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Partap Rajastan Special Steels Ltd.

BSE: 504860 Sector: Metals & Mining
NSE: N.A. ISIN Code: N.A.
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Partap Rajastan Special Steels Ltd. (PARTAPRAJSPL) - Auditors Report

Company auditors report

PARTAP RAJASTHAN SPECIAL STEELS LIMITED ANNUAL REPORT 2004-2005 AUDITORS' REPORT To The Members, 1. We have audited the attached Balance Sheet of Partap Rajasthan Special Steels Ltd. as at 31 March, 2005 and also the Profit and Loss Account of the Company for the year ended on that date, annexed thereto. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these statements based on our audit. 2. We conducted our audit in accordance with auditing standards generally accepted in India. These statements require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free to material misstatement. An audit includes examining, on a test basis, evidence supporting the accounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. As required by the Companies (Auditor's Report) Order 2003, issued by the Central Government in terms of sub-section (4A) of the section 227 of the Companies Act, 1956, we annex a statement on the matters specified in paragraphs 4 and 5 of the said order. 4. Further to our comments in the annexure referred to in paragraph 1 above, we report that: i) No provisions have been made in respect of the claims being not acknowledged as debt as disputed by the Company and are under appeals. (Refer note No. 2 of schedule 12). ii) Subject to note No. 4 of schedule 12 regarding accumulated losses. iii) Subject to note No. 8 of schedule 12. iv) Subject to note No. 9 of schedule 12 regarding depreciation. 5. Subject to para 2 above: 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 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 comply with the accounting standards referred to in sub section (3C) of sec. 211 of the Companies Act, 1956. e) On the basis of written representation received from the Directors, as on 31st March, 2005 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2005 from being appointed as a Director in terms of clause (g) of sub-section (1) of section 274 of Companies act, 1956. f) In our opinion and to the best of our information and according to the explanations given to us, the accounts give the information required and give a true and fair view; i) In the case of the balance sheet of the state of affairs of the company at 31st March, 2005 and ii) In the case of the profit and loss account of the loss of the company for the year ended 31st March, 2005. iii) In the case of cash flow statement, of the cash flows for the year ended on that date. For Kailash Chand Agrawal & Co. Chartered Accountants (K.C. AGRAWAL) Proprietor Jaipur Dated : 3rd September, 2005 ANNEXURE REFERRED TO IN PARAGRAPH 1 OF THE AUDITORS REPORT TO THE MEMBERS OF PARTAP RAJASTHAN SPECIAL STEELS LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH, 2005. 1. (a) The company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets. (b) During the year, the management has physically verified the fixed assets of the company. The discrepancies noticed on such verification were not material and have been properly dealt with in the books of account. (c) During the year, in our opinion a substantial part of fixed assets has not been disposed off by the company. 2. (a) During the year, the inventories have been physically verified by the management. (b) In our opinion and according to the information and explanations given to us, the procedure of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business. (c) On the basis of our examination of record of inventories, we are of the opinion that the company is maintaining proper records of inventories. The discrepancies noticed on physical verification of inventories as compared to book records were not material and have been properly dealt with in the books of account year. 3. The company has neither granted nor taken any loans, secured or unsecured, to/from companies, firms or other parties covered in the register maintained under section 301 of the Act. 4. 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 purchase of fixed assets. 5. In our opinion, and according to the information and explanations given to us, there are no transactions that need to be entered in the register in pursuance of section 301 of the Act. 6. The company has not accepted any deposits from the public. 7. There is no internal audit system as there is no business during the year. 8. (a) According to the books and records as produced and examined by us in accordance with generally accepted auditing practices in India and as per the information and explanations given to us, undisputed statutory dues in respect of provident fund, employees, state insurance, income-tax, sales tax, wealth-tax, cess and other material statutory dues as applicable to the company, have generally been regularly deposited with the appropriate authorities, except ESI of Rs. 4,84,233/- in arrears for a period of more than six months from the date they became payable. (b) According to the information and explanation given to us, and the records of the company examined by us, there are no dues of income-tax, wealth-tax, and cess which have not been deposited on account of any dispute as at 31st March, 2005. 9. The company has accumulated losses at Rs. 3,29,13,131/- as at 31st March, 2005. The company, has incurred cash loss during the year and also immediately preceding financial year. 10. In our opinion and according to our information and explanations given to us the company has not received any demand from Bank/Financial institutions during the year covered by our audit. The repayment has been done by the company as per schedule during the year. 11. According to information and explanations given to us the company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures and other securities. 12. In our opinion, the company is not a chit fund, nidhi or a mutual benefit fund/ society. 13. As the company is not dealing in or trading shares, securities, debentures, and other investments, hence clause 4 (XIV) of the order is not applicable to the company. 14. According to the information and explanations given to us, the company has not given any guarantee during the year. For guarantee given earlier, refer note No. 3 of schedule 12 of notes to the accounts. 15. In our opinion and according to the information and explanations given to us the company has not taken any term loan during the year. 16. As per information and explanation given to us, the company has not used their funds raised on short term basis for long term purpose. 17. The company has not made any preferential allotment of shares during the year. 18. The security has been created in respect of debentures. 19. The company has not raised any money by public issues during the year. 20. We are informed that in absence of plant operations the maintenance of cost records U/S. 209(1)(d) of the Companies Act, 1956 is not applicable to the company. 21. During the course of our examinations of the books of accounts carried out in accordance with the generally accepted auditing standards in India and as per the information and explanation given to us, we have not come across any instance of fraud, either noticed or reported during the year, by the company. For Kailash Chand Agrawal & Co. Chartered Accountants (K.C. AGRAWAL) Proprietor Jaipur Dated : 3rd September, 2005