceding year with exception of non provision for slow obsolate finished stocks of rs.24 67 9041- (Note 3e). 7 The Company has not taken any loans rom Companies firms and other Parties (other than promoters) listed in the Register maintained under Section 301 or from companies under the same Management as defined in Section 370 (1 B) of the Companies Act 1956. However the repayment schedule of secured loans taken from holding company is yet to be agreed upon and other terms and conditions are not prima facie prejudicial to the interest of the Company. 8. No loans have been granted during the year. 9. Interest free advances have been granted by the Company to employees who are repaying the principal a mounts as stipulated. 10. According to the information given to us there exists adequate internal control procedures commensurate with the size of the Company and the nature of its business or the purchase of stores raw materials including components plant and machinery equipment and other assets and /or the sale of goods. 11. There have been no transaction of purchase of goods and materials and sale of goods materials and services made in pursuance of contacts of arrangements entered n the Register maintained under Section 301 and aggregating to Rs. 50,000/- or more during the year in respect o each party. 12. The Company has not accepted any deposit from the pubic during the year. 13. In our opinion reasonable records are maintained or the sale and disposal of realisable scrap. The Company has no by products. 14. In our opinion the company has an internal audit system the scope of which is commensurate with the size and nature of its business. 15. The central Government has not prescribed maintenance of cost records under section 209 (1)(d) for any of the products of the company. 16. According to the records of the company its generally regular in depositing the Provident Fund and Employees State Insurance dues with the appropriate authorities. 17. According to the information given to us there are no undisputed amounts payable in respect of Income Tax Sales Tax Customs Duty and Excise Duty outstanding as at close of the financial year exceeding six months from the date they had become payable. 18. According to the information and explanation given to us no personal expenses of employees or Directors have been charged to Profit and Loss Account other than those payable under contractual obligations or in accordance with the generally accepted business practice. 19. The Company has been declared as a Sick Industrial Company within the meaning o Clause (o) of Sub section (1) of Section 3 of the Sick Industrial Companies (Special Provisions) Act 1985 and the Revival scheme approved by BIFR is under implementation. For FRASER & ROSS ASSOCIATES CHARTERED ACCOUNTANTS Place: Chennai Sd/- Date : 9th June 1999 K. N. RAMASUBRAMANIAN PARTNER