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NSE: N.A. ISIN Code: N.A.
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. () - Auditors Report

Company auditors report

OTOKLIN PLANTS & EQUIPMENTS LIMITED ANNUAL REPORT 1999-2000 AUDITORS' REPORT To, The Members of OTOKLIN PLANTS AND EQUIPMENTS LIMITED We have audited the attached Balance Sheet of OTOKLIN PLANTS AND EQUIPMENTS LIMITED as at 31st March, 2000 and also the Profit and Loss Account of the Company for the year ended on that date annexed thereto. We report as follows: 1. As required by the Manufacturing and Other Companies (Auditors' Report) Order, 1988 issued by the Company Law Board in terms of Section 227(4A) of the Companies Act, 1956 and on the basis of such checks of the books and records of the Company as we consider appropriate and according to the information and explanations given to us during the course of audit, we enclose in the Annexure a Statement on the matters specified in paragraphs 4 and 5 of the said Order. 2. Subject to accounting Policy of Capitalising lease rentals referred in Note 7 of the Notes on Accounts, the Company has followed the Accounting Standards as envisaged in Section 211(3A) of the Companies Act, 1956. 3. Further to our comments, in the Annexure referred to in paragraph 1 above: a) 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. b) In our opinion, proper books of account as required by the law have been kept by the Company so far as appears from our examination of such books. c) The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the books of account. d) In our opinion the Profit and Loss Account, and the Balance Sheet of the Company are with the Accounting standards referred to in Sub-Section 3(c) of Section 211 of the Companies Act, 1956. e) In our opinion and to the best of our information and according to the explanations given to us, the said Balance Sheet and Profit and Loss Account and Notes thereon, gives the information required by the Companies Act, 1956 in the manner so required and gives a true and fair view: (i) in the case of the Balance Sheet, the state of affairs of the Company as at 31st March, 2000 and (ii) in the case of the Profit and Loss Account, of the Loss for the year ended on that date. For VIJAY MEHTA & CO., Chartered Accountants Place: Mumbai VIJAY A. MEHTA Dated: 30th August, 2000. Proprietor ANNEXURE TO THE AUDITORS' REPORT Referred to in Paragraph (1) of our report of even date. 1. The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets other than furniture and fixtures and office equipments. We have been informed that only the items of Plant and Machinery have been physically verified by the management during the year. In our opinion, the frequency of verification is reasonable, having regard to the size of the Company and nature of its assets. As explained to us, no material discrepancies were noticed on such verification. 2. None of the fixed assets have been revalued during the period. 3. The stocks of finished goods, stores, spare parts and raw materials in possession of the Company have been physically verified by the management at the close of the period. In respect of stocks lying with third parties, these have been confirmed by the management. 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. 5. The discrepancies noticed on verification between physical stocks and book records were not material in relation to the operations of the Company. 6. On the basis of our examination of stock records, we are of the opinion that the valuation of stocks is fair and proper in accordance with the normally accepted accounting principles except that the excise duty payable, as referred to in Note No. 3 of Schedule 18, on uncleared finished goods lying in the factory is not treated as part of the cost. The basis of valuation of stocks is same as in .the preceding year. 7. The Company has not taken any loans, secured or unsecured, from companies, firms and other parties listed in the Register maintained under Section 301 of the Companies Act, 1956. There are no Companies under the same management as this Company within the meaning of Section 370(1-B) 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. In respect of interest-free loans to employees and other loans and advances in the nature of loans given by the Company, the parties are generally repaying the principal amounts and interest, wherever applicable, as stipulated or as re-scheduled. 10. In our opinion, there are adequate control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of plant and machinery, equipments and other assets and with regard to the sale of goods. However, in few cases, the internal control procedures with regard to purchase of stores, raw materials including components, cash transactions and payments to creditors have not been adhered to. 11. The transaction of purchase of goods arid materials and sale of goods, materials and services in pursuance of contracts or arrangements entered into in the Register maintained under Section 301 of the Companies Act, 1956 and aggregating during the year to Rs. 50,000/- or mote in respect of each party have been made at reasonable price. 12. As explained to us, unserviceable or damaged stores, raw materials and finished goods are determined by the management and adequate provision has been made in the account for the loss arising on the items so determined. 13. With regard to the deposits accepted from the public, in our opinion and according to the information and explanation given to us, the Company has complied with the provisions of Section 58A of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975. 14. The Company does not have any by-product. According to the information and explanations given to us, the generation of scrap is not significant. 15. The Company does not have internal audit system. 16. The Central Government has not prescribed maintenance of cost records by the Company 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 and Employees State Insurance dues have not been regularly deposited during the year with the appropriate authorities. 18. Except Sales Tax amounting to Rs. 38.56 lacs (Previous year Rs.31.76 lacs), no other undisputed amounts in respect of income tax, wealth tax and customs duty were outstanding 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 explanations given to us, no personal expenses of employees or directors 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) of subsection (1) of section 3 of the Sick Industrial Companies (Special Provisions) Act, 1985. 21. In respect of service activities, the Company has a reasonable system of recording receipts, issues and consumption of materials and stores, commensurate with the size and nature of its business and the system provides for a reasonable allocation of the materials and stores and man hours consumed to the related jobs. In our opinion and according to the information and explanation given to us, there is a reasonable system for authorization at proper levels with necessary control for the issue of material and stores and allocation of material and stores and labour to jobs and there is a system of internal control commensurate with the size of the company and nature of its business. 22. In respect of trading activities of the company, we have been informed that there are no damaged goods. For VIJAY MEHTA & CO., Chartered Accountants Place: Mumbai VIJAY A. MEHTA Dated: 30th August, 2000. Proprietor