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Pentafour Products Ltd.

BSE: 500328 Sector: Engineering
NSE: PENTFRPROD ISIN Code: N.A.
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Pentafour Products Ltd. (PENTFRPROD) - Auditors Report

Company auditors report

PENTAFOUR PRODUCTS LIMITED ANNUAL REPORT 1999-2000 AUDITORS' REPORT TO THE MEMBERS OF PENTAFOUR PRODUCTS LIMITED We have audited the attached Balance Sheet of M/s. Pentafour Products Limited as at 31st March 2000 and the Profit and Loss Account of the Company for the year ended on that date and report that: I. 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 and on the basis of such checks of the books and records of the Company as we considered appropriate and the information and explanation given to us during the course of our audit, we state that in our opinion: A. In respect of manufacturing activity of the company: (i) The company is maintaining proper records to show full particulars including quantitative details and situation of fixed assets. The Company has physically verified the assets and no material discrepancies were noticed on such verification. (ii) None of the fixed assets have been revalued during the period. (iii) Physical verification was conducted by the management during the period in respect of finished goods, stores, spare parts and raw materials. In our opinion the frequency of verification is reasonable. (iv) The procedures of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business. (v) Having regard to the size of operations of the Company, the discrepancies noticed on verification as compared to book records were not significant and these have been properly dealt with in the books of account. (vi) In our opinion and on the basis of our examination of stock records, the valuation of stocks is fair and proper in accordance with normally accepted accounting principles and is on the same basis as in the preceding year. (vii) During the period, the Company has neither taken nor granted any loans, secured or unsecured from/ to Companies, firms or other parties listed in the Register maintained under Section 301 of Companies Act 1956 (1 of 1956) or to other parties except employees to whom interest free loans or advances in the nature of loans have been given by the Company who are repaying the principal amounts as stipulated. (viii) The Company has an adequate internal control procedure commensurate with the size of the Company and the nature of its business for purchase of stores, raw materials, including components, plant and machinery, equipment and other assets and for sale of goods. (ix) In our opinion and according to the information and explanation given to us, the transactions of purchase of goods and materials and the sale of goods, materials made in pursuance of contracts or arrangements entered in the Register maintained under Section 301 of Companies Act, 1956 (1 of 1956) and aggregating to Rs. 50,000 or more during the period in respect of each party have been made at prices which are reasonable having regard to the market prices for such goods, materials or services or the prices at which transactions for similar goads or services have been made with other parties. (x) As explained to us, unserviceable or damaged stores, raw materials and finished goods wars determined by the management and adequate provision for loss has been made in the accounts. (xi) In our opinion the Company has 6n terms of the directives issued by the Reserve Bank of India and provisions of Sec 58A of the Companies Act, 1956, accepted fixed deposits from the public. There has been delay and non-payment of matured deposits and interest payments. (xii) In our opinion the Company has an adequate internal Audit system commensurate with the size and nature of its business. (xiii) The Central Government under Section 209(1)(d) of the Companies Act, 1956 has prescribed the maintenance of cost accounts and records in respect of, Certain products manufactured by the Company.' The Company has prima facie made and maintained such accounts and records. We have broadly reviewed the same, but have not made a detailed examination of these accounts and records. (xiv) According to the records produced, information and explanation given to us there has been daisy and non-remittance of provident fund and employees state insurance. (xv) According to the information and explanation given to us, there were no undisputed amounts payable in respect of Income tax, Wealth tax, Sales tax, Customs duty and Excise duty which have remained outstanding as at 31st March 2000 ,for a period of more than 6 months from the date they became payable. (xvi) During the course of our examination of books of account we have not come across any personal expanses which have been charged to revenue account other than those payable under contractual obligations or in accordance with generally accepted business practice. (xvii) The Company is not a Sick Industrial Company within the meaning of clause (o) of sub-section (1) of Section 3 of Sick Industrial Companies (Special Provisions) Act of 1985 (1 of 1986). B) In respect of service activity of the company. (i) The company has a reasonable system of recording receipts, issues and consumption of materials and stores commensurate with its size and nature of its business. Though allocation of materials consumed is not made to relative jobs, in our opinion control is exercised on total materials consumed on jobs. (ii) Though allocation of man hours utilised is not made to relative jobs, in our opinion, control is exercised on total labour utilised on jobs. (iii) The company has a reasonable system of authorisation at proper levels and an adequate system of internal control commensurate with the size of the Company and nature of its business on issue of stores and as stated in (i) and (ii) above though allocation of materials and labour is not made to relative jobs, in our opinion, control is exercised on total materials consumed and labour utilised on jobs. C) In our opinion and according to the information and explanation given to us the damaged goods in respect of toe trading activity are not significant, having regard to the size of the activity and the company has made adequate provisions for the loss. II. further to the above, we report 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 those books. c) The Balance Sheet and Profit and Loss Account deceit with by this report are in agreement with the books of account. d) In our opinion the accounts have been prepared in compliance with the Accounting Standards issued by the Institute of Chartered Accountants of India referred to in section 211 (3C) of the Companies Act, 1956 to the extent applicable. e) In our opinion and to the best of our information and according to the explanations given to us, the accounts read together with 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 the case of Balance Sheet of the state of affairs of the Company as at 31st March 2000 and ii) In the case of Profit and Loss Account of the Loss of the Company for the year ended an that date. for R. SWAMINATHAN & CO. Chartered Accountants R. SWAMINATHAN Partner Chennai 27.11.2000