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P C I Chemicals & Pharmaceuticals Ltd.

BSE: 524792 Sector: Health care
NSE: N.A. ISIN Code: N.A.
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P C I Chemicals & Pharmaceuticals Ltd. (PCICHEMICALS) - Auditors Report

Company auditors report

P. C. I. CHEMICALS AND PHARMACEUTICALS LIMITED AUDITOR'S REPORT To, The Members of P.C.I. Chemicals And Pharmaceuticals Ltd. We have audited the attached Balance Sheet of P.C.I. CHEMICALS AND PHARMACEUTICALS LIMITED, as at 31 st March, 1993 and also the Profit & Loss Account of the Company for the year ended as on that date annexed hereto and 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 the law have been kept by the Company so far as appears from our examination of such Books. c) The Balance Sheet and Profit & Loss Account dealt with by the report are in agreement with the Books of Account. d) In our opinion and to the best of our information and according to the explanations given to us, the said balance sheet and the profit and loss account, read together with the notes thereon,Particularly Note No.10,give the information as 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 31st March, 1998; AND ii) In the case of the Profit And Loss Account, of Profit for the year ended on that date. 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 further report that: 1. The Company has maintained proper records to show full particulars including quantitative details, situation of Fixed Assets and Depreciation written off to date. The Fixed Assets of the company were physically verified by the Management during the year and no discrepancies were noticed on such verification. 2. None of the Fixed Assets have been revalued during the year. 3.The Stock of Finished goods, Raw materials and Packing materials have been physically verified by the Management during the year. The discrepancies noticed on such verification between the physical stocks and the book records were not significant. In our opinion, the valuation of the above mentioned stocks is fair and proper in accordance with the normally accepted accounting Principles and is on the same basis as in the previous year. 4.The Company has not taken any loan from concerns in which Directors of the Company are interested and are listed in the Register maintained u/s. 301 and 370(1-C) of the Companies Act, 1956. 5. The Loans and Advances In the nature of loans given by the Company includes interest-free loans to its employees. The recovery of principal amount is regular, except in some cases where no recovery was made during the year. 6.In our opinion, purchases and sales of goods, materials and services made in pursuance of contracts or arrangements entered in the Register maintained under_ 1 1 13 14 1 ! 16. 17 Section 301 of the Companies Act, 1 956, and aggregating during the year to Rs. 50,000/- or more in respect of each party, have been made at prices which are reasonable having regard to the prevailing market prices for such goods, materials and services or the prices at which transactions for similar goods, materials or services have been made with the other parties. 7. In our opinion and according to the information and explanations given to us, during the course of the audit there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of raw materials. However the procedures need to be strengthened. 8. As explained to us, unserviceable or damaged raw materials are determined by the Company and adequate provision for loss has been made in the accounts. 9. In our opinion and according to information and explanations 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 with regard to the Deposits. 10. The Company has no by-products or scrap during the year. 11. The Company has no internal audit system commensurate with its size and the nature of its business. 12. We are given to understand by the management that cost records prescribed by the Central Government under section 209 (1)(d) of of the Companies Act,1956 are not applicable to the Company. This is because, as was explained to us,the turnover of the product namely injectables which is covered under the said section does not exceed the limit prescribed and that the company falls under the category of Small Scale Industrial Unit. 13. The Company is generally regular in depositing Provident Fund and E.S.I. S dues with the appropriate authorities . 14.According to the information and explanations given to us, there v,were no undisputed amounts payable in respect of Income Tax, Sales Tax, Customs Duty and Excise Duty, which have remained outstanding as on 31st March, 1998 for a period of more than six months from the date they became payable. 15. 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. 16. The Company is not a sick industrial company within the meaning of Clause (O) of the Sub-Section (1) of Section 3 of the Sick Industrial Companies (Special Provisions) Act, 1985. 17. As explained to us, there were no damaged stocks with the Company as on 31st March, 1998. FOR BALSEKAR & DESAI CHARTERED ACCOUNTANTS (S. D. DESAI) PARTNER PARTNER PLACE: MUMBAI DATE : 30th September,1998.