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S G Global Exports Ltd.

BSE: 531745 Sector: Others
NSE: N.A. ISIN Code: N.A.
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S G Global Exports Ltd. (SGGLOBAL) - Auditors Report

Company auditors report

TINNA OVERSEAS LIMITED 1997-98 AUDITORS' REPORT To, The Members of M/s. TINNA OVERSEAS LIMITED We have audited the attached Balance Sheet of Messers Tinna Overseas Ltd., A-151, Mayapuri, Phase-II, New Delhi-110 064 as at 31st March, 1998 and the Profit and loss Account for the year ended on that date annexed thereto and report that: 1. 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 enclose in the Annexure a statement on the matters specified in paragraph 4 and 5 of the said Order. 2. Further to our comments in the Annexure referred to in paragraph 1 above, we state 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 the 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 such books. (c) The Balance Sheet and Profit and Loss Account referred to in this report are in agreement with the books of accounts. (d) In our opinion and to the best of our information and according to the explanations given to us, the said Balance Sheet and Profit & Loss Account read together with the notes thereon give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view: (i) in so far as it relates to the Balance Sheet, of the state of affairs of the Company as at 31st March, 1998; and, (ii) in so far as it relates to the Profit & Loss Account of the loss of the Company for the year ended on that date. for RAWLA & COMPANY Chartered Accountants (Y.P. Rawla) Partner Place : New Delhi Dated : 30th Sept., 1998. ANNEXURE TO THE AUDITORS' REPORT Referred to in paragraph 1 of our report of even date 1. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. All the assets have been physically verified by the management during the year with a regular programme of verification which in our opinion is reasonable having regard to the size of the Company and the nature of its business. No material discrepancies were noticed on verification. 2. None of the fixed assets have been revalued during the year. 3. The stocks of finished goods, spare parts and raw materials have been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable. 4. The procedure of physical verification of stocks followed by the management are reasonable and adequate in relation to size of the Company and the nature of its business. 5. The discrepancies noticed on verification between the physical stocks and the books records were not material. 6. On the basis of our examination of stocks records, we are of the opinion that the valuation of stocks is fair and proper and in accordance with the normally accepted accounting principles and is on the same basis as in previous year. 7. The Company has not taken any loans from companies, firms or other parties listed in the Register maintained under Section 301 of the Companies Act, 1956 or from companies under the same management within the meaning of sub section (1B) of Section 370 of the Companies Act, 1956, where the rate of interest and terms and conditions are prejudicial to the interest of the Company. 8. The Company has not granted any loan to the companies, firms or other companies listed in the Register maintained under Section 301 of the Companies Act, 1956 and to the companies under the same management except to M/s Vedant Overseas Pvt. Ltd., where the rate of interest and terms and conditions are not prejudicial to the interest of the Company. 9. Employees and parties to whom loans and advances in the nature of loan have been given, wherever stipulations have been made are repaying the principal amounts stipulated and are also regular in payment of interest, wherever applicable. 10. In our opinion and according to the information and explanation given to us, there are reasonable internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchases of stores, raw materials including components, plants and machinery, equipment and other assets and with regard to the sale of goods, however, it further needs to be strengthened. 11. In our opinion and according to the information and explanations given to us, the transactions of purchase of goods and material and sale of goods, materials and services, made in pursuance of contracts or arrangements entered in the Register maintained under Section 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, materials or services or the prices at which transactions for similar goods, materials or services have been made with other parties. 12. As explained to us, the Company has a regular procedure for the determination of unserviceable or damaged stores, raw materials and finished goods. Adequate provision has been made in the accounts for the loss arising on the items so determined. 13. The Company has not accepted any deposit from public under the provisions of Section 58A of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975. 14. In our opinion reasonable records have been maintained by the Company for the sales and disposal of scrap. The Company does not have any by- product. 15. The Company has internal audit system which requires further to be strengthened to make it commensurate with the nature of its business. 16. We have broadly reviewed the cost records of the Company and are of the opinion that, prima facie, the accounts and records prescribed under Section 209(1)(d) of the Companies Act, 1956 have been maintained. We have not, however, made a detailed examination of the same. 17. According to the information and explanations given to us, no undisputed amounts payable in respect of Sales Tax, Custom Duty and Excise Duty were outstanding as on 31st March, 1998 for a period of more than six months from the date they become payable. 18. According to the records of the Company, Employees State Insurance and Provident Fund dues have been regularly deposited during the year with the appropriate authorities, except on certain occasions. 19. According to the information and explanation given to us, no personal expenses of Employees or Directors have been charged to revenue account other than those payable under contractual obligations or in accordance with generally accepted business practices. 20. 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. For RAWLA & COMPANY Chartered Accountants (Y.P. Rawla) Partner Place : New Delhi Dated : 30th Sept., 1998.