You are here » Home » Companies » Company Overview » Roofit Industries Ltd

Roofit Industries Ltd.

BSE: 526089 Sector: Industrials
NSE: ROOFITIND ISIN Code: INE743A01017
BSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN
PREVIOUS CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 0
Buy Price
Buy Qty
Sell Price
Sell Qty
OPEN
CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 0
Buy Price
Buy Qty
Sell Price
Sell Qty

Roofit Industries Ltd. (ROOFITIND) - Auditors Report

Company auditors report

ANNUAL REPORT 2000-2001 ROOFIT INDUSTRIES LIMITED AUDITORS' REPORT To the Shareholders, We have audited the attached Balance Sheet of Roofit Industries Limited as at 30th, June 2001 and also the Profit & Loss Account of the Company for the year ended as on that date and report that :- 1. 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. 2. 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 . 3. The Balance Sheet ad Profit & Loss Account dealt with by this report are in agreement with the above books of account . 4. In our opinion, the Profit & Loss Account and Balance Sheet comply with the Accounting Standards referred to in sub section (3C) of section 211 of the Companies Act,1956. 5. In our opinion and based on the information and explanations given to us, none of the directors are disqualified as on 30th June 2001, from being appointed as directors in terms of clause(g) of sub section (1) of section 274 of the Companies Act 1956. 6. In our opinion and to the best of our information and according to the explanations given to us, the accounts read with notes thereon, give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view subject to note No. 15 regarding non provision of gratuity liability in respect of staff of its factories at Gummidipoondi, Aurangabad & Abitghar. a) In the case of Balance Sheet, of the state of affairs of the Company as at 30th June 2001. b) In the case of Profit and Loss Account, of the profit for the year ended 30th June 2001. 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 further report that: i) We have been informed that the Fixed Assets register showing full particulars including quantitative details and situation of fixed assets is being updated. Further we are informed that the , physical verification of these fixed assets will be carried only after completion of the fixed assets register and discrepancy if any, will be adjusted thereafter. ii) The Fixed Assets were not revalued during the year. iii) The Stock of Finished Goods, Stores, Spare Parts and Raw Material of the Company have been physically verified by the management during the year at reasonable intervals. iv) In our opinion, the procedures of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business. v) In respect of stock physically verified by the management there was no material discrepancy between physical stock and book stock. vi) 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 preceding year. vii) In our opinion, the terms and conditions on which interest free loan have been taken from Companies, firms & parties listed in the registers U/s 301 of the Companies Act, 1956, are not prima facie, prejudicial to the interest of the Company. We are informed that there is no company under the same management as defined U/s 370(1B) of the Companies Act, 1956. viii) In our opinion, the terms and conditions on which loans are given to concerns listed in the register U/s 301 of the Companies Act,1956 are not prima facie prejudicial to the interest of the Company We are informed that there are no companies under the same management. ix) The parties (including staff) to whom loans and advances in the nature of loan have been given by the Company are generally repaying the principal amounts as stipulated and have been regular in the paying of interest wherever applicable. x) In our opinion, there is 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 the sale of goods xi) In our opinion and according to the information and explanations given to us the transactions for purchase of goods and materials and sale of goods & materials made in pursuance of contracts or arrangements entered in the register U/s 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 prices which are reasonable having regard to prevailing market prices for such goods and materials or the prices at which transactions for similar goods and materials have been made with other parties. There was no sale of services to such parties xii) As explained to us, unserviceable or damaged goods, stores, raw materials and finished goods were determined by the Company on the basis of technical evaluation and adequate provision for loss has been made in the accounts. xiii) In our opinion and according to the information and explanation given to us, the Company has generally complied with the provisions of section 58-A of the Companies Act, 1956 and the rules made there under. xiv) We are informed that there is no significant scrap generated. The Company does not have any by- products. xv) The Internal Audit of the Company is being conducted by a firm of Chartered Accountants. In our Opinion the same is commensurate with the size of the Company and nature of its business. xvi) We are informed that the Central Government has not prescribed the maintenance of cost records by the company under Section 209 (1) (d) of the Companies Act, 1956 for any of its products. xvii) In our opinion the Company is generally regular in depositing Provident Fund and ESIC dues with the appropriate authorities. xviii) We are informed that there are no undisputed amounts payable in respect of Income Tax, Sales Tax, Custom Duty Excise Duty and Wealth Tax as at the last day of the financial year for a period of more than six months from the date they become payable. xix) During the course of our examination of the books of account carried out in accordance with the generally accepted auditing practices, we have not come across any personal expenses, which have been charged to Profit and Loss Account, other than those payable under contractual obligations or generally accepted business practices, nor have we been informed of any such case by the management. xx) The Company is not a sick Industrial Company within the meaning of Clause (O) of Section 3(1) of the Sick Industrial Companies (Special Provisions) Act, 1985. xxi) In relation to trading activities of the company, we are informed that there are no damaged goods. for NITISH NIGAM & CO. Chartered Accountants Nitish Nigam Place: Mumbai Proprietor Date : 7th September, 2001