ANNUAL REPORT 2000-2001
ROOFIT INDUSTRIES LIMITED
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
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
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.
Place: Mumbai Proprietor
Date : 7th September, 2001