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Pan Auto Ltd.

BSE: 513634 Sector: Engineering
NSE: N.A. ISIN Code: N.A.
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Pan Auto Ltd. (PANAUTO) - Auditors Report

Company auditors report

PAN AUTO LIMITED ANNUAL REPORT 19998-99 AUDITORS' REPORT To the Members of Pan Auto Limited We have audited the attached Balance Sheet of Pan Auto Limited as at 31/03/1999 and the Profit and Loss Account for the year ended on that date annexed thereto and report that: 1. As required by the Manufacturing and Other Companies (Auditors' Report) Order, 1988, issued by the Company Law Board in the terms of Section 227 (4A) of the Companies Act, 1956 . We give in the Annexure hereto a statement on the matters specified in paragraphs 4 and 5 of the sad Order. 2. Further to our comments in the Annexure referred to in paragraph 1 above, we state that: 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 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 referred to this Report are in agreement with the books of account. d) Subject to the above, in our opinion and to the best of our information and according to explanations given to us, the said Balance Sheet and Profit and Loss Account read together with the notes thereon give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view: (i) in so far as it relates to the Balance Sheet of the state of affairs of the Company as at 31st March, 1999 and (ii) in so far it relates to the Profit and Loss Account, ot the Profit of the Company for the year ended on that date. Gaurang Vora, Proprietor For and on behalf of Gaurang Vora & Associates Chartered Accountant Place: Ahmedabad. Date: 26108/1999. TO AUDITOR'S 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 the fixed assets on the basis of information available. According to the information and explanations given to us most of the Fixed Assets were physically verified by the management during the year and no material discrepancies were noticed on such verification is reasonable having to the size of the Company and nature of its assets. 2. The fixed assets of the Company have not been revalued during the year. 3. As explained to us, the stock of stores, spare parts, raw materials and finished goods, have been physically verified by the management at reasonable intervals during the year. In our opinion frequency of such verification is reasonable having regard to the size of the Company and nature of its business. 4. The procedure followed by the management for such physical verification is, in our opinion and according to information and explanation given to us, reasonable and adequate in relation to the size of the Company and nature of its business. 5. As explained to us there were no material discrepancies noticed on physical verification of the stocks of raw materials, stores and spares and finished goods having regard to the size of the operations of the Company and the same have been properly dealt with in the boos of account. 6. On the basis of our examination of stock we are of the opinion that, the valuation of stocks is fair and proper, in accordance with the normally accepted accounting principles, except for the finished goods which has been valued at sales price and is on the same basis as in the preceding year. 7. The Company has taken unsecured deposits from Trident (India) Limited; Company in which director is interested however same is not prejudicial to the interest of the Company or members and has not taken any loans, secured or unsecured from finns or other parties listed in the register maintained under Section 301 of the Companies Act 1956, or from Companies under the same management within the meaning of Sub-Section (IB) of Section 370 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 and/or to the Companies under the same management as defined under Subsection (IB) of Section 370 of the Companies Act, 1956. 9. No loans and advance in the nature of loans were given to employees and other parties. 10. In our opinion and according to the information and explanation given to us, there are adequate internal control process commensurate with the size of the Company and looking to the nature of its business for the purchase of raw materials, stores, plant and machinery, equipment and other assets and with regard to the sale of goods. 11. In our opinion and according to the information and explanation given to us, there are no transactions of purchase of goods and materials and sale of goods, materials and services made in pursuance of contracts or aggregating entered in the register maintained under section 301 of the Companies Act, 1956 and aggregating during the year to Rs. 50,0v (Rupees Fifty Thousand Only) or more in respect of any party. 12. As explained to us. the Company has a regular procedure for determination of unserviceable or damaged stores, raw materials and finished goods. We are informed by the management, that no unserviceable or damaged stores, raw materials and finished goods were determined during the year under review. 13. The Company has not invited deposits from the public during the year under audit. 14. In our opinion reasonable records have been maintained by the Company for the sale and disposal of realised by products and scrap where ever significant. 15. The Company has an internal audit system, which in our opinion, is commensurate with the size and nature of operations of the Company. 16. As informed to us maintenance of cost records has not been prescribed by the Central Government under Section 209 (1) (d) of the Companies Act, 1956. 17. The Company has not been regular during the year, in deposing Provident Fund and Employees State Insurance dues with 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 Duty and Excise Duty were outstanding as at the year end, for a period of more than six months from the date they become payable. 19. During the course of our examination of the books of accounts carried out in accordance with the generally accepted auditing practices, we have not come across any personal expenses other than those payable under contractual obligations or in accordance with-generally accepted business practices which have been charged to the Profit and Loss Account nor have we been informed of such case by the management. 20. The Company is not a sick industrial Company within the meaning of clause (0) Section 3(1) of the Sick Industrial Companies (Special) Provisions Act, 1985. Gaurang Vora, Proprietor For and on behalf of Gaurang Vora & Associates Chartered Accountant Place: Ahmedabad. Date : 26/08/1999.