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Saatal Kaatha & Chemicals Ltd.

BSE: 526811 Sector: Others
NSE: N.A. ISIN Code: N.A.
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Saatal Kaatha & Chemicals Ltd. (SAATALKAATHA) - Auditors Report

Company auditors report

SAATAL KATTHA & CHEMICALS LIMITED ANNUAL REPORT 1999-2000 AUDITORS REPORT TO THE MEMBERS We have audited the attached Balance Sheet of SAATAL KATTHA & CHEMICALS LIMITED, INDORE, as at 31st March, 2000 and the Profit and Loss Account of the company for the year ended on that date and report that: 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 paragraphs 4 and 5 of the said order Further to our comments in the Annexure referred to in paragraph 1 above (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 law have been kept by the company so far as appears from our examination of the book. (c) The Balance Sheet and Profit and Loss Account referred to in this report are in agreement with the books of Account. (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 explanations given to us, the accounts, Subject to note No. 2 (iii), no provision for interest on Public Deposits have been made due to which profit has been overstated by Rs. 13.02 lacs, gives the information as 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 2000. AND (ii) In the case of the Profit and Loss Account of the profit for the year ended on that date. FOR SODANI & COMPANY CHARTERED ACCOUNTANTS PLACE: UJJAIN (M.D.SODANI) DATED: 30/06/2000 PARTNER ANNEXURE TO THE AUDITORS' REPORT ( This is the Annexure to our Report of even date) In terms of the informations and explanations given to us and the books of account examined by us in the normal course of Audit and to the best of our knowledge and belief. we state as under :- 1. The company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets. All the Fixed Assets have been physically verified by the Management during the year and no material discrepancies have been noticed on such verification. 2. None of the fixed assets have been revalued during the year. 3. The stocks of finished goods stores & spare parts and Raw Materials have been physically verified by the Management during the year. In our opinion, the frequency of verification is reasonable. In the case of stocks Lying with third parties, certificates for such stocks have been obtained from the parties. 4. The procedure for 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 as compared to the book records were not material . 6. 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 the previous year. 7. The company has not taken any loan, secured or unsecured, from companies, firms or other parties listed in the register maintained under section 301 of the Companies Act,1956. We have been informed that there are no companies under the same Management as defined under section 370 1 B) of the Companies Act,1956. 8. The company has not granted any loan, secured or unsecured to companies,firms or other parties listed in the register maintained under section 301 of the companies Act 1956. As stated above we have been informed that there are no companies under the same management as defined under section 370 (1 B) of the Companies Act,1956. 9. In respect of loans and advances in the nature of loans given by the company to its employees and others, they are generally repaying the amount as stipulated 10. In our opinion, and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchase of stores,Raw Materials including components, Plant machinery, equipment and other assets and for the sale of goods. 11. In our opinion and according to the information and explanations given to us, there are no transactions of purchase of goods, materials and sale of goods, materials and services, aggregating during the year to Rs.50,000/- or more in respect of each party made in pursuance of contracts or arrangements entered in the registers maintained under section 301 of the companies Act,1956. 12. As explained to us, the company has a regular procedure for the determination of unserviceable or damaged stores, raw materials and finished goods and adequate provisions has been made in the accounts. 13. The company had accepted deposits from public from the public during the year 1996- 97. However, the directions issued by the Reserve Bank of India and the provisions of Section 58 A of the Companies Act,1956 and the rules framed thereunder were applicable, have not been complied with. Refer note no. 2 (iii) of notes on accounts. 14. As explained to us,the company is maintaining reasonable records for the sale and disposal of realisable by-products and scrap. 15. In our opinion, the company has an adequate internal audit system commensurate with the size and the nature of its business. 16. The Company has maintained cost records as prescribed by the Central Government under section 209 (1) (d) of the Companies Act, 1956. We have not, however, made a detailed examination of the records to check their accuracy. 17. The Company is not regular in depositing Provident Funds dues with the appropriate authorities. 18. According to the information and explanations given to us, there are no undisputed amounts payable in respect of income tax, Wealth Tax, Customs duty and excise duty which are outstanding as on 31st march, 2000 for a period of more than six months from the date on which they became payable. 19. On the basis of examination of books of Account carried out by us and in accordance with the generally accepted auditing practices and according to the information and explanations given to us, no personal expenses of employees or directors have been charged to the Profit & Loss Account, other than those payable under contractual obligations or in accordance with the generally accepted business practices. 20. The company is not a sick industrial company within the meaning of clause (O) of sub-section I of section 3 of the sick industrial companies (Special Provisions) Act,1985. 21. The company was engaged in trading activities during the year. for and on behalf of SODANI AND COMPANY CHARTERED ACCOUNTANT PLACE: UJJAIN M.D. SODANI DATED: 30/06/2000 PARTNER