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Roplas India Ltd.

BSE: 509854 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
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Roplas India Ltd. (ROPLASINDIA) - Auditors Report

Company auditors report

ROPLAS (INDIA) LIMITED ANNUAL REPORT 2000-2001 AUDITORS' REPORT TO THE MEMBERS We have audited the attached balance sheet of Roplas (India) Limited as at 31st March, 2001 and also the annexed profit and loss account of the Company for the year ended on that date. 1. 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, we give in the annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order. 2. As stated in note 1 of Notes on Accounts, the Company has suspended all its manufacturing activities and the Company's offer under a Voluntary Retirement Scheme has been accepted by all unionised employees. The land and building has been sold during the year and the other assets are held for disposal. In view of this, the accounts of the Company have not been prepared on a 'going concern' basis. 3. Further to our comments in the Annexure referred to in paragraph 1 above and our comments in paragraph 2 above we 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, so far as appears from our examination of the books; (c) the balance sheet and profit and loss account dealt with by this report are in agreement with the books of amount; (d) in our opinion, the profit and loss account and balance sheet comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956; (e) on the basis of the written representations received from the directors as on 31st March,2001 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2001, from being appointed as a director in terms of clause (g) of sub-section(1) of section 274 of the Companies Act, 1956; (f) in our opinion and to the best of our information and according to the explanations given to us, the accounts 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 the balance sheet, of the state of affairs of the Company as at 31st March, 2001 and (ii) in the case of the profit and loss account, of the loss of the Company for the year ended on that date. For A. F. Ferguson & Co Chartered Accountants Place: Mumbai, M.S.Dharmadhikari Date : 28th June, 2001 Partner ANNEXURE REFERRED TO IN PARAGRAPH 1 OF THE AUDITORS' REPORT OF EVEN DATE TO THE MEMBERS OF ROPLAS (INDIA) LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH, 2001. 1. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. As explained to us, the management has physically verified the fixed assets during the year and no material discrepancies were noticed on such verification. In our opinion, the frequency of physical verification of fixed assets is reasonable. 2. None of the fixed assets have been revalued during the year. However, in view of suspension of the operations of the Company during the year, on the basis of Valuers' Reports, a provision for dimunition in the value of fixed assets has been made and disclosed separately in Schedule IV. 3. The stocks of finished goods, stores, spare parts and raw materials have been physically verified during the year by the management except for stocks lying with third parties in respect of which confirmations have been obtained from them. In our opinion, the frequency of verification is reasonable. 4 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 the nature of its business. 5. The discrepancies noticed on verification between the physical stocks and book records were not material and these have been properly dealt within the books of account. 6. In our opinion, 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. 7. The Company has not taken/granted any loans, secured or unsecured from/to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956 where the rate of interest and other terms and conditions are prima facie prejudicial to the interests of the Company. We are informed that there are no companies under the same management as defined under section 370(1-B) of the Companies Act, 1956. 8. Loans and advances in the nature of loans have been given by the Company to its employees free of interest and, where stipulations have been made, they are generally repaying the principal amounts as stipulated or as subsequently rescheduled. 9. In our opinion and according to the information and explanations given to us and having regard to the explanation that some of the items purchased / sold were of a special nature for which no comparable alternative quotations were available with the Company, there were generally adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to the purchase of stores, raw materials including components, plant and machinery, equipment and other assets and for the sale of goods. 10. In our opinion and according to the information and explanations given to us, where purchases / sales have been made from / to different parties and have not been explained to be of a special nature, the transactions of purchases of goods and materials and sale of goods, materials and services made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of Companies Act, 1956 and aggregating during the year to Rs. 50,000 or more in respect of each party have been made at the prices which are reasonable, having regard to the prevailing market prices as available with the Company for such goods, materials or services or the prices at which the transactions for similar goods or services have been made with other parties. 11. As explained to us, unserviceable or damaged stores, raw materials and finished goods have been determined by the management and adequate provision has been made in the accounts for the loss arising on the items so determined. 12. In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Section 58A of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules 1975 with regard to the deposits accepted from the public. 13. As explained to us, the manufacturing process employed by the Company does not generate any realisable by-products. Reasonable records have been maintained for the sale and disposal of scrap. 14. In our opinion, the Company has an internal audit system commensurate with the size and the nature of its business. 15. To the best of our knowledge and according to the information given to us, the Central Government has not prescribed the maintenance of cost records under Section 209(1)(d) of the Companies Act, 1956 for any of the products manufactured by the Company. 16. According to the records of the Company, in respect of Provident Fund dues as also the Employees' State Insurance (ESI) dues where deducted/ accrued in the books of account by the Company, these have generally been regularly deposited during the year with the appropriate authorities. There are no arrears of such dues outstanding as at the year end. 17. There were no undisputed amounts payable in respect of income tax, wealth tax, sales tax, customs duty and excise duty outstanding as at the last day of the financial year for a period of more than six months from the date they became payable. 18. According to the information and explanations given to us and the records of the Company examined by us, no personal expenses have been charged to revenue account other than those payable under contractual obligations or in accordance with generally accepted business practice. 19. Being a small scale industrial undertaking as defined in clause (j) of the Industries (Development and Regulation) Act, 1951, the Company is not an industrial company within the meaning of section 3(1)(e) of the Sick Industrial Companies (Special Provisions) Act, 1985 and accordingly the provisions of the said Act are not applicable. 20. In respect of the Company's service activity we report as follows: (i) Upto the time of the suspension of operations, the Company had a reasonable system of recording receipts, issues and consumption of materials and stores commensurate with its size and nature of its business. Whilst the system provided for the allocation of materials consumed to the service activity, such allocations were not made to each job. Recoveries in respect of the service activity were made on the basis of pre-determined rates. (ii) Whilst the company had a system which provided for the allocation of man hours consumed to the service activity, such allocations were not made to each job. Recoveries in respect of the service activity were made on the basis of pre-determined rates. (iii) As stated in (i) and (ii) above, there were no allocation of stores and labour to jobs for its service activity; however there was a reasonable system of authorisation at proper levels with necessary controls on the issue of stores to jobs. There was a reasonable system of internal control commensurate with the size of the Company and the nature of its service activity. 21. The Company did not have any stocks of traded goods as at the year end. For A. F. Ferguson & Co Chartered Accountants Place: Mumbai, M.S.Dharmadhikari Date : 28th June, 2001 Partner