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Radiant Rotogravure Ltd.

BSE: 531526 Sector: Industrials
NSE: N.A. ISIN Code: INE864C01017
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Radiant Rotogravure Ltd. (RADIANTROTOGRAV) - Auditors Report

Company auditors report

RADIANT ROTOGRAVURE LIMITED ANNUAL REPORT 2003-2004 AUDITORS' REPORT TO THE MEMBERS 1. We have audited the attached Balance Sheet of M/s. Radiant Rotogravure Ltd. as at 31st March, 2004, the related Profit and Loss Account and Cash Flow Statement for the year ended on that date, annexed thereto, which we have signed under reference to this report. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis of our opinion. 3. As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of the 'Companies Act, 1956' (the 'Act') we enclose in the Annexure a statement on the matters specified in paragraph 4 and 5 of the said Order. 4. Further to our comments in the Annexure referred to vide paragraph 3 above, we report that :- (i) 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; (ii) In our opinion, proper books of account as required by law have been kept by the Company, so far as it appears from our examination of such books; (iii) The Balance Sheet, Profit and Loss Account and Cash Flow Statement referred to in this report are in agreement with the books of account; (iv) In our opinion, the Balance Sheet and Profit and Loss Account dealt with by this report comply with the accounting standards referred to in Section 211(3C) of the Act; (v) On the basis of written representations received from the directors, as on 31st March, 2004, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2004 from being appointed as a director in terms of Section 274(1)(g) of the Act; (vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts together with significant accounting policies and other notes thereon/attached thereto give in the prescribed manner the information required by the Act and also give a true and fair view in conformity with the accounting principles generally accepted in India: (a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2004; (b) in the case of the Profit and Loss Account, its Loss for the year ended on that date; and (c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date. For R.C. JHAWER & CO. Chartered Accountants Kolkata (R.C. JHAWER) The 27th August, 2004 Proprietor ANNEXURE TO AUDITORS' REPORT Annexure referred to in Paragraph 3 of the Auditor's Report of Even Date to the Members of M/s. Radiant Rotogravure Ltd. i) a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. b) Fixed Assets of the company have been physically verified by the management which in our opinion is reasonable having regard to the size of the Company and the nature of its fixed assets. c) In our opinion, and according to the information and explanations given to us, a substantial part of fixed assets has not been disposed off by the Company during the year. ii) a) The inventories have been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable. b) The procedures 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) In our opinion and according to the information and explanations given to us, the Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material and have been properly dealt with in the books of account. iii) As informed to us, 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 and as such sub-clauses (b), (c) and (d) are not applicable. iv) In our opinion there are adequate internal control procedures commensurate with the size of the Company and the nature of its business, for the purchase of fixed assets. Further, on the basis of our examination of the books and records of the company, and according to the information and explanations given to us, we have neither come across nor have we been informed of any continuing failure to correct major weakness in the aforesaid internal control procedures. v) According to the information and explanations provided by the management, we are of opinion that they are transactions of purchases that need to be entered into the register maintained under Section 301 of the Act and exceeding the value of Rupees five lacs have been made at price which are reasonable having regard to the prevailing market prices where such market price are available with the company. vi) In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits during the year from the public under section 58A and 58AA of the Act and therefore, clause vi of paragraph 4 of the aforesaid order is not applicable to the company. vii) In our opinion, the Company's present internal audit system is commensurate with its size and nature of business. viii) To the best of our knowledge and as explained, the Central Government has not prescribed maintenance of cost records under clause (d) of Sub- section (1) of Section 209 of the Act for the Company. ix) a) According to the records of the Company, the Company is generally regular in depositing undisputed statutory dues in respect of provident fund, investor education and protection fund, employees' state insurance, income tax, sales tax, wealth tax, custom duty, excise duty, cess and other material statutory dues as applicable to it with the appropriate authorities though there has been some delay in case of provident fund and no payment has been made in case of employees' state insurance. According to the information and explanations given to us, there are no undisputed amounts payable in respect of income tax, wealth tax, sales tax, customs duty and excise duty which were outstanding, at the year end for a period of more than six months from the date they became payable, other than certain disputed income tax dues in respect of which no dispute is pending, have been indicated in Note 14 on schedule 14 to Accounts. b) According to the information and explanations given to us and the records of the Company examined by us, there are no dues outstanding of sales tax, income tax, wealth tax, custom duty, excise duty and cess on account of any dispute, other than the following : Name of the Statute Nature of Amount Forum where The dues Rs. Dispute is pending Central Excise Act, 1944 Excise Duty, 1,62,54,806/- The Asst. Registrar Penalty and CESTAT, Fine thereon Eastern Zonal Bench Kolkata x) The Company have accumulated losses as at the end of the financial year and has incurred cash losses in the current financial year and in the immediately preceding financial year. xi) As per books and records maintained by the Company and according to the information and explanations given to us, the Company has defaulted in repayment of dues to Banks and financial Institutions. xii) According to the information and explanations given to us and based on the documents and records produced to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. xiii) In our opinion and according to the information and explanations given to us, the nature of activities of the Company does not attract any special statute applicable to chit fund and nidhi/mutual benefit fund/ societies. xiv) Based on our examination of the records, we are of opinion that the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Order are not applicable to the Company. xv) According to the information and explanations given to us and the records examined by us, the Company has given corporate guarantees for loans taken by its associate concerns from bank or financial institutions. xvi) The Company has not taken any fresh Term Loans during the year. But Bank and Financial Institutions have converted the overdrawn amount and accrued interest due on cash credit limit and term loans upto 30th June 2003 into working capital term loan and funded interest term loan as per rehabilitation package granted to the company. xvii) On the basis of an overall examination of the Balance Sheet of the company and according to the information and explanations given to us, in our opinion funds raised on a short term basis have not been used for long term investment and visa versa. xviii) The Company has not made any preferential allotment of shares to parties or companies covered in the register maintained under Section 301 of the Act. xix) The Company did not have any outstanding debentures during the year. xx) The Company has not raised any money through a public issue during the year, however company have received advance against re-issue of forfeited shares. xxi) Based upon the audit procedures performed and the information and explanations given by the management. We report that no fraud on or by the Company has been noticed or reported during the year. For R.C. JHAWER & CO. Chartered Accountants Kolkata (R.C. JHAWER) The 27th August, 2004 Proprietor