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Persian Carpet & Textiles Ltd.

BSE: 521159 Sector: Others
NSE: N.A. ISIN Code: N.A.
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Persian Carpet & Textiles Ltd. (PERSIANCARPET) - Auditors Report

Company auditors report

PERSIAN CARPET & TEXTILES LTD. ANNUAL REPORT 1999-2000 AUDITORS REPORT: To The Members of Persian Carpet & Textiles Ltd. We have audited the attached Balance Sheet of Persian Carpet & Textiles Ltd., as at 31st March, 2000 and also the attached Profit and Loss Account of the company for the year ended on that date and report that 1) As required by the Manufacturing and 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 Annexure 1, a statement on the matters specified in paragraphs 4 & 5 of the said order. 2) Subject to and in terms of our comments in the Annexure referred to in paragraph 1 above, we further 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 accounts as required by Law have been kept by the Company except stock record so far as appears from the examination of such books. c) The Balance Sheet and Profit and Loss Account referred to in this Report are in agreement with the books of account d) In our opinion, the profit & loss Account and Balance Sheet by and large comply with the Accounting Standards referred to in Sub-Section (3C) of Section 211. e) In our opinion, and to the best of our information and according to explanations given to us, the said statements of account, subject to notes no. B-3 of Schedule 17 regarding non provisioning of penal interest on Secured Loans, Note no. B-4 regarding non-confirmation of Balances and B-5 regarding non-provisioning of Doubtful Loans and Advances of RS.18.63 Lacs, Note no. B-7 regarding non provisioning of interest payable to Syndicate Bank of RS.70,00,000/-(Rs. Seventy Lacs only) App. As against the Bank claims of RS. 1,58,00,000 (Rupees One Crore Fifty Eight Lacs only) and other notes to accounts appearing in schedule 17 and their effect on Profit & Loss Account And Balance-Sheet of the company, 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 on 31st March, 2000 and, II) In so far as it relates to profit & Loss Account, of the Loss of the Company, for the Year ended on that date. For DEEPAK KUMAR & ASSOCIATES, (Chartered Accountants) (DEEPAK KUMAR) PROP. Place: Amritsar Date : 21.08.2000 ANNEXURE-1 Persian Carpet & Textiles Ltd. Referred to in Paragraph 1 of our report of even date. 1. The company has maintained records showing full particulars including quantitative details and situation of its fixed assets except that these are not in proper format. Most of the Fixed Assets have been physically verified by the management during the Year and it is explained that no major discrepancies were noticed on such verification. 2. None of the fixed assets has been revalued during the year. 3. The stocks of finished goods, major items of stores, spare parts and raw materials lying at its location have been physically verified by the management at reasonable intervals. 4. The procedures followed by the management for physical verification of stocks are reasonable and adequate in relation to the size of the company and the nature of its business. In the case of materials lying with third parties, certificates confirming stocks at the year end have been received in respect of a major portion of stocks. 5. The discrepancies noticed on physical verification of stocks as compared to the book record were not material and have been properly dealt with in the books of account. 6. In our opinion the valuation of stocks is fair and proper in accordance with the normally accepted accounting principles and is on the same basis as in the previous year. 7. The company has not taken loans from companies, firms or other parties listed in the register maintained under section 301 of the companies Act, 1956, where the terms and conditions were primafacie prejudicial to the interest of the company. 8. The company has not granted any loans to companies, firms or other parties listed in the register maintained under section 301 of the companies Act,1956, where the terms and conditions were primafacie prejudicial to the interest of the company. 9. The parties to whom loans or advances in the nature of loans have been given by the company are repaying the principal amounts, as stipulated and are also regular in the payment of interest where applicable. 10. In our opinion and according to the information and explanation given to us, there are adequate internal control procedure commensurate with the size of the company and nature of its business with regard to purchase of stores, raw material including components, plant and machinery, equipment and other assets and with regard to the sale of goods. 11. In our opinion and according to the information & explanation given to us, the transactions of purchase of goods and materials and sale of goods, materials and services made in pursuance of contracts or arrangements falling under section 301 of the companies Act 1956 and aggregating during the year to Rs. 50,000 or more in respect of each party, have been made at price which are reasonable having regard to the facts and circumstances of the case. 12. As explained to us, the company has a regular procedure for the determination of unserviceable or damaged stores, raw-materials and finished goods and in our opinion adequate amounts have been written off from such stocks in the accounts. 13. In our opinion and according to the information and explanation given to us the company has not accepted any deposit from the public to which the provision of section 58 A of the Companies Act, 1956, an : the rules made thereunder would apply. 14. The company's operations do not generate scrap and by-products. 15. In our opinion, during the current year, the Company had an adequate internal audit system commensurate with the size, volume and nature of its business. 16. We are informed that maintenance of cost records has not been prescribed by the Central Government under Section 209 (1) (d) of the Companies Act, 1956, in respect of the company's products. 17. The Company has not deducted Provident Fund and Employees State Insurance during the year. 18. According to the information and explanations given to us, there are no un-disputed amounts payable in respect of income-tax, Wealth tax, sales tax, custom duty and excise duty as at 31st March, 2000 which are outstanding for a period of more than six months from the date they became payable. 19. According to the information and explanation given to us, personal expenses have not been charged to the revenue account other than those payable under contractual obligations or in accordance with generally accepted business practice. 20. The company is a sick industrial company within the meaning of clause (o) of subsection (1) of section 3 of the Sick industrial Companies (Special Provisions) Act,1985. The company has already filed it's references with Board of Industrial & Financial Reconstruction (BIFR) In this regard on 4.5.1999 and matter is pending before BIFR for declaration of company as sick. For DEEPAK KUMAR & ASSOCIATES, (Chartered Accountants) Place:Amritsar (DEEPAK KUIVIAR) Date : 21.08.,2000 PROP.