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Norris Medicines Ltd.

BSE: 524414 Sector: Others
NSE: N.A. ISIN Code: INE744C01029
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Norris Medicines Ltd. (NORRISMEDICINES) - Auditors Report

Company auditors report

ANNUAL REPORT 1998-2000 AUDITOR'S REPORT NORRIS MEDICINES LIMITED We have audited the attached Balance Sheet of NORRIS MEDICINES LIMITED as at March 31, 2000 and also the Profit & Loss Account of the Company for the period 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(4A) 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 Annexure referred to in paragraph (1) above, we report that: a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit; b) 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 the books; c) The Balance sheet and Profit & Loss Account dealt with by this report are in agreement with the books of accounts; d) In our opinion and to the best of our information and according to the explanations given to us, the accounts give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view - (i) in the case of the Balance sheet, of the state of affairs of the Company as at March 315, 2000, and (ii) in the case of the Profit and Loss Account, of the LOSS of the Company for the period ended on that date. FOR J. P. SHARMA & CO. CHARTERED ACCOUNTANTS Date : September 4, 2000 J. P. SHARMA Place: Mumbai PROPRIETOR ANNEXURE REFERRED TO IN PARAGRAPH 1 OF THE AUDITORS REPORT TO THE MEMBERS OF NORRIS MEDICINES LTD. 1. The Company is maintaining proper records to show full particulars, including quantitative details and situation of fixed assets. Verification of fixed assets is being conducted in a phased programme by the management, which in our opinion is reasonable having regard to the size of the Company and the nature of assets. The verification of assets due as per this programme has been carried out and no discrepancies have been noticed on such verification. 2. None of the fixed assets have been re-valued during the period. 3. Stocks of finished goods, stores, spare parts and raw materials have been physically verified by the management at reasonable intervals during the period. 4. In our opinion and according to the information and explanations given to us, the procedures of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business. 5. No material discrepancies have been noticed on physical verification of stock as compared to book records. 6. In our opinion and on the basis of our examination of the stock records, the valuation of stocks is fair and proper and in accordance with the normally accepted accounting principles, and is on the same basis as in the previous year. 7. The Company has not taken any loans, secured or unsecured from companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956. 8. The Company has not granted any loans, secured or unsecured to companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. 9. The company has during the period given loans and advances in the nature of loans, which are in our opinion on terms and conditions not prejudicial to the interests of the company. The parties to whom such loans and advances have been given are regular in repayment of principal and interest wherever stipulated. 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 with regard to purchases of stores, raw materials including components, plant and machinery, equipment and other assets, and with regards to sale of goods. 11. According to the information and explanations given to us, the transactions of purchase of goods and materials with the parties entered in the register maintained under Section 301 of the Companies Act, 1956 ar,e not prejudicial to the interest of the Company and there are no transactions of sale of goods and materials (there being no sale of services), aggregating during the period to Rs. 50,000/- or more in respect of each party. 12. As explained to us, the Company has a regular procedure for the determination of unserviceable or damaged stores, raw materials and finished goods. Adequate provision has been made in the accounts for the loss arising on the items so determined. 13. The Company has not accepted any deposits from the public. 14. In our opinion, reasonable records have been maintained by the company for the sale and disposal of scrap. The Company has no by-products. 15. In our opinion, the Company has an internal audit system commensurate with the size and nature of its business . 16. We have broadly reviewed the books of accounts maintained by the Company pursuant to the Order made by the Central Government for the maintenance of cost records under Section 209 (1)(d) of the Companies Act, 1956 and are of the opinion that prima facie, the prescribed records have been maintained. 17. The Company has been irregular in depositing Provident Fund dues and Employees State Insurance due 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 tax and excise duty were outstanding as at march 315', 2000 for a period of more than six months from the date they became payable. 19. According to the information and explanation given to us, no personal expenses of employees or Directors have been charged to revenue account other than those payable under contractual obligation or in accordance with generally accepted business practices. 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 relation to trading activity of the Company no damaged goods have been determined. FOR J.P.SHARMA & CO. CHARTERED ACCOUNTANTS Date : September 4, 2000 J. P. SHARMA Place: Mumbai (PROPRIETOR)