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Patheja Forgings & Auto Parts Manufacturers Ltd.

BSE: 500326 Sector: Engineering
NSE: PATHEJAFOR ISIN Code: N.A.
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Patheja Forgings & Auto Parts Manufacturers Ltd. (PATHEJAFOR) - Auditors Report

Company auditors report

PATHEJA FORGINGS & AUTO PARTS MANUFACTURING LIMITED AUDITORS' REPORT AUDITORS' REPORT TO THE MEMBERS We have audited the attached Balance Sheet as at 30 September, 1997 of Patheja Forgings & Auto Parts Manufacturers Limited and the annexed Profit & Loss Account of the Company for the period ended as on that date and report that: (1) As required by the Manufacturing & Other Companies (Auditors'Report) Order, 1988 issued by the Company Law Board in terms of Section 227 (4A) of the Companies Act, 1956, we enclose in the Annexure a Statement on the matters specified in the Paragraphs 4 and 5 of the said order. (2) Further to our comments in the Annexure referred to in Paragraph (I) 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 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 the books. c. The Balance Sheet and Profit & Loss Account dealt with by this report ate 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 accounts subject to i. Note No.29 Schedule `S' regarding non-provision of interest accrued on unpaid lease rentals and unsecured loans amounting to Rs.11,38,77,904 ii. Note No.26 Schedule 'S' regarding change in the method of accounting for leases amonnting to Rs.29,41,77,141. iii. Note No. 38 Schedule 'S' regarding non-provision on various overdue loans & advances amounting to Rs.5,61,35,469. And read with the notes and statement of accounting policies, give the information required by the Companies Act, 1956, in the manner so required and give a true & fair view: i) In so far as it relates to the Balance Sheet, of the state of affairs of the Company as on 30th September, 1997 and ii) In so far as it relates to the Profit & Loss Account, of the Loss for the Period ended on that date. For NANDA & CO., Chartered Accountants M.L.Nands Partner Mumbai 25th October, 1998 ANNEXURE TO THE AUDITORS' REPORT (Referred to in Paragraph (1) of Auditors' Report of even date on the accounts of PATHEJA FORGINGS & AUTO PARTS MANUFACTURERS LIMITED) I) The Company is yet in process of preparing its records to show full particulars including quantitative details and situation of Fixed Assets from 1 April, 1994 onwards. The records maintained earlier were destroyed by fire on 18 December, 1994. As explained to us there is a regular program of verification over a period of three years which in our opinion is reasonable having regard to the size and the nature of the business. No material discrepancies were noticed on such verification. 2) None of the Fixed Assets have been revalued during the period. 3) We have examined the stock verification records of the Company conducted during the period for Finished Goods, Stores, Spare Parts, Raw Materials and "components excluding material Iying with third parties. On the basis of such examination, we are of the opinion that stocks have been. physically verified during the period by the management. 4) In our opinion, the procedure for physical verification of stocks followed by the management is reasonable and adequate considering 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 stocks as compared to the book records in so far as it appears from our examination of the books. 6) On the basis of our examination of the stock records, we are of the opinion that the valuation of the stocks is fair and proper and in accordance with the normally accepted accounting principles and are on the same basis as in the preceding year. 7) The Company has not obtained any Loans, secured or unsecured, from companies firms and other parties listed in the Register maintained under Section 301 of the Companies Act, 1956, and also from the companies under the same management as defined under Section 370 (IB). 8) The Company has not given any loans, secured or unsecured, to any companies, firms and other parties listed in the Register maintained under Section 301 of the Companies Act, 1956, and also from the companies under the same management as defined under Section 370 ( I B). 9) In respect of Loans and Advances in the nature of Loans given by the Company, the parties have generally not repaid the principal amounts and have been generally irregular in the payment of interest as stipulated. 10) In our opinion, and according to the information and explanations given to us, there are fairly adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of me Stores, Raw Materials including Components, Stores, Plant & Machinery, Equipment and other Assets and for the sale of goods. 11) In our opinion, and according to the information and explanations given to us, the prices for the Purchases of goods and materials and sale of goods and materials and services, made in pursuance of contract or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 and aggregating during the period to Rs.50,000/- or more in respect of each party are reasonable having regard to prevailing market prices for such goods, materials or services or the prices at which transactions for similar goods or services have been made with other parties or as available with the Company. 12) As explained to us, the management has a regulAr procedure for determination of unserviceable or damaged Stores and Raw Materials or Finished goods. According to the information and explanations given to us adequate provision has been made in the accounts for the loss arising on the items so determined. 13) The Company has accepted Deposits from public in the period but has not complied with the requirements of the Section 58A of the Companies Act, 1956, and the rules framed thereunder in so far as it has not repaid one Fixed Deposit in due, not complied Company Law Board's Order for repayment of the said deposit by 31 March, 1998, and has also not filed the Fixed Deposit Return. The Fixed Deposit referred above is treated as overdue and is shown under Current Liability. 14) In our opinion, the Company is maintaining reasonable records for the sale and disposal of scrap. We are informed that there are no realizable by-products. 15) In our opinion, the Company has an adequate internal audit system. 16) As per the information given to us, the Central Government has not prescribed the maintenance of Cost Records under Section 209 ( I ) (d) of the Companies Act, 1956 for any of the products of the Company. 17) According to the records of the Company, Provident Fund dues and Employees' State Insurance Contributions have been regularly deposited with the appropriate authorities. . 18) In our opinion, and according to the information and explanations given to us, there are no undisputed and outstanding amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Customs duty and Excise duty as on 30 September, 1997 for a period of more than six months from the date they became payable. 19) Based on test checks, information and explanations gathered during the course of the audit and representation made on enquiries, on the basis of contractual obligations and normally accepted business practice and having regard to the needs and requirements of the Company, in our opinion no personal expenses have been charged to the Profit and Loss Account. 20) The Company has become a Sick Industrial Company within the meaning of clause (O) Sub-section 1 of Section 3 of the Sick Industrial Companies (Special Provisions) Act, 1985. 21) As explained to us, in respect of the trading activities, there were no damaged goods during the period. For NANDA & CO., Chartered Accountant M.L.Nanda Partner Place : Mumbai Date : 25th October, 1998