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Ruia Aquaculture Farms Ltd.

BSE: 519413 Sector: Others
NSE: N.A. ISIN Code: INE673U01014
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Ruia Aquaculture Farms Ltd. (RUIAAQUACULTURE) - Auditors Report

Company auditors report

ANNUAL REPORT 1998-99 RUIA AQUACULTURE FARMS LTD AUDITORS REPORT To, The Members of Ruia Aquaculture Farms Limited We have audited the Annexed Balance Sheet of Ruia Aquaculture Farms Limited as at 31st March 1999 and also the Profit and Loss Account for the period ended on that date and report as under 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 enclose in the Annexure a Statement on the matters specified in the paragraphs 4 & 5 of the said order: 2. Further to our Comments in the Annexure referred to in Paragraph (1) 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 Account as required by the law have been kept by the Company so far it appears from the examination of the Books. c) The Balance Sheet and the Profit and Loss Account dealt with by the report are in agreement with the Books of Accounts. d) In our opinion the Profit and Loss Account and the Balance Sheet comply with the Accounting standards referred to in sub-section (3C) of Section 211 of the Companies Act 1956. e) In our opinion and to the best of our information and according to the explanation given to us and together with notes thereon,subject to NoteNo.5 and Note No.6,No.7,No.10,No.11 and No. 12 regarding non-provision of interest on Term Loan and working capital loan, non-recognition of interest on Bank Deposit and provision of Depreciation, capitalisation of expenses, not writing of deferred revenue expenditure, not writing of Preliminary expenses and not writing of Share issue expenditure respectively give that the information required by the Companies Act, 1956 in the manner so required and give a true and fair view. (1) In the case of Balance Sheet of the state of affairs of the Company as at 31st March 1999. (2) In the case of Profit and Loss account of the loss for the year ended on that date. For KAILASH CHAND JAIN & Co., Chartered Accountants (H.K.PANDA) Partner Place: Mumbai Date : 04th September,1999. Annexure to the Auditor's Report Referred in paragraph (1) of the Auditor's Report 1. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. As explained to us, all the assets have been physically verified by the Management during the year. Having regard to the size of the operations and on the basis of explanations received, in our opinion no serious discrepancies have been noticed. 2. None of the fixed assets have been revalued during the year. 3. During the year no commercial activity was undertaken and there was no opening & closing stock and there was no purchase, sale of finished goods, raw materials, store & spare parts. Hence we do not have any comment on para 4(111), (IV), (V), (Vl). 4. The Company has not taken unsecured loans, during the year from Companies,firms or other parties listed in the registers maintained under Section 301 and/or the companies under the same management as defined under sub-section (1 B) of Section 370 of the said Act and terms & conditions of such loans are not prima facie prejudicial to the interest of the Company. 5. The Company has not given loans or advances in nature of loans to any party. 6. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurating with the size of the Company and the nature of its business with regard to the purchase of stores and spare parts, plant and machinery, equipment, other assets and/or the sale of goods. 7. In our opinion and according to the information and explanations given to us, the transactions of purchase of goods and materials and sale of goods, materials and services in pursuance of contracts of arrangements entered in the Registers maintained under Section 301 of the Companies Act, 1956 aggregating to Rs.50,000/- or more during the period has been made at prices which are reasonable having regard to the prevailing market prices for such goods, materials or services. 8. In our opinion and according to the information and explanations given to us, the Company has complied with provision of section 58A of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975, with regard to the deposits accepted from public. 9. In our opinion, the Company has adequate internal audit system commensurate with its size and nature of the business. 10. We have been informed by the Management that the Central Government has not prescribed maintenance of Cost Records under Section 209 (1)(d) of the Companies Act, 1956 11. According to the information and explanations given to us, the provision of the Provident Fund, Employees State Insurance Acts are not applicable to the Company. 12. There are no undisputed amounts in respect of lncome Tax,Sales Tax,Customs Duty and Excise Duty outstanding as on 31st March 1999 for a period of more than six months from the date they become payable. 13. In our opinion and according to the Information and explanations given to us, no personal expenses have been charged to revenue account. 14.The Company is not a sick Industrial Company within the meaning of Clause (O) of Sub-section (1) of Section 3 of the Sick Industrial Companies (Special Provisions) Act, 1985 (1 of 1986). 15. Other clause of the said order is not applicable. For Kailash Chand Jain Co. Chartered Accountants (H.K.PANDA) Partner Place:Mumbai Date :04th September 1999